Pulmatrix Inc. provided an update on its proposed merger with Cullgen, a privately held, clinical-stage biopharmaceutical company focused on targeted protein degrader therapies for pain, cancer, and other diseases. The merger, if completed, would result in a Nasdaq-listed company featuring three degrader programs in Phase 1 clinical trials-two for cancer and one for acute and chronic pain, for which Cullgen recently completed enrollment. Pulmatrix is also in the process of potentially divesting its patent portfolio, including its proprietary iSPERSE™ inhalation technology and related clinical programs, such as its Phase 2 ready acute migraine program. The merger was approved by Pulmatrix stockholders at a special meeting on June 16, 2025, and remains subject to customary closing conditions. If finalized, Cullgen's business will continue as the business of the combined company.