Pulmatrix Financials
This page shows Pulmatrix (PULM) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 13 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Pulmatrix’s recent improvement reflects cash-preservation mode, with development spending collapsing faster than the company built any revenue base.
The drop in net loss from$14.1M in FY2023 to$5.2M in FY2025 looks healthier at first glance. But R&D expense fell from$15.5M to$38K , indicating the better loss figure came mainly from shrinking development activity rather than a self-funding operating model.
In FY2025, operating cash outflow of
The balance sheet is lightly levered — total liabilities were only
Financial Health Signals
Pulmatrix does not currently provide enough eligible data for a peer-relative financial health score, so none is published. The signals and metrics below are current.
Pulmatrix passes 2 of 6 computable financial strength tests (3 of the nine could not be computed from available data). No profitability signals pass, all 2 leverage/liquidity signals pass.
Pulmatrix reported a net loss of $5.2M while operations used $5.4M of cash. With neither figure positive, the ratio between the two carries no quality signal.
Key Financial Metrics
Earnings & Revenue
Pulmatrix reported -$5.2M in net income in fiscal year 2025. This represents an increase of 46.0% from the prior year.
Pulmatrix earned -$1.41 per diluted share (EPS) in fiscal year 2025. This represents an increase of 46.2% from the prior year.
Not reported for fiscal year 2025.
Not reported for fiscal year 2025.
Cash & Balance Sheet
Pulmatrix held $4.1M in cash as of fiscal year 2025; long-term debt is not reported for that period.
Not reported for fiscal year 2025.
Not reported for fiscal year 2025.
Margins & Returns
Pulmatrix's ROE was -135.5% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 28.6 percentage points from the prior year.
Not reported for fiscal year 2025.
Not reported for fiscal year 2025.
Not reported for fiscal year 2025.
Capital Allocation
Pulmatrix invested $38K in research and development in fiscal year 2025. This represents a decrease of 99.5% from the prior year.
Not reported for fiscal year 2025.
Not reported for fiscal year 2025.
PULM Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | TTM | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 | FY16 | FY15 | FY14 | FY14 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | N/A | N/A | $7.8M+7.0% | $7.3M+20.2% | $6.1M+17.5% | $5.2M-59.1% | $12.6M+59.7% | $7.9M+5069.9% | $153K-54.3% | $335K-59.9% | $835K-30.5% | $1.2M+241.2% | $352K | $0 |
| R&D Expenses | N/A | $38K-99.5% | $7.2M-53.8% | $15.5M-14.9% | $18.2M+18.6% | $15.4M-1.5% | $15.6M+21.5% | $12.8M-0.9% | $13.0M+26.6% | $10.2M+0.9% | $10.2M+41.3% | $7.2M+9.1% | $6.6M | $1.4M |
| SG&A Expenses | N/A | $5.1M-34.1% | $7.8M+19.4% | $6.5M-3.8% | $6.8M+6.3% | $6.4M-7.4% | $6.9M-18.9% | $8.5M+12.9% | $7.5M-0.6% | $7.6M-5.6% | $8.0M-52.9% | $17.0M+276.0% | $4.5M | $1.7M |
| Operating Income | N/A | -$5.2M+47.1% | -$9.8M+33.8% | -$14.7M+22.2% | -$18.9M+6.0% | -$20.2M-104.5% | -$9.9M+52.3% | -$20.7M-1.4% | -$20.4M-16.7% | -$17.5M+29.7% | -$24.9M-8.0% | -$23.0M | N/A | -$3.1M |
| Interest Expense | N/A | N/A | $467K-46.1% | $867K+180.6% | $309K+4314.3% | $7K-91.5% | $82K | N/A | $186K-71.1% | $643K-27.0% | $881K-7.6% | $953K | N/A | N/A |
| Income Tax | N/A | $0 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | -$3.0M | $0 | $0 | $0 |
| Net Income | N/A | -$5.2M+46.0% | -$9.6M+32.3% | -$14.1M+25.0% | -$18.8M+6.6% | -$20.2M-4.5% | -$19.3M+6.3% | -$20.6M-0.2% | -$20.6M-13.9% | -$18.1M+35.2% | -$27.8M-6.4% | -$26.2M | N/A | -$3.1M |
| EPS (Diluted) | — | -$1.41+46.2% | -$2.62+32.3% | -$3.87+29.1% | -$5.46 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
Not reported in any period shown, so not listed: Cost of Revenue, Gross Profit.
TTM is the trailing twelve months, Q3 FY2025 through Q2 FY2026, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.
PULM Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 | FY16 | FY15 | FY14 | FY14 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Total Assets | $4.1M-58.4% | $9.9M-70.7% | $34.0M-17.1% | $41.0M-30.4% | $58.8M+54.4% | $38.1M+5.5% | $36.1M+145.2% | $14.7M-7.9% | $16.0M-4.1% | $16.7M-62.9% | $44.9M+2793.2% | $1.6M | $15.6M |
| Current Assets | $4.1M-58.4% | $9.9M-52.4% | $20.8M-45.4% | $38.1M-30.4% | $54.8M+68.7% | $32.5M+3.3% | $31.4M+857.8% | $3.3M-22.8% | $4.2M-10.8% | $4.8M-76.7% | $20.5M+2362.3% | $831K | $15.6M |
| Cash & Equivalents | $4.1M-57.1% | $9.5M-50.3% | $19.2M-46.2% | $35.6M-33.8% | $53.8M+70.1% | $31.7M+35.1% | $23.4M+814.6% | $2.6M-27.8% | $3.5M-15.1% | $4.2M-77.9% | $18.9M+4091.1% | $451K | $15.6M |
| Accounts Receivable | N/A | N/A | $928K-28.5% | $1.3M+1837.3% | $67K-20.2% | $84K-98.8% | $7.2M | N/A | N/A | N/A | N/A | N/A | N/A |
| Goodwill | N/A | N/A | N/A | N/A | N/A | $3.6M0.0% | $3.6M-67.0% | $10.8M-0.6% | $10.9M0.0% | $10.9M-31.5% | $15.9M | N/A | N/A |
| Total Liabilities | $329K-67.0% | $996K-93.8% | $16.0M+62.2% | $9.8M-13.4% | $11.4M-24.0% | $15.0M-40.4% | $25.1M+771.1% | $2.9M-50.7% | $5.8M-26.1% | $7.9M-35.6% | $12.3M-84.7% | $80.3M | $947K |
| Current Liabilities | $329K-64.6% | $929K-76.2% | $3.9M-22.2% | $5.0M+13.1% | $4.4M-45.7% | $8.2M-52.4% | $17.2M+497.4% | $2.9M-50.7% | $5.8M+25.6% | $4.7M+29.0% | $3.6M-91.7% | $43.5M | $947K |
| Long-Term Debt | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | $3.2M-43.5% | $5.7M-85.7% | $39.7M | N/A |
| Total Equity | $3.8M-57.4% | $8.9M-50.3% | $18.0M-42.2% | $31.1M-34.4% | $47.4M+105.1% | $23.1M+110.0% | $11.0M-7.0% | $11.8M+16.8% | $10.1M+15.7% | $8.8M-73.1% | $32.6M+141.4% | -$78.8M | $14.6M |
| Retained Earnings | -$302.3M-1.7% | -$297.2M-3.3% | -$287.6M-5.2% | -$273.5M-7.4% | -$254.6M-8.6% | -$234.5M-9.0% | -$215.2M-10.6% | -$194.6M-11.8% | -$174.0M-11.6% | -$155.9M-21.7% | -$128.1M-25.7% | -$101.9M | -$3.7M |
Not reported in any period shown, so not listed: Inventory.
PULM Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | TTM | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 | FY16 | FY15 | FY14 | FY14 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$3.9M | -$5.4M+49.3% | -$10.7M+33.0% | -$16.0M+17.4% | -$19.4M+1.9% | -$19.7M-58.0% | -$12.5M-486.5% | $3.2M+119.3% | -$16.8M-15.8% | -$14.5M-9.3% | -$13.2M-6.2% | -$12.5M | N/A | -$3.0M |
| Capital Expenditures | N/A | N/A | $398K-41.1% | $676K+686.0% | $86K-40.3% | $144K-48.8% | $281K+384.5% | $58K+205.3% | $19K-74.3% | $74K-83.7% | $455K+71.1% | $266K-6.7% | $285K | $0 |
| Free Cash Flow | N/A | N/A | -$11.1M+33.3% | -$16.7M+14.3% | -$19.4M+2.2% | -$19.9M-55.7% | -$12.8M-502.4% | $3.2M+118.9% | -$16.8M-15.3% | -$14.6M-6.2% | -$13.7M-7.5% | -$12.7M | N/A | -$3.0M |
| Investing Cash Flow | N/A | N/A | -$398K+41.1% | -$676K-686.0% | -$86K+40.3% | -$144K+48.8% | -$281K-384.5% | -$58K-205.3% | -$19K+74.3% | -$74K | N/A | N/A | N/A | N/A |
| Financing Cash Flow | N/A | N/A | N/A | $53K-95.7% | $1.2M-97.2% | $43.5M+107.2% | $21.0M+18.5% | $17.7M+12.1% | $15.8M+13.5% | $13.9M | N/A | N/A | N/A | N/A |
Not reported in any period shown, so not listed: Dividends Paid, Share Buybacks.
TTM is the trailing twelve months, Q3 FY2025 through Q2 FY2026, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.
PULM Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 | FY16 | FY15 | FY14 | FY14 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Margin | N/A | -125.1% | -202.0% | -312.1% | -390.1% | -78.1% | -261.6% | -13333.3% | -5216.4% | -2978.0% | -1916.6% | N/A | N/A |
| Net Margin | N/A | -122.5% | -193.5% | -310.3% | -390.2% | -152.8% | -260.4% | -13439.9% | -5389.8% | -3334.5% | -2178.8% | N/A | N/A |
| Return on Equity | -135.5%-28.6pp | -106.8%-28.4pp | -78.5%-17.9pp | -60.6%-18.0pp | -42.5%+40.9pp | -83.4%+103.5pp | -186.9%-13.3pp | -173.6%+4.5pp | -178.1%+139.7pp | -317.8%-237.6pp | -80.3% | N/A | -21.3% |
| Return on Assets | -124.7%-28.6pp | -96.1%-54.6pp | -41.6%+4.4pp | -46.0%-11.7pp | -34.3%+16.4pp | -50.7%+6.4pp | -57.1%+82.6pp | -139.7%-26.7pp | -113.0%+54.1pp | -167.1%-108.8pp | -58.3% | N/A | -20.0% |
| Current Ratio | 12.55+1.9x | 10.68+5.3x | 5.33-2.3x | 7.60-4.7x | 12.33+8.4x | 3.97+2.1x | 1.83+0.7x | 1.14+0.4x | 0.73-0.3x | 1.02-4.7x | 5.68+5.7x | 0.02 | 16.45 |
| Debt-to-Equity | 0.090.0x | 0.11-0.8x | 0.89+0.6x | 0.32+0.1x | 0.24-0.4x | 0.65-1.6x | 2.28+2.0x | 0.24-0.3x | 0.58+0.2x | 0.37+0.2x | 0.17 | N/A | 0.06 |
| FCF Margin | N/A | -142.4% | -228.3% | -320.2% | -384.4% | -101.0% | 40.1% | -10967.3% | -4343.6% | -1640.5% | -1060.6% | N/A | N/A |
Not reported in any period shown, so not listed: Gross Margin.
Reported as filed but not readable as a share of revenue in the periods where the ratio runs further from zero than a revenue base allows; no change figure is given where either compared period is one of those: Operating Margin, Net Margin, FCF Margin.
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Where Pulmatrix Ranks
Frequently Asked Questions
Is Pulmatrix profitable?
No, Pulmatrix (PULM) reported a net income of -$5.2M in fiscal year 2025.
What is Pulmatrix's return on equity (ROE)?
Pulmatrix (PULM) has a return on equity of -135.5% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Pulmatrix's operating cash flow?
Pulmatrix (PULM) recorded an outflow of $5.4M in operating cash flow during fiscal year 2025, representing cash used by core business activities.
What are Pulmatrix's total assets?
Pulmatrix (PULM) had $4.1M in total assets as of fiscal year 2025, including both current and long-term assets.
How much does Pulmatrix spend on research and development?
Pulmatrix (PULM) invested $38K in research and development during fiscal year 2025.
What is Pulmatrix's current ratio?
Pulmatrix (PULM) had a current ratio of 12.55 as of fiscal year 2025, which is generally considered healthy.
What is Pulmatrix's debt-to-equity ratio?
Pulmatrix (PULM) had a debt-to-equity ratio of 0.09 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Pulmatrix's return on assets (ROA)?
Pulmatrix (PULM) had a return on assets of -124.7% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Pulmatrix's cash runway?
Based on fiscal year 2025 data, Pulmatrix (PULM) had $4.1M in cash against an annual operating cash burn of $5.4M. This gives an estimated cash runway of approximately 9 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.
What is Pulmatrix's Piotroski F-Score?
Pulmatrix (PULM) has a Piotroski F-Score of 2 out of 6 computable signals; 3 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Pulmatrix's earnings high quality?
Pulmatrix (PULM) reported a net loss of $5.2M while operations used $5.4M of cash. With neither figure positive, the ratio between the two carries no quality signal. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.