In its May 2026 10-Q, Pulmatrix reported approximately $3.3 million in cash and restricted cash as of March 31, 2026, sufficient to fund operations through the anticipated closing of its strategic merger with Cullgen and Eos SENOLYTIX. The company’s proprietary iSPERSE™ inhalation technology underpins its pipeline targeting acute migraine and severe respiratory diseases, though clinical development is currently paused pending transaction closure. Execution risks include merger completion uncertainty and financing needs, with upcoming regulatory approvals and clinical milestones key for de-risking and growth.