Pulmatrix (PULM) Registration filing summary

Company overview and business model

• Biopharmaceutical pipeline targets acute migraine, COPD and allergic bronchopulmonary aspergillosis using the proprietary iSPERSE inhaled dry-powder platform.

• Engineered, dispersible particles are designed for delivery of small molecules and biologics to the lungs for local or systemic treatment; the platform is described as offering higher drug loading and delivery efficiency than traditional lactose-blend therapies.

Use of proceeds and capital allocation

• All resale proceeds go to the selling stockholder; none accrue to the registrant. Registration costs are borne by the registrant, while the seller bears any commissions and discounts.

Risk factors and disclosures

• Maximum registered issuance could equal approximately 13% of common shares outstanding as of the prospectus date, diluting existing holders; actual issuance may be lower.

• Preferred dividends are payable in common shares at 8% per annum; insufficient available shares could prevent payment, while share issuance may dilute holders.

• Future share sales or financing may depress the stock price, impede future fundraising and cause further dilution; new securities could carry superior rights.