Pulmatrix, Inc.
PULMHealthcare|Biotechnology|US
$1.38
-0.02 (-1.43%)
DCF Value
$1.05
Tangible Book / Share
$0.70
Cash / Share
$0.59
Financials
Financial Snapshot
Market Cap
$5.0M
Enterprise Value
$2.9M
Revenue (TTM)
$0.00
Net Income (TTM)
-$4.0M
Cash & Investments
$2.2M
Net Cash
$2.2M
Free Cash Flow (TTM)
-$3.9M
Operating CF (TTM)
-$3.9M
Debt/Equity
0.00
Cash Runway & Burn Rate
Cash on Hand
$2.2M
Quarterly Burn
$977.5K
Monthly Burn
$325.8K
Est. Runway
~2.2 quarters
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Investments | $4.2M | $3.5M | $2.6M | $23.4M | $31.7M | $53.8M | $35.6M | $19.2M | $9.5M | $4.1M | $2.2M | |
| Operating Cash Flow | -$13.2M | -$14.5M | -$16.8M | $3.2M | -$12.5M | -$19.7M | -$19.4M | -$16.0M | -$10.7M | -$5.4M | -$3.9M | |
| Free Cash Flow | -$13.7M | -$14.6M | -$16.8M | $3.2M | -$12.8M | -$19.9M | -$19.4M | -$16.7M | -$11.1M | -$5.4M | -$3.9M | |
| Capital Expenditure | -$455.0K | -$74.0K | -$19.0K | -$58.0K | -$281.0K | -$144.0K | -$86.0K | -$676.0K | -$398.0K | $0.00 | $0.00 | |
| Financing Cash Flow | -$1.0M | $13.9M | $15.8M | $17.7M | $21.0M | $43.5M | $1.2M | $53.0K | $0.00 | $0.00 | $950.0K |
R&D Spending
R&D (TTM)
$16.0K
R&D Intensity
—
R&D Growth vs Prior
-57.9%
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $835.0K | $335.0K | $153.0K | $7.9M | $12.6M | $5.2M | $6.1M | $7.3M | $7.8M | $0.00 | $0.00 | |
| R&D Expense | $17.7M | $10.2M | $13.0M | $12.8M | $15.6M | $15.4M | $18.2M | $15.5M | $7.2M | $38.0K | $16.0K | |
| R&D % of Revenue | 2118.1% | 3057.6% | 8474.5% | 162.4% | 123.5% | 297.6% | 300.4% | 212.6% | 91.8% | — | — | |
| SG&A | $8.0M | $7.6M | $7.5M | $8.5M | $6.9M | $6.4M | $6.8M | $6.5M | $7.8M | $5.1M | $4.1M |
Income Statement
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $835.0K | $335.0K | $153.0K | $7.9M | $12.6M | $5.2M | $6.1M | $7.3M | $7.8M | $0.00 | $0.00 | |
| Cost of Revenue | $10.2M | $10.2M | $13.0M | $12.8M | $0.00 | $15.4M | $18.2M | $15.5M | $7.2M | $38.0K | $38.0K | |
| Gross Profit | -$9.3M | -$9.9M | -$12.8M | -$4.9M | $12.6M | -$10.2M | -$12.2M | -$8.2M | $640.0K | -$38.0K | -$38.0K | |
| R&D | $17.7M | $10.2M | $13.0M | $12.8M | $15.6M | $15.4M | $18.2M | $15.5M | $7.2M | $38.0K | $16.0K | |
| SG&A | $8.0M | $7.6M | $7.5M | $8.5M | $6.9M | $6.4M | $6.8M | $6.5M | $7.8M | $5.1M | $4.1M | |
| Operating Income | -$24.9M | -$17.5M | -$20.4M | -$20.7M | -$9.9M | -$20.2M | -$18.9M | -$14.7M | -$9.8M | -$5.2M | -$4.1M | |
| Interest Expense | $881.0K | $643.0K | $186.0K | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Pretax Income | -$30.8M | -$18.1M | -$20.6M | -$20.6M | -$19.3M | -$20.2M | -$18.8M | -$14.1M | -$9.6M | -$5.2M | -$4.0M | |
| Net Income | -$27.8M | -$18.1M | -$20.6M | -$20.6M | -$19.3M | -$20.2M | -$18.8M | -$14.1M | -$9.6M | -$5.2M | -$4.0M | |
| EPS (Diluted) | -375.87 | -186.42 | -99.67 | -24.37 | -19.83 | -8.63 | -5.43 | -3.87 | -2.62 | -1.41 | -1.10 | |
| EBITDA | -$17.1M | -$17.2M | -$20.1M | -$12.7M | -$8.8M | -$15.4M | -$17.3M | -$12.6M | -$6.7M | -$5.2M | -$4.0M | |
| Shares Out. (M) | 0.07 | 0.10 | 0.21 | 0.84 | 1.44 | 2.71 | 3.45 | 3.65 | 3.65 | 3.65 | 3.65 |
Balance Sheet
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $4.2M | $3.5M | $2.6M | $23.4M | $31.7M | $53.8M | $35.6M | $19.2M | $9.5M | $4.1M | $2.2M | |
| Short-Term Investments | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Total Current Assets | $4.8M | $4.2M | $3.3M | $31.4M | $32.5M | $54.8M | $38.1M | $20.8M | $9.9M | $4.1M | $3.2M | |
| Total Assets | $16.7M | $16.0M | $14.7M | $36.1M | $38.2M | $58.8M | $41.0M | $34.0M | $9.9M | $4.1M | $3.2M | |
| Total Current Liabilities | $4.7M | $5.8M | $2.9M | $17.2M | $8.3M | $4.4M | $5.0M | $3.9M | $929.0K | $329.0K | $689.0K | |
| Long-Term Debt | $3.2M | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Total Liabilities | $7.9M | $5.8M | $2.9M | $25.1M | $15.0M | $11.4M | $9.8M | $16.0M | $996.0K | $329.0K | $689.0K | |
| Stockholders' Equity | $8.8M | $10.1M | $11.8M | $11.0M | $23.1M | $47.4M | $31.1M | $18.0M | $8.9M | $3.8M | $2.6M | |
| Retained Earnings | -$155.9M | -$174.0M | -$194.6M | -$215.2M | -$234.5M | -$254.6M | -$273.5M | -$287.6M | -$297.2M | -$302.3M | -$304.5M |
Cash Flow Statement
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$13.2M | -$14.5M | -$16.8M | $3.2M | -$12.5M | -$19.7M | -$19.4M | -$16.0M | -$10.7M | -$5.4M | -$3.9M | |
| Capital Expenditure | -$455.0K | -$74.0K | -$19.0K | -$58.0K | -$281.0K | -$144.0K | -$86.0K | -$676.0K | -$398.0K | $0.00 | $0.00 | |
| Free Cash Flow | -$13.7M | -$14.6M | -$16.8M | $3.2M | -$12.8M | -$19.9M | -$19.4M | -$16.7M | -$11.1M | -$5.4M | -$3.9M | |
| Investing Cash Flow | -$431.0K | -$74.0K | -$19.0K | -$58.0K | -$281.0K | -$144.0K | -$86.0K | -$676.0K | -$398.0K | $0.00 | $0.00 | |
| Financing Cash Flow | -$1.0M | $13.9M | $15.8M | $17.7M | $21.0M | $43.5M | $1.2M | $53.0K | $0.00 | $0.00 | $950.0K | |
| Issuance of Stock | $0.00 | $16.3M | $19.3M | $17.5M | $7.3M | $37.1M | $1.4M | $53.0K | $0.00 | $0.00 | $1.0M | |
| Repurchase of Stock | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Net Debt Issuance | -$1.0M | -$2.7M | -$3.5M | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Stock Based Comp. | $4.0M | $2.8M | $3.0M | $2.1M | $1.2M | $1.2M | $1.1M | $954.0K | $511.0K | $25.0K | $16.0K | |
| Net Change in Cash | -$14.7M | -$632.0K | -$987.0K | $20.9M | $8.2M | $23.6M | -$18.2M | -$16.6M | -$11.1M | -$5.4M | -$3.0M |
Dilution Tracker
Shares outstanding grew 154.0% over 5 years — significant dilution
Shares Outstanding
4M
5-Year Share Growth
+154.0%
Stock Issuance (TTM)
$1.0M
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Shares Out. (M) | 0.07 | 0.10 | 0.21 | 0.84 | 1.44 | 2.71 | 3.45 | 3.65 | 3.65 | 3.65 | 3.65 | |
| Change vs Prior % | — | 30.8% | 113.0% | 305.5% | 71.8% | 88.4% | 27.3% | 5.9% | 0.0% | 0.0% | 0.0% | |
| Stock Issuance | $0.00 | $16.3M | $19.3M | $17.5M | $7.3M | $37.1M | $1.4M | $53.0K | $0.00 | $0.00 | $1.0M | |
| Stock Repurchase | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Stock Based Comp. | $4.0M | $2.8M | $3.0M | $2.1M | $1.2M | $1.2M | $1.1M | $954.0K | $511.0K | $25.0K | $16.0K |
Margins & Profitability
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin % | -1115.8% | -2957.6% | -8374.5% | -62.4% | 100.0% | -197.6% | -200.4% | -112.6% | 8.2% | — | — | |
| Operating Margin % | -2978.0% | -5216.4% | -13333.3% | -261.6% | -78.1% | -390.2% | -312.1% | -202.0% | -125.1% | — | — | |
| Net Margin % | -3334.5% | -5389.9% | -13439.9% | -260.4% | -152.8% | -390.2% | -310.3% | -193.5% | -122.5% | — | — | |
| EBITDA Margin % | -2045.7% | -5143.0% | -13137.3% | -160.0% | -69.8% | -297.0% | -284.8% | -173.3% | -86.0% | — | — | |
| FCF Margin % | -1640.5% | -4343.6% | -10967.3% | 40.1% | -101.0% | -384.4% | -320.2% | -228.3% | -142.4% | — | — | |
| ROE % | -317.8% | -178.1% | -173.6% | -186.9% | -83.4% | -42.5% | -60.5% | -78.5% | -106.8% | -135.5% | -109.3% | |
| ROA % | -167.1% | -113.0% | -139.7% | -57.1% | -50.6% | -34.3% | -46.0% | -41.6% | -96.1% | -124.7% | -123.6% | |
| ROIC % | -154.0% | -130.8% | -172.2% | -105.7% | -31.8% | -36.1% | -51.5% | -48.4% | -108.3% | -135.7% | -160.8% | |
| R&D / Revenue % | 2118.1% | 3057.6% | 8474.5% | 162.4% | 123.5% | 297.6% | 300.4% | 212.6% | 91.8% | — | — |
Growth (Year over Year)
Fiscal years. Rising share count growth means dilution.
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | -30.5% | -59.9% | -54.3% | 5069.9% | 59.7% | -59.1% | 17.5% | 20.2% | 7.0% | -100.0% | |
| Gross Profit | -55.6% | -6.3% | -29.3% | 61.5% | 356.0% | -180.8% | -19.2% | 32.5% | 107.8% | -105.9% | |
| Operating Income | -8.0% | 29.7% | -16.7% | -1.4% | 52.3% | -104.5% | 6.0% | 22.2% | 33.8% | 47.1% | |
| Net Income | -6.4% | 35.2% | -13.9% | -0.2% | 6.3% | -4.5% | 6.6% | 25.0% | 32.3% | 46.0% | |
| EPS (Diluted) | 41.9% | 50.4% | 46.5% | 75.5% | 18.6% | 56.5% | 37.1% | 28.7% | 32.3% | 46.2% | |
| Operating Cash Flow | -6.2% | -9.3% | -15.8% | 119.3% | -486.5% | -58.0% | 1.9% | 17.4% | 33.0% | 49.3% | |
| Free Cash Flow | -7.5% | -6.2% | -15.3% | 118.9% | -502.4% | -55.7% | 2.2% | 14.3% | 33.3% | 51.1% | |
| R&D Expense | 146.1% | -42.1% | 26.6% | -0.9% | 21.5% | -1.5% | 18.6% | -14.9% | -53.8% | -99.5% | |
| SG&A Expense | -16.8% | -5.6% | -0.6% | 12.9% | -18.9% | -7.4% | 6.3% | -3.8% | 19.4% | -34.1% | |
| Total Assets | -62.9% | -4.1% | -7.9% | 145.2% | 5.7% | 54.1% | -30.4% | -17.1% | -70.7% | -58.4% | |
| Book Value / Share | -85.3% | -11.5% | -45.1% | -77.1% | 22.2% | 26.1% | -55.5% | -45.4% | -50.3% | -57.4% | |
| Debt | -13.7% | -44.5% | -100.0% | 0.0% | 158.2% | 31.3% | -62.5% | 921.7% | -100.0% | 0.0% | |
| Diluted Shares | 83.1% | 30.8% | 113.0% | 305.5% | 71.8% | 88.4% | 27.3% | 5.9% | 0.0% | 0.0% |
Valuation
P/E (TTM)At Loss
P/S0.00
10Y Low / Med / High0.93 / 3.27 / 81.53
P/B1.97
10Y Low / Med / High0.38 / 1.31 / 2.85
EV/EBITDAAt Loss
10Y Low / Med / High0.29 / 1.24 / 2.02
EV/Revenue0.00
10Y Low / Med / High0.34 / 12.41 / 80.55
P/FCFAt Loss
Intrinsic Value Models (per share)
DCF Value
$1.05
Tangible Book / Share
$0.70
Net Current Assets / Share
$0.70
Graham Net-Net
$0.40
Cash / Share
$0.59
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| P/E Ratio | -0.31 | -1.51 | -0.48 | -0.71 | -1.20 | -1.02 | -0.71 | -0.48 | -2.66 | -1.58 | -1.25 | |
| P/S Ratio | 10.47 | 81.53 | 64.73 | 1.82 | 2.71 | 3.96 | 2.20 | 0.93 | 3.27 | 0.00 | 0.00 | |
| P/B Ratio | 1.00 | 2.69 | 0.84 | 1.31 | 1.48 | 0.43 | 0.43 | 0.38 | 2.85 | 2.14 | 1.97 | |
| EV/EBITDA | -0.61 | -1.57 | -0.37 | 0.66 | -0.49 | 2.02 | 1.24 | 0.29 | -2.38 | -0.79 | -0.71 | |
| EV/Revenue | 12.41 | 80.55 | 47.98 | -1.06 | 0.34 | -6.01 | -3.52 | -0.50 | 2.05 | 0.00 | 0.00 |
Analyst Estimates & Quality
Altman Z-Score
-130.10
Distress
Piotroski F-Score
1
Weak
Forward Estimates (consensus)
| Metric | FY2026 | FY2027 |
|---|---|---|
| Revenue | $16.5M | $27.5M |
| Net Income | -$8.2M | $2.1M |
| EPS | $-2.24 | $0.58 |
| # Analysts (EPS) | 1 | 1 |
Revenue Segments
By Product
| Segment | 2015 | 2016 | 2020 |
|---|---|---|---|
| Long Acting Muscarinic Agent Collaboration Agreement | $1.0M | $835.0K | — |
| Material Transfer Agreement | $77.0K | — | — |
| Toxicology Study Costs | — | — | $1.6M |