Pulmatrix shares plunge 13.19% intraday after reporting zero 2025 revenue, $5.1M net loss, and merger delays with Cullgen.

Pulmatrix Inc. (NASDAQ:PULM) fell 13.19% intraday after announcing delayed progress on its proposed merger with Cullgen and disclosing weak 2025 financial results. The company and Cullgen waived the "No Solicitation" clause in their merger agreement to explore alternative transactions, signaling uncertainty about the deal's completion. Pulmatrix reported zero revenue for 2025, a $5.17 million operating loss, and a 69% cash balance decline to $4.1 million year-over-year. The merger remains pending China Securities Regulatory Commission (CSRC) approval, while the firm is pivoting to license or divest its iSPERSE™ technology and clinical assets. The lack of regulatory clarity, stagnant revenue, and ongoing losses likely eroded investor confidence, triggering the sharp intraday selloff.