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The latest update is out from Pulmatrix ( (PULM) ).
On February 28, 2026, Cullgen notified Pulmatrix that it was terminating their previously agreed merger, which had been signed in November 2024 and amended in April 2025, after prolonged delays in securing approval from the China Securities Regulatory Commission. No termination fees are payable by either party, each will bear its own transaction costs, and Pulmatrix, whose shareholders had approved the deal in June 2025, is now advancing discussions on alternative reverse merger opportunities while continuing to develop and potentially monetize its iSPERSE-based clinical assets.
Interim CEO Peter Ludlum said Pulmatrix had already begun seeking an alternative reverse merger in response to 2025 regulatory delays in China, highlighting growing industry transaction activity as a positive backdrop. The company’s ongoing programs, including Phase 2‑ready PUR3100 for acute migraine, PUR1800 for COPD exacerbations, and partner-led PUR1900 now cleared for Phase 3 in India, remain central to its strategy and could underpin future deal-making and value for stakeholders despite the collapse of the Cullgen transaction.
The most recent analyst rating on (PULM) stock is a Hold with a $3.00 price target. To see the full list of analyst forecasts on Pulmatrix stock, see the PULM Stock Forecast page.
Spark’s Take on PULM Stock
According to Spark, TipRanks’ AI Analyst, PULM is a Neutral.
The score is held down primarily by very weak financial performance (near-zero TTM revenue, persistent losses, and ongoing cash burn alongside a shrinking equity base). Technicals provide some near-term support (price above short-term averages and positive MACD) but are tempered by overextended momentum signals and a weaker longer-term trend. Valuation is constrained by negative earnings and no dividend support.
To see Spark’s full report on PULM stock, click here.
More about Pulmatrix
Pulmatrix, Inc., based in Framingham, Mass., is a Nasdaq-listed biopharmaceutical company developing novel inhaled therapeutics for migraine and respiratory diseases using its patented iSPERSE dry powder technology. Its pipeline includes PUR3100 for acute migraine, PUR1800 for COPD and other inflammatory lung diseases, and PUR1900, an inhaled itraconazole antifungal being advanced with partner Cipla, alongside an extensive global patent portfolio around iSPERSE.
Average Trading Volume: 21,528
Technical Sentiment Signal: Sell
Current Market Cap: $10.92M
For an in-depth examination of PULM stock, go to TipRanks’ Overview page.