- Pulmatrix reported **$0 in revenue** for the third quarter ended September 30, 2025, a decrease from $0.4 million in the prior year period, and a **net loss of $0.877 million** for the quarter.  **[1574235_20251016NE99361:1]** **[1574235_20251016NE99361:2]** 
- The company is advancing steps to complete a **proposed merger with Cullgen**, which, if consummated, would create a Nasdaq-listed company focused on targeted protein degradation technology.  **[1574235_20251016NE99361:0]** 
- As part of the proposed merger, Pulmatrix intends to **divest its assets**, including its proprietary **iSPERSE™ dry powder delivery technology** and three related clinical programs, such as the Phase 2 ready acute migraine program (PUR3100).  **[1574235_20251016NE99361:0]** **[1574235_20251016NE99361:1]** 
- As of September 30, 2025, Pulmatrix had **$4.8 million in cash and cash equivalents**, which is anticipated to fund its operations into the **fourth quarter of 2026**.  **[1574235_20251016NE99361:2]**

Pulmatrix Announces Q3 2025 Results and Merger-Related Divestment Plans

- Pulmatrix, Inc. announced its **Third Quarter 2025 financial results** and a plan to **divest its migraine and inhalation assets**, including its **iSPERSE™ technology** and **Phase 2 ready acute migraine program (PUR3100)**, as it advances towards a proposed merger with Cullgen.  **[1574235_0001493152-25-018252_ex99-1.htm:0]** **[1574235_0001493152-25-018252_form8-k.htm:1]** **[1574235_0001493152-25-018252_ex99-1.htm:1]** 
- For the three months ended September 30, 2025, the company reported **$0 in revenues** and a **net loss of $(0.877) million**.  **[1574235_0001493152-25-018252_ex99-1.htm:1]** **[1574235_0001493152-25-018252_ex99-1.htm:2]** 
- As of September 30, 2025, Pulmatrix had **$4.8 million in cash and cash equivalents**, which is expected to fund operations into the **fourth quarter of 2026**.  **[1574235_0001493152-25-018252_ex99-1.htm:2]**

Pulmatrix (PULM)