Pulmatrix Reports Q4 Results with Significant Losses
Written by Emily J. Thompson, Senior Investment Analyst
Updated: 1 day ago
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Should l Buy PULM?
Source: seekingalpha
- Financial Performance: Pulmatrix reported a GAAP EPS of -$1.41 for Q4, indicating significant challenges in profitability and reflecting ongoing financial pressure on the company.
- Cash Flow Status: As of December 31, 2025, the company's cash and cash equivalents stood at $4.1 million, a substantial decrease from $9.5 million at the end of 2024, highlighting difficulties in cash management.
- Operational Funding Outlook: The company anticipates that its current cash position, based on operational efficiencies and spending prioritization, is sufficient to fund operations into Q1 2027, providing a degree of safety but still raising concerns about future liquidity.
- Market Reaction: Pulmatrix's financial results and cash flow situation may negatively impact investor confidence, particularly given the ongoing losses, which could affect its stock performance and market valuation.
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Analyst Views on PULM
About PULM
Pulmatrix, Inc. is a biopharmaceutical company. The Company is focused on the development of novel inhaled therapeutic products intended to prevent and treat migraine and respiratory diseases with unmet medical needs using its patented iSPERSE technology. The Company’s proprietary product pipeline includes treatments for central nervous system (CNS) disorders such as acute migraine and serious lung diseases such as Chronic Obstructive Pulmonary Disease (COPD) and allergic bronchopulmonary aspergillosis (ABPA). Pulmatrix’s product candidates are based on its proprietary engineered dry powder delivery platform, iSPERSE, which seeks to enhance therapeutic delivery to the lungs by optimizing pharmacokinetics and reducing systemic side effects to improve patient outcomes. iSPERSE is a proprietary technology that allows a broad range of drugs to be formulated as small, dense, and dispersible particles for efficient drug delivery and deep penetration into the lungs.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
Pulmatrix Reports Q4 Results with Significant Losses
- Financial Performance: Pulmatrix reported a GAAP EPS of -$1.41 for Q4, indicating significant challenges in profitability and reflecting ongoing financial pressure on the company.
- Cash Flow Status: As of December 31, 2025, the company's cash and cash equivalents stood at $4.1 million, a substantial decrease from $9.5 million at the end of 2024, highlighting difficulties in cash management.
- Operational Funding Outlook: The company anticipates that its current cash position, based on operational efficiencies and spending prioritization, is sufficient to fund operations into Q1 2027, providing a degree of safety but still raising concerns about future liquidity.
- Market Reaction: Pulmatrix's financial results and cash flow situation may negatively impact investor confidence, particularly given the ongoing losses, which could affect its stock performance and market valuation.
See More
Pulmatrix Reports 2025 Financial Results and Merger Progress
- Deteriorating Financial Condition: Pulmatrix reported zero revenue for 2025, down from $7.8 million in 2024, indicating a significant decline in market competitiveness that could adversely affect future fundraising capabilities and investor confidence.
- Significant Reduction in R&D Spending: Research and development expenses plummeted from $7.2 million in 2024 to less than $0.1 million, primarily due to the wind-down of the PUR1900 clinical trial, which may hinder the company's ability to develop new products and impact long-term growth potential.
- Slow Merger Progress: The merger with Cullgen is still pending approval from the China Securities Regulatory Commission, with both parties agreeing to waive the
See More
Pulmatrix and Cullgen Update on Merger Approval Process
- Merger Agreement Progress: Pulmatrix and Cullgen have mutually agreed to waive the 'No Solicitation' clause in their merger agreement, allowing both parties to explore alternative transactions while still seeking approval from the China Securities Regulatory Commission, which could open new strategic collaboration opportunities.
- Regulatory Approval Delay: Despite Pulmatrix's merger agreement receiving shareholder approval in June 2025, the lack of approval from the China Securities Regulatory Commission may impact the final completion timeline of the merger and the company's future funding operations.
- Cash Flow Status: As of September 30, 2025, Pulmatrix reported a cash and cash equivalents balance of $4.8 million, which is anticipated to be sufficient to fund operations into the fourth quarter of 2026 based on current operational efficiencies and spending priorities, providing a financial buffer during the merger process.
- Clinical Assets and Technology: Pulmatrix focuses on developing inhaled therapeutic products for migraine and respiratory diseases using its proprietary iSPERSE™ technology, which aims to optimize drug delivery and improve patient outcomes, showcasing the company's innovative potential in the biopharmaceutical sector.
See More
Pulmatrix and Cullgen Update on Merger Approval Process
- Merger Agreement Progress: Pulmatrix and Cullgen have mutually agreed to waive the 'No Solicitation' clause in their merger agreement, allowing both parties to explore alternative transactions while still seeking approval from the CSRC, which may open new opportunities for both companies.
- Regulatory Approval Delay: Despite Pulmatrix's merger agreement receiving shareholder approval in June 2025, the lack of approval from the CSRC may affect the final completion timeline of the merger, increasing uncertainty for stakeholders.
- Financial Position: As of September 30, 2025, Pulmatrix reported cash and cash equivalents of $4.8 million, which is anticipated to fund operations into the fourth quarter of 2026, indicating prudent financial management amidst ongoing merger discussions.
- Clinical Asset Development: Pulmatrix's iSPERSE™ technology shows promise across multiple clinical assets, particularly with PUR3100 receiving FDA IND approval and PUR1800 demonstrating favorable results in a Phase 1b study for AECOPD, suggesting potential market opportunities ahead.
See More
Pulmatrix Announces Third Quarter 2025 Financial Results and Divestment Plan for Migraine and Inhalation Assets
Proposed Merger with Cullgen: Pulmatrix is advancing a merger with Cullgen, a biopharmaceutical company focused on targeted protein degradation therapies, while planning to divest its proprietary iSPERSE™ technology and related clinical programs, including a Phase 2-ready migraine treatment.
Financial Performance: In Q3 2025, Pulmatrix reported a decrease in revenues and operating expenses, with total cash and cash equivalents at $4.8 million, which is expected to sustain operations into Q4 2026.
See More
Pulmatrix (PULM) Q2 Revenue Falls 100%
Financial Performance: Pulmatrix reported zero revenue in Q2 2025, with a net loss per share of $(0.42), significantly reduced from $(1.59) in the same quarter last year, primarily due to drastic cuts in R&D spending as the company winds down its clinical operations.
Strategic Focus: The company is concentrating on completing its merger with Cullgen and divesting its iSPERSE™ intellectual property and clinical programs, while offering no financial guidance for future quarters amid ongoing operational downsizing.
See More
Pulmatrix Reports Q4 Results with Significant Losses
- Financial Performance: Pulmatrix reported a GAAP EPS of -$1.41 for Q4, indicating significant challenges in profitability and reflecting ongoing financial pressure on the company.
- Cash Flow Status: As of December 31, 2025, the company's cash and cash equivalents stood at $4.1 million, a substantial decrease from $9.5 million at the end of 2024, highlighting difficulties in cash management.
- Operational Funding Outlook: The company anticipates that its current cash position, based on operational efficiencies and spending prioritization, is sufficient to fund operations into Q1 2027, providing a degree of safety but still raising concerns about future liquidity.
- Market Reaction: Pulmatrix's financial results and cash flow situation may negatively impact investor confidence, particularly given the ongoing losses, which could affect its stock performance and market valuation.
See More
Pulmatrix Reports 2025 Financial Results and Merger Progress
- Deteriorating Financial Condition: Pulmatrix reported zero revenue for 2025, down from $7.8 million in 2024, indicating a significant decline in market competitiveness that could adversely affect future fundraising capabilities and investor confidence.
- Significant Reduction in R&D Spending: Research and development expenses plummeted from $7.2 million in 2024 to less than $0.1 million, primarily due to the wind-down of the PUR1900 clinical trial, which may hinder the company's ability to develop new products and impact long-term growth potential.
- Slow Merger Progress: The merger with Cullgen is still pending approval from the China Securities Regulatory Commission, with both parties agreeing to waive the
See More
Pulmatrix and Cullgen Update on Merger Approval Process
- Merger Agreement Progress: Pulmatrix and Cullgen have mutually agreed to waive the 'No Solicitation' clause in their merger agreement, allowing both parties to explore alternative transactions while still seeking approval from the China Securities Regulatory Commission, which could open new strategic collaboration opportunities.
- Regulatory Approval Delay: Despite Pulmatrix's merger agreement receiving shareholder approval in June 2025, the lack of approval from the China Securities Regulatory Commission may impact the final completion timeline of the merger and the company's future funding operations.
- Cash Flow Status: As of September 30, 2025, Pulmatrix reported a cash and cash equivalents balance of $4.8 million, which is anticipated to be sufficient to fund operations into the fourth quarter of 2026 based on current operational efficiencies and spending priorities, providing a financial buffer during the merger process.
- Clinical Assets and Technology: Pulmatrix focuses on developing inhaled therapeutic products for migraine and respiratory diseases using its proprietary iSPERSE™ technology, which aims to optimize drug delivery and improve patient outcomes, showcasing the company's innovative potential in the biopharmaceutical sector.
See More
Pulmatrix and Cullgen Update on Merger Approval Process
- Merger Agreement Progress: Pulmatrix and Cullgen have mutually agreed to waive the 'No Solicitation' clause in their merger agreement, allowing both parties to explore alternative transactions while still seeking approval from the CSRC, which may open new opportunities for both companies.
- Regulatory Approval Delay: Despite Pulmatrix's merger agreement receiving shareholder approval in June 2025, the lack of approval from the CSRC may affect the final completion timeline of the merger, increasing uncertainty for stakeholders.
- Financial Position: As of September 30, 2025, Pulmatrix reported cash and cash equivalents of $4.8 million, which is anticipated to fund operations into the fourth quarter of 2026, indicating prudent financial management amidst ongoing merger discussions.
- Clinical Asset Development: Pulmatrix's iSPERSE™ technology shows promise across multiple clinical assets, particularly with PUR3100 receiving FDA IND approval and PUR1800 demonstrating favorable results in a Phase 1b study for AECOPD, suggesting potential market opportunities ahead.
See More
Pulmatrix Announces Third Quarter 2025 Financial Results and Divestment Plan for Migraine and Inhalation Assets
Proposed Merger with Cullgen: Pulmatrix is advancing a merger with Cullgen, a biopharmaceutical company focused on targeted protein degradation therapies, while planning to divest its proprietary iSPERSE™ technology and related clinical programs, including a Phase 2-ready migraine treatment.
Financial Performance: In Q3 2025, Pulmatrix reported a decrease in revenues and operating expenses, with total cash and cash equivalents at $4.8 million, which is expected to sustain operations into Q4 2026.
See More
Pulmatrix (PULM) Q2 Revenue Falls 100%
Financial Performance: Pulmatrix reported zero revenue in Q2 2025, with a net loss per share of $(0.42), significantly reduced from $(1.59) in the same quarter last year, primarily due to drastic cuts in R&D spending as the company winds down its clinical operations.
Strategic Focus: The company is concentrating on completing its merger with Cullgen and divesting its iSPERSE™ intellectual property and clinical programs, while offering no financial guidance for future quarters amid ongoing operational downsizing.
See More
