Core Viewpoint - Pulmatrix, Inc. is focusing on advancing its proposed merger with Cullgen while also seeking to license or monetize its iSPERSE™ technology and related clinical programs, particularly in the context of its financial results for the year-end and fourth quarter of 2025 [1][2]. Financial Performance - Revenues for the year ended December 31, 2025, decreased to $0 from $7.8 million in 2024, primarily due to the wind down of the PUR1900 program [2]. - Research and development expenses dropped to less than $0.1 million in 2025 from $7.2 million in 2024, attributed to the cessation of the PUR1900 Phase 2b clinical trial and related operational reductions [2]. - General and administrative expenses decreased to $5.1 million in 2025 from $7.8 million in 2024, reflecting lower employment and operational costs [2]. - The total cash and cash equivalents as of December 31, 2025, were $4.1 million, down from $9.5 million in 2024, with expectations to fund operations into the first quarter of 2027 [2]. Proposed Merger with Cullgen - Pulmatrix entered into a merger agreement with Cullgen on November 13, 2024, with subsequent amendments, and is currently awaiting approval from the China Securities Regulatory Commission (CSRC) [1]. - The merger agreement includes a waiver of the "No Solicitation" clause, allowing both companies to explore alternative transactions while pursuing merger approval [1][2]. iSPERSE™ Technology and Clinical Programs - Pulmatrix's iSPERSE™ technology includes approximately 149 granted patents and 48 pending applications, aimed at improving drug delivery for respiratory diseases [1]. - The company is advancing its clinical programs, including PUR3100, which is ready for Phase 2 trials for acute migraine treatment, and PUR1800, which is being developed for chronic obstructive pulmonary disease [1][2]. - PUR1900, an inhaled formulation of itraconazole, is in Phase 3 trials in India, with Pulmatrix receiving 2% royalties on future net sales outside the U.S. [1][2].