Logo

PULM

Pulmatrix, Inc.

PULM

Pulmatrix, Inc. • NASDAQ
$4.45 ▼ -0.89% (-0.04)
Market Cap $16.25 M
52w High $10.40
52w Low $4.26
Dividend Yield 0%
P/E -2.6
Volume 8.56K
Outstanding Shares 3.65M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $0 $866K ▼ $-877K ▲ 0% $-0.24 ▲ $-877K ▲
Q2-2025 $0 $1.534M ▼ $-1.549M ▲ 0% $-0.42 ▲ $-1.522M ▲
Q1-2025 $0 ▼ $1.828M ▼ $-1.808M ▲ 0% ▲ $-0.49 ▲ $-1.821M ▲
Q4-2024 $3K ▼ $1.949M ▼ $-1.986M ▲ -66.2K% ▼ $-0.54 ▲ $-1.952M ▲
Q3-2024 $366K $2.209M $-2.587M -706.831% $-0.71 $-2.657M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $4.794M ▼ $4.982M ▼ $249K ▼ $4.733M ▼
Q2-2025 $5.825M ▼ $6.152M ▼ $548K ▼ $5.604M ▼
Q1-2025 $7.708M ▼ $8.051M ▼ $904K ▼ $7.147M ▼
Q4-2024 $9.521M ▼ $9.943M ▼ $996K ▲ $8.947M ▼
Q3-2024 $10.782M $11.51M $590K $10.92M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-877K ▲ $-1.031M ▲ $0 $0 $-1.031M ▲ $-1.031M ▲
Q2-2025 $-1.549M ▲ $-1.883M ▼ $0 $0 $-1.883M ▼ $-1.883M ▼
Q1-2025 $-1.808M ▲ $-1.813M ▼ $0 $0 $-1.813M ▼ $-1.813M ▼
Q4-2024 $-1.986M ▲ $-1.261M ▲ $0 $0 $-1.261M ▲ $-1.261M ▲
Q3-2024 $-2.587M $-3.059M $0 $0 $-3.059M $-3.059M

Revenue by Products

Product Q2-2015Q3-2015Q4-2015
Material Transfer Agreement
Material Transfer Agreement
 $0 ▲$0 ▲$0 ▲
Tiotropium Bromide Collaboration Agreement
Tiotropium Bromide Collaboration Agreement
 $0 ▲$0 ▲$0 ▲

Five-Year Company Overview

Income Statement

Income Statement Pulmatrix has been more of a research project than an operating business. Revenue has been essentially negligible for several years, while operating costs have consistently exceeded any income. This has led to recurring net losses every year, without signs yet of a move toward profitability. Losses have narrowed somewhat in the most recent years but are still meaningful relative to the company’s tiny revenue base. Overall, the income statement reflects a pre-commercial biotech that depends on outside funding rather than product sales.

Balance Sheet

Balance Sheet The balance sheet is lean and has been shrinking over time. Cash and total assets have trended downward, and while reported debt has been limited, equity has also been eroding as losses accumulate. The company does not appear heavily leveraged, but its cushion of assets is quite thin. This leaves Pulmatrix financially fragile and highly dependent on raising new capital or completing strategic transactions, such as the merger and asset sales it is now pursuing.

Cash Flow

Cash Flow Cash flow from operations has been consistently negative, reflecting ongoing research and corporate spending without meaningful revenue to offset it. There is little to no spending on physical assets, which is typical for an asset-light biotech focused on intellectual property. However, the business has been burning cash steadily for years, with no internal cash generation. This means the company has had to rely on equity raises, deals, or other financing to keep going, and that pattern is likely to continue under any new structure until commercial products emerge.

Competitive Edge

Competitive Edge Historically, Pulmatrix’s competitive edge came from its proprietary inhaled drug delivery technology and the patent estate around it. That platform did provide a clear technical differentiation in the inhaled therapeutics niche. However, the planned merger with Cullgen and the divestiture of these inhalation assets mean that Pulmatrix, as investors know it, is effectively being replaced. The competitive position going forward will hinge on Cullgen’s standing in targeted protein degradation, where competition is intense, dominated by better-funded biotech and pharmaceutical companies. Pulmatrix shareholders will own only a small slice of the combined entity, so their economic exposure to that future competitive position is limited but still meaningful.

Innovation and R&D

Innovation and R&D Pulmatrix built a credible innovation story around its iSPERSE inhalation platform, backed by a large patent portfolio and several differentiated drug candidates in migraine, lung disease, and fungal infections. That said, most programs remained early-stage and capital intensive, with clinical risk still high. Now the innovation spotlight is shifting to Cullgen’s targeted protein degradation technology and its uSMITE platform. These are cutting-edge, mechanism-based approaches in oncology and pain, but they are also in early clinical phases, where scientific and regulatory uncertainty is substantial. In short, the company is trading one specialized, well-protected platform for another, but the value realization remains heavily dependent on future trial results and partnering success.

Summary

Pulmatrix is at a turning point: financially constrained, still loss-making, and with a long history of operating as a development-stage biotech rather than a revenue-generating business. Its legacy strength was a novel inhalation technology with solid intellectual property, but that is being divested as part of a strategic shift. After the merger, the story becomes that of Cullgen, a targeted protein degradation company with promising science but early-stage, high-risk programs. For existing stakeholders, this means moving from a niche inhalation play to a platform oncology and pain play, with continued reliance on external funding and successful R&D execution to create long-term value.

NEWS

October 16, 2025 · 8:05 AM UTC

Pulmatrix Announces Third Quarter 2025 Financial Results and Divestment Plan for Migraine and Inhalation Assets

Read more