---
schema_version: "secwatch.filing_event.v1"
accession: "0001641172-25-010525"
form_type: "8-K"
ticker: "PULM"
cik: "0001574235"
company_name: "Pulmatrix, Inc."
filed_at: "2025-05-15T23:59:59+00:00"
generated_at: "2026-05-21T04:58:18.911928+00:00"
event_type: "other_material"
sentiment: "neutral"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

# Pulmatrix reports Q1 loss; plans asset divestment, Cullgen merger close targeted for June

## Summary
- Q1 2025 revenue $0 vs $5.9M YoY; net loss $1.8M (-$0.50 EPS) vs net income $0.825M in Q1 2024.
- Cash balance $7.7M; expects to fund operations through merger close in June 2025.
- Merger with Cullgen anticipated to close in June 2025; registration declared effective by SEC.
- Company intends to divest assets including PUR3100 (Phase 2-ready acute migraine candidate) and iSPERSE technology.
- R&D expenses decreased to less than $0.1M from $3.5M YoY due to wind-down.

## SEC filing metadata
- accession: 0001641172-25-010525
- form_type: 8-K
- ticker: PULM
- cik: 0001574235
- company_name: Pulmatrix, Inc.
- filed_at: 2025-05-15T23:59:59+00:00
- event_type: other_material
- sentiment: neutral
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 2.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1574235/000164117225010525/0001641172-25-010525-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1574235/000164117225010525/form8-k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001641172-25-010525
- JSON: https://secwatch.observer/filing/0001641172-25-010525.json
- Plain text: https://secwatch.observer/filing/0001641172-25-010525.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.