Framingham biopharmaceutical firm Pulmatrix is betting heavily on its planned merger with Houston-based Eos SENOLYTIX, as the company has paused clinical research and development and is looking to license its technology.
Pulmatrix has $3.3 million in cash on hand as of March 31, according to its first-quarter financial filing on Friday with the U.S. Securities and Exchange Commission, a decline from the $7.7 million Pulmatrix had on hand in the first quarter of 2025.
A going-concern notice in the SEC filing said the company’s future is highly dependent on the planned merger and that Pulmatrix may need to pursue strategic alternatives or liquidation if the deal falls through.
Peter Ludlum, interim CEO and CFO of Pulmatrix, said in a Friday announcement the company has secured $1 million in private stock placement from an affiliate of Eos, helping sustain Pulmatrix until the merger.
Pulmatrix did not respond to a request for comment.
As it looks to merge with Eos, a company working on a treatment to combat age-related decline, Pulmatrix is looking to license out or otherwise monetize three assets in its portfolio of inhaled therapies, the company announced May 15.
This includes PUR3100, an inhaled treatment for acute migraines, and PUR1900, an antifungal inhalation treatment targeting lung infections.
While the merger is pending, Pulmatrix has paused all of its clinical development. R&D expenses were less than $100,000 in the first quarter, the same as they were in the first quarter of 2025, and down from $3.5 million in the first quarter of 2024.
The merger with Eos is anticipated to close in the third quarter. A previous planned merger with San Diego-based drug developer Cullgen, announced in November 2024, was called off in March after Cullgen found a different merger partner.
Pulmatrix had a net loss of $1.17 million in the first quarter, compared to a net loss of $1.8 million in the first quarter of 2025.
Eric Casey is the managing editor at Worcester Business Journal, who primarily covers the real estate and banking & finance industries.
