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].

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 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]