Pulmatrix Announces Termination of Prior Planned Merger and Continues Pursuit of Alternative Merger Opportunities Cullgen had been seeking approval for a merger with Pulmatrix from the China Securities Regulatory Commiss

Announces Termination of Prior Planned Merger and Continues Pursuit of Alternative Merger Opportunities

had been seeking approval for a merger with Pulmatrix from the China Securities Regulatory Commission and on February 28, 2026, notified

Pulmatrix that Cullgen was terminating the Merger Agreement

Pulmatrix advances existing discussions on alternative merger opportunities -

Mass., March 2, 2026 - Pulmatrix, Inc. ("Pulmatrix" or the "Company") (Nasdaq: PULM), a biopharmaceutical

company that has focused on the development of novel inhaled therapeutic products intended to prevent and treat migraine and respiratory

diseases with important unmet medical needs using its patented iSPERSE technology, today announced that on February 28, 2026,

Cullgen Inc. notified Pulmatrix that Cullgen was terminating

the Merger Agreement (as defined herein) and related transactions thereunder. This termination follows the December 2025 press release

announcing that Pulmatrix and Cullgen had mutually agreed to waive the "No Solicitation" clause in the Merger Agreement in

order to permit each party to explore alternate transactions in the period until closing. At this time, Pulmatrix continues to pursue

alternative merger opportunities.

Ludlum, Interim Chief Executive Officer of Pulmatrix, commented,

"Due to the significant delays at the Chinese Regulatory Authority (CSRC) in 2025, we initiated a process earlier this year

to identify an alternative reverse merger opportunity for the Company, and we are encouraged by both the interest we've had to

date as well as the recent increase in transaction activity within our industry."

Proposed Merger with Cullgen

previously reported, on November 13, 2024, the Company entered into an agreement and plan of merger with Cullgen, as amended by Amendment

No. 1 thereto on April 7, 2025 (the "Merger Agreement" and the transactions contemplated thereunder, collectively, the "Merger").

information about the Merger Agreement and the previously proposed Merger was previously disclosed in a registration statement on Form

S-4 (File No. 333-284993) initially filed with the Securities and Exchange Commission (the "SEC") on February 14, 2025, as

amended on April 17, 2025, and May 7, 2025, and declared effective on May 9, 2025.

June 16, 2025, the Company held a special meeting in lieu of the annual meeting of Pulmatrix stockholders, at which meeting the Company's

stockholders approved the Merger and related proposals. The closing of the Merger was subject to certain closing conditions, including

approval from the China Security Regulatory Commission which had not been obtained at the time of Cullgen's termination.

Clinical Assets and Proprietary iSPERSE Technology

is a biopharmaceutical company that has focused on the development of novel inhaled therapeutic products intended to prevent and treat

migraine and respiratory diseases with important unmet medical needs using its patented iSPERSE technology. The Company's

proprietary product pipeline includes treatments for central nervous system ("CNS") disorders such as acute migraine and

serious lung diseases such as Chronic Obstructive Pulmonary Disease ("COPD") and allergic bronchopulmonary aspergillosis

("ABPA"). Pulmatrix's product candidates are based on its proprietary engineered dry powder delivery platform, iSPERSE ,

which seeks to improve therapeutic delivery to the lungs by optimizing pharmacokinetics and reducing systemic side effects to improve

more on the Company's inhaled product candidates please visit:

https://www.pulmatrix.com/pipeline.html.

statements in this press release that are forward-looking and not statements of historical fact are forward-looking statements within

the meaning of the federal securities laws. Such forward-looking statements include, but are not limited to, statements of historical

fact and may be identified by words such as "anticipates," "assumes," "believes," "can,"

"could," "estimates," "expects," "forecasts," "guides," "intends,"

"is confident that," "may," "plans," "seeks," "projects," "targets,"

and "would," and their opposites and similar expressions are intended to identify forward-looking statements. Such forward-looking

statements are based on the beliefs of management as well as assumptions made by and information currently available to management. Actual

results could differ materially from those contemplated by the forward-looking statements as a result of certain factors, including,

but not limited to, the consummation of any other potential reverse merger transaction in the future, among others; the Company's

ability to divest its clinical assets on terms favorable to the Company, or at all, the Company's ability to maintain compliance

with the listing standards of the Nasdaq Capital Market; the Company's ability to conduct its business and raise capital in the

future when needed; delays in planned clinical trials; the ability to establish that potential products are efficacious or safe in preclinical

or clinical trials; the ability to establish or maintain collaborations on the development of therapeutic candidates; the ability to

obtain appropriate or necessary governmental approvals to market potential products; the ability to obtain future funding for developmental

products and working capital and to obtain such funding on commercially reasonable terms; the Company's ability to manufacture

product candidates on a commercial scale or in collaborations with third parties; changes in the size and nature of competitors; the

ability to retain key executives and scientists; the ability to secure and enforce legal rights related to the Company's products,

including patent protection. A discussion of these and other factors, including risks and uncertainties with respect to the Company,

including the proposed Merger with Cullgen, is set forth in the Company's filings with the Securities and Exchange Commission,

including its most recent Annual Report on Form 10-K, as may be supplemented or amended by the Company's Quarterly Reports on Form

10-Q and Current Reports on Form 8-K. The Company disclaims any intention or obligation to revise any forward-looking statements, whether

as a result of new information, future events or otherwise, except as required by law.