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Pulmatrix, Inc. (PULM) 10-Year Financial Performance & Capital Metrics

PULM • • Industrial / General
HealthcareBiotechnologyInfectious DiseasesAntibiotics & Bacterial Infections
AboutPulmatrix, Inc., a clinical stage biotechnology company, discovers and develops inhaled therapies to prevent and treat respiratory and other diseases with unmet medical needs in the United States. The company focuses on developing products based on its inhaled small particles easily respirable and emitted (iSPERSE) technology, which enables delivery of small or large molecule drugs to the lungs by inhalation for local or systemic applications. It engages in developing Pulmazole, an inhaled anti-fungal drug for the treatment of allergic bronchopulmonary aspergillosis in patients with asthma, and in patients with cystic fibrosis; PUR1800, a narrow spectrum kinase inhibitor that is in Phase 1b clinical trials for patients with stable moderate-severe chronic obstructive pulmonary disease; and PUR3100, an iSPERSE formulation of dihydroergotamine for the treatment of acute migraine. The company has a license agreement with RespiVert Ltd. for access to a portfolio of kinase inhibitor drug candidates; a development and commercialization agreement with Cipla Technologies LLC for the development and commercialization of Pulmazole; and a collaboration and license agreement with Sensory Cloud, Inc. Pulmatrix, Inc. was founded in 2003 and is headquartered in Lexington, Massachusetts.Show more
  • Revenue $8M +7.0%
  • EBITDA -$10M +33.9%
  • Net Income -$10M +32.3%
  • EPS (Diluted) -2.62 +32.3%
  • Gross Margin 8.2% +107.3%
  • EBITDA Margin -123.71% +38.2%
  • Operating Margin -125.07% +38.1%
  • Net Margin -122.46% +36.7%
  • ROE -70.96% -23.4%
  • ROIC -209.09% +63.0%
  • Debt/Equity -
  • Interest Coverage -
Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

  • ✓Trading at only 1.0x book value

✗Weaknesses

  • ✗Weak Piotroski F-Score: 3/9
  • ✗Negative free cash flow
  • ✗Weak momentum: RS Rating 4 (bottom 4%)
  • ✗Trading more than 30% below 52-week high

* These insights are generated automatically based on available financial data. Please conduct your own research before making investment decisions.

Price & Volume

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Growth Metrics

Revenue CAGR

10Y36.33%
5Y-0.26%
3Y14.73%
TTM-99.97%

Profit (Net Income) CAGR

10Y-
5Y-
3Y-
TTM35.58%

EPS CAGR

10Y-
5Y-
3Y-
TTM35.98%

ROCE

10Y Avg-87.86%
5Y Avg-44.98%
3Y Avg-45.54%
Latest-49.99%

Peer Comparison

Antibiotics & Bacterial Infections
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MCRBSeres Therapeutics, Inc.137.33M15.18-0.8015.37%12.34%6.65
PYPDPolyPid Ltd.73.03M4.39-0.89-10.39%1.25

Profit & Loss

Dec 2015Dec 2016Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021Dec 2022Dec 2023Dec 2024
Sales/Revenue+1.2M835K335K153K7.91M12.63M5.17M6.07M7.3M7.81M
Revenue Growth %2.41%-0.3%-0.6%-0.54%50.7%0.6%-0.59%0.17%0.2%0.07%
Cost of Goods Sold+7.19M10.15M10.24M12.97M12.85M015.38M18.24M15.52M7.17M
COGS % of Revenue5.98%12.16%30.58%84.75%1.62%-2.98%3%2.13%0.92%
Gross Profit+-5.99M-9.32M-9.91M-12.81M-4.93M12.63M-10.21M-12.17M-8.22M640K
Gross Margin %-4.98%-11.16%-29.58%-83.75%-0.62%1%-1.98%-2%-1.13%0.08%
Gross Profit Growth %0.04%-0.56%-0.06%-0.29%0.61%3.56%-1.81%-0.19%0.32%1.08%
Operating Expenses+17.03M15.55M7.57M7.59M15.76M22.5M9.95M6.78M6.52M10.4M
OpEx % of Revenue14.18%18.62%22.59%49.59%1.99%1.78%1.93%1.12%0.89%1.33%
Selling, General & Admin9.63M8.02M7.57M7.52M8.49M6.89M6.38M6.78M6.52M7.79M
SG&A % of Revenue8.02%9.6%22.59%49.14%1.07%0.55%1.23%1.12%0.89%1%
Research & Development7.19M17.69M10.24M12.97M12.85M15.61M15.38M18.24M15.52M7.17M
R&D % of Revenue5.98%21.18%30.58%84.75%1.62%1.24%2.98%3%2.13%0.92%
Other Operating Expenses213K-10.15M-10.24M-12.9M-5.58M0-11.8M-18.24M-15.52M-4.55M
Operating Income+-23.02M-24.87M-17.48M-20.4M-20.69M-9.86M-20.17M-18.95M-14.74M-9.76M
Operating Margin %-19.17%-29.78%-52.16%-133.33%-2.62%-0.78%-3.9%-3.12%-2.02%-1.25%
Operating Income Growth %-1.54%-0.08%0.3%-0.17%-0.01%0.52%-1.04%0.06%0.22%0.34%
EBITDA+-22.79M-24.62M-17.23M-20.17M-20.51M-9.65M-20M-18.79M-14.61M-9.66M
EBITDA Margin %-18.97%-29.48%-51.43%-131.82%-2.59%-0.76%-3.87%-3.09%-2%-1.24%
EBITDA Growth %-1.61%-0.08%0.3%-0.17%-0.02%0.53%-1.07%0.06%0.22%0.34%
D&A (Non-Cash Add-back)232K250K246K231K182K215K169K162K134K106K
EBIT-15.62M-17.33M-17.48M-20.33M-13.42M-9.86M-16.59M-18.95M-14.74M-7.14M
Net Interest Income+-953K-881K-643K-159K301K82K7K309K867K467K
Interest Income00027K301K82K7K309K867K467K
Interest Expense953K881K643K186K000000
Other Income/Expense-3.15M-5.94M-581K-163K96K-9.45M-4K111K619K204K
Pretax Income+-26.17M-30.8M-18.06M-20.56M-20.6M-19.31M-20.17M-18.84M-14.12M-9.56M
Pretax Margin %-21.79%-36.89%-53.9%-134.4%-2.6%-1.53%-3.9%-3.1%-1.93%-1.22%
Income Tax+0-2.96M00000000
Effective Tax Rate %1%0.9%1%1%1%1%1%1%1%1%
Net Income+-26.17M-27.84M-18.06M-20.56M-20.6M-19.31M-20.17M-18.84M-14.12M-9.56M
Net Margin %-21.79%-33.34%-53.9%-134.4%-2.6%-1.53%-3.9%-3.1%-1.93%-1.22%
Net Income Growth %-0.08%-0.06%0.35%-0.14%-0%0.06%-0.04%0.07%0.25%0.32%
Net Income (Continuing)-26.17M-27.84M-18.06M-20.56M-20.6M-19.31M-20.17M-18.84M-14.12M-9.56M
Discontinued Operations0000000000
Minority Interest0000000000
EPS (Diluted)+-646.91-375.87-186.42-99.67-24.37-19.83-8.31-5.43-3.87-2.62
EPS Growth %0.16%0.42%0.5%0.47%0.76%0.19%0.58%0.35%0.29%0.32%
EPS (Basic)-646.91-375.87-186.42-99.67-24.37-19.83-8.31-5.43-3.87-2.62
Diluted Shares Outstanding40.45K74.08K96.86K206.32K836.7K1.44M2.71M3.45M3.65M3.65M
Basic Shares Outstanding40.45K74.08K96.86K206.32K836.7K1.44M2.34M3.45M3.65M3.65M
Dividend Payout Ratio----------

Balance Sheet

Dec 2015Dec 2016Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021Dec 2022Dec 2023Dec 2024
Total Current Assets+20.46M4.76M4.25M3.28M31.42M32.54M54.78M38.15M20.84M9.92M
Cash & Short-Term Investments18.9M4.18M3.55M2.56M23.44M31.66M53.84M35.63M19.17M9.52M
Cash Only18.9M4.18M3.55M2.56M23.44M31.66M53.84M35.63M19.17M9.52M
Short-Term Investments0000000000
Accounts Receivable481K206K1K07.2M84K67K1.3M928K0
Days Sales Outstanding146.1890.051.09-332.242.434.7378.0446.41-
Inventory00000667K0153K00
Days Inventory Outstanding-------3.06--
Other Current Assets598K107K71K55K253K-593K0166K372K180K
Total Non-Current Assets+24.41M11.9M11.73M11.44M4.68M5.63M4.04M2.81M13.12M23K
Property, Plant & Equipment685K786K614K394K900K1.85M2.41M945K11.47M0
Fixed Asset Turnover1.75x1.06x0.55x0.39x8.79x6.83x2.14x6.42x0.64x-
Goodwill15.94M10.91M10.91M10.85M3.58M3.58M0000
Intangible Assets7.53M000000000
Long-Term Investments250K204K204K204K204K01.63M1.47M1.47M10K
Other Non-Current Assets250K204K204K204K204K204K0389K176K13K
Total Assets+44.87M16.66M15.98M14.72M36.1M38.17M58.82M40.95M33.96M9.94M
Asset Turnover0.03x0.05x0.02x0.01x0.22x0.33x0.09x0.15x0.21x0.79x
Asset Growth %1.88%-0.63%-0.04%-0.08%1.45%0.06%0.54%-0.3%-0.17%-0.71%
Total Current Liabilities+3.6M4.65M5.84M2.88M17.2M8.25M4.44M5.02M3.91M929K
Accounts Payable1.09M747K457K1.18M600K851K839K1.19M1.92M809K
Days Payables Outstanding55.3626.8616.2833.317.05-19.9123.7745.0441.21
Short-Term Debt1.03M2.59M3.22M0000000
Deferred Revenue (Current)4K0067K1000K1000K939K1000K618K0
Other Current Liabilities764K842K138K01.95M1.23M182K508K877K71K
Current Ratio5.68x1.02x0.73x1.14x1.83x3.94x12.33x7.60x5.33x10.68x
Quick Ratio5.68x1.02x0.73x1.14x1.83x3.86x12.33x7.57x5.33x10.68x
Cash Conversion Cycle-------57.33--
Total Non-Current Liabilities+8.66M3.25M1K07.88M6.78M6.93M4.82M12.05M67K
Long-Term Debt5.69M3.22M00000000
Capital Lease Obligations00000608K857K08.33M0
Deferred Tax Liabilities2.96M000000000
Other Non-Current Liabilities11K35K1K00000067K
Total Liabilities12.27M7.9M5.84M2.88M25.08M15.03M11.37M9.84M15.96M996K
Total Debt+6.72M5.8M3.22M0675K1.74M2.29M857K8.76M0
Net Debt-12.18M1.62M-329K-2.56M-22.77M-29.91M-51.55M-34.77M-10.42M-9.52M
Debt / Equity0.21x0.66x0.32x-0.06x0.08x0.05x0.03x0.49x-
Debt / EBITDA----------
Net Debt / EBITDA----------
Interest Coverage-24.15x-28.22x-27.18x-109.68x------
Total Equity+32.61M8.76M10.14M11.84M11.02M23.14M47.45M31.11M18M8.95M
Equity Growth %1.23%-0.73%0.16%0.17%-0.07%1.1%1.05%-0.34%-0.42%-0.5%
Book Value per Share806.10118.27104.6657.4113.1716.0917.529.024.932.45
Total Shareholders' Equity32.61M8.76M10.14M11.84M11.02M23.14M47.45M31.11M18M8.95M
Common Stock1K1K2K02K4K0000
Retained Earnings-128.1M-155.95M-174M-194.56M-215.16M-234.47M-254.64M-273.48M-287.6M-297.16M
Treasury Stock0000000000
Accumulated OCI0-2.67M-2.87M-2.12M000000
Minority Interest0000000000

Cash Flow

Dec 2015Dec 2016Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021Dec 2022Dec 2023Dec 2024
Cash from Operations+-12.47M-13.24M-14.48M-16.76M3.23M-12.48M-19.73M-19.36M-15.98M-10.72M
Operating CF Margin %-10.38%-15.86%-43.21%-109.55%0.41%-0.99%-3.82%-3.19%-2.19%-1.37%
Operating CF Growth %-3.2%-0.06%-0.09%-0.16%1.19%-4.86%-0.58%0.02%0.17%0.33%
Net Income-26.17M-27.84M-18.06M-20.56M-20.6M-19.31M-20.17M-18.84M-14.12M-9.56M
Depreciation & Amortization232K250K246K231K765K1.04M1.24M1.54M1.48M435K
Stock-Based Compensation9.76M4M2.82M2.97M2.07M1.16M1.16M1.11M954K511K
Deferred Taxes1.18M9.69M-34K76K000-4.92M00
Other Non-Cash Items1.64M295K204K38K7.27M9.29M3.58M4.92M8K2.69M
Working Capital Changes884K371K345K484K13.73M-4.67M-5.53M-3.18M-4.3M-4.79M
Change in Receivables0000-7.2M7.12M17K-1.23M370K928K
Change in Inventory0000220K-1.13M-2.07M000
Change in Payables806K-346K-290K726K-583K300K-149K511K727K-1.11M
Cash from Investing+9.4M-431K-74K-19K-58K-281K-144K-86K-676K-398K
Capital Expenditures-266K-455K-74K-19K-58K-281K-144K-86K-676K-398K
CapEx % of Revenue0.22%0.54%0.22%0.12%0.01%0.02%0.03%0.01%0.09%0.05%
Acquisitions----------
Investments----------
Other Investing024K00000000
Cash from Financing+21.52M-1.05M13.92M15.79M17.7M20.98M43.48M1.23M53K0
Debt Issued (Net)----------
Equity Issued (Net)----------
Dividends Paid000000-3.2M000
Share Repurchases----------
Other Financing151K0304K0160K13.67M3.4M000
Net Change in Cash----------
Free Cash Flow+-12.74M-13.7M-14.55M-16.78M3.17M-12.76M-19.87M-19.44M-16.66M-11.11M
FCF Margin %-10.61%-16.4%-43.44%-109.67%0.4%-1.01%-3.84%-3.2%-2.28%-1.42%
FCF Growth %-3.08%-0.08%-0.06%-0.15%1.19%-5.02%-0.56%0.02%0.14%0.33%
FCF per Share-314.92-184.92-150.23-81.333.79-8.88-7.34-5.64-4.56-3.04
FCF Conversion (FCF/Net Income)0.48x0.48x0.80x0.82x-0.16x0.65x0.98x1.03x1.13x1.12x
Interest Paid0000000000
Taxes Paid0000000000

Key Ratios

Metric2015201620172018201920202021202220232024
Return on Equity (ROE)-110.8%-134.61%-191.09%-187.1%-180.17%-113.05%-57.15%-47.95%-57.51%-70.96%
Return on Invested Capital (ROIC)-58.34%-121.07%-129.83%-160.3%-----564.61%-209.09%
Gross Margin-498.42%-1115.81%-2957.61%-8374.51%-62.39%100%-197.58%-200.44%-112.63%8.2%
Net Margin-2178.77%-3334.49%-5389.85%-13439.87%-260.38%-152.83%-390.23%-310.26%-193.49%-122.46%
Debt / Equity0.21x0.66x0.32x-0.06x0.08x0.05x0.03x0.49x-
Interest Coverage-24.15x-28.22x-27.18x-109.68x------
FCF Conversion0.48x0.48x0.80x0.82x-0.16x0.65x0.98x1.03x1.13x1.12x
Revenue Growth241.19%-30.47%-59.88%-54.33%5069.93%59.72%-59.09%17.45%20.21%6.96%

Revenue by Segment

201520162020
Toxicology Study Costs--1.65M
Toxicology Study Costs Growth---
Long Acting Muscarinic Agent Collaboration Agreement1.02M835K-
Long Acting Muscarinic Agent Collaboration Agreement Growth--18.06%-
Material Transfer Agreement77K--
Material Transfer Agreement Growth---

Frequently Asked Questions

Growth & Financials

Pulmatrix, Inc. (PULM) reported $0.0M in revenue for fiscal year 2024.

Pulmatrix, Inc. (PULM) grew revenue by 7.0% over the past year. This is steady growth.

Pulmatrix, Inc. (PULM) reported a net loss of $6.2M for fiscal year 2024.

Dividend & Returns

Pulmatrix, Inc. (PULM) has a return on equity (ROE) of -71.0%. Negative ROE indicates the company is unprofitable.

Pulmatrix, Inc. (PULM) had negative free cash flow of $6.0M in fiscal year 2024, likely due to heavy capital investments.

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