This amendment is purely administrative with zero material impact. Focus instead on the pending Cullgen merger, which remains subject to CSRC and Nasdaq approvals. Monitor for updates on the End Date extension (now October 12, 2025) and any Asset Sale progress. The company's cash burn rate suggests limited runway for standalone operations if the deal fails.
Price Chart
Executive Summary
Pulmatrix filed an immaterial 10-K/A (Amendment No. 1) solely to correct a typographical error in the date of the Report of Independent Registered Public Accounting Firm included in the original 10-K filing. The financial statements and all other disclosures remain unchanged. The filing also includes updated SOX certifications (Exhibits 31.1 and 32.1). This is a purely administrative correction with no financial or operational impact.
Key Facts
- Amendment corrects a typographical error in the date of the audit report; no financial restatement or revisions to financial statements.
- All performance obligations under the Cipla Agreement were satisfied as of December 31, 2025; no revenue recognized in FY 2025 versus $7.8 million in FY 2024.
- Company generated a net loss of $5.2 million in FY 2025, compared to a net loss of $9.6 million in FY 2024.
- Cash and cash equivalents totaled $4.1 million as of December 31, 2025, down from $9.5 million a year earlier.
- The Merger with Cullgen (pre-merger Cullgen stockholders to own ~96.4% of the combined company) is pending CSRC approval; closing conditions include Nasdaq listing approval.
- Equity incentive plan expired June 10, 2025; no new awards can be granted from it.
Financial Impact
Immaterial — administrative correction only. No changes to any financial statement figures.
Risk Factors
- Merger with Cullgen has not yet received CSRC approval, creating binary outcome risk.
- Cash balance of $4.1 million provides limited operating runway if the merger is not consummated.
- Existence of a full valuation allowance against deferred tax assets and $302.3 million accumulated deficit reflects historical losses.
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 10-K/A Filing (Primary) | 0001493152-26-028902 |
| Exhibit: ex32-1.htm | 0001493152-26-028902 |
| Exhibit: ex31-1.htm | 0001493152-26-028902 |
| Document: 0001493152-26-028902-index-headers.html | 0001493152-26-028902 |
| Document: 0001493152-26-028902-index.html | 0001493152-26-028902 |
| Document: 0001493152-26-028902.txt | 0001493152-26-028902 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Sep 4, 2026 27d ago | S-4/A | $1.40 $1.45 | ▼ −3.58% | ▼ −4.70% | $1.57 (−12.54%) |
Aug 13, 2026 7w ago | 8-K | $1.51 $1.50 | ▼ −0.66% | ▲ +1.30% | $1.57 (+3.97%) |
Aug 13, 2026 7w ago | Press Release | $1.51 $1.50 | ▲ +0.66% | ▼ −1.30% | $1.57 (−3.97%) |
Aug 7, 2026 7w ago | S-3/A | $1.57 $1.56 | ▲ +0.64% | ▲ +0.59% | $1.57 (−0.00%) |
Jun 16, 2026 15w ago | 10-K/A | $1.50 $1.53 | ▲ +2.00% | ▲ +3.04% | $1.57 (+4.67%) |
Jun 5, 2026 17w ago | 425 | $1.33 $1.40 | ▲ +5.26% | ▲ +4.69% | $1.57 (+18.05%) |
Jun 4, 2026 17w ago | S-3 | $1.32 $1.38 | ▼ −4.55% | ▼ −7.10% | $1.57 (−18.94%) |
May 15, 2026 20w ago | 8-K | $1.25 $1.34 | ▲ +7.20% | ▲ +6.24% | $1.57 (+25.60%) |
Apr 21, 2026 23w ago | 8-K | $1.38 $1.28 | ▼ −7.25% | ▼ −8.33% | $1.57 (+13.77%) |
US Market Status
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