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PULM on Nasdaq

Pulmatrix, Inc.

Pulmatrix, Inc. is an American pharmaceutical preparations company based in Framingham.1

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Last updated Oct 21, 2026.

Overview

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  • TickerPULM on Nasdaq1
  • IndustryPharmaceutical Preparations1
  • HeadquartersFramingham, Massachusetts1
  • Incorporated inDE2
  • Business address945 Concord Street, Suite 1217, Framingham, Ma 017012
  • Filer categoryNon-accelerated filer, Smaller reporting company2
  • Legal formCorporation

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Agreement was unanimously approved by our board of directors, which resolved to recommend approval of the Merger Agreement to our stockholders.3 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2024

-125.1%Operating margin4
-122.5%Net margin4
7.0%Revenue growth, 20244
-106.8%Return on equity4
-$11.1MFree cash flow4

Where the money goes

Where each dollar of revenue went, fiscal 2024

  • Research and development92¢$7.2M
  • Other costs8¢$640.0K

Out of $7.8M in revenue.4 The company lost money this year.

Financial statements

Revenue567894$7.8M in 2024−1% since 2019
0$5.0M$10.0M$15.0M2019: $7.9M$7.9M20192020: $12.6M$12.6M2020+60%2021: $5.2M$5.2M2021−59%2022: $6.1M$6.1M2022+17%2023: $7.3M$7.3M2023+20%2024: $7.8M$7.8M2024+7%
Operating income567894-$9.8M in 2024−53% since 2019
-$30.0M-$20.0M-$10.0M02019: -$20.7M-$20.7M20192020: -$9.9M-$9.9M2020−52%2021: -$20.2M-$20.2M2021+104%2022: -$18.9M-$18.9M2022−6%2023: -$14.7M-$14.7M2023−22%2024: -$9.8M-$9.8M2024−34%
Net income567894-$9.6M in 2024−54% since 2019
-$30.0M-$20.0M-$10.0M02019: -$20.6M-$20.6M20192020: -$19.3M-$19.3M2020−6%2021: -$20.2M-$20.2M2021+4%2022: -$18.8M-$18.8M2022−7%2023: -$14.1M-$14.1M2023−25%2024: -$9.6M-$9.6M2024−32%

Every line of the income statement as filed: the last 2 fiscal years, latest first.4

Period ending2025-12-312024-12-31
Revenues$7.8M
Research and development$38.0K$7.2M
General and administrative$5.1M$7.8M
Loss on MannKind Transaction$2.6M
Total operating expenses$5.2M$17.6M
Loss from operations-$5.2M-$9.8M
Interest income$144.0K$467.0K
Fair value adjustment of warrants$67.0K-$67.0K
Other expense, net-$204.0K-$196.0K
Total other income (expense), net$7.0K$204.0K
Net loss-$5.2M-$9.6M
Net loss per share attributable to common stockholders - basic-$1.41-$2.62
Net loss per share attributable to common stockholders - diluted-$1.41-$2.62
Weighted average common shares outstanding - basic3.7M shares3.7M shares
Weighted average common shares outstanding - diluted3.7M shares3.7M shares

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Corporate structure

Pulmatrix, Inc. sits at the top of its group. 1 entity, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of Pulmatrix, Inc.

  • Pulmatrix, Inc. Framingham, Massachusetts

Built from major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What Pulmatrix, Inc. reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$4.1M4 Dec 31, 2025$9.5M4 Dec 31, 2024−57.1%

Properties, in its own words

We are a virtual company and do not lease or own any physical space. We maintain a mailing address at 945 Concord Street, Suite 1217, Framingham, Massachusetts 01701.

Item 2 of the 10-K filed Feb 26, 2026.3

Leadership

Who has led Pulmatrix, Inc., and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. Hojabr Alimi2014
  2. Teofilo David Raad2019–2023

Chief financial officer

  1. Sameer Harish2014
  2. William E. Duke2015–2019
  3. Peter Ludlum2022
201520202025
Board members and other officers (20)

Named in SEC Form D filings

People the company listed in its private-offering notices.

  • DirectorMichael Higgins named Apr 15, 202635

Former names

  • Ruthigen, Inc.May 24, 2013 to Jun 16, 20152

Timeline

  1. Aug 13, 20268-K Results of operations36
  2. May 15, 20268-K Results of operations37
  3. Apr 21, 20268-K Regulation FD disclosure; Other events38
  4. Mar 27, 20268-K Entered a material agreement; Unregistered sale of shares; Change to shareholders' rights39
  5. Mar 2, 20268-K Ended a material agreement; Regulation FD disclosure40
  6. Feb 26, 20268-K Results of operations41
  7. Dec 18, 20258-K Regulation FD disclosure; Other events42
  8. Oct 16, 20258-K Results of operations43
  9. Aug 6, 20258-K Results of operations44
  10. Jun 16, 20258-K Shareholder vote; Other events45
  11. May 15, 20258-K Completed an acquisition or sale46
  12. Apr 10, 20258-K Entered a material agreement; Change in control47
  13. May 20, 2019New chief executive Teofilo David Raad becomes CEO12
  14. Mar 21, 2014New chief executive Hojabr Alimi becomes CEO13

Calendar

Coming up

  1. Around Nov 11, 2026Next results, estimated About a quarter after its last report. The company hasn't announced the date.

When it reported results

  1. Aug 13, 2026Reported quarterly or annual results36
  2. May 15, 2026Reported quarterly or annual results37
  3. Feb 26, 2026Reported quarterly or annual results41
  4. Oct 16, 2025Reported quarterly or annual results43
  5. Aug 6, 2025Reported quarterly or annual results44
  6. Mar 21, 2025Reported quarterly or annual results48
  7. Nov 8, 2024Reported quarterly or annual results49
  8. Aug 13, 2024Reported quarterly or annual results50

Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar

Filings

159 filings to the SEC since October 2021: 6 annual reports, 15 quarterly reports, 60 major events, 18 insider forms, 8 large holders, 1 private raises, 51 other. The latest 20:

  1. Oct 13, 2026425 EDGAR
  2. Oct 7, 2026424B3 EDGAR
  3. Oct 7, 2026DEFA14A EDGAR
  4. Oct 5, 2026ARS EDGAR
  5. Oct 5, 2026S-3/A EDGAR
  6. Sep 25, 2026EFFECT EDGAR
  7. Sep 25, 2026424B3 EDGAR
  8. Sep 25, 2026DEFM14A EDGAR
  9. Sep 23, 2026S-4/A EDGAR
  10. Sep 22, 2026425 EDGAR
  11. Sep 17, 2026S-4/A EDGAR
  12. Sep 4, 2026S-4/A EDGAR
  13. Aug 13, 202610-Q EDGAR
  14. Aug 13, 20268-K EDGAR
  15. Aug 7, 2026S-3/A EDGAR
  16. Aug 3, 2026S-4/A EDGAR
  17. Jul 9, 2026S-4 EDGAR
  18. Jun 16, 202610-K/A EDGAR
  19. Jun 5, 2026425 EDGAR
  20. Jun 4, 2026S-3 EDGAR

The 159 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Executive pay

What the company paid its top executives, from the summary compensation table in its proxy statement. Total pay includes salary, bonus, stock and option awards and other pay, as the company valued them.

YearExecutiveAgeSalaryTotal pay
2023Teofilo Raad$567.3K$691.9K56
2023Peter Ludlum68$510.2K$510.2K56
2023Margaret WasilewskiM.D.$461.9K$509.6K56
2022(former Chief Executive Officer)$525.3K$1.0M56
2022(former Chief Medical Officer)$368.3K$614.1K56
2022(former Vice PresidentFinance)$299.7K$491.9K56
2022(Interim Chief Financial Officer)$398.6K$398.6K56

Money raised

Private offerings the company reported to the SEC on Form D.

  1. Mar 26, 2026Raised $1 million in a private offering of equity Form D: 1 investor so far Form D

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
Renaissance Technologies LLC122,698$208.6K0.0%+13,550
BlackRock, Inc.54,899$93.3K0.0%No change
Geode Capital Management, LLC33,299$56.6K0.0%−11,330
Vanguard Capital Management LLC32,294$54.9K0.0%−1,300
SBI Securities Co., Ltd.31,285$53.2K0.0%+1,200
Shay Capital LLC18,857$32.1K0.0%New
Vanguard Fiduciary Trust Co14,715$25.0K0.0%No change
State Street Corp13,945$23.7K0.0%No change
XTX Topco Ltd11,991$20.4K0.0%−1,678
UBS Group AG515$8750.0%+492
Barclays PLC15$260.0%New
Farther Finance Advisors, LLC7$120.0%No change
Allworth Financial LP3$60.0%No change
Northwestern Mutual Wealth Management Co1$20.0%No change
Royal Bank Of Canada7$00.0%No change

13F reports cover disclosed long positions in U.S. stocks only.

SEC filer profile

How Pulmatrix, Inc. is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARPulmatrix, Inc.1
  • CIK0001574235
  • Employer ID (EIN)46-18213923
  • Filer statusNon-accelerated filer not an emerging growth company; a smaller reporting company; a shell company3
  • Incorporated inDelaware3
  • Fiscal year endsDecember 311
  • Industry code (SIC)2834 Pharmaceutical Preparations1
  • SEC reviewing officeOffice of Life Sciences, Division of Corporation Finance1
  • Business address945 Concord Street, Suite 1217, Framingham, MA 017011
  • Phone(888) 355-44401
  • Shares outstanding3,652,285 as of Aug 13, 202611
  • Public float$25.2M as of Jun 30, 20253
  • AuditorCBIZ CPAs P.C., New York, NY PCAOB ID 199; it also attests to the company’s internal control over financial reporting3
  • On EDGAR sinceMay 24, 20131
  • Filings647 in all: 8-K (191), 4 (112), 10-Q (37), 3 (27), CORRESP (26), 424B3 (19), SC 13G (16), EFFECT (15)1
    All 43 form types

    SC 13G/A (15), UPLOAD (15), D (14), DEFA14A (14), 10-K (13), 424B5 (12), S-1/A (12), DEF 14A (11), S-8 (9), SC 13D/A (9), 425 (8), S-4/A (7), S-1 (6), S-3 (6), 10-K/A (5), 4/A (5), 8-K/A (5), SC 13D (5), FWP (4), 424B4 (3), ARS (3), CT ORDER (3), S-3/A (3), S-4 (3), DRS (2), POS AM (2), PRE 14A (2), 424B2 (1), 8-A12B (1), CERTNAS (1), DEFM14A (1), POS EX (1), RW (1), S-1MEF (1), SCHEDULE 13D (1)

  • Latest filingsAnnual report (10-K) Feb 26, 2026
    Quarterly report (10-Q) Aug 13, 2026
    Proxy statement (DEF 14A) Nov 8, 2024
    Latest 8-K (8-K) Aug 13, 2026

Securities registered for trading

ClassSymbolExchange
Common Stock, par value $0.0001 per sharePULMThe Nasdaq Stock Market LLC

From the cover page of the 10-K filed Feb 26, 2026 (Section 12(b) of the Exchange Act).3

Risk factors and legal proceedings

The risks Pulmatrix, Inc. names in Item 1A of its 10-K filed Feb 26, 2026: 70 risks under these headings, as written.3

  • Risks Related to the Merger with Cullgen
  • Risks Related to the Proposed Reverse Stock Split
  • Risks Related to Our Business
  • Risks Related to Regulatory Matters
  • Risks Related to Our Financial Position and Need for Additional Capital
  • Risks Related to Our Intellectual Property
  • Risks Related to Our Common Stock
  • There is no assurance when or if the Merger will be completed. Any delay in completing the Merger may substantially reduce the potential benefits that we and Cullgen expect to obtain from the Merger.
  • We may engage in the sale, license, transfer, disposition, divestiture or other monetization transaction Pulmatrix Legacy Business.
  • The issuance of shares of our common stock to Cullgen stockholders in the Merger will substantially dilute the voting power of our current stockholders. Having a minority share position will reduce the influence that current stockholders have on our management.
  • The issuance, or expected issuance, of our common stock in connection with the Merger could decrease the market price of our common stock.
  • The intended benefits of the Merger may not be realized.
The other 65 risks
  • Because the lack of a public market for Cullgen common stock makes it difficult to evaluate the fairness of the Merger, Cullgen stockholders may receive consideration in the Merger that is greater than or less than the fair market value of Cullgen common stock.
  • Transfers of the Combined Company’s securities utilizing Rule 144 of the Securities Act may be limited.
  • Our expected disposal of our historical assets and operations in connection with our proposed Merger with Cullgen will make us a shell company. As a result, we will be subject to more stringent reporting requirements, offering limitations and resale restrictions.
  • Directors and officers of us and Cullgen may have interests in the Merger that are different from, or in addition to, those of our stockholders and Cullgen stockholders generally that may influence them to support or approve the Merger.
  • If the Merger is completed, Cullgen executive officers and Cullgen appointees to the Combined Company board of directors will have the ability to significantly influence the Combined Company’s management and business affairs, as well as matters submitted to the Combined Company board of directors or stockholders for approval, especially if they decide to act together with the current Cullgen stockholders.
  • The announcement and pendency of the Merger could have an adverse effect on our or Cullgen’s business, financial condition, results of operations or business prospects.
  • The rights of Cullgen stockholders who become our stockholders in the Merger and our stockholders following the Merger will be governed by the Certificate of Incorporation, as amended.
  • The Exchange Ratio is not adjustable based on the market price of our common stock, so the Merger consideration at the Closing may have a greater or lesser value than at the time the Merger Agreement was signed.
  • We are expected to incur substantial expenses related to the Merger with Cullgen.
  • Failure to complete the Merger could negatively affect the value of our common stock and the future business and financial results of both us and Cullgen.
  • The Merger is expected to result in a limitation on the Combined Company’s ability to utilize its net operating loss carryforward.
  • The analysis received by our board of directors from Lucid Capital Markets, LLC has not been, and is not expected to be, updated to reflect changes in circumstances that may have occurred since the date of the analysis.
  • The Merger may be completed even though material adverse changes may result from the announcement of the Merger, industry-wide changes or other causes.
  • We, our Board of Directors, and/or and Cullgen may become involved in securities litigation or stockholder derivative litigation in connection with the Merger, and this could divert the attention of our and Cullgen’s management and harm our, Cullgen, and/or the Combined Company’s business, and insurance coverage may not be available or sufficient to cover all related costs, expenses, and damages.
  • We have never paid and, except the potential Cash Dividend in connection with the Merger, do not intend to pay any cash dividends in the foreseeable future.
  • We are substantially dependent on our remaining employees, key contractors and consultants to facilitate the consummation of the Merger.
  • The proposed reverse stock split may not increase the Combined Company’s common stock price over the long term.
  • The proposed reverse stock split would have the effect of increasing the amount of common stock that the Combined Company is authorized to issue without further approval by the Combined Company stockholders.
  • The proposed reverse stock split may decrease the liquidity of our common stock.
  • The proposed reverse stock split may lead to a decrease in overall market capitalization of the Combined Company.
  • We have a history of net losses and may experience future losses.
  • We will need to raise additional capital to meet our business requirements in the future and such capital raises may be costly or difficult to obtain and could dilute our stockholders’ ownership interests.
  • We have historically been a clinical development stage biopharmaceutical company and have never been profitable. We expect to incur additional losses in the future and may never be profitable.
  • All of our product candidates are still under development, and there can be no assurance of successful commercialization of any of our products.
  • Drug development is a long, expensive and inherently uncertain process with a high risk of failure at every stage of development, and results of earlier studies and trials may not be predictive of future trial results.
  • If our collaborators are not successful, or breach their agreements with us, we may not effectively develop and market some of our therapeutic candidates.
  • We may not be able to attract, retain, or manage highly qualified personnel, which could adversely impact our business.
  • We face substantial competition in the development of our product candidates and may not be able to compete successfully, and our product candidates may be rendered obsolete by rapid technological change.
  • If the third parties on which we rely to conduct our clinical trials and to assist us with preclinical development do not perform as contractually required or expected, we may not be able to obtain regulatory clearance or approval for, or to commercialize, our products.
  • We rely on third-party contract vendors to manufacture and supply us with high quality active pharmaceutical ingredients and manufacture our therapeutic candidates in the quantities we require on a timely basis.
  • Supply chain and shipping disruptions may result in shipping delays, a significant increase in shipping costs, and could increase product costs and result in lost sales and reputational damage, which may have a material adverse effect on our business, operating results and financial condition.
  • We may not be successful in negotiating for an appropriate price in a future sale or assignment of our rights related to our current drug candidates.
  • Our failure to successfully acquire, develop and market additional drug candidates or approved drug products could impair our ability to grow.
  • Our business strategy may include entry into additional collaborative or license agreements. We may not be able to enter into collaborative or license agreements or may not be able to negotiate commercially acceptable terms for these agreements.
  • We may be subject to claims that our employees, independent consultants or agencies have wrongfully used or inadvertently disclosed confidential information of third parties.
  • Market and economic conditions may negatively impact our business, financial condition and share price.
  • If we fail to maintain proper and effective internal controls, our ability to produce accurate and timely financial statements could be impaired, which could harm our operating results, our ability to operate our business and investors’ views of us.
  • Our ability to use our net operating loss carryforwards to offset future taxable income may be subject to certain limitations
  • Our product candidates must undergo rigorous nonclinical and clinical testing, and we must obtain regulatory approvals, which could be costly and time-consuming and subject us to unanticipated delays or prevent us from marketing any products. We cannot be certain that any of our current and future product candidates will receive regulatory approval, and without regulatory approval we will not be able to market our product candidates.
  • We have limited experience in filing and pursuing applications necessary to gain regulatory approvals, which may impede our ability to obtain timely approvals from the FDA or foreign regulatory agencies, if at all.
  • Any failure by us to comply with existing or future regulations could harm our reputation and operating results.
  • We and our third-party manufacturers are, and will be, subject to regulations of the FDA and other foreign regulatory authorities.
  • Even if we obtain regulatory approvals, our therapeutic candidates will be subject to ongoing regulatory review. If we fail to comply with continuing U.S. and applicable foreign laws, regulations and guidelines, we could lose those approvals, and our business would be seriously harmed.
  • Our employees may engage in misconduct or other improper activities, including noncompliance with regulatory standards and requirements and insider trading.
  • If we fail to comply with federal or state “fraud and abuse” laws, the failure to comply with these laws may adversely affect our business, financial condition and results of operations.
  • Legislative or regulatory reform of the U.S. healthcare system may adversely affect our business.
  • We will be required to raise additional capital to fund our operations, and we may not be able to continue as a going concern if we are unable to do so.
  • Our long-term capital requirements are subject to numerous risks.
  • We may engage in strategic transactions that could impact our liquidity, increase our expenses and present significant distractions to our management.
  • We may be unable to adequately protect or enforce our rights to intellectual property, causing us to lose valuable rights. Loss of patent rights may lead us to lose market share and anticipated profits.
  • If we are unable to protect the confidentiality of our trade secrets or know-how, such proprietary information may be used by others to compete against us.
  • Legal proceedings or third-party claims of intellectual property infringement and other challenges may require us to spend substantial time and money and could prevent us from developing or commercializing our product candidates.
  • We may be subject to other patent-related litigation or proceedings that could be costly to defend and uncertain in their outcome.
  • Obtaining and maintaining patent protection depends on compliance with various procedures and other requirements, and our patent protection could be reduced or eliminated in case of non-compliance with these requirements.
  • If we fail to comply with our obligations under our license agreements, we could lose the rights to intellectual property that is important to our business.
  • We may be subject to damages resulting from claims that we or our employees have wrongfully used or disclosed alleged trade secrets of their former employers.
  • The price of our common stock is subject to fluctuation and has been and may continue to be volatile.
  • Financial reporting obligations of being a public company in the United States are expensive and time-consuming, and our management may be required to devote substantial time to compliance matters.
  • In the foreseeable future, we do not intend to pay cash dividends on shares of our common stock, except the potential Cash Dividend in connection with the Merger, so any investor gains will be limited to the value of our shares.
  • We may be at risk of securities class action litigation.
  • In the event that we fail to satisfy any of the listing requirements of Nasdaq, our common stock may be delisted, which could affect our market price and liquidity.
  • We may issue additional equity securities in the future, which could result in dilution to existing investors.
  • We currently take advantage of reduced disclosure and governance requirements applicable to smaller reporting companies, which could result in our common stock being less attractive to investors.
  • Anti-takeover provisions under Delaware corporate law may make it difficult for our stockholders to replace or remove our board of directors and could deter or delay third parties from acquiring us, which may be beneficial to our stockholders.
  • Protective provisions in our charter and bylaws could prevent a takeover which could harm our stockholders.

Legal proceedings

From time to time, we may be involved in litigation that arises through the normal course of business. As of the date of this filing, we are not aware of any material legal proceedings to which we or our subsidiaries are a party or to which any of our property is subject, nor are we aware of any such threatened or pending litigation or proceedings known to be contemplated by governmental authorities.

To our knowledge, there are no material proceedings in which any of our directors, officers or affiliates or any registered or beneficial stockholder of more than 5% of our common stock, or any associate of any of the foregoing, is an adverse party or has a material interest adverse to our interest.

The opening of Item 3, Legal Proceedings.3

Sources

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