Pulmatrix, Inc. [PULM], a pharmaceutical company specializing in the development of novel inhaled therapeutics, has announced its financial results for the third quarter of 2023. The company reported a net loss of $3.8 million for the quarter, compared to a net loss of $5.1 million in the same period last year. Quarterly revenue amounted to $1.8 million, slightly lower than the $1.9 million reported in the third quarter of 2022.
Despite the net loss, Pulmatrix showed signs of improvement in its financial performance. Operating expenses decreased from $7.0 million in Q3 2022 to $5.7 million in Q3 2023. This reduction was primarily driven by lower research and development costs, which declined from $5.3 million to $4.0 million. General and administrative expenses remained relatively stable at $1.7 million.
While Pulmatrix experienced a slight decline in quarterly revenue, the company has shown steady revenue growth over the past nine months. Revenues for the first three quarters of 2023 amounted to $5.1 million, representing a 17% increase compared to the same period in 2022 when revenues were $4.4 million. This growth can be attributed to the successful commercialization of Pulmatrix's inhaled therapeutics.
Pulmatrix continues to maintain a stable financial position. The company's total assets as of September 30, 2023, amounted to $36.8 million, compared to $40.9 million at the end of 2022. Total liabilities increased from $9.8 million to $16.9 million, primarily due to an increase in deferred revenue. However, Pulmatrix's stockholders' equity remained relatively stable at $19.9 million.
Pulmatrix reported a basic and diluted net loss per share of $1.03 for the third quarter of 2023. This is a decrease from the net loss per share of $1.45 in the same period last year. The weighted average common shares outstanding increased from 3,478,157 to 3,652,285. Pulmatrix aims to improve its earnings per share in the coming quarters through cost management and revenue growth initiatives.
Looking ahead, Pulmatrix remains focused on advancing its pipeline of inhaled therapeutics and achieving key milestones in clinical development. The company expects to initiate new clinical trials and expand its product portfolio in the near future. Pulmatrix also aims to strengthen its strategic partnerships and explore potential licensing and collaboration opportunities to drive revenue growth.
In conclusion, Pulmatrix, Inc. reported a net loss of $3.8 million for the third quarter of 2023, accompanied by quarterly revenue of $1.8 million. While the company experienced a decline in net income compared to the same period last year, it demonstrated improvements in its financial performance and stable revenue growth over the past nine months. Pulmatrix remains committed to its mission of developing innovative inhaled therapeutics and aims to enhance its earnings per share through strategic initiatives.