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].

Core Insights - Pulmatrix reported zero revenue for Q2 2025, with a net loss per share of $(0.42), significantly improved from $(1.59) in Q2 2024, primarily due to reduced research and development spending [1][2][7] Financial Performance - Revenue for Q2 2025 was $0, down 100% from $1.6 million in Q2 2024 [2] - Net loss narrowed to $(1.55) million from $(5.81) million in Q2 2024, reflecting a substantial decrease in R&D expenses [7] - Research and development expenses plummeted by 99.5%, from $2.8 million in Q2 2024 to $14,000 in Q2 2025 [2][6] - General and administrative expenses decreased by 25% from $2.0 million in Q2 2024 to $1.5 million in Q2 2025 [2] - Cash and cash equivalents at the end of the period were $5.8 million, down 38.9% from $9.5 million at the end of 2024 [2][7] Strategic Focus - The company has shifted its strategic priorities, winding down its clinical business and focusing on completing its merger with Cullgen [1][4] - Pulmatrix is attempting to divest its iSPERSE™ intellectual property and related clinical programs, including PUR3100, PUR1800, and PUR1900 [8][9] - The ongoing viability of the company is contingent on the successful completion of the merger with Cullgen and monetizing its remaining assets [4][11] Operational Changes - The operational downsizing led to the completion of the PUR1900 clinical trial, resulting in the loss of former sources of operating income [5] - The company has halted most clinical operations and terminated related staff, focusing on cost containment [6][12] Future Outlook - Pulmatrix did not provide any financial guidance or operational outlook for the upcoming quarters [12] - The company’s near-term objective is to finalize the merger with Cullgen and monetize or transfer its remaining assets [12][13]

Core Viewpoint - Pulmatrix, Inc. is advancing its proposed merger with Cullgen, which is expected to close in June 2025, while divesting its clinical assets including the acute migraine candidate PUR3100 and its proprietary iSPERSE™ technology [1][3][2] Financial Performance - For the first quarter of 2025, Pulmatrix reported revenues of $0, a decrease of approximately $5.9 million compared to $5.9 million in the same period of 2024, primarily due to the completion of the PUR1900 Phase 2b clinical trial [11] - Research and development expenses decreased to less than $0.1 million, down approximately $3.5 million from $3.5 million in the first quarter of 2024, attributed to winding down the PUR1900 trial and other operational changes [12] - General and administrative expenses increased to $1.8 million, up approximately $0.2 million from $1.6 million in the first quarter of 2024, mainly due to costs related to the proposed merger [13] - As of March 31, 2025, the company's total cash and cash equivalents were $7.7 million, which is expected to be sufficient to fund operations through the anticipated merger closing [14] Product Pipeline and Technology - Pulmatrix's product pipeline includes PUR3100, an inhaled dihydroergotamine for acute migraine, which is Phase 2-ready following FDA acceptance of its IND application [7] - The company is also developing PUR1800, a Narrow Spectrum Kinase Inhibitor for chronic obstructive pulmonary disease, which has shown safety and tolerability in Phase 1b studies [6] - The iSPERSE™ technology enables the formulation of drugs into small, dense, and dispersible particles for efficient delivery to the lungs, enhancing therapeutic outcomes for various diseases [21][20] Merger Details - The merger agreement with Cullgen was initially reported on November 13, 2024, and amended on April 7, 2025, with the closing anticipated in June 2025, subject to certain conditions [3][4] - If successful, the merger will create a Nasdaq-listed company focused on targeted protein degradation technology, with three degrader programs in Phase 1 clinical trials [2]