---
schema_version: "secwatch.filing_event.v1"
accession: "0001641172-25-022354"
form_type: "8-K"
ticker: "PULM"
cik: "0001574235"
company_name: "Pulmatrix, Inc."
filed_at: "2025-08-06T23:59:59+00:00"
generated_at: "2026-05-17T19:27:00.801438+00:00"
event_type: "earnings"
sentiment: "negative"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0001641172-25-022354
- form_type: 8-K
- ticker: PULM
- cik: 0001574235
- company_name: Pulmatrix, Inc.
- filed_at: 2025-08-06T23:59:59+00:00
- event_type: earnings
- sentiment: negative
- 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/1574235/000164117225022354/0001641172-25-022354-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1574235/000164117225022354/form8-k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001641172-25-022354
- JSON: https://secwatch.observer/filing/0001641172-25-022354.json
- Plain text: https://secwatch.observer/filing/0001641172-25-022354.txt

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