Pulmatrix (PULM) Q2 2026 earnings summary

Executive summary

• Focused on developing inhaled therapeutics for migraine and respiratory diseases using iSPERSE™ technology; all clinical development currently paused pending asset monetization or partnership opportunities.

• Entered into a Merger Agreement with Eos SENOLYTIX, Inc.; future operations are highly dependent on successful completion of the merger, expected to close in Q3 2026.

• Filed Form S-4 related to the merger and raised $1.0 million via Series B Convertible Preferred Stock in a private placement.

• If the merger is not consummated, may pursue dissolution and liquidation.

Financial highlights

• Net loss for Q2 2026 was $1.05 million, improved from $1.55 million in Q2 2025; net loss for the six months ended June 30, 2026 was $2.2 million, improved from $3.4 million in the prior year period.

• Operating expenses for Q2 2026 were $1.0 million, down from $1.5 million in Q2 2025, primarily due to lower G&A and merger-related costs.

• Cash and cash equivalents as of June 30, 2026 were $2.2 million, with an additional $0.7 million in restricted cash.

• Accumulated deficit reached $304.5 million as of June 30, 2026.

• Total assets were $3.2 million as of June 30, 2026, down from $4.1 million at year-end 2025.

Outlook and guidance

• Cash position is expected to fund operations at least through the anticipated closing of the proposed merger.

• Without the merger, there is substantial doubt about the ability to continue as a going concern beyond one year from the financial statement issuance date.

• Additional funding will be required to resume or continue product development.

• All clinical development remains on hold as the company seeks to out-license or monetize assets.