Pulmatrix, Inc. (PULM) announced the termination of its Agreement and Plan of Merger and Reorganization with Cullgen Inc. on February 28, 2026. Cullgen informed Pulmatrix of the termination, citing significant delays at the Chinese Regulatory Authority (CSRC) in 2025 as the reason for not obtaining a key closing condition. Neither Pulmatrix nor Cullgen will be required to pay any termination fee, and each company will bear its respective costs and expenses related to the Merger Agreement. Pulmatrix is actively pursuing alternative merger opportunities and has expressed encouragement regarding the interest received and the recent increase in transaction activity within the industry. Pulmatrix stockholders had previously approved the merger and related proposals at a special meeting on June 16, 2025. The company continues to develop its proprietary iSPERSE technology and clinical assets, including PUR3100 (Phase 2-ready for acute migraine), PUR1800 (Phase 1b completed for AECOPD), and PUR1900 (Phase 3 approved in India with partner Cipla).