Pulmatrix, Inc. (PULM)
Pulmatrix, Inc. (PULM) is a clinical-stage biotechnology firm focused on creating and advancing inhaled treatments. The company's primary goal is to address significant unmet medical needs in respiratory and other diseases within the United States. Central to their approach is the innovative iSPERSE (inhaled small particles easily respirable and emitted) technology. This proprietary platform allows for the precise delivery of both small and large molecule therapeutics directly into the lungs, achieving either localized effects or systemic distribution throughout the body. Pulmatrix's development pipeline includes several key candidates: Pulmazole: An inhaled antifungal drug being developed to treat allergic bronchopulmonary aspergillosis in patients with asthma and cystic fibrosis. PUR1800: A narrow spectrum kinase inhibitor currently undergoing Phase 1b clinical trials for individuals suffering from stable moderate-to-severe chronic obstructive pulmonary disease (COPD). PUR3100: An iSPERSE-formulated version of dihydroergotamine, intended for the rapid relief of acute migraine attacks. The company also maintains strategic collaborations, including a licensing arrangement with RespiVert Ltd. for access to a range of kinase inhibitor drug candidates, a partnership with Cipla Technologies LLC for the development and commercialization of Pulmazole, and a collaboration and license agreement with Sensory Cloud, Inc. Established in 2003, Pulmatrix, Inc. is headquartered in Lexington, Massachusetts.
Sector: Pharmaceutical Preparations
Industry: Biotechnology
Pulmatrix, Inc.
NASDAQ:PULMHealthcare · Biotechnology
-1.06%$1.40
AH$1.40+0.00%vs close
Mkt Cap$5.11M
Float3.65M
O/S3.65M
Vol
$ Vol
RVOL
Inst Own9.1%
SI1.2%
Earnings
Dilution
Financials Summary
Revenue$0
Net Income-$5.16M
Total Assets$4.14M
Free Cash Flow-$5.43M
Debt & Equity
Equity 100%
Total Debt$0
Total Equity$3.81M
Shares Outstanding
Short Interest
Split History2 splits · 2 reverse
- 1:20Reverse splitMar 1, 202220 shares → 1
- 1:10Reverse splitFeb 6, 201910 shares → 1
Balance Sheet Details
Assets$4.14M
Liabilities$329K
Accounts Receivable$0
Accounts Payable$272K
Inventory$0
PP&E (Net)$0
Goodwill$0
Intangible Assets$0
Income Statement
| Period | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 | FY 2014 | FY 2013 | FY 2012 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Currency | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD |
| Period Ending | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 | 2018-12-31 | 2017-12-31 | 2016-12-31 | 2015-12-31 | 2014-03-31 | 2013-03-31 | 2012-03-31 |
| Revenue | $0 | $7.81M | $7.3M | $6.07M | $5.17M | $12.63M | $7.91M | $153K | $335K | $835K | $1.2M | $352K | $653K | $0 |
| YoY Growth | - | 7.0% | 20.2% | 17.5% | -59.1% | 59.7% | 5069.9% | -54.3% | -59.9% | -30.5% | 241.2% | -46.1% | - | - |
| Cost of Revenue | $38K | $7.17M | $15.52M | $18.24M | $15.38M | $0 | $12.85M | $12.97M | $10.24M | $10.15M | $7.19M | $6.59M | $8.56M | $0 |
| Gross Profit | -$38K | $640K | -$8.22M | -$12.17M | -$10.21M | $12.63M | -$4.93M | -$12.81M | -$9.91M | -$9.32M | -$5.99M | -$6.24M | -$7.91M | $0 |
| Gross Margin | - | 8.2% | -112.6% | -200.4% | -197.6% | 100.0% | -62.4% | -8374.5% | -2957.6% | -1115.8% | -498.4% | -1772.2% | -1211.5% | - |
| Research and Development | $38K | $7.17M | $15.52M | $18.24M | $15.38M | $15.61M | $12.85M | $12.97M | $10.24M | $17.69M | $7.19M | $6.59M | $8.56M | $20K |
| Selling, General, and Administrative | $5.13M | $7.79M | $6.52M | $6.78M | $6.38M | $6.89M | $8.49M | $7.52M | $7.57M | $8.02M | $9.63M | $2.84M | $3.15M | $0 |
| Other | -$38K | -$4.55M | -$15.52M | -$18.24M | -$11.8M | $0 | -$5.58M | -$12.9M | -$10.24M | -$10.15M | $213K | -$6.59M | -$8.56M | $10K |
| Total Operating Expenses | $5.13M | $10.4M | $6.52M | $6.78M | $9.95M | $22.5M | $15.76M | $7.59M | $7.57M | $15.55M | $17.03M | $2.84M | $3.15M | $30K |
| Operating Income (EBIT) | -$5.17M | -$9.76M | -$14.74M | -$18.95M | -$20.17M | -$9.86M | -$20.69M | -$20.4M | -$17.48M | -$24.87M | -$23.02M | -$9.08M | -$11.06M | -$30K |
| Operating Margin | - | -125.1% | -202.0% | -312.1% | -390.2% | -78.1% | -261.6% | -13333.3% | -5216.4% | -2978.0% | -1916.6% | -2578.4% | -1694.0% | - |
| Interest Expense | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $186K | $643K | $881K | $953K | $0 | $0 | $0 |
| Interest Income | $144K | $467K | $867K | $309K | $7K | $82K | $301K | $27K | $0 | $0 | $0 | $17K | $0 | $0 |
| Other Income (Expense) | $7K | $204K | $619K | $111K | -$4K | -$9.45M | $96K | -$163K | -$581K | -$5.94M | -$3.15M | -$15.07M | -$2.25M | $0 |
| Income Before Tax (EBT) | -$5.16M | -$9.56M | -$14.12M | -$18.84M | -$20.17M | -$19.31M | -$20.6M | -$20.56M | -$18.06M | -$30.8M | -$26.17M | -$24.14M | -$13.31M | -$30K |
| Income Tax Expense | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | -$2.96M | $0 | $0 | $0 | $0 |
| Net Income | -$5.16M | -$9.56M | -$14.12M | -$18.84M | -$20.17M | -$19.31M | -$20.6M | -$20.56M | -$18.06M | -$27.84M | -$26.17M | -$24.14M | -$13.31M | -$30K |
| Net Income Margin | - | -122.5% | -193.5% | -310.3% | -390.2% | -152.8% | -260.4% | -13439.9% | -5389.9% | -3334.5% | -2178.8% | -6859.1% | -2038.1% | - |
| Supplementary Data | ||||||||||||||
| EPS | -1.41 | -2.62 | -3.87 | -5.43 | -8.63 | -19.83 | -24.37 | -99.67 | -186.42 | -375.87 | -646.91 | -765.72 | -130.75 | -7.50 |
| Diluted EPS | -1.41 | -2.62 | -3.87 | -5.43 | -8.63 | -19.83 | -24.37 | -99.67 | -186.42 | -375.87 | -646.91 | -765.72 | -130.75 | -7.50 |
| Weighted Average OS | 3.65M | 3.65M | 3.65M | 3.45M | 2.34M | 1.44M | 836,695 | 206,319 | 96,858 | 74,076 | 40,449 | 4,072 | 4,000 | 4,000 |
| EBITDA | -$5.16M | -$6.71M | -$12.65M | -$17.29M | -$15.35M | -$8.82M | -$12.66M | -$20.1M | -$17.23M | -$17.08M | -$15.39M | -$8.73M | -$10.71M | -$30K |
| EBITDA Margin | - | -86.0% | -173.3% | -284.8% | -297.0% | -69.8% | -160.0% | -13137.3% | -5143.0% | -2045.7% | -1281.1% | -2481.3% | -1640.1% | - |
Balance Sheet
| Period | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 | FY 2014 | FY 2013 | FY 2012 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Currency | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD |
| Period Ending | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 | 2018-12-31 | 2017-12-31 | 2016-12-31 | 2015-12-31 | 2015-03-31 | 2013-03-31 | 2012-03-31 |
| Assets | ||||||||||||||
| Current Assets | ||||||||||||||
| Cash and Cash Equivalents | $4.09M | $9.52M | $19.17M | $35.63M | $53.84M | $31.66M | $23.44M | $2.56M | $3.55M | $4.18M | $18.9M | $15.57M | $96K | $0 |
| Short-Term Investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Cash and Short-Term Investments | $4.09M | $9.52M | $19.17M | $35.63M | $53.84M | $31.66M | $23.44M | $2.56M | $3.55M | $4.18M | $18.9M | $15.57M | $96K | $0 |
| Accounts Receivable | $0 | $0 | $928K | $1.3M | $67K | $84K | $7.2M | $0 | $1K | $206K | $481K | $0 | $0 | $0 |
| Inventory | $0 | $0 | $0 | $153K | $0 | $667K | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other Current Assets | $34K | $180K | $372K | $166K | $316K | -$593K | $253K | $55K | $71K | $107K | $598K | $114K | $1K | $0 |
| Total Current Assets | $4.13M | $9.92M | $20.84M | $38.15M | $54.78M | $32.54M | $31.42M | $3.28M | $4.25M | $4.76M | $20.46M | $15.57M | $100K | $0 |
| Long-Term Assets | ||||||||||||||
| Property, Plant & Equipment Net | $0 | $0 | $11.47M | $945K | $2.41M | $1.85M | $900K | $394K | $614K | $786K | $685K | $2K | $4K | $0 |
| Goodwill | $0 | $0 | $0 | $0 | $0 | $3.58M | $3.58M | $10.85M | $10.91M | $10.91M | $15.94M | $0 | $0 | $0 |
| Intangible Assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $7.53M | $0 | $0 | $0 |
| Long-Term Investments | $10K | $10K | $1.47M | $1.47M | $1.63M | $0 | $204K | $204K | $204K | $204K | $250K | $0 | $0 | $0 |
| Deferred Tax Assets | $0 | $0 | $0 | $0 | $0 | $0 | -$204K | -$204K | -$204K | -$204K | -$250K | $0 | $0 | $0 |
| Other Long-Term Assets | $0 | $13K | $176K | $389K | $0 | $204K | $204K | $204K | $204K | $204K | $250K | $0 | $44K | $0 |
| Total Long-Term Assets | $10K | $23K | $13.12M | $2.81M | $4.04M | $5.63M | $4.68M | $11.44M | $11.73M | $11.9M | $24.41M | $2K | $48K | $0 |
| Other Assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Total Assets | $4.14M | $9.94M | $33.96M | $40.95M | $58.82M | $38.17M | $36.1M | $14.72M | $15.98M | $16.66M | $44.87M | $15.58M | $148K | $0 |
| Liabilities | ||||||||||||||
| Current Liabilities | ||||||||||||||
| Accounts Payable | $272K | $809K | $1.92M | $1.19M | $839K | $851K | $600K | $1.18M | $457K | $747K | $1.09M | $0 | $0 | $61K |
| Short-Term Debt | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $3.22M | $2.59M | $1.03M | $39.7M | $27.56M | $0 |
| Current Income Tax Payable | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $146K | $0 | $0 |
| Current Unearned Revenue | $0 | $0 | $618K | $1.34M | $939K | $4.17M | $13.41M | $67K | $0 | $0 | $4K | -$39.92M | -$27.56M | $0 |
| Other Current Liabilities | $14K | $71K | $877K | $508K | $182K | $1.23M | $1.95M | $0 | $138K | $842K | $764K | $587K | -$1.05M | $1K |
| Total Current Liabilities | $329K | $929K | $3.91M | $5.02M | $4.44M | $8.25M | $17.2M | $2.88M | $5.84M | $4.65M | $3.6M | $947K | $101K | $0 |
| Long-Term Liabilities | ||||||||||||||
| Long-Term Debt | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $3.22M | $5.69M | $0 | $0 | $0 |
| Long-Term Unearned Revenue | $0 | $0 | $3.73M | $4.82M | $6.07M | $6.17M | $7.88M | $0 | $0 | $0 | -$6.53M | $0 | $0 | $0 |
| Long-Term Deferred Tax Liabilities | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $2.96M | $0 | $0 | $0 |
| Other Long-Term Liabilities | $0 | $67K | $0 | $0 | $0 | $0 | $0 | $0 | $1K | $35K | $11K | $0 | $0 | $0 |
| Total Long-Term Liabilities | $0 | $67K | $12.05M | $4.82M | $6.93M | $6.78M | $7.88M | $0 | $1K | $3.25M | $8.66M | $0 | $61K | $0 |
| Other Liabilities | $0 | $0 | $0 | $0 | $0 | $0 | $0 | -$1.18M | $0 | $0 | $0 | $0 | -$61K | $0 |
| Total Liabilities | $329K | $996K | $15.96M | $9.84M | $11.37M | $15.03M | $25.08M | $2.88M | $5.84M | $7.9M | $12.27M | $947K | $101K | $0 |
| Stockholders' Equity | ||||||||||||||
| Preferred Stock | $0 | $0 | $0 | $0 | $1.08M | $0 | $0 | $0 | $0 | $0 | $0 | $36.88M | $46.46M | $0 |
| Common Stock | $0 | $0 | $0 | $0 | $0 | $4K | $2K | $0 | $2K | $1K | $1K | $465 | $200 | $0 |
| Retained Earnings | -$302.32M | -$297.16M | -$287.6M | -$273.48M | -$254.64M | -$234.47M | -$215.16M | -$194.56M | -$174M | -$155.95M | -$128.1M | -$3.67M | -$551K | -$28K |
| Comprehensive Income & Other | $0 | $0 | $0 | $0 | $0 | $0 | $0 | -$2.12M | -$2.87M | -$2.67M | $0 | -$2K | -$0 | $0 |
| Other Stockholders' Equity | $306.13M | $306.1M | $305.59M | $304.58M | $302.09M | $257.6M | $226.18M | $206.41M | $184.14M | $164.71M | $160.71M | $18.3M | $598K | $0 |
| Total Equity | $3.81M | $8.95M | $18M | $31.11M | $47.45M | $23.14M | $11.02M | $11.84M | $10.14M | $8.76M | $32.61M | $14.63M | $47K | -$28K |
| Minority Interest | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Total Liabilities and Equity | $4.14M | $9.94M | $33.96M | $40.95M | $58.82M | $38.17M | $36.1M | $14.72M | $15.98M | $16.66M | $44.87M | $15.58M | $148K | -$28K |
| Supplementary Data | ||||||||||||||
| Total Debt | $0 | $0 | $8.76M | $857K | $2.29M | $1.74M | $675K | $0 | $3.22M | $5.8M | $6.72M | $39.7M | $27.56M | $0 |
| Net Debt | -$4.09M | -$9.52M | -$10.42M | -$34.77M | -$51.55M | -$29.91M | -$22.77M | -$2.56M | -$329K | $1.62M | -$12.18M | $24.13M | $27K | $0 |
Cash Flow Statement
| Period | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 | FY 2014 | FY 2013 | FY 2012 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Currency | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD |
| Period Ending | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 | 2018-12-31 | 2017-12-31 | 2016-12-31 | 2015-12-31 | 2015-03-31 | 2013-03-31 | 2012-03-31 |
| Operating Activities | ||||||||||||||
| Net Income | -$5.16M | -$9.56M | -$14.12M | -$18.84M | -$20.17M | -$19.31M | -$20.6M | -$20.56M | -$18.06M | -$27.84M | -$26.17M | -$3.12M | -$523K | -$30K |
| Depreciation & Amortization | $0 | $435K | $1.48M | $1.54M | $1.24M | $1.04M | $765K | $231K | $246K | $250K | $232K | $342K | $352K | $0 |
| Deferred Income Tax | $0 | $0 | $0 | -$4.92M | $0 | $0 | $0 | $76K | -$34K | $9.69M | $1.18M | $0 | $0 | $0 |
| Stock-Based Compensation | $25K | $511K | $954K | $1.11M | $1.16M | $1.16M | $2.07M | $2.97M | $2.82M | $4M | $9.76M | $1.08M | $444K | $0 |
| Changes in Working Capital: | ||||||||||||||
| Accounts Receivable | $0 | $928K | $370K | -$1.23M | $17K | $7.12M | -$7.2M | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Inventory | $0 | $0 | $0 | $0 | -$2.07M | -$1.13M | $220K | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Accounts Payable | -$537K | -$1.11M | $727K | $511K | -$149K | $300K | -$583K | $726K | -$290K | -$346K | $806K | $146K | $61K | $0 |
| Other Working Capital | $308K | -$4.61M | -$5.4M | -$2.46M | -$3.33M | -$10.96M | $21.29M | -$242K | $635K | $717K | $78K | $1K | $36K | $0 |
| Total Working Capital Change | -$229K | -$4.79M | -$4.3M | -$3.18M | -$5.53M | -$4.67M | $13.73M | $484K | $345K | $371K | $884K | $147K | $97K | $0 |
| Other Non-Cash Items | -$67K | $2.69M | $8K | $4.92M | $3.58M | $9.29M | $7.27M | $38K | $204K | $295K | $1.64M | -$1.42M | $2.37M | $0 |
| Net Cash from Operating | -$5.43M | -$10.72M | -$15.98M | -$19.36M | -$19.73M | -$12.48M | $3.23M | -$16.76M | -$14.48M | -$13.24M | -$12.47M | -$2.97M | -$426K | -$30K |
| Investing Activities | ||||||||||||||
| Capital Expenditures | $0 | -$398K | -$676K | -$86K | -$144K | -$281K | -$58K | -$19K | -$74K | -$455K | -$266K | -$156K | -$4K | $0 |
| Acquisitions | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $24K | $9.67M | $0 | $0 | $0 |
| Purchases of Investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Sales of Investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other Investing Activities | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $24K | $0 | $0 | $0 | $0 |
| Net Cash from Investing | $0 | -$398K | -$676K | -$86K | -$144K | -$281K | -$58K | -$19K | -$74K | -$431K | $9.4M | -$156K | -$4K | $0 |
| Financing Activities | ||||||||||||||
| Debt Repaid | - | - | - | - | - | - | - | - | $2.69M | $1.05M | -$11.37M | - | - | - |
| Common Stock Issuance | $0 | $0 | $53K | $1.38M | $37.08M | $7.31M | $17.55M | $19.3M | $16.31M | $0 | $10M | $865K | $16.23M | $0 |
| Common Stock Repurchases | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Dividends Paid | $0 | $0 | $0 | $0 | -$3.2M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other Financing Activities | $0 | $0 | $0 | $0 | $3.4M | $13.67M | $160K | $0 | $304K | $0 | $151K | $7.61M | -$17.38M | $0 |
| Net Cash from Financing | $0 | $0 | $53K | $1.23M | $43.48M | $20.98M | $17.7M | $15.79M | $13.92M | -$1.05M | $21.52M | $18.44M | $526K | $30K |
| Forex Effect | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Net Change in Cash | -$5.43M | -$11.11M | -$16.61M | -$18.21M | $23.6M | $8.22M | $20.88M | -$987K | -$632K | -$14.72M | $18.45M | $15.47M | $96K | $0 |
| Supplementary Data | ||||||||||||||
| Operating Cash Flow | -$5.43M | -$10.72M | -$15.98M | -$19.36M | -$19.73M | -$12.48M | $3.23M | -$16.76M | -$14.48M | -$13.24M | -$12.47M | -$2.97M | -$426K | -$30K |
| Capital Expenditure | $0 | -$398K | -$676K | -$86K | -$144K | -$281K | -$58K | -$19K | -$74K | -$455K | -$266K | -$156K | -$4K | $0 |
| Free Cash Flow | -$5.43M | -$11.11M | -$16.66M | -$19.44M | -$19.87M | -$12.76M | $3.17M | -$16.78M | -$14.55M | -$13.7M | -$12.74M | -$3.13M | -$430K | -$30K |
| Cash at Beginning | $9.53M | $20.64M | $37.25M | $55.47M | $31.86M | $23.64M | $2.77M | $3.55M | $4.18M | $18.9M | $451K | $96K | $0 | $0 |
| Cash at End | $4.1M | $9.53M | $20.64M | $37.25M | $55.47M | $31.86M | $23.64M | $2.56M | $3.55M | $4.18M | $18.9M | $15.57M | $96K | $0 |