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    Pulmatrix (PULM)

    Market Price (11/4/2026): $1.36 | Market Cap: $5.0 MilSector: Health Care | Industry: Biotechnology

    Pulmatrix (PULM)

    Market Price (11/4/2026): $1.36
    Market Cap: $5.0 Mil
    Sector: Health Care
    Industry: Biotechnology

    Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

    0

    Cash is significant % of market cap
    Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -42%

    Megatrend and thematic drivers
    Megatrends include Precision Medicine. Themes include Biopharmaceutical R&D, and Targeted Therapies.

    Weak multi-year price returns
    2Y Excs Rtn is -63%, 3Y Excs Rtn is -107%

    Very low revenue
    Rev LTMTotal Revenue or Sales, Last Twelve Months is 0

    Not profitable at operating income level
    Op Inc LTMOperating Income, Last Twelve Months is -4.1 Mil

    Weak revenue growth
    Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is null, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -44%

    Yield minus risk free rate is negative
    ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -83%

    Key risks
    PULM key risks include [1] a critical dependence on its pending merger with Cullgen to avoid potential liquidation amid severe financial distress, Show more.

    0 Cash is significant % of market cap
    Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -42%
    1 Megatrend and thematic drivers
    Megatrends include Precision Medicine. Themes include Biopharmaceutical R&D, and Targeted Therapies.
    2 Weak multi-year price returns
    2Y Excs Rtn is -63%, 3Y Excs Rtn is -107%
    3 Very low revenue
    Rev LTMTotal Revenue or Sales, Last Twelve Months is 0
    4 Not profitable at operating income level
    Op Inc LTMOperating Income, Last Twelve Months is -4.1 Mil
    5 Weak revenue growth
    Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is null, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -44%
    6 Yield minus risk free rate is negative
    ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -83%
    7 Key risks
    PULM key risks include [1] a critical dependence on its pending merger with Cullgen to avoid potential liquidation amid severe financial distress, Show more.

    Valuation & Metrics

    FYE: 12/31PULM [1]S&P 500 [2]
    REVENUE GROWTH
    LTM Revenue [3]$0.0 Mil—
    FY 2026 Sales$16.5 Mil—
    FY 2027 Sales$27.5 Mil—
    FY 2026 Sales Growth——
    FY 2027 Sales Growth67.3%9.0%
    EARNINGS
    LTM Net Income (GAAP) [3]$-4.0 Mil—
    FY 2026 Net Income (Non-GAAP)$-8.2 Mil—
    FY 2027 Net Income (Non-GAAP)$2.1 Mil—
    FY 2027 Net Income Growth—14.0%
    FY 2026 EPS (Non-GAAP)$-2.24—
    FY 2027 EPS (Non-GAAP)$0.58—
    FY 2027 EPS Growth——
    VALUATION
    FY 2026 P/S0.33.1
    FY 2027 P/S0.2—
    FY 2026 P/E—17.9
    FY 2027 P/E2.3—

    [1] PULM forward figures are analyst consensus for the next two fiscal years (fiscal year end 12/31). Net Income and EPS are non-GAAP (adjusted) consensus. P/S and P/E divide the current market cap by the consensus figure.
    [2] S&P 500 figures are the SPY ETF's holdings-weighted forward aggregate. P/S and P/E reflect FY1/FY2 consensus blended to the 12-month window ending 11/30/27 (~one year forward), shown when ≥90% of index weight has estimates. Growth is the aggregate next-fiscal-year vs current-fiscal-year (FY1→FY2) change. Index-level dollar Sales, Net Income and EPS are not applicable.
    [3] LTM = reported trailing-twelve-month actuals (GAAP).
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    AI Analysis | Feedback

    MetricValueDateSource
    Granted iSPERSE™ PatentsApproximately 1463312025Link
    Pending iSPERSE™ Patent ApplicationsApproximately 483312025Link
    PUR3100 Clinical Trial StatusPhase 2-ready8062025Link
    PUR1800 Clinical Trial StatusPhase 1b study complete8062025Link
    PUR1900 (Cipla) Clinical Trial Status in IndiaApproved to proceed with a Phase 3 clinical trial10162025Link

    Price Chart

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    No Events

    Why The Stock Moved

    Qualitative Assessment

    AI Analysis | Feedback

    Updated on 11/1/2026

    Pulmatrix (PULM) stock has lost about 20% since 7/31/2026 because of the following key factors:

    1. Uncertainty and Potential Dilution from Eos SENOLYTIX Merger and Reverse Stock Split. Pulmatrix stockholders approved a merger with Eos SENOLYTIX, Inc. on October 26, 2026. This approval also included a reverse stock split in a range of one new share for every 2 to 10 existing shares and an increase in authorized common shares, which introduces significant uncertainty and potential dilution for current shareholders.

    2. Cessation of Clinical Development and Lack of Revenue Generation. Pulmatrix has put all clinical development on hold and reported zero revenue for several consecutive quarters, shifting its corporate focus entirely to the merger and monetizing existing clinical assets. This indicates a stalled core business and absence of near-term product-driven growth.

    Show more
    Updated on 11/1/2026

    Pulmatrix (PULM) stock has lost about 20% since 7/31/2026 because of the following key factors:

    1. Uncertainty and Potential Dilution from Eos SENOLYTIX Merger and Reverse Stock Split. Pulmatrix stockholders approved a merger with Eos SENOLYTIX, Inc. on October 26, 2026. This approval also included a reverse stock split in a range of one new share for every 2 to 10 existing shares and an increase in authorized common shares, which introduces significant uncertainty and potential dilution for current shareholders.

    2. Cessation of Clinical Development and Lack of Revenue Generation. Pulmatrix has put all clinical development on hold and reported zero revenue for several consecutive quarters, shifting its corporate focus entirely to the merger and monetizing existing clinical assets. This indicates a stalled core business and absence of near-term product-driven growth.

    3. Weak Financial Position and Negative Earnings Outlook. As of fiscal Q2 2026, which ended June 30, 2026, Pulmatrix held a limited cash and cash equivalents balance of $2.2 million. Furthermore, analysts anticipate a substantial negative earnings per share of -$2.00 for fiscal Q3 2026, a considerable deterioration from -$0.24 per share in the prior year's fiscal Q3.

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    Stock Movement Drivers

    Fundamental Drivers

    The -19.5% change in PULM stock from 7/31/2026 to 11/2/2026 was primarily driven by a 0.0% change in the company's Shares Outstanding (Mil).
    (LTM values as of)731202611022026Change
    Stock Price ($)1.741.40-19.5%
    Change Contribution By: 
    Total Revenues ($ Mil)000.0%
    P/S Multiple∞∞0.0%
    Shares Outstanding (Mil)440.0%
    Cumulative Contribution0.0%

    LTM = Last Twelve Months as of date shown

    Market Drivers

    7/31/2026 to 11/2/2026
    ReturnCorrelation
    PULM-19.5% 
    Market (SPY)0.7%9.8%
    Sector (XLV)13.6%-13.0%

    Fundamental Drivers

    The 11.1% change in PULM stock from 4/30/2026 to 11/2/2026 was primarily driven by a 0.0% change in the company's Total Revenues ($ Mil).
    (LTM values as of)430202611022026Change
    Stock Price ($)1.261.4011.1%
    Change Contribution By: 
    Total Revenues ($ Mil)000.0%
    P/S Multiple∞∞0.0%
    Shares Outstanding (Mil)440.0%
    Cumulative Contribution0.0%

    LTM = Last Twelve Months as of date shown

    Market Drivers

    4/30/2026 to 11/2/2026
    ReturnCorrelation
    PULM11.1% 
    Market (SPY)4.9%4.6%
    Sector (XLV)27.0%-5.0%

    Fundamental Drivers

    The -71.6% change in PULM stock from 10/31/2025 to 11/2/2026 was primarily driven by a null change in the company's Total Revenues ($ Mil).
    (LTM values as of)1031202511022026Change
    Stock Price ($)4.931.40-71.6%
    Change Contribution By: 
    Total Revenues ($ Mil)00 
    P/S Multiple6,001.9∞9.2233720368547763E17%
    Shares Outstanding (Mil)440.0%
    Cumulative Contribution0.0%

    LTM = Last Twelve Months as of date shown

    Market Drivers

    10/31/2025 to 11/2/2026
    ReturnCorrelation
    PULM-71.6% 
    Market (SPY)11.2%0.3%
    Sector (XLV)29.6%-0.7%

    Fundamental Drivers

    The -25.9% change in PULM stock from 10/31/2023 to 11/2/2026 was primarily driven by a null change in the company's Total Revenues ($ Mil).
    (LTM values as of)1031202311022026Change
    Stock Price ($)1.891.40-25.9%
    Change Contribution By: 
    Total Revenues ($ Mil)70 
    P/S Multiple1.0∞9.2233720368547763E17%
    Shares Outstanding (Mil)440.0%
    Cumulative Contribution0.0%

    LTM = Last Twelve Months as of date shown

    Market Drivers

    10/31/2023 to 11/2/2026
    ReturnCorrelation
    PULM-25.9% 
    Market (SPY)86.0%5.5%
    Sector (XLV)55.2%0.0%

    Return vs. Risk

    Price Returns Compared

     202120222023202420252026Total [1]
    Returns
    PULM Return-63%-56%-52%275%-68%-37%-94%
    Peers Return-4%-14%79%15%90%8%247%
    S&P 500 Return27%-19%24%23%16%10%101%

    Monthly Win Rates [3]
    PULM Win Rate33%42%25%67%33%55% 
    Peers Win Rate47%47%55%43%63%47% 
    S&P 500 Win Rate75%42%67%75%67%36% 

    Max Drawdowns [4]
    PULM Max Drawdown-85%-65%-60%-29%-78%-64% 
    Peers Max Drawdown-35%-43%-34%-33%-35%-33% 
    S&P 500 Max Drawdown-5%-25%-10%-8%-19%-9% 

    [1] Cumulative total returns since the beginning of 2021
    [2] Peers: INSM, ARWR, AMPH, AMRX, VRTX.
    [3] Win Rate = % of calendar months in which monthly returns were positive
    [4] Max drawdown represents maximum peak-to-trough decline within a year
    [5] 2026 data is for the year up to 11/2/2026 (YTD)

    How Low Can It Go

    EventPULMS&P 500
    Summer-Fall 2023 Five Percent Yield Shock
      % Loss-33.6%-9.5%
      % Gain to Breakeven50.6%10.5%
      Time to Breakeven369 days24 days
    2023 SVB Regional Banking Crisis
      % Loss-30.6%-6.7%
      % Gain to Breakeven44.1%7.1%
      Time to Breakeven548 days31 days
    2022 Inflation Shock & Fed Tightening
      % Loss-64.8%-24.5%
      % Gain to Breakeven184.4%32.4%
      Time to Breakeven848 days427 days
    2020 COVID-19 Crash
      % Loss-41.2%-33.7%
      % Gain to Breakeven70.0%50.9%
      Time to Breakeven26 days140 days
    2016-2017 Trump Reflation Bond Selloff
      % Loss-64.9%-3.7%
      % Gain to Breakeven184.9%3.9%
      Time to Breakeven15 days6 days

    Compare to INSM, ARWR, AMPH, AMRX, VRTX

    In The Past

    Pulmatrix's stock fell -5.8% during the 2024 Yen Carry Trade Unwind. Such a loss loss requires a 6.2% gain to breakeven.

    Preserve Wealth

    Limiting losses and compounding gains is essential to preserving wealth.

    Asset Allocation

    Actively managed asset allocation strategies protect wealth. Learn more.

    EventPULMS&P 500
    Summer-Fall 2023 Five Percent Yield Shock
      % Loss-33.6%-9.5%
      % Gain to Breakeven50.6%10.5%
      Time to Breakeven369 days24 days
    2023 SVB Regional Banking Crisis
      % Loss-30.6%-6.7%
      % Gain to Breakeven44.1%7.1%
      Time to Breakeven548 days31 days
    2022 Inflation Shock & Fed Tightening
      % Loss-64.8%-24.5%
      % Gain to Breakeven184.4%32.4%
      Time to Breakeven848 days427 days
    2020 COVID-19 Crash
      % Loss-41.2%-33.7%
      % Gain to Breakeven70.0%50.9%
      Time to Breakeven26 days140 days
    2016-2017 Trump Reflation Bond Selloff
      % Loss-64.9%-3.7%
      % Gain to Breakeven184.9%3.9%
      Time to Breakeven15 days6 days

    Compare to INSM, ARWR, AMPH, AMRX, VRTX

    In The Past

    Pulmatrix's stock fell -5.8% during the 2024 Yen Carry Trade Unwind. Such a loss loss requires a 6.2% gain to breakeven.

    Preserve Wealth

    Limiting losses and compounding gains is essential to preserving wealth.

    Asset Allocation

    Actively managed asset allocation strategies protect wealth. Learn more.

    About Pulmatrix (PULM)

    Pulmatrix, Inc. (PULM) is a clinical-stage biotechnology company dedicated to discovering and developing inhaled therapies. Its primary focus is on addressing respiratory and other diseases where current treatment options are inadequate. The company's core technological advantage lies in its proprietary iSPERSE (inhaled small particles easily respirable and emitted) platform, which facilitates the efficient delivery of various drug molecules directly to the lungs via inhalation for both localized lung effects and systemic applications.

    The company's pipeline features several key drug candidates. Pulmazole is an inhaled anti-fungal drug in development to treat allergic bronchopulmonary aspergillosis in patients with asthma and cystic fibrosis. Another significant candidate, PUR1800, is a narrow spectrum kinase inhibitor currently in Phase 1b clinical trials, targeting patients with stable moderate-severe chronic obstructive pulmonary disease (COPD). Pulmatrix is also developing PUR3100, an iSPERSE formulation of dihydroergotamine, designed for the treatment of acute migraine.

    Pulmatrix primarily serves patient populations with significant unmet medical needs in respiratory health, including those suffering from allergic bronchopulmonary aspergillosis, chronic obstructive pulmonary disease, and cystic fibrosis. Through its innovative iSPERSE technology, the company aims to provide more effective and convenient treatment options for these conditions. Additionally, with PUR3100, Pulmatrix is expanding its target market to include individuals experiencing acute migraine, offering a novel inhaled approach to pain management.

    AI Analysis | Feedback

    Like Vertex Pharmaceuticals, but focused on inhaled drug delivery for respiratory and other conditions.

    A biotech company akin to Moderna, but specializing in an inhaled drug delivery platform instead of mRNA.

    AI Analysis | Feedback

    • Pulmazole: An inhaled anti-fungal drug for the treatment of allergic bronchopulmonary aspergillosis in patients with asthma and cystic fibrosis.
    • PUR1800: A narrow spectrum kinase inhibitor in Phase 1b clinical trials for patients with stable moderate-severe chronic obstructive pulmonary disease.
    • PUR3100: An iSPERSE formulation of dihydroergotamine for the treatment of acute migraine.

    AI Analysis | Feedback

    As a clinical stage biotechnology company, Pulmatrix (PULM) primarily focuses on discovering and developing inhaled therapies. It does not sell directly to individuals or commercialize its drugs on its own at this stage. Instead, its revenue-generating relationships come from partnerships and licensing agreements with other companies.

    Based on the provided description, the major customer company identified is:

    • Cipla Technologies LLC (a subsidiary of Cipla Limited, NSE: CIPLA, BSE: 500087)

    Pulmatrix has a development and commercialization agreement with Cipla Technologies LLC for Pulmazole, an inhaled anti-fungal drug. This agreement signifies a partnership where Pulmatrix would receive payments (such as milestones and royalties) from Cipla as the product develops and is eventually commercialized, making Cipla a significant revenue-contributing partner.

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    • RespiVert Ltd.
    • Cipla Technologies LLC (parent company: Cipla Limited, symbol: CIPLA)
    • Sensory Cloud, Inc.

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    Peter Ludlum, Interim Chief Executive Officer and Interim Chief Financial Officer

    Mr. Ludlum is an experienced financial executive with over 23 years of work with early-stage and high-growth companies in the life science sector. He currently serves as a Senior Director at Danforth Advisors, LLC, a financial consultancy specializing in life sciences companies. Mr. Ludlum has served as Pulmatrix's Interim CFO since April 2022 and previously as Strategic Advisor – Finance from December 2021 to April 2022. His prior experience includes roles such as Co-President, Chief Business Officer, Chief Financial Officer, Financial Compliance Officer, and Group Controller at various pharmaceutical, medical device, diagnostic products, and reference laboratory companies.

    Margaret Wasilewski, Chief Medical Officer

    Dr. Wasilewski joined Pulmatrix in March 2022 and brings over 25 years of experience in pharmaceutical drug development across diverse therapeutic areas. She led the clinical development program for Clostridioides difficile infection as Vice President Research and Development-Medical at Summit Therapeutics. Her career also includes leadership roles at Eli Lilly and Company, Targanta Therapeutics, and Shire. Additionally, Dr. Wasilewski served as President of ID Remedies, LLC, providing scientific, medical, regulatory consultation, and business development services to biopharmaceutical companies.

    Ted Raad, Former Chief Executive Officer and President

    Mr. Raad served as Pulmatrix's Chief Executive Officer from May 2019 until July 2024. He initially joined the company in 2017 as Chief Business Officer, where he led business development efforts, including the partnership with Cipla Technologies for Pulmazole. With over 20 years of experience, Mr. Raad's background includes executive leadership roles such as Chief Commercial Officer at Option Care, where he helped separate the specialty home infusion business from Walgreens, and a business unit head at Sunovion Pharmaceuticals, with commercial responsibility for CNS and respiratory products, including successful product launches and strategic alliances.

    Robert Clarke, Ph.D., Former Chief Executive Officer, Co-founder of Kinaset Therapeutics

    Dr. Clarke was the Chief Executive Officer of Pulmatrix from 2012 to 2019, during which he successfully led the company from a private to a public entity. He joined Pulmatrix in 2004 as its first Ph.D. level scientist, progressing to Chief Scientific Officer and Vice President of Research and Development, and was instrumental in developing the iSPERSE technology. He also played a key role in raising over $60 million in venture capital funding for Pulmatrix. Before joining Pulmatrix, Dr. Clarke was an Associate Director of Life Sciences at Alkermes, Inc. In 2020, he co-founded Kinaset Therapeutics, where he currently serves as CEO, and has successfully raised over $150 million through private financing rounds.

    Alexander M. Klibanov, Ph.D., Founder

    Dr. Klibanov is a co-founder of Pulmatrix. He is recognized as one of three world-class experts in materials science from MIT and Harvard University who founded the company.

    AI Analysis | Feedback

    The public company Pulmatrix (PULM) faces several significant risks to its business, primarily stemming from its strategic pivot and the inherent challenges of a clinical-stage biotechnology company with limited revenue. The three key risks are: 1. **Uncertainty and Risks Associated with Strategic Transactions:** Pulmatrix has recently experienced the termination of a proposed merger agreement with Cullgen and is actively seeking new merger opportunities or considering divestiture of its iSPERSE™ technology and related clinical programs. The company has paused the development of its iSPERSE™-based drug candidates, including PUR3100, PUR1800, and PUR1900, to focus on these transactional outcomes. There is no assurance that a new merger will be completed, that the intended benefits of any such transaction will be realized, or that the company will successfully monetize its assets on favorable terms. The failure to complete a beneficial strategic transaction could lead to severe liquidity concerns, particularly as the company's revenue was $0 as of Q3 2025. 2. **Operational and Financial Sustainability:** Pulmatrix has a history of net losses and continues to require substantial additional capital to fund its operations and development efforts. The challenge of successfully commercializing its product candidates, which are still under development, remains significant. The company's financial metrics indicate substantial challenges, including negative margins and a distressed Altman Z-Score. Obtaining regulatory approvals for its product candidates is also costly, time-consuming, and an area where the company has limited experience. The continuous need for capital may lead to further dilution of stockholders' ownership interests. 3. **Reverse Stock Split Risks:** Pulmatrix is undertaking a reverse stock split, which carries inherent risks. There is a possibility that the reverse stock split may not achieve its intended purpose of increasing the stock price over the long term, and it could potentially lead to decreased liquidity and a reduction in overall market capitalization.

    AI Analysis | Feedback

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    AI Analysis | Feedback

    Pulmatrix, Inc. is a clinical-stage biotechnology company developing inhaled therapies for respiratory and other diseases. The addressable markets for its main products are as follows:

    Pulmazole (allergic bronchopulmonary aspergillosis in patients with asthma, and in patients with cystic fibrosis)

    • The global allergic bronchopulmonary aspergillosis (ABPA) treatment market was valued at USD 1.14 billion in 2024 and is projected to reach USD 3.30 billion by 2032, with a compound annual growth rate (CAGR) of 14.23% during the forecast period of 2025 to 2032. North America is a leading region in this market.
    • Allergic bronchopulmonary aspergillosis affects an estimated 5 million people worldwide each year. Approximately 1% to 15% of cystic fibrosis patients and around 2.5% of adults with asthma are affected by ABPA, totaling about 4.8 million people worldwide.
    • For cystic fibrosis, the global therapeutics market was valued at approximately USD 12.9 billion in 2024 and is projected to reach USD 32.3 billion by 2034, growing at a CAGR of 9.6% from 2025 to 2034. Another estimate places the global cystic fibrosis therapeutics market at USD 13.88 billion in 2025, projected to reach USD 35.68 billion by 2035, growing at a CAGR of 9.9% from 2026 to 2035. North America dominated the cystic fibrosis therapeutics market in 2024 and 2025. The cystic fibrosis market size in the 7MM (United States, EU4, United Kingdom, and Japan) was approximately USD 18.74 billion in 2023, with the U.S. accounting for approximately USD 9.47 billion.

    PUR1800 (chronic obstructive pulmonary disease - COPD)

    • The global chronic obstructive pulmonary disease (COPD) drugs market was valued at USD 29.30 billion in 2025 and is projected to grow to USD 50.57 billion by 2034, exhibiting a CAGR of 6.25% during the forecast period.
    • Another report estimates the global chronic obstructive pulmonary disease (COPD) treatment market size at USD 21.04 billion in 2025, anticipated to reach around USD 34.59 billion by 2035, expanding at a CAGR of 5.1% over the forecast period from 2026 to 2035.
    • The total COPD market size in the 7MM (United States, EU4, United Kingdom, and Japan) was USD 11.5 billion in 2024, with the U.S. market reaching approximately USD 9.3 billion.
    • The U.S. Chronic Obstructive Pulmonary Disease Market size was USD 6.93 billion in 2025 and is expected to reach USD 9.97 billion by 2033. North America dominated the Chronic Obstructive Pulmonary Disease Market in 2025, with over 38.40% revenue share.

    PUR3100 (acute migraine)

    • The global acute migraine treatment market size was valued at USD 3.46 billion in 2024 and is expected to reach approximately USD 10.08 billion by 2034, expanding at a CAGR of 11.30% from 2025 to 2034.
    • Another source reports the global acute migraine treatment market size was estimated at USD 2.81 billion in 2025 and is expected to boost sales to USD 4.09 billion by 2033, with a CAGR of 4.80% from 2025 to 2033.
    • The U.S. acute migraine treatment market size was estimated at USD 1.02 billion in 2024 and is projected to surpass around USD 3.02 billion by 2034, at a CAGR of 11.47% from 2025 to 2034.
    • North America dominated the acute migraine treatment market in 2024 and accounted for 42% market share. The U.S. holds the highest share in the North American acute migraine treatment market.

    AI Analysis | Feedback

    For Pulmatrix (PULM), expected drivers of future revenue growth over the next 2-3 years are primarily centered on the monetization and advancement of its clinical-stage assets and proprietary technology through strategic partnerships and licensing agreements.

    1. Advancement and Partnering of PUR3100 for Acute Migraine: Pulmatrix is actively exploring opportunities to monetize or partner PUR3100, an orally inhaled dihydroergotamine formulation for acute migraine, which is currently Phase 2-ready. Securing a partnership could generate upfront payments, milestone payments, and future royalties if the product progresses through clinical development and eventually reaches commercialization.
    2. Advancement and Partnering of PUR1800 for COPD: The company is seeking partnerships or other alternatives to advance and monetize PUR1800, a narrow spectrum kinase inhibitor for acute exacerbations in chronic obstructive pulmonary disease (AECOPD) and other inflammatory respiratory diseases. Successful partnering could provide revenue through licensing fees, development milestones, and potential royalties.
    3. Royalties from Cipla's Commercialization of PUR1900 (Pulmazole) outside the United States: While Pulmatrix has wound down its direct involvement in the Phase 2b trial for PUR1900 in the U.S., its partner Cipla is continuing clinical development outside the United States and has received approval to proceed with a Phase 3 trial in India. Pulmatrix is entitled to receive 2% royalties on any potential future net sales by Cipla in these territories.
    4. Strategic Licensing of iSPERSE Technology: Pulmatrix intends to capitalize on its proprietary iSPERSE (inhaled small particles easily respirable and emitted) technology to identify new product candidates and facilitate additional collaborations. Licensing this dry powder delivery platform to other pharmaceutical companies could generate licensing fees, upfront payments, and milestone payments.

    AI Analysis | Feedback

    Share Issuance

    • In February 2021, Pulmatrix completed a registered direct offering for 20,000,000 shares of common stock at a price of $2.00 per share, raising $40 million in gross proceeds.
    • As part of a previously planned merger with Cullgen (later terminated), Pulmatrix stockholders approved the issuance of Pulmatrix common stock to Cullgen shareholders in June 2025.

    Inbound Investments

    • Pulmatrix derives revenue from collaboration and licensing agreements, such as its partnership with Cipla for the development and commercialization of PUR1900 (Pulmazole).
    • Pulmatrix is set to receive a 2% royalty on potential future net sales of PUR1900 by Cipla outside the United States.

    Outbound Investments

    • As part of its former merger strategy with Cullgen, Pulmatrix planned to divest its clinical assets, including PUR3100, PUR1800, PUR1900, and its iSPERSE™ technology platform.
    • The company closed transactions with MannKind for iSPERSE™ technology licensing.

    Capital Expenditures

    • Research and development expenses decreased significantly to less than $0.1 million for the year ended December 31, 2025, from $7.2 million in 2024, primarily due to the wind-down of the PUR1900 Phase 2b clinical trial, disposal of the company's lab and facilities lease, and employee terminations.
    • The company has been transitioning towards a more virtual operating model, implying reduced capital expenditures on physical infrastructure.

    Peer Outperformance in Biotechnology

    PULM has trailed 61% of its 363 Biotechnology peers over 5Y. Among the peers that beat it is ROIV. Biotechnology ranks 9th of 10 industries in Health Care by median 5Y return. The sector’s gains have largely come from elsewhere.
    Share of Biotechnology constituents that PULM has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.
    1Y
    19%
    of 451 industry peers · -71.6% return
    3Y
    52%
    of 398 industry peers · -26.7% return
    5Y
    39%
    of 363 industry peers · -92.0% return
    Biotechnology peers with revenue growth within 4pp of PULM's that beat it on at least 2 of 3 windows, and by at least 20pp over 5Y. Growth is matched by construction, so the gap is largely a re-rating gap. The multiple column is the context for it.
    Ticker Name Rev Growth 3Y Avg P/E 1Y3Y5Y 5Y Gap
    PULM Pulmatrix -44.1% -1.3x -71.6%-26.7%-92.0% —
    ROIV Roivant Sciences -43.1% -97.2x 79.5%286.7%378.5% +471pp
    Price returns, excluding dividends. P/E shown for context only and not used for matching.
    Median price return by industry across the Health Care sector, ranked by 5Y. Biotechnology is PULM's own industry. Use this to see which corners of the sector have carried the returns.
    Industry Names 1Y med3Y med5Y med Top 3 by 5Y
    Health Care Distributors 6 12.2%58.2%97.6% CAH 476% · MCK 367% · COR 185%
    Health Care Services 20 31.1%37.7%14.8% HIMS 210% · RDNT 129% · DGX 92%
    Managed Health Care 8 34.6%-3.7%-3.5% OSCR 84% · HQY 53% · ELV 6%
    Health Care Facilities 25 12.6%15.4%-12.2% THC 286% · NHC 227% · EHC 195%
    Health Care Equipment 50 6.4%12.3%-19.4% GKOS 430% · UFPT 355% · TMDX 141%
    Pharmaceuticals 61 -13.3%6.7%-37.3% LQDA 968% · KNSA 499% · LLY 475%
    Health Care Supplies 11 21.4%11.8%-38.8% LNTH 314% · HAE 68% · MMSI 30%
    Life Sciences Tools & Services 107 -9.1%-10.2%-70.3% NTRA 232% · AXGN 227% · MEDP 186%
    Biotechnology ← 364 -26.5%-33.1%-81.8% TRVI 1017% · DNTH 1008% · ELVN 1002%
    Health Care Technology 21 -27.4%-55.9%-82.2% VEEV -3% · DOCS -55%
    Median of constituents with a full price history over each window. Top names are limited to companies above $2B market cap.

    Latest Trefis Analyses

    TitleDate
    0DASHBOARDS 
    1Pulmatrix Earnings Notes12/16/2025
    2How Low Can Pulmatrix Stock Really Go?10/17/2025
    Title
    0ARTICLES

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    Financials

    PULMINSMARWRAMPHAMRXVRTXMedian
    NamePulmatrixInsmed Arrowhea.Amphasta.Amneal P.Vertex P. 
    Mkt Price1.40104.8960.1227.2120.26535.0043.66
    Mkt Cap0.022.98.61.26.5135.77.5
    Rev LTM01,5206697303,11812,5871,125
    Op Inc LTM-4-633-2261144794,77755
    FCF LTM-4-628-75153-123,796-8
    FCF 3Y Avg-8-723-2081471421,95767
    CFO LTM-4-596-591852014,29390
    CFO 3Y Avg-8-699-1301862682,39889

    Growth & Margins

    PULMINSMARWRAMPHAMRXVRTXMedian
    NamePulmatrixInsmed Arrowhea.Amphasta.Amneal P.Vertex P. 
    Rev Chg LTM-100.0%240.0%16.8%1.0%9.3%10.2%9.8%
    Rev Chg 3Y Avg-44.1%97.5%913.6%11.4%10.5%9.8%10.9%
    Rev Chg Q-268.4%171.0%5.4%9.9%12.5%12.5%
    QoQ Delta Rev Chg LTM-33.6%7.6%1.3%2.4%3.0%3.0%
    Op Inc Chg LTM48.6%36.1%-109.7%-37.1%26.2%2,497.9%31.1%
    Op Inc Chg 3Y Avg36.1%-3.1%-77.5%5.6%28.2%792.2%16.9%
    Op Mgn LTM--41.7%-33.8%15.7%15.4%37.9%15.4%
    Op Mgn 3Y Avg--156.1%-945.9%24.3%13.5%23.9%13.5%
    QoQ Delta Op Mgn LTM-29.8%1.9%-0.5%0.8%-0.2%0.8%
    CFO/Rev LTM--39.2%-8.8%25.3%6.4%34.1%6.4%
    CFO/Rev 3Y Avg--139.1%-598.1%25.7%9.5%19.6%9.5%
    FCF/Rev LTM--41.3%-11.2%20.9%-0.4%30.2%-0.4%
    FCF/Rev 3Y Avg--143.2%-908.4%20.4%5.2%15.7%5.2%

    Valuation

    PULMINSMARWRAMPHAMRXVRTXMedian
    NamePulmatrixInsmed Arrowhea.Amphasta.Amneal P.Vertex P. 
    Mkt Cap0.022.98.61.26.5135.77.5
    P/S-15.112.91.62.110.810.8
    P/Op Inc-1.2-36.2-38.110.413.528.44.6
    P/EBIT-1.2-43.9-54.19.315.126.94.0
    P/E-1.3-37.9-26.915.141.130.86.9
    P/CFO-1.3-38.5-146.06.432.231.62.6
    Total Yield-78.5%-2.5%-3.7%6.7%2.4%3.1%-0.1%
    Dividend Yield0.0%0.0%0.0%0.0%0.0%0.0%0.0%
    FCF Yield 3Y Avg-95.7%-3.5%-7.8%10.0%5.0%1.6%-0.9%
    D/E0.00.00.10.60.40.00.1
    Net D/E-0.4-0.0-0.10.30.4-0.0-0.0

    Returns

    PULMINSMARWRAMPHAMRXVRTXMedian
    NamePulmatrixInsmed Arrowhea.Amphasta.Amneal P.Vertex P. 
    1M Rtn-10.8%-5.6%-6.3%7.0%-0.2%6.0%-2.9%
    3M Rtn-19.5%6.5%-30.1%34.6%7.5%13.7%7.0%
    6M Rtn6.9%-25.1%-21.3%19.7%54.5%24.5%13.3%
    12M Rtn-71.6%-44.7%41.8%6.7%87.2%25.7%16.2%
    3Y Rtn-26.7%322.1%113.6%-41.6%372.3%42.2%77.9%
    1M Excs Rtn-8.5%-3.4%-4.0%9.4%2.1%8.3%-0.6%
    3M Excs Rtn-13.1%8.6%-30.3%39.3%12.1%14.2%10.4%
    6M Excs Rtn2.1%-29.6%-26.1%14.9%49.8%19.9%8.5%
    12M Excs Rtn-82.2%-56.1%31.5%-0.3%92.2%17.2%8.5%
    3Y Excs Rtn-107.4%231.6%63.4%-122.3%347.4%-31.5%15.9%

    Comparison Analyses

    null

    Financials

    $ Mil | FY: 12/312026Q22026Q12025Q42025Q32025Q22025Q12024Q42024Q32024Q22024Q12023Q42023Q3
    Period End6/30/20263/31/202612/31/20259/30/20256/30/20253/31/202512/31/20249/30/20246/30/20243/31/202412/31/20239/30/2023
    Filing Date8/13/20265/15/20262/26/202610/16/20258/6/20255/15/20253/21/202511/8/20248/13/20245/10/20243/28/202411/9/2023
    Key Financials Quarterly            
    Total Revenue000000002622
    Ebitda-1-1-1-1-2-2-2-3-31-2-4
    Operating Income-1-1-1-1-2-2-2-3-31-2-4
    Net Income-1-1-1-1-2-2-2-3-61-2-4
    EPS-0.29-0.32-0.25-0.24-0.42-0.50-0.55-0.71-1.590.23-0.57-1.03
    Key Financials TTM            
    Total Revenue TTM000002810111277
    Ebitda TTM-4-5-5-6-8-10-7-7-8-8-13-15
    Operating Income TTM-4-5-5-6-8-10-7-7-9-9-15-17
    Net Income TTM-4-5-5-6-8-12-10-10-11-9-14-16
    Growth Rates Quarterly            
    Total Revenue Growth---100.0%-100.0%-100.0%-100.0%-99.9%-79.1%-15.8%292.6%28.9%-6.4%
    EBITDA Growth32.4%30.0%53.5%67.4%50.4%-280.9%3.2%24.4%12.1%124.4%48.8%25.4%
    Operating Income Growth32.4%30.0%53.5%67.4%52.8%-347.3%12.3%32.5%17.7%116.3%48.6%22.8%
    Net Income Growth33.1%35.2%53.3%66.1%73.3%-319.2%4.7%31.5%-52.3%118.5%50.6%25.3%
    Margins Quarterly            
    EBITDA Margin-------65066.7%-726.0%-201.2%17.3%-91.6%-200.4%
    Operating Income Margin-------65066.7%-726.0%-211.5%12.7%-101.0%-224.7%
    Net Income Margin-------66200.0%-706.8%-374.4%14.0%-94.6%-215.3%
    Cash & Debt            
    Total Cash234568101112161921
    Total Debt000000000999
    Net Debt / (Cash)-2-3-4-5-6-8-10-11-12-8-10-13
    Cash Flows Quarterly            
    FCF from Operations-1-1-1-1-2-2-1-3-4-3-2-4
    Cash Flows TTM            
    FCF from Operations TTM-4-5-5-6-8-10-11-11-13-14-16-19
    Returns to Shareholders Quarterly            
    Dividends000000000000
    Share Repurchases-0-0-0-0-0-0-0-0-0-0-0-0
    Return on Invested Capital (ROIC) Quarterly            
    ROIC-1.4%-1.7%-1.2%-1.1%-2.1%-2.5%-2.6%-3.6%-4.5%1.0%-3.0%-5.4%
    Return on Invested Capital (ROIC) TTM            
    ROIC TTM-1.3%-1.5%-1.7%-2.1%-2.7%-3.3%-2.4%-2.5%-3.0%-3.2%-5.0%-5.8%

    Segment Financials

    Revenue by Segment
    $ Mil20252024202320222021
    Single Segment087 5
    Research and development services and irrevocable license   6 
    Total08765


    Assets by Segment
    $ Mil20252024
    Research and development services and irrevocable license410
    Total410


    Price Behavior

    Price Behavior
    Market Price$1.40 
    Market Cap ($ Bil)0.0 
    First Trading Date03/21/2014 
    Distance from 52W High-71.6% 
       50 Days200 Days
    DMA Price$1.49$1.70
    DMA Trenddowndown
    Distance from DMA-5.7%-17.8%
     3M1YR
    Volatility63.9%87.3%
    Downside Capture112.0129.35
    Upside Capture16.12-125.06
    Correlation (S&P 500)15.9%0.0%
    PULM Betas & Captures as of 10/31/2026

     1M2M3M6M1Y3Y
    Beta1.601.430.590.220.030.33
    Up Beta-7.894.891.380.480.600.30
    Down Beta1.881.791.440.540.780.65
    Up Capture137%61%-38%8%-49%2%
    Bmk +ve Days12182862130427
    Stock +ve Days11202657114335
    Down Capture227%93%86%-15%39%45%
    Bmk -ve Days10253664121325
    Stock -ve Days11233559123383

    [1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
    Based On 1-Year Data
    Annualized
    Return    		Annualized
    Volatility    		Sharpe
    Ratio    		Correlation
    with PULM
    PULM-70.1%87.5%-0.94-
    Sector ETF (XLV)29.7%16.4%1.39-0.7%
    Equity (SPY)11.6%12.8%0.570.7%
    Gold (GLD)-2.3%28.6%-0.094.0%
    Commodities (DBC)43.1%20.9%1.60-9.0%
    Real Estate (VNQ)11.0%13.7%0.50-10.7%
    Bitcoin (BTCUSD)-28.8%43.6%-0.661.0%

    Smart multi-asset allocation framework can stack odds in your favor. Learn How
    Based On 5-Year Data
    Annualized
    Return    		Annualized
    Volatility    		Sharpe
    Ratio    		Correlation
    with PULM
    PULM-35.8%81.1%-0.20-
    Sector ETF (XLV)8.6%15.3%0.374.0%
    Equity (SPY)12.0%17.1%0.5210.1%
    Gold (GLD)16.5%19.0%0.692.5%
    Commodities (DBC)8.4%19.6%0.312.4%
    Real Estate (VNQ)1.1%18.9%-0.057.3%
    Bitcoin (BTCUSD)4.1%51.6%0.267.7%

    Smart multi-asset allocation framework can stack odds in your favor. Learn How
    Based On 10-Year Data
    Annualized
    Return    		Annualized
    Volatility    		Sharpe
    Ratio    		Correlation
    with PULM
    PULM-40.3%111.2%-0.01-
    Sector ETF (XLV)12.1%16.8%0.592.9%
    Equity (SPY)15.2%17.9%0.726.7%
    Gold (GLD)11.6%16.5%0.574.4%
    Commodities (DBC)7.8%18.1%0.344.3%
    Real Estate (VNQ)5.4%20.7%0.222.5%
    Bitcoin (BTCUSD)61.7%66.3%1.015.1%

    Smart multi-asset allocation framework can stack odds in your favor. Learn How

    Short Interest

    Short Interest: As Of Date10152026
    Short Interest: Shares Quantity0.0 Mil
    Short Interest: % Change Since 9302026-11.8%
    Average Daily Volume0.0 Mil
    Days-to-Cover Short Interest2.9 days
    Basic Shares Quantity3.7 Mil
    Short % of Basic Shares1.2%

    Returns Analyses

    Earnings Returns History

    Updated 10/27/2026
    Expand for More
     Forward Returns
    Earnings Date1D Returns5D Returns21D Returns
    8/13/2026-5.6%-5.0%-11.9%
    5/15/2026-1.6%7.9%11.0%
    2/26/2026-9.3%-32.7%-53.0%
    10/16/2025-2.5%3.1%2.8%
    8/6/2025-3.1%-8.8%-12.6%
    3/21/2025-1.7%-5.0%-18.9%
    11/8/2024-1.4%126.0%187.0%
    8/13/20244.8%-13.5%-18.1%
    ...
    SUMMARY STATS   
    # Positive649
    # Negative151712
    Median Positive2.8%6.1%6.7%
    Median Negative-3.3%-6.2%-12.8%
    Max Positive6.8%126.0%187.0%
    Max Negative-9.3%-32.7%-53.0%
     Collapse to Preview
     Forward Returns
    Earnings Date1D Returns5D Returns21D Returns
    8/13/2026-5.6%-5.0%-11.9%
    5/15/2026-1.6%7.9%11.0%
    2/26/2026-9.3%-32.7%-53.0%
    10/16/2025-2.5%3.1%2.8%
    8/6/2025-3.1%-8.8%-12.6%
    3/21/2025-1.7%-5.0%-18.9%
    11/8/2024-1.4%126.0%187.0%
    8/13/20244.8%-13.5%-18.1%
    5/10/2024-3.3%4.3%6.7%
    1/8/2024-1.2%-4.5%-13.1%
    11/9/2023-3.6%-6.2%-3.1%
    8/10/20230.4%-4.6%-12.2%
    5/12/2023-4.8%-7.8%-6.7%
    11/14/20226.8%-7.1%0.3%
    8/10/20225.3%-4.5%-10.2%
    5/12/20220.8%-1.4%1.7%
    11/10/2021-4.5%-9.0%-13.0%
    8/10/2021-0.6%-7.3%1.1%
    5/11/2021-4.9%-1.2%15.2%
    3/23/2021-7.4%-10.8%-33.6%
    11/12/20200.0%-0.9%16.4%
    SUMMARY STATS   
    # Positive649
    # Negative151712
    Median Positive2.8%6.1%6.7%
    Median Negative-3.3%-6.2%-12.8%
    Max Positive6.8%126.0%187.0%
    Max Negative-9.3%-32.7%-53.0%

    SEC Filings

    Expand for More
    Report DateFiling DateFiling
    06/30/202608/13/202610-Q
    03/31/202605/15/202610-Q
    12/31/202502/26/202610-K
    09/30/202510/16/202510-Q
    06/30/202508/06/202510-Q
    03/31/202505/15/202510-Q
    12/31/202403/21/202510-K
    09/30/202411/08/202410-Q
    06/30/202408/13/202410-Q
    03/31/202405/10/202410-Q
    12/31/202303/28/202410-K
    09/30/202311/09/202310-Q
    06/30/202308/10/202310-Q
    03/31/202305/12/202310-Q
    12/31/202203/30/202310-K
    09/30/202211/10/202210-Q
     Collapse to Preview
    Report DateFiling DateFiling
    06/30/202608/13/202610-Q
    03/31/202605/15/202610-Q
    12/31/202502/26/202610-K
    09/30/202510/16/202510-Q
    06/30/202508/06/202510-Q
    03/31/202505/15/202510-Q
    12/31/202403/21/202510-K
    09/30/202411/08/202410-Q
    06/30/202408/13/202410-Q
    03/31/202405/10/202410-Q
    12/31/202303/28/202410-K
    09/30/202311/09/202310-Q
    06/30/202308/10/202310-Q
    03/31/202305/12/202310-Q
    12/31/202203/30/202310-K
    09/30/202211/10/202210-Q
    06/30/202208/10/202210-Q
    03/31/202205/12/202210-Q
    12/31/202103/29/202210-K
    09/30/202111/10/202110-Q
    06/30/202108/10/202110-Q
    03/31/202105/11/202110-Q
    12/31/202003/23/202110-K
    09/30/202011/12/202010-Q
    06/30/202008/07/202010-Q
    03/31/202005/14/202010-Q
    12/31/201903/26/202010-K
    09/30/201911/01/201910-Q

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