Pulmatrix (PULM) investor relations material

Executive summary

• Announced Q2 2025 financial results and a plan to divest inhalation assets, including iSPERSE™ technology, in anticipation of a proposed merger with Cullgen, expected to close in 2025.

• Stockholders approved the merger, with closing subject to regulatory approvals and customary conditions.

• The combined company will focus on targeted protein degradation therapies, with three degrader programs in Phase 1 clinical trials.

Financial highlights

• Revenues fell to $0 for Q2 2025, down from $1.6 million in Q2 2024, due to the completion of the PUR1900 Phase 2b trial wind down.

• Research and development expenses dropped to less than $0.1 million from $2.8 million year-over-year, reflecting reduced clinical activity and cost-cutting.

• General and administrative expenses decreased to $1.5 million from $2.0 million year-over-year, mainly from lower employment and operating costs.

• Net loss for Q2 2025 was $1.5 million, compared to $5.8 million in Q2 2024; net loss per share was $0.42, improved from $1.59 year-over-year.

• Cash and cash equivalents stood at $5.8 million as of June 30, 2025, expected to fund operations through the merger closing.

Outlook and guidance

• Cash position and operational efficiencies are expected to support operations at least through the anticipated merger closing.

• The merger, if completed, will shift the business focus to targeted protein degradation technology.