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PULM logoPulmatrix, Inc.(PULM)Earnings, Financials & Key Ratios

PULM•NASDAQ
$1.30
$5M mkt cap·Price updated May 7, 2026
SectorHealthcareIndustryBiotechnologySub-IndustryDrug Delivery Technology Platforms
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$0-100.0%
  • EBITDA-$5M+46.5%
  • Net Income-$5M+46.0%
  • EPS (Diluted)-1.41+46.2%
  • ROE-80.93%-14.0%
Technical→

PULM Key Insights

Pulmatrix, Inc. (PULM) fundamental analysis — strengths, weaknesses & financial health based on data analysis

✓Strengths

  • ✓Trading at only 1.2x book value

✗Weaknesses

  • ✗Weak Piotroski F-Score: 2/9
  • ✗Weak momentum: RS Rating 3 (bottom 3%)
  • ✗Trading more than 30% below 52-week high
  • ✗Low asset turnover indicates capital-intensive operations

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

PULM Price & Volume

Pulmatrix, Inc. (PULM) stock price & volume — 10-year historical chart

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PULM Growth Metrics

Pulmatrix, Inc. (PULM) revenue, earnings & EPS growth — 3, 5 & 10-year CAGR

Revenue CAGR

10 Years-
5 Years-
3 Years-
TTM-100%

Profit CAGR

10 Years-
5 Years-
3 Years-
TTM46%

EPS CAGR

10 Years-
5 Years-
3 Years-
TTM46.36%

Return on Capital

10 Years-87.68%
5 Years-53.02%
3 Years-58.43%
Last Year-80.61%

PULM Peer Comparison

Pulmatrix, Inc. (PULM) competitors in Drug Delivery Technology Platforms — business model, growth, and fundamentals comparison

Select Columns
Stock Universe
Valuation
Growth
Profitability
Financial Health
Dividends & Buybacks
Price Performance
Technical
Fundamentals ($)
Sector-Specific
CompanyMarket CapStock PriceP/E Ratio (TTM)Revenue Growth 1YNet MarginReturn on Equity (ROE)FCF YieldDebt / Equity
INVA logoINVAInnoviva, Inc.Direct Competitor1.93B22.806.9118.52%118.91%46.47%0.23
PRAX logoPRAXPraxis Precision Medicines, Inc.Direct Competitor9.63B333.28-24.72-100%-43.02%0.00
NKTR logoNKTRNektar TherapeuticsDirect Competitor1.69B83.37-8.57-43.89%-297.07%-399.1%1.66
INSM logoINSMInsmed IncorporatedDirect Competitor22.62B104.80-16.3566.73%-210.54%-168.36%1.04
ARWR logoARWRArrowhead Pharmaceuticals, Inc.Direct Competitor10.92B77.95-6389.34232.58%-48.38%-55.47%0.73
TPVG logoTPVGTriplePoint Venture Growth BDC Corp.Product Competitor242.54M5.994.9136.55%-3.39%1.33
MNKD logoMNKDMannKind CorporationProduct Competitor1.1B3.55177.5022.23%-6.63%
VRTX logoVRTXVertex Pharmaceuticals IncorporatedProduct Competitor108.1B425.0027.749.57%35.4%23.93%0.21

Compare PULM vs Peers

Pulmatrix, Inc. (PULM) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.

Closest Rival

vs INVA

Most directly comparable listed peer for PULM.

Scale Benchmark

vs GILD

Larger-name benchmark to compare PULM against a more recognizable public peer.

Peer Set

Compare Top 5

vs INVA, PRAX, NKTR, INSM

PULM Income Statement

Pulmatrix, Inc. (PULM) annual income statement — 10-year revenue, gross profit & net income history

10Y historyFree accessUpdated daily
Line itemDec'17Dec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24Dec'25
Sales/Revenue335K153K7.91M12.63M5.17M6.07M7.3M7.81M0
Revenue Growth %-59.88%-54.33%5069.93%59.72%-59.09%17.45%20.21%6.96%-100%
Cost of Goods Sold10.24M12.97M12.85M015.38M18.24M15.52M7.17M0
COGS % of Revenue3057.61%8474.51%162.39%-297.58%300.44%212.63%91.8%-
Gross Profit
-9.91M▲ 0%
-12.81M▼ 29.3%
-4.93M▲ 61.5%
12.63M▲ 356.0%
-10.21M▼ 180.8%
-12.17M▼ 19.2%
-8.22M▲ 32.5%
640K▲ 107.8%
0▼ 100.0%
Gross Margin %-2957.61%-8374.51%-62.39%100%-197.58%-200.44%-112.63%8.2%-
Gross Profit Growth %-6.34%-29.32%61.48%356.01%-180.84%-19.15%32.45%107.79%-100%
Operating Expenses7.57M7.59M15.76M22.5M9.95M6.78M6.52M10.4M5.17M
OpEx % of Revenue2258.81%4958.82%199.2%178.06%192.57%111.65%89.34%133.27%-
Selling, General & Admin7.57M7.52M8.49M6.89M6.38M6.78M6.52M7.79M5.13M
SG&A % of Revenue2258.81%4913.73%107.32%54.51%123.37%111.65%89.34%99.73%-
Research & Development10.24M12.97M12.85M15.61M15.38M18.24M15.52M7.17M38K
R&D % of Revenue3057.61%8474.51%162.39%123.55%297.58%300.44%212.63%91.8%-
Other Operating Expenses-10.24M-12.9M-5.58M0-11.8M-18.24M-15.52M-4.55M0
Operating Income
-17.48M▲ 0%
-20.4M▼ 16.7%
-20.69M▼ 1.4%
-9.86M▲ 52.3%
-20.17M▼ 104.5%
-18.95M▲ 6.0%
-14.74M▲ 22.2%
-9.76M▲ 33.8%
-5.17M▲ 47.1%
Operating Margin %-5216.42%-13333.33%-261.59%-78.06%-390.15%-312.09%-201.97%-125.07%-
Operating Income Growth %29.72%-16.74%-1.43%52.34%-104.49%6.05%22.2%33.77%47.06%
EBITDA-17.23M-20.17M-20.51M-9.65M-20M-18.79M-14.61M-9.66M-5.17M
EBITDA Margin %-5142.99%-13182.35%-259.29%-76.36%-386.88%-309.42%-200.14%-123.71%-
EBITDA Growth %30.01%-17.06%-1.69%52.96%-107.3%6.07%22.25%33.88%46.47%
D&A (Non-Cash Add-back)246K231K182K215K169K162K134K106K0
EBIT-17.48M-20.33M-13.42M-9.86M-16.59M-18.95M-14.74M-7.14M0
Net Interest Income-643K-159K301K82K7K309K867K467K0
Interest Income027K301K82K7K309K867K467K144K
Interest Expense643K186K0000000
Other Income/Expense-581K-163K96K-9.45M-4K111K619K204K7K
Pretax Income
-18.06M▲ 0%
-20.56M▼ 13.9%
-20.6M▼ 0.2%
-19.31M▲ 6.3%
-20.17M▼ 4.5%
-18.84M▲ 6.6%
-14.12M▲ 25.0%
-9.56M▲ 32.3%
-5.16M▲ 46.0%
Pretax Margin %-5389.85%-13439.87%-260.38%-152.83%-390.23%-310.26%-193.49%-122.46%-
Income Tax000000000
Effective Tax Rate %0%0%0%0%0%0%0%0%0%
Net Income
-18.06M▲ 0%
-20.56M▼ 13.9%
-20.6M▼ 0.2%
-19.31M▲ 6.3%
-20.17M▼ 4.5%
-18.84M▲ 6.6%
-14.12M▲ 25.0%
-9.56M▲ 32.3%
-5.16M▲ 46.0%
Net Margin %-5389.85%-13439.87%-260.38%-152.83%-390.23%-310.26%-193.49%-122.46%-
Net Income Growth %35.15%-13.88%-0.16%6.25%-4.47%6.62%25.03%32.31%46%
Net Income (Continuing)-18.06M-20.56M-20.6M-19.31M-20.17M-18.84M-14.12M-9.56M-5.16M
Discontinued Operations000000000
Minority Interest000000000
EPS (Diluted)
-186.42▲ 0%
-99.67▲ 46.5%
-24.37▲ 75.5%
-19.83▲ 18.6%
-8.63▲ 56.5%
-5.43▲ 37.1%
-3.87▲ 28.7%
-2.62▲ 32.3%
-1.41▲ 46.2%
EPS Growth %50.4%46.53%75.55%18.63%56.48%37.08%28.73%32.3%46.18%
EPS (Basic)-186.42-99.67-24.37-19.83-8.63-5.43-3.87-2.62-1.41
Diluted Shares Outstanding96.86K206.32K836.7K1.44M2.71M3.45M3.65M3.65M3.65M
Basic Shares Outstanding96.86K206.32K836.7K1.44M2.34M3.45M3.65M3.65M3.65M
Dividend Payout Ratio---------

PULM Balance Sheet

Pulmatrix, Inc. (PULM) balance sheet — assets, liabilities & shareholders' equity

Line itemDec'17Dec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24Dec'25
Total Current Assets4.25M3.28M31.42M32.54M54.78M38.15M20.84M9.92M4.13M
Cash & Short-Term Investments3.55M2.56M23.44M31.66M53.84M35.63M19.17M9.52M4.09M
Cash Only3.55M2.56M23.44M31.66M53.84M35.63M19.17M9.52M4.09M
Short-Term Investments000000000
Accounts Receivable1K07.2M84K67K1.3M928K00
Days Sales Outstanding1.09-332.242.434.7378.0446.41--
Inventory000667K0153K000
Days Inventory Outstanding-----3.06---
Other Current Assets71K55K253K-593K0166K372K180K41K
Total Non-Current Assets11.73M11.44M4.68M5.63M4.04M2.81M13.12M23K10K
Property, Plant & Equipment614K394K900K1.85M2.41M945K11.47M00
Fixed Asset Turnover0.55x0.39x8.79x6.83x2.14x6.42x0.64x--
Goodwill10.91M10.85M3.58M3.58M00000
Intangible Assets000000000
Long-Term Investments204K204K204K01.63M1.47M1.47M10K0
Other Non-Current Assets204K204K204K204K0389K176K13K10K
Total Assets
15.98M▲ 0%
14.72M▼ 7.9%
36.1M▲ 145.2%
38.17M▲ 5.7%
58.82M▲ 54.1%
40.95M▼ 30.4%
33.96M▼ 17.1%
9.94M▼ 70.7%
4.14M▼ 58.4%
Asset Turnover0.02x0.01x0.22x0.33x0.09x0.15x0.21x0.79x-
Asset Growth %-4.11%-7.85%145.18%5.74%54.1%-30.37%-17.08%-70.72%-58.37%
Total Current Liabilities5.84M2.88M17.2M8.25M4.44M5.02M3.91M929K329K
Accounts Payable457K1.18M600K851K839K1.19M1.92M809K272K
Days Payables Outstanding16.2833.317.05-19.9123.7745.0441.21-
Short-Term Debt3.22M00000000
Deferred Revenue (Current)067K13.41M4.17M939K1.34M618K00
Other Current Liabilities138K01.95M1.23M182K508K877K71K329K
Current Ratio0.73x1.14x1.83x3.94x12.33x7.60x5.33x10.68x12.55x
Quick Ratio0.73x1.14x1.83x3.86x12.33x7.57x5.33x10.68x12.55x
Cash Conversion Cycle-----57.33---
Total Non-Current Liabilities1K07.88M6.78M6.93M4.82M12.05M67K0
Long-Term Debt000000000
Capital Lease Obligations000608K857K08.33M00
Deferred Tax Liabilities000000000
Other Non-Current Liabilities1K00000067K0
Total Liabilities5.84M2.88M25.08M15.03M11.37M9.84M15.96M996K329K
Total Debt3.22M0675K1.74M2.29M857K8.76M00
Net Debt-329K-2.56M-22.77M-29.91M-51.55M-34.77M-10.42M-9.52M-4.09M
Debt / Equity0.32x-0.06x0.08x0.05x0.03x0.49x--
Debt / EBITDA---------
Net Debt / EBITDA---------
Interest Coverage-27.18x-109.68x-------
Total Equity
10.14M▲ 0%
11.84M▲ 16.8%
11.02M▼ 7.0%
23.14M▲ 110.0%
47.45M▲ 105.1%
31.11M▼ 34.4%
18M▼ 42.2%
8.95M▼ 50.3%
3.81M▼ 57.4%
Equity Growth %15.71%16.84%-6.97%109.99%105.06%-34.44%-42.16%-50.28%-57.42%
Book Value per Share104.6657.4113.1716.0917.529.024.932.451.04
Total Shareholders' Equity10.14M11.84M11.02M23.14M47.45M31.11M18M8.95M3.81M
Common Stock2K02K4K00000
Retained Earnings-174M-194.56M-215.16M-234.47M-254.64M-273.48M-287.6M-297.16M-302.32M
Treasury Stock000000000
Accumulated OCI-2.87M-2.12M0000000
Minority Interest000000000

PULM Cash Flow Statement

Pulmatrix, Inc. (PULM) cash flow — operating, investing & free cash flow history

Line itemDec'17Dec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24Dec'25
Cash from Operations-14.48M-16.76M3.23M-12.48M-19.73M-19.36M-15.98M-10.72M-5.43M
Operating CF Margin %-4321.49%-10954.9%40.83%-98.8%-381.64%-318.83%-219.03%-137.28%-
Operating CF Growth %-9.32%-15.78%119.27%-486.47%-58.03%1.88%17.42%32.96%49.3%
Net Income-18.06M-20.56M-20.6M-19.31M-20.17M-18.84M-14.12M-9.56M-5.16M
Depreciation & Amortization246K231K765K1.04M1.24M1.54M1.48M435K0
Stock-Based Compensation2.82M2.97M2.07M1.16M1.16M1.11M954K511K25K
Deferred Taxes-34K76K000-4.92M000
Other Non-Cash Items204K38K7.27M9.29M3.58M4.92M8K2.69M-296K
Working Capital Changes345K484K13.73M-4.67M-5.53M-3.18M-4.3M-4.79M0
Change in Receivables00-7.2M7.12M17K-1.23M370K928K0
Change in Inventory00220K-1.13M-2.07M0000
Change in Payables-290K726K-583K300K-149K511K727K-1.11M-537K
Cash from Investing-74K-19K-58K-281K-144K-86K-676K-398K0
Capital Expenditures-74K-19K-58K-281K-144K-86K-676K-398K0
CapEx % of Revenue22.09%12.42%0.73%2.22%2.79%1.42%9.26%5.1%-
Acquisitions000000000
Investments---------
Other Investing000000000
Cash from Financing13.92M15.79M17.7M20.98M43.48M1.23M53K00
Debt Issued (Net)-2.69M-3.5M0000000
Equity Issued (Net)1000K1000K1000K1000K1000K1000K53K00
Dividends Paid0000-3.2M0000
Share Repurchases000000000
Other Financing304K0160K13.67M3.4M0000
Net Change in Cash
-632K▲ 0%
-987K▼ 56.2%
20.88M▲ 2215.2%
8.22M▼ 60.6%
23.6M▲ 187.3%
-18.21M▼ 177.2%
-16.61M▲ 8.8%
-11.11M▲ 33.1%
-5.43M▲ 51.1%
Free Cash Flow
-14.55M▲ 0%
-16.78M▼ 15.3%
3.17M▲ 118.9%
-12.76M▼ 502.4%
-19.87M▼ 55.7%
-19.44M▲ 2.2%
-16.66M▲ 14.3%
-11.11M▲ 33.3%
-5.43M▲ 51.1%
FCF Margin %-4343.58%-10967.32%40.1%-101.03%-384.43%-320.24%-228.3%-142.38%-
FCF Growth %-6.23%-15.32%118.9%-502.4%-55.68%2.16%14.3%33.29%51.12%
FCF per Share-150.23-81.333.79-8.88-7.34-5.64-4.56-3.04-1.49
FCF Conversion (FCF/Net Income)0.80x0.82x-0.16x0.65x0.98x1.03x1.13x1.12x1.05x
Interest Paid000000000
Taxes Paid000000000

PULM Key Ratios

Pulmatrix, Inc. (PULM) financial ratios — P/E, ROE, debt and 30+ core market and balance-sheet ratios

Metric2016201720182019202020212022202320242025
Return on Equity (ROE)-134.61%-191.09%-187.1%-180.17%-113.05%-57.15%-47.95%-57.51%-70.96%-80.93%
Return on Invested Capital (ROIC)-121.07%-129.83%-160.3%-----564.61%-209.09%-
Gross Margin-1115.81%-2957.61%-8374.51%-62.39%100%-197.58%-200.44%-112.63%8.2%-
Net Margin-3334.49%-5389.85%-13439.87%-260.38%-152.83%-390.23%-310.26%-193.49%-122.46%-
Debt / Equity0.66x0.32x-0.06x0.08x0.05x0.03x0.49x--
Interest Coverage-28.22x-27.18x-109.68x-------
FCF Conversion0.48x0.80x0.82x-0.16x0.65x0.98x1.03x1.13x1.12x1.05x
Revenue Growth-30.47%-59.88%-54.33%5069.93%59.72%-59.09%17.45%20.21%6.96%-100%

PULM Frequently Asked Questions

Pulmatrix, Inc. (PULM) stock FAQ — growth, dividends, profitability & financials explained

Growth & Financials

Pulmatrix, Inc. (PULM) saw revenue decline by 100.0% over the past year.

Pulmatrix, Inc. (PULM) reported a net loss of $5.2M for fiscal year 2025.

Dividend & Returns

Pulmatrix, Inc. (PULM) has a return on equity (ROE) of -80.9%. Negative ROE indicates the company is unprofitable.

Pulmatrix, Inc. (PULM) had negative free cash flow of $5.4M in fiscal year 2025, likely due to heavy capital investments.

Explore More PULM

Pulmatrix, Inc. (PULM) financial analysis — history, returns, DCA and operating performance tools

Total Return Calculator

Historical returns with dividends reinvested

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DCA Calculator

Dollar cost averaging vs lump sum

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Dividend History

Yield, growth, payout safety & DRIP

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Earnings History

EPS trends, net income & profitability

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Price History

Long-term charts & historical price data

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Revenue History

Sales growth patterns & revenue breakdown

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Financial Ratios

30 years of market, efficiency and balance-sheet ratios

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Valuation

DCF intrinsic value, peer multiples & estimates

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