Pulmatrix, Inc. (PULM) is a late-stage biotherapeutics company engaged in the development of novel inhaled therapeutics for pulmonary and non-pulmonary disorders. The company utilizes its exclusive iSPERSE technology. The company’s pipeline of products includes therapeutics for allergic bronchopulmonary aspergillosis, chronic obstructive pulmonary disease, and acute migraine.
The price of PULM stock during regular trading on February 24, 2022, was $0.37 with a dip of 2.02%. At last check in the aftermarket, the stock further dropped by 16.7%.
PULM: Events and Happenings
On February 24, 2022, PULM updated on the 1-for-20 reverse split of the company’s common stock with effect from February 28, 2022. Its common stock is likely to trade on the NASDAQ on a split-adjusted basis at market opening on March 1, 2022. On February 1, 2022, PULM issued a letter to its shareholders from CEO Ted Raad. The letter highlighted the company’s accomplishments of 2021 along with the outlook of 2022.
On December 17, 2021, PULM reported the closure of its registered direct offering for the issuance and sale of approximately 6,745.008 shares of its convertible preferred stock and warrants. The company acquired approximately 5,620,834 shares of its common stock. The net proceeds as a result of the transaction were $6.75 million. The preferred stock shares had a stated value of $1,000 per share while the warrants have an exercise price of $0.70 per share.
PULM: Key Financials
On November 10, 2021, PULM released its financial outcomes for the three months ended September 30, 2021. Some of the notable points are mentioned below.
Revenue
Revenue in the third quarter of 2021 was $1.1 million in contrast to $4.4 million in the same quarter of 2020. The company observed a decrease of $3.3 million in its revenue over the year. Also, it missed the analysts’ estimated revenue target by -$1.07 million.
EPS
Basic and diluted net loss in Q3 2021 was $8.2 million or $0.15 against $10.6 per share million or $0.31 per share in the same quarter of 2020. The company observed a decline in its net loss over the year. Also, it missed the estimated EPS target of -$0.08.
On November 9, 2021, PULM announced the completion of an amendment to its contract with Cipla Technologies for the development and commercialization of Pulmazole.
Conclusion
PULM stock is 77% down the past year as the pandemic hit the economies hard. The recent aftermarket stock dip is the impact of the press release regarding its 1-for-20 reverse stock split. The fourth-quarter earnings release date is approaching and the company expects the revenue around $1.18 million with EPS -$0.08.
