Pulmatrix, Inc. (PULM) saw a decline of 6% in the aftermarket. However, the last trading session concluded at $1 with an incline of 28.49%.
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Second Quarter 2021 Financial Results
PULM announced second-quarter 2021 financial results on 10th August 2021. Pulmatrix has $56.9 million in cash and cash equivalents as of June 30, 2021, up from $31.7 million at the end of the previous fiscal year. Moreover, the company generated $2.2 million in revenue, compared to $3.5 million in the same quarter in 2020. The research and development costs were $4.5 million, up from $3.2 million in the same period of 2020. The increase was mostly due to higher preclinical and manufacturing expenditures associated with the PUR3100 project.
Furthermore, the general and administrative expenses were $1.6 million, compared to $1.5 million in the same period of 2020. The rise was mostly due to higher legal, patent, and public company expenditures, which were slightly offset by lower staff costs. The company also experienced a loss of $3.9 million, compared to $1.2 million at the same time of 2020. Lastly, increased preclinical and production expenditures on the PUR3100 program, as well as lower revenue, realized linked to the Pulmazole program, contributed to the $2.7 million raise in net loss year over year.
New Appointment in Board of Directors
On 27th July 2021, PULM reported that Anand Varadan is the new appointment to the Board of Directors of the company. Mr. Varadan provides a wealth of experience in product introduction and marketing. Mr. Varadan is now the Executive Vice President and Chief Commercial Officer of Chiasma where he is responsible for commercial strategy and operations. Moreover, Mr. Varadan was previously the Chief Commercial Officer of Chiasma and a strategic advisor to the company. Mr. Varadan formerly worked at Karyopharm Therapeutics, Inc, an oncology-focused pharmaceutical business, where he oversaw the successful introduction of Xpovio for multiple myeloma.
Mr. Varadan’s consulting business, Ignition Insights, LLC, also provides commercial and strategic consulting services. Mr. Varadan formerly worked for Amgen Inc., a biopharmaceutical firm, in managerial and commercial leadership roles in the United States, the European Union, and Canada, including Vice President, Inflammation and Nephrology Business Unit. Mr. Varadan formerly worked at Procter & Gamble Company as a brand manager. Last but not least, Varadan is looking forward to working with management and fellow Board members to help Pulmatrix advance and commercialize their distinctive iSPERSE pipeline.
First Quarter 2021 Financial Results
PULM released the first quarter 2021 results on 11th May 2021. Pulmatrix has $63.4 million in cash and cash equivalents as of March 31, 2021, up from $31.7 million at the end of the previous fiscal year. The first quarter of 2021 generated $1.4 million in revenue, compared to $2.8 million in the same quarter of 2020. Collaboration and license agreements with Cipla and JJEI provided revenue in the first quarters of 2021 and 2020. However, the research and development costs were $3.9 million, down from $5.3 million the previous year.
The drop was principally due to lower PUR1800 program expenditures and clinical trial costs for the Phase 2 Pulmazole study. However, the general and administrative expenses were $1.6 million, down from $2.2 million in the same quarter of 2020. The decline was mostly due to lower employee, patent, and consultancy expenditures compared to the previous year. Lastly, the first quarter of 2021 saw a net loss of $4.1 million, compared to a $4.7 million loss in the same quarter of 2020.