Pulmatrix (PULM) AI Stock Analysis

• Market Cap: $9.09M
• Dividend Yield: N/A
• Average Volume (3M): 7.19K
• Price to Earnings (P/E): ―
• Beta (1Y): -0.51
• 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: 0.55
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: -151.70
• Enterprise Value/Ebitda: -0.97
• 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: 41 Neutral
• Price Target: $2.50 ▲(6.38% Upside)
• Action: Reiterated Date: 03/21/26
• Date: Action: Reiterated 03/21/26

The score is driven primarily by very weak financial performance (near-zero TTM revenue, ongoing losses, and continued cash burn) and a shrinking equity base despite no debt. Technical indicators also point to a weak broader trend (negative MACD; price far below 100/200-day averages). Valuation is constrained by losses (negative P/E), and the terminated reverse merger adds near-term uncertainty.

Positive Factors

No debt / low leverage

Zero reported debt is a durable financial advantage for a clinical-stage biotech: it reduces fixed financing costs and refinancing risk, giving management flexibility to fund R&D, pursue partnerships or transactions, and extend runway without immediate interest burdens that can strain cash flow.

Specialized inhalation platform & pipeline

Pulmatrix’s focus on inhaled therapies and its iSPERSE delivery platform creates a defensible niche in pulmonary disease. Multiple clinical-stage candidates and a partner-advanced program provide repeatable milestone opportunities, enabling non-dilutive partnerships or licensing that can sustain development.

Improving cash burn trajectory

Reduced operating cash outflows signal progress in cost control and extend runway versus prior years. While still negative, improving burn makes near-term financing needs less acute, enhancing the company's ability to advance key programs and negotiate strategic deals from a stronger cash management position.

Negative Factors

Revenue collapse

An effective collapse to zero TTM revenue is a severe structural weakness: it eliminates internal commercial cash generation, increases dependence on financing or partners, and heightens execution risk. For a clinical-stage company, sustained lack of revenue compresses strategic options over months.

Sharply contracted equity base

Rapid erosion of shareholder equity reflects accumulated losses and possible dilution, weakening the capital cushion. A smaller equity base reduces capacity to absorb trial setbacks or fund development internally, increasing pressure to secure financing or strategic transactions under constrained terms.

Terminated reverse merger raises execution risk

The collapse of the Cullgen reverse merger removes a planned pathway to capitalization and strategic scale. Prolonged pursuit of alternative transactions creates operational uncertainty, diverts management attention, and can delay needed funding or licensing deals critical to advancing clinical programs.

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

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Pulmatrix Financial Statement Overview

Summary

Income statement and cash flow are extremely weak: TTM revenue is effectively zero (down from $7.8M in 2024), net losses persist (~$5.2M TTM), and operating/free cash flow remain negative (~-$5.4M TTM) despite improved burn. The balance sheet has no debt, but equity has sharply contracted (to ~$3.81M TTM), weakening 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: Positive
• Last Price: 2.35
• 50DMA: Positive
• 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 Positive. The current price of 2.35 is below the 20-day moving average (MA) of 2.38, below the 50-day MA of 2.47, and below the 200-day MA of 4.46, indicating a neutral trend. The MACD of -0.11 indicates Negative momentum. The RSI at 54.06 is Neutral, neither overbought nor oversold. The STOCH value of 60.00 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for PULM.

Pulmatrix Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
IBIO	51 Neutral	$72.20M	-5.32	-71.26%	―	185.71%	79.03%
LPCN	45 Neutral	$52.19M	-4.54	-59.29%	―	-44.31%	-34.17%
FBLG	44 Neutral	$17.31M	-0.54	-1292.87%	―	―	18.47%
PULM	41 Neutral	$9.09M	-1.58	-79.47%	―	-99.97%	35.59%
IMRN	40 Underperform	$6.21M	-1.04	-49.00%	―	47.17%	26.84%
CMMB	39 Underperform	$12.80M	-2.33	-89.92%	―	―	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.