Pulmatrix (PULM) AI Stock Analysis

• Market Cap: $8.58M
• Dividend Yield: N/A
• Average Volume (3M): 7.19K
• Price to Earnings (P/E): ―
• Beta (1Y): -0.67
• Revenue Growth: -99.97%
• EPS Growth: 35.59%
• Country: US
• Employees: 2
• Sector: Healthcare
• Sector Strength: 45
• Industry: Biotechnology
• EPS (TTM): -0.24
• Shares Outstanding: 3,652,285
• 10 Day Avg. Volume: 4,700
• 30 Day Avg. Volume: 7,194
• PEG Ratio: 0.08
• Price to Book (P/B): 2.85
• Price to Sales (P/S): 3.27
• P/FCF Ratio: -2.29
• Enterprise Value/Market Cap: 1.51
• Enterprise Value/Revenue: 4.32K
• Enterprise Value/Gross Profit: -359.89
• Enterprise Value/Ebitda: -2.10
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 43 Neutral
• Price Target: $2.00 ▼(-14.89% Downside)

The score is driven primarily by weak financial performance (persistent losses, ongoing cash burn, and a sharp TTM revenue collapse), which outweighs the benefit of a zero-debt balance sheet. Technicals also detract due to a strong downtrend and negative MACD, despite oversold readings. Valuation support is limited because earnings are negative and no dividend yield is provided.

Positive Factors

Strong Balance Sheet

A strong balance sheet with minimal debt enhances financial stability, providing a solid foundation for future growth and strategic investments.

Proprietary Technology

The proprietary iSPERSE™ technology offers a competitive advantage in developing inhaled therapies, potentially leading to successful partnerships and revenue streams.

Revenue Growth Potential

Strategic partnerships and licensing agreements can drive revenue growth, leveraging Pulmatrix's technology for broader market applications.

Negative Factors

Profitability Challenges

Ongoing profitability challenges, with negative net profit margins, highlight the need for strategic adjustments to achieve sustainable financial performance.

Negative Cash Flows

Persistent negative cash flows can limit operational flexibility and investment capacity, necessitating improved cash management strategies.

Operational Losses

High operational losses impact long-term viability, requiring cost management and efficiency improvements to enhance profitability.

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

Pulmatrix faces significant profitability challenges despite slight revenue growth and a strong equity base. The absence of debt provides financial stability, yet persistent operational losses and negative cash flows highlight the need for strategic adjustments to improve profitability and cash generation.

Income Statement

Pulmatrix's revenue showed a modest growth of 6.95% from 2023 to 2024. However, consistent negative net profit margins and EBIT margins highlight ongoing profitability challenges, with a net profit margin of -122.42% and an EBIT margin of -125.10% in 2024. Despite some revenue growth, the company struggles with high operational losses.

Balance Sheet

Pulmatrix maintains a strong equity position with an equity ratio of 89.96% in 2024, indicating a stable balance sheet with minimal debt. The absence of total debt enhances financial stability, though the return on equity remains negative due to persistent losses.

Cash Flow

The company's free cash flow remains negative, with a slight improvement in the free cash flow growth rate. However, the operating cash flow to net income ratio reflects ongoing cash flow challenges due to substantial operational losses.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	3.00K	7.81M	7.30M	6.07M	5.17M	12.63M
Gross Profit	-36.00K	640.00K	-8.22M	-12.17M	-10.21M	12.63M
EBITDA	-6.17M	-7.04M	-14.61M	-18.79M	-16.42M	-9.65M
Net Income	-6.22M	-9.56M	-14.12M	-18.84M	-20.17M	-19.31M
Balance Sheet
Total Assets	4.98M	9.94M	33.96M	40.95M	58.82M	38.17M
Cash, Cash Equivalents and Short-Term Investments	4.79M	9.52M	19.17M	35.63M	53.84M	31.66M
Total Debt	0.00	0.00	8.76M	857.00K	2.29M	1.74M
Total Liabilities	249.00K	996.00K	15.96M	9.84M	11.37M	15.03M
Stockholders Equity	4.73M	8.95M	18.00M	31.11M	47.45M	23.14M
Cash Flow
Free Cash Flow	-5.99M	-11.11M	-16.66M	-19.44M	-19.87M	-12.76M
Operating Cash Flow	-5.99M	-10.72M	-15.98M	-19.36M	-19.73M	-12.48M
Investing Cash Flow	0.00	-398.00K	-676.00K	-86.00K	-144.00K	-281.00K
Financing Cash Flow	0.00	0.00	53.00K	1.23M	43.48M	20.98M

Pulmatrix Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 2.35
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Negative
• RSI: Positive
• 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 2.66, below the 50-day MA of 3.80, and below the 200-day MA of 5.39, indicating a bearish trend. The MACD of -0.46 indicates Negative momentum. The RSI at 29.56 is Positive, neither overbought nor oversold. The STOCH value of 54.69 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
IBIO	55 Neutral	$60.72M	-1.82	-54.50%	―	185.71%	79.03%
LPCN	52 Neutral	$50.13M	-10.30	-32.92%	―	-44.31%	-34.17%
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
FBLG	44 Neutral	$25.63M	-0.70	-1292.87%	―	―	18.47%
PULM	43 Neutral	$8.58M	-1.37	-79.47%	―	-99.97%	35.59%
CMMB	39 Underperform	$11.26M	-0.96	-73.63%	―	―	53.19%
IMRN	38 Underperform	$7.42M	-2.05	-49.00%	―	47.17%	26.84%

Pulmatrix Corporate Events

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.