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Pulmatrix
Pulmatrix (PULM) investor relations material
Pulmatrix Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary26 Feb, 2026
Executive summary
Focused on advancing the proposed merger with Cullgen, with ongoing efforts to secure regulatory approval from the China Securities Regulatory Commission and Nasdaq for the transaction.
Waived the "No Solicitation" clause in the merger agreement to allow both parties to explore alternative transactions while pursuing merger approval.
Actively seeking to license or monetize its iSPERSE™ technology and related clinical programs, including a Phase 2-ready acute migraine asset.
Financial highlights
Revenues fell to nil for the year ended December 31, 2025, from $7.8 million in 2024, reflecting the wind down of the PUR1900 program.
Research and development expenses dropped to less than $0.1 million in 2025 from $7.2 million in 2024, due to program wind down and cost reductions.
General and administrative expenses decreased to $5.1 million in 2025 from $7.8 million in 2024, mainly from lower employment and operating costs.
Net loss narrowed to $5.2 million in 2025 from $9.6 million in 2024.
Cash and cash equivalents were $4.1 million at year-end 2025, down from $9.5 million at year-end 2024.
Outlook and guidance
Cash position is expected to fund operations into the first quarter of 2027, based on current spending priorities and efficiencies.
Impact of "No Solicitation" waiver on merger?
Timeline for PUR3100 licensing or partnership?
Strategy to extend cash runway beyond Q1 2027?
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Latest events from Pulmatrix
- Merger forms a well-funded biotech advancing targeted protein degraders for cancer and pain.PULM
M&A Announcement14 Jan 2026 - Virtual meeting to elect directors, ratify auditor, and review governance and executive pay.PULMProxy Filing2 Dec 2025
- Q2 net loss narrowed, revenue fell to zero, and future depends on Cullgen merger approval.PULMQ2 202517 Oct 2025
- Q3 revenue and losses fell, MannKind deal cut costs, and cash runway may last into Q4 2026.PULMQ3 202417 Oct 2025
- Q3 2025 saw zero revenue, lower expenses, and a pending Cullgen merger with cash preservation focus.PULMQ3 202516 Oct 2025
- Net loss widened on asset write-down as cost cuts and MannKind deal extended cash runway.PULMQ2 202413 Jun 2025
- Pulmatrix narrows losses and prepares for a strategic merger with Cullgen in 2025.PULMQ4 20246 Jun 2025
- Q1 2025 saw a $1.8M net loss, zero revenue, and operations focused on a Cullgen merger.PULMQ1 20256 Jun 2025
Next Pulmatrix earnings date
Q1 202613 May, 2026
Pulmatrix
Next Pulmatrix earnings date
Q1 202613 May, 2026
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