Pulmatrix Agrees Q3 Merger with Eos, Secures $1 Million Preferred, 6% Stake
Pulmatrix entered a merger agreement with Eos SENOLYTIX on March 26, securing $1 million from a Series B preferred stock private placement and granting common shareholders approximately 6% interest in the combined company, expected to close in Q3 2026. Q1 R&D expenses remained under $0.1 million while G&A spending declined 28% to $1.3 million.
1. Merger Agreement Details
On March 26, 2026, Pulmatrix entered into a merger agreement and plan of merger with Eos SENOLYTIX, under which Eos’s gerotherapeutic peptide platform will form the core business of the combined company. The transaction includes a $1 million private placement of Series B convertible preferred stock from an affiliate of Eos and grants existing Pulmatrix common shareholders approximately 6% ownership in the post-closing entity, with the merger anticipated to complete in the third quarter of 2026, subject to customary regulatory and shareholder approvals.
2. First Quarter Financial Results
In Q1 2026, Pulmatrix reported research and development expenses of less than $0.1 million, consistent with Q1 2025, as clinical programs remain on hold pending licensing or monetization. General and administrative expenses decreased by $0.5 million (28%) to $1.3 million compared to the prior-year period, driven primarily by lower legal and registration costs related to S-4 filings.
3. iSPERSE™ Technology and Clinical Pipeline
Pulmatrix’s patented iSPERSE™ inhalation platform includes approximately 146 granted patents (18 U.S.) and 48 pending applications worldwide, and is licensed to MannKind and Cipla for select indications. Key assets include PUR1900 (itraconazole) advancing to Phase 3 in India with 2% royalty on ex-U.S. sales, PUR3100 (inhaled dihydroergotamine) cleared for a U.S. Phase 2 study after positive Phase 1 results, and PUR1800 (NSKI) with supportive Phase 1b safety data for COPD exacerbations.