Pulmatrix (PULM) AI Stock Analysis

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Pulmatrix

(NASDAQ:PULM)

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Rating:44Neutral

Price Target:$1.50▲(14.50% Upside)

Action:reiterated

Date:11/06/26

The score is primarily held down by weak financial performance (near-zero revenue, ongoing losses, and negative free cash flow, despite improved burn and no debt). Technicals remain bearish with price below key moving averages, while the planned merger-related approvals add a modest offset but come with capital structure risk (reverse split/share increase).

Positive Factors

Debt-Free Balance SheetHaving no reported debt reduces interest obligations and refinancing exposure, giving Pulmatrix greater flexibility while it advances its development strategy. Although equity is limited, the absence of leverage avoids an additional fixed claim on cash during a period of ongoing operating losses.

Negative Factors

No Current Revenue BaseWith revenue effectively at zero, Pulmatrix currently lacks an operating sales base to support its expenses or demonstrate commercial traction. Future value therefore remains dependent on successful development, partnering, or commercialization outcomes rather than recurring revenue already generated by the business.

Pulmatrix (PULM) vs. SPDR S&P 500 ETF (SPY)

Market Cap: $4.78M
Dividend Yield: ―
Average Volume (3M): 32.83K
Price to Earnings (P/E): -1.2
Beta (1Y): -0.15
Revenue Growth: -100.00%
EPS Growth: 49.19%
Country: US
Employees: 2
Sector: Healthcare
Sector Strength: 51
Industry: Biotechnology

Pulmatrix Business Overview & Revenue Model

Company Description

Pulmatrix, Inc. (PULM) is a clinical-stage biotechnology firm focused on creating and advancing inhaled treatments. The company's primary goal is to address significant unmet medical needs in respiratory and other diseases within the United States. C...

How the Company Makes Money

Pulmatrix’s business model has historically been typical of a clinical-stage biopharmaceutical company: it seeks to create value by developing proprietary drug candidates and drug-delivery technologies and then monetizing them through partnering tran...

Pulmatrix Financial Statement Overview

Summary

Overall fundamentals remain weak: revenue is effectively zero while losses and negative free cash flow persist. Positives include meaningfully reduced cash burn and zero reported debt, but equity has sharply diminished, limiting financial cushion and increasing reliance on external funding.

Income Statement

12Very Negative

Balance Sheet

46Neutral

Cash Flow

18Very Negative

Financial statement breakdown
Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	0	0	7.81M	7.30M	6.07M	5.17M
Gross Profit	-38.00K	-38.00K	640.00K	-8.22M	-12.17M	-10.21M
EBITDA	-4.02M	-5.16M	-6.71M	-12.65M	-17.29M	-15.35M
Net Income	-4.01M	-5.16M	-9.56M	-14.12M	-18.84M	-20.17M
Balance Sheet
Total Assets	3.25M	4.14M	9.94M	33.96M	40.95M	58.82M
Cash, Cash Equivalents and Short-Term Investments	2.17M	4.09M	9.52M	19.17M	35.63M	53.84M
Total Debt	0	0	0	8.76M	857.00K	2.29M
Total Liabilities	689.00K	329.00K	996.00K	15.96M	9.84M	11.37M
Stockholders Equity	2.56M	3.81M	8.95M	18.00M	31.11M	47.45M
Cash Flow
Free Cash Flow	-3.91M	-5.43M	-11.11M	-16.66M	-19.44M	-19.87M
Operating Cash Flow	-3.91M	-5.43M	-10.72M	-15.98M	-19.36M	-19.73M
Investing Cash Flow	0	0	-398.00K	-676.00K	-86.00K	-144.00K
Financing Cash Flow	950.00K	0	0	53.00K	1.23M	43.48M

Pulmatrix Technical Analysis

Technical Analysis SentimentNegative

Last Price1.31

Price Trends

50DMA1.46Negative

100DMA1.55Negative

200DMA1.66Negative

Market Momentum

MACD-0.03Positive

RSI41.55Neutral

STOCH58.33Neutral

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 1.31 is below the 20-day moving average (MA) of 1.42, below the 50-day MA of 1.46, and below the 200-day MA of 1.66, indicating a bearish trend. The MACD of -0.03 indicates Positive momentum. The RSI at 41.55 is Neutral, neither overbought nor oversold. The STOCH value of 58.33 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for PULM.

Pulmatrix Risk Analysis

Pulmatrix disclosed 72 risk factors in its most recent earnings report. Pulmatrix reported the most risks in the "Finance & Corporate" category.

Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy

Latest Risks Added

3 New Risks

1.Global economic and political instability and conflicts, such as the conflicts in Venezuela, between Russia and Ukraine or in the Middle East, could adversely affect our business, financial condition or results of operations.Q2, 2026

2.We have a history of recurring losses and our unaudited condensed consolidated financial statements have been prepared on a going concern basis, and do not include adjustments that might be necessary if we are unable to continue as a going concern. If we are unable to raise capital when needed, we could be forced to delay, reduce or eliminate any product development programs or commercialization efforts.Q1, 2026

3.Global economic and political instability and conflicts, such as the conflicts in Venezuela, between Russia and Ukraine or in the Middle East, could adversely affect our business, financial condition or results of operations.Q1, 2026

Pulmatrix Peers Comparison

Overall Rating

UnderperformOutperform

Sector (51)

Financial Indicators

PULM against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	51Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
LPCN	45Neutral	$17.61M	-1.17	-46.52%	―	-13.37%	-33.44%
IMRN	44Neutral	$7.52M	-2.87	-31.88%	―	10.41%	42.44%
PULM	44Neutral	$4.93M	-1.19	-109.26%	―	-100.00%	49.19%
FBLG	40Underperform	$6.15M	-0.17	-536.78%	―	―	22.10%
IBIO	40Underperform	$47.47M	-2.96	-46.75%	―	115.00%	71.61%
CMMB	38Underperform	$9.75M	-1.32	-70.81%	―	―	56.99%

* Healthcare Sector Average

Performance Comparison

PULM and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
PULM	Pulmatrix	1.31	-3.58	-73.21%
IBIO	Ibio Inc	0.82	-0.33	-28.35%
LPCN	Lipocine Inc	1.59	-1.23	-43.62%
IMRN	Immuron	0.93	-0.63	-40.58%
CMMB	Chemomab Therapeutics Ltd.	1.35	-1.20	-47.06%
FBLG	FibroBiologics, Inc.	0.99	-5.72	-85.18%

Pulmatrix Corporate Events

Business Operations and StrategyExecutive/Board ChangesM&A TransactionsShareholder MeetingsStock Split

Pulmatrix Shareholders Approve Eos SENOLYTIX Merger Measures

Positive

Oct 27, 2026

At a special meeting on October 26, 2026, Pulmatrix stockholders approved key measures tied to the planned merger with Eos SENOLYTIX, Inc., including issuing more than 20% new common shares to Eos stakeholders and Palladium and accepting a change of...

Glossary

BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

Disclaimer

This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.

Date of analysis: Nov 06, 2026

Pulmatrix AI Stock Analysis