Pulmatrix Announces Second Quarter 2026 Financial Results and Progress on Merger

Pulmatrix, Inc. ("Pulmatrix" or the "Company") (Nasdaq: PULM ), a biopharmaceutical company that has focused on the development of novel inhaled therapeutic products intended to prevent and treat migraine and respiratory diseases with important unmet medical needs using its patented iSPERSE™ technology, today announced its second quarter financial results for 2026 and provided a corporate update related to the merger agreement with Eos SENOLYTIX announced at the end of the first quarter of 2026.

Peter Ludlum, Interim Chief Executive Officer of Pulmatrix, commented, "Our focus in the second quarter and beyond has been to advance steps towards completing the proposed merger with Eos SENOLYTIX, a privately held biotechnology company developing novel gerotherapeutic peptides targeting mitochondrial dysfunction in aging-related diseases using the MitoXcel™ platform. To that end, we have filed a Form S-4 in relation to the Merger."

Proposed Merger with Eos SENOLYTIX As previously reported, on March 26, 2026, the Company entered into an agreement (the "Merger Agreement") and plan of merger (the "Merger") with Eos SENOLYTIX, Inc. ("Eos"). The proposed Merger is currently anticipated to close in the third quarter of 2026, subject to customary closing conditions. If the proposed Merger is completed, the business of Eos will continue as the business of the combined company. In connection with the entry into the Merger Agreement, on March 26, 2026, the Company announced that it entered into a securities purchase agreement with an affiliate of Eos for the issuance and sale in a private placement of its newly designated Series B Convertible Preferred Stock, raising aggregate gross proceeds of $1.0 million. Additional information about the Merger Agreement was previously disclosed in a registration statement on Form S-4 (File No. 333-297342) initially filed with the Securities and Exchange Commission (the "SEC") on July 9, 2026, as amended on August 3, 2026.

Pulmatrix Seeks to Out-license or Monetize its Clinical Assets iSPERSE™ Technology iSPERSE™, also licensed to MannKind Corporation and Cipla Technologies for certain fields of use, utilizes particles that are engineered with a small, dense and dispersible profile to exceed the performance of traditional dry powder particles as the iSPERSE™ particles have the dispersibility advantages of porous engineered particles. Pulmatrix believes this results in superior drug delivery compared to traditional oral and injectable forms of treatment for certain diseases. As of June 30, 2026, Pulmatrix's patent portfolio related to iSPERSE™ included approximately 142 granted patents, 17 of which are U.S.-granted patents, plus approximately 49 pending patent applications in the U.S. and other jurisdictions. In July 2026, Pulmatrix was awarded a patent in India with claims encompassing PUR1900 resulting from a patent hearing in India.

PUR1900 PUR1900, has been approved to proceed to a Phase 3 in India conducted by our partner Cipla. This is the Company's inhaled iSPERSE™ formulation of the antifungal drug itraconazole being investigated for various indications. The Company and its partner, Cipla, wound down a Phase 2b trial that the Company was operating in 2024. Cipla has continued clinical development outside the United States, and in 2025 completed their Phase 2 study in India, published positive results and has been approved by India's Central Drug Standard Control Organization to proceed with a Phase 3 clinical trial, which Cipla currently expects to commence in 2026. Pulmatrix will receive 2% royalties on any potential future net sales by Cipla outside the United States should Cipla successfully market PUR1900 outside the United States. Within the United States, the Company and Cipla share the rights 50/50 and will seek to monetize PUR1900 for indications where an orally inhal...