Pulmatrix (PULM) Q4 2025 earnings summary

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.