Pulmatrix (PULM) Q1 2026 earnings summary

Executive summary

• Entered into a definitive merger agreement with Eos SENOLYTIX, Inc.; Pulmatrix stockholders to own ~6% of the combined company post-merger, Eos stockholders ~94%.

• Merger expected to close in Q3 2026, combining Eos's gerotherapeutic peptide platform with existing assets.

• All clinical development activities are on hold; focus is on monetizing or licensing clinical assets and completing the merger.

• Closed a $1 million private placement of Series B Convertible Preferred Stock with an affiliate of Eos.

• If the merger is not consummated, dissolution and liquidation may be considered.

Financial highlights

• Net loss for Q1 2026 was $1.2 million, improved from $1.8 million in Q1 2025.

• Operating expenses decreased to $1.3 million from $1.8 million year-over-year, mainly due to lower general and administrative costs.

• Research and development expenses were less than $0.1 million for Q1 2026, unchanged year-over-year.

• Cash and cash equivalents at March 31, 2026, were $3.3 million, with an additional $0.7 million in restricted cash.

• Accumulated deficit reached $303.5 million as of March 31, 2026.

Outlook and guidance

• Cash position is expected to fund operations at least through the anticipated merger closing.

• Substantial doubt exists about the ability to continue as a going concern beyond one year without the merger.

• Additional funding will be required for any future development or commercialization activities.

• All clinical development is on hold pending licensing or monetization of assets.