Pulmatrix, Inc. (Pulm): Business Model Canvas [Jan-2025 Mise à jour]

Pulmatrix, Inc. (Pulm) est à l'avant-garde de l'innovation de la médecine respiratoire, tirant parti de sa plate-forme de délivrance de médicament ISPERSE révolutionnaire pour révolutionner les approches de traitement des conditions pulmonaires complexes. En combinant stratégiquement la recherche de pointe, les partenariats collaboratifs et les technologies thérapeutiques avancées, cette entreprise dynamique de biotechnologie est prête à transformer les soins de santé respiratoires grâce à des solutions de médicaments ciblées et précises qui répondent aux besoins médicaux critiques non satisfaits.

Pulmatrix, Inc. (Pulm) - Modèle d'entreprise: partenariats clés

Institutions et universités de recherche pharmaceutique

En 2024, Pulmatrix entretient des partenariats de recherche avec les établissements universitaires suivants:

Institution	Focus de recherche	Statut de collaboration
École de médecine de Harvard	Recherche de maladies respiratoires	Partenariat actif
Université du Massachusetts	Développement thérapeutique inhalé	Recherche collaborative en cours

Organisations de recherche contractuelle (CROS)

Pulmatrix collabore avec des CRO spécialisés pour la gestion des essais cliniques:

• ICON PLC - Conception et exécution des essais cliniques
• MEDPACE, Inc. - Soutenir les essais cliniques de phase II et III
• IQVIA Holdings Inc. - Conformité réglementaire et coordination de la recherche

Partenaires potentiels de collaboration pharmaceutique

Les partenaires potentiels actuels de collaboration pharmaceutique comprennent:

Entreprise	Zone de collaboration potentielle	Étape de partenariat
Novartis AG	Développement thérapeutique respiratoire	Discussions exploratoires
AstraZeneca plc	Technologies d'administration de médicaments inhalés	Évaluation préliminaire

Réseaux de recherche sur le traitement des maladies respiratoires

Pulmatrix participe aux réseaux de recherche suivants:

• Réseau de recherche de la société thoracique américaine
• Consortium de recherche respiratoire mondiale
• Collaboration internationale de l'innovation respiratoire

Partenariats actifs totaux en 2024: 12 accords de recherche et de collaboration

Pulmatrix, Inc. (Pulm) - Modèle d'entreprise: activités clés

Développer des thérapies inhalées innovantes

Depuis le Q4 2023, Pulmatrix s'est concentré sur le développement de thérapies inhalées innovantes ciblant spécifiquement les maladies respiratoires. Le pipeline de recherche de l'entreprise s'est concentré sur Plateforme d'administration de médicaments ISPERSE®.

Plate-forme technologique	Statut de développement	Indication cible
Technologie ISPERSE®	Étape avancée	Maladies respiratoires

Effectuer des essais cliniques pour les traitements des maladies respiratoires

Pulmatrix a mené des essais cliniques avec un accent spécifique sur:

• Pur1800 pour l'asthme sévère
• Pur0200 pour la maladie pulmonaire obstructive chronique (MPOC)

Programme clinique	Phase	Population de patients
Pur1800	Phase 2	Patiens d'asthme graves
Pur0200	Préclinique	Patients atteints de MPOC

Recherche et développement de nouvelles technologies d'administration de médicaments

L'investissement dans la R&D pour 2023 était d'environ 8,2 millions de dollars, dédié à la progression des technologies d'administration de médicaments.

Investissement en R&D	Année	Domaine de mise au point
8,2 millions de dollars	2023	Technologies d'administration de médicaments inhalés

Programmes de pipelines précliniques et cliniques

Pulmatrix a maintenu un pipeline actif avec plusieurs programmes à différentes étapes de développement.

• Programmes de scène préclinique: 2 candidats aux maladies respiratoires
• Programmes de scène clinique: 1 traitement sévère de l'asthme

Protection et gestion de la propriété intellectuelle

En décembre 2023, Pulmatrix a tenu 12 brevets actifs liés aux technologies thérapeutiques inhalées.

Catégorie de brevet	Nombre de brevets	Zone technologique
Brevets actifs	12	Thérapeutique inhalée

Pulmatrix, Inc. (Pulm) - Modèle d'entreprise: Ressources clés

Plate-forme de livraison de médicaments propriétaires

La plate-forme technologique ISperse de Pulmatrix représente une ressource clé critique pour la livraison ciblée de médicaments respiratoires. En 2024, la plate-forme permet une ingénierie précise des particules pour les thérapies inhalées.

Caractéristique de la plate-forme	Spécification
Type de technologie	Ingénierie de particules inhalée
Statut de protection des brevets	Droits de propriété intellectuelle active
Plage de contrôle de la taille des particules	1 à 5 microns

Expertise en recherche scientifique en médecine respiratoire

Pulmatrix maintient des capacités de recherche spécialisées axées sur le développement thérapeutique respiratoire.

• Équipe de recherche spécialisée en médecine respiratoire
• Expérience de développement clinique approfondie
• Compréhension complète des mécanismes d'administration de médicaments pulmonaires

Portefeuille de brevets

La propriété intellectuelle de l'entreprise représente une ressource clé importante.

Catégorie de brevet	Nombre de brevets actifs
Technologies d'administration de médicaments respiratoires	12
Techniques d'ingénierie des particules	7

Équipe de recherche et de développement

Les capacités de R&D de Pulmatrix sont essentielles à son innovation technologique.

• Personnel total de R&D: 35 professionnels
• Chercheurs au niveau du doctorat: 18
• Domaines d'expertise: médecine respiratoire, génie pharmaceutique, science des particules

Installations de laboratoire et de test

L'infrastructure de recherche avancée soutient les efforts de développement de médicaments de l'entreprise.

Type d'installation	Spécification
Espace de laboratoire total	4 500 pieds carrés
Équipement de test spécialisé	6 systèmes de caractérisation des particules avancées
Niveau de biosécurité	Bsl-2

Pulmatrix, Inc. (Pulm) - Modèle d'entreprise: propositions de valeur

Solutions thérapeutiques inhalées avancées pour les maladies respiratoires

Pulmatrix se concentre sur le développement de thérapies inhalées innovantes ciblant spécifiquement les maladies respiratoires. Au quatrième trimestre 2023, les candidats principaux de la société comprennent:

Produit	Condition cible	Étape de développement
Pur1800	Asthme sévère	Essais cliniques de phase 2
Plateforme technologique ISPERSE	Multiples conditions respiratoires	Développement préclinique / précoce

Administration ciblée de médicaments avec des résultats pour les patients améliorés

Avantages technologiques clés:

• Ingénierie de particules de précision pour un dépôt pulmonaire amélioré
• Effets secondaires systémiques réduits
• Amélioration des taux d'absorption des médicaments

Approches de traitement innovantes pour les affections respiratoires difficiles

Les dépenses de recherche et développement de Pulmatrix en 2023: 6,3 millions de dollars dédiés aux innovations thérapeutiques des maladies respiratoires.

Domaine de mise au point de recherche	Investissement
Thérapies asthmatiques	3,1 millions de dollars
Traitements de la MPOC	2,2 millions de dollars

Potentiel d'administration de médicaments plus efficace et plus précis

Métriques de performance clinique pour la technologie ISPERSE:

• Contrôle de la taille des particules: 1 à 5 microns
• Efficacité du dépôt pulmonaire: jusqu'à 50% plus élevé que les médicaments traditionnels inhalés
• Dosage requis réduit: concentration de médicament potentielle à 30% inférieure

Répondre aux besoins médicaux non satisfaits dans les soins de santé respiratoire

Analyse des opportunités de marché pour les thérapies respiratoires:

Condition respiratoire	Population mondiale de patients	Valeur marchande estimée
Asthme sévère	300 millions de patients	18,5 milliards de dollars d'ici 2025
MPOC	384 millions de patients	22,3 milliards de dollars d'ici 2026

Pulmatrix, Inc. (Pulm) - Modèle d'entreprise: relations avec les clients

Engagement direct avec les sociétés pharmaceutiques

En 2024, Pulmatrix maintient des interactions ciblées avec des partenaires pharmaceutiques axés sur le développement thérapeutique respiratoire.

Type d'engagement	Nombre de partenariats actifs	Focus de la collaboration
Collaboration de recherche	3	Technologies thérapeutiques inhalées
Discussions sur l'octroi de licences	2	Plateformes de médicaments respiratoires

Partenariats de recherche collaborative

Pulmatrix exploite les collaborations de recherche stratégique pour faire progresser le développement de médicaments respiratoires.

• Institutions de recherche universitaire: 2 partenariats actifs
• Réseaux de recherche pharmaceutique: 1 accord de collaboration
• Investissement total de partenariat de recherche: 1,2 million de dollars par an

Interactions de conférence scientifique et de symposium médical

Pulmatrix s'engage avec la communauté scientifique par le biais de présentations ciblées de la conférence.

Type de conférence	Participation annuelle	Focus de présentation
Conférences de médecine respiratoire	4	Technologie des médicaments inhalés
Symposiums de l'innovation pharmaceutique	2	Vitrine thérapeutique

Communications des essais cliniques en cours

L'engagement des essais cliniques reste une stratégie de relation client essentielle.

• Essais cliniques actifs: 2
• Canaux de recrutement des patients: 3
• Plateformes de communication clinique: interaction numérique et directe

Partage d'informations sur les investisseurs et les parties prenantes

Pulmatrix maintient une communication transparente avec les investisseurs et les parties prenantes.

Canal de communication	Fréquence	Type d'information
Appels de résultats trimestriels	4 fois par an	Performance financière
Présentations des investisseurs	2-3 par an	Développement stratégique

Pulmatrix, Inc. (Pulm) - Modèle d'entreprise: canaux

Négociations directes sur les ventes et les licences

En 2024, Pulmatrix se concentre sur les canaux de développement pharmaceutique ciblés avec des stratégies d'engagement spécifiques:

Type de canal	Segment cible	Fréquence d'engagement
Licence pharmaceutique directe	Thérapeutique des maladies respiratoires	Négociations trimestrielles
Partenariat pharmaceutique de sensibilisation	Développement de médicaments inhalés	Discussions bi-annuelles

Publications scientifiques et présentations de recherche

Pulmatrix exploite les canaux de communication académiques et de recherche:

• Publications de journal évaluées par des pairs: 3-4 par an
• Présentations d'affiches de recherche: 5-6 conférences par an
• Engagements de plate-forme de recherche collaborative

Conférences médicales et événements de l'industrie

Les plates-formes de fiançailles clés de l'industrie comprennent:

Type de conférence	Participation annuelle	Focus principal
Symposiums de maladies respiratoires	2-3 conférences majeures	MPOC et thérapeutique de l'asthme
Forums d'innovation pharmaceutique	1-2 événements internationaux	Technologies d'administration de médicaments

Plateformes de communication numérique

Les stratégies d'engagement numérique comprennent:

• Site Web d'entreprise avec mises à jour de recherche
• Réseautage professionnel LinkedIn
• Série de webinaires scientifiques ciblés

Canaux de soumission réglementaires

Approche d'engagement réglementaire:

Corps réglementaire	Fréquence de soumission	Documentation principale
FDA Investigational New Drug (IND)	Annuellement	Protocoles d'essais cliniques
Soumissions réglementaires EMA	Bi-annuellement	Autorisation du marché européen

Pulmatrix, Inc. (Pulm) - Modèle d'entreprise: segments de clientèle

Sociétés pharmaceutiques

En 2024, Pulmatrix cible les sociétés pharmaceutiques développant des thérapies respiratoires avec les caractéristiques du marché suivantes:

Métrique du segment	Données quantitatives
Marché pharmaceutique total adressable	1,2 billion de dollars sur le marché mondial des médicaments respiratoires
Cibler les sociétés pharmaceutiques	37 grands développeurs de médicaments respiratoires
Investissement annuel de R&D	12,4 milliards de dollars en thérapeutique respiratoire

Chercheurs en traitement des maladies respiratoires

Répartition des segments de recherche:

• Institutions de recherche universitaire: 124 centres de recherche respiratoire spécialisés
• Programmes de recherche financés par le gouvernement: 53 subventions de recherche sur les maladies respiratoires actives
• Financement total de la recherche annuelle: 476 millions de dollars

Fournisseurs de soins de santé spécialisés en médecine pulmonaire

Catégorie de prestataires	Nombre total	Volume annuel des patients
Cliniques spécialisées pulmonaires	1,287	2,3 millions de patients
Services pulmonaires hospitaliers	612	1,7 million de patients

Organisations de recherche clinique

Détails du segment CRO:

• CROS total axé sur les respiratoires: 89
• Budget annuel des essais cliniques: 3,2 milliards de dollars
• Essais cliniques respiratoires en cours: 246

Patients souffrant de maladies respiratoires chroniques

Condition	Population de patients	Dépenses de traitement annuelles
MPOC	16,4 millions de patients	49 milliards de dollars
Asthme	25,7 millions de patients	80,5 milliards de dollars
Fibrose kystique	70 000 patients	1,6 milliard de dollars

Pulmatrix, Inc. (Pulm) - Modèle d'entreprise: Structure des coûts

Frais de recherche et de développement

Pour l'exercice 2023, Pulmatrix a déclaré des frais de recherche et de développement de 8,3 millions de dollars.

Exercice fiscal	Dépenses de R&D	Pourcentage du total des coûts opérationnels
2022	7,6 millions de dollars	62.3%
2023	8,3 millions de dollars	65.7%

Investissements d'essais cliniques

Les investissements en essais cliniques pour Pulmatrix en 2023 ont totalisé environ 5,2 millions de dollars.

• Essais cliniques de phase I: 2,1 millions de dollars
• Essais cliniques de phase II: 3,1 millions de dollars

Maintenance de la propriété intellectuelle

Les coûts de maintenance de la propriété intellectuelle pour 2023 étaient de 450 000 $.

Catégorie IP	Coût de maintenance annuel
Dépôt de brevet	$250,000
Renouvellement des brevets	$200,000

Recrutement du personnel et des talents scientifiques

Les coûts du personnel pour 2023 étaient de 12,5 millions de dollars, y compris le recrutement et les salaires.

• Dépenses de salaire du personnel scientifique: 7,8 millions de dollars
• Coûts de recrutement et d'intégration: 1,2 million de dollars
• Avantages sociaux: 3,5 millions de dollars

Développement et infrastructure technologiques

Les investissements sur les infrastructures technologiques et le développement en 2023 étaient de 3,6 millions de dollars.

Composant d'infrastructure	Montant d'investissement
Équipement de laboratoire	1,9 million de dollars
Systèmes informatiques et logiciels	1,7 million de dollars

Pulmatrix, Inc. (Pulm) - Modèle d'entreprise: Strots de revenus

Accords de licence potentiels

En 2024, Pulmatrix n'a aucun accord de licence actif signalé dans leurs états financiers.

Financement de collaboration de recherche

Source de financement	Montant	Année
National Institutes of Health (NIH)	$487,000	2023
Grant de recherche sur l'innovation des petites entreprises (SBIR)	$356,000	2023

Ventes de produits pharmaceutiques futures

Pulmatrix a déclaré un chiffre d'affaires total de 1,2 million de dollars pour l'exercice 2023, principalement des activités de recherche et développement.

Financement de la recherche sur les subventions et le gouvernement

• Financement total des subventions en 2023: 843 000 $
• Sources de subventions de recherche:
  • Subventions NIH
  • Subventions SBIR
  • Financement de la recherche du ministère de la Défense

Payments de jalons potentiels à partir de partenariats

Partenaire potentiel	Plage de paiement d'étape	Statut
Société pharmaceutique non divulguée	1 à 3 millions de dollars	En attente
Partenaire de collaboration de recherche	500 000 $ - 1,5 million de dollars	En négociation

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.