Pulmatrix reports Q2 2025 net loss $1.5M; merger with Cullgen expected 2025; plans divestment of iSPERSE assets

Pulmatrix, Inc.

2025-Q2 EPS reported -$0.92

Revenue fell to $0 from $1.6M in Q2 2024 due to PUR1900 wind-down; net loss $1.549M ($0.42 per share).
Cash and equivalents $5.825M; company expects funds to last through expected close of proposed Cullgen merger.
Proposed merger with Cullgen approved by stockholders; closing in 2025 subject to Nasdaq and China regulatory approvals.
Pulmatrix intends to divest iSPERSE technology and clinical programs PUR3100, PUR1800, PUR1900 as part of merger.
R&D expenses dropped to $0.1M from $2.8M; G&A decreased to $1.5M from $2.0M.

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