Pulmatrix (PULM) Q2 2025 earnings summary

Executive summary

• No revenue recognized in Q2 2025; all clinical development paused pending strategic review and merger outcome.

• Merger with Cullgen approved by shareholders, awaiting regulatory and customary approvals; term extended to October 12, 2025.

• If merger fails, board may pursue dissolution and liquidation.

• Announced plan to divest inhalation assets, including iSPERSE™ technology, in anticipation of the merger.

• The combined company will focus on targeted protein degradation therapies, with three degrader programs in Phase 1 clinical trials.

Financial highlights

• Net loss for Q2 2025 was $1.5M, improved from $5.8M loss in Q2 2024; net loss per share was $0.42, improved from $1.59.

• Net loss for the first half of 2025 was $3.4M, compared to $5.0M in the same period of 2024.

• Cash and cash equivalents at June 30, 2025, were $5.8M, down from $9.5M at year-end 2024.

• Research and development expenses dropped to less than $0.1M in Q2 2025 from $2.8M in Q2 2024 due to workforce reduction and program wind-down.

• General and administrative expenses were $1.5M in Q2 2025, down from $2.0M in Q2 2024.

Outlook and guidance

• Operations and future development are contingent on successful completion of the Cullgen merger.

• Cash on hand expected to fund corporate expenses for at least 12 months from June 30, 2025, or through the anticipated merger closing.

• Additional funding required for any resumed development or commercialization activities.