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Pulmatrix (PULM) investor relations material
Pulmatrix Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary16 Oct, 2025
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.
Update on iSPERSE asset divestment process
Remaining hurdles for Cullgen merger completion?
Impact of divestment on cash runway extension?
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Q4 202523 Mar, 2026
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Frequently asked questions
Pulmatrix Inc is a U.S.-based clinical-stage biopharmaceutical company focused on developing inhaled therapies for respiratory diseases. The company utilizes its proprietary iSPERSE™ (inhaled Small Particles Easily Respirable and Emitted) technology to formulate dry powder drugs for efficient delivery to the lungs. Pulmatrix's pipeline includes treatments for conditions such as chronic obstructive pulmonary disease (COPD), allergic bronchopulmonary aspergillosis (ABPA), and other respiratory disorders. The company is headquartered in Lexington, Massachusetts, and its shares are listed on the NASDAQ.
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