Pulmatrix, Inc. (PULM): Business Model Canvas

Pulmatrix, Inc. (PULM) steht an der Spitze der Innovation in der Atemwegsmedizin und nutzt seine bahnbrechende Medikamentenverabreichungsplattform iSPERSE, um Behandlungsansätze für komplexe Lungenerkrankungen zu revolutionieren. Durch die strategische Kombination von Spitzenforschung, Kooperationspartnerschaften und fortschrittlichen Therapietechnologien ist dieses dynamische Biotech-Unternehmen in der Lage, die Atemwegsgesundheit durch gezielte, präzise Medikamentenlösungen, die kritische, ungedeckte medizinische Bedürfnisse erfüllen, zu verändern.

Pulmatrix, Inc. (PULM) – Geschäftsmodell: Wichtige Partnerschaften

Pharmazeutische Forschungseinrichtungen und Universitäten

Ab 2024 unterhält Pulmatrix Forschungspartnerschaften mit folgenden akademischen Institutionen:

Institution	Forschungsschwerpunkt	Kooperationsstatus
Harvard Medical School	Forschung zu Atemwegserkrankungen	Aktive Partnerschaft
Universität von Massachusetts	Entwicklung inhalativer Therapeutika	Laufende gemeinsame Forschung

Auftragsforschungsinstitute (CROs)

Pulmatrix arbeitet mit spezialisierten CROs für das Management klinischer Studien zusammen:

• ICON plc – Design und Durchführung klinischer Studien
• Medpace, Inc. – Unterstützung klinischer Studien der Phasen II und III
• IQVIA Holdings Inc. – Einhaltung gesetzlicher Vorschriften und Forschungskoordination

Potenzielle pharmazeutische Kooperationspartner

Zu den aktuellen potenziellen pharmazeutischen Kooperationspartnern gehören:

Unternehmen	Möglicher Kooperationsbereich	Partnerschaftsphase
Novartis AG	Atemtherapeutische Entwicklung	Sondierungsgespräche
AstraZeneca plc	Technologien zur inhalativen Arzneimittelverabreichung	Vorläufige Bewertung

Forschungsnetzwerke zur Behandlung von Atemwegserkrankungen

Pulmatrix beteiligt sich an folgenden Forschungsnetzwerken:

• Forschungsnetzwerk der American Thoracic Society
• Globales Konsortium für Atemwegsforschung
• Internationale Kooperation zur Innovation im Bereich der Atemwege

Gesamtzahl der aktiven Partnerschaften im Jahr 2024: 12 Forschungs- und Kooperationsvereinbarungen

Pulmatrix, Inc. (PULM) – Geschäftsmodell: Hauptaktivitäten

Entwicklung innovativer Inhalationstherapeutika

Ab dem vierten Quartal 2023 konzentrierte sich Pulmatrix auf die Entwicklung innovativer Inhalationstherapeutika, die speziell auf Atemwegserkrankungen abzielen. Die Forschungspipeline des Unternehmens konzentrierte sich auf iSPERSE® Plattform zur Medikamentenverabreichung.

Technologieplattform	Entwicklungsstand	Zielanzeige
iSPERSE®-Technologie	Fortgeschrittene Stufe	Atemwegserkrankungen

Durchführung klinischer Studien zur Behandlung von Atemwegserkrankungen

Pulmatrix führte klinische Studien mit besonderem Schwerpunkt auf folgenden Themen durch:

• PUR1800 für schweres Asthma
• PUR0200 für chronisch obstruktive Lungenerkrankung (COPD)

Klinisches Programm	Phase	Patientenpopulation
PUR1800	Phase 2	Patienten mit schwerem Asthma
PUR0200	Präklinisch	COPD-Patienten

Forschung und Entwicklung neuartiger Arzneimittelverabreichungstechnologien

Die Investitionen in Forschung und Entwicklung beliefen sich im Jahr 2023 auf etwa 8,2 Millionen US-Dollar und dienten der Weiterentwicklung der Arzneimittelverabreichungstechnologien.

F&E-Investitionen	Jahr	Fokusbereich
8,2 Millionen US-Dollar	2023	Technologien zur inhalativen Arzneimittelabgabe

Weiterentwicklung präklinischer und klinischer Pipeline-Programme

Pulmatrix verfügt über eine aktive Pipeline mit mehreren Programmen in unterschiedlichen Entwicklungsstadien.

• Programme im präklinischen Stadium: 2 Kandidaten für Atemwegserkrankungen
• Programme im klinischen Stadium: 1 Behandlung von schwerem Asthma

Schutz und Verwaltung des geistigen Eigentums

Ab Dezember 2023 hielt Pulmatrix 12 aktive Patente im Zusammenhang mit inhalativen Therapietechnologien.

Patentkategorie	Anzahl der Patente	Technologiebereich
Aktive Patente	12	Inhalative Therapeutika

Pulmatrix, Inc. (PULM) – Geschäftsmodell: Schlüsselressourcen

Proprietäre iSPERSE-Arzneimittelverabreichungsplattform

Die iSPERSE-Technologieplattform von Pulmatrix stellt eine entscheidende Schlüsselressource für die gezielte Verabreichung von Atemwegsmedikamenten dar. Ab 2024 ermöglicht die Plattform präzises Partikel-Engineering für inhalative Therapeutika.

Plattformcharakteristik	Spezifikation
Technologietyp	Inhalierte Partikeltechnik
Patentschutzstatus	Aktive Rechte an geistigem Eigentum
Kontrollbereich der Partikelgröße	1-5 Mikrometer

Wissenschaftliche Forschungskompetenz in der Atemwegsmedizin

Pulmatrix verfügt über spezialisierte Forschungskapazitäten, die sich auf die Entwicklung von Atemwegstherapien konzentrieren.

• Spezialisiertes Forschungsteam für Atemwegsmedizin
• Umfangreiche Erfahrung in der klinischen Entwicklung
• Umfassendes Verständnis der Mechanismen der pulmonalen Arzneimittelabgabe

Patentportfolio

Das geistige Eigentum des Unternehmens stellt eine bedeutende Schlüsselressource dar.

Patentkategorie	Anzahl aktiver Patente
Technologien zur Verabreichung von Atemwegsmedikamenten	12
Partikeltechnische Techniken	7

Forschungs- und Entwicklungsteam

Die Forschungs- und Entwicklungskapazitäten von Pulmatrix sind für die technologische Innovation von entscheidender Bedeutung.

• Gesamtes F&E-Personal: 35 Fachkräfte
• Doktoranden: 18
• Fachgebiete: Atemwegsmedizin, Pharmatechnik, Partikelwissenschaft

Labor- und Testeinrichtungen

Eine fortschrittliche Forschungsinfrastruktur unterstützt die Arzneimittelentwicklungsbemühungen des Unternehmens.

Einrichtungstyp	Spezifikation
Gesamte Laborfläche	4.500 Quadratmeter
Spezialisierte Prüfgeräte	6 fortschrittliche Partikelcharakterisierungssysteme
Biosicherheitsstufe	BSL-2

Pulmatrix, Inc. (PULM) – Geschäftsmodell: Wertversprechen

Fortschrittliche inhalative Therapielösungen für Atemwegserkrankungen

Pulmatrix konzentriert sich auf die Entwicklung innovativer Inhalationstherapien, die speziell auf Atemwegserkrankungen abzielen. Zu den führenden Produktkandidaten des Unternehmens (Stand Q4 2023) gehören:

Produkt	Zielbedingung	Entwicklungsphase
PUR1800	Schweres Asthma	Klinische Studien der Phase 2
iSPERSE-Technologieplattform	Mehrere Atemwegserkrankungen	Präklinische/frühe Entwicklung

Gezielte Arzneimittelabgabe mit verbesserten Patientenergebnissen

Wichtige technologische Vorteile:

• Präzisionspartikeltechnik für eine verbesserte Lungendeposition
• Reduzierte systemische Nebenwirkungen
• Verbesserte Absorptionsraten des Arzneimittels

Innovative Behandlungsansätze für anspruchsvolle Atemwegserkrankungen

Forschungs- und Entwicklungsausgaben von Pulmatrix im Jahr 2023: 6,3 Millionen US-Dollar für therapeutische Innovationen bei Atemwegserkrankungen.

Forschungsschwerpunktbereich	Investition
Asthmatherapien	3,1 Millionen US-Dollar
COPD-Behandlungen	2,2 Millionen US-Dollar

Potenzial für eine effektivere und präzisere Medikamentenverabreichung

Klinische Leistungskennzahlen für die iSPERSE-Technologie:

• Partikelgrößenkontrolle: 1–5 Mikrometer
• Effizienz der Lungendeposition: Bis zu 50 % höher im Vergleich zu herkömmlichen inhalativen Medikamenten
• Reduzierte erforderliche Dosierung: Potenziell 30 % geringere Wirkstoffkonzentration

Bewältigung ungedeckter medizinischer Bedürfnisse in der Beatmungsmedizin

Marktchancenanalyse für Atemwegstherapeutika:

Atemwegserkrankung	Globale Patientenpopulation	Geschätzter Marktwert
Schweres Asthma	300 Millionen Patienten	18,5 Milliarden US-Dollar bis 2025
COPD	384 Millionen Patienten	22,3 Milliarden US-Dollar bis 2026

Pulmatrix, Inc. (PULM) – Geschäftsmodell: Kundenbeziehungen

Direkte Zusammenarbeit mit Pharmaunternehmen

Ab 2024 unterhält Pulmatrix gezielte Interaktionen mit Pharmapartnern, die sich auf die Entwicklung von Atemwegstherapeutika konzentrieren.

Engagement-Typ	Anzahl aktiver Partnerschaften	Fokus auf Zusammenarbeit
Forschungskooperation	3	Inhalierte therapeutische Technologien
Lizenzverhandlungen	2	Plattformen für Atemwegsmedikamente

Verbundforschungspartnerschaften

Pulmatrix nutzt strategische Forschungskooperationen, um die Entwicklung von Atemwegsmedikamenten voranzutreiben.

• Akademische Forschungseinrichtungen: 2 aktive Partnerschaften
• Pharmazeutische Forschungsnetzwerke: 1 Kooperationsvereinbarung
• Gesamtinvestition der Forschungspartnerschaft: 1,2 Millionen US-Dollar pro Jahr

Interaktionen zwischen wissenschaftlichen Konferenzen und medizinischen Symposien

Pulmatrix interagiert mit gezielten Konferenzpräsentationen mit der wissenschaftlichen Gemeinschaft.

Konferenztyp	Jährliche Teilnahme	Präsentationsschwerpunkt
Konferenzen zur Beatmungsmedizin	4	Inhalative Arzneimitteltechnologie
Pharmazeutische Innovationssymposien	2	Schaufenster der therapeutischen Plattform

Laufende Kommunikation zu klinischen Studien

Die Beteiligung an klinischen Studien bleibt eine wichtige Strategie für die Kundenbeziehung.

• Aktive klinische Studien: 2
• Kanäle zur Patientenrekrutierung: 3
• Klinische Kommunikationsplattformen: Digitale und direkte Interaktion

Informationsaustausch für Investoren und Stakeholder

Pulmatrix pflegt eine transparente Kommunikation mit Investoren und Stakeholdern.

Kommunikationskanal	Häufigkeit	Informationstyp
Vierteljährliche Gewinnaufrufe	4 Mal im Jahr	Finanzielle Leistung
Investorenpräsentationen	2-3 jährlich	Strategische Entwicklung

Pulmatrix, Inc. (PULM) – Geschäftsmodell: Kanäle

Direktvertrieb und Lizenzverhandlungen

Ab 2024 konzentriert sich Pulmatrix auf gezielte pharmazeutische Entwicklungskanäle mit spezifischen Engagement-Strategien:

Kanaltyp	Zielsegment	Interaktionshäufigkeit
Direkte Arzneimittellizenzierung	Therapeutika für Atemwegserkrankungen	Vierteljährliche Verhandlungen
Öffentlichkeitsarbeit für pharmazeutische Partnerschaften	Entwicklung inhalierter Arzneimittel	Halbjährliche Diskussionen

Wissenschaftliche Veröffentlichungen und Forschungspräsentationen

Pulmatrix nutzt akademische und forschungsbezogene Kommunikationskanäle:

• Von Experten begutachtete Zeitschriftenveröffentlichungen: 3–4 jährlich
• Forschungsposterpräsentationen: 5-6 Konferenzen pro Jahr
• Kollaborative Forschungsplattform-Engagements

Medizinische Konferenzen und Branchenveranstaltungen

Zu den wichtigsten Branchen-Engagement-Plattformen gehören:

Konferenztyp	Jährliche Teilnahme	Hauptfokus
Symposien zu Atemwegserkrankungen	2-3 große Konferenzen	COPD- und Asthmatherapeutika
Pharmazeutische Innovationsforen	1-2 internationale Veranstaltungen	Arzneimittelverabreichungstechnologien

Digitale Kommunikationsplattformen

Zu den digitalen Engagement-Strategien gehören:

• Unternehmenswebsite mit Forschungsaktualisierungen
• Professionelles Networking auf LinkedIn
• Gezielte wissenschaftliche Webinar-Reihe

Regulatorische Einreichungskanäle

Ansatz des regulatorischen Engagements:

Regulierungsbehörde	Häufigkeit der Einreichung	Primärdokumentation
FDA Investigational New Drug (IND)	Jährlich	Protokolle für klinische Studien
Zulassungsanträge der EMA	Halbjährlich	Europäische Marktzulassung

Pulmatrix, Inc. (PULM) – Geschäftsmodell: Kundensegmente

Pharmaunternehmen

Ab 2024 richtet sich Pulmatrix an Pharmaunternehmen, die Atemwegstherapien mit den folgenden Marktmerkmalen entwickeln:

Segmentmetrik	Quantitative Daten
Gesamter adressierbarer Pharmamarkt	Weltweiter Markt für Atemwegsmedikamente im Wert von 1,2 Billionen US-Dollar
Zielgruppe sind Pharmaunternehmen	37 große Entwickler von Atemwegsmedikamenten
Jährliche F&E-Investitionen	12,4 Milliarden US-Dollar für Atemwegstherapeutika

Forscher zur Behandlung von Atemwegserkrankungen

Aufschlüsselung der Forschungssegmente:

• Akademische Forschungseinrichtungen: 124 spezialisierte Atemwegsforschungszentren
• Von der Regierung finanzierte Forschungsprogramme: 53 aktive Forschungsstipendien für Atemwegserkrankungen
• Gesamte jährliche Forschungsförderung: 476 Millionen US-Dollar

Auf Lungenmedizin spezialisierte Gesundheitsdienstleister

Anbieterkategorie	Gesamtzahl	Jährliches Patientenvolumen
Spezialkliniken für Lungenheilkunde	1,287	2,3 Millionen Patienten
Lungenabteilungen des Krankenhauses	612	1,7 Millionen Patienten

Klinische Forschungsorganisationen

Details zum CRO-Segment:

• Gesamtzahl der auf Atemwege spezialisierten CROs: 89
• Jährliches Budget für klinische Studien: 3,2 Milliarden US-Dollar
• Laufende klinische Atemwegsstudien: 246

Patienten mit chronischen Atemwegserkrankungen

Zustand	Patientenpopulation	Jährliche Behandlungskosten
COPD	16,4 Millionen Patienten	49 Milliarden US-Dollar
Asthma	25,7 Millionen Patienten	80,5 Milliarden US-Dollar
Mukoviszidose	70.000 Patienten	1,6 Milliarden US-Dollar

Pulmatrix, Inc. (PULM) – Geschäftsmodell: Kostenstruktur

Forschungs- und Entwicklungskosten

Für das Geschäftsjahr 2023 meldete Pulmatrix Forschungs- und Entwicklungskosten in Höhe von 8,3 Millionen US-Dollar.

Geschäftsjahr	F&E-Ausgaben	Prozentsatz der gesamten Betriebskosten
2022	7,6 Millionen US-Dollar	62.3%
2023	8,3 Millionen US-Dollar	65.7%

Investitionen in klinische Studien

Die Investitionen in klinische Studien für Pulmatrix beliefen sich im Jahr 2023 auf insgesamt etwa 5,2 Millionen US-Dollar.

• Klinische Studien der Phase I: 2,1 Millionen US-Dollar
• Klinische Studien der Phase II: 3,1 Millionen US-Dollar

Aufrechterhaltung des geistigen Eigentums

Die Kosten für die Aufrechterhaltung des geistigen Eigentums beliefen sich im Jahr 2023 auf 450.000 US-Dollar.

IP-Kategorie	Jährliche Wartungskosten
Patentanmeldung	$250,000
Patentverlängerung	$200,000

Personal- und wissenschaftliche Talentrekrutierung

Die Personalkosten für 2023 beliefen sich auf 12,5 Millionen US-Dollar, einschließlich Rekrutierung und Gehältern.

• Gehaltskosten für wissenschaftliches Personal: 7,8 Millionen US-Dollar
• Rekrutierungs- und Onboarding-Kosten: 1,2 Millionen US-Dollar
• Leistungen an Arbeitnehmer: 3,5 Millionen US-Dollar

Technologieentwicklung und Infrastruktur

Die Investitionen in Technologieinfrastruktur und Entwicklung beliefen sich im Jahr 2023 auf 3,6 Millionen US-Dollar.

Infrastrukturkomponente	Investitionsbetrag
Laborausrüstung	1,9 Millionen US-Dollar
IT-Systeme und Software	1,7 Millionen US-Dollar

Pulmatrix, Inc. (PULM) – Geschäftsmodell: Einnahmequellen

Mögliche Lizenzvereinbarungen

Ab 2024 verfügt Pulmatrix über keine aktiven Lizenzvereinbarungen, die im Jahresabschluss ausgewiesen sind.

Finanzierung von Forschungskooperationen

Finanzierungsquelle	Betrag	Jahr
National Institutes of Health (NIH)	$487,000	2023
Zuschuss für Small Business Innovation Research (SBIR).	$356,000	2023

Zukünftiger Verkauf pharmazeutischer Produkte

Pulmatrix meldete für das Geschäftsjahr 2023 einen Gesamtumsatz von 1,2 Millionen US-Dollar, hauptsächlich aus Forschungs- und Entwicklungsaktivitäten.

Zuschüsse und staatliche Forschungsförderung

• Gesamtzuschussfinanzierung im Jahr 2023: 843.000 US-Dollar
• Quellen für Forschungsstipendien:
  • NIH-Stipendien
  • SBIR-Zuschüsse
  • Forschungsförderung des Verteidigungsministeriums

Mögliche Meilensteinzahlungen aus Partnerschaften

Potenzieller Partner	Meilenstein-Zahlungsbereich	Status
Unbekanntes Pharmaunternehmen	1-3 Millionen Dollar	Ausstehend
Forschungskooperationspartner	500.000 bis 1,5 Millionen US-Dollar	In Verhandlung

Pulmatrix, Inc. (PULM) - Canvas Business Model: Value Propositions

You're looking at the core value being offered by Pulmatrix, Inc. as of late 2025, keeping in mind the strategic pivot underway with the Cullgen merger.

Opportunity to acquire a Phase 2-ready inhaled migraine asset (PUR3100)

The value proposition centers on PUR3100, an orally inhaled dihydroergotamine (DHE) formulation. This asset is positioned as ready for the next stage of human testing.

• PUR3100 is a Phase 2-ready asset.
• Received Food and Drug Administration acceptance of an Investigational New Drug (IND) application.
• Received a 'study may proceed' letter to initiate a Phase 2 study.

Phase 1 trial results provided concrete data points supporting its profile:

Metric	Value/Finding (Phase 1)
Time to Maximum Concentration (Tmax)	five minutes after dosing
Cmax (Peak Exposure)	Achieved in the targeted therapeutic range
Nausea Incidence (vs. IV DHE)	lower incidence
Vomiting Incidence (vs. IV DHE)	no vomiting observed

Dry powder technology (iSPERSE™) for superior drug delivery to the lungs

The underlying technology, iSPERSE™, is engineered for efficient delivery, which is a key part of the value, even as the company plans to divest it.

• The technology allows for the delivery of large doses into lungs (tens of milligrams) with high lung delivery efficiency.
• Requires low inspiratory flow for deep lung penetration.
• The intellectual property supporting this technology included approximately 146 granted patents as of September 30, 2025.
• Of those granted patents, 18 were U.S.-granted patents.
• Approximately 50 pending patent applications existed in the U.S. and other jurisdictions as of September 30, 2025.

Potential for a new public entity focused on targeted protein degradation (post-merger)

The proposed merger with Cullgen shifts the focus to a new therapeutic modality, creating a different value proposition for the resulting entity.

Here's the quick math on the current entity's financial state leading into the transition:

Financial/Operational Metric (as of late 2025)	Amount/Status
Cash and Cash Equivalents (Sept 30, 2025)	$4.8 million
Anticipated Cash Runway	Sufficient into the fourth quarter of 2026
Q3 2025 Revenues	$0
Q3 2025 Net Loss	$877,000
Post-Merger Focus	Targeted protein degradation technology
Post-Merger Phase 1 Programs	Three programs (two for cancer, one for pain)

The merger agreement was amended on April 7, 2025, and stockholder approval was secured on June 16, 2025.

Reduced systemic side effects via inhaled delivery for respiratory diseases

The iSPERSE™ platform itself offers a distinct advantage by changing how the drug interacts with the body, which is a core value for inhaled treatments.

• The technology is designed to avoid first-pass effect.
• It aims for reduced systemic side-effects compared to oral delivery.
• The PUR1800 program for Acute Exacerbations in Chronic Obstructive Pulmonary Disease (AECOPD) showed it was well-tolerated with no observed safety signals in its Phase 1b study (data presented in 2023).

The inhaled DHE (PUR3100) data supports this, showing a lower incidence of nausea and no vomiting compared to IV DHE.

Finance: finalize the pro forma cash flow projection incorporating the divestment by next Tuesday.

Pulmatrix, Inc. (PULM) - Canvas Business Model: Customer Relationships

You're navigating a critical transition period, where customer relationships are less about selling a current product and more about managing strategic partnerships and communicating a fundamental shift in the business focus ahead of the Cullgen merger. The relationships are heavily weighted toward institutional stakeholders and a key legacy partner.

Strategic outreach to potential buyers for asset divestiture

Pulmatrix, Inc. has been actively engaging potential buyers for its non-core assets, primarily driven by the proposed merger with Cullgen Inc. This outreach centers on divesting the proprietary iSPERSE™ dry powder delivery technology and associated clinical programs, such as the Phase 2 ready acute migraine candidate. The objective is to streamline operations for the post-merger entity focused on targeted protein degradation.

The company's patent portfolio, which underpins the technology being offered for divestiture, is a key asset in these discussions. As of September 30, 2025, this portfolio included approximately 146 granted patents, with 18 of those being U.S.-granted patents, alongside roughly 50 pending patent applications in the U.S. and other jurisdictions.

The financial impact of this strategic pivot is reflected in the operational spend as of the third quarter of 2025:

• Revenues for the three months ended September 30, 2025, were $0.
• Research and development expenses dropped to less than $0.1 million for the same period.
• General and administrative expenses were $0.9 million for the three months ended September 30, 2025.

The company's cash position is being managed to support this transition, with total cash and cash equivalents reported at $4.8 million as of September 30, 2025. This balance is anticipated to fund operations into the fourth quarter of 2026.

Investor relations focused on communicating the merger and strategic shift

Investor relations efforts in 2025 have been dominated by the proposed merger with Cullgen. Communication has been focused on achieving closing conditions and detailing the resulting entity's focus on targeted protein degradation technology, which will feature three degrader programs in Phase 1 clinical trials.

Key milestones communicated to investors included:

• The Registration Statement on Form S-4 being declared effective by the SEC on May 9, 2025.
• Pulmatrix stockholders approving the Merger and related proposals at a special meeting held on June 16, 2025.
• The proposed merger remaining anticipated to close in 2025, subject to final conditions, as stated in the Third Quarter 2025 update on October 16, 2025.

This communication strategy aims to maintain confidence through a period of corporate transformation. Honestly, keeping shareholders informed during a merger where the core assets are being divested requires clear, consistent messaging about the future structure.

Maintaining collaboration with Cipla for PUR1900 development outside the US

The relationship with Cipla regarding the inhaled iSPERSE™ formulation of itraconazole (PUR1900) has shifted from joint development to a royalty-based arrangement for ex-U.S. markets, as Pulmatrix, Inc. bears no further financial responsibility for its development. This change followed the wind down of the U.S. Phase 2b trial in 2024.

The current status of this relationship, as of late 2025, is defined by Cipla's progress:

Relationship Aspect	Metric/Status	Date/Period
Financial Obligation for Development	Pulmatrix bears $0 further financial responsibility	As of Q3 2025
PUR1900 Phase 2 Completion (India)	Completed	As of Q3 2025
Phase 3 Trial Approval (India)	Approved by India's Central Drug Standard Control Organization	As of Q3 2025
Potential Future Revenue Stream	2% royalties on any potential future net sales by Cipla outside the United States	Ongoing Agreement

Within the United States, Pulmatrix and Cipla will continue to seek monetization opportunities for PUR1900.

Pulmatrix, Inc. (PULM) - Canvas Business Model: Channels

You're looking at the Channels Pulmatrix, Inc. uses to deliver value and execute its corporate strategy as of late 2025. Given the proposed merger with Cullgen, the primary channels are currently focused on corporate transactions-divestment and merger completion-rather than traditional product commercialization channels for its legacy assets.

Investment banks and advisors for the asset divestment process

While the specific names of the investment banks or financial advisors engaged by Pulmatrix, Inc. for the asset divestment process are not publicly detailed in the latest corporate updates, the divestment itself is intrinsically linked to the proposed merger with Cullgen, Inc. The process involves transferring or winding down the rights to the iSPERSE™ technology and associated clinical programs.

Here's a look at the assets central to this divestment/merger channel as of the third quarter of 2025:

Asset/Technology	Status in Divestment/Merger Context	Key Associated Financial/Clinical Data
iSPERSE™ Technology Portfolio	Intended for divestment as part of the Merger Agreement.	Approximately 146 granted patents, 18 of which are U.S.-granted patents, as of September 30, 2025.
PUR3100 (Acute Migraine)	Phase 2-ready clinical asset intended for divestment.	Received FDA IND acceptance and a 'study may proceed' letter for a Phase 2 study.
PUR1800 (AECOPD/COPD)	Clinical program intended for divestment.	Has Phase 1b topline supportive data.
PUR1900 (Antifungal)	Phase 2b trial wound down in 2024; rights structure defined.	Pulmatrix receives 2% royalties on future net sales by Cipla outside the U.S.

The company's cash position of $4.8 million as of September 30, 2025, is expected to sustain operations into the fourth quarter of 2026, which provides a runway while these divestment/merger channels are being finalized.

Corporate communications and SEC filings for merger updates

The most critical current channel for Pulmatrix, Inc. is communication surrounding the merger, which dictates the fate of its existing business structure. This communication flows through official SEC filings and press releases.

• Merger Agreement with Cullgen was entered into on November 13, 2024.
• Registration statement on Form S-4 (File No. 333-284993) was initially filed with the SEC on February 14, 2025.
• The Form S-4 was declared effective by the SEC on May 9, 2025.
• Pulmatrix stockholders approved the Merger on June 16, 2025.
• The proposed merger was anticipated to close in June 2025 as of the May 15, 2025 update.
• Merger-related costs partially offset the G&A expense reduction in Q3 2025.

The company reported zero revenue for the three months ended September 30, 2025, compared to $0.4 million for the same period in 2024, reflecting the wind down of the PUR1900 trial and the strategic shift.

Licensing and collaboration agreements with pharmaceutical partners

Existing licensing agreements serve as a residual channel for potential future revenue, though the focus is now on divestment. The most significant is the arrangement with Cipla for PUR1900.

The terms of the third amendment to the Cipla partnership, which resulted in the wind down of the PUR1900 Phase 2b study, established a clear royalty stream for Pulmatrix, Inc. This agreement means Pulmatrix bears no further financial responsibility for PUR1900 development.

The financial terms of this collaboration channel are:

• Pulmatrix will receive 2% royalties on any potential future net sales by Cipla outside the United States for PUR1900.
• Cipla advised Pulmatrix in 2025 that they completed their Phase 2 study in India and received approval from India's Central Drug Standard Control Organization to proceed with a Phase 3 clinical trial there.

Historically, in the year ended December 31, 2021, Pulmatrix recognized $3.7 million in revenue related to a research and development services and license agreement. That was a different time, though. Finance: draft 13-week cash view by Friday.

Pulmatrix, Inc. (PULM) - Canvas Business Model: Customer Segments

You're looking at the customer segments for Pulmatrix, Inc. (PULM) right before the Cullgen merger finalizes. Given the announced divestiture plan, the traditional customer segments for the inhalation assets are now potential acquirers or licensees of those assets, while the investor segment is defined by the merger mechanics.

Biopharmaceutical companies seeking late-stage inhaled assets (e.g., PUR3100)

The primary asset in this category, PUR3100 (orally inhaled dihydroergotamine for acute migraine), is characterized by its development stage, which is the key metric for this segment. The asset is described as Phase 2-ready. This status is a critical data point for any biopharma company considering an acquisition or in-licensing deal for the asset portfolio being divested.

A concrete example of a past partnership involving an inhaled asset is with Cipla for PUR1900. Under that agreement, Pulmatrix is entitled to 2% royalties on any potential future net sales by Cipla outside the United States, following Cipla's completion of its Phase 2 study in India and approval to proceed with a Phase 3 clinical trial there.

Large pharmaceutical companies interested in dry powder technology platforms

The interest here centers on the proprietary iSPERSE™ technology platform, which Pulmatrix is in the process of potentially divesting. As of June 30, 2025, the patent portfolio related to iSPERSE™ included approximately 146 granted patents, with 18 of those being granted U.S. patents, alongside approximately 54 additional pending patent applications in the U.S. and other jurisdictions. This intellectual property count quantifies the platform's established scope for a potential technology acquirer.

Investors in the public markets following the proposed Cullgen merger

For public market investors, the customer segment is defined by their stake in the transaction that shifts the company's focus from inhaled therapeutics to targeted protein degradation. The ownership structure post-merger is the most relevant financial data point for this segment. Pre-merger Pulmatrix stockholders are expected to own approximately 3.6% of the combined company, while pre-merger Cullgen stockholders are expected to own approximately 96.4%.

Financially, Pulmatrix's cash position as of September 30, 2025, was $4.8 million, which the company anticipated would fund operations into the fourth quarter of 2026. The Q3 2025 net loss was reported at $0.877 million (or $877 Thousand), with Q3 revenue at $0.

Here's a quick look at the ownership structure and recent cash position:

Metric	Value
Pre-Merger Pulmatrix Stockholder Ownership	3.6%
Pre-Merger Cullgen Stockholder Ownership	96.4%
Cash & Cash Equivalents (Sept 30, 2025)	$4.8 million
Projected Cash Runway	Into Q4 2026
Q3 2025 Net Loss	$0.877 million

What this estimate hides is the special cash dividend for Pulmatrix stockholders, which is contingent on the net cash at closing exceeding $2.5 million, subject to adjustments.

The key groups of interest are:

• Potential acquirers for the iSPERSE™ patent portfolio (146 granted patents as of June 30, 2025).
• Biopharma entities interested in the Phase 2-ready PUR3100 asset.
• Existing public market shareholders whose stake is diluted to approximately 3.6% post-merger.
• The partner Cipla, which is proceeding with Phase 3 for PUR1900 outside the U.S., potentially triggering 2% royalties.

Finance: draft 13-week cash view by Friday.

Pulmatrix, Inc. (PULM) - Canvas Business Model: Cost Structure

You're looking at the cost structure for Pulmatrix, Inc. (PULM) as the company executed its strategic pivot in late 2025, heavily influenced by the proposed merger with Cullgen and the divestment of its iSPERSE™ technology assets.

The cost base has been aggressively streamlined, reflecting the wind-down of legacy programs and a focus on transactional costs. For the third quarter ended September 30, 2025, the operational expenses show a dramatic reduction compared to the prior year period.

The primary drivers for the cost structure shift are clear:

• Minimal ongoing clinical trial costs due to wind-down of PUR1900 study.
• Significant reduction in personnel and facility overhead following the PUR1900 wind-down and lease disposal.
• Incurrence of specific, non-recurring costs tied to the proposed Merger.

Here's the quick math on the key operating expenses for the three months ended September 30, 2025, compared to the same period in 2024:

Cost Category	Q3 2025 Expense (Millions USD)	Q3 2024 Expense (Millions USD)
Research and Development (R&D) Expenses	Less than $0.1 million	$0.8 million
General and Administrative (G&A) Expenses	$0.9 million	$2.2 million

Research and Development expenses were significantly reduced, coming in at less than $0.1 million for Q3 2025, a decrease of approximately $0.8 million from the $0.8 million reported in Q3 2024. This steep drop is directly attributable to winding down the PUR1900 Phase 2b clinical trial, disposing of the Company's lab and facilities lease, and related employee terminations. This indicates minimal ongoing clinical trial costs for that specific program, as Pulmatrix bears no further financial responsibility for PUR1900 development outside the U.S..

General and Administrative expenses also saw a substantial decrease, dropping approximately $1.4 million to register at $0.9 million for the three months ended September 30, 2025, down from $2.2 million in Q3 2024. This reduction stemmed mainly from decreased employment and other operating costs associated with the previously mentioned wind-down activities. Still, this decrease was partially offset by incurred costs associated with the proposed Merger.

Costs associated with the proposed merger and divestment process are embedded within the G&A line item, specifically noted as an offset to the overall reduction. These are non-recurring expenses related to executing the strategic alternative of merging with Cullgen and divesting assets like the iSPERSE™ technology.

The company's cash position as of September 30, 2025, was $4.8 million, which management anticipated was sufficient to fund operations into the fourth quarter of 2026 based on these current operational efficiencies and spending prioritization.

Pulmatrix, Inc. (PULM) - Canvas Business Model: Revenue Streams

You're looking at the revenue picture for Pulmatrix, Inc. as of late 2025, which is heavily influenced by strategic shifts and the pending merger with Cullgen. Honestly, the current revenue generation from operations is minimal, which is typical when a company is actively divesting core assets and focusing on a major corporate transaction.

For the three months ended September 30, 2025, Pulmatrix, Inc. reported $0 in revenue. This compares to $0.4 million in revenue for the same three months in 2024, with the decrease tied to the completion of the wind down of the PUR1900 Phase 2b clinical trial during the year ended December 31, 2024. The company bears no further financial responsibility for PUR1900 development, which shifts the revenue focus to future milestones and royalties.

The potential for future non-operational revenue streams is tied to two main areas: asset monetization and existing partnership structures. You need to keep an eye on these as they represent the near-term upside outside of the Cullgen merger.

Here's a quick look at the key financial figures related to operations and funding as of the last reported quarter:

Metric	Amount as of September 30, 2025	Context
Revenue (3 Months Ended)	$0	For the three months ended September 30, 2025
Cash and Cash Equivalents (Balance)	$4.8 million	As of September 30, 2025
Projected Cash Runway	Into the fourth quarter of 2026	Based on current operational efficiencies
Net Loss (3 Months Ended)	USD 0.877 million	For the three months ended September 30, 2025

The path to future revenue includes potential proceeds from the divestiture of iSPERSE™ and clinical assets. Pulmatrix, Inc. is currently in a process to potentially divest its patent portfolio encompassing its iSPERSE™ technology, along with three related clinical programs, including the Phase 2-ready acute migraine program, PUR3100. What this estimate hides is that the actual proceeds from a divestiture aren't guaranteed or quantified yet.

Regarding the existing partnership, the potential future royalties on net sales of PUR1900 by Cipla outside the US remain a key component. Pulmatrix, Inc. will receive 2% royalties on any potential future net sales by Cipla outside the United States for PUR1900. Cipla took sole responsibility for development outside the US following the study wind down.

Financing activities are centered on managing the cash burn until the proposed merger with Cullgen closes. The company's current cash position is being managed to fund operations until that closing, which was anticipated to occur in 2025.

You should track these specific potential revenue drivers:

• 2% royalty stream from Cipla on PUR1900 net sales outside the US.
• Monetization efforts for PUR1900 within the United States, jointly pursued with Cipla.
• Proceeds from the planned divestiture of the iSPERSE™ patent portfolio and clinical assets like PUR3100.

Finance: draft 13-week cash view by Friday.