The filing is an Amendment No. 1 to the Annual Report on Form 10-K for the fiscal year ended December 31, 2025, primarily to correct a typographical error in the date of the Report of Independent Registered Public Accounting Firm and to include updated certifications. Pulmatrix's future operations are highly dependent on the successful consummation of its merger with Cullgen Inc., which is still awaiting approval from the China Securities Regulatory Commission (CSRC). Pre-Merger Cullgen stockholders are expected to own approximately 96.4% of the combined company, with pre-Merger Pulmatrix stockholders owning approximately 3.6% on a fully-diluted basis. The company reported a net loss of $(5,162) thousand for the year ended December 31, 2025, an improvement from $(9,559) thousand in 2024. Cash and cash equivalents decreased significantly to $4,088 thousand as of December 31, 2025, from $9,521 thousand in 2024. Research and development expenses were drastically reduced to $38 thousand in 2025 from $7,166 thousand in 2024, following the wind-down of the Cipla agreement and the MannKind transaction. All performance obligations under the Cipla Agreement were satisfied as of December 31, 2025, and no revenue was recognized from this agreement in 2025, compared to $6,900 thousand in 2024. The company completed the MannKind Transaction in July 2024, which involved assigning its former lease, transferring intellectual property, and MannKind hiring a majority of Pulmatrix's R&D staff.