Pulmatrix reports 2024 net loss of $9.6M; proposes merger with Cullgen and asset divestment

Pulmatrix, Inc.

Net loss for 2024 of $9.6M ($2.62 per share) vs $14.1M ($3.87 per share) in 2023.
Revenues increased to $7.8M from $7.3M, driven by a contract modification with Cipla.
Cash and equivalents $9.5M; sufficient to fund operations through anticipated Merger close in H1 2025.
Proposed merger with Cullgen expected to close H1 2025; plans to divest Phase 2-ready PUR3100 and iSPERSE technology.
PUR1900 Phase 2b enrollment paused; no further financial responsibility; 2% royalties on future net sales outside U.S.

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