Pulmatrix (PULM)
Market Price (4/22/2026): $1.41 | Market Cap: $5.1 MilSector: Health Care | Industry: Biotechnology
Pulmatrix (PULM)
Market Price (4/22/2026): $1.41Market Cap: $5.1 MilSector: Health CareIndustry: Biotechnology
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -81% Megatrend and thematic driversMegatrends include Precision Medicine. Themes include Biopharmaceutical R&D, and Targeted Therapies. | Weak multi-year price returns2Y Excs Rtn is -75%, 3Y Excs Rtn is -124% | Very low revenueRev LTMTotal Revenue or Sales, Last Twelve Months is 0 Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -5.2 Mil Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is null, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -24%, Rev Chg QQuarterly Revenue Change % is null Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -106% Key risksPULM key risks include [1] a critical dependence on its pending merger with Cullgen to avoid potential liquidation amid severe financial distress, Show more. |
| Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -81% |
| Megatrend and thematic driversMegatrends include Precision Medicine. Themes include Biopharmaceutical R&D, and Targeted Therapies. |
| Weak multi-year price returns2Y Excs Rtn is -75%, 3Y Excs Rtn is -124% |
| Very low revenueRev LTMTotal Revenue or Sales, Last Twelve Months is 0 |
| Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -5.2 Mil |
| Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is null, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -24%, Rev Chg QQuarterly Revenue Change % is null |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -106% |
| Key risksPULM key risks include [1] a critical dependence on its pending merger with Cullgen to avoid potential liquidation amid severe financial distress, Show more. |
Qualitative Assessment
AI Analysis | Feedback
1. Termination of a significant merger agreement with Cullgen negatively impacted investor confidence. Pulmatrix announced on February 28, 2026, that Cullgen terminated their planned merger agreement, which was subject to approval from the China Securities Regulatory Commission (CSRC) and failed to obtain it. This merger, initially announced in November 2024, was expected to create a combined entity with approximately $65 million in cash, providing funding through multiple clinical milestones.
2. Poor financial performance in the fourth quarter and full year 2025 highlighted ongoing challenges. Pulmatrix reported its year-end and fourth-quarter 2025 financial results on February 26, 2026. The company recorded nil revenue for the year ended December 31, 2025, a decrease from $7.8 million in 2024. Additionally, Pulmatrix reported a GAAP EPS of -$1.41 for Q4 2025, and its cash and cash equivalents decreased significantly to $4.1 million as of December 31, 2025, from $9.5 million at the end of 2024.
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Stock Movement Drivers
Fundamental Drivers
The -38.1% change in PULM stock from 12/31/2025 to 4/21/2026 was primarily driven by a null change in the company's Total Revenues ($ Mil).| (LTM values as of) | 12312025 | 4212026 | Change |
|---|---|---|---|
| Stock Price ($) | 2.23 | 1.38 | -38.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 0 | 0 | |
| P/S Multiple | 2,714.9 | ∞ | 9.2233720368547763E17% |
| Shares Outstanding (Mil) | 4 | 4 | 0.0% |
| Cumulative Contribution | 0.0% |
Market Drivers
12/31/2025 to 4/21/2026| Return | Correlation | |
|---|---|---|
| PULM | -38.1% | |
| Market (SPY) | -5.4% | 5.4% |
| Sector (XLV) | -5.7% | 9.3% |
Fundamental Drivers
The -71.6% change in PULM stock from 9/30/2025 to 4/21/2026 was primarily driven by a null change in the company's Total Revenues ($ Mil).| (LTM values as of) | 9302025 | 4212026 | Change |
|---|---|---|---|
| Stock Price ($) | 4.86 | 1.38 | -71.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 0 | 0 | |
| P/S Multiple | 48.1 | ∞ | 9.2233720368547763E17% |
| Shares Outstanding (Mil) | 4 | 4 | 0.0% |
| Cumulative Contribution | 0.0% |
Market Drivers
9/30/2025 to 4/21/2026| Return | Correlation | |
|---|---|---|
| PULM | -71.6% | |
| Market (SPY) | -2.9% | -4.9% |
| Sector (XLV) | 5.3% | 1.5% |
Fundamental Drivers
The -79.3% change in PULM stock from 3/31/2025 to 4/21/2026 was primarily driven by a null change in the company's Total Revenues ($ Mil).| (LTM values as of) | 3312025 | 4212026 | Change |
|---|---|---|---|
| Stock Price ($) | 6.66 | 1.38 | -79.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 8 | 0 | |
| P/S Multiple | 3.1 | ∞ | 9.2233720368547763E17% |
| Shares Outstanding (Mil) | 4 | 4 | 0.0% |
| Cumulative Contribution | 0.0% |
Market Drivers
3/31/2025 to 4/21/2026| Return | Correlation | |
|---|---|---|
| PULM | -79.3% | |
| Market (SPY) | 16.3% | 10.9% |
| Sector (XLV) | 1.3% | 9.1% |
Fundamental Drivers
The -52.7% change in PULM stock from 3/31/2023 to 4/21/2026 was primarily driven by a null change in the company's Total Revenues ($ Mil).| (LTM values as of) | 3312023 | 4212026 | Change |
|---|---|---|---|
| Stock Price ($) | 2.92 | 1.38 | -52.7% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 6 | 0 | |
| P/S Multiple | 1.8 | ∞ | 9.2233720368547763E17% |
| Shares Outstanding (Mil) | 4 | 4 | -0.3% |
| Cumulative Contribution | 0.0% |
Market Drivers
3/31/2023 to 4/21/2026| Return | Correlation | |
|---|---|---|
| PULM | -52.7% | |
| Market (SPY) | 63.3% | 5.4% |
| Sector (XLV) | 18.0% | 1.4% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| PULM Return | -63% | -56% | -52% | 275% | -68% | -40% | -94% |
| Peers Return | -10% | -20% | 71% | 12% | 107% | -7% | 165% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 4% | 89% |
Monthly Win Rates [3] | |||||||
| PULM Win Rate | 33% | 42% | 25% | 67% | 33% | 75% | |
| Peers Win Rate | 47% | 45% | 52% | 42% | 58% | 45% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| PULM Max Drawdown | -66% | -63% | -55% | -13% | -69% | -47% | |
| Peers Max Drawdown | -29% | -36% | -26% | -31% | -24% | -21% | |
| S&P 500 Max Drawdown | -1% | -25% | -1% | -2% | -15% | -7% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: INSM, TBPH, ARWR, AMPH, AMRX.
[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 4/21/2026 (YTD)
How Low Can It Go
| Event | PULM | S&P 500 |
|---|---|---|
| 2022 Inflation Shock | ||
| % Loss | -96.7% | -25.4% |
| % Gain to Breakeven | 2946.2% | 34.1% |
| Time to Breakeven | Not Fully Recovered days | 464 days |
| 2020 Covid Pandemic | ||
| % Loss | -50.3% | -33.9% |
| % Gain to Breakeven | 101.0% | 51.3% |
| Time to Breakeven | 158 days | 148 days |
| 2018 Correction | ||
| % Loss | -98.7% | -19.8% |
| % Gain to Breakeven | 7400.0% | 24.7% |
| Time to Breakeven | Not Fully Recovered days | 120 days |
Compare to INSM, TBPH, ARWR, AMPH, AMRX
In The Past
Pulmatrix's stock fell -96.7% during the 2022 Inflation Shock from a high on 2/10/2021. A -96.7% loss requires a 2946.2% gain to breakeven.
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About Pulmatrix (PULM)
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.
AI Analysis | Feedback
- RespiVert Ltd.
- Cipla Technologies LLC (parent company: Cipla Limited, symbol: CIPLA)
- Sensory Cloud, Inc.
AI Analysis | Feedback
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.
- 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.
- 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.
- 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.
- 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.
Latest Trefis Analyses
| Title | Date | |
|---|---|---|
| DASHBOARDS | ||
| Pulmatrix Earnings Notes | 12/16/2025 | |
| How Low Can Pulmatrix Stock Really Go? | 10/17/2025 |
| Title | |
|---|---|
| ARTICLES |
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 18.91 |
| Mkt Cap | 2.5 |
| Rev LTM | 663 |
| Op Inc LTM | 68 |
| FCF LTM | 172 |
| FCF 3Y Avg | 27 |
| CFO LTM | 197 |
| CFO 3Y Avg | 28 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 37.4% |
| Rev Chg 3Y Avg | 22.0% |
| Rev Chg Q | 78.1% |
| QoQ Delta Rev Chg LTM | 17.2% |
| Op Inc Chg LTM | 20.9% |
| Op Inc Chg 3Y Avg | 23.7% |
| Op Mgn LTM | 13.2% |
| Op Mgn 3Y Avg | -54.0% |
| QoQ Delta Op Mgn LTM | 15.7% |
| CFO/Rev LTM | 21.7% |
| CFO/Rev 3Y Avg | 12.1% |
| FCF/Rev LTM | 16.5% |
| FCF/Rev 3Y Avg | 9.0% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 2.5 |
| P/S | 7.9 |
| P/Op Inc | 3.0 |
| P/EBIT | 6.5 |
| P/E | 9.0 |
| P/CFO | 4.9 |
| Total Yield | 1.9% |
| Dividend Yield | 0.0% |
| FCF Yield 3Y Avg | -0.6% |
| D/E | 0.0 |
| Net D/E | -0.0 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | 9.4% |
| 3M Rtn | -16.0% |
| 6M Rtn | 3.0% |
| 12M Rtn | 82.3% |
| 3Y Rtn | 87.0% |
| 1M Excs Rtn | 0.8% |
| 3M Excs Rtn | -20.0% |
| 6M Excs Rtn | -3.1% |
| 12M Excs Rtn | 51.1% |
| 3Y Excs Rtn | 15.6% |
Price Behavior
| Market Price | $1.38 | |
| Market Cap ($ Bil) | 0.0 | |
| First Trading Date | 03/21/2014 | |
| Distance from 52W High | -84.8% | |
| 50 Days | 200 Days | |
| DMA Price | $2.00 | $3.80 |
| DMA Trend | down | down |
| Distance from DMA | -31.1% | -63.7% |
| 3M | 1YR | |
| Volatility | 120.8% | 90.6% |
| Downside Capture | 0.59 | 0.61 |
| Upside Capture | -313.37 | -96.09 |
| Correlation (SPY) | 4.2% | 7.2% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 0.35 | 0.52 | 0.42 | -0.38 | 0.52 | 0.32 |
| Up Beta | 22.99 | 6.10 | 3.24 | 0.35 | 0.65 | 0.30 |
| Down Beta | 5.13 | 2.52 | 1.70 | 0.14 | 0.74 | 0.56 |
| Up Capture | -870% | -294% | -162% | -137% | -33% | 0% |
| Bmk +ve Days | 7 | 16 | 27 | 65 | 139 | 424 |
| Stock +ve Days | 8 | 17 | 30 | 55 | 107 | 330 |
| Down Capture | 155% | 92% | 34% | 53% | 102% | 57% |
| Bmk -ve Days | 12 | 23 | 33 | 58 | 110 | 323 |
| Stock -ve Days | 14 | 25 | 32 | 67 | 139 | 391 |
[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 | -77.2% | 90.5% | -1.17 | - |
| Sector ETF (XLV) | 9.2% | 16.0% | 0.37 | 5.2% |
| Equity (SPY) | 23.7% | 12.7% | 1.52 | 7.3% |
| Gold (GLD) | 41.4% | 27.5% | 1.25 | 1.5% |
| Commodities (DBC) | 22.4% | 16.2% | 1.25 | -11.9% |
| Real Estate (VNQ) | 14.2% | 13.8% | 0.72 | 2.9% |
| Bitcoin (BTCUSD) | -10.4% | 42.7% | -0.14 | -0.7% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with PULM | |
|---|---|---|---|---|
| PULM | -41.2% | 80.6% | -0.32 | - |
| Sector ETF (XLV) | 5.9% | 14.6% | 0.22 | 4.2% |
| Equity (SPY) | 10.8% | 17.1% | 0.49 | 9.9% |
| Gold (GLD) | 21.6% | 17.8% | 0.99 | 2.4% |
| Commodities (DBC) | 10.9% | 18.8% | 0.47 | 3.8% |
| Real Estate (VNQ) | 4.1% | 18.8% | 0.12 | 8.1% |
| Bitcoin (BTCUSD) | 3.8% | 56.4% | 0.29 | 6.7% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with PULM | |
|---|---|---|---|---|
| PULM | -44.9% | 111.9% | -0.07 | - |
| Sector ETF (XLV) | 9.5% | 16.5% | 0.47 | 3.3% |
| Equity (SPY) | 13.9% | 17.9% | 0.67 | 6.8% |
| Gold (GLD) | 13.7% | 15.9% | 0.71 | 4.1% |
| Commodities (DBC) | 8.2% | 17.6% | 0.39 | 4.4% |
| Real Estate (VNQ) | 5.4% | 20.7% | 0.23 | 2.6% |
| Bitcoin (BTCUSD) | 68.0% | 66.9% | 1.07 | 4.9% |
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Returns Analyses
Earnings Returns History
Expand for More| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 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% |
| 8/13/2024 | 4.8% | -13.5% | -18.1% |
| 3/28/2024 | 8.0% | 16.0% | 25.9% |
| 11/9/2023 | -3.6% | -6.2% | -3.1% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 7 | 4 | 7 |
| # Negative | 11 | 14 | 11 |
| Median Positive | 4.8% | 9.5% | 2.8% |
| Median Negative | -2.5% | -7.2% | -18.1% |
| Max Positive | 8.0% | 126.0% | 187.0% |
| Max Negative | -9.3% | -32.7% | -53.0% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 12/31/2025 | 02/26/2026 | 10-K |
| 09/30/2025 | 10/16/2025 | 10-Q |
| 06/30/2025 | 08/06/2025 | 10-Q |
| 03/31/2025 | 05/15/2025 | 10-Q |
| 12/31/2024 | 03/21/2025 | 10-K |
| 09/30/2024 | 11/08/2024 | 10-Q |
| 06/30/2024 | 08/13/2024 | 10-Q |
| 03/31/2024 | 05/10/2024 | 10-Q |
| 12/31/2023 | 03/28/2024 | 10-K |
| 09/30/2023 | 11/09/2023 | 10-Q |
| 06/30/2023 | 08/10/2023 | 10-Q |
| 03/31/2023 | 05/12/2023 | 10-Q |
| 12/31/2022 | 03/30/2023 | 10-K |
| 09/30/2022 | 11/10/2022 | 10-Q |
| 06/30/2022 | 08/10/2022 | 10-Q |
| 03/31/2022 | 05/12/2022 | 10-Q |
Industry Resources
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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