Pulmatrix Announces First Quarter 2026 Financial Results
Rhea-AI Summary
Pulmatrix (Nasdaq:PULM) reported Q1 2026 results and a pending merger with Eos SENOLYTIX, expected to close in Q3 2026. The company closed a $1.0 million Series B preferred private placement with an Eos affiliate, and existing common holders are expected to own about 6% of the combined company.
Q1 2026 net loss was $1.2 million versus $1.8 million a year earlier, driven by a $0.5 million decline in G&A. Cash and equivalents were $3.3 million, with unaudited statements prepared on a going-concern basis but expected, per Pulmatrix, to fund operations at least through the anticipated merger closing.
The company is seeking to out-license or monetize its iSPERSE™-based clinical assets: PUR1900 with Cipla (Phase 3-approved in India with 2% ex-US royalties to Pulmatrix), PUR3100 (Phase 2-ready migraine asset with FDA-cleared IND), and PUR1800 (Phase 1b data supporting further development for AECOPD and other inflammatory respiratory diseases).
AI-generated analysis. Not financial advice.
Positive
- Signed merger agreement with Eos SENOLYTIX, targeted to close in Q3 2026
- Closed $1.0 million Series B Convertible Preferred Stock private placement with Eos affiliate
- Q1 2026 net loss improved to $1.2 million from $1.8 million in Q1 2025
- General and administrative expenses fell $0.5 million year over year to $1.3 million
- Cash and cash equivalents of $3.3 million expected to fund operations through anticipated merger closing
- Cipla’s PUR1900 program could generate 2% ex-US royalties plus 50/50 US rights for Pulmatrix
Negative
- All clinical development is currently on hold while Pulmatrix seeks to license or monetize assets
- Unaudited financials are prepared on a going concern basis, highlighting uncertainty beyond the merger horizon
- Cash and cash equivalents declined to $3.3 million from $4.1 million at December 31, 2025
- Q1 2026 net loss of $1.2 million continues to reduce stockholders’ equity, now at $3.6 million
- Current liabilities increased to $0.9 million, up from $0.3 million at year-end 2025
News Market Reaction – PULM
On the day this news was published, PULM declined 1.57%, reflecting a mild negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Market Reality Check
Peers on Argus
Momentum data show at least 2 biotech peers, including EVAX and GOVX, also moving up (median move about 3.6%). This points to broader sector strength alongside PULM’s company-specific earnings and merger update.
Previous Earnings Reports
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Feb 26 | Full-year 2025 results | Negative | -9.3% | Reported 2025 results with revenue at $0 and net loss of $5.16M. |
| Oct 16 | Q3 2025 results | Negative | -2.5% | Q3 2025 results with $0 revenue and ongoing merger/divestment plans. |
| Aug 06 | Q2 2025 results | Negative | -3.1% | Q2 2025 results showed zero revenue and sharply reduced R&D spend. |
| May 15 | Q1 2025 results | Negative | +6.5% | Q1 2025 results with zero revenue and asset divestment plan pre‑merger. |
| Mar 21 | FY 2024 results | Neutral | -1.7% | Full-year 2024 results with $7.8M revenue and planned Cullgen merger. |
Earnings updates have typically coincided with modest negative reactions, often tied to zero revenue, ongoing losses, and strategic transition toward mergers and asset monetization.
Recent earnings releases for Pulmatrix have consistently highlighted a transition away from revenue-generating operations toward strategic mergers and asset monetization. Prior updates described $0 revenue, reduced R&D spending, and reliance on merger partners like Cullgen, with cash balances between roughly $4.1M and $9.5M. Market reactions around these earnings averaged about -2.02%, with four of the last five tagged earnings events trading down afterward. Today’s Q1 2026 results continue the low-spend, merger-dependent profile while cash remains limited.
Historical Comparison
Across the last five earnings-related releases, PULM saw an average move of about -2.02%, with most updates tied to zero revenue, shrinking R&D, and dependence on merger transactions.
Earnings updates trace a shift from $7.8M revenue in 2024 to a lean, pre‑revenue profile by 2025, while Pulmatrix systematically reduced R&D and G&A expenses and increasingly anchored its strategy on merger transactions and monetization of iSPERSE-based assets.
Market Pulse Summary
This announcement combines Q1 2026 financials with a detailed update on the planned Eos SENOLYTIX merger and a recent $1.0M preferred stock financing. Operating expenses and net loss declined year over year, while cash stood at $3.3M and financials were prepared on a going-concern basis. Historically, earnings have coincided with modestly negative moves, so investors may watch merger milestones, cash usage, and any monetization of iSPERSE™ assets as key indicators from here.
Key Terms
private placement financial
series b convertible preferred stock financial
form s-4 regulatory
investigational new drug ("ind") regulatory
phase 2 medical
phase 3 medical
narrow spectrum kinase inhibitor ("nski") medical
chronic obstructive pulmonary disease ("aecopd") medical
AI-generated analysis. Not financial advice.
Announced merger agreement with Eos SENOLYTIX in March
Closed private placement of preferred stock
Peter Ludlum, Interim Chief Executive Officer of Pulmatrix, commented, "Our focus in the first quarter was on our work to secure a strategic transaction for our company and our shareholders. We are pleased to report that on March 26th we announced entering into a merger agreement with Eos SENOLYTIX, a privately held biotechnology company developing novel gerotherapeutic peptides targeting mitochondrial dysfunction in aging-related diseases using its proprietary MitoXcel™ platform. We also secured aggregate gross proceeds of
Proposed Merger with Eos SENOLYTIX
As previously reported, on March 26, 2026, the Company entered into an agreement (the "Merger Agreement") and plan of merger (the "Merger") with Eos SENOLYTIX, Inc. ("Eos"). The proposed Merger is anticipated to close in the third quarter of 2026, subject to customary closing conditions. If the proposed Merger is completed, the business of Eos will continue as the business of the combined company.
In connection with the entry into the Merger Agreement, on March 26, 2026, the Company announced that it entered into a securities purchase agreement with an affiliate of Eos for the issuance and sale in a private placement of its newly designated Series B Convertible Preferred Stock, raising aggregate gross proceeds of
Additional information about the Merger Agreement was previously disclosed on a Current Report on Form 8-K filed with the SEC on March 27, 2026.
Pulmatrix Seeks to Out-license or Monetize its Clinical Assets
iSPERSE™ Technology
- iSPERSE™, also licensed to MannKind Corporation and Cipla Technologies for certain fields of use, utilizes particles that are engineered with a small, dense and dispersible profile to exceed the performance of traditional dry powder particles as the iSPERSE™ particles have the dispersibility advantages of porous engineered particles. Pulmatrix believes this results in superior drug delivery compared to traditional oral and injectable forms of treatment for certain diseases.
- As of March 31, 2026, Pulmatrix's patent portfolio related to iSPERSE™ included approximately 146 granted patents, 18 of which are
U.S. -granted patents, plus approximately 48 pending patent applications in theU.S. and other jurisdictions.
PUR1900
- PUR1900, has been approved to proceed to a Phase 3 in
India conducted by our partner Cipla. This is the Company's inhaled iSPERSE™ formulation of the antifungal drug itraconazole being investigated for various indications. The Company and its partner, Cipla, wound down a Phase 2b trial that the Company was operating in 2024. Cipla has continued clinical development outsidethe United States , and in 2025 completed their Phase 2 study inIndia , published positive results and has been approved byIndia's Central Drug Standard Control Organization to proceed with a Phase 3 clinical trial, which Cipla currently expects to commence in 2026.
- Pulmatrix will receive
2% royalties on any potential future net sales by Cipla outsidethe United States should Cipla successfully market PUR1900 outsidethe United States . Withinthe United States , the Company and Cipla share the rights 50/50 and will seek to monetize PUR1900 for indications where an orally inhaled antifungal may provide a therapeutic benefit or fulfill an unmet medical need.
PUR3100
- PUR3100, a Phase 2-ready asset, is an orally inhaled dihydroergotamine ("DHE") engineered with Pulmatrix's iSPERSE™ dry powder inhalation technology for the treatment of acute migraine has a Food and Drug Administration acceptance of an Investigational New Drug ("IND") application for PUR3100 and receipt of a "study may proceed" letter to proceed with a Phase 2 study. The IND includes a Phase 2 clinical protocol where safety and preliminary efficacy of PUR3100 will be investigated in patients with acute migraine.
- The Phase 2 IND builds on the Phase 1 trial results of PUR3100, which were published in 2024 in the peer-reviewed publication, Headache: The Journal of Head and Face Pain. The study showed that PUR3100 achieved peak exposures in the targeted therapeutic range and time to maximum concentration occurred at five minutes after dosing at all dosing levels. The PUR3100 dose groups also showed a lower incidence of nausea and no vomiting compared to observations of nausea and vomiting in the intravenously ("IV") administered DHE dose group.
PUR1800
- PUR1800 is a Narrow Spectrum Kinase Inhibitor ("NSKI"), engineered with our iSPERSE™ technology, for the treatment of acute exacerbations in chronic obstructive pulmonary disease ("AECOPD"). In 2023, Pulmatrix presented complete results from a Phase 1b study of PUR1800 for AECOPD, indicating PUR1800 was well-tolerated with no observed safety signals. The topline data, along with the results from chronic toxicology studies, support the continued development of PUR1800 for the treatment of AECOPD and other inflammatory respiratory diseases.
- In 2024, Pulmatrix published an abstract titled "Ex vivo evaluation of the potential for Narrow Spectrum Kinase inhibitors as a treatment for Idiopathic Pulmonary Fibrosis".
First Quarter 2026 Financial Results
Research and development expenses were less than
General and administrative expenses decreased approximately
The Company's total cash and cash equivalents balance as of March 31, 2026, was
PULMATRIX, INC. Consolidated Balance Sheets (in thousands, except share and per share data)
| ||||||||
March 31, 2026 | December 31, 2025 | |||||||
(unaudited) | ||||||||
Assets | ||||||||
Current assets: | ||||||||
Cash and cash equivalents | $ | 3,324 | $ | 4,088 | ||||
Restricted cash | 700 | |||||||
Prepaid expenses and other current assets | 465 | 41 | ||||||
Total current assets | 4,489 | 4,129 | ||||||
Long-term restricted cash | 7 | 10 | ||||||
Total assets | $ | 4,496 | $ | 4,139 | ||||
Liabilities and stockholders' equity | ||||||||
Current liabilities: | ||||||||
Accounts payable | $ | 651 | $ | 272 | ||||
Accrued expenses and other current liabilities | 254 | 57 | ||||||
Total current liabilities | 905 | 329 | ||||||
Total liabilities | 905 | 329 | ||||||
Stockholders' equity: | ||||||||
Preferred Stock, | 950 | - | ||||||
Common stock, | - | - | ||||||
Additional paid-in capital | 306,131 | 306,128 | ||||||
Accumulated deficit | (303,490) | (302,318) | ||||||
Total stockholders' equity | 3,591 | 3,810 | ||||||
Total liabilities and stockholders' equity | $ | 4,496 | $ | 4,139 | ||||
PULMATRIX, INC. Consolidated Statements of Operations (in thousands, except share and per share data) (unaudited)
| ||||||||
Three Months Ended March 31, | ||||||||
2026 | 2025 | |||||||
Operating expenses: | ||||||||
Research and development | $ | 3 | $ | 19 | ||||
General and administrative | 1,289 | 1,828 | ||||||
Total operating expenses | 1,292 | 1,847 | ||||||
Loss from operations | (1,292) | (1,847) | ||||||
Other income (expense): | ||||||||
Interest income | 12 | 53 | ||||||
Fair value adjustment of warrants | - | 66 | ||||||
Other income (expense), net | 108 | (80) | ||||||
Total other income (expense), net | 120 | 39 | ||||||
Net loss | $ | (1,172) | $ | (1,808) | ||||
Net loss per share attributable to common stockholders – basic and diluted | $ | (0.32) | $ | (0.50) | ||||
Weighted average common shares outstanding – basic and diluted | 3,652,285 | 3,652,285 | ||||||
About Pulmatrix, Inc.
Pulmatrix is a biopharmaceutical company that has focused on the development of novel inhaled therapeutic products intended to prevent and treat migraine and respiratory diseases with important unmet medical needs using its patented iSPERSE™ technology. The Company's proprietary product pipeline includes treatments for central nervous system ("CNS") disorders such as acute migraine and serious lung diseases such as Chronic Obstructive Pulmonary Disease ("COPD") and allergic bronchopulmonary aspergillosis ("ABPA"). Pulmatrix's product candidates are based on its proprietary engineered dry powder delivery platform, iSPERSE™, which seeks to improve therapeutic delivery to the lungs by optimizing pharmacokinetics and reducing systemic side effects to improve patient outcomes. For more on the Company's inhaled product candidates please visit:
https://www.pulmatrix.com/pipeline.html.
About Eos SENOLYTIX, Inc.
Eos SENOLYTIX is a biotechnology company focused on developing first-in-class gerotherapeutic peptide medicines that target the underlying biological mechanisms of aging. Eos's lead clinical candidates, PTC-2105 and PTC-2107, both proprietary MitoXcel™ geropeptides, have demonstrated the ability to rejuvenate naturally aged mice via two separate mechanisms, both via a single, aging-specific target, the mitochondrial membrane potential (MMP), also called the "Δψm". These two mechanisms include (1) the return of the efficiency of mitochondrial function in aging cells almost immediately back to their younger, more efficient phenotype, and (2) the profound elimination of senescent cells throughout every organ in the body, including the brain, reducing their negative systemic inflammatory effects. Extensive preclinical studies suggest the MitoXcel™ platform may be a broad gerotherapeutic that improves body composition, increasing lean muscle mass, and enhancing physical function in aging animals. By targeting fundamental processes driving aging and aging-related diseases, Eos SENOLYTIX is pursuing a unique therapeutic opportunity to intervene in the aging process in ways that were once thought impossible. Eos SENOLYTIX is headquartered in
Forward-Looking Statements
Certain statements in this press release that are forward-looking and not statements of historical fact are forward-looking statements within the meaning of the federal securities laws. Such forward-looking statements include, but are not limited to, statements of historical fact and may be identified by words such as "anticipates," "assumes," "believes," "can," "could," "estimates," "expects," "forecasts," "guides," "intends," "is confident that," "may," "plans," "seeks," "projects," "targets," and "would," and their opposites and similar expressions are intended to identify forward-looking statements. Such forward-looking statements are based on the beliefs of management as well as assumptions made by and information currently available to management and include, but are not limited to, the use of proceeds from the private placement and conversion of the Series B Preferred Stock. Actual results could differ materially from those contemplated by the forward-looking statements as a result of certain factors, including, but not limited to, the consummation of any other potential reverse merger transaction in the future, among others; the Company's ability to divest its clinical assets on terms favorable to the Company, or at all, the Company's ability to maintain compliance with the listing standards of the Nasdaq Capital Market; the Company's ability to continue as a going concern, the Company's ability to conduct its business and raise capital in the future when needed; delays in planned clinical trials; the ability to establish that potential products are efficacious or safe in preclinical or clinical trials; the ability to establish or maintain collaborations on the development of therapeutic candidates; the ability to obtain appropriate or necessary governmental approvals to market potential products; the ability to obtain future funding for developmental products and working capital and to obtain such funding on commercially reasonable terms; the Company's ability to manufacture product candidates on a commercial scale or in collaborations with third parties; changes in the size and nature of competitors; the ability to retain key executives and scientists; the ability to secure and enforce legal rights related to the Company's products, including patent protection. A discussion of these and other factors, including risks and uncertainties with respect to the Company, including the proposed Merger with Cullgen, is set forth in the Company's filings with the Securities and Exchange Commission, including its most recent Annual Report on Form 10-K, as may be supplemented or amended by the Company's Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. The Company disclaims any intention or obligation to revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
Investor Contact:
Chuck Padala
Managing Director
LifeSci Advisors
646-627-8390
chuck@lifesciadvisors.com
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SOURCE Pulmatrix Inc.