The company exhibits total operational stagnation with revenue growth at -100% and a complete absence of gross profit, leaving the firm unable to offset its ongoing SG&A expenses.
| 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 |
|---|
| Sales/Revenue | 0 | 0 | 7.81M | 7.3M | 6.07M | 5.17M | 12.63M | 7.91M | 153K | 335K | 835K | 1.2M | 352K | 653K | 0 |
| Revenue Growth % | -100% | -100% | 6.96% | 20.21% | 17.45% | -59.09% | 59.72% | 5069.93% | -54.33% | -59.88% | -30.47% | 241.19% | -46.09% | - | - |
| Cost of Goods Sold | 14K | 0 | 7.17M | 15.52M | 18.24M | 15.38M | 0 | 12.85M | 12.97M | 10.24M | 10.15M | 7.19M | 6.59M | 8.56M | 0 |
| COGS % of Revenue | - | - | 91.8% | 212.63% | 300.44% | 297.58% | - | 162.39% | 8474.51% | 3057.61% | 1215.81% | 598.42% | 1872.16% | 1311.49% | - |
| Gross Profit | -14K | 0 | 640K | -8.22M | -12.17M | -10.21M | 12.63M | -4.93M | -12.81M | -9.91M | -9.32M | -5.99M | -6.24M | -7.91M | 0 |
| Gross Margin % | - | - | 8.2% | -112.63% | -200.44% | -197.58% | 100% | -62.39% | -8374.51% | -2957.61% | -1115.81% | -498.42% | -1772.16% | -1211.49% | - |
| Gross Profit Growth % | - | -100% | 107.79% | 32.45% | -19.15% | -180.84% | 356.01% | 61.48% | -29.32% | -6.34% | -55.65% | 4.04% | 21.15% | - | - |
| Operating Expenses | 4.6M | 5.17M | 10.4M | 6.52M | 6.78M | 9.95M | 22.5M | 15.76M | 7.59M | 7.57M | 15.55M | 17.03M | 2.84M | 3.15M | 30K |
| OpEx % of Revenue | - | - | 133.27% | 89.34% | 111.65% | 192.57% | 178.06% | 199.2% | 4958.82% | 2258.81% | 1862.16% | 1418.15% | 806.25% | 482.54% | - |
| Selling, General & Admin | 4.59M | 5.13M | 7.79M | 6.52M | 6.78M | 6.38M | 6.89M | 8.49M | 7.52M | 7.57M | 8.02M | 9.63M | 2.84M | 3.15M | 0 |
| SG&A % of Revenue | - | - | 99.73% | 89.34% | 111.65% | 123.37% | 54.51% | 107.32% | 4913.73% | 2258.81% | 959.88% | 802% | 806.25% | 482.54% | - |
| Research & Development | 28K | 38K | 7.17M | 15.52M | 18.24M | 15.38M | 15.61M | 12.85M | 12.97M | 10.24M | 17.69M | 7.19M | 6.59M | 8.56M | 20K |
| R&D % of Revenue | - | - | 91.8% | 212.63% | 300.44% | 297.58% | 123.55% | 162.39% | 8474.51% | 3057.61% | 2118.08% | 598.42% | 1872.16% | 1311.49% | - |
| Other Operating Expenses | -20K | 0 | -4.55M | -15.52M | -18.24M | -11.8M | 0 | -5.58M | -12.9M | -10.24M | -10.15M | 213K | -6.59M | -8.56M | 10K |
| Operating Income | -4.61M | -5.17M | -9.76M | -14.74M | -18.95M | -20.17M | -9.86M | -20.69M | -20.4M | -17.48M | -24.87M | -23.02M | -9.08M | -11.06M | -30K |
| Operating Margin % | - | - | -125.07% | -201.97% | -312.09% | -390.15% | -78.06% | -261.59% | -13333.33% | -5216.42% | -2977.96% | -1916.57% | -2578.41% | -1694.03% | - |
| Operating Income Growth % | - | 47.06% | 33.77% | 22.2% | 6.05% | -104.49% | 52.34% | -1.43% | -16.74% | 29.72% | -8.03% | -153.61% | 17.95% | -36773.33% | - |
| EBITDA | -4.62M | -5.16M | -9.66M | -14.61M | -18.79M | -20M | -9.65M | -20.51M | -20.17M | -17.23M | -24.62M | -22.79M | -8.73M | -10.71M | -30K |
| EBITDA Margin % | - | - | -123.71% | -200.14% | -309.42% | -386.88% | -76.36% | -259.29% | -13182.35% | -5142.99% | -2948.02% | -1897.25% | -2481.25% | -1640.12% | - |
| EBITDA Growth % | 62.4% | 46.55% | 33.88% | 22.25% | 6.07% | -107.3% | 52.96% | -1.69% | -17.06% | 30.01% | -8.03% | -160.89% | 18.45% | -35600% | - |
| D&A (Non-Cash Add-back) | 26.5K | 0 | 106K | 134K | 162K | 169K | 215K | 182K | 231K | 246K | 250K | 232K | 342K | 352K | 0 |
| EBIT | -4.64M | -5.16M | -7.14M | -14.74M | -18.95M | -16.59M | -9.86M | -13.42M | -20.33M | -17.48M | -17.33M | -15.62M | -9.08M | -11.06M | -523K |
| Net Interest Income | 103K | 144K | 467K | 867K | 309K | 7K | 82K | 301K | -159K | -643K | -881K | -953K | 0 | 0 | 0 |
| Interest Income | 103K | 144K | 467K | 867K | 309K | 7K | 82K | 301K | 27K | 0 | 0 | 0 | 17K | 0 | 0 |
| Interest Expense | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 186K | 643K | 881K | 953K | 0 | 0 | 0 |
| Other Income/Expense | 88K | 7K | 204K | 619K | 111K | -4K | -9.45M | 96K | -163K | -581K | -5.94M | -3.15M | -15.07M | -2.25M | 0 |
| Pretax Income | -4.53M | -5.16M | -9.56M | -14.12M | -18.84M | -20.17M | -19.31M | -20.6M | -20.56M | -18.06M | -30.8M | -26.17M | -24.14M | -13.31M | -30K |
| Pretax Margin % | - | - | -122.46% | -193.49% | -310.26% | -390.23% | -152.83% | -260.38% | -13439.87% | -5389.85% | -3688.86% | -2178.77% | -6859.09% | -2038.13% | - |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -2.96M | 0 | 0 | 0 | 0 |
| Effective Tax Rate % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 9.61% | 0% | 0% | 0% | 0% |
| Net Income | -4.53M | -5.16M | -9.56M | -14.12M | -18.84M | -20.17M | -19.31M | -20.6M | -20.56M | -18.06M | -27.84M | -26.17M | -24.14M | -13.31M | -30K |
| Net Margin % | - | - | -122.46% | -193.49% | -310.26% | -390.23% | -152.83% | -260.38% | -13439.87% | -5389.85% | -3334.49% | -2178.77% | -6859.09% | -2038.13% | - |
| Net Income Growth % | 62.88% | 46% | 32.31% | 25.03% | 6.62% | -4.47% | 6.25% | -0.16% | -13.88% | 35.15% | -6.4% | -8.38% | -81.41% | -44263.33% | - |
| Net Income (Continuing) | -4.53M | -5.16M | -9.56M | -14.12M | -18.84M | -20.17M | -19.31M | -20.6M | -20.56M | -18.06M | -27.84M | -26.17M | -24.14M | -13.31M | -30K |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -1.24 | -1.41 | -2.62 | -3.87 | -5.43 | -8.63 | -19.83 | -24.37 | -99.67 | -186.42 | -375.87 | -646.91 | -765.72 | -130.75 | -7.50 |
| EPS Growth % | 63.06% | 46.18% | 32.3% | 28.73% | 37.08% | 56.48% | 18.63% | 75.55% | 46.53% | 50.4% | 41.9% | 15.52% | -485.64% | -1643.33% | - |
| EPS (Basic) | - | -1.41 | -2.62 | -3.87 | -5.43 | -8.63 | -19.83 | -24.37 | -99.67 | -186.42 | -375.87 | -646.91 | -765.72 | -130.75 | -7.50 |
| Diluted Shares Outstanding | 3.65M | 3.65M | 3.65M | 3.65M | 3.45M | 2.71M | 1.44M | 836.7K | 206.32K | 96.86K | 74.08K | 40.45K | 4.07K | 4K | 4K |
| Basic Shares Outstanding | 3.65M | 3.65M | 3.65M | 3.65M | 3.45M | 2.34M | 1.44M | 836.7K | 206.32K | 96.86K | 74.08K | 40.45K | 0 | 14.25K | 4K |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Critical liquidity and dilution
As reported in recent financial filings, Pulmatrix has experienced a complete cessation of revenue, with growth metrics hitting -100% year-over-year, indicating that the company is currently devoid of any commercial milestone payments or licensing inflows to support its ongoing clinical development and operational overhead requirements.
The transition to zero revenue suggests that the company's previous collaboration-based business model has stalled, leaving no buffer for its R&D activities. Investors should monitor whether this reflects a strategic pivot or an inability to secure new partnership agreements, as the lack of top-line growth significantly increases reliance on external financing.
Based on the provided income statement data, Pulmatrix maintains a persistent SG&A expense structure that, while showing some recent moderation, continues to dwarf the company's non-existent revenue, effectively accelerating the depletion of cash reserves as the firm attempts to advance its pipeline through clinical stages.
The company's cost structure appears heavily weighted toward administrative and overhead expenses rather than direct R&D, which may imply inefficiencies in managing its limited capital. This misalignment between spending and clinical output warrants further investigation into whether management can successfully streamline operations to extend its limited runway.
According to the historical income statement, the company's operating leverage is currently non-existent, as the absence of gross profit prevents any scaling of operating income, leaving the firm in a state of perpetual operating losses that appear to be widening relative to its dwindling cash position.
The inability to generate positive gross profit suggests that the current licensing-based business model is not yet capable of covering even basic operating costs. This structural deficit implies that any future growth will require significant capital investment, which may further dilute existing shareholders if the company cannot achieve a commercial inflection point.
As indicated by the most recent quarterly data, the company's cash reserves of approximately $4.1 million appear insufficient to sustain long-term clinical operations, suggesting that the firm faces a high probability of near-term dilutive financing or a potential strategic failure if new capital is not secured.
Short-term observers may focus on the risk that the company's current cash burn rate will necessitate an equity raise at a depressed valuation, further eroding shareholder value. The lack of a clear path to revenue suggests that the market may be correctly pricing in the high risk of clinical and financial insolvency.
Quick answers to the most common questions about buying PULM stock.
For fiscal year 2025, Pulmatrix, Inc. (PULM) reported total revenue of $0.0M.
Pulmatrix, Inc. (PULM) reported a net loss of $5.2M for the fiscal year ending 2025.