Pulmatrix Terminated Merger Agreement by Cullgen
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Mar 02 2026
0mins
Should l Buy PULM?
Pulmatrix announced that on February 28, Cullgen notified Pulmatrix that Cullgen was terminating the Merger Agreement and related transactions thereunder. This termination follows the December 2025 press release announcing that Pulmatrix and Cullgen had mutually agreed to waive the "No Solicitation" clause in the Merger Agreement in order to permit each party to explore alternate transactions in the period until closing. At this time, Pulmatrix continues to pursue alternative merger opportunities. Peter Ludlum, Interim Chief Executive Officer of Pulmatrix, commented, "Due to the significant delays at the Chinese Regulatory Authority in 2025, we initiated a process earlier this year to identify an alternative reverse merger opportunity for the company, and we are encouraged by both the interest we've had to date as well as the recent increase in transaction activity within our industry."
Trade with 70% Backtested Accuracy
Stop guessing "Should I Buy PULM?" and start using high-conviction signals backed by rigorous historical data.
Sign up today to access powerful investing tools and make smarter, data-driven decisions.
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 INC - NEWLY MERGED ENTITY SET TO LIST ON NASDAQ WITH TICKER "EOSX."
- Company Overview: Pulmatrix Inc. is a combined company that is expected to trade on NASDAQ.
- Ticker Symbol: The company's trading symbol will be "EOSX."
See More
PULMATRIX INC Secures $19 Million in Funding to Progress Lead Clinical Candidate PTC-2105 for Sarcopenia and Age-Related Conditions
Funding Announcement: Pulmatrix Inc. has secured $19 million in financing to advance its clinical candidate PTc-2105.
Target Indications: The funding will support the development of PTc-2105 for the treatment of sarcopenia and age-related diseases.
See More
Biotech Landscape Update: Regulatory Approvals and Mergers
- Anavex Drug Withdrawal: Anavex Life Sciences Corp. (AVXL) withdrew its EU marketing application for Alzheimer's drug Blarcamesine after the EMA's CHMP indicated it could not issue a positive opinion, marking a significant setback for the company's lead candidate despite continued support from patient groups.
- Quoin FDA Alignment: Quoin Pharmaceuticals Ltd. (QNRX) received positive feedback from the FDA confirming that a single Phase 3 trial may suffice for U.S. approval of QRX003 for Netherton Syndrome, with plans to initiate Phase 3 in 2026 and potentially file an NDA in 2027.
- Corcept Drug Approval: Corcept Therapeutics Inc. (CORT) secured FDA approval for Lifyorli combined with nab-paclitaxel to treat platinum-resistant ovarian cancer, based on Phase 3 ROSELLA trial results involving 381 patients, marking the first FDA-approved selective glucocorticoid receptor antagonist.
- Merck Acquires Terns: Merck (MRK) announced a definitive agreement to acquire Terns Pharmaceuticals for $53.00 per share, totaling approximately $6.7 billion, which is expected to enhance Merck's presence in hematology, with the transaction anticipated to close in Q2 2026.
See More
Pulmatrix Merges with Eos SENOLYTIX to Enhance Health Span
- Merger Agreement: Pulmatrix Inc. has agreed to merge with Eos SENOLYTIX, Inc., with the combined entity set to operate under the Eos SENOLYTIX name and trade on Nasdaq as 'EOSX', marking a strategic shift towards enhancing health span.
- Financing Support: The merger is backed by $19 million in new private financing, including a $1 million investment into Pulmatrix and bridge financing for Eos, which will facilitate the advancement of Eos's lead candidate PTC-2105, indicating strong market confidence in the technology.
- Technological Innovation: Eos's MitoXcel AI-driven geropeptide technology aims to improve body composition by increasing lean mass and reducing visceral fat rather than merely focusing on weight loss, showcasing the company's innovative approach in obesity treatment that could redefine traditional methodologies.
- Shareholder Structure Change: Following the merger, Pulmatrix shareholders are expected to own about 6% of the combined company, while Eos shareholders and financing participants will hold approximately 94%, reflecting Eos's dominant position in the merger, which is anticipated to close in mid-2026.
See More
Pulmatrix Inc. Enters Definitive Agreement to Acquire Eos Senolytix Inc.
- Merger Announcement: Pulmatrix Inc. has announced a definitive agreement to merge with Eos Senolytix Inc., with the transaction expected to close in mid-2026, marking a significant strategic expansion for the company as it will trade under the name Eos Senolytix on Nasdaq.
- Equity Structure Change: Post-merger, pre-merger Pulmatrix shareholders are expected to own approximately 6% of the combined entity, while Eos shareholders will hold about 94%, which will influence future governance and decision-making processes within the new company.
- Financing Support: The transaction includes $19 million in private financing, which features a $1 million investment in Pulmatrix, with proceeds aimed at supporting the development of Eos's MitoXcel platform and its lead clinical candidate PTC-2105, targeting age-related diseases.
- Leadership Transition: Following the merger, Eos CEO Kevin Slawin is expected to lead the combined company, a leadership change that could significantly impact the strategic direction and market performance of the new entity.
See More
Gyre Therapeutics Acquires Cullgen in $300 Million All-Stock Deal
- Acquisition Details: Gyre Therapeutics announced its acquisition of Cullgen in an all-stock transaction valued at approximately $300 million, with Cullgen set to become a wholly owned subsidiary, and the deal expected to close in early Q2 2026 pending U.S. regulatory approvals.
- Market Reaction: Following the announcement, GYRE's shares rose by 8%, indicating a positive market response to the acquisition, although the stock has lost 22% over the past 12 months, reflecting cautious optimism among investors regarding future growth prospects.
- Challenges for Pulmatrix: Pulmatrix's stock plummeted 36% after the termination of its merger agreement with Cullgen, and the company is now actively seeking alternative merger opportunities, highlighting the uncertainty and pressure faced in the industry consolidation landscape.
- Regulatory Hurdles: Pulmatrix noted that it did not receive the necessary approval from the China Securities Regulatory Commission, which led to the termination of the deal with Cullgen, underscoring the complexities and potential risks associated with cross-border transactions.
See More
PULMATRIX INC - NEWLY MERGED ENTITY SET TO LIST ON NASDAQ WITH TICKER "EOSX."
- Company Overview: Pulmatrix Inc. is a combined company that is expected to trade on NASDAQ.
- Ticker Symbol: The company's trading symbol will be "EOSX."
See More
PULMATRIX INC Secures $19 Million in Funding to Progress Lead Clinical Candidate PTC-2105 for Sarcopenia and Age-Related Conditions
Funding Announcement: Pulmatrix Inc. has secured $19 million in financing to advance its clinical candidate PTc-2105.
Target Indications: The funding will support the development of PTc-2105 for the treatment of sarcopenia and age-related diseases.
See More
Biotech Landscape Update: Regulatory Approvals and Mergers
- Anavex Drug Withdrawal: Anavex Life Sciences Corp. (AVXL) withdrew its EU marketing application for Alzheimer's drug Blarcamesine after the EMA's CHMP indicated it could not issue a positive opinion, marking a significant setback for the company's lead candidate despite continued support from patient groups.
- Quoin FDA Alignment: Quoin Pharmaceuticals Ltd. (QNRX) received positive feedback from the FDA confirming that a single Phase 3 trial may suffice for U.S. approval of QRX003 for Netherton Syndrome, with plans to initiate Phase 3 in 2026 and potentially file an NDA in 2027.
- Corcept Drug Approval: Corcept Therapeutics Inc. (CORT) secured FDA approval for Lifyorli combined with nab-paclitaxel to treat platinum-resistant ovarian cancer, based on Phase 3 ROSELLA trial results involving 381 patients, marking the first FDA-approved selective glucocorticoid receptor antagonist.
- Merck Acquires Terns: Merck (MRK) announced a definitive agreement to acquire Terns Pharmaceuticals for $53.00 per share, totaling approximately $6.7 billion, which is expected to enhance Merck's presence in hematology, with the transaction anticipated to close in Q2 2026.
See More
Pulmatrix Merges with Eos SENOLYTIX to Enhance Health Span
- Merger Agreement: Pulmatrix Inc. has agreed to merge with Eos SENOLYTIX, Inc., with the combined entity set to operate under the Eos SENOLYTIX name and trade on Nasdaq as 'EOSX', marking a strategic shift towards enhancing health span.
- Financing Support: The merger is backed by $19 million in new private financing, including a $1 million investment into Pulmatrix and bridge financing for Eos, which will facilitate the advancement of Eos's lead candidate PTC-2105, indicating strong market confidence in the technology.
- Technological Innovation: Eos's MitoXcel AI-driven geropeptide technology aims to improve body composition by increasing lean mass and reducing visceral fat rather than merely focusing on weight loss, showcasing the company's innovative approach in obesity treatment that could redefine traditional methodologies.
- Shareholder Structure Change: Following the merger, Pulmatrix shareholders are expected to own about 6% of the combined company, while Eos shareholders and financing participants will hold approximately 94%, reflecting Eos's dominant position in the merger, which is anticipated to close in mid-2026.
See More
Pulmatrix Inc. Enters Definitive Agreement to Acquire Eos Senolytix Inc.
- Merger Announcement: Pulmatrix Inc. has announced a definitive agreement to merge with Eos Senolytix Inc., with the transaction expected to close in mid-2026, marking a significant strategic expansion for the company as it will trade under the name Eos Senolytix on Nasdaq.
- Equity Structure Change: Post-merger, pre-merger Pulmatrix shareholders are expected to own approximately 6% of the combined entity, while Eos shareholders will hold about 94%, which will influence future governance and decision-making processes within the new company.
- Financing Support: The transaction includes $19 million in private financing, which features a $1 million investment in Pulmatrix, with proceeds aimed at supporting the development of Eos's MitoXcel platform and its lead clinical candidate PTC-2105, targeting age-related diseases.
- Leadership Transition: Following the merger, Eos CEO Kevin Slawin is expected to lead the combined company, a leadership change that could significantly impact the strategic direction and market performance of the new entity.
See More
Gyre Therapeutics Acquires Cullgen in $300 Million All-Stock Deal
- Acquisition Details: Gyre Therapeutics announced its acquisition of Cullgen in an all-stock transaction valued at approximately $300 million, with Cullgen set to become a wholly owned subsidiary, and the deal expected to close in early Q2 2026 pending U.S. regulatory approvals.
- Market Reaction: Following the announcement, GYRE's shares rose by 8%, indicating a positive market response to the acquisition, although the stock has lost 22% over the past 12 months, reflecting cautious optimism among investors regarding future growth prospects.
- Challenges for Pulmatrix: Pulmatrix's stock plummeted 36% after the termination of its merger agreement with Cullgen, and the company is now actively seeking alternative merger opportunities, highlighting the uncertainty and pressure faced in the industry consolidation landscape.
- Regulatory Hurdles: Pulmatrix noted that it did not receive the necessary approval from the China Securities Regulatory Commission, which led to the termination of the deal with Cullgen, underscoring the complexities and potential risks associated with cross-border transactions.
See More
