Co-diagnostics: Boral Capital Maintains Buy Rating, PT Raised to $3.00

Co-diagnostics: Boral Capital Maintains Buy Rating, PT Raised to $3.00

Pulmatrix Inc. (PULM), a clinical-stage biopharmaceutical company specializing in inhaled therapeutics through its proprietary iSPERSE™ dry powder delivery platform, has announced its third quarter 2025 financial results and a strategic divestment plan. The company reported zero revenue for Q3 2025, down from $1.6M in Q2 2025, and reduced R&D expenses to under $0.1M from $2.8M year-over-year. The company's cash position stands at $5.8M as of June 30, 2025, expected to fund operations through the merger closing.

As part of its proposed merger with Cullgen, Pulmatrix plans to divest its inhalation assets, including the proprietary iSPERSE™ technology and three clinical programs. The merger, approved by stockholders on June 16, 2025, awaits Nasdaq and China Security Regulatory Commission approval. Post-merger, the combined entity will focus on targeted protein degrader therapies with three Phase 1 clinical programs.

The merger is expected to create a Nasdaq-listed company with approximately $65 million in cash, providing funding through multiple clinical milestones and runway through 2026. The merger includes three degrader programs approaching or in Phase 1 clinical trials - two for cancer treatment and one for acute and chronic pain. As part of the agreement, Pulmatrix will divest its assets, including PUR3100 for acute migraine and other iSPERSE™ technology-based candidates. Cullgen brings its proprietary uSMITE™ platform for developing targeted protein degraders and degrader-antibody conjugates (DACs).

The company's iSPERSE™ technology portfolio includes 149 granted patents, with 19 U.S. patents expiring between 2024 and 2037, plus approximately 50 pending applications.

The current stock price of Pulmatrix (PULM) is $4.7582 as of October 15, 2025, and the market cap is approximately 17.9M.