<span item_type="fundamental" item_id="9e4b4862bb1ad195ff3860ad8175881d" counter_id="ST/US/PULM" env="prod"></span><span item_type="announcement" item_id="572155527541759489" env="prod"></span><p>Revenue: As of FY2025 Q3, the actual value is USD 0.</p><p>EPS: As of FY2025 Q3, the actual value is USD -0.24.</p><p>EBIT: As of FY2025 Q3, the actual value is USD -896 K.</p><p></p><h3>Financial Overview</h3><h4>Revenues</h4><ul><li>No revenues were recognized for the nine months ended September 30, 2025, compared to $7.8 million for the same period in 2024, primarily due to the completion of the wind down of the PUR1900 Phase 2b clinical trial during 2024.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1574235/000149315225018256/form10-q.htm"></span></li></ul><h4>Operating Expenses</h4><ul><li><strong>Research and Development Expenses</strong>: Less than $0.1 million for the nine months ended September 30, 2025, compared to $7.2 million for the same period in 2024, a decrease of approximately $7.1 million. This decrease was primarily due to $5.0 million less in employment and other operating costs following the MannKind Transaction and $2.1 million less cost incurred on the PUR1900 program.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1574235/000149315225018256/form10-q.htm"></span></li><li><strong>General and Administrative Expenses</strong>: $4.2 million for the nine months ended September 30, 2025, compared to $5.8 million for the same period in 2024, a decrease of approximately $1.6 million. The decrease was primarily due to $2.8 million of decreased employment and other operating costs, partially offset by $1.2 million of costs related to the Merger.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1574235/000149315225018256/form10-q.htm"></span></li></ul><h4>Cash Flow</h4><ul><li><strong>Net Cash Used in Operating Activities</strong>: $4.7 million for the nine months ended September 30, 2025, primarily due to a net loss of $4.2 million and $0.4 million of cash outflows associated with changes in operating assets and liabilities.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1574235/000149315225018256/form10-q.htm"></span></li><li><strong>Net Cash Used in Investing Activities</strong>: No cash was used in investing activities for the nine months ended September 30, 2025.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1574235/000149315225018256/form10-q.htm"></span></li></ul><h3>Future Outlook and Strategy</h3><ul><li><strong>Core Business Focus</strong>: Pulmatrix is exploring opportunities to monetize its clinical assets, including PUR3100, PUR1800, and PUR1900, and has paused the development of these product candidates. Continued development would require securing additional funding and significant expenditures.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1574235/000149315225018256/form10-q.htm"></span></li><li><strong>Non-Core Business</strong>: The company is seeking to monetize its intellectual property, including iSPERSE™ and its clinical assets, in connection with the Merger with Cullgen Inc. The success of future operations is highly dependent on the successful consummation of the Merger.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1574235/000149315225018256/form10-q.htm"></span></li></ul>

Pulmatrix | 10-Q: FY2025 Q3 Revenue: USD 0