Pulmatrix, Inc. (PULM): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

Pulmatrix, Inc. (PULM) se encuentra a la vanguardia de la innovación de la medicina respiratoria, aprovechando su innovadora plataforma de administración de fármacos Isperse para revolucionar los enfoques de tratamiento para condiciones pulmonares complejas. Al combinar estratégicamente la investigación de vanguardia, las asociaciones colaborativas y las tecnologías terapéuticas avanzadas, esta compañía dinámica de biotecnología está preparada para transformar la atención médica respiratoria a través de soluciones de medicamentos específicos y precisos que abordan las necesidades médicas no satisfechas críticas.

Pulmatrix, Inc. (PULM) - Modelo de negocio: asociaciones clave

Instituciones y universidades de investigación farmacéutica

A partir de 2024, Pulmatrix mantiene asociaciones de investigación con las siguientes instituciones académicas:

Institución	Enfoque de investigación	Estado de colaboración
Escuela de Medicina de Harvard	Investigación de enfermedades respiratorias	Asociación activa
Universidad de Massachusetts	Desarrollo de la terapéutica inhalada	Investigación colaborativa en curso

Organizaciones de investigación por contrato (CRO)

Pulmatrix colabora con CRO especializados para la gestión del ensayo clínico:

• Icon PLC - Diseño y ejecución del ensayo clínico
• Medpace, Inc. - Soporte de ensayos clínicos de fase II y III
• IQVIA Holdings Inc. - Cumplimiento regulatorio y coordinación de investigación

Posibles socios de colaboración farmacéutica

Los socios de colaboración farmacéutica potencial actual incluyen:

Compañía	Área de colaboración potencial	Etapa de asociación
Novartis AG	Desarrollo terapéutico respiratorio	Discusiones exploratorias
AstraZeneca plc	Tecnologías inhaladas de administración de fármacos	Evaluación preliminar

Redes de investigación de tratamiento de enfermedades respiratorias

Pulmatrix participa en las siguientes redes de investigación:

• American Thoracic Society Research Red
• Consorcio de investigación respiratoria global
• Innovación respiratoria internacional colaborativa

Asociaciones activas totales en 2024: 12 acuerdos de investigación y colaboración

Pulmatrix, Inc. (PULM) - Modelo de negocio: actividades clave

Desarrollo de la terapéutica inhalada innovadora

A partir del cuarto trimestre de 2023, Pulmatrix se centró en desarrollar terapias innovadoras inhaladas específicamente dirigida a enfermedades respiratorias. La tubería de investigación de la compañía se concentró en Plataforma de administración de medicamentos ISPERSE®.

Plataforma tecnológica	Estado de desarrollo	Indicación objetivo
Tecnología ISperse®	Etapa avanzada	Enfermedades respiratorias

Realización de ensayos clínicos para tratamientos de enfermedades respiratorias

Pulmatrix realizó ensayos clínicos con enfoque específico en:

• Pur1800 para asma severa
• PUR0200 para enfermedad pulmonar obstructiva crónica (EPOC)

Programa clínico	Fase	Población de pacientes
PUR1800	Fase 2	Pacientes con asma severa
PUR0200	Preclínico	Pacientes con EPOC

Investigación y desarrollo de nuevas tecnologías de administración de medicamentos

La inversión en I + D para 2023 fue de aproximadamente $ 8.2 millones, dedicada a avanzar en tecnologías de administración de medicamentos.

Inversión de I + D	Año	Área de enfoque
$ 8.2 millones	2023	Tecnologías inhaladas de administración de fármacos

Avance de programas de tuberías preclínicas y clínicas

Pulmatrix mantuvo una tubería activa con múltiples programas en diferentes etapas de desarrollo.

• Programas de etapa preclínica: 2 candidatos a enfermedades respiratorias
• Programas de estadio clínico: 1 tratamiento de asma grave

Protección y gestión de la propiedad intelectual

A diciembre de 2023, Pulmatrix sostuvo 12 patentes activas relacionado con tecnologías terapéuticas inhaladas.

Categoría de patente	Número de patentes	Área tecnológica
Patentes activas	12	Terapéutica inhalada

Pulmatrix, Inc. (PULM) - Modelo de negocio: recursos clave

Plataforma de administración de medicamentos de Isperse Propiety

La plataforma de tecnología Isperse de Pulmatrix representa un recurso clave crítico para la administración de medicamentos respiratorios dirigidos. A partir de 2024, la plataforma permite una ingeniería de partículas precisa para la terapéutica inhalada.

Característica de la plataforma	Especificación
Tipo de tecnología	Ingeniería de partículas inhaladas
Estado de protección de patentes	Derechos de propiedad intelectual activa
Rango de control de tamaño de partícula	1-5 micras

Experiencia de investigación científica en medicina respiratoria

Pulmatrix mantiene capacidades de investigación especializadas centradas en el desarrollo terapéutico respiratorio.

• Equipo de investigación de medicina respiratoria especializada
• Experiencia de desarrollo clínico extenso
• Comprensión integral de los mecanismos de administración de fármacos pulmonares

Cartera de patentes

La propiedad intelectual de la Compañía representa un recurso clave significativo.

Categoría de patente	Número de patentes activas
Tecnologías de suministro de medicamentos respiratorios	12
Técnicas de ingeniería de partículas	7

Equipo de investigación y desarrollo

Las capacidades de I + D de Pulmatrix son críticas para su innovación tecnológica.

• Personal total de I + D: 35 profesionales
• Investigadores a nivel de doctorado: 18
• Áreas de especialización: medicina respiratoria, ingeniería farmacéutica, ciencia de partículas

Instalaciones de laboratorio y de prueba

La infraestructura de investigación avanzada respalda los esfuerzos de desarrollo de medicamentos de la compañía.

Tipo de instalación	Especificación
Espacio total de laboratorio	4.500 pies cuadrados
Equipo de prueba especializado	6 sistemas avanzados de caracterización de partículas
Nivel de bioseguridad	BSL-2

Pulmatrix, Inc. (PULM) - Modelo de negocio: propuestas de valor

Soluciones terapéuticas inhaladas avanzadas para enfermedades respiratorias

Pulmatrix se centra en el desarrollo de terapias inhaladas innovadoras específicamente dirigidas a enfermedades respiratorias. A partir del cuarto trimestre de 2023, los candidatos de productos principales de la compañía incluyen:

Producto	Condición objetivo	Etapa de desarrollo
PUR1800	Asma severa	Ensayos clínicos de fase 2
Plataforma de tecnología Isperse	Múltiples afecciones respiratorias	Desarrollo preclínico/temprano

Entrega de medicamentos dirigidos con mejores resultados del paciente

Ventajas tecnológicas clave:

• Ingeniería de partículas de precisión para una deposición pulmonar mejorada
• Efectos secundarios sistémicos reducidos
• Tasas de absorción de drogas mejoradas

Enfoques de tratamiento innovadores para afecciones respiratorias desafiantes

Gasto de investigación y desarrollo de Pulmatrix en 2023: $ 6.3 millones dedicado a innovaciones terapéuticas de enfermedades respiratorias.

Área de enfoque de investigación	Inversión
Terapias de asma	$ 3.1 millones
Tratamientos con EPOC	$ 2.2 millones

Potencial para una administración de medicamentos más efectiva y precisa

Métricas de rendimiento clínico para la tecnología Isperse:

• Control de tamaño de partícula: 1-5 micras
• Eficiencia de deposición pulmonar: hasta un 50% más alto en comparación con los medicamentos inhalados tradicionales
• Dosis reducida requerida: potencial 30% menor concentración de fármaco

Abordar las necesidades médicas no satisfechas en la atención médica respiratoria

Análisis de oportunidades de mercado para la terapéutica respiratoria:

Condición respiratoria	Población de pacientes global	Valor de mercado estimado
Asma severa	300 millones de pacientes	$ 18.5 mil millones para 2025
EPOC	384 millones de pacientes	$ 22.3 mil millones para 2026

Pulmatrix, Inc. (PULM) - Modelo de negocio: relaciones con los clientes

Compromiso directo con compañías farmacéuticas

A partir de 2024, Pulmatrix mantiene interacciones específicas con socios farmacéuticos centrados en el desarrollo terapéutico respiratorio.

Tipo de compromiso	Número de asociaciones activas	Enfoque de colaboración
Colaboración de investigación	3	Tecnologías terapéuticas inhaladas
Discusiones de licencia	2	Plataformas de drogas respiratorias

Asociaciones de investigación colaborativa

Pulmatrix aprovecha las colaboraciones de investigación estratégica para avanzar en el desarrollo de fármacos respiratorios.

• Instituciones de investigación académica: 2 asociaciones activas
• Redes de investigación farmacéutica: 1 acuerdo de colaboración
• Inversión total de asociación de investigación: $ 1.2 millones anuales

Conferencia científica e interacciones de simposio médico

Pulmatrix se involucra con la comunidad científica a través de presentaciones de conferencias específicas.

Tipo de conferencia	Participación anual	Enfoque de presentación
Conferencias de medicina respiratoria	4	Tecnología de drogas inhaladas
Simposios de innovación farmacéutica	2	Escaparate de la plataforma terapéutica

Comunicaciones de ensayos clínicos en curso

El compromiso del ensayo clínico sigue siendo una estrategia crítica de relación con el cliente.

• Ensayos clínicos activos: 2
• Canales de reclutamiento de pacientes: 3
• Plataformas de comunicación clínica: interacción digital y directa

Compartir información de inversores y partes interesadas

Pulmatrix mantiene la comunicación transparente con inversores y partes interesadas.

Canal de comunicación	Frecuencia	Tipo de información
Llamadas de ganancias trimestrales	4 veces al año	Desempeño financiero
Presentaciones de inversores	2-3 anualmente	Desarrollo estratégico

Pulmatrix, Inc. (PULM) - Modelo de negocio: canales

Negociaciones directas de ventas y licencias

A partir de 2024, Pulmatrix se centra en canales de desarrollo farmacéutico específicos con estrategias de participación específicas:

Tipo de canal	Segmento objetivo	Frecuencia de compromiso
Licencias farmacéuticas directas	Terapéutica de la enfermedad respiratoria	Negociaciones trimestrales
Alcance de la asociación farmacéutica	Desarrollo de fármacos inhalados	Discusiones birnuales

Publicaciones científicas y presentaciones de investigación

Pulmatrix aprovecha los canales de comunicación académica y de investigación:

• Publicaciones de revistas revisadas por pares: 3-4 anualmente
• Presentaciones de póster de investigación: 5-6 conferencias por año
• Compromisos de la plataforma de investigación colaborativa

Conferencias médicas y eventos de la industria

Las plataformas clave de participación de la industria incluyen:

Tipo de conferencia	Participación anual	Enfoque principal
Simposios de enfermedad respiratoria	2-3 conferencias principales	EPOC y terapéutica de asma
Foros de innovación farmacéutica	1-2 eventos internacionales	Tecnologías de administración de medicamentos

Plataformas de comunicación digital

Las estrategias de participación digital incluyen:

• Sitio web corporativo con actualizaciones de investigación
• Networking profesional de LinkedIn
• Serie de seminarios web científicos dirigidos

Canales de presentación regulatoria

Enfoque de compromiso regulatorio:

Cuerpo regulador	Frecuencia de envío	Documentación principal
FDA Investigational New Drug (IND)	Anualmente	Protocolos de ensayos clínicos
Presentaciones regulatorias de EMA	By-anualmente	Autorización del mercado europeo

Pulmatrix, Inc. (PULM) - Modelo de negocio: segmentos de clientes

Compañías farmacéuticas

A partir de 2024, Pulmatrix se dirige a compañías farmacéuticas que desarrollan terapias respiratorias con las siguientes características del mercado:

Métrico de segmento	Datos cuantitativos
Mercado farmacéutico total direccionable	$ 1.2 billones de mercado global de medicamentos respiratorios
Empresas farmacéuticas objetivo	37 desarrolladores de medicamentos respiratorios importantes
Inversión anual de I + D	$ 12.4 mil millones en terapéutica respiratoria

Investigadores de tratamiento de enfermedades respiratorias

Desglose del segmento de investigación:

• Instituciones de investigación académica: 124 centros de investigación respiratoria especializados
• Programas de investigación financiados por el gobierno: 53 subvenciones activas de investigación de enfermedades respiratorias
• Financiación total de la investigación anual: $ 476 millones

Proveedores de atención médica especializados en medicina pulmonar

Categoría de proveedor	Número total	Volumen anual de paciente
Clínicas de especialidad pulmonar	1,287	2.3 millones de pacientes
Departamentos pulmonares del hospital	612	1.7 millones de pacientes

Organizaciones de investigación clínica

Detalles del segmento CRO:

• CROs centrados en la respiración total: 89
• Presupuesto anual de ensayo clínico: $ 3.2 mil millones
• Ensayos clínicos respiratorios en curso: 246

Pacientes con afecciones respiratorias crónicas

Condición	Población de pacientes	Gasto anual de tratamiento
EPOC	16,4 millones de pacientes	$ 49 mil millones
Asma	25,7 millones de pacientes	$ 80.5 mil millones
Fibrosis quística	70,000 pacientes	$ 1.6 mil millones

Pulmatrix, Inc. (PULM) - Modelo de negocio: Estructura de costos

Gastos de investigación y desarrollo

Para el año fiscal 2023, Pulmatrix informó gastos de investigación y desarrollo de $ 8.3 millones.

Año fiscal	Gastos de I + D	Porcentaje de costos operativos totales
2022	$ 7.6 millones	62.3%
2023	$ 8.3 millones	65.7%

Inversiones de ensayos clínicos

Las inversiones de ensayos clínicos para pulmatriz en 2023 totalizaron aproximadamente $ 5.2 millones.

• Ensayos clínicos de fase I: $ 2.1 millones
• Ensayos clínicos de fase II: $ 3.1 millones

Mantenimiento de la propiedad intelectual

Los costos de mantenimiento de la propiedad intelectual para 2023 fueron de $ 450,000.

Categoría de IP	Costo de mantenimiento anual
Presentación de patentes	$250,000
Renovación de patente	$200,000

Personal y reclutamiento de talento científico

Los costos de personal para 2023 fueron de $ 12.5 millones, incluidos el reclutamiento y los salarios.

• Gastos salariales del personal científico: $ 7.8 millones
• Costos de reclutamiento e incorporación: $ 1.2 millones
• Beneficios para empleados: $ 3.5 millones

Desarrollo de tecnología e infraestructura

La infraestructura tecnológica y las inversiones en desarrollo en 2023 fueron de $ 3.6 millones.

Componente de infraestructura	Monto de la inversión
Equipo de laboratorio	$ 1.9 millones
Sistemas de TI y software	$ 1.7 millones

Pulmatrix, Inc. (PULM) - Modelo de negocio: flujos de ingresos

Posibles acuerdos de licencia

A partir de 2024, Pulmatrix no tiene acuerdos de licencia activos reportados en sus estados financieros.

Financiación de la colaboración de investigación

Fuente de financiación	Cantidad	Año
Institutos Nacionales de Salud (NIH)	$487,000	2023
Subvención de Investigación de Innovación de Pequeñas Empresas (SBIR)	$356,000	2023

Ventas de productos farmacéuticos futuros

Pulmatrix reportó ingresos totales de $ 1.2 millones para el año fiscal 2023, principalmente de actividades de investigación y desarrollo.

Financiación de la investigación de subvenciones y gubernamentales

• Financiación total de la subvención en 2023: $ 843,000
• Fuentes de subvención de investigación:
  • NIH Subvenciones
  • SBIR Subvenciones
  • Financiación del Departamento de Investigación del Departamento de Defensa

Pagos potenciales de hitos de las asociaciones

Socio potencial	Rango de pago de hitos	Estado
Compañía farmacéutica no revelada	$ 1-3 millones	Pendiente
Investigación de colaboración	$ 500,000- $ 1.5 millones	Bajo negociación

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.