Pulmatrix terminates merger agreement with Cullgen, explores alternative merger options.

• Cullgen terminates merger agreement with Pulmatrix • Pulmatrix seeks alternative merger opportunities • Merger was not approved by China Securities Regulatory Commission • Pulmatrix develops inhaled therapeutic products using iSPERSE technology • Pulmatrix focuses on preventing and treating migraine and respiratory diseases • Cullgen notified Pulmatrix of termination on February 28, 2026 • Termination follows mutual agreement to waive "No Solicitation" clause • Pulmatrix and Cullgen had been in discussions since December 2025