Pulmatrix (PULM)
Market Price (6/19/2026): $1.52 | Market Cap: $5.6 MilSector: Health Care | Industry: Biotechnology
Pulmatrix (PULM)
Market Price (6/19/2026): $1.52Market Cap: $5.6 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 -77% Megatrend and thematic driversMegatrends include Precision Medicine. Themes include Biopharmaceutical R&D, and Targeted Therapies. | Weak multi-year price returns2Y Excs Rtn is -61%, 3Y Excs Rtn is -117% | 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 -101% 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 -77% |
| Megatrend and thematic driversMegatrends include Precision Medicine. Themes include Biopharmaceutical R&D, and Targeted Therapies. |
| Weak multi-year price returns2Y Excs Rtn is -61%, 3Y Excs Rtn is -117% |
| 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 -101% |
| 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
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Pulmatrix (PULM) stock has lost about 50% since 2/28/2026 because of the following key factors:
1. Termination of Previous Merger Agreement: On March 2, 2026, Pulmatrix announced the termination of its planned merger agreement with Cullgen Inc. due to prolonged delays with the China Securities Regulatory Commission. This unexpected halt to a previously announced strategic pathway likely contributed to investor uncertainty and a negative re-evaluation of the company's prospects.
2. Extreme Shareholder Dilution from New Reverse Merger: On March 26, 2026, Pulmatrix entered into a definitive reverse merger agreement with Eos SENOLYTIX, Inc. Under the terms of this deal, existing Pulmatrix shareholders are expected to own only approximately 6% of the combined company, while Eos shareholders and new financing participants will hold approximately 94%. This announcement led to a significant stock price decline, with shares plunging by 28.77% on March 26, 2026, due to the substantial dilution for current investors and a strategic pivot away from Pulmatrix's original therapeutic focus.
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Pulmatrix (PULM) stock has lost about 50% since 2/28/2026 because of the following key factors:
1. Termination of Previous Merger Agreement: On March 2, 2026, Pulmatrix announced the termination of its planned merger agreement with Cullgen Inc. due to prolonged delays with the China Securities Regulatory Commission. This unexpected halt to a previously announced strategic pathway likely contributed to investor uncertainty and a negative re-evaluation of the company's prospects.
2. Extreme Shareholder Dilution from New Reverse Merger: On March 26, 2026, Pulmatrix entered into a definitive reverse merger agreement with Eos SENOLYTIX, Inc. Under the terms of this deal, existing Pulmatrix shareholders are expected to own only approximately 6% of the combined company, while Eos shareholders and new financing participants will hold approximately 94%. This announcement led to a significant stock price decline, with shares plunging by 28.77% on March 26, 2026, due to the substantial dilution for current investors and a strategic pivot away from Pulmatrix's original therapeutic focus.
3. Precarious Financial Position and Going Concern Warning: Pulmatrix reported a Q1 2026 net loss of $1.2 million and held only $3.3 million in cash and cash equivalents as of March 31, 2026. The company has paused all clinical development, with research and development expenses under $0.1 million, while it seeks to license or monetize its assets. Management has explicitly stated "substantial doubt about the company's ability to continue as a going concern" if the Eos merger is not completed, suggesting potential dissolution and liquidation as an alternative.
4. Limited Capital Infusion with New Merger: As part of the Eos merger, Pulmatrix secured only $1 million in gross proceeds from a private placement of Series B Convertible Preferred Stock to an affiliate of Eos, with a conversion price of $2.20 per share. This modest capital injection further highlights the company's financial strain and the terms heavily favoring Eos in the new combined entity.
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Stock Movement Drivers
Fundamental Drivers
The -51.2% change in PULM stock from 2/28/2026 to 6/18/2026 was primarily driven by a 0.0% change in the company's Shares Outstanding (Mil).| (LTM values as of) | 2282026 | 6182026 | Change |
|---|---|---|---|
| Stock Price ($) | 2.99 | 1.46 | -51.2% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 0 | 0 | 0.0% |
| P/S Multiple | ∞ | ∞ | 0.0% |
| Shares Outstanding (Mil) | 4 | 4 | 0.0% |
| Cumulative Contribution | 0.0% |
Market Drivers
2/28/2026 to 6/18/2026| Return | Correlation | |
|---|---|---|
| PULM | -51.2% | |
| Market (SPY) | 9.2% | 18.3% |
| Sector (XLV) | -6.4% | 8.4% |
Fundamental Drivers
The -67.2% change in PULM stock from 11/30/2025 to 6/18/2026 was primarily driven by a null change in the company's Total Revenues ($ Mil).| (LTM values as of) | 11302025 | 6182026 | Change |
|---|---|---|---|
| Stock Price ($) | 4.45 | 1.46 | -67.2% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 0 | 0 | |
| P/S Multiple | 5,417.6 | ∞ | 9.2233720368547763E17% |
| Shares Outstanding (Mil) | 4 | 4 | 0.0% |
| Cumulative Contribution | 0.0% |
Market Drivers
11/30/2025 to 6/18/2026| Return | Correlation | |
|---|---|---|
| PULM | -67.2% | |
| Market (SPY) | 9.9% | 1.3% |
| Sector (XLV) | -4.4% | 4.5% |
Fundamental Drivers
The -83.7% change in PULM stock from 5/31/2025 to 6/18/2026 was primarily driven by a null change in the company's Total Revenues ($ Mil).| (LTM values as of) | 5312025 | 6182026 | Change |
|---|---|---|---|
| Stock Price ($) | 8.98 | 1.46 | -83.7% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 2 | 0 | |
| P/S Multiple | 17.1 | ∞ | 9.2233720368547763E17% |
| Shares Outstanding (Mil) | 4 | 4 | 0.0% |
| Cumulative Contribution | 0.0% |
Market Drivers
5/31/2025 to 6/18/2026| Return | Correlation | |
|---|---|---|
| PULM | -83.7% | |
| Market (SPY) | 28.1% | 8.2% |
| Sector (XLV) | 14.6% | 4.2% |
Fundamental Drivers
The -46.5% change in PULM stock from 5/31/2023 to 6/18/2026 was primarily driven by a null change in the company's Total Revenues ($ Mil).| (LTM values as of) | 5312023 | 6182026 | Change |
|---|---|---|---|
| Stock Price ($) | 2.73 | 1.46 | -46.5% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 6 | 0 | |
| P/S Multiple | 1.6 | ∞ | 9.2233720368547763E17% |
| Shares Outstanding (Mil) | 4 | 4 | 0.0% |
| Cumulative Contribution | 0.0% |
Market Drivers
5/31/2023 to 6/18/2026| Return | Correlation | |
|---|---|---|
| PULM | -46.5% | |
| Market (SPY) | 85.7% | 5.8% |
| Sector (XLV) | 22.9% | 1.2% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| PULM Return | -63% | -56% | -52% | 275% | -68% | -33% | -94% |
| Peers Return | -10% | -20% | 71% | 12% | 107% | -6% | 167% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 8% | 98% |
Monthly Win Rates [3] | |||||||
| PULM Win Rate | 33% | 42% | 25% | 67% | 33% | 67% | |
| Peers Win Rate | 47% | 45% | 52% | 42% | 58% | 50% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| PULM Max Drawdown | -85% | -65% | -60% | -29% | -78% | -64% | |
| Peers Max Drawdown | -44% | -46% | -38% | -35% | -33% | -34% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[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 6/18/2026 (YTD)
How Low Can It Go
| Event | PULM | S&P 500 |
|---|---|---|
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -33.6% | -9.5% |
| % Gain to Breakeven | 50.6% | 10.5% |
| Time to Breakeven | 369 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -30.6% | -6.7% |
| % Gain to Breakeven | 44.1% | 7.1% |
| Time to Breakeven | 548 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -64.8% | -24.5% |
| % Gain to Breakeven | 184.4% | 32.4% |
| Time to Breakeven | 848 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -41.2% | -33.7% |
| % Gain to Breakeven | 70.0% | 50.9% |
| Time to Breakeven | 26 days | 140 days |
| 2016-2017 Trump Reflation Bond Selloff | ||
| % Loss | -64.9% | -3.7% |
| % Gain to Breakeven | 184.9% | 3.9% |
| Time to Breakeven | 15 days | 6 days |
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.
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| Event | PULM | S&P 500 |
|---|---|---|
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -33.6% | -9.5% |
| % Gain to Breakeven | 50.6% | 10.5% |
| Time to Breakeven | 369 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -30.6% | -6.7% |
| % Gain to Breakeven | 44.1% | 7.1% |
| Time to Breakeven | 548 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -64.8% | -24.5% |
| % Gain to Breakeven | 184.4% | 32.4% |
| Time to Breakeven | 848 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -41.2% | -33.7% |
| % Gain to Breakeven | 70.0% | 50.9% |
| Time to Breakeven | 26 days | 140 days |
| 2016-2017 Trump Reflation Bond Selloff | ||
| % Loss | -64.9% | -3.7% |
| % Gain to Breakeven | 184.9% | 3.9% |
| Time to Breakeven | 15 days | 6 days |
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.
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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.
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- 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.
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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.
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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.
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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.
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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 | 17.70 |
| Mkt Cap | 3.0 |
| Rev LTM | 671 |
| Op Inc LTM | -0 |
| FCF LTM | 64 |
| FCF 3Y Avg | 42 |
| CFO LTM | 82 |
| CFO 3Y Avg | 42 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 10.9% |
| Rev Chg 3Y Avg | 23.0% |
| Rev Chg Q | 2.1% |
| QoQ Delta Rev Chg LTM | 0.5% |
| Op Inc Chg LTM | 4.9% |
| Op Inc Chg 3Y Avg | 19.9% |
| Op Mgn LTM | 4.5% |
| Op Mgn 3Y Avg | -44.1% |
| QoQ Delta Op Mgn LTM | 1.4% |
| CFO/Rev LTM | 10.0% |
| CFO/Rev 3Y Avg | 9.7% |
| FCF/Rev LTM | 6.2% |
| FCF/Rev 3Y Avg | 6.5% |
Price Behavior
| Market Price | $1.46 | |
| Market Cap ($ Bil) | 0.0 | |
| First Trading Date | 03/21/2014 | |
| Distance from 52W High | -81.5% | |
| 50 Days | 200 Days | |
| DMA Price | $1.33 | $2.96 |
| DMA Trend | down | down |
| Distance from DMA | 10.1% | -50.7% |
| 3M | 1YR | |
| Volatility | 87.4% | 85.3% |
| Downside Capture | 280.00 | 163.05 |
| Upside Capture | 33.49 | -78.52 |
| Correlation (SPY) | 18.8% | 6.4% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 0.84 | 0.06 | 1.50 | 0.12 | 0.64 | 0.35 |
| Up Beta | -1.07 | -0.95 | 2.14 | 0.94 | 0.96 | 0.27 |
| Down Beta | 1.67 | 0.12 | 4.35 | 1.56 | 0.50 | 0.61 |
| Up Capture | 156% | 61% | -92% | -113% | -37% | 1% |
| Bmk +ve Days | 13 | 28 | 36 | 67 | 141 | 432 |
| Stock +ve Days | 10 | 21 | 29 | 57 | 107 | 329 |
| Down Capture | 82% | 110% | 222% | 77% | 157% | 65% |
| Bmk -ve Days | 7 | 13 | 27 | 57 | 109 | 318 |
| Stock -ve Days | 5 | 13 | 27 | 58 | 130 | 385 |
[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 | -81.3% | 85.2% | -1.53 | - |
| Sector ETF (XLV) | 14.0% | 15.0% | 0.66 | 3.4% |
| Equity (SPY) | 26.5% | 12.4% | 1.61 | 6.3% |
| Gold (GLD) | 24.2% | 27.5% | 0.77 | 5.6% |
| Commodities (DBC) | 19.8% | 18.8% | 0.83 | -8.6% |
| Real Estate (VNQ) | 11.0% | 13.7% | 0.52 | -2.3% |
| Bitcoin (BTCUSD) | -38.3% | 42.4% | -1.02 | 2.6% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with PULM | |
|---|---|---|---|---|
| PULM | -41.7% | 80.1% | -0.33 | - |
| Sector ETF (XLV) | 5.4% | 14.7% | 0.19 | 4.5% |
| Equity (SPY) | 13.5% | 17.1% | 0.62 | 10.1% |
| Gold (GLD) | 17.1% | 18.3% | 0.76 | 3.1% |
| Commodities (DBC) | 7.5% | 19.4% | 0.29 | 2.8% |
| Real Estate (VNQ) | 1.9% | 18.9% | 0.00 | 8.2% |
| Bitcoin (BTCUSD) | 11.6% | 54.2% | 0.41 | 7.2% |
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 | -43.5% | 111.6% | -0.06 | - |
| Sector ETF (XLV) | 9.4% | 16.6% | 0.46 | 3.5% |
| Equity (SPY) | 15.3% | 18.0% | 0.73 | 7.0% |
| Gold (GLD) | 12.3% | 16.1% | 0.63 | 4.5% |
| Commodities (DBC) | 5.9% | 18.0% | 0.26 | 4.1% |
| Real Estate (VNQ) | 5.3% | 20.7% | 0.22 | 2.7% |
| Bitcoin (BTCUSD) | 60.4% | 66.8% | 1.00 | 4.9% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Updated 6/18/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 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% |
| 8/13/2024 | 4.8% | -13.5% | -18.1% |
| 5/10/2024 | -3.3% | 4.3% | 6.7% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 6 | 4 | 9 |
| # Negative | 15 | 17 | 12 |
| Median Positive | 2.8% | 6.1% | 6.7% |
| Median Negative | -3.1% | -7.1% | -13.0% |
| Max Positive | 6.8% | 126.0% | 187.0% |
| Max Negative | -9.3% | -32.7% | -53.0% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 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% |
| 8/13/2024 | 4.8% | -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% |
| 8/10/2023 | 0.4% | -4.6% | -12.2% |
| 5/12/2023 | -4.8% | -7.8% | -6.7% |
| 11/14/2022 | 6.8% | -7.1% | 0.3% |
| 8/10/2022 | 5.3% | -4.5% | -10.2% |
| 5/12/2022 | 0.8% | -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% |
| 11/12/2020 | 0.0% | -0.9% | 16.4% |
| 8/7/2020 | -1.6% | -8.6% | -23.4% |
| SUMMARY STATS | |||
| # Positive | 6 | 4 | 9 |
| # Negative | 15 | 17 | 12 |
| Median Positive | 2.8% | 6.1% | 6.7% |
| Median Negative | -3.1% | -7.1% | -13.0% |
| Max Positive | 6.8% | 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 |
| 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 |
| 12/31/2021 | 03/29/2022 | 10-K |
| 09/30/2021 | 11/10/2021 | 10-Q |
| 06/30/2021 | 08/10/2021 | 10-Q |
| 03/31/2021 | 05/11/2021 | 10-Q |
| 12/31/2020 | 03/23/2021 | 10-K |
| 09/30/2020 | 11/12/2020 | 10-Q |
| 06/30/2020 | 08/07/2020 | 10-Q |
| 03/31/2020 | 05/14/2020 | 10-Q |
| 12/31/2019 | 03/26/2020 | 10-K |
| 09/30/2019 | 11/01/2019 | 10-Q |
| 06/30/2019 | 08/05/2019 | 10-Q |
| 03/31/2019 | 05/15/2019 | 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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