Core Viewpoint - Pulmatrix and Cullgen have agreed to waive the "No Solicitation" clause in their Merger Agreement to explore alternative transactions while seeking approval from the China Securities Regulatory Commission (CSRC) for their merger [1][2]. Merger Agreement Details - The Merger Agreement between Pulmatrix and Cullgen was signed on November 13, 2024, and amended on April 7, 2025 [3]. - The Form S-4 filing related to the merger was declared effective in May 2025, and stockholders approved the merger in June 2025 [2][4][5]. - The closing of the merger is contingent upon Nasdaq's approval and CSRC's approval [5]. Financial Position - As of September 30, 2025, Pulmatrix had a total cash and cash equivalents balance of $4.8 million, which is expected to fund operations into at least the fourth quarter of 2026 [6]. Clinical Assets and Technology - Pulmatrix's proprietary iSPERSE™ technology is designed for inhaled therapeutic products aimed at treating migraine and respiratory diseases [13]. - The company has a pipeline that includes PUR3100, a Phase 2-ready asset for acute migraine treatment, and PUR1800, a Narrow Spectrum Kinase Inhibitor for chronic obstructive pulmonary disease [8][16]. - Pulmatrix's patent portfolio related to iSPERSE™ includes approximately 146 granted patents and about 50 pending applications [9]. Collaboration and Future Development - Pulmatrix is collaborating with Cipla on the development of PUR1900, an inhaled formulation of itraconazole, which is undergoing clinical trials in India [16].

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]