Pulmatrix, Inc. announced its second-quarter financial results for 2025, reporting no revenues, a decrease of approximately $1.6 million compared to $1.6 million in the second 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 decreased significantly by approximately $2.8 million to less than $0.1 million for the three months ended June 30, 2025, down from $2.8 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 decreased by approximately $0.5 million to $1.5 million, partially offset by costs related to the proposed merger.
The company reported a net loss of $(1.549) million for Q2 2025, an improvement from a net loss of $(5.811) million in Q2 2024, with a net loss per share of $(0.42). As of June 30, 2025, cash and cash equivalents totaled $5.8 million, which management anticipates will fund operations for at least the next 12 months from the August 6, 2025, filing date. Pulmatrix stockholders approved the merger with Cullgen Inc. on June 16, 2025, and the SEC declared the registration statement effective on May 9, 2025, but the merger agreement term was extended to October 12, 2025, due to outstanding approval from the China Security Regulatory Commission (CSRC).
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