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Pulmatrix, Inc. (NASDAQ:PULM), a biopharmaceutical company with a market capitalization of $19.7 million, has announced a change in its independent registered public accounting firm. On Monday, the company was informed by Marcum LLP of its resignation as the auditor. Subsequently, the Audit Committee of Pulmatrix's Board of Directors appointed CBIZ (NYSE:CBZ) CPAs P.C. as the new auditor. According to InvestingPro data, the company maintains strong liquidity with a current ratio of 10.68, indicating robust short-term financial stability.
The change came after CBIZ acquired the attest business of Marcum on November 1, 2024, with the majority of Marcum's partners and staff joining CBIZ. This transition took effect on April 4, 2025, when Marcum officially stepped down and CBIZ was engaged for the fiscal year ending December 31, 2025. InvestingPro analysis shows the company holds more cash than debt on its balance sheet, though it's worth noting the company is currently burning through cash rapidly.
Marcum's reports on Pulmatrix's financial statements for the years ending December 31, 2024, and December 31, 2023, did not contain any adverse opinion or disclaimer, nor were they qualified or modified regarding audit scope or accounting principles. Additionally, there were no disagreements or "reportable events" as defined by SEC regulations during the two most recent fiscal years and the subsequent interim period through April 4, 2025.
Pulmatrix has confirmed that during the fiscal years ended December 31, 2024, and December 31, 2023, and the subsequent interim period prior to the engagement, the company did not consult CBIZ on any matters that would require disclosure under SEC regulations.
Marcum has agreed with the statements made by Pulmatrix regarding its resignation and has provided a letter to the Securities and Exchange Commission, dated April 8, 2025, which is included as an exhibit to the company's current report.
This announcement is based on a press release statement and reflects the company's commitment to maintaining the integrity of its financial reporting. Pulmatrix is headquartered in Framingham, MA, and operates under the pharmaceutical preparations industry classified by the Standard Industrial Classification code 2834. The company's next earnings report is expected on May 9, 2025, with analysts currently anticipating a sales decline for the current year. For deeper insights into Pulmatrix's financial health and market performance, InvestingPro subscribers have access to over 10 additional key metrics and analysis points.
In other recent news, Pulmatrix, Inc. announced a significant amendment to its bylaws, specifically revising the voting standards for shareholders. This update was detailed in a filing with the Securities and Exchange Commission and is set to be effective as of February 11, 2025. The amendment modifies Article I, Section 7 of the bylaws, but specific details about the changes to voting standards were not disclosed in the summary. This adjustment is part of Pulmatrix's corporate governance practices to ensure compliance with regulatory requirements. Pulmatrix, which now operates under the name 03 Life Sciences, made this amendment public through an 8-K filing. The company did not indicate any other major corporate adjustments or changes to its fiscal year. Investors and stakeholders are encouraged to review the full text of the amendment in the SEC filing for a comprehensive understanding. This development is a standard procedure for publicly traded companies to inform the market about significant changes affecting shareholder rights.
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