The balance sheet reflects a rapid erosion of the asset base, which has contracted from $34.0 million in 2023Q4 to $4.5 million in 2026Q1, leaving the firm with no tangible property, plant, or equipment.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Mar'14 | Mar'13 | Mar'12 |
|---|
| Total Current Assets | 4.49M | 4.13M | 9.92M | 20.84M | 38.15M | 54.78M | 32.54M | 31.42M | 3.28M | 4.25M | 4.76M | 20.46M | 15.57M | 100K | 0 |
| Cash & Short-Term Investments | 3.32M | 4.09M | 9.52M | 19.17M | 35.63M | 53.84M | 31.66M | 23.44M | 2.56M | 3.55M | 4.18M | 18.9M | 15.57M | 96K | 0 |
| Cash Only | 3.32M | 4.09M | 9.52M | 19.17M | 35.63M | 53.84M | 31.66M | 23.44M | 2.56M | 3.55M | 4.18M | 18.9M | 15.57M | 96K | 0 |
| Short-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | 0 | 0 | 0 | 928K | 1.3M | 67K | 84K | 7.2M | 0 | 1K | 206K | 481K | 0 | 0 | 0 |
| Days Sales Outstanding | - | - | - | 46.41 | 78.04 | 4.73 | 2.43 | 332.24 | - | 1.09 | 90.05 | 146.18 | - | - | - |
| Inventory | 0 | 0 | 0 | 0 | 153K | 0 | 667K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Days Inventory Outstanding | - | - | - | - | 3.06 | - | - | - | - | - | - | - | - | - | - |
| Other Current Assets | 1.17M | 41K | 180K | 372K | 166K | 0 | -593K | 253K | 55K | 71K | 107K | 598K | 114K | 1K | 0 |
| Total Non-Current Assets | 7K | 10K | 23K | 13.12M | 2.81M | 4.04M | 5.63M | 4.68M | 11.44M | 11.73M | 11.9M | 24.41M | 2K | 48K | 0 |
| Property, Plant & Equipment | 0 | 0 | 0 | 11.47M | 945K | 2.41M | 1.85M | 900K | 394K | 614K | 786K | 685K | 2K | 4K | 0 |
| Fixed Asset Turnover | - | - | - | 0.64x | 6.42x | 2.14x | 6.83x | 8.79x | 0.39x | 0.55x | 1.06x | 1.75x | 176.00x | 163.25x | - |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 3.58M | 3.58M | 10.85M | 10.91M | 10.91M | 15.94M | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 7.53M | 0 | 0 | 0 |
| Long-Term Investments | 37K | 10K | 10K | 1.47M | 1.47M | 1.63M | 0 | 204K | 204K | 204K | 204K | 250K | 0 | 0 | 0 |
| Other Non-Current Assets | 0 | 0 | 13K | 176K | 389K | 0 | 204K | 204K | 204K | 204K | 204K | 250K | 0 | 44K | 0 |
| Total Assets | 4.5M | 4.14M | 9.94M | 33.96M | 40.95M | 58.82M | 38.17M | 36.1M | 14.72M | 15.98M | 16.66M | 44.87M | 15.58M | 148K | 0 |
| Asset Turnover | 0.00x | - | 0.79x | 0.21x | 0.15x | 0.09x | 0.33x | 0.22x | 0.01x | 0.02x | 0.05x | 0.03x | 0.02x | 4.41x | - |
| Asset Growth % | -220.26% | -58.37% | -70.72% | -17.08% | -30.37% | 54.1% | 5.74% | 145.18% | -7.85% | -4.11% | -62.87% | 188.09% | 10424.32% | - | - |
| Total Current Liabilities | 905K | 329K | 929K | 3.91M | 5.02M | 4.44M | 8.25M | 17.2M | 2.88M | 5.84M | 4.65M | 3.6M | 947K | 101K | 0 |
| Accounts Payable | 651K | 272K | 809K | 1.92M | 1.19M | 839K | 851K | 600K | 1.18M | 457K | 747K | 1.09M | 0 | 0 | 61K |
| Days Payables Outstanding | 8.97K | - | 41.21 | 45.04 | 23.77 | 19.91 | - | 17.05 | 33.3 | 16.28 | 26.86 | 55.36 | - | - | - |
| Short-Term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 3.22M | 2.59M | 1.03M | 39.7M | 27.56M | 0 |
| Deferred Revenue (Current) | 0 | 0 | 0 | 618K | 1.34M | 939K | 4.17M | 13.41M | 67K | 0 | 0 | 4K | -39.92M | -27.56M | 0 |
| Other Current Liabilities | 254K | 57K | 71K | 877K | 508K | 182K | 1.23M | 1.95M | 0 | 138K | 842K | 764K | 587K | -1.05M | 1K |
| Current Ratio | 4.96x | 12.55x | 10.68x | 5.33x | 7.60x | 12.33x | 3.94x | 1.83x | 1.14x | 0.73x | 1.02x | 5.68x | 16.45x | 0.99x | - |
| Quick Ratio | 4.96x | 12.55x | 10.68x | 5.33x | 7.57x | 12.33x | 3.86x | 1.83x | 1.14x | 0.73x | 1.02x | 5.68x | 16.45x | 0.99x | - |
| Cash Conversion Cycle | - | - | - | - | 57.33 | - | - | - | - | - | - | - | - | - | - |
| Total Non-Current Liabilities | 0 | 0 | 67K | 12.05M | 4.82M | 6.93M | 6.78M | 7.88M | 0 | 1K | 3.25M | 8.66M | 0 | 61K | 0 |
| Long-Term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 3.22M | 5.69M | 0 | 0 | 0 |
| Capital Lease Obligations | 0 | 0 | 0 | 8.33M | 0 | 857K | 608K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2.96M | 0 | 0 | 0 |
| Other Non-Current Liabilities | 0 | 0 | 67K | 0 | 0 | 0 | 0 | 0 | 0 | 1K | 35K | 11K | 0 | 0 | 0 |
| Total Liabilities | 905K | 329K | 996K | 15.96M | 9.84M | 11.37M | 15.03M | 25.08M | 2.88M | 5.84M | 7.9M | 12.27M | 947K | 101K | 0 |
| Total Debt | 0 | 0 | 0 | 8.76M | 857K | 2.29M | 1.74M | 675K | 0 | 3.22M | 5.8M | 6.72M | 39.7M | 27.56M | 0 |
| Net Debt | -3.32M | -4.09M | -9.52M | -10.42M | -34.77M | -51.55M | -29.91M | -22.77M | -2.56M | -329K | 1.62M | -12.18M | 24.13M | 27.46M | 0 |
| Debt / Equity | 0.00x | - | - | 0.49x | 0.03x | 0.05x | 0.08x | 0.06x | - | 0.32x | 0.66x | 0.21x | 2.71x | 586.30x | - |
| Debt / EBITDA | -0.00x | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Net Debt / EBITDA | 0.72x | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Interest Coverage | - | - | - | - | - | - | - | - | -109.31x | -27.18x | -19.67x | -16.39x | - | - | - |
| Total Equity | 3.59M | 3.81M | 8.95M | 18M | 31.11M | 47.45M | 23.14M | 11.02M | 11.84M | 10.14M | 8.76M | 32.61M | 14.63M | 47K | -28K |
| Equity Growth % | -221.72% | -57.42% | -50.28% | -42.16% | -34.44% | 105.06% | 109.99% | -6.97% | 16.84% | 15.71% | -73.13% | 122.89% | 31025.53% | 267.86% | - |
| Book Value per Share | 0.98 | 1.04 | 2.45 | 4.93 | 9.02 | 17.52 | 16.09 | 13.17 | 57.41 | 104.66 | 118.27 | 806.10 | 3592.58 | 11.75 | -7.00 |
| Total Shareholders' Equity | 3.59M | 3.81M | 8.95M | 18M | 31.11M | 47.45M | 23.14M | 11.02M | 11.84M | 10.14M | 8.76M | 32.61M | 14.63M | 47K | -28K |
| Common Stock | 0 | 0 | 0 | 0 | 0 | 0 | 4K | 2K | 0 | 2K | 1K | 1K | 465 | 200 | 0 |
| Retained Earnings | -303.49M | -302.32M | -297.16M | -287.6M | -273.48M | -254.64M | -234.47M | -215.16M | -194.56M | -174M | -155.95M | -128.1M | -3.67M | -551K | -28K |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -2.12M | -2.87M | -2.67M | 0 | -2K | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Imminent liquidity exhaustion
As reported in recent financial filings, Pulmatrix has seen its total assets contract from $34.0 million in 2023Q4 to just $4.5 million in 2026Q1, a trend that underscores the company's accelerating reliance on dwindling cash reserves to fund ongoing clinical development and operational overhead.
The consistent decline in total assets over the last ten quarters reflects a business model that is consuming its capital base without generating offsetting commercial revenue. This trajectory suggests that the company is approaching a critical juncture where the current asset composition will be insufficient to support future clinical trial milestones.
Based on the most recent quarterly data, Pulmatrix holds $3.3 million in cash, a figure that has steadily declined from $19.2 million in 2023Q4, indicating that the company's liquidity buffer is rapidly approaching a level that may necessitate immediate and potentially dilutive external financing.
While the current ratio of 4.96 appears superficially healthy, it is heavily skewed by the lack of significant short-term liabilities rather than an abundance of liquid assets. Investors should monitor the burn rate closely, as the current cash position provides a very narrow margin of safety for a clinical-stage biotech.
According to historical balance sheet data, the company's equity has plummeted from $18.0 million in 2023Q4 to $3.6 million in 2026Q1, primarily driven by the accumulation of a $303.5 million deficit in retained earnings that reflects years of persistent, non-revenue-generating clinical development costs.
The erosion of shareholder equity highlights the significant value destruction inherent in the current R&D-heavy, pre-commercial model. This trend suggests that existing equity holders face substantial dilution risk as the company likely seeks to replenish its capital base to avoid insolvency.
As indicated by the 2026Q1 balance sheet, the total absence of property, plant, and equipment, combined with zero goodwill, suggests that the company's value is entirely tied to intangible intellectual property that may be difficult to monetize in a distressed liquidity scenario.
The lack of tangible assets means that in the event of a failure to secure further funding, there is virtually no recovery value for stakeholders. This structural reality makes the company's valuation highly sensitive to clinical trial outcomes and the availability of speculative capital markets.
Quick answers to the most common questions about buying PULM stock.
As of 2025, Pulmatrix, Inc. (PULM) had total assets of $4.1M including $4.1M in current assets.
Pulmatrix, Inc. (PULM) carries total debt of $0.0M, offset by $4.1M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Pulmatrix, Inc. (PULM) has total shareholders' equity (book value) of $3.8M ($1.04 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Pulmatrix, Inc. (PULM) reported a current ratio of 12.55x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.