Pulmatrix, Inc. (PULM) AI Stock Analysis
PULM AI stock analysis summary
AI ResearchPulmatrix, Inc. (PULM) is a clinical-stage biotechnology company developing inhaled therapies using its proprietary iSPERSE technology platform. The company generated trailing twelve months revenue of $3,000 with an EPS of -$1.10, following annual revenue of $7.8M in FY2024. Over the past year, the stock fell 70.7%, resulting in a market capitalization of $5.0M.
- Market cap
- $5.0M
- Revenue (TTM)
- $3,000
- P/E
- —
- 1Y return
- -70.7% S&P 500 16.8%
- Avg. target
- $10.00 635.3% vs last close
Bull case
- Analysts have established a mean price target of $10.00, representing a 635.3% premium over the stock's last close of $1.36.
- Net losses narrowed steadily from -$20.2M in FY2021 to -$9.6M in FY2024, with annual EPS improving from -$7.27 to -$2.62 over the same period.
- The company maintains short-term liquidity support with a current ratio of 4.70 and $2.2M in cash and short-term investments as of June 30, 2026.
Bear case
- Trailing twelve months revenue contracted to $3,000 following a 99.9% year-over-year decline in quarterly revenue for the period ending June 30, 2026.
- The company has continually burned cash, recording negative free cash flow of -$11.1M in FY2024 and -$16.7M in FY2023.
- Long-term investors have experienced severe capital loss, with the stock plunging 70.7% over one year and 90.6% over five years.
What Pulmatrix does
Pulmatrix, Inc. is a clinical-stage biotechnology company based in Lexington, Massachusetts, focused on discovering and developing inhaled therapies for respiratory and other unmet medical needs. The company utilizes its proprietary iSPERSE platform to deliver small and large molecule drugs directly to the lungs. Its drug development pipeline features Pulmazole, an inhaled anti-fungal treatment for allergic bronchopulmonary aspergillosis; PUR1800, a kinase inhibitor in Phase 1b trials for chronic obstructive pulmonary disease; and PUR3100, which delivers dihydroergotamine for acute migraine treatment. Pulmatrix engages in strategic biopharmaceutical collaborations, including partnerships with RespiVert Ltd. and Cipla Technologies LLC.
Growth and profitability
Annual revenue fluctuated from $12.6M in FY2020 down to $5.2M in FY2021, before rising to $6.1M in FY2022, $7.3M in FY2023, and $7.8M in FY2024. The 5-year revenue CAGR from FY2019 to FY2024 was -0.3%. Net losses narrowed from -$19.3M in FY2020 and -$20.2M in FY2021 to -$14.1M in FY2023 and -$9.6M in FY2024, bringing EPS from -$7.27 in FY2021 to -$2.62 in FY2024. In the latest quarter ended June 30, 2026, quarterly revenue growth fell 99.9% year-over-year, leaving trailing twelve months revenue at $3,000 and EPS at -$1.10. Both operating margin and profit margin stood at 0.0% for the trailing twelve months.
Balance sheet and cash flow
As of June 30, 2026, Pulmatrix held $2.2M in cash and short-term investments, with total assets of $3.2M and shareholders' equity of $2.6M. The company reported a current ratio of 4.70. Free cash flow was negative across reported fiscal years, including -$19.9M in FY2021, -$16.7M in FY2023, and -$11.1M in FY2024. Operating cash flow stood at -$10.7M in FY2024 alongside R&D expenses of $7.2M. Furthermore, share count increased 27.2% over 5 years as of FY2025.
Valuation and performance
Pulmatrix trades at a price-to-sales multiple of 48.2x, significantly higher than the 4.1x median of its US-listed Healthcare peers. Its enterprise value stands at -$3.4M, resulting in an EV-to-revenue ratio of 22.4x and an EV-to-EBITDA ratio of 1.6x, compared to the peer median EV-to-EBITDA of 12.0x. The company's price-to-book ratio is 3.9x. Pulmatrix stock closed at $1.36 on October 16, 2026, having fallen 70.7% over the past year and 90.6% over five years, underperforming the S&P 500 (SPY), which gained 16.8% and 83.0% over those respective intervals.
What analysts expect
Analyst tracking sets a mean price target of $10.00 for Pulmatrix, representing an upside of 635.3% over its last close of $1.36. Over the last four quarters, the company delivered 1 EPS beat. The company operates with a beta of 1.93, indicating higher price volatility relative to the broader market, while institutional investors hold 9.2% of shares and insiders own 0.8%.
Key risks and what to watch
- With just $2.2M in cash and short-term investments as of June 30, 2026, ongoing negative cash flow like the -$10.7M in operating cash flow from FY2024 poses liquidity strain.
- Shareholder dilution remains an ongoing concern, evidenced by a 27.2% increase in share count over 5 years through FY2025.
- Extreme top-line contraction presents uncertainty, with quarterly revenue dropping 99.9% year-over-year in the quarter ended June 30, 2026.
- High stock volatility is underscored by a beta of 1.93 and a 39.0% decline year-to-date.
AI-generated research summary. Written with AI from Quotelinks data as of October 16, 2026 and checked so every figure matches that data. For information only, not investment advice. Disclaimer
About this PULM AI stock analysis
This page is an AI-written research summary of Pulmatrix, Inc. (PULM). The text was generated on October 30, 2026 from Quotelinks data as of October 16, 2026 (company profile, annual results, latest balance sheet, valuation, price performance and analyst estimates). An automatic check rejects any draft that contains a figure not found in that data. It is not investment advice; verify figures on the linked tabs before making decisions.
Related: PULM income statement, PULM balance sheet, PULM key metrics, PULM chart. See the PULM stock overview for the latest quote and news.
PULM AI stock analysis FAQ
What is Pulmatrix's proprietary drug delivery technology?
Pulmatrix utilizes its proprietary iSPERSE platform to deliver small molecule and large molecule therapeutics directly to the lungs via inhalation.
How much cash does Pulmatrix hold?
As of June 30, 2026, Pulmatrix held $2.2M in cash and short-term investments, with total assets of $3.2M and a current ratio of 4.70.
What is the analyst price target for PULM stock?
The mean analyst price target is $10.00, which is 635.3% above its last close of $1.36 on October 16, 2026.
What was Pulmatrix's revenue in the trailing twelve months?
Pulmatrix reported trailing twelve months revenue of $3,000 as of June 30, 2026, down from full-year FY2024 revenue of $7.8M.