Pulmatrix, Inc. PULM
are a biopharmaceutical company that has focused on the development of novel inhaled therapeutic products intended to prevent and treat
migraine and respiratory diseases with important unmet medical needs using our patented iSPERSE™ technology. Our proprietary
product pipeline includes treatments for central nervous system ("CNS") disorders such as acute migraine and serious lung
diseases such as Chronic Obstructive Pulmonary Disease ("COPD") and allergic bronchopulmonary aspergillosis ("ABPA").
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | — | $7.8M | $7.3M | $6.1M | $5.2M | $12.6M | $7.9M | $153.0K | $335.0K | $835.0K |
| R&D | $38.0K | $7.2M | $15.5M | $18.2M | $15.4M | $15.6M | $12.8M | $13.0M | $10.2M | $10.2M |
| SG&A | $5.1M | $7.8M | $6.5M | $6.8M | $6.4M | $6.9M | $8.5M | $7.5M | $7.6M | $8.0M |
| Total operating expenses | $5.2M | $17.6M | $22.0M | $25.0M | $25.3M | $22.5M | $28.6M | $20.6M | $17.8M | $25.7M |
| Operating income | -$5.2M | -$9.8M | -$14.7M | -$18.9M | -$20.2M | -$9.9M | -$20.7M | -$20.4M | -$17.5M | -$24.9M |
| Interest expense | — | $467.0K | $867.0K | $309.0K | $7.0K | $82.0K | — | $186.0K | $643.0K | $881.0K |
| Pre-tax income | -$5.2M | — | — | — | — | — | — | — | -$18.1M | -$30.8M |
| Income tax | $0 | — | — | — | — | — | — | — | — | $3.0M |
| Net income | -$5.2M | -$9.6M | -$14.1M | -$18.8M | -$20.2M | -$19.3M | -$20.6M | -$20.6M | -$18.1M | -$27.8M |
| EPS, basic | -1.41 | -2.62 | -3.87 | -5.46 | -8.63 | — | — | — | — | — |
| EPS, diluted | -1.41 | -2.62 | -3.87 | -5.46 | -8.63 | -13.43 | -1.23 | -4.98 | -9.32 | -1.88 |
| Shares, diluted (wtd. avg.) | $3.7M | $3.7M | $3.7M | $3.45B | $2.7M | — | — | — | — | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $4.1M | $9.5M | $19.2M | $35.6M | $53.8M | $31.7M | $23.4M | $2.6M | $3.8M | $4.2M |
| Receivables | — | — | $928.0K | $1.3M | $67.0K | $84.0K | $7.2M | — | — | — |
| Total current assets | $4.1M | $9.9M | $20.8M | $38.1M | $54.8M | $32.5M | $31.4M | $3.3M | $4.2M | $4.8M |
| Property, plant and equipment | — | — | $1.2M | $235.0K | $321.0K | $361.0K | $270.0K | $394.0K | $614.0K | $786.0K |
| Goodwill | — | — | — | — | — | $3.6M | $3.6M | $10.8M | $10.9M | $10.9M |
| Total assets | $4.1M | $9.9M | $34.0M | $41.0M | $58.8M | $38.1M | $36.1M | $14.7M | $16.0M | $16.7M |
| Accounts payable | $272.0K | $809.0K | $1.9M | $1.2M | $839.0K | $851.0K | $600.0K | $1.2M | $457.0K | $747.0K |
| Short-term debt | — | — | — | — | — | — | — | $0 | $3.2M | $2.6M |
| Total current liabilities | $329.0K | $929.0K | $3.9M | $5.0M | $4.4M | $8.2M | $17.2M | $2.9M | $5.8M | $4.7M |
| Long-term debt | — | — | — | — | — | — | — | — | — | $3.2M |
| Total liabilities | $329.0K | $996.0K | $16.0M | $9.8M | $11.4M | $15.0M | $25.1M | $2.9M | $5.8M | $7.9M |
| Retained earnings | -$302.3M | -$297.2M | -$287.6M | -$273.5M | -$254.6M | -$234.5M | -$215.2M | -$194.6M | -$174.0M | -$155.9M |
| Total equity | $3.8M | $8.9M | $18.0M | $31.1M | $47.4M | $23.1M | $11.0M | $11.8M | $10.1M | $8.8M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$5.4M | -$10.7M | -$16.0M | -$19.4M | -$19.7M | -$12.5M | $3.2M | -$16.8M | -$14.5M | -$13.2M |
| Depreciation and amortisation | — | — | $134.0K | $162.0K | — | — | $182.0K | $231.0K | $246.0K | $250.0K |
| Stock-based compensation | $25.0K | $511.0K | $954.0K | $1.1M | $1.2M | $1.2M | $2.1M | $3.0M | $2.8M | $4.0M |
| Capital expenditure | — | $398.0K | $676.0K | $86.0K | $144.0K | $281.0K | $58.0K | $19.0K | $74.0K | $455.0K |
| Investing cash flow | — | -$398.0K | -$676.0K | -$86.0K | -$144.0K | -$281.0K | -$58.0K | -$19.0K | -$74.0K | -$431.0K |
| Financing cash flow | — | — | $53.0K | $1.2M | $43.5M | $21.0M | $17.7M | $15.8M | $13.9M | -$1.0M |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001493152-26-041607.
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