After two noteworthy losses in UFC, it definitely sounds like CM Punk's time with the company has reached its end. However, he's still being tested by USADA as he's among those being drug tested due to the UFC's relationship with them for their drug testing policy.
This could be because Punk still has some contractual ties with them, but it's more than likely related to him doing commentary for the CCFL promotion (which airs its evens on UFC Fight Pass).
Punk lost his first fight to Mickey Gall after a first round submission, while his second loss came to Mike Jackson by decision. UFC President Dana White has dismissed the idea of the former WWE Superstar fighting under the UFC banner again, and Punk currently serves as an analyst for WWE Backstage on Fox Sports 1.
We'll let you guys know if anything changes with his UFC status, but don't get your hopes up!