Pulmatrix (PULM) AI Stock Analysis

• Market Cap: $6.90M
• Dividend Yield: N/A
• Average Volume (3M): 7.19K
• Price to Earnings (P/E): ―
• Beta (1Y): -0.60
• Revenue Growth: -99.97%
• EPS Growth: 35.59%
• Country: US
• Employees: 2
• Sector: Healthcare
• Sector Strength: 45
• Industry: Biotechnology
• EPS (TTM): -0.25
• Shares Outstanding: 3,652,285
• 10 Day Avg. Volume: 4,700
• 30 Day Avg. Volume: 7,194
• PEG Ratio: 0.03
• Price to Book (P/B): 2.14
• Price to Sales (P/S): 0.00
• P/FCF Ratio: -1.50
• Enterprise Value/Market Cap: 0.42
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: -88.06
• Enterprise Value/Ebitda: -0.56
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): -2.24
• Revenue Forecast (FY): $16.45M

• Rating: 44 Neutral
• Price Target: $2.00 ▼(-14.89% Downside)
• Action: Reiterated Date: 03/03/26
• Date: Action: Reiterated 03/03/26

The score is primarily weighed down by very weak financial performance (near-zero TTM revenue, persistent losses, and ongoing cash burn alongside a shrinking equity base). Technicals add further pressure with the stock trading well below major moving averages, while valuation provides limited support due to a negative P/E and no dividend yield data.

Positive Factors

Zero reported debt

Having zero reported debt materially reduces near-term solvency and interest burden risk for a clinical-stage biotech. This preserves flexibility to raise non-debt funding or pursue partnerships and M&A while clinical programs advance, lowering default risk during cash burn periods.

Clinical-stage iSPERSE pipeline

Pulmatrix’s iSPERSE inhalation platform plus multiple clinical assets across indications creates durable technical differentiation and program optionality. Diverse pipeline stages and a partner-led Phase 3 asset increase potential non-dilutive funding, licensing, or milestone monetization over time.

Improving cash burn and runway

Operating cash outflows have meaningfully improved versus prior years, extending runway into late 2026. This gives management a multi-quarter window to pursue partnerships, alternative reverse merger opportunities, or regulatory milestones before near-term refinancing, reducing immediate financing pressure.

Negative Factors

Revenue collapse

A near-zero TTM revenue base signals lost or non-recurring commercial receipts and weak ability to monetize technology today. Structural lack of product revenue forces reliance on financing or partnerships to fund trials and operations, raising execution risk for sustaining R&D and development timelines.

Persistent negative cash flow and weak cash generation

Ongoing negative operating and free cash flows indicate the company is not self-funding development. Continued cash burn necessitates external capital or asset monetization, which can dilute shareholders or constrain strategic choices; modest improvement does not remove long-term funding dependency.

Failed Cullgen merger; execution/regulatory risk

Termination of the Cullgen reverse merger removes a previously expected strategic path to scale and highlights regulatory and execution risk (notably China-related delays). Pulmatrix must now re-source alternatives, delaying potential scale, raising transaction uncertainty and possible additional dilution.

Pulmatrix Business Overview & Revenue Model

Company Description

Pulmatrix, 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.

How the Company Makes Money

Pulmatrix makes money primarily through the development and commercialization of its inhaled therapies. Revenue is generated through strategic partnerships and licensing agreements with pharmaceutical companies that are interested in utilizing Pulmatrix's iSPERSE™ technology for their own drug formulations. The company also seeks funding through grants and collaborations to support its clinical trials and research initiatives. Additionally, Pulmatrix aims to earn milestone payments and royalties from successful product developments and commercialization efforts that involve its proprietary technology.

Pulmatrix Financial Statement Overview

Summary

Financials are highly pressured: TTM revenue is effectively zero after $7.8M in 2024 (TTM growth -100%), profitability remains deeply negative (TTM net loss ~-$5.2M), and operating/free cash flow are still negative (TTM operating cash flow ~-$5.4M). The main offsets are zero reported debt and an improving (but still negative) cash burn trend, but a sharply shrinking equity base weakens the capital cushion.

Income Statement

Performance remains very weak. TTM (Trailing-Twelve-Months) revenue is effectively zero after $7.8M in 2024 (TTM growth -100%), and profitability is deeply negative with a TTM net loss of ~$5.2M. While losses are smaller than 2021–2023 levels, the collapse in revenue and negative gross profit in TTM indicate a business still far from self-sustaining.

Balance Sheet

Leverage is not the main issue—total debt is reported at $0 in 2024 and TTM (Debt-to-equity 0.0), which reduces financial risk. However, the equity base has sharply contracted (equity down from ~$17.995M in 2023 to ~$8.947M in 2024 and ~$3.81M in TTM), and returns on equity are heavily negative, signaling ongoing dilution/accumulated losses and a weakening capital cushion.

Cash Flow

Cash generation remains poor with consistently negative operating and free cash flow. TTM (Trailing-Twelve-Months) operating cash flow is about -$5.4M (improved versus -$10.7M in 2024 and much worse in 2021–2023), but the company is still burning cash and free cash flow is also negative. Cash burn improving is a positive, yet funding dependence remains high without a clear path to positive cash flow.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	0.00	7.81M	7.30M	6.07M	5.17M
Gross Profit	0.00	640.00K	-8.22M	-12.17M	-10.21M
EBITDA	-5.16M	-7.04M	-14.61M	-18.79M	-16.42M
Net Income	-5.16M	-9.56M	-14.12M	-18.84M	-20.17M
Balance Sheet
Total Assets	4.14M	9.94M	33.96M	40.95M	58.82M
Cash, Cash Equivalents and Short-Term Investments	4.09M	9.52M	19.17M	35.63M	53.84M
Total Debt	0.00	0.00	8.76M	857.00K	2.29M
Total Liabilities	329.00K	996.00K	15.96M	9.84M	11.37M
Stockholders Equity	3.81M	8.95M	18.00M	31.11M	47.45M
Cash Flow
Free Cash Flow	-5.43M	-11.11M	-16.66M	-19.44M	-19.87M
Operating Cash Flow	-5.43M	-10.72M	-15.98M	-19.36M	-19.73M
Investing Cash Flow	0.00	-398.00K	-676.00K	-86.00K	-144.00K
Financing Cash Flow	0.00	0.00	53.00K	1.23M	43.48M

Pulmatrix Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 2.35
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For PULM, the sentiment is Negative. The current price of 2.35 is below the 20-day moving average (MA) of 2.65, below the 50-day MA of 2.58, and below the 200-day MA of 4.83, indicating a bearish trend. The MACD of 0.02 indicates Positive momentum. The RSI at 32.64 is Neutral, neither overbought nor oversold. The STOCH value of 38.57 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for PULM.

Pulmatrix Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
LPCN	54 Neutral	$49.08M	-8.70	-32.92%	―	-44.31%	-34.17%
IBIO	53 Neutral	$92.92M	-2.67	-70.22%	―	185.71%	79.03%
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
PULM	44 Neutral	$6.90M	-1.34	-79.47%	―	-99.97%	35.59%
FBLG	42 Neutral	$28.36M	-0.95	-1292.87%	―	―	18.47%
IMRN	40 Underperform	$6.49M	-1.57	-49.00%	―	47.17%	26.84%
CMMB	39 Underperform	$12.06M	-1.05	-73.63%	―	―	53.19%

Pulmatrix Corporate Events

Pulmatrix Pursues New Reverse Merger After Cullgen Termination

On February 28, 2026, Cullgen notified Pulmatrix that it was terminating their previously agreed merger, which had been signed in November 2024 and amended in April 2025, after prolonged delays in securing approval from the China Securities Regulatory Commission. No termination fees are payable by either party, each will bear its own transaction costs, and Pulmatrix, whose shareholders had approved the deal in June 2025, is now advancing discussions on alternative reverse merger opportunities while continuing to develop and potentially monetize its iSPERSE-based clinical assets.

Interim CEO Peter Ludlum said Pulmatrix had already begun seeking an alternative reverse merger in response to 2025 regulatory delays in China, highlighting growing industry transaction activity as a positive backdrop. The company’s ongoing programs, including Phase 2‑ready PUR3100 for acute migraine, PUR1800 for COPD exacerbations, and partner-led PUR1900 now cleared for Phase 3 in India, remain central to its strategy and could underpin future deal-making and value for stakeholders despite the collapse of the Cullgen transaction.

The most recent analyst rating on (PULM) stock is a Hold with a $3.00 price target. To see the full list of analyst forecasts on Pulmatrix stock, see the PULM Stock Forecast page.

Pulmatrix and Cullgen Suspend No-Solicitation to Seek Alternatives

On December 17–18, 2025, Pulmatrix and Cullgen entered into a mutual waiver agreement that suspends the “No Solicitation” clause in their November 2024 merger agreement, allowing both parties to explore alternative strategic transactions while they continue to pursue required approval for the merger from the China Securities Regulatory Commission and satisfy other closing conditions, including Nasdaq listing approval. The move, which follows Pulmatrix shareholders’ approval of the merger in June 2025 and comes amid a still-pending Chinese regulatory review, introduces greater strategic flexibility for both companies and underscores the deal’s execution risk, even as Pulmatrix highlights the ongoing value of its iSPERSE-based clinical assets and its current cash runway into late 2026 for stakeholders evaluating its prospects with or without the Cullgen combination.