Pulmatrix Inc. (NASDAQ: PULM) reported a net loss of $5.162 million for its fourth‑quarter and full year 2025, translating to earnings per share of –$1.41. Revenue was zero, reflecting the company’s decision to wind down its drug‑development programs and focus on completing its merger with Cullgen.
The company’s research and development expense for 2025 fell to less than $0.1 million, a sharp decline from $7.2 million in 2024. General and administrative costs also dropped to less than $0.1 million, compared with $7.8 million in 2024. The reductions were driven by staff layoffs, the termination of the PUR1900 Phase 2b trial, and the broader strategy of shutting down most clinical activities.
Cash and cash equivalents stood at $4.088 million at year‑end 2025, giving Pulmatrix a runway into the first quarter of 2027 under current spending assumptions. The company’s workforce has been reduced to only two full‑time employees, and it has been divesting assets such as its iSPERSE™ technology and clinical programs (PUR3100, PUR1800, PUR1900).
Pulmatrix reiterated that the merger with Cullgen remains its primary strategic objective. The transaction is subject to approval by Nasdaq and the China Securities Regulatory Commission, and the company expects the deal to close in 2025, leaving Pulmatrix shareholders with a small equity stake in the combined entity.
The financial results underscore Pulmatrix’s transition from a biopharmaceutical developer to a merger vehicle. With zero revenue and minimal operating expenses, the company’s financial health is now tied almost entirely to the successful completion of the Cullgen merger. Management remains confident that the available cash will sustain operations through Q1 2027, but the company has also signaled that it may liquidate if the merger does not materialize.
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