What Pulmatrix does

Pulmatrix is a clinical-stage biopharmaceutical company incorporated in Delaware and headquartered in Framingham, Massachusetts. Historically, the company developed inhaled therapeutic products using its proprietary iSPERSE platform, targeting respiratory diseases and acute migraine; clinical assets included PUR1900 (inhaled antifungal, previously partnered with Cipla), PUR3100 (Phase 2-ready acute migraine), and PUR1800 (respiratory). All clinical development is currently on hold as management pursues asset out-licensing and a reverse merger transaction. In March 2026 Pulmatrix announced a definitive agreement to acquire Eos SENOLYTIX in a reverse merger, with a concurrent $19 million private financing; on closing, the combined entity will operate as Eos SENOLYTIX on Nasdaq under ticker 'EOSX' and pivot to mitochondrial-targeted geropeptide therapies for aging-related diseases, with lead clinical candidate PTC-2105 for sarcopenia. Pulmatrix stockholders are expected to own approximately 6% of the post-merger company versus approximately 94% for pre-merger Eos stockholders.

Pulmatrix's revenue model has historically been licensing and collaboration-based rather than product-based: 2024 revenue of $7.8 million derived entirely from the Cipla PUR1900 collaboration, which was wound down during 2025 and drove reported 2025 revenue to $0. Going forward, the company's value-capture mechanism is asset monetization — out-licensing legacy iSPERSE programs — combined with the equity-event value of the reverse merger and accompanying private placements (including a $1 million Series B Convertible Preferred financing with an Eos affiliate in April 2026). There are no disclosed pricing models, commercial products, or active distribution channels; the company currently has 11–50 employees and a market capitalization of approximately $4.38 million as of April 2026, with $3.3 million of cash on the balance sheet as of March 31, 2026 and a Q1 2026 net loss of $1.172 million.

Name

Pulmatrix

Legal name

Pulmatrix, Inc.

Website

https://pulmatrix.com

Company type

Public

Founded year

2003

Operating status

Operating

Headcount range

11–50 employees

Short description

Pulmatrix is a clinical-stage biopharmaceutical company that has developed inhaled therapeutics via its iSPERSE platform and is undergoing a reverse merger with Eos SENOLYTIX to pivot into mitochondrial-targeted geropeptide therapies for aging-related diseases, with the combined entity to trade on Nasdaq.

Ownership category

akta.pro rank

akta.pro primary industry

Pulmonology & Allergy Specialty Pharmaceuticals (HLAIACAF)

Keywords

• Inhaled therapeutics
• Respiratory pharmaceuticals
• Acute migraine treatment
• Antifungal inhalation therapy
• Biopharmaceutical drug development

Headquarters

HQ city

Framingham

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Technology or R&D, Personnel, Operations

Revenue model

1. Asset Monetization/Licensing: Pulmatrix is seeking to out-license or monetize its clinical assets including PUR1900, PUR3100, and PUR1800. Revenue 2025 fell to $0 compared to $7.8M in 2024, driven by wind-down of PUR1900 program collaboration with Cipla.

Go-to-market motion2 records

Distribution channels1 record

Marketing channels2 records

Core offering

Pulmatrix is a clinical-stage biopharmaceutical company that develops inhaled therapies using its proprietary iSPERSE dry powder delivery technology to treat respiratory diseases and acute migraine. The company's pipeline includes PUR1900 (inhaled antifungal for allergic bronchopulmonary aspergillosis), PUR3100 (acute migraine), and PUR1800 (respiratory). Pulmatrix is also pursuing a reverse merger with Eos SENOLYTIX to expand into gerotherapeutic peptides including senolytic peptides (MitoXcel) and PTC-2105.

Product overview

Pulmatrix is a clinical-stage biopharmaceutical company that developed inhaled therapeutic products using its proprietary iSPERSE™ technology platform. The company has clinical assets including PUR3100 (Phase 2-ready acute migraine program), PUR1900 (inhaled antifungal, wound-down from Cipla collaboration), and PUR1800 (respiratory disease treatment). In March 2026, Pulmatrix announced a reverse merger with Eos SENOLYTIX to form a combined entity focused on gerotherapeutic peptides targeting aging-related diseases, with the merged company expected to trade on Nasdaq under ticker 'EOSX'.

Differentiator

Problem solved

Functional benefit

Quantifiable outcome

• Preclinical data shows unique muscle mass gains with PTC-2105
• +1 more outcomes

Segments2 records

Ideal customer profiles1 record

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Two partnerships are on record, tiered minor.

• Cullgen Inc.minorStrategic or Co-development Partner · 1 November 2025Previously announced merger agreement with Cullgen was terminated on February 28, 2026 due to delays in obtaining regulatory approval from China's Securities Regulatory Commission. The merger had received stockholder approval in June 2025 but was contingent on CSRC approval that was never obtained. Cullgen subsequently chose to be acquired by Gyre Therapeutics in a $300 million all-stock deal.
• CiplaminorStrategic or Co-development PartnerPUR1900 program collaboration with Cipla was wound down, resulting in revenue falling to zero for 2025 compared to $7.8 million for 2024.

Scale indicators7 records

Recent moves6 records

Expansion highlights4 records

Direct peers

• Savara Inc. Savara is a clinical-stage specialty pharma developing inhaled antibiotics (e.g., molgramostim, amikacin) for serious respiratory infections — directly comparable to Pulmatrix as a small, inhaled-delivery respiratory therapeutics developer.
• Verona Pharma: Verona developed the inhaled COPD therapy ensifentrine (Ohtuvayre), making it a direct peer as a pulmonology specialty pharma building an inhaled commercial respiratory franchise.
• Theravance Biopharma: Theravance commercializes inhaled respiratory products (Yupelri/revefenacin, partnered Trelegy) and is a direct peer in pulmonology specialty pharmaceuticals using innovative inhaled mechanisms.
• Inhalon Biopharma: Inhalon develops an inhaled iSPERSE-based ion-channel-targeted antimicrobial platform for respiratory infections, making it a direct peer with a closely related inhaled particle technology targeting respiratory disease.
• Insmed Incorporated: Insmed markets Arikayce, an inhaled liposomal amikacin for refractory NTM lung infection, and has a broader inhaled respiratory pipeline — a directly comparable inhaled pulmonary specialty pharma.
• United Therapeutics: United Therapeutics develops and commercializes inhaled and infused therapies for pulmonary hypertension and pulmonary disease (Tyvaso, Remodulin) — a direct peer in pulmonology specialty pharma with both inhaled delivery and orphan-pulmonary indications.

Broad incumbents

• Vectura Group: Vectura (now owned by Philip Morris) is a long-standing inhaled drug delivery specialist that licenses its dry-powder and nebulizer platforms to pharma companies — a broad incumbent in the same inhaled delivery category Pulmatrix's iSPERSE competes within.
• AstraZeneca: AstraZeneca is a broad incumbent with a major respiratory franchise (Symbicort, Breztri, Fasenra, Saphnelo) and large R&D footprint, representing the scaled end of the pulmonology specialty pharma category Pulmatrix plays in.
• Teva Pharmaceutical Industries: Teva has a substantial respiratory specialty and generics portfolio (ProAir, Qvar, AirDuo) and is a broad incumbent pulmonology pharma against which Pulmatrix's inhaled respiratory programs are ultimately benchmarked.

Emerging players

• BioAge Labs: BioAge is a clinical-stage gerotherapeutics company developing drugs that target the biology of aging, including indications in obesity and muscle wasting — directly comparable to the Eos SENOLYTIX geropeptide platform that Pulmatrix is merging into.

Market position

Strengths4 records

Weaknesses5 records

Competitive moat1 record

Key risks6 records

Key highlights5 records

Customer concentration

• Xx.com/pulmatrix_inc

Revenue estimate

Valuation estimate

Number of profiles

Profiles5 records

Funding overview

Funding rounds11 records

Investors7 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Pulmatrix