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MARKETS / NASDAQ / PULM
NASDAQ · PHARMACEUTICAL PREPARATIONS · SMALL CAP

Pulmatrix, Inc. PULM

13 fiscal years on record · USD · FY2025 reported · SEC filings only
$-5.2M
In brief

What this company does

We are a biopharmaceutical company that has focused on the development of novel inhaled therapeutic products intended to prevent and treat migraine and respiratory diseases with important unmet medical needs using our patented iSPERSE™ technology. We were incorporated in 2013 as a Delaware corporation. We are currently seeking opportunities to monetize iSPERSE™ and our existing clinical assets. Our goal has been to develop breakthrough therapeutic products that are safe, convenient, and more effective than the existing therapeutic products for respiratory and other diseases where iSPERSE™ properties are advantageous. Our current pipeline of clinical assets is aligned to this goal and includes iSPERSE™-based therapeutic candidates, which target the prevention and treatment of a range of diseases, including CNS disorders and pulmonary diseases. We received Food and Drug Administration (“FDA”) acceptance of our Investigational New Drug Application (“IND”) and a “study may proceed” letter in September 2023, positioning PUR3100 as Phase 2-ready for potential financing or partnership discussions.

Written from the business description in Pulmatrix, Inc.'s annual report to the U.S. Securities and Exchange Commission, filed 26 February 2026. Every sentence was checked against that document before publication.

Growth
Revenue, FY2025 · full 13-year series below
Revenue $M Net income $M
FY2024 · Revenue 7.8 · Net income -9.6
5M10M-10M-20M2013201520172019202120232025
Compound annual growth
+14.7%
−0.3%
+36.3%
3 yrs
5 yrs
10 yrs
15 yrs

Revenue compounded at −0.3% a year over five years.

Compound annual rates per period — left blank where that exact year isn't on file, the series crosses a loss, or (per-share rows) a split falls inside the window.

Profitability
Operating margin Net margin
FY2024 · Operating -125.1% · Net -122.5%
-5000%-10000%2013201520172019202120232025
ROE
FY2025 · ROE -80.9%
-50%-100%-150%2013201520172019202120232025

Each USD of equity lost 81 cents this year.

Cash & shareholders
returned in FY2025 · dividends + net buybacks
Free cash flow $M
FY2024 · FCF -11.1
2M-8M-16M2013201520172019202120232025

Total assetsUSD 4.1M
EquityUSD 3.8M
CashUSD 4.1M
Current ratio12.55×

Equity funds 92% of total assets.

The 13-year record
13 fiscal years
Every figure from documents filed with the SEC · USD

EPS, diluted, dividend per share and shares outstanding are shown without shading, and a vertical line marks the year the share count changed — the series crosses a large, unexplained change in share count, so the years on either side are not on a comparable scale.

row low → row highnegative
Metric 2025202420232022202120202019201820172016201520142013
Revenue $B·0.00.00.00.00.00.00.00.00.00.00.00.0
Operating income $B−0.0−0.0−0.0−0.0−0.0−0.0−0.0−0.0−0.0−0.0−0.0−0.0−0.0
EBITDA $B··−0.0−0.0··−0.0−0.0−0.0−0.0−0.0−0.0−0.0
Income tax $B0.0········−0.00.00.00.0
Net income $B−0.0−0.0−0.0−0.0−0.0−0.0−0.0−0.0−0.0−0.0−0.0−0.0−0.0
Free cash flow $B·−0.0−0.0−0.0−0.0−0.00.0−0.0−0.0−0.0−0.0−0.0−0.0
EPS, diluted $−1.41−2.62−3.87−5.46−8.63−13.43−1.23−4.98−9.32−1.88−3.23−34.52−1.53
Dividend / sh $·············
Payout %·············
ROE %−80.9−71.0−57.5−48.0−57.2−113.1−180.2−187.1−191.1−134.6··−42.5
Shares out B0.000.000.000.000.000.000.020.000.000.010.010.000.00

Slide the table for earlier years · "·" marks a figure not available in our data for that year.

Provenance
Company facts, as filed
How we verify · 0 failures in 53 reconciliationsAUDITED

Reconciled in 14 of 19 fiscal years. 23 checks could not be computed.

EPS recomputationBalance-sheet identityGross profitBalance-sheet liquiditymoeda_consistente0 failures
ActivityPharmaceutical Preparations
Listed onNASDAQ
Incorporated inDelaware
Fiscal year endsDecember 31
SEC categorysmaller reporting company
Data on record since2012

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