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Pulmatrix, Inc. (PULM)·Q3 2025 Earnings Summary

Executive Summary

  • Q3 2025 delivered zero revenue and a markedly lower operating expense base as Pulmatrix continued wind-down activities and prioritized closing its proposed merger with Cullgen; net loss narrowed to $0.88M and EPS improved to -$0.24 from -$0.71 YoY due to reduced R&D and G&A costs .
  • Management extended liquidity visibility, guiding that cash and cash equivalents of $4.8M as of September 30, 2025 are sufficient to fund operations into Q4 2026, a clear improvement from Q2’s “through merger closing” language .
  • Strategic pivot: ongoing process to divest iSPERSE-related inhalation assets and programs (PUR3100 migraine; PUR1800 AECOPD; PUR1900 antifungal), while advancing steps to complete the Cullgen merger; PUR1900 retains a 2% ex-U.S. royalty potential via Cipla .
  • Key catalysts ahead are merger approvals (Nasdaq listing, China regulator) and any divestiture monetization outcomes; management reiterated the combined focus on targeted protein degradation upon closing .

What Went Well and What Went Wrong

What Went Well

  • “Our focus in the third quarter has been to advance steps to complete the proposed merger with Cullgen… three degrader programs in Phase 1 clinical trials” — reinforcing strategic clarity and forward pipeline via the merger .
  • Operating efficiency: R&D fell to ~$8k and G&A to ~$0.86M in Q3, driving substantially improved EPS vs prior year (-$0.24 vs -$0.71) as wind-down actions took hold .
  • Liquidity runway: Cash of $4.8M with guidance of funding into Q4 2026, lengthening visibility versus prior quarter .

What Went Wrong

  • No revenue in Q3 (vs $0.37M YoY) reflecting cessation of prior PUR1900 trial activities; top line now dependent on divestiture/royalty monetization rather than operations .
  • Continued net losses despite lower spend (-$0.88M in Q3) and minimal internal R&D activity, highlighting reliance on corporate actions rather than organic growth .
  • Lack of an earnings call transcript/Q&A limits visibility into near-term timing, divestiture pricing, and regulatory milestones beyond press release commentary (no transcript found).

Financial Results

Quarterly P&L Comparison (oldest → newest)

Metric (Units)Q3 2024Q1 2025Q2 2025Q3 2025
Revenue ($USD Millions)$0.366 $0.000 $0.000 $0.000
R&D Expense ($USD Thousands)814 19 14 8
G&A Expense ($USD Thousands)2,209 1,828 1,534 858
Loss from Operations ($USD Millions)$(2.657) $(1.847) $(1.548) $(0.866)
Net (Loss) ($USD Millions)$(2.587) $(1.808) $(1.549) $(0.877)
Diluted EPS ($USD)$(1.16) $(0.50) $(0.42) $(0.24)

Liquidity

Metric (Units)Q1 2025Q2 2025Q3 2025
Cash & Cash Equivalents ($USD Millions)$7.708 $5.825 $4.794
Cash Runway (Mgmt Guidance)Through anticipated merger closing Through anticipated merger closing Into Q4 2026

Segment Breakdown and KPIs

  • No formal segment reporting disclosed; company focused on divesting iSPERSE assets and programs (PUR3100, PUR1800, PUR1900) .
  • PUR1900 potential royalty: 2% of any future net ex-U.S. sales by Cipla if successfully marketed .
  • Patent portfolio: ~146 granted patents (18 U.S.) and ~50 pending applications as of Sept 30, 2025 .

Guidance Changes

MetricPeriodPrevious GuidanceCurrent GuidanceChange
Cash RunwayCorporate“Sufficient… at least through anticipated closing of the proposed Merger with Cullgen” (Q2) “Sufficient… into the fourth quarter of 2026” (Q3) Raised
Strategic DirectionCorporateAdvance Cullgen merger; pursue divestment of iSPERSE-based assets Same; reiteration with added note that Cullgen’s pain program completed Phase 1 enrollment Maintained/Enhanced
Revenue/Margins/OpExQuarterlyNo quantitative guidance provided No quantitative guidance provided Maintained

Earnings Call Themes & Trends

TopicPrevious Mentions (Q2 & Q1)Current Period (Q3)Trend
Cullgen Merger ProgressSEC declared S-4 effective; stockholders approved; closing subject to Nasdaq/China approvals Reiterated approvals pending; combined focus on targeted protein degradation (3 Phase 1 programs; pain program enrollment completed) Progressing
Divestment of iSPERSE AssetsIntends to divest clinical assets and proprietary technology Actively seeking divestment; includes iSPERSE and PUR programs Ongoing
R&D ExecutionInternal R&D minimal; wind-down actions (PUR1900 Phase 2b) reduced expenses Expenses further reduced; Q3 R&D ~$8k Contracting
PUR1900 (Cipla)Cipla completed Phase 2 in India; cleared for Phase 3; 2% ex-U.S. royalty to PULM Reaffirmed completion and royalty terms; pursuing U.S. monetization opportunities Advancing ex-U.S.
LiquidityQ1: $7.7M; Q2: $5.8M cash; runway through merger closing Q3: $4.8M cash; runway into Q4 2026 Extended

Note: No Q3 2025 earnings call transcript found; table reflects press releases and 8-K commentary .

Management Commentary

  • “Our focus in the third quarter has been to advance steps to complete the proposed merger with Cullgen… targeted protein degradation technology with three degrader programs in Phase 1 clinical trials – two for cancer and one for acute and chronic pain, which Cullgen recently announced has completed enrollment.” — Peter Ludlum, Interim CEO .
  • “Pulmatrix is currently in a process to potentially divest its patent portfolio encompassing our iSPERSE™ technology, as well as three related clinical programs, including our Phase 2 ready acute migraine program.” — Peter Ludlum .
  • “The Company’s total cash and cash equivalents balance as of September 30, 2025, was $4.8 million… sufficient to fund its operations into the fourth quarter of 2026.” — Company statement .

Q&A Highlights

  • No earnings call transcript or Q&A published for Q3 2025; no additional clarifications available beyond the press release and 8-K .

Estimates Context

  • S&P Global consensus for Q3 2025 EPS and Revenue was unavailable; no active Street coverage during the period. Values retrieved from S&P Global.*
MetricQ3 2025 ActualQ3 2025 Consensus# of Estimates
Revenue ($USD Millions)$0.000 N/A*N/A*
Diluted EPS ($USD)$(0.24) N/A*N/A*

*Values retrieved from S&P Global.

Key Takeaways for Investors

  • Cost-down actions are materially impacting P&L: R&D ($8k) and G&A ($0.86M) in Q3 drove improved EPS (-$0.24) and reduced net loss (-$0.88M) despite zero revenue .
  • Liquidity visibility improved meaningfully (cash $4.8M; runway into Q4 2026), reducing near-term financing risk as corporate actions progress .
  • Strategic optionality centers on divestment monetization (iSPERSE, PUR3100, PUR1800, PUR1900); PUR1900 carries a 2% ex-U.S. royalty via Cipla as a non-dilutive asset .
  • The merger is the principal value driver: pending regulatory approvals remain gating items; combined company will focus on targeted protein degradation with ongoing Phase 1 programs .
  • With no Street estimates and no revenue, trading may key off discrete catalysts (merger closing timeline, divestiture pricing, Cipla progress into Phase 3) rather than fundamentals in the near term .
  • Risk factors include Nasdaq compliance, timing of regulatory approvals, and uncertain divestiture proceeds per forward-looking statements .
  • Tactical view: monitor filings for closing updates and any asset sale disclosures; improved runway lowers immediate dilution risk, but lack of top-line requires catalyst-driven positions .