PULM on Nasdaq

Pulmatrix, Inc.

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

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Last updated Oct 19, 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 development

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

Operating income⁵⁶⁷⁸⁹⁴-$9.8M in 2024−53% since 2019

Net income⁵⁶⁷⁸⁹⁴-$9.6M in 2024−54% since 2019

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

Period ending	2025-12-31	2024-12-31
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 - basic	3.7M shares	3.7M shares
Weighted average common shares outstanding - diluted	3.7M shares	3.7M shares

Total assets⁵⁶⁷⁸⁹⁴$9.9M in 2024−72% since 2019

Total liabilities⁵⁶⁷⁸⁹⁴$996.0K in 2024−96% since 2019

Shareholders’ equity⁶⁷⁸⁹⁴$8.9M in 2024−19% since 2019

Cash⁵⁶⁷⁸⁹⁴$9.5M in 2024−59% since 2019

Every line of the balance sheet as filed: the last 3 fiscal years (annual) or 3 quarters (quarterly), latest first.⁴

Period ending	2025-12-31	2024-12-31	2023-12-31
Cash and cash equivalents	$4.1M	$9.5M
Prepaid expenses and other current assets	$41.0K	$399.0K
Total current assets	$4.1M	$9.9M
Long-term restricted cash	$10.0K	$10.0K
Other long-term assets		$13.0K
Total assets	$4.1M	$9.9M
Accounts payable	$272.0K	$809.0K
Accrued expenses and other current liabilities	$57.0K	$120.0K
Total current liabilities	$329.0K	$929.0K
Warrant liability		$67.0K
Total liabilities	$329.0K	$996.0K
Additional paid-in capital	$306.1M	$306.1M
Accumulated deficit	-$302.3M	-$297.2M
Total stockholders equity	$3.8M	$8.9M	$18.0M
Total liabilities and stockholders equity	$4.1M	$9.9M
Preferred stock, par value	$0.00	$0.00
Preferred stock, shares authorized	500.0K shares	500.0K shares
Common stock, par value	$0.00	$0.00
Common stock, shares authorized	200.0M shares	200.0M shares
Common stock, shares issued	3.7M shares	3.7M shares
Common stock, shares outstanding	3.7M shares	3.7M shares

Period ending	2025-12-31	2024-12-31	2023-12-31
Cash and cash equivalents	$4.1M	$9.5M
Prepaid expenses and other current assets	$41.0K	$399.0K
Total current assets	$4.1M	$9.9M
Long-term restricted cash	$10.0K	$10.0K
Other long-term assets		$13.0K
Total assets	$4.1M	$9.9M
Accounts payable	$272.0K	$809.0K
Accrued expenses and other current liabilities	$57.0K	$120.0K
Total current liabilities	$329.0K	$929.0K
Warrant liability		$67.0K
Total liabilities	$329.0K	$996.0K
Additional paid-in capital	$306.1M	$306.1M
Accumulated deficit	-$302.3M	-$297.2M
Total stockholders equity	$3.8M	$8.9M	$18.0M
Total liabilities and stockholders equity	$4.1M	$9.9M
Preferred stock, par value	$0.00	$0.00
Preferred stock, shares authorized	500.0K shares	500.0K shares
Common stock, par value	$0.00	$0.00
Common stock, shares authorized	200.0M shares	200.0M shares
Common stock, shares issued	3.7M shares	3.7M shares
Common stock, shares outstanding	3.7M shares	3.7M shares

Cash from operations⁵⁶⁷⁸⁹⁴-$10.7M in 2024

Capital spending⁵⁶⁷⁸⁹⁴$398.0K in 2024+586% since 2019

Free cash flow⁵⁶⁷⁸⁹⁴-$11.1M in 2024

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

Period ending	2025-12-31	2024-12-31
Net loss	-$5.2M	-$9.6M
Depreciation and amortization		$106.0K
Amortization of operating lease right-of-use asset		$329.0K
Stock-based compensation	$25.0K	$511.0K
Loss on disposals		$2.6M
Fair value adjustment of warrants	-$67.0K	$67.0K
Accounts receivable		$928.0K
Prepaid expenses and other current assets	$358.0K	$343.0K
Other long-term assets	$13.0K	$163.0K
Accounts payable	-$537.0K	-$1.1M
Accrued expenses and other current liabilities	-$63.0K	-$438.0K
Operating lease liability		-$333.0K
Deferred revenue		-$4.3M
Net cash used in operating activities	-$5.4M	-$10.7M
Purchases of property and equipment		-$398.0K
Net cash used in investing activities		-$398.0K
Net decrease in cash, cash equivalents and restricted cash	-$5.4M	-$11.1M
Reduction of operating lease right-of-use asset and lease liability upon lease modification		$8.4M

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Leadership

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

Chief executive

Chief financial officer

201520202025

Chief executive officerTeofilo David Raad May 20, 2019 to Jan 30, 2023¹²
Chief executive officerHojabr Alimi Mar 21, 2014 to May 13, 2014¹³
Chief financial officerPeter Ludlum Apr 19, 2022 to Apr 19, 2022¹⁴
Chief financial officerWilliam E. Duke Jun 26, 2015 to May 20, 2019¹⁵
Chief financial officerSameer Harish Mar 21, 2014 to May 13, 2014¹⁶

Board members and other officers (20)

Chief Medical OfficerMargaret Wasilewski Mar 3, 2022 to Jan 30, 2023¹⁷
Vice President, FinanceMichelle Siegert Nov 20, 2019 to Jan 30, 2023¹⁸
Chief Business OfficerTeofilo David Raad May 4, 2017 to Jun 6, 2018¹⁹
Chief Medical OfficerJames M. Roach Nov 7, 2017 to Jun 6, 2018²⁰
Chief Scientific OfficerDavid L. Hava Jun 17, 2015 to Jun 6, 2018²¹
Board memberAnand Varadan Jul 28, 2021 to Jan 30, 2023²²
Board memberRichard P. Batycky Jan 13, 2020 to Jan 30, 2023²³
Board memberChristopher Cabell Jun 25, 2020 to Jan 30, 2023²⁴
Board memberTodd Bazemore Oct 2, 2020 to Jan 30, 2023²⁵
Board memberTeofilo David Raad May 20, 2019 to Jan 30, 2023¹²
Board memberAmit Munshi Jun 15, 2017 to Feb 1, 2021²⁶
Board memberMatthew L. Sherman Oct 3, 2016 to May 20, 2019²⁷
Board memberAkihisa Akao Mar 5, 2015 to Jun 8, 2015²⁸
Board memberDavid Maki Jun 17, 2015 to Jun 25, 2015²⁹
Board memberKurt Graves Jun 17, 2015 to Feb 25, 2016³⁰
Board memberScott M. Rocklage Jun 17, 2015 to Feb 25, 2016³¹
Board memberTerrance McGuire Jun 17, 2015 to May 20, 2019³²
Board memberMark T. Iwicki Dec 9, 2015 to Feb 1, 2021³³
Board memberHojabr Alimi Mar 21, 2014 to May 13, 2014¹³
Board memberRichard K. Conley Mar 21, 2014 to Jun 8, 2015³⁴

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

May 20, 2019New chief executive Teofilo David Raad becomes CEO¹²
Mar 21, 2014New chief executive Hojabr Alimi becomes CEO¹³

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:

Oct 13, 2026425 EDGAR
Oct 7, 2026424B3 EDGAR
Oct 7, 2026DEFA14A EDGAR
Oct 5, 2026ARS EDGAR
Oct 5, 2026S-3/A EDGAR
Sep 25, 2026EFFECT EDGAR
Sep 25, 2026424B3 EDGAR
Sep 25, 2026DEFM14A EDGAR
Sep 23, 2026S-4/A EDGAR
Sep 22, 2026425 EDGAR
Sep 17, 2026S-4/A EDGAR
Sep 4, 2026S-4/A EDGAR
Aug 13, 202610-Q EDGAR
Aug 13, 20268-K EDGAR
Aug 7, 2026S-3/A EDGAR
Aug 3, 2026S-4/A EDGAR
Jul 9, 2026S-4 EDGAR
Jun 16, 202610-K/A EDGAR
Jun 5, 2026425 EDGAR
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.

RCM Eos PIPE HOLDINGS, LLCSCHEDULE 13D, 1 filing Apr 22, 2026³⁶
SABBY MANAGEMENT, LLCSC 13G/A, 3 filings Jan 5, 2022 to Jan 2, 2024³⁷
INTRACOASTAL CAPITAL, LLCSC 13G/A, 2 filings Feb 11, 2022 to Feb 8, 2023³⁸
CVI Investments, Inc.SC 13G/A, 1 filing Feb 14, 2022³⁹
RENAISSANCE TECHNOLOGIES LLCSC 13G/A, 1 filing Feb 10, 2022⁴⁰

Money raised

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

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.

Fund	Shares	Value	Share of the fund	Change
Renaissance Technologies LLC	122,698	$208.6K	0.0%	+13,550
BlackRock, Inc.	54,899	$93.3K	0.0%	No change
Geode Capital Management, LLC	33,299	$56.6K	0.0%	−11,330
Vanguard Capital Management LLC	32,294	$54.9K	0.0%	−1,300
SBI Securities Co., Ltd.	31,285	$53.2K	0.0%	+1,200
Shay Capital LLC	18,857	$32.1K	0.0%	New
Vanguard Fiduciary Trust Co	14,715	$25.0K	0.0%	No change
State Street Corp	13,945	$23.7K	0.0%	No change
XTX Topco Ltd	11,991	$20.4K	0.0%	−1,678
UBS Group AG	515	$875	0.0%	+492
Barclays PLC	15	$26	0.0%	New
Farther Finance Advisors, LLC	7	$12	0.0%	No change
Allworth Financial LP	3	$6	0.0%	No change
Northwestern Mutual Wealth Management Co	1	$2	0.0%	No change
Royal Bank Of Canada	7	$0	0.0%	No change

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

Sources

The numbers on this page point here. Each one links to the record it came from.

1
SEC EDGARPulmatrix, Inc. filings on SEC EDGAR
2
SEC EDGARPulmatrix, Inc. filings on SEC EDGAR
3
SEC EDGARPulmatrix, Inc. annual report, Item 1 (Business)
4
SEC EDGARPulmatrix, Inc. 10-K for fiscal 2024
5
SEC EDGARPulmatrix, Inc. 10-K for fiscal 2019
6
SEC EDGARPulmatrix, Inc. 10-K for fiscal 2020
7
SEC EDGARPulmatrix, Inc. 10-K for fiscal 2021
8
SEC EDGARPulmatrix, Inc. 10-K for fiscal 2022
9
SEC EDGARPulmatrix, Inc. 10-K for fiscal 2023
10
SEC EDGARPulmatrix, Inc. 10-Q for fiscal 2026
11
SEC EDGARPulmatrix, Inc. 10-Q for fiscal 2026
12
SEC EDGARTeofilo David Raad, Chief executive officer
13
SEC EDGARHojabr Alimi, Chief executive officer
14
SEC EDGARPeter Ludlum, Chief financial officer
15
SEC EDGARWilliam E. Duke, Chief financial officer
16
SEC EDGARSameer Harish, Chief financial officer
17
SEC EDGARMargaret Wasilewski, Chief Medical Officer
18
SEC EDGARMichelle Siegert, Vice President, Finance
19
SEC EDGARTeofilo David Raad, Chief Business Officer
20
SEC EDGARJames M. Roach, Chief Medical Officer
21
SEC EDGARDavid L. Hava, Chief Scientific Officer
22
SEC EDGARAnand Varadan, Board member
23
SEC EDGARRichard P. Batycky, Board member
24
SEC EDGARChristopher Cabell, Board member
25
SEC EDGARTodd Bazemore, Board member
26
SEC EDGARAmit Munshi, Board member
27
SEC EDGARMatthew L. Sherman, Board member
28
SEC EDGARAkihisa Akao, Board member
29
SEC EDGARDavid Maki, Board member
30
SEC EDGARKurt Graves, Board member
31
SEC EDGARScott M. Rocklage, Board member
32
SEC EDGARTerrance McGuire, Board member
33
SEC EDGARMark T. Iwicki, Board member
34
SEC EDGARRichard K. Conley, Board member
35
SEC EDGARPulmatrix, Inc. Form D naming Michael Higgins
36
SEC EDGARRCM Eos PIPE HOLDINGS, LLC SCHEDULE 13D on Pulmatrix, Inc.
37
SEC EDGARSABBY MANAGEMENT, LLC SC 13G/A on Pulmatrix, Inc.
38
SEC EDGARINTRACOASTAL CAPITAL, LLC SC 13G/A on Pulmatrix, Inc.
39
SEC EDGARCVI Investments, Inc. SC 13G/A on Pulmatrix, Inc.
40
SEC EDGARRENAISSANCE TECHNOLOGIES LLC SC 13G/A on Pulmatrix, Inc.