Pulmatrix 2024 Q4 Earnings Narrowed Losses and Record Net Income

Pulmatrix (PULM) reported its fiscal 2024 Q4 earnings on Aug 06th, 2025. The results showed a 4.6% improvement in per-share losses and a 4.7% reduction in net losses, with the company setting a new 9-year record for Q4 net income. No guidance was provided for 2025.

Revenue
The total revenue of Pulmatrix decreased by 99.9% to $3000 in 2024 Q4, down from $2.20 million in 2023 Q4. This sharp decline was attributed to the completion of the wind-down of the PUR1900 Phase 2b clinical trial in late 2024, which had previously contributed to revenue in the prior year.

Earnings/Net Income
Pulmatrix narrowed losses to $0.54 per share in 2024 Q4 from a loss of $0.57 per share in 2023 Q4 (4.6% improvement). Meanwhile, the company successfully narrowed its net loss to $-1.99 million in 2024 Q4, reducing losses by 4.7% compared to the $-2.08 million net loss reported in 2023 Q4. Remarkably, in 2024 Q4, the company set a new record high for fiscal Q4 net income, the highest in 9 years. Despite these improvements, the EPS remains negative and reflects ongoing financial challenges.

Price Action
The stock price of Pulmatrix has edged down 2.39% during the latest trading day, has dropped 4.67% during the most recent full trading week, and has plummeted 20.27% month-to-date.

Post-Earnings Price Action Review
The strategy of buying Pulmatrix (PULM) shares after a revenue raise quarter-over-quarter on the financial report released date and holding for 30 days delivered moderate returns but underperformed the benchmark. The strategy's CAGR was 3.49%, trailing the benchmark by 38.69%. With a maximum drawdown of 0.00% and a Sharpe ratio of 0.04, the strategy indicated low risk but conservative returns.

CEO Commentary
Peter Ludlum, Interim Chief Executive Officer, highlighted the company’s second-quarter focus on advancing the proposed merger with Cullgen, a clinical-stage biopharmaceutical company. The SEC has declared the registration statement effective, and stockholders approved the merger, pending Nasdaq and China Security Regulatory Commission approvals. Ludlum emphasized that, if completed, the merger would create a Nasdaq-listed company with three Phase 1 clinical programs in targeted protein degrader therapies. The company is also in the process of potentially divesting its iSPERSE™ technology and related clinical programs.

Guidance
The company expects the proposed merger with Cullgen to close in 2025, subject to customary closing conditions including Nasdaq and regulatory approvals. Pulmatrix is currently seeking a divestiture of its iSPERSE™ technology and three related clinical programs, including PUR3100 and PUR1800. No specific financial guidance was provided for 2025, and the company did not outline expected timelines for the completion of the divestiture process.

Additional News
Pulmatrix announced the proposed merger with Cullgen, a privately held clinical-stage biopharmaceutical company focused on targeted protein degrader therapies for pain, cancer, and other diseases. Shareholders approved the merger, and the SEC has declared the registration statement effective, pending Nasdaq and China Security Regulatory Commission approvals. The merger, if completed, would form a Nasdaq-listed company with three Phase 1 clinical programs. As part of the merger, Pulmatrix is seeking to divest its iSPERSE™ technology and three clinical programs. The company is also preparing to transfer its PUR1900 collaboration with Cipla, under which it will receive 2% royalties on potential future net sales outside the U.S.