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Pulmatrix, Inc. (PULM) stock plunged 30.18% in the current-market trading session at the price of $0.50 after it announced a registered direct offering of $6.75 Million.

PULM is a clinical-stage biopharmaceutical firm. The company develops inhaled therapies to treat pulmonary and non-pulmonary diseases using its iSPERSE technology.  

PULM Reported $6.75 Million Direct Offering 

On 15th December 2021, PULM published entering into a definitive agreement with institutional investors. Pulmatrix will sell 6,745 shares of convertible preferred stock to purchase up to 5,620,834 shares of common stock. The company will have gross proceeds of $6.75 million from a registered direct offering. The preferred stock shares have a stated value of $1,000 per share. They are convertible into 11,241,668 shares of common stock at $0.60 per share.   

The warrants will have an exercise price of $0.70 per share. They will be exercisable six months following the issuance and will expire after five years. The securities are offered and sold in a registered direct offering under a shelf registration statement on Form S-3, No. 333-256502. The offering will close on 17th December 2021 and is subject to customary closing conditions.

PULM Third Quarter 2021 Financial Results 

On 10th November 2021, PULM reported its financial results for the third quarter of 2021. The company has also provided its corporate updates.  

Financial Summary 

PULM calculated revenue of $1.1 million for the third quarter of 2021. Revenue was $4.4 million for the third quarter of 2020. For the third quarter of 2021, net loss totaled $8.2 million. The company had a net loss of $10.6 million for the same three months of 2020. As of 30th September 2021, PULM had cash and cash equivalents of $53.5 million. The cash and cash equivalents were $31.7 million on 31st December 2020.  

Research and development costs were $4.0 million for the Q3 of 2021. PULM reported R&D expenses of $3.9 million for the same quarter of 2020. The general and administrative costs were $1.7 million for the third quarter of 2021. For the same quarter of 2020, G&A expenses were $1.8 million. 

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