Pulmatrix, Inc. reported its first-quarter financial results for 2025, with revenues decreasing by approximately $5.9 million to $0, compared to $5.9 million in the first quarter of 2024. This decline was primarily due to the completion of the wind-down of the PUR1900 Phase 2b clinical trial during the year ended December 31, 2024.
Research and development expenses significantly decreased by approximately $3.5 million to less than $0.1 million for the three months ended March 31, 2025, down from $3.5 million in the prior year period. This reduction was mainly due to the winding down of the PUR1900 trial, disposal of the company's lab and facilities lease, and employee terminations. General and administrative expenses increased by approximately $0.2 million to $1.8 million, primarily due to costs related to the proposed merger.
The company reported a net loss of $(1.808) million for Q1 2025, compared to a net income of $0.825 million in Q1 2024, with a net loss per share of $(0.50). As of March 31, 2025, cash and cash equivalents totaled $7.7 million, which management anticipates is sufficient to fund operations at least through the anticipated closing of the proposed merger with Cullgen. The Securities and Exchange Commission (SEC) declared the registration statement for the proposed Cullgen merger effective, with the merger now anticipated to close in June 2025.
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