Pulmatrix Reports Decreased Net Loss and Enters Merger Agreement with Eos SENOLYTIX

Pulmatrix, Inc. reported its financial results for the second quarter of 2026, revealing a net loss of $1.036 million, a decrease from a net loss of $1.549 million in the same period of 2025. For the six months ended June 30, 2026, the company recorded a net loss of $2.208 million, down from $3.357 million in the prior year. Total operating expenses for the second quarter were $1.046 million, a reduction from $1.548 million year-over-year, primarily due to decreased general and administrative costs. Research and development expenses remained minimal, totaling $2,000 for the quarter, compared to $14,000 in the previous year.

The company’s cash and cash equivalents stood at $2.168 million as of June 30, 2026, down from $4.088 million at the end of 2025. Pulmatrix also reported $0.7 million in restricted cash, which is expected to become unrestricted upon the completion of its proposed merger with Eos SENOLYTIX, Inc. The total liabilities were reported at $689,000, with stockholders' equity decreasing to $2.557 million from $3.810 million at the end of 2025. The accumulated deficit increased to $304.526 million, reflecting the ongoing financial challenges faced by the company.

In terms of strategic developments, Pulmatrix entered into a merger agreement with Eos SENOLYTIX on March 26, 2026, which is subject to stockholder approval and other customary closing conditions. The merger is expected to result in Eos stockholders owning approximately 94% of the combined company, while Pulmatrix stockholders would hold about 6%. The company has also raised $1 million through the sale of Series B Convertible Preferred Stock as part of the financing related to the merger. This capital is intended to support ongoing operations and the merger process.

Operationally, Pulmatrix has paused the development of its clinical assets, including its iSPERSE™-based therapeutic candidates, while it seeks to license or monetize these products. The company is exploring partnerships to advance its pipeline, which includes PUR3100 for acute migraine treatment and PUR1800 for chronic obstructive pulmonary disease. The company’s future operations are highly dependent on the successful completion of the merger, and management has indicated that without it, there may be substantial doubt about the company’s ability to continue as a going concern.

Looking ahead, Pulmatrix anticipates incurring significant costs related to the merger and ongoing operational expenses. The company has indicated that it will need to secure additional funding to continue the development of its product candidates. The management's outlook remains cautious, emphasizing the need for successful completion of the merger and the potential for further strategic alternatives if the merger does not proceed as planned.