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").
Last close
1.48
2026-10-23
Market cap
$5.4M
2026-06-30 share count
52-week range
1.16 - 4.99
Valuation FY2025 figures against the last close
P/S—
P/E—
P/FCF—
EV/EBITDA—
Dividend yield—
Diluted EPS-1.41
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.
Plot the figures US dollars
Income statement
Revenue
Cost of revenue
Gross profit
R&D
SG&A
Total operating expenses
Operating income
Interest expense
Pre-tax income
Income tax
Net income
EPS, basic
EPS, diluted
Shares, diluted (wtd. avg.)
- Revenue
- Gross profit
- Net income
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $835.0K | $335.0K | $153.0K | $7.9M | $12.6M | $5.2M | $6.1M | $7.3M | $7.8M | — |
| Gross profit | — | — | — | — | — | — | — | — | — | — |
| Net income | -$27.8M | -$18.1M | -$20.6M | -$20.6M | -$19.3M | -$20.2M | -$18.8M | -$14.1M | -$9.6M | -$5.2M |
Recent filings and events
- Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
- Results announced Item 2.02
- Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
- Other event The catch-all. The company chose to disclose something that fits no other item, so the content is whatever it says it is. Item 8.01
- Material agreement signed The company entered an agreement outside the ordinary course of business - a large contract, a credit facility, a merger agreement. Item 1.01
- Unregistered share sale Shares issued outside a registered offering. Dilution, and for a small company often the way it is funded. Item 3.02
- Shareholder rights changed The terms attaching to the shares themselves have changed. Item 3.03
- Change of control Control of the company has changed hands. Item 5.01
- Charter or fiscal year changed A change to the company's governing documents, or to when its year ends. Item 5.03
- Regulation FD disclosure Item 7.01
- Material agreement terminated An agreement that mattered has ended. Often the other half of a deal that fell through. Item 1.02
- Regulation FD disclosure Item 7.01
Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.
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