Pulmatrix Inc., a biopharmaceutical company focusing on inhaled therapeutic products, reported second-quarter financial results for 2025. The company announced a significant decrease in revenues, which fell to $0 for the three months ended June 30, 2025, from $1.6 million for the same period in 2024. This decrease was primarily attributed to the completion of the wind-down of the PUR1900 Phase 2b clinical trial by the end of 2024. Research and development expenses also saw a substantial reduction, dropping to less than $0.1 million for the second quarter of 2025, compared to $2.8 million in the corresponding quarter of 2024. This decrease was primarily due to the conclusion of the PUR1900 Phase 2b clinical trial and the disposal of the company's lab and facilities lease, along with employee terminations. General and administrative expenses decreased by approximately $0.5 million to $1.5 million for the second quarter of 2025, down from $2.0 million in the same quarter of 2024. In a significant corporate development, Pulmatrix is advancing steps to complete a proposed merger with Cullgen, a clinical-stage biopharmaceutical company. The merger aims to form a Nasdaq-listed entity focusing on targeted protein degradation technology with three degrader programs in Phase 1 clinical trials. Pulmatrix also plans to divest its inhalation assets, including its proprietary iSPERSE™ technology, as part of this merger.