8-K: Pulmatrix Announces Change in Independent Registered Public Accounting Firm

Pulmatrix, Inc. reports the resignation of Marcum LLP as its independent registered accounting firm and the engagement of CBIZ CPAs P.C. effective April 4, 2025.

Summary

• Pulmatrix, Inc. announced that Marcum LLP resigned as their independent registered accounting firm on April 4, 2025.
• The resignation was prompted by CBIZ CPAs P.C.'s acquisition of Marcum's attest business on November 1, 2024.
• With the approval of the Audit Committee, Pulmatrix engaged CBIZ as their new independent registered public accounting firm on April 4, 2025.
• Marcum's reports on the company's financial statements for the years ended December 31, 2023, and December 31, 2024, did not contain any adverse opinions, disclaimers, or qualifications.
• There were no disagreements or reportable events between Pulmatrix and Marcum during the two most recent fiscal years and the subsequent interim period.
• Pulmatrix did not consult with CBIZ regarding accounting principles or audit opinions during the specified periods.

Sentiment

Score: 7

Explanation: The announcement is neutral to slightly positive. The change in auditors is due to an acquisition, and there are no reported disagreements or issues. This suggests a smooth transition and continued compliance.

Positives

• Marcum's audit reports for the past two fiscal years were clean, indicating no significant issues with the company's financial statements.
• The transition to CBIZ appears to be smooth, with no reported disagreements or consultations that could raise concerns.

Future Outlook

CBIZ will prepare the report on the Company's consolidated financial statements for the year ending December 31, 2025.

Industry Context

Changes in auditing firms are not uncommon, especially following acquisitions or mergers within the accounting industry. Companies often seek to ensure a smooth transition and maintain confidence in their financial reporting.

Comparison to Industry Standards

• The engagement of a new auditor following a merger or acquisition of the previous auditor's practice is a standard practice.
• Companies like Pulmatrix typically engage reputable firms such as CBIZ, which has a national presence and experience in auditing publicly traded companies.
• The disclosure of no disagreements or reportable events is consistent with industry standards for auditor changes.

Stakeholder Impact

• Shareholders should expect a seamless transition in the auditing process.
• Employees in the finance department will be working with a new auditing team.
• The change should not impact customers, suppliers, or creditors.

Key Dates

Keywords

accounting firm, CBIZ, Marcum, auditor, Pulmatrix, financial statements, audit