Pulmatrix Inc (NASDAQ: PULM) is a clinical-stage biopharmaceutical company that designs and develops inhaled therapeutic products based on its proprietary dry powder delivery technology, iSPERSE. The company's revenue model is partnership- and licensing-driven, as it does not sell approved commercial products. iSPERSE powders are engineered as small, dense particles with high dispersibility for delivery of small molecules and biologics to the lungs via dry powder inhalers, targeting both local and systemic applications. Pulmatrix was incorporated in 2013 as a Delaware corporation. As of the 10-K filed February 26, 2026, the company had entered into an Agreement and Plan of Merger and Reorganization, signed November 13, 2024 and amended April 7, 2025, under which Cullgen Inc. would merge into Pulmatrix as a wholly owned subsidiary following a review of strategic alternatives. The filing excerpts do not disclose specific revenue figures, segment breakdowns, customer counts, or named competitors.

Revenue model

Partnership- and licensing-based; the company does not sell approved commercial products and generates revenue through collaboration agreements tied to its iSPERSE dry powder delivery platform.

Products and services

iSPERSE dry powder inhalation technology platform, enabling delivery of small molecules and biologics to the lungs; compatible with multiple dry powder inhaler devices and a broad range of drug substances.

Customers and end markets

Pharmaceutical and biopharmaceutical partners developing inhaled therapies; end markets include pulmonary drug delivery for local and systemic disease indications.

Value-chain role

Drug delivery technology developer and clinical-stage drug developer; licenses or partners its iSPERSE platform to other drug developers rather than manufacturing or commercializing finished drug products.

Source: SEC 10-K, filed 2026-02-26

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