Pulmatrix ( (PULM) ) has released its Q3 earnings. Here is a breakdown of the information Pulmatrix presented to its investors.
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Pulmatrix, Inc. is a biopharmaceutical company specializing in the development of novel inhaled therapeutic products aimed at treating migraine and respiratory diseases using its proprietary iSPERSE™ technology.
In its third quarter 2025 financial results, Pulmatrix announced a strategic shift involving the potential divestment of its migraine and inhalation assets, including its iSPERSE™ technology, as part of a proposed merger with Cullgen, a company focused on targeted protein degrader therapies.
Key financial highlights include a decrease in revenues to zero, primarily due to the completion of the PUR1900 Phase 2b clinical trial. Research and development expenses significantly decreased, reflecting the winding down of certain clinical trials and operational adjustments. General and administrative expenses also saw a reduction, attributed to decreased employment and operational costs, partially offset by merger-related expenses. Pulmatrix reported a net loss of $877,000 for the quarter, with cash reserves of $4.8 million expected to sustain operations into late 2026.
The proposed merger with Cullgen aims to create a Nasdaq-listed company focusing on targeted protein degradation technology, with ongoing Phase 1 clinical trials for cancer and pain treatments. Pulmatrix’s divestment strategy includes its Phase 2-ready acute migraine program and other clinical assets.
Looking ahead, Pulmatrix’s management remains focused on completing the merger with Cullgen and optimizing its asset portfolio to enhance shareholder value and operational efficiency.