Pulmatrix (PULM) Q3 2025 earnings summary

Executive summary

• No revenue recognized in Q3 or YTD 2025 due to completion of PUR1900 Phase 2b wind down and asset divestiture plans as part of the proposed Cullgen merger.

• Operating expenses and net loss significantly decreased year-over-year, reflecting reduced R&D and G&A costs post-MannKind transaction and cost-cutting measures.

• The merger with Cullgen, a clinical-stage biopharma company, was approved by stockholders and awaits regulatory and Nasdaq approvals.

Financial highlights

• Q3 2025: No revenue, net loss of $0.88M, down from $2.59M in Q3 2024.

• YTD 2025: No revenue, net loss of $4.2M, improved from $7.6M YTD 2024.

• Cash and cash equivalents at September 30, 2025: $4.8M, down from $9.5M at year-end 2024.

• Operating expenses for Q3 2025: $0.9M (G&A), <$0.1M (R&D); YTD 2025: $4.2M (G&A), <$0.1M (R&D).

Outlook and guidance

• Cash on hand expected to fund operations for at least 12 months, possibly into Q4 2026, based on current efficiencies.

• Additional funding will be required to resume or advance product development if the merger is not completed.

• If the merger fails, the board may consider dissolution and liquidation.