Pulmatrix Inc. has released its financial results for the first quarter of 2025, reporting a significant reduction in revenues. The company reported $0 in revenues for the three months ended March 31, 2025, compared to $5.9 million in the same period in 2024. This decrease is attributed to the completion of the wind-down of the PUR1900 Phase 2b clinical trial over the previous year. The company's research and development expenses saw a sharp decline, falling from $3.5 million in the first quarter of 2024 to less than $0.1 million in the same period of 2025. This reduction was primarily due to the winding down of the PUR1900 trial, the disposal of laboratory facilities, and employee terminations. In contrast, general and administrative expenses increased slightly by approximately $0.2 million, reaching $1.8 million in the first quarter of 2025, up from $1.6 million in the previous year. Pulmatrix also announced plans to divest its clinical assets, including its Phase 2-ready acute migraine candidate PUR3100 and other development candidates based on its iSPERSE™ technology. This move is part of a proposed merger with Cullgen, a clinical-stage biopharmaceutical company, which is anticipated to close in June. The merger aims to create a Nasdaq-listed company focusing on targeted protein degradation technology.