Cover
Cover - shares | 6 Months Ended | |
Jun. 30, 2024 | Aug. 08, 2024 | |
Entity Addresses [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Jun. 30, 2024 | |
Document Fiscal Period Focus | Q2 | |
Document Fiscal Year Focus | 2024 | |
Current Fiscal Year End Date | --12-31 | |
Entity File Number | 001-36199 | |
Entity Registrant Name | PULMATRIX, INC. | |
Entity Central Index Key | 0001574235 | |
Entity Tax Identification Number | 46-1821392 | |
Entity Incorporation, State or Country Code | DE | |
Entity Address, Address Line One | 945 Concord Street | |
Entity Address, Address Line Two | Suite 1217 | |
Entity Address, City or Town | Framingham | |
Entity Address, State or Province | MA | |
Entity Address, Postal Zip Code | 01701 | |
City Area Code | (888) | |
Local Phone Number | 355-4440 | |
Title of 12(b) Security | Common Stock, par value $0.0001 per share | |
Trading Symbol | PULM | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 3,652,285 | |
Former Address [Member] | ||
Entity Addresses [Line Items] | ||
Entity Address, Address Line One | 36 Crosby Drive | |
Entity Address, Address Line Two | Suite 100 | |
Entity Address, City or Town | Bedford | |
Entity Address, State or Province | MA | |
Entity Address, Postal Zip Code | 01730 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Current assets: | ||
Cash and cash equivalents | $ 12,379 | $ 19,173 |
Restricted cash | 1,421 | |
Accounts receivable | 635 | 928 |
Prepaid expenses and other current assets | 1,201 | 742 |
Total current assets | 15,636 | 20,843 |
Property and equipment, net | 1,158 | |
Operating lease right-of-use asset | 10,309 | |
Long-term restricted cash | 51 | 1,472 |
Other long-term assets | 93 | 176 |
Total assets | 15,780 | 33,958 |
Current liabilities: | ||
Accounts payable | 393 | 1,915 |
Accrued expenses and other current liabilities | 1,783 | 947 |
Operating lease liability | 24 | 429 |
Deferred revenue | 270 | 618 |
Total current liabilities | 2,470 | 3,909 |
Deferred revenue, net of current portion | 3,727 | |
Operating lease liability, net of current portion | 8,327 | |
Total liabilities | 2,470 | 15,963 |
Commitments and contingencies (Note 10) | ||
Stockholders’ equity: | ||
Preferred Stock, $0.0001 par value — 500,000 shares authorized; 6,746 shares designated Series A convertible preferred stock; no shares issued and outstanding at June 30, 2024 and December 31, 2023 | ||
Common stock, $0.0001 par value — 200,000,000 shares authorized; 3,652,285 shares issued and outstanding at June 30, 2024 and December 31, 2023 | ||
Additional paid-in capital | 305,893 | 305,592 |
Accumulated deficit | (292,583) | (287,597) |
Total stockholders’ equity | 13,310 | 17,995 |
Total liabilities and stockholders’ equity | $ 15,780 | $ 33,958 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Jun. 30, 2024 | Dec. 31, 2023 |
Preferred stock, par value | $ 0.0001 | $ 0.0001 |
Preferred stock, shares authorized | 500,000 | 500,000 |
Common stock, par value | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 200,000,000 | 200,000,000 |
Common stock, shares issued | 3,652,285 | 3,652,285 |
Common stock, shares outstanding | 3,652,285 | 3,652,285 |
Series A Convertible Preferred Stock [Member] | ||
Preferred stock, shares authorized | 6,746 | 6,746 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Consolidated Statements of Oper
Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Income Statement [Abstract] | ||||
Revenues | $ 1,552 | $ 1,844 | $ 7,437 | $ 3,343 |
Operating expenses: | ||||
Research and development | 2,834 | 4,165 | 6,346 | 8,039 |
General and administrative | 2,001 | 1,670 | 3,627 | 3,880 |
Loss on disposal group held for sale | 2,618 | 2,618 | ||
Total operating expenses | 7,453 | 5,835 | 12,591 | 11,919 |
Loss from operations | (5,901) | (3,991) | (5,154) | (8,576) |
Other income (expense): | ||||
Interest income | 133 | 236 | 293 | 458 |
Other expense, net | (43) | (61) | (125) | (146) |
Total other income, net | 90 | 175 | 168 | 312 |
Net loss | $ (5,811) | $ (3,816) | $ (4,986) | $ (8,264) |
Net loss per share attributable to common stockholders - basic | $ (1.59) | $ (1.04) | $ (1.37) | $ (2.26) |
Net loss per share attributable to common stockholders - diluted | $ (1.59) | $ (1.04) | $ (1.37) | $ (2.26) |
Weighted average common shares outstanding - basic | 3,652,285 | 3,652,285 | 3,652,285 | 3,651,531 |
Weighted average common shares outstanding - diluted | 3,652,285 | 3,652,285 | 3,652,285 | 3,651,531 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands | Preferred Stock [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Total |
Balance at Dec. 31, 2022 | $ 304,585 | $ (273,476) | $ 31,109 | ||
Balance, shares at Dec. 31, 2022 | 3,639,185 | ||||
Stock-based compensation | 296 | 296 | |||
Net income (loss) | (4,448) | (4,448) | |||
Issuance of common stock, net of issuance costs | 53 | 53 | |||
Issuance of common stock, net of issuance costs, shares | 13,100 | ||||
Balance at Mar. 31, 2023 | 304,934 | (277,924) | 27,010 | ||
Balance, shares at Mar. 31, 2023 | 3,652,285 | ||||
Balance at Dec. 31, 2022 | 304,585 | (273,476) | 31,109 | ||
Balance, shares at Dec. 31, 2022 | 3,639,185 | ||||
Net income (loss) | (8,264) | ||||
Balance at Jun. 30, 2023 | 305,189 | (281,740) | 23,449 | ||
Balance, shares at Jun. 30, 2023 | 3,652,285 | ||||
Balance at Mar. 31, 2023 | 304,934 | (277,924) | 27,010 | ||
Balance, shares at Mar. 31, 2023 | 3,652,285 | ||||
Stock-based compensation | 255 | 255 | |||
Net income (loss) | (3,816) | (3,816) | |||
Balance at Jun. 30, 2023 | 305,189 | (281,740) | 23,449 | ||
Balance, shares at Jun. 30, 2023 | 3,652,285 | ||||
Balance at Dec. 31, 2023 | 305,592 | (287,597) | 17,995 | ||
Balance, shares at Dec. 31, 2023 | 3,652,285 | ||||
Stock-based compensation | 198 | 198 | |||
Net income (loss) | 825 | 825 | |||
Balance at Mar. 31, 2024 | 305,790 | (286,772) | 19,018 | ||
Balance, shares at Mar. 31, 2024 | 3,652,285 | ||||
Balance at Dec. 31, 2023 | 305,592 | (287,597) | 17,995 | ||
Balance, shares at Dec. 31, 2023 | 3,652,285 | ||||
Net income (loss) | (4,986) | ||||
Balance at Jun. 30, 2024 | 305,893 | (292,583) | 13,310 | ||
Balance, shares at Jun. 30, 2024 | 3,652,285 | ||||
Balance at Mar. 31, 2024 | 305,790 | (286,772) | 19,018 | ||
Balance, shares at Mar. 31, 2024 | 3,652,285 | ||||
Stock-based compensation | 103 | 103 | |||
Net income (loss) | (5,811) | (5,811) | |||
Balance at Jun. 30, 2024 | $ 305,893 | $ (292,583) | $ 13,310 | ||
Balance, shares at Jun. 30, 2024 | 3,652,285 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Cash flows from operating activities: | ||||
Net loss | $ (5,811) | $ (3,816) | $ (4,986) | $ (8,264) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||||
Depreciation and amortization | 106 | 64 | ||
Amortization of operating lease right-of-use asset | 329 | 777 | ||
Stock-based compensation | 301 | 551 | ||
Loss on disposal group held for sale | 2,618 | 2,618 | ||
Changes in operating assets and liabilities: | ||||
Accounts receivable | 293 | 880 | ||
Prepaid expenses and other current assets | (459) | 49 | ||
Other long-term assets | 83 | (1,595) | ||
Accounts payable | (1,522) | (309) | ||
Accrued expenses and other current liabilities | 1,225 | (437) | ||
Operating lease liability | (309) | (843) | ||
Deferred revenue | (4,075) | (705) | ||
Net cash used in operating activities | (6,396) | (9,832) | ||
Cash flows from investing activities: | ||||
Purchases of property and equipment | (398) | (58) | ||
Net cash used in investing activities | (398) | (58) | ||
Cash flows from financing activities: | ||||
Proceeds from issuance of common stock, net of issuance costs | 53 | |||
Net cash provided by financing activities | 53 | |||
Net decrease in cash, cash equivalents and restricted cash | (6,794) | (9,837) | ||
Cash, cash equivalents and restricted cash — beginning of period | 20,645 | 37,253 | ||
Total cash, cash equivalents and restricted cash | 13,851 | 27,416 | 13,851 | 27,416 |
Reconciliation of cash, cash equivalents and restricted cash to the consolidated balance sheets: | ||||
Cash and cash equivalents | 12,379 | 25,791 | 12,379 | 25,791 |
Restricted cash | 1,421 | 153 | 1,421 | 153 |
Long-term restricted cash | $ 51 | $ 1,472 | 51 | 1,472 |
Supplemental disclosures of non-cash investing and financing information: | ||||
Reduction of operating lease right-of-use asset and lease liability upon lease modification | 8,423 | |||
Purchases of property and equipment not yet paid | 50 | |||
Operating lease right-of-use asset obtained in exchange for operating lease obligation | $ 344 |
Organization
Organization | 6 Months Ended |
Jun. 30, 2024 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization | 1. Organization Pulmatrix, Inc. (the “Company”) was incorporated in 2013 as a Delaware corporation. The Company is a clinical-stage biopharmaceutical company focused on the development of a novel class of inhaled therapeutic products. The Company’s proprietary dry powder delivery platform, iSPERSE ™ ™ |
Summary of Significant Accounti
Summary of Significant Accounting Policies and Recent Accounting Standards | 6 Months Ended |
Jun. 30, 2024 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies and Recent Accounting Standards | 2. Summary of Significant Accounting Policies and Recent Accounting Standards Basis of Presentation The condensed consolidated financial statements of the Company included herein have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”) have been condensed or omitted from this report, as is permitted by such rules and regulations. Accordingly, these condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023, filed with the SEC on March 28, 2024 (the “Annual Report”). The financial information as of June 30, 2024, and for the three and six months ended June 30, 2024 and 2023, is unaudited. In the opinion of management, all adjustments (including those which are normal and recurring) considered necessary for a fair presentation of the interim financial information have been included. The balance sheet data as of December 31, 2023 was derived from audited consolidated financial statements. The results of the Company’s operations for any interim periods are not necessarily indicative of the results that may be expected for any other interim period or for a full fiscal year. Based on its current operating plan, the Company believes that its cash and cash equivalents as of June 30, 2024, will be adequate to fund its currently anticipated operating expenses for at least twelve months from the date these condensed consolidated financial statements are issued. The Company will need to secure additional funding in the future, from one or more equity or debt financings, collaborations, or other sources, in order to carry out all of the Company’s planned research and development activities and regulatory activities; commercialize product candidates; or conduct any substantial, additional development requirements requested by the FDA. Additional funding may not be available to the Company on acceptable terms, or at all. If the Company is unable to secure additional capital, it will be required to significantly decrease the amount of planned expenditures and may be required to cease operations. In addition, any disruption in the capital markets could make any financing more challenging, and there can be no assurance that Pulmatrix will be able to obtain such financing on commercially reasonable terms or at all. Curtailment of operations would cause significant delays in the Company’s efforts to develop and introduce its products to market, which is critical to the realization of its business plan and the future operations of the Company. Use of Estimates In preparing the condensed consolidated financial statements in conformity with U.S. GAAP, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements, as well as the reported amounts of expenses during the reporting period. Due to inherent uncertainty involved in making estimates, actual results may differ from these estimates. On an ongoing basis, the Company evaluates its estimates and assumptions. The most significant estimates and assumptions in the Company’s condensed consolidated financial statements include, but are not limited to, estimates of future expected costs in order to derive and recognize revenue and estimates related to clinical trial accruals and upfront deposits. Concentrations of Credit Risk Cash is a financial instrument that potentially subjects the Company to concentrations of credit risk. For all periods presented, substantially all of the Company’s cash was deposited in accounts at a single financial institution that management believes is creditworthy, and the Company has not incurred any losses to date. The Company is exposed to credit risk in the event of default by this financial institution for amounts in excess of the Federal Deposit Insurance Corporation insured limits. For the three and six months ended June 30, 2024, revenue from one customer accounted for 61 89 100 100 100 Summary of Significant Accounting Policies The Company’s significant accounting policies are described in Note 2, Summary of Significant Accounting Policies and Recent Accounting Standards Recent Accounting Pronouncements From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board (“FASB”) or other standard setting bodies that are adopted by the Company as of the specified effective date. The Company did not adopt any new accounting pronouncements during the six months ended June 30, 2024 that had a material effect on its condensed consolidated financial statements. In December 2023, the FASB issued Accounting Standard Update 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures As of June 30, 2024, there are no other new, or existing recently issued, accounting pronouncements that are of significance, or potential significance, that impact the Company’s condensed consolidated financial statements. |
Prepaid Expenses and Other Curr
Prepaid Expenses and Other Current Assets | 6 Months Ended |
Jun. 30, 2024 | |
Prepaid Expenses And Other Current Assets | |
Prepaid Expenses and Other Current Assets | 3. Prepaid Expenses and Other Current Assets Prepaid expenses and other current assets consisted of the following: Schedule of Prepaid Expenses and Other Current Assets June 30, 2024 December 31, 2023 Clinical and consulting $ 457 $ 30 Insurance 438 232 Software and hosting costs 86 108 Other 220 372 Total prepaid expenses and other current assets $ 1,201 $ 742 |
Property and Equipment, Net
Property and Equipment, Net | 6 Months Ended |
Jun. 30, 2024 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment, Net | 4. Property and Equipment, Net The Company’s Property and equipment, net, were included in the disposal group as part of the MannKind Transaction (as defined in Note 6, Significant Agreements Schedule of Property and Equipment June 30, 2024 December 31, 2023 Laboratory equipment $ - $ 1,656 Leasehold improvements - - Office furniture and equipment - 401 Computer equipment - 237 Capital in progress - 600 Total property and equipment - 2,894 Less accumulated depreciation and amortization - (1,736 ) Property and equipment, net $ - $ 1,158 Depreciation and amortization expense for the six months ended June 30, 2024 and 2023 was $ 106 64 |
Accrued Expenses and Other Curr
Accrued Expenses and Other Current Liabilities | 6 Months Ended |
Jun. 30, 2024 | |
Payables and Accruals [Abstract] | |
Accrued Expenses and Other Current Liabilities | 5. Accrued Expenses and Other Current Liabilities Accrued expenses and other current liabilities consisted of the following: Schedule of Accrued Expenses and Other Current Liabilities June 30, 2024 December 31, 2023 Wages and incentives $ 1,221 $ 70 Clinical and consulting 296 347 Legal and patents 223 42 Accrued purchases of property and equipment - 389 Other 43 99 Total accrued expenses and other current liabilities $ 1,783 $ 947 |
Significant Agreements
Significant Agreements | 6 Months Ended |
Jun. 30, 2024 | |
Commitments and Contingencies Disclosure [Abstract] | |
Significant Agreements | 6. Significant Agreements Development and Commercialization Agreement with Cipla Technologies LLC (“Cipla”) On April 15, 2019, the Company entered into a Development and Commercialization Agreement (the “Cipla Agreement”) with Cipla for the co-development and commercialization, on a worldwide exclusive basis, of PUR1900, the Company’s inhaled iSPERSE ™ The Company received a non-refundable upfront payment of $ 22.0 ™ Pursuant to the Second Amendment, the Company and Cipla were each responsible for 60% and 40%, respectively, of the Company’s overhead costs and the time spent by the Company’s employees and consultants on development of the Product (“Direct Costs”). The Company will share all other development costs with Cipla that are not Direct Costs, such as the cost of clinical research organizations, manufacturing costs and other third-party costs, on a 50/50 basis. Pursuant to the Third Amendment, the Company and Cipla agreed that, during the period commencing on January 6, 2024 and ending July 30, 2024 (the “Wind Down Period”), the Company will complete all Phase 2b activities, assign or license all patents to Cipla and their registration with the appropriate authorities in regions other than the United States, complete a physical and demonstrable technology transfer and secure all data from the Phase 2b study for inclusion in the safety database. The Company will share costs with Cipla during the Wind Down Period in the same proportions in effect with the Second Amendment discussed above, but subject to a maximum reimbursement amount by Cipla as approved by the joint steering committee. Accounting Treatment The Company concluded that because both it and Cipla are active participants in the arrangement and are exposed to the significant risks and rewards of the collaboration, the Company’s collaboration with Cipla is within the scope of Accounting Standards Codification (“ASC”) 808, Collaborative Arrangements Revenue from Contracts with Customers The Company initially determined the total transaction price to be $ 22.0 12.0 10.0 Revenue is recognized for the Cipla Agreement as the research and development services are provided using an input method, according to the ratio of costs incurred to the total costs expected to be incurred in the future to satisfy the Company’s obligations. In management’s judgment, this input method is the best measure of the transfer of control of the combined performance obligation. The amounts received that have not yet been recognized as revenue are recorded in deferred revenue on the Company’s consolidated balance sheets, with amounts expected to be recognized in the next 12 months recorded as current. The Company concluded that the Third Amendment is a contract modification that should be accounted for as part of the existing contract. During the three and six months ended June 30, 2024, the Company recognized $ 0.9 6.6 1.8 3.3 0.3 Agreements with MannKind Corporation (“MannKind”) On May 28, 2024, the Company executed certain agreements with MannKind and the Company’s landlord (collectively, the “MannKind Transaction”), all of which closed during July 2024. The agreements with MannKind included a Bill of Sale and Assignment Agreement (the “Bill of Sale”) with respect to the assignment of the Company’s rental facility at 36 Crosby Drive, Bedford, Massachusetts (the “Bedford Facility”) to MannKind along with the transfer of all leasehold improvements, laboratory equipment and other related personal property. In connection with the assignment of the Bedford Facility, the Company, MannKind and Cobalt Propco 2020, LLC (the “Landlord”) entered into an Amendment to Lease and Consent to Assignment of Lease (the “Lease Assignment Agreement”) pursuant to that certain Lease Agreement, dated as of January 7, 2022 (the “Lease Agreement”), by and between the Company and the Landlord. Pursuant to the Lease Assignment Agreement, MannKind assumed all of the Company’s obligations under the Lease Agreement, including all rent and other payments. In connection with the transactions contemplated by the Bill of Sale and Lease Assignment Agreement, the Company and MannKind entered into an Intellectual Property Cross License Agreement (the “Cross License Agreement”). Pursuant to the Cross License Agreement, the Company granted to MannKind (i) an exclusive license to develop, use, manufacture, market, offer and sell iSPERSE formulations of Clofazimine, (ii) an exclusive license to develop, use, manufacture, market, offer and sell formulations of iSPERSE with one more active pharmaceutical ingredients for the treatment of nontuberculous mycobacteria lung disease in humans, (iii) an exclusive license to develop, use, manufacture, market, offer and sell iSPERSE formulations of insulin, (iv) a non-exclusive license to develop, use, manufacture, market, offer and sell formulations of iSPERSE with one more active pharmaceutical ingredients for the treatment of endocrine disease in humans, and (v) a non-exclusive license to develop, use, manufacture, market, offer and sell formulations of iSPERSE with one more active pharmaceutical ingredients for the treatment of interstitial lung diseases (including IPF, PPF and other related lung diseases) in humans (collectively, the “Out-License”). Additionally, pursuant to the Cross License Agreement, MannKind granted to the Company (i) the exclusive right to develop, use, manufacture, market, offer and sell its single-use disposable dry powder inhaler (including all modifications or improvement thereto made by or on behalf of the Company, the “Cricket Device”) for the inhaled delivery of dihydroergotamine in any formulation whatsoever, including the Company’s PUR3100 treatment of acute migraine and (ii) a non-exclusive license to develop, use, manufacture, market, offer and sell the Cricket Device for the inhaled delivery of one more active pharmaceutical ingredients formulated with iSPERSE for the treatment of neurological disease in humans (collectively, the “In-License”). Additionally, pursuant to the Master Services Agreement, by and between the Company and MannKind, MannKind shall provide certain development services to the Company, including but not limited to, activities to develop a dry powder formulation of the active pharmaceutical ingredient that the Company provides to MannKind for oral inhalation using iSPERSE. To maintain continuity of iSPERSE platform knowledge, MannKind hired certain members of the Company’s research and development staff in July 2024. Accounting Treatment The Company determined that the MannKind Transaction represents a combined agreement for accounting purposes, as the individual components have the same overall commercial objectives and the consideration under each component is dependent on the other components. The consideration due to the Company in the MannKind Transaction consists solely of the non-cash consideration in the form of the In-License. The fair value of the non-cash consideration received should be allocated to the other components of the MannKind Transaction to determine the consideration received for the other components. The Company determined that the fair value of the In-License is immaterial given that adequate alternative inhaler devices are already available on the market (and indeed, the Company has already established use of another third-party inhalation device in their PUR3100 Phase 1 trial that performed well as a DHE delivery device as reported in a peer-reviewed publication), and considering optional purchases of Cricket Devices are at market prices. Accordingly, the consideration allocated to other components of the MannKind Transaction was immaterial. The Company accounted for the Lease Assignment Agreement upon execution as a lease modification that reduced the lease term to the assignment date in July 2024. Accordingly, the Company remeasured its operating lease liability as of the modification date to reflect the decrease in fixed lease payments, with the amount of the remeasurement, $ 8.4 Leases, The Company concluded that the Out-License component of the MannKind Transaction was within the scope of ASC 606, as the monetization of its core technology represents an output of the Company’s ordinary activities. The Company transferred control of the combined licenses of iSPERSE to MannKind at a point in time in July 2024 upon closing of the MannKind Transaction; however, no revenue was recognized because the consideration allocated to the Out-License component was immaterial. The Company determined that its operating lease right-of-use asset and property and equipment subject to the Bill of Sale represented a disposal group that became held for sale during the second quarter of 2024 and remained classified as held for sale as of June 30, 2024, which should be measured at the lower of its carrying value or fair value less costs to sell. Since the fair value of the disposal group was considered immaterial, the Company recorded a full write-down of the disposal group’s carrying value as of June 30, 2024, in the amount of $ 2.6 Concurrent with the closing of the MannKind Transaction, the Company terminated and MannKind hired the majority of the Company’s research and development employees, representing approximately two-thirds of the Company’s workforce. During the quarter ended June 30, 2024, the Company agreed to provide termination benefits to these employees, which has been included in the balance of accrued expenses and other current liabilities on the consolidated balance sheet as of June 30, 2024, and was paid to the employees in July 2024. |
Common Stock
Common Stock | 6 Months Ended |
Jun. 30, 2024 | |
Equity [Abstract] | |
Common Stock | 7. Common Stock In May 2021, the Company entered into an At-The-Market Sales Agreement (the “Sales Agreement”) with H.C. Wainwright and Co., LLC (“HCW”) to act as the Company’s sales agent with respect to the issuance and sale of up to $ 20.0 75,000,000 20,000,000 75,000,000 Sales of common stock under the Sales Agreement are made pursuant to an effective shelf registration statement on Form S-3, which was filed with the SEC on May 17, 2024, and subsequently declared effective on May 30, 2024 (File No. 333-279491), and a related prospectus. HCW acts as the Company’s sales agent on a commercially reasonable efforts basis, consistent with its normal trading and sales practices and applicable state and federal laws, rules and regulations and the rules of The Nasdaq Capital Market (“Nasdaq”). If expressly authorized by the Company, HCW may also sell the Company’s common stock in privately negotiated transactions. There is no specific date on which the ATM Offering will end, there are no minimum sale requirements and there are no arrangements to place any of the proceeds of the ATM Offering in an escrow, trust or similar account. HCW is entitled to compensation at a fixed commission rate of 3.0 During the six months ended June 30, 2024, no |
Warrants
Warrants | 6 Months Ended |
Jun. 30, 2024 | |
Warrants | |
Warrants | 8. Warrants There were no 160,445 44.12 66,675 26.79 Schedule of Warrants Outstanding Adjusted Number of Shares Issue Date Exercise Price Expiration Date Outstanding Exercisable December 17, 2021 $ 14.99 December 15, 2026 36,538 36,538 December 17, 2021 $ 13.99 December 17, 2026 281,047 281,047 February 16, 2021 $ 49.99 February 11, 2026 65,003 65,003 August 7, 2020 $ 35.99 July 14, 2025 90,743 90,743 August 7, 2020 $ 44.99 July 14, 2025 10,939 10,939 July 23, 2020 $ 35.99 July 14, 2025 77,502 77,502 July 13, 2020 $ 44.99 July 14, 2025 21,846 21,846 July 13, 2020 $ 35.99 July 14, 2025 334,800 334,800 February 12, 2019 $ 26.79 August 12, 2024 66,675 66,675 June 15, 2015 $ 1,509.99 Five years after milestone achievement 15,955 - Total 1,001,048 985,093 |
Stock-based Compensation
Stock-based Compensation | 6 Months Ended |
Jun. 30, 2024 | |
Share-Based Payment Arrangement [Abstract] | |
Stock-based Compensation | 9. Stock-based Compensation The Company sponsors the Pulmatrix, Inc. Amended and Restated 2013 Employee, Director and Consultant Equity Incentive Plan (the “Incentive Plan”). As of June 30, 2024, the Incentive Plan provided for the grant of up to 818,936 503,669 8 The following table summarizes stock option activity during the six months ended June 30, 2024: Schedule of Stock Option Activity Number of Options Weighted- Average Exercise Price Weighted- Average Remaining Contractual Term (Years) Aggregate Intrinsic Value Outstanding — January 1, 2024 344,306 $ 20.92 7.54 $ - Forfeited or expired (32,869 ) $ 5.18 Outstanding — June 30, 2024 311,437 $ 22.58 6.95 $ - Exercisable — June 30, 2024 221,578 $ 29.07 6.46 $ - No stock options were granted during the six months ended June 30, 2024. The Company records stock-based compensation expense related to stock options based on their grant-date fair value. As of June 30, 2024, there was $ 0.5 1.6 The following table presents total stock-based compensation expense for the three and six months ended June 30, 2024 and 2023: Schedule of Stock-based Compensation Expenses 2024 2023 2024 2023 Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Research and development $ 29 $ 59 $ 145 $ 131 General and administrative 74 196 156 420 Total stock-based compensation expense $ 103 $ 255 $ 301 $ 551 |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2024 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 10. Commitments and Contingencies Research and Development Activities The Company contracts with various other organizations to conduct research and development activities, including clinical trials. The scope of the services under contracts for research and development activities may be modified and the contracts, subject to certain conditions, may generally be cancelled by the Company upon written notice. In some instances, the contracts, subject to certain conditions, may be cancelled by the third party. As of June 30, 2024, the Company had no material noncancellable commitments not expected to be reimbursed under the Cipla Agreement. Legal Proceedings In the ordinary course of its business, the Company may be involved in various legal proceedings involving contractual and employment relationships, patent or other intellectual property rights, and a variety of other matters. The Company is not aware of any pending legal proceedings that would reasonably be expected to have a material impact on the Company’s financial position or results of operations. |
Leases
Leases | 6 Months Ended |
Jun. 30, 2024 | |
Leases | |
Leases | 11. Leases The Company has limited leasing activities as a lessee which are primarily related to its corporate headquarters, which were relocated during the third quarter of 2023 and again during the third quarter of 2024. On January 7, 2022, the Company executed the Lease Agreement with the Landlord for its corporate headquarters at 36 Crosby Drive, Bedford, Massachusetts. The leased premises comprise approximately 20,000 lease provides for base rent of $ 0.1 On May 28, 2024, as part of the MannKind Transaction (see further discussion in Note 6, Significant Agreements 8.4 As of June 30, 2024, the Company had $ 1.4 In June 2024, the Company entered into a short-term lease agreement for its new headquarters at 945 Concord Street, Framingham, Massachusetts. No lease liability or right-of-use asset has been recorded for this short-term lease. The components of lease expense for the Company for the three and six months ended June 30, 2024 and 2023 were as follows: Schedule of Components of Lease Expenses 2024 2023 2024 2023 Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Lease cost Fixed lease cost $ 271 $ 418 $ 678 $ 796 Variable lease cost 104 168 206 281 Total lease cost $ 375 $ 586 $ 884 $ 1,077 Other information Cash paid for amounts included in the measurement of lease liabilities $ 322 $ 432 $ 657 $ 863 Weighted-average remaining lease term 7 0.2 Weighted-average discount rate - 8.40 % Maturities of lease liabilities due under these lease agreements as of June 30, 2024 are as follows: Schedule of Maturities of Lease Liabilities Operating Leases Maturity of lease liabilities 2024 (7 days) $ 24 Total lease payments 24 Less: interest - Total lease liabilities $ 24 Reported as of June 30, 2024 Lease liabilities — short term $ 24 Lease liabilities — long term - Total lease liabilities $ 24 |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2024 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 12. Income Taxes The Company had no Management of the Company evaluated the positive and negative evidence bearing upon the realizability of its deferred tax assets and determined that it is more likely than not that the Company will not recognize the benefits of the deferred tax assets. As a result, a full valuation allowance was recorded as of June 30, 2024 and December 31, 2023. The Company applies ASC 740, Income Taxes |
Net Loss Per Share
Net Loss Per Share | 6 Months Ended |
Jun. 30, 2024 | |
Earnings Per Share [Abstract] | |
Net Loss Per Share | 13. Net Loss Per Share Basic net loss per share is calculated by dividing net loss by the weighted-average number of common shares outstanding during the period. Diluted net loss per share is calculated by dividing the weighted-average number common shares outstanding during the period, after taking into consideration any potentially dilutive effects from outstanding stock options or warrants. Basic and diluted net loss per share were the same for the three and six months ended June 30, 2024 and 2023, as the effect of potentially dilutive securities would have been anti-dilutive. The following potentially dilutive securities outstanding have been excluded from the computation of diluted weighted-average shares outstanding, because such securities had an anti-dilutive impact: Schedule of Computation of Anti-Dilutive Weighted-Average Shares Outstanding Three and Six Months Ended June 30, 2024 2023 Options to purchase common stock 311,437 393,254 Warrants to purchase common stock 1,001,048 1,161,493 Total options and warrants to purchase common stock 1,312,485 1,554,747 |
Subsequent Events
Subsequent Events | 6 Months Ended |
Jun. 30, 2024 | |
Subsequent Events [Abstract] | |
Subsequent Events | 14. Subsequent Events Departure of Chief Executive Officer On July 15, 2024, the Board of Directors (the “Board”) of the Company approved a General Release and Severance Agreement (the “Raad Severance Agreement”), by and between the Company and Teofilo Raad, dated as of July 19, 2024, and effective as of the same date (the “Separation Date”). Effective as of the Separation Date, Mr. Raad’s employment with the Company ceased and Mr. Raad relinquished all positions, offices, and authority with the Company and any affiliates, including as a member of the Board and all committees thereto, and the Amended and Restated Employment Agreement by and between the Company and Mr. Raad, dated as of June 28, 2019, was terminated. Pursuant to the terms of the Raad Severance Agreement, the Company will provide to Mr. Raad certain termination-related payments totaling approximately $ 1.0 Appointment of Interim Chief Executive Officer On July 15, 2024, the Board approved the appointment of Peter Ludlum as the Interim Chief Executive Officer (the “Interim CEO”), effective as of July 20, 2024 (“Ludlum Effective Date”), pursuant to an amendment to the consulting agreement, by and between the Company and Danforth Advisors, LLC, dated as of November 29, 2021, and amended on April 8, 2022, and October 20, 2022. The Company has completed an evaluation of all other subsequent events after the balance sheet date of June 30, 2024 through the date the condensed consolidated financial statements were issued to ensure that the condensed consolidated financial statements include appropriate disclosure of events both recognized in the condensed consolidated financial statements as of June 30, 2024, and events which occurred subsequently but were not recognized in the condensed consolidated financial statements. The Company has concluded that no subsequent events have occurred that require disclosure, except as disclosed within the condensed consolidated financial statements. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies and Recent Accounting Standards (Policies) | 6 Months Ended |
Jun. 30, 2024 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The condensed consolidated financial statements of the Company included herein have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”) have been condensed or omitted from this report, as is permitted by such rules and regulations. Accordingly, these condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023, filed with the SEC on March 28, 2024 (the “Annual Report”). The financial information as of June 30, 2024, and for the three and six months ended June 30, 2024 and 2023, is unaudited. In the opinion of management, all adjustments (including those which are normal and recurring) considered necessary for a fair presentation of the interim financial information have been included. The balance sheet data as of December 31, 2023 was derived from audited consolidated financial statements. The results of the Company’s operations for any interim periods are not necessarily indicative of the results that may be expected for any other interim period or for a full fiscal year. Based on its current operating plan, the Company believes that its cash and cash equivalents as of June 30, 2024, will be adequate to fund its currently anticipated operating expenses for at least twelve months from the date these condensed consolidated financial statements are issued. The Company will need to secure additional funding in the future, from one or more equity or debt financings, collaborations, or other sources, in order to carry out all of the Company’s planned research and development activities and regulatory activities; commercialize product candidates; or conduct any substantial, additional development requirements requested by the FDA. Additional funding may not be available to the Company on acceptable terms, or at all. If the Company is unable to secure additional capital, it will be required to significantly decrease the amount of planned expenditures and may be required to cease operations. In addition, any disruption in the capital markets could make any financing more challenging, and there can be no assurance that Pulmatrix will be able to obtain such financing on commercially reasonable terms or at all. Curtailment of operations would cause significant delays in the Company’s efforts to develop and introduce its products to market, which is critical to the realization of its business plan and the future operations of the Company. |
Use of Estimates | Use of Estimates In preparing the condensed consolidated financial statements in conformity with U.S. GAAP, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements, as well as the reported amounts of expenses during the reporting period. Due to inherent uncertainty involved in making estimates, actual results may differ from these estimates. On an ongoing basis, the Company evaluates its estimates and assumptions. The most significant estimates and assumptions in the Company’s condensed consolidated financial statements include, but are not limited to, estimates of future expected costs in order to derive and recognize revenue and estimates related to clinical trial accruals and upfront deposits. |
Concentrations of Credit Risk | Concentrations of Credit Risk Cash is a financial instrument that potentially subjects the Company to concentrations of credit risk. For all periods presented, substantially all of the Company’s cash was deposited in accounts at a single financial institution that management believes is creditworthy, and the Company has not incurred any losses to date. The Company is exposed to credit risk in the event of default by this financial institution for amounts in excess of the Federal Deposit Insurance Corporation insured limits. For the three and six months ended June 30, 2024, revenue from one customer accounted for 61 89 100 100 100 |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies The Company’s significant accounting policies are described in Note 2, Summary of Significant Accounting Policies and Recent Accounting Standards |
Recent Accounting Pronouncements | Recent Accounting Pronouncements From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board (“FASB”) or other standard setting bodies that are adopted by the Company as of the specified effective date. The Company did not adopt any new accounting pronouncements during the six months ended June 30, 2024 that had a material effect on its condensed consolidated financial statements. In December 2023, the FASB issued Accounting Standard Update 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures As of June 30, 2024, there are no other new, or existing recently issued, accounting pronouncements that are of significance, or potential significance, that impact the Company’s condensed consolidated financial statements. |
Prepaid Expenses and Other Cu_2
Prepaid Expenses and Other Current Assets (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Prepaid Expenses And Other Current Assets | |
Schedule of Prepaid Expenses and Other Current Assets | Prepaid expenses and other current assets consisted of the following: Schedule of Prepaid Expenses and Other Current Assets June 30, 2024 December 31, 2023 Clinical and consulting $ 457 $ 30 Insurance 438 232 Software and hosting costs 86 108 Other 220 372 Total prepaid expenses and other current assets $ 1,201 $ 742 |
Property and Equipment, Net (Ta
Property and Equipment, Net (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property and Equipment | Schedule of Property and Equipment June 30, 2024 December 31, 2023 Laboratory equipment $ - $ 1,656 Leasehold improvements - - Office furniture and equipment - 401 Computer equipment - 237 Capital in progress - 600 Total property and equipment - 2,894 Less accumulated depreciation and amortization - (1,736 ) Property and equipment, net $ - $ 1,158 |
Accrued Expenses and Other Cu_2
Accrued Expenses and Other Current Liabilities (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Payables and Accruals [Abstract] | |
Schedule of Accrued Expenses and Other Current Liabilities | Accrued expenses and other current liabilities consisted of the following: Schedule of Accrued Expenses and Other Current Liabilities June 30, 2024 December 31, 2023 Wages and incentives $ 1,221 $ 70 Clinical and consulting 296 347 Legal and patents 223 42 Accrued purchases of property and equipment - 389 Other 43 99 Total accrued expenses and other current liabilities $ 1,783 $ 947 |
Warrants (Tables)
Warrants (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Warrants | |
Schedule of Warrants Outstanding | Schedule of Warrants Outstanding Adjusted Number of Shares Issue Date Exercise Price Expiration Date Outstanding Exercisable December 17, 2021 $ 14.99 December 15, 2026 36,538 36,538 December 17, 2021 $ 13.99 December 17, 2026 281,047 281,047 February 16, 2021 $ 49.99 February 11, 2026 65,003 65,003 August 7, 2020 $ 35.99 July 14, 2025 90,743 90,743 August 7, 2020 $ 44.99 July 14, 2025 10,939 10,939 July 23, 2020 $ 35.99 July 14, 2025 77,502 77,502 July 13, 2020 $ 44.99 July 14, 2025 21,846 21,846 July 13, 2020 $ 35.99 July 14, 2025 334,800 334,800 February 12, 2019 $ 26.79 August 12, 2024 66,675 66,675 June 15, 2015 $ 1,509.99 Five years after milestone achievement 15,955 - Total 1,001,048 985,093 |
Stock-based Compensation (Table
Stock-based Compensation (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Share-Based Payment Arrangement [Abstract] | |
Schedule of Stock Option Activity | The following table summarizes stock option activity during the six months ended June 30, 2024: Schedule of Stock Option Activity Number of Options Weighted- Average Exercise Price Weighted- Average Remaining Contractual Term (Years) Aggregate Intrinsic Value Outstanding — January 1, 2024 344,306 $ 20.92 7.54 $ - Forfeited or expired (32,869 ) $ 5.18 Outstanding — June 30, 2024 311,437 $ 22.58 6.95 $ - Exercisable — June 30, 2024 221,578 $ 29.07 6.46 $ - |
Schedule of Stock-based Compensation Expenses | The following table presents total stock-based compensation expense for the three and six months ended June 30, 2024 and 2023: Schedule of Stock-based Compensation Expenses 2024 2023 2024 2023 Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Research and development $ 29 $ 59 $ 145 $ 131 General and administrative 74 196 156 420 Total stock-based compensation expense $ 103 $ 255 $ 301 $ 551 |
Leases (Tables)
Leases (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Leases | |
Schedule of Components of Lease Expenses | The components of lease expense for the Company for the three and six months ended June 30, 2024 and 2023 were as follows: Schedule of Components of Lease Expenses 2024 2023 2024 2023 Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Lease cost Fixed lease cost $ 271 $ 418 $ 678 $ 796 Variable lease cost 104 168 206 281 Total lease cost $ 375 $ 586 $ 884 $ 1,077 Other information Cash paid for amounts included in the measurement of lease liabilities $ 322 $ 432 $ 657 $ 863 Weighted-average remaining lease term 7 0.2 Weighted-average discount rate - 8.40 % |
Schedule of Maturities of Lease Liabilities | Maturities of lease liabilities due under these lease agreements as of June 30, 2024 are as follows: Schedule of Maturities of Lease Liabilities Operating Leases Maturity of lease liabilities 2024 (7 days) $ 24 Total lease payments 24 Less: interest - Total lease liabilities $ 24 Reported as of June 30, 2024 Lease liabilities — short term $ 24 Lease liabilities — long term - Total lease liabilities $ 24 |
Net Loss Per Share (Tables)
Net Loss Per Share (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Earnings Per Share [Abstract] | |
Schedule of Computation of Anti-Dilutive Weighted-Average Shares Outstanding | The following potentially dilutive securities outstanding have been excluded from the computation of diluted weighted-average shares outstanding, because such securities had an anti-dilutive impact: Schedule of Computation of Anti-Dilutive Weighted-Average Shares Outstanding Three and Six Months Ended June 30, 2024 2023 Options to purchase common stock 311,437 393,254 Warrants to purchase common stock 1,001,048 1,161,493 Total options and warrants to purchase common stock 1,312,485 1,554,747 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies and Recent Accounting Standards (Details Narrative) - Customer Concentration Risk [Member] | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | |
Revenue from Contract with Customer Benchmark [Member] | One Customer [Member] | |||||
Product Information [Line Items] | |||||
Concentration risk percentage | 61% | 100% | 89% | 100% | |
Accounts Receivable [Member] | One Customer [Member] | |||||
Product Information [Line Items] | |||||
Concentration risk percentage | 100% | ||||
Accounts Receivable [Member] | Two Customer [Member] | |||||
Product Information [Line Items] | |||||
Concentration risk percentage | 100% |
Schedule of Prepaid Expenses an
Schedule of Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Prepaid Expenses And Other Current Assets | ||
Clinical and consulting | $ 457 | $ 30 |
Insurance | 438 | 232 |
Software and hosting costs | 86 | 108 |
Other | 220 | 372 |
Total prepaid expenses and other current assets | $ 1,201 | $ 742 |
Schedule of Property and Equipm
Schedule of Property and Equipment (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | $ 2,894 | |
Less accumulated depreciation and amortization | (1,736) | |
Property and equipment, net | 1,158 | |
Laboratory Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | 1,656 | |
Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | ||
Office Furniture and Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | 401 | |
Computer Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | 237 | |
Capital in Progress [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | $ 600 |
Property and Equipment, Net (De
Property and Equipment, Net (Details Narrative) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
Property, Plant and Equipment [Abstract] | ||
Depreciation and amortization | $ 106 | $ 64 |
Schedule of Accrued Expenses an
Schedule of Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Payables and Accruals [Abstract] | ||
Wages and incentives | $ 1,221 | $ 70 |
Clinical and consulting | 296 | 347 |
Legal and patents | 223 | 42 |
Accrued purchases of property and equipment | 389 | |
Other | 43 | 99 |
Total accrued expenses and other current liabilities | $ 1,783 | $ 947 |
Significant Agreements (Details
Significant Agreements (Details Narrative) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
May 28, 2024 | Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Product Liability Contingency [Line Items] | |||||
Agreement description | Pursuant to the Second Amendment, the Company and Cipla were each responsible for 60% and 40%, respectively, of the Company’s overhead costs and the time spent by the Company’s employees and consultants on development of the Product (“Direct Costs”). The Company will share all other development costs with Cipla that are not Direct Costs, such as the cost of clinical research organizations, manufacturing costs and other third-party costs, on a 50/50 basis. | ||||
Transaction cost | $ 22,000 | $ 22,000 | |||
Revenue | 1,552 | $ 1,844 | 7,437 | $ 3,343 | |
Disposal of carrying value | 2,600 | ||||
Cipla Agreement [Member] | Cipla Technologies LLC [Member] | |||||
Product Liability Contingency [Line Items] | |||||
Proceeds from related party debt | 22,000 | ||||
Deferred revenue | 300 | 300 | |||
Cipla Agreement [Member] | Cipla Technologies LLC [Member] | Research and Development Service [Member] | |||||
Product Liability Contingency [Line Items] | |||||
Transaction cost | 12,000 | 12,000 | |||
Revenue | 900 | $ 1,800 | 6,600 | $ 3,300 | |
Cipla Agreement [Member] | Cipla Technologies LLC [Member] | Irrevocable License [Member] | |||||
Product Liability Contingency [Line Items] | |||||
Transaction cost | $ 10,000 | $ 10,000 | |||
Lease Assignment Agreement [Member] | |||||
Product Liability Contingency [Line Items] | |||||
Decrease in right-of-use asset | $ 8,400 |
Common Stock (Details Narrative
Common Stock (Details Narrative) - H.C.Wainwright and Co., LLC [Member] - Sale Agreement [Member] - USD ($) | 1 Months Ended | 6 Months Ended |
May 31, 2021 | Jun. 30, 2024 | |
Subsidiary, Sale of Stock [Line Items] | ||
Sale of stock, consideration received on transaction | $ 20,000,000 | |
Commission percentage | 3% | |
Common Stock [Member] | ||
Subsidiary, Sale of Stock [Line Items] | ||
Number of shares issued in transaction | 0 | |
Minimum [Member] | ||
Subsidiary, Sale of Stock [Line Items] | ||
Sale of stock, consideration received on transaction | $ 75,000,000 | |
Minimum [Member] | ATM Offering [Member] | ||
Subsidiary, Sale of Stock [Line Items] | ||
Sale of stock, consideration received on transaction | $ 20,000,000 |
Schedule of Warrants Outstandin
Schedule of Warrants Outstanding (Details) | 6 Months Ended |
Jun. 30, 2024 $ / shares shares | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |
Number of Shares Underlying Warrants, Outstanding Total | 160,445 |
Warrant One [Member] | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |
Warrants, Issue Date | Dec. 17, 2021 |
Warrants, Exercise Price | $ / shares | $ 14.99 |
Warrants, Expiration Date | Dec. 15, 2026 |
Number of Shares Underlying Warrants, Outstanding Total | 36,538 |
Number of Shares Underlying Warrants, Exercisable Total | 36,538 |
Warrant Two [Member] | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |
Warrants, Issue Date | Dec. 17, 2021 |
Warrants, Exercise Price | $ / shares | $ 13.99 |
Warrants, Expiration Date | Dec. 17, 2026 |
Number of Shares Underlying Warrants, Outstanding Total | 281,047 |
Number of Shares Underlying Warrants, Exercisable Total | 281,047 |
Warrant Three [Member] | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |
Warrants, Issue Date | Feb. 16, 2021 |
Warrants, Exercise Price | $ / shares | $ 49.99 |
Warrants, Expiration Date | Feb. 11, 2026 |
Number of Shares Underlying Warrants, Outstanding Total | 65,003 |
Number of Shares Underlying Warrants, Exercisable Total | 65,003 |
Warrant Four [Member] | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |
Warrants, Issue Date | Aug. 07, 2020 |
Warrants, Exercise Price | $ / shares | $ 35.99 |
Warrants, Expiration Date | Jul. 14, 2025 |
Number of Shares Underlying Warrants, Outstanding Total | 90,743 |
Number of Shares Underlying Warrants, Exercisable Total | 90,743 |
Warrant Five [Member] | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |
Warrants, Issue Date | Aug. 07, 2020 |
Warrants, Exercise Price | $ / shares | $ 44.99 |
Warrants, Expiration Date | Jul. 14, 2025 |
Number of Shares Underlying Warrants, Outstanding Total | 10,939 |
Number of Shares Underlying Warrants, Exercisable Total | 10,939 |
Warrant Six [Member] | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |
Warrants, Issue Date | Jul. 23, 2020 |
Warrants, Exercise Price | $ / shares | $ 35.99 |
Warrants, Expiration Date | Jul. 14, 2025 |
Number of Shares Underlying Warrants, Outstanding Total | 77,502 |
Number of Shares Underlying Warrants, Exercisable Total | 77,502 |
Warrant Seven [Member] | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |
Warrants, Issue Date | Jul. 13, 2020 |
Warrants, Exercise Price | $ / shares | $ 44.99 |
Warrants, Expiration Date | Jul. 14, 2025 |
Number of Shares Underlying Warrants, Outstanding Total | 21,846 |
Number of Shares Underlying Warrants, Exercisable Total | 21,846 |
Warrant Eight [Member] | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |
Warrants, Issue Date | Jul. 13, 2020 |
Warrants, Exercise Price | $ / shares | $ 35.99 |
Warrants, Expiration Date | Jul. 14, 2025 |
Number of Shares Underlying Warrants, Outstanding Total | 334,800 |
Number of Shares Underlying Warrants, Exercisable Total | 334,800 |
Warrant Nine [Member] | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |
Warrants, Issue Date | Feb. 12, 2019 |
Warrants, Exercise Price | $ / shares | $ 26.79 |
Warrants, Expiration Date | Aug. 12, 2024 |
Number of Shares Underlying Warrants, Outstanding Total | 66,675 |
Number of Shares Underlying Warrants, Exercisable Total | 66,675 |
Warrant Ten [Member] | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |
Warrants, Issue Date | Jun. 15, 2015 |
Warrants, Exercise Price | $ / shares | $ 1,509.99 |
Number of Shares Underlying Warrants, Outstanding Total | 15,955 |
Number of Shares Underlying Warrants, Exercisable Total | |
Warrants, Expiration Date, Description | Five years after milestone achievement |
Warrant [Member] | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |
Number of Shares Underlying Warrants, Outstanding Total | 1,001,048 |
Number of Shares Underlying Warrants, Exercisable Total | 985,093 |
Warrants (Details Narrative)
Warrants (Details Narrative) - $ / shares | 6 Months Ended | |
Jun. 30, 2024 | Jul. 01, 2024 | |
Subsequent Event [Line Items] | ||
Warrants issued or exercised | 0 | |
Purchase of warrants | 160,445 | |
Warrants exercise price | $ 44.12 | |
Subsequent Event [Member] | ||
Subsequent Event [Line Items] | ||
Purchase of warrants | 66,675 | |
Warrants exercise price | $ 26.79 |
Schedule of Stock Option Activi
Schedule of Stock Option Activity (Details) - USD ($) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2024 | Dec. 31, 2023 | |
Offsetting Assets [Line Items] | ||
Weighted Average Exercise Price, Outstanding, Balance | $ 44.12 | |
Equity Option [Member] | ||
Offsetting Assets [Line Items] | ||
Number of Options, Outstanding, Balance | 344,306 | |
Weighted Average Exercise Price, Outstanding, Balance | $ 20.92 | |
Weighted Average Remaining Contractual Term (Years), Outstanding | 6 years 11 months 12 days | 7 years 6 months 14 days |
Aggregate Intrinsic Value, Balance | ||
Number of Options, Forfeited or expired | (32,869) | |
Weighted Average Exercise Price, Forfeited or expired | $ 5.18 | |
Number of Options, Outstanding, Balance | 311,437 | 344,306 |
Weighted Average Exercise Price, Outstanding, Balance | $ 22.58 | $ 20.92 |
Aggregate Intrinsic Value, Balance | ||
Number of Options, Exercisable | 221,578 | |
Weighted Average Exercise Price, Outstanding, Exercisable | $ 29.07 | |
Weighted Average Remaining Contractual Term (Years), Exercisable | 6 years 5 months 15 days | |
Aggregate Intrinsic Value, Exercisable |
Schedule of Stock-based Compens
Schedule of Stock-based Compensation Expenses (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Total stock-based compensation expense | $ 103 | $ 255 | $ 301 | $ 551 |
Research and Development Expense [Member] | ||||
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Total stock-based compensation expense | 29 | 59 | 145 | 131 |
General and Administrative Expense [Member] | ||||
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Total stock-based compensation expense | $ 74 | $ 196 | $ 156 | $ 420 |
Stock-based Compensation (Detai
Stock-based Compensation (Details Narrative) $ in Millions | 6 Months Ended |
Jun. 30, 2024 USD ($) shares | |
Incentive Plan [Member] | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |
Share based compensation arrangement, number of shares authorized | 818,936 |
Share based compensation arrangement, number of shares available for grant | 503,669 |
Legacy Share Plan [Member] | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |
Share based compensation arrangement, award options outstanding number | 8 |
Stock Award Plan [Member] | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |
Unrecognized stock-based compensation expenses | $ | $ 0.5 |
Weighted-average period of unrecognized stock-based compensation expense | 1 year 7 months 6 days |
Schedule of Components of Lease
Schedule of Components of Lease Expenses (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Lease cost | ||||
Fixed lease cost | $ 271 | $ 418 | $ 678 | $ 796 |
Variable lease cost | 104 | 168 | 206 | 281 |
Total lease cost | 375 | 586 | 884 | 1,077 |
Cash paid for amounts included in the measurement of lease liabilities | $ 322 | $ 432 | $ 657 | $ 863 |
Weighted-average remaining lease term - operating leases | 7 days | 2 months 12 days | 7 days | 2 months 12 days |
Weighted-average discount rate - operating leases | 8.40% | 8.40% |
Schedule of Maturities of Lease
Schedule of Maturities of Lease Liabilities (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Leases | ||
2024 (7 days) | $ 24 | |
Total lease payments | 24 | |
Less: interest | ||
Total lease liabilities | 24 | |
Lease liabilities — short term | 24 | $ 429 |
Lease liabilities — long term | $ 8,327 |
Leases (Details Narrative)
Leases (Details Narrative) $ in Millions | 1 Months Ended | |||
May 28, 2024 USD ($) | Jan. 07, 2022 ft² | Mar. 31, 2024 USD ($) | Jun. 30, 2024 USD ($) | |
Lease Agreement [Member] | ||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||
Restricted cash | $ 1.4 | |||
Lease Agreement [Member] | Cobalt Propco [Member] | ||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||
Area of land | ft² | 20,000 | |||
Lessee, operating lease, description | lease provides for base rent of $0.1 million per month, payment of which began in March 2024. The Company is responsible for real estate taxes, maintenance, and other operating expenses applicable to the leased premises. | |||
Payments for rent | $ 0.1 | |||
Lease Assignment Agreement [Member] | ||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||
Decrease in right-of-use asset | $ 8.4 |
Income Taxes (Details Narrative
Income Taxes (Details Narrative) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Income Tax Disclosure [Abstract] | ||||
Income tax expense | $ 0 | $ 0 | $ 0 | $ 0 |
Schedule of Computation of Anti
Schedule of Computation of Anti-Dilutive Weighted-Average Shares Outstanding (Details) - shares | 6 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Total options and warrants to purchase common stock | 1,312,485 | 1,554,747 |
Options to Purchase Common Stock [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Total options and warrants to purchase common stock | 311,437 | 393,254 |
Warrants to Purchase Common Stock [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Total options and warrants to purchase common stock | 1,001,048 | 1,161,493 |
Subsequent Events (Details Narr
Subsequent Events (Details Narrative) $ in Millions | Jul. 15, 2024 USD ($) |
Raad Severance Agreement [Member] | Subsequent Event [Member] | |
Subsequent Event [Line Items] | |
Termination related payments | $ 1 |