Pulmatrix, Inc. (NASDAQ: PULM) shares lost a bit of ground Thursday. The Lexington, Mass.-based company, a clinical-stage biopharmaceutical company developing innovative inhaled therapies to address serious pulmonary and non-pulmonary disease using its patented iSPERSE™ technology, today announced first quarter financial results for 2022.
Revenue was $1.2 million for the first quarter ended March 31, 2022, compared to $1.4 million for the same period in 2021, a decrease of $0.2 million. Revenue for 2022 from the collaboration and license agreement with Cipla on the Company's Pulmazole program increased, offset by no revenues from a previous JJEI License Agreement for the Company's PUR1800 kinase inhibitor.
In the same quarter, research and development expenses were $4.1 million compared to $3.9 million for the same period in 2021, an increase of $0.3 million.
The increase was primarily due to increased spend of $0.7 million in employment costs and $0.1 million in rent costs, partially offset by decreased spend of $0.3 million on preclinical costs related to our PUR1800 program and $0.2 million on clinical and manufacturing costs related to the Pulmazole program.
Said CEO Ted Raad, "We have prioritized capital towards extending our cash runway through the Pulmazole Phase 2b top-line data anticipated in Q2 2024. We anticipate dosing for the Phase 2b study to begin in Q1 2023.
"Also in 2022, we will further analyze the PUR1800 Phase 1b data to finalize a potential Phase 2 study design while we execute to deliver PUR3100 Phase 1 top-line data in Q4 2022."
PULM shares opened Thursday gave back six cents, or 1.2%, to $5.00.
