Pulmatrix is a biopharmaceutical company developing inhaled therapeutic products for migraine and respiratory diseases using its proprietary iSPERSE™ dry powder delivery technology, which enables flexible loading of small and large molecule drugs directly into the lungs with improved pharmacokinetics and reduced systemic side effects. The company's clinical pipeline includes candidates for acute migraine, acute exacerbations of COPD, and pulmonary fungal infections, addressing large patient populations across multiple therapeutic areas. Rather than commercializing products independently, Pulmatrix monetizes its technology and assets through partnerships and licensing arrangements, including royalties from international sales of a fungal infection treatment partner, while the company operates as a virtual enterprise relying on contract manufacturers and outside organizations for development and operations.