Pulmatrix, Inc. (PULM): Modelo de negócios Canvas [Jan-2025 Atualizado]

A Pulmatrix, Inc. (Pulm) fica na vanguarda da inovação da medicina respiratória, alavancando sua inovadora plataforma de entrega de medicamentos ISPERSE para revolucionar abordagens de tratamento para condições pulmonares complexas. Ao combinar estrategicamente pesquisas de ponta, parcerias colaborativas e tecnologias terapêuticas avançadas, esta empresa dinâmica de biotecnologia está pronta para transformar os cuidados de saúde respiratórios por meio de soluções de medicamentos precisos e direcionados que atendem às necessidades médicas críticas não atendidas.

Pulmatrix, Inc. (PULM) - Modelo de negócios: Parcerias -chave

Instituições de pesquisa farmacêutica e universidades

A partir de 2024, a Pulmatrix mantém parcerias de pesquisa com as seguintes instituições acadêmicas:

Instituição	Foco na pesquisa	Status de colaboração
Escola de Medicina de Harvard	Pesquisa de doenças respiratórias	Parceria ativa
Universidade de Massachusetts	Desenvolvimento da terapêutica inalada	Pesquisa colaborativa em andamento

Organizações de pesquisa contratada (CROs)

A Pulmatrix colabora com CROs especializados para gerenciamento de ensaios clínicos:

• ICON PLC - Projeto e execução de ensaios clínicos
• Medpace, Inc. - Suporte de ensaios clínicos de Fase II e III
• Iqvia Holdings Inc. - Coordenação regulatória de conformidade e pesquisa

Potenciais parceiros de colaboração farmacêutica

Os atuais parceiros potenciais de colaboração farmacêutica incluem:

Empresa	Área de colaboração potencial	Estágio de parceria
Novartis AG	Desenvolvimento terapêutico respiratório	Discussões exploratórias
AstraZeneca plc	Tecnologias de administração de medicamentos inalados	Avaliação preliminar

Redes de pesquisa de tratamento de doenças respiratórias

A Pulmatrix participa das seguintes redes de pesquisa:

• Rede de Pesquisa da Sociedade Torácica Americana
• Consórcio de Pesquisa Respiratória Global
• Colaborativa de inovação respiratória internacional

Total de parcerias ativas em 2024: 12 acordos de pesquisa e colaboração

Pulmatrix, Inc. (Pulm) - Modelo de Negócios: Atividades -chave

Desenvolvendo terapêutica inalada inovadora

A partir do quarto trimestre 2023, a Pulmatrix se concentrou no desenvolvimento de terapêuticas inaladas inovadoras, direcionando especificamente doenças respiratórias. O pipeline de pesquisa da empresa concentrou -se em Plataforma de entrega de medicamentos ISPERSE®.

Plataforma de tecnologia	Status de desenvolvimento	Indicação alvo
Tecnologia ISPERSE®	Estágio avançado	Doenças respiratórias

Realização de ensaios clínicos para tratamentos de doenças respiratórias

A Pulmatrix conduziu ensaios clínicos com foco específico em:

• Pur1800 para asma grave
• PUR0200 para doença pulmonar obstrutiva crônica (DPOC)

Programa Clínico	Fase	População de pacientes
PUR1800	Fase 2	Pacientes com asma graves
PUR0200	Pré -clínico	Pacientes com DPOC

Pesquisa e desenvolvimento de novas tecnologias de administração de medicamentos

O investimento em P&D para 2023 foi de aproximadamente US $ 8,2 milhões, dedicado ao avanço das tecnologias de administração de medicamentos.

Investimento em P&D	Ano	Área de foco
US $ 8,2 milhões	2023	Tecnologias de administração de medicamentos inalados

Avançar programas de pipeline pré -clínico e clínico

A Pulmatrix manteve um pipeline ativo com vários programas em diferentes estágios de desenvolvimento.

• Programas de estágio pré -clínico: 2 candidatos a doenças respiratórias
• Programas de estágio clínico: 1 tratamento grave de asma

Proteção e Gerenciamento de Propriedade Intelectual

Em dezembro de 2023, Pulmatrix mantinha 12 patentes ativas relacionado às tecnologias terapêuticas inaladas.

Categoria de patentes	Número de patentes	Área de tecnologia
Patentes ativas	12	Terapêutica inalada

Pulmatrix, Inc. (PULM) - Modelo de negócios: Recursos -chave

Plataforma proprietária de entrega de medicamentos ISPERSE

A plataforma de tecnologia ISPERSE da Pulmatrix representa um recurso -chave crítico para a administração de medicamentos respiratórios direcionados. A partir de 2024, a plataforma permite engenharia precisa de partículas para terapêutica inalada.

Característica da plataforma	Especificação
Tipo de tecnologia	Engenharia de partículas inalada
Status de proteção de patentes	Direitos de propriedade intelectual ativos
Faixa de controle de tamanho de partícula	1-5 mícrons

Experiência em pesquisa científica em medicina respiratória

A Pulmatrix mantém recursos de pesquisa especializados focados no desenvolvimento terapêutico respiratório.

• Equipe especializada de pesquisa de medicina respiratória
• Extensa experiência de desenvolvimento clínico
• Compreensão abrangente dos mecanismos de entrega de medicamentos pulmonares

Portfólio de patentes

A propriedade intelectual da empresa representa um recurso importante significativo.

Categoria de patentes	Número de patentes ativas
Tecnologias respiratórias de entrega de medicamentos	12
Técnicas de engenharia de partículas	7

Equipe de pesquisa e desenvolvimento

Os recursos de P&D da Pulmatrix são críticos para sua inovação tecnológica.

• Pessoal total de P&D: 35 profissionais
• Pesquisadores no nível de doutorado: 18
• Áreas de especialização: medicina respiratória, engenharia farmacêutica, ciência de partículas

Instalações de laboratório e testes

A infraestrutura avançada de pesquisa apoia os esforços de desenvolvimento de medicamentos da empresa.

Tipo de instalação	Especificação
Espaço total de laboratório	4.500 pés quadrados
Equipamento de teste especializado	6 sistemas avançados de caracterização de partículas
Nível de biossegurança	Bsl-2

Pulmatrix, Inc. (Pulm) - Modelo de Negócios: Proposições de Valor

Soluções terapêuticas avançadas inaladas para doenças respiratórias

A pulmatriz se concentra no desenvolvimento de terapias inaladas inovadoras, direcionando especificamente doenças respiratórias. A partir do quarto trimestre 2023, os principais candidatos a produtos da empresa incluem:

Produto	Condição alvo	Estágio de desenvolvimento
PUR1800	Asma grave	Ensaios clínicos de fase 2
Plataforma de tecnologia ISPERSE	Múltiplas condições respiratórias	Desenvolvimento pré -clínico/precoce

Entrega de medicamentos direcionados com resultados aprimorados do paciente

Principais vantagens tecnológicas:

• Engenharia de partículas de precisão para deposição pulmonar aprimorada
• Efeitos colaterais sistêmicos reduzidos
• Taxas de absorção de drogas aprimoradas

Abordagens de tratamento inovador para desafiar condições respiratórias

Despesas de pesquisa e desenvolvimento da Pulmatrix em 2023: US $ 6,3 milhões dedicados a inovações terapêuticas de doenças respiratórias.

Área de foco de pesquisa	Investimento
Terapias de asma	US $ 3,1 milhões
Tratamentos da DPOC	US $ 2,2 milhões

Potencial para administração de medicamentos mais eficaz e precisa

Métricas de desempenho clínico para tecnologia ISPERSE:

• Controle de tamanho de partícula: 1-5 mícrons
• Eficiência de deposição pulmonar: Até 50% maior em comparação aos medicamentos inalados tradicionais
• Dosagem necessária reduzida: potencial 30% menor concentração de drogas

Atendendo às necessidades médicas não atendidas na assistência médica respiratória

Análise de Oportunidades de Mercado para Terapêutica Respiratória:

Condição respiratória	População global de pacientes	Valor de mercado estimado
Asma grave	300 milhões de pacientes	US $ 18,5 bilhões até 2025
DPOC	384 milhões de pacientes	US $ 22,3 bilhões até 2026

Pulmatrix, Inc. (Pulm) - Modelo de Negócios: Relacionamentos do Cliente

Engajamento direto com empresas farmacêuticas

A partir de 2024, a Pulmatrix mantém interações direcionadas com parceiros farmacêuticos focados no desenvolvimento terapêutico respiratório.

Tipo de engajamento	Número de parcerias ativas	Foco de colaboração
Colaboração de pesquisa	3	Tecnologias terapêuticas inaladas
Discussões de licenciamento	2	Plataformas de medicamentos respiratórios

Parcerias de pesquisa colaborativa

A Pulmatrix aproveita as colaborações estratégicas de pesquisa para promover o desenvolvimento respiratório de medicamentos.

• Instituições de pesquisa acadêmica: 2 parcerias ativas
• Redes de pesquisa farmacêutica: 1 acordo colaborativo
• Investimento em parceria de pesquisa total: US $ 1,2 milhão anualmente

Interações da Conferência Científica e do Simpósio Médico

A Pulmatrix se envolve com a comunidade científica por meio de apresentações de conferências direcionadas.

Tipo de conferência	Participação anual	Foco de apresentação
Conferências de Medicina Respiratória	4	Tecnologia de drogas inalada
Simpósios de inovação farmacêutica	2	Vitrine terapêutica da plataforma

Comunicações em andamento em andamento

O envolvimento do ensaio clínico continua sendo uma estratégia crítica de relacionamento com o cliente.

• Ensaios clínicos ativos: 2
• Canais de recrutamento de pacientes: 3
• Plataformas de comunicação clínica: interação digital e direta

Compartilhamento de informações de investidores e partes interessadas

A Pulmatrix mantém uma comunicação transparente com investidores e partes interessadas.

Canal de comunicação	Freqüência	Tipo de informação
Chamadas de ganhos trimestrais	4 vezes por ano	Desempenho financeiro
Apresentações de investidores	2-3 anualmente	Desenvolvimento estratégico

Pulmatrix, Inc. (Pulm) - Modelo de Negócios: Canais

Negociações diretas de vendas e licenciamento

A partir de 2024, a Pulmatrix se concentra nos canais de desenvolvimento farmacêutico direcionado com estratégias específicas de engajamento:

Tipo de canal	Segmento de destino	Frequência de engajamento
Licenciamento farmacêutico direto	Terapêutica da doença respiratória	Negociações trimestrais
Extensão da Parceria Farmacêutica	Desenvolvimento de medicamentos inalado	Discussões bi-anuais

Publicações científicas e apresentações de pesquisa

A Pulmatrix aproveita os canais de comunicação acadêmica e de pesquisa:

• Publicações de revistas revisadas por pares: 3-4 anualmente
• Apresentações de pôsteres de pesquisa: 5-6 conferências por ano
• Engajamentos de plataforma de pesquisa colaborativa

Conferências médicas e eventos do setor

As principais plataformas de engajamento do setor incluem:

Tipo de conferência	Participação anual	Foco primário
Simpósios de doenças respiratórias	2-3 grandes conferências	DPOC e terapêutica de asma
Fóruns de inovação farmacêutica	1-2 eventos internacionais	Tecnologias de administração de medicamentos

Plataformas de comunicação digital

As estratégias de engajamento digital incluem:

• Site corporativo com atualizações de pesquisa
• Rede profissional do LinkedIn
• Série de on -line científica direcionada

Canais de submissão regulatórios

Abordagem de engajamento regulatório:

Órgão regulatório	Frequência de envio	Documentação primária
FDA New Drug (IND) da FDA (IND)	Anualmente	Protocolos de ensaios clínicos
Submissões regulatórias da EMA	Bi-semestralmente	Autorização do mercado europeu

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

Empresas farmacêuticas

A partir de 2024, a Pulmatrix tem como alvo as empresas farmacêuticas que desenvolvem terapias respiratórias com as seguintes características de mercado:

Métrica de segmento	Dados quantitativos
Mercado farmacêutico endereçável total	US $ 1,2 trilhão do mercado global de medicamentos respiratórios
Companhias farmacêuticas -alvo	37 principais desenvolvedores de drogas respiratórias
Investimento anual de P&D	US $ 12,4 bilhões em terapêutica respiratória

Pesquisadores de tratamento de doenças respiratórias

Repartição do segmento de pesquisa:

• Instituições de Pesquisa Acadêmica: 124 Centros de Pesquisa Respiratória Especializada
• Programas de pesquisa financiados pelo governo: 53 subsídios ativos de pesquisa de doenças respiratórias
• Financiamento anual total da pesquisa: US $ 476 milhões

Provedores de saúde especializados em medicina pulmonar

Categoria de provedor	Número total	Volume anual do paciente
Clínicas Especiais Pulmonares	1,287	2,3 milhões de pacientes
Departamentos Pulmonares do Hospital	612	1,7 milhão de pacientes

Organizações de pesquisa clínica

Detalhes do segmento CRO:

• CROs focados respiratórios totais: 89
• Orçamento anual do ensaio clínico: US $ 3,2 bilhões
• Ensaios clínicos respiratórios em andamento: 246

Pacientes com condições respiratórias crônicas

Doença	População de pacientes	Gasto anual de tratamento
DPOC	16,4 milhões de pacientes	US $ 49 bilhões
Asma	25,7 milhões de pacientes	US $ 80,5 bilhões
Fibrose cística	70.000 pacientes	US $ 1,6 bilhão

Pulmatrix, Inc. (Pulm) - Modelo de Negócios: Estrutura de Custo

Despesas de pesquisa e desenvolvimento

Para o ano fiscal de 2023, a Pulmatrix relatou despesas de pesquisa e desenvolvimento de US $ 8,3 milhões.

Ano fiscal	Despesas de P&D	Porcentagem de custos operacionais totais
2022	US $ 7,6 milhões	62.3%
2023	US $ 8,3 milhões	65.7%

Investimentos de ensaios clínicos

Os investimentos em ensaios clínicos para a Pulmatrix em 2023 totalizaram aproximadamente US $ 5,2 milhões.

• Ensaios clínicos de fase I: US $ 2,1 milhões
• Ensaios Clínicos de Fase II: US $ 3,1 milhões

Manutenção da propriedade intelectual

Os custos de manutenção da propriedade intelectual para 2023 foram de US $ 450.000.

Categoria IP	Custo de manutenção anual
Registro de patentes	$250,000
Renovação de patentes	$200,000

Pessoal e recrutamento de talentos científicos

Os custos de pessoal para 2023 foram de US $ 12,5 milhões, incluindo recrutamento e salários.

• Despesas de salário da equipe científica: US $ 7,8 milhões
• Custos de recrutamento e integração: US $ 1,2 milhão
• Benefícios dos funcionários: US $ 3,5 milhões

Desenvolvimento de tecnologia e infraestrutura

Infraestrutura de tecnologia e investimentos em desenvolvimento em 2023 foram de US $ 3,6 milhões.

Componente de infraestrutura	Valor do investimento
Equipamento de laboratório	US $ 1,9 milhão
Sistemas de TI e software	US $ 1,7 milhão

Pulmatrix, Inc. (PULM) - Modelo de negócios: fluxos de receita

Acordos de licenciamento em potencial

A partir de 2024, a Pulmatrix não possui acordos de licenciamento ativos relatados em suas demonstrações financeiras.

Financiamento de colaboração de pesquisa

Fonte de financiamento	Quantia	Ano
Institutos Nacionais de Saúde (NIH)	$487,000	2023
Grant de pesquisa em pequenas empresas (SBIR)	$356,000	2023

Vendas futuras de produtos farmacêuticos

A Pulmatrix registrou receita total de US $ 1,2 milhão para o ano fiscal de 2023, principalmente de atividades de pesquisa e desenvolvimento.

Concessão e financiamento de pesquisa governamental

• Financiamento total de concessão em 2023: $ 843.000
• Fontes de concessão de pesquisa:
  • NIH Grants
  • SBIR Subsídios
  • Financiamento do Departamento de Pesquisa de Defesa

Potenciais pagamentos marcantes de parcerias

Parceiro em potencial	Faixa de pagamento de marco	Status
Empresa farmacêutica não divulgada	US $ 1-3 milhões	Pendente
Parceiro de colaboração de pesquisa	US $ 500.000 a US $ 1,5 milhão	Em negociação

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.