Pulmatrix Reports No Revenue and Significant Losses in Latest Financial Filing

Pulmatrix, Inc. reported significant financial challenges in its latest 10-Q filing for the quarter ending June 30, 2025. The company recorded no revenue for the three and six months ended June 30, 2025, a stark decline from $1.6 million and $7.4 million in the same periods of 2024, respectively. This drop is attributed to the completion of the wind-down of the PUR1900 Phase 2b clinical trial, which had previously generated revenue. The company’s total operating expenses decreased to $1.5 million for the second quarter of 2025, down from $7.5 million in the prior year, primarily due to reduced research and development costs following the termination of most of its R&D staff in connection with the MannKind transaction.

The net loss for the second quarter of 2025 was $1.5 million, a significant improvement compared to a net loss of $5.8 million in the same quarter of 2024. For the first half of 2025, the net loss was $3.4 million, compared to $5.0 million for the same period in 2024. The reduction in losses is largely due to decreased operating expenses, particularly in research and development, which fell to $33,000 in the first half of 2025 from $6.3 million in 2024. General and administrative expenses also saw a slight decline, reflecting ongoing cost management efforts.

Strategically, Pulmatrix is in the process of merging with Cullgen Inc., a move that was approved by its shareholders in June 2025. The merger is expected to enhance Pulmatrix's operational capabilities and market presence, although it is contingent upon various regulatory approvals, including from the Nasdaq and the China Security Regulatory Commission. The merger agreement includes provisions for a cash dividend to Pulmatrix's stockholders, contingent on the company's net cash exceeding $2.5 million at the time of closing.

Operationally, Pulmatrix has paused the development of its product candidates, including PUR3100 and PUR1800, while it seeks to monetize its intellectual property and clinical assets. The company’s cash and cash equivalents stood at $5.8 million as of June 30, 2025, which management believes will be sufficient to fund operations for at least the next twelve months. However, the company acknowledges the need for additional funding to support future development efforts, which may include equity offerings or collaborations.

Looking ahead, Pulmatrix's future operations are heavily reliant on the successful completion of the merger with Cullgen and the potential monetization of its assets. The company has indicated that if the merger does not proceed, it may consider dissolution and liquidation. The management remains cautious about the uncertainties surrounding product development and market conditions, emphasizing the need for strategic partnerships and funding to navigate the challenges ahead.