Pulmatrix (PULM) AI Stock Analysis

• Market Cap: $9.39M
• Dividend Yield: N/A
• Average Volume (3M): 7.19K
• Price to Earnings (P/E): ―
• Beta (1Y): -0.65
• 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: 0.50
• Enterprise Value/Revenue: 1.56K
• Enterprise Value/Gross Profit: -129.59
• Enterprise Value/Ebitda: -0.76
• 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: $2.50 ▲(6.38% Upside)

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

Zero Debt Capital Structure

A zero-debt balance sheet materially reduces bankruptcy and interest burdens, giving management flexibility to pursue equity raises, licensing, or partnerships without heavy fixed obligations. For a clinical-stage biotech this lowers financing stress while trials progress over months.

Inhalation Platform Expertise

Pulmatrix's specialization in inhaled therapies and formulation/delivery provides a durable competitive edge: targeted lung delivery addresses large respiratory markets, supports multiple candidate programs, and enhances licensing and partner interest over the medium term.

Strategic Optionality and Runway

The mutual waiver allowing exploration of alternatives increases strategic flexibility to pursue better partners or transactions. Coupled with a disclosed cash runway into late 2026, this gives time to de-risk programs or secure financing without immediate distress.

Negative Factors

Chronic Cash Burn

Persistent negative operating and free cash flows across all reported periods signal structural cash burn. This forces recurrent external financing, raises dilution and execution risk, and constrains the company's ability to progress clinical programs without material capital raises.

Revenue Collapse and Margin Deterioration

A roughly 99% TTM revenue collapse and sharply negative margins severely weaken self-funding prospects and commercial validation. This structural revenue loss heightens reliance on partners or financings and undermines the long-term ability to sustain R&D without new capital or strategic transactions.

Shrinking Equity and Asset Base

Despite no debt, the balance sheet has eroded materially with shrinking assets and shareholders' equity since 2021–2022, reflecting cumulative losses. This reduced capital cushion limits resilience to setbacks and increases funding and execution risk over the medium term.

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

Income statement and cash flow are very weak, with persistent losses, negative operating earnings, and negative operating/free cash flow across all periods. TTM revenue collapsed to near-zero and margins turned sharply negative, increasing execution and funding risk. The main offset is a zero-debt position, but the balance sheet has still weakened via shrinking assets/equity.

Income Statement

Profitability remains very weak: the company is deeply loss-making across the period, with negative operating earnings and net losses every year shown. Revenue has been volatile—after modest growth in 2022–2024, TTM (Trailing-Twelve-Months) revenue collapsed to near-zero (down ~99%), and margins in TTM turned sharply negative. The key strength is that losses have generally narrowed versus earlier years, but the recent revenue drop and persistently negative profit profile are major concerns.

Balance Sheet

Leverage is a clear positive: total debt is 0 in 2024 and in TTM (Trailing-Twelve-Months), which lowers financial risk. However, the balance sheet has weakened meaningfully over time, with equity and assets shrinking substantially since 2021–2022, reflecting ongoing losses and cash burn. Returns on shareholders’ capital remain strongly negative, underscoring that the capital base is not currently generating profits.

Cash Flow

Cash generation is a major weakness: operating cash flow and free cash flow are negative in every period provided, indicating continued cash burn. There is some improvement in the burn rate in TTM (Trailing-Twelve-Months) versus prior years, but free cash flow growth is still negative in TTM and cash flows remain far from self-funding. Cash flow trends suggest the company likely depends on external financing to sustain operations.

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: 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 2.50, below the 50-day MA of 3.22, and below the 200-day MA of 5.18, indicating a neutral trend. The MACD of -0.13 indicates Negative momentum. The RSI at 43.34 is Neutral, neither overbought nor oversold. The STOCH value of 25.68 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	$47.22M	-1.65	-54.50%	―	185.71%	79.03%
LPCN	54 Neutral	$49.97M	-8.87	-32.92%	―	-44.31%	-34.17%
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
FBLG	44 Neutral	$22.07M	-0.59	-1292.87%	―	―	18.47%
PULM	43 Neutral	$9.39M	-1.52	-79.47%	―	-99.97%	35.59%
CMMB	39 Underperform	$9.54M	-0.90	-73.63%	―	―	53.19%
IMRN	38 Underperform	$7.97M	-1.54	-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.