LUNG on Nasdaq

Pulmonx Corp

We are a commercial-stage medical technology company that provides a minimally invasive treatment for patients with severe emphysema, a form of chronic obstructive pulmonary disease (“COPD”).4 From its latest annual report

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Last updated Oct 19, 2026.

Overview

Compare with KESTRA MEDICAL TECHNOLOGIES, LTD., Delcath Systems, Inc. or IRADIMED CORP, or pick any stock.

  • TickerLUNG on Nasdaq2
  • IndustrySurgical & Medical Instruments & Apparatus2
  • HeadquartersWilmington, United States2
  • Incorporated inDE3
  • Business address700 Chesapeake Drive, Redwood City, Ca 940633
  • Filer categoryNon-accelerated filer, Smaller reporting company3
  • Legal formCorporation2
  • LEI549300WZMFR0ZK7RJY402
  • StatusActive2
  • LEI statusLapsed (not renewed)2
  • Registered addressC/O The Corporation Trust Company, 19801 Wilmington, United States2
  • Registered withDivision of Corporations, Department of State, 54320952

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We are a commercial-stage medical technology company that provides a minimally invasive treatment for patients with severe emphysema, a form of chronic obstructive pulmonary disease (“COPD”). Our solution, which is comprised of the Zephyr Endobronchial Valve (“Zephyr Valve”), the Chartis Pulmonary Assessment System (“Chartis System”) and the LungTraX Platform, is designed to treat severe emphysema patients who, despite medical management, are still profoundly symptomatic and either do not want or are ineligible for surgical approaches. Patients with severe emphysema generally experience a worse quality of life than patients with lung cancer, and we believe there is both an urgent clinical need and a strong market opportunity for a solution that is safe, effective and minimally invasive.4 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 2025

74.2%Gross margin5
-59.3%Operating margin5
-59.7%Net margin5
8.0%Revenue growth, 20255
-99.8%Return on equity5
0.68×Debt to equity5
-$32.8MFree cash flow5

What sells

Revenue by product, business segment and region, as the company reports it to the SEC.

Regions

United States brought in 63% of the revenue Pulmonx Corp broke down this way in fiscal 2025.

  1. United States$57.0M563%up 1% from 2024
  2. EMEA$27.0M530%up 21% from 2024
  3. Asia Pacific$6.2M57%up 40% from 2024
  4. Other International Geographical Areas$260.0K50%down 53% from 2024
Regions by year
Regions20242025
United States$56.5M$57.0M
EMEA$22.3M$27.0M
Asia Pacific$4.4M$6.2M
Other International Geographical Areas$556.0K$260.0K

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Cost of revenue16¢$23.4M
  • Research and development13¢$19.5M
  • Selling, general and admin70¢$101.3M
  • Income tax0¢$626.0K

Out of $90.5M in revenue.5 The company lost money this year.

Financial statements

Revenue6789105$90.5M in 2025+178% since 2019
0$25.0M$50.0M$75.0M$100.0M2019: $32.6M$32.6M20192020: $32.7M$32.7M2020+0%2021: $48.4M$48.4M2021+48%2022: $53.7M$53.7M2022+11%2023: $68.7M$68.7M2023+28%2024: $83.8M$83.8M2024+22%2025: $90.5M$90.5M2025+8%
Gross profit6789105$67.1M in 2025+200% since 2019
0$20.0M$40.0M$60.0M$80.0M2019: $22.4M$22.4M20192020: $21.2M$21.2M2020−5%2021: $35.6M$35.6M2021+68%2022: $39.9M$39.9M2022+12%2023: $50.8M$50.8M2023+27%2024: $62.0M$62.0M2024+22%2025: $67.1M$67.1M2025+8%
Operating income6789105-$53.7M in 2025+201% since 2019
-$80.0M-$60.0M-$40.0M-$20.0M02019: -$17.8M-$17.8M20192020: -$32.3M-$32.3M2020+81%2021: -$47.3M-$47.3M2021+46%2022: -$58.6M-$58.6M2022+24%2023: -$61.9M-$61.9M2023+6%2024: -$57.7M-$57.7M2024−7%2025: -$53.7M-$53.7M2025−7%
Net income6789105-$54.0M in 2025+161% since 2019
-$80.0M-$60.0M-$40.0M-$20.0M02019: -$20.7M-$20.7M20192020: -$32.2M-$32.2M2020+56%2021: -$48.7M-$48.7M2021+51%2022: -$58.9M-$58.9M2022+21%2023: -$60.8M-$60.8M2023+3%2024: -$56.4M-$56.4M2024−7%2025: -$54.0M-$54.0M2025−4%

Every line of the income statement as filed: the last 2 fiscal years, latest first.5

Period ending2025-12-312024-12-31
Revenue$90.5M$83.8M
Cost of goods sold$23.4M$21.8M
Gross profit$67.1M$62.0M
Research and development$19.5M$17.6M
Selling, general and administrative$101.3M$102.1M
Total operating expenses$120.8M$119.7M
Loss from operations-$53.7M-$57.7M
Interest income$2.7M$5.1M
Interest expense-$3.2M-$3.5M
Other income, net$790.0K$256.0K
Net loss before tax-$53.4M-$55.9M
Income tax expense$626.0K$500.0K
Net loss-$54.0M-$56.4M
Currency translation adjustment$269.0K-$466.0K
Change in unrealized losses on marketable securities-$22.0K-$61.0K
Total other comprehensive income (loss)$247.0K-$527.0K
Comprehensive loss-$53.8M-$56.9M
Net loss per share attributable to common stockholders, basic (in dollars per share)-$1.33-$1.44
Net loss per share attributable to common stockholders, diluted (in dollars per share)-$1.33-$1.44
Weighted-average shares used in computing net loss per share attributable to common stockholders, basic (in shares)40.7M shares39.1M shares
Weighted-average shares used in computing net loss per share attributable to common stockholders, diluted (in shares)40.7M shares39.1M shares

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Leadership

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

Chief executive

  1. Glendon E. French Iii.2020–now

President

  1. Glendon E. French Iii.2020–now

Chief financial officer

  1. Derrick Sung2020–2023
  2. John McKune2023–2024
  3. Mehul Joshi2024–now

Chief operating officer

  1. Derrick Sung2025–now
2025
Board members and other officers (10)

Former names

  • PULMONXDec 9, 2003 to Feb 7, 20123

Timeline

  1. Sep 30, 2020New chief executive Glendon E. French Iii. becomes CEO13

Filings

326 filings to the SEC since October 2021: 5 annual reports, 15 quarterly reports, 32 major events, 164 insider forms, 45 large holders, 65 other. The latest 20:

  1. Sep 3, 20264 EDGAR
  2. Sep 3, 20264 EDGAR
  3. Sep 3, 20264 EDGAR
  4. Sep 3, 20264 EDGAR
  5. Aug 13, 2026SCHEDULE 13G/A EDGAR
  6. Aug 4, 202610-Q EDGAR
  7. Jul 29, 2026SCHEDULE 13G/A EDGAR
  8. Jul 29, 20268-K EDGAR
  9. Jun 9, 20264 EDGAR
  10. Jun 9, 20264 EDGAR
  11. Jun 9, 20264 EDGAR
  12. Jun 9, 20264 EDGAR
  13. Jun 9, 20264 EDGAR
  14. Jun 9, 20264 EDGAR
  15. Jun 4, 20268-K EDGAR
  16. Jun 3, 20264 EDGAR
  17. Jun 3, 20264 EDGAR
  18. Jun 3, 20264 EDGAR
  19. Jun 3, 20264 EDGAR
  20. May 19, 2026SD EDGAR

The 326 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.

Insider trades

117 open-market trades by officers, directors and large owners since October 2021: 4 buys and 113 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Sep 1, 2026Radhakrishnan SrikanthChief Science & Techn. OfficerSale14,245$2.26$32.2KForm 4
Sep 1, 2026French Glendon E. IIIPresident and CEOSale41,882$2.26$94.7KForm 4
Sep 1, 2026Rose Geoffrey BeranChief Commercial OfficerSale7,879$2.26$17.8KForm 4
Sep 1, 2026Lehman David AaronGeneral CounselSale14,334$2.26$32.4KForm 4
Jun 2, 2026French Glendon E. IIIPresident and CEOSale13,511$1.57$21.2KForm 4
Jun 1, 2026Radhakrishnan SrikanthChief Science & Techn. OfficerSale14,497$1.54$22.3KForm 4
Jun 1, 2026French Glendon E. IIIPresident and CEOSale42,638$1.54$65.7KForm 4
Jun 1, 2026Rose Geoffrey BeranChief Commercial OfficerSale8,023$1.54$12.4KForm 4
Jun 1, 2026Lehman David AaronGeneral CounselSale14,594$1.54$22.5KForm 4
Mar 2, 2026Radhakrishnan SrikanthChief Science & Techn. OfficerSale10,483$1.43$15.0KForm 4
Mar 2, 2026French Glendon E. IIIPresident and CEOSale67,813$1.43$97.0KForm 4
Mar 2, 2026Rose Geoffrey BeranChief Commercial OfficerSale7,732$1.43$11.1KForm 4
Mar 2, 2026Lehman David AaronGeneral CounselSale12,237$1.43$17.5KForm 4
Dec 8, 2025Florin Daniel PDirectorSale23,321$1.99$46.4KForm 4
Dec 1, 2025French Glendon E. IIIPresident and CEOSale8,805$1.57$13.8KForm 4
Dec 1, 2025Rose Geoffrey BeranChief Commercial OfficerSale6,322$1.57$9.9KForm 4
Dec 1, 2025Lehman David AaronGeneral CounselSale10,278$1.57$16.1KForm 4
Sep 2, 2025Williamson Steven S.PRESIDENT AND CEOSale9,648$1.60$15.4KForm 4
Sep 2, 2025Joshi MehulChief Financial Officer & PAOSale7,936$1.60$12.7KForm 4
Sep 2, 2025Rose Geoffrey BeranChief Commercial OfficerSale6,543$1.60$10.5KForm 4

All 117 trades can be filtered by person here when JavaScript is on.

From Forms 4 filed with the SEC.

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.

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
Primecap Management Co/ca/4,612,331$6.0M0.0%−112,660
Morgan Stanley2,922,921$3.8M0.0%−1,070,641
Soleus Capital Management, L.P.2,788,323$3.6M0.1%No change
Vanguard Capital Management LLC1,630,219$2.1M0.0%−4,045
ExodusPoint Capital Management, LP1,223,555$1.6M0.0%−720,279
Almitas Capital LLC1,064,202$1.4M0.3%New
BlackRock, Inc.882,490$1.1M0.0%−1,779,117
Stonepine Capital Management, LLC815,436$1.1M0.8%+47,148
Jane Street Group, LLC758,231$985.7K0.0%+624,961
Braidwell LP752,541$978.3K0.0%No change
Aqr Capital Management LLC744,963$968.5K0.0%+387,385
Parkman Healthcare Partners LLC646,564$840.5K0.1%−109,072
Geode Capital Management, LLC452,684$588.7K0.0%−491,808
Renaissance Technologies LLC425,110$552.6K0.0%+104,810
ADAR1 Capital Management, LLC404,497$525.8K0.0%+30,000
Deutsche Bank Ag\402,316$523.0K0.0%−761,362
D. E. Shaw & Co., Inc.327,528$425.8K0.0%−7,546
Jefferies Financial Group Inc.285,110$370.6K0.0%No change
Cfm Wealth Partners LLC264,039$343.3K0.0%No change
Vanguard Fiduciary Trust Co250,511$325.7K0.0%−30,737
Marshall Wace, Llp230,738$300.0K0.0%New
Millennium Management LLC209,556$272.4K0.0%New
UBS Group AG204,053$265.3K0.0%−5,648
Birchview Capital, LP200,543$260.7K0.1%−49,678
Centiva Capital, LP200,095$260.1K0.0%+46,213

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

Sources

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