Core Viewpoint - Pulmatrix, Inc. is advancing a proposed merger with Cullgen, which focuses on targeted protein degradation therapies, while also planning to divest its proprietary iSPERSE™ technology and related clinical programs [1][2][5]. Merger Details - The merger agreement with Cullgen was initially reported on November 13, 2024, and has undergone amendments [3][4]. - The merger aims to create a Nasdaq-listed company with a focus on targeted protein degradation technology, including three degrader programs in Phase 1 clinical trials [2][5]. Financial Performance - For Q3 2025, Pulmatrix reported revenues of $0, a decrease of approximately $0.4 million compared to $0.4 million in Q3 2024, primarily due to the wind down of the PUR1900 Phase 2b clinical trial [12]. - Research and development expenses decreased to less than $0.1 million, down approximately $0.8 million from $0.8 million in Q3 2024, attributed to the winding down of clinical trials and operational reductions [13]. - General and administrative expenses also decreased to $0.9 million, down approximately $1.4 million from $2.2 million in Q3 2024, mainly due to reduced employment and operating costs [14]. Cash Position - As of September 30, 2025, Pulmatrix had total cash and cash equivalents of $4.8 million, which is expected to fund operations into Q4 2026 based on current spending priorities [15]. Product Pipeline - Pulmatrix's proprietary iSPERSE™ technology is designed for the delivery of inhaled therapeutic products targeting migraine and respiratory diseases [17][18]. - The company has a pipeline that includes PUR3100, a Phase 2-ready treatment for acute migraine, and PUR1800, a treatment for chronic obstructive pulmonary disease (COPD) [7][17]. Patent Portfolio - As of September 30, 2025, Pulmatrix's patent portfolio related to iSPERSE™ includes approximately 146 granted patents and about 50 pending applications [8].