PULM

Pulmatrix is no longer an operating business — it is a $6.3M reverse-merger shell. The 10-K states it is 'a virtual company' that does not own or lease space, has ~43 stockholders of record, and is 'currently seeking opportunities to monetize iSPERSE and our existing clinical assets.' The clearest number in the file is R&D expense: $38K in FY2025, down 99.5% year-over-year — the pipeline has effectively stopped. Cash fell 57% to $4.09M, total assets fell 58% to $4.14M, and operating cash flow was -$5.43M. At $1.72 the stock trades at a premium to both its $4.09M cash and $3.81M book equity once you net it against the burn, so there is no margin of safety in the balance sheet.

Everything hinges on the pending merger with Cullgen, a Chinese company. Management is explicit: 'Our future operations are highly dependent on the success of the Merger and there can be no assurances that the Merger will be successful.' The deal has been dragging — signed Nov 2024, amended April 2025, End Date extended to Oct 2025, a mutual waiver in Dec 2025 — and critically, 'As of the date of this filing, we have not yet received approval from the CSRC to complete the Merger.' Closing depends on a Chinese securities regulator's filing regime entirely outside the company's control. If it closes, PULM holders become minority holders of a de-SPAC'd Cullgen at terms not quantified in this data; if it breaks, holders are left with a shrinking cash pile and no operating business.