Pulmatrix, Inc. SEC 10-Q Report

Pulmatrix, Inc., a biopharmaceutical company specializing in the development of novel inhaled therapeutic products using its patented iSPERSE™ technology, has released its Form 10-Q report for the third quarter. The report provides a comprehensive overview of the company's financial performance and key business developments, reflecting its ongoing efforts in the biopharmaceutical industry, particularly in the prevention and treatment of migraine and respiratory diseases.

Financial Highlights

• Revenues: $0 million, reflecting a decrease from $7.8 million in the same period last year due to the completion of the wind down of the PUR1900 Phase 2b clinical trial.
• Loss from operations: $(4.3) million, an improvement from $(7.8) million in the prior year, primarily due to reduced research and development expenses following the MannKind Transaction.
• Net loss: $(4.2) million, compared to $(7.6) million in the previous year, driven by decreased operating expenses.
• Net loss per share attributable to common stockholders – basic and diluted: $(1.16), compared to $(2.07) in the prior year, reflecting the reduced net loss.

Business Highlights

• Business Overview: Pulmatrix, Inc. is focused on developing novel inhaled therapeutic products using its patented iSPERSE™ technology. The company targets the prevention and treatment of migraine and respiratory diseases with unmet medical needs.
• Product Pipeline: The company's proprietary product pipeline includes treatments for CNS disorders such as acute migraine and serious lung diseases like COPD and ABPA. Key therapeutic candidates include PUR3100 for acute migraine, PUR1800 for AECOPD, and PUR1900 for ABPA.
• iSPERSE™ Technology: Pulmatrix's iSPERSE™ technology is designed to deliver small, dense particles with efficient dispersibility to the airways, enhancing drug delivery and reducing systemic side effects.
• PUR3100 Development: The company is exploring opportunities to monetize PUR3100, an iSPERSE™ formulation of DHE for acute migraine. The FDA has accepted the IND application, and a Phase 2 study is planned pending financing or partnership arrangements.
• PUR1800 Development: Pulmatrix is seeking to monetize PUR1800, a kinase inhibitor for AECOPD. Phase 1b clinical study results showed safety and tolerability, supporting further development for AECOPD and other inflammatory respiratory diseases.
• PUR1900 Development: The company is exploring opportunities to monetize PUR1900 in the U.S. and has completed wind-down activities for the Phase 2b clinical trial. Partner Cipla continues development outside the U.S., with Phase 3 trials approved in India.
• Strategic Merger: Pulmatrix has entered into a Merger Agreement with Cullgen Inc., with Cullgen to survive as a wholly owned subsidiary. The merger is subject to customary closing conditions, including regulatory approvals.
• Future Operations: The company's future operations are highly dependent on the success of the merger with Cullgen. If the merger is not consummated, Pulmatrix may pursue dissolution and liquidation.
• Intellectual Property: Pulmatrix continues to invest in protecting and expanding its intellectual property portfolio, with approximately 146 granted patents related to iSPERSE™ and 283 granted patents related to kinase inhibitors.

SEC Filing: Pulmatrix, Inc. [ PULM ] - 10-Q - Oct. 16, 2025