Pulmatrix, Inc.
Financial highlights
| Metric | FY 12/31/25 | FY 12/31/24 | FY 12/31/23 | FY 12/31/22 | FY 12/31/21 |
|---|---|---|---|---|---|
| Income Statement | |||||
| Revenue | — | $7.8M | $7.3M | $6.1M | $5.2M |
| Research and development | $38,000 | $7.2M | $15.5M | $18.2M | $15.4M |
| Operating expenses | $5.2M | $17.6M | $22.0M | $25.0M | $25.3M |
| Operating income | -$5.2M | -$9.8M | -$14.7M | -$18.9M | -$20.2M |
| Income tax expense | $0 | — | — | — | — |
| Net income | -$5.2M | -$9.6M | -$14.1M | -$18.8M | -$20.2M |
| Balance Sheet | |||||
| Cash and equivalents | $4.1M | $9.5M | $19.2M | $35.6M | $53.8M |
| Current assets | $4.1M | $9.9M | $20.8M | $38.1M | $54.8M |
| Total assets | $4.1M | $9.9M | $34.0M | $41.0M | $58.8M |
| Current liabilities | $329,000 | $929,000 | $3.9M | $5.0M | $4.4M |
| Total liabilities | $329,000 | $996,000 | $16.0M | $9.8M | $11.4M |
| Stockholders' equity | $3.8M | $8.9M | $18.0M | $31.1M | $47.4M |
| Cash Flow Statement | |||||
| Cash from operations | -$5.4M | -$10.7M | -$16.0M | -$19.4M | -$19.7M |
| Depreciation and amortization | — | $106,000 | $134,000 | $162,000 | $169,000 |
| Stock-based compensation | $25,000 | $511,000 | $954,000 | $1.1M | $1.2M |
| Capital expenditure | — | $398,000 | $676,000 | $86,000 | $144,000 |
| Free cash flow | — | -$11.1M | -$16.7M | -$19.4M | -$19.9M |
| Impairments | — | — | — | — | $3.6M |
Shares outstanding 3.7M · Free float 34.5%
Annual filing data through FY ended December 31, 2025; float as of July 14, 2026.