Pulmatrix, Inc. (PULM) Balance Sheet
PULM balance sheet, 2025
December 31, 2025 · U.S. dollars$4.1M assets = $329,000 liabilities + $3.8M equity
Both columns are drawn to the same scale: what PULM owns equals what it owes plus shareholders’ equity. Hover a block for its value.
PULM financial health
Equity / assets92.1%
Equity-funded · of assets funded by shareholders
Goodwill & intangibles0.0%
Mostly tangible · of total assets
Descriptive bands, not a rating. Fiscal 2025.
PULM balance sheet trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $16.7M2016 | $4.1M2025 | −14.3%/yr | |
| Total liabilities | $7.9M2016 | $329,0002025 | −29.8%/yr | |
| Shareholders’ equity | $8.8M2016 | $3.8M2025 | −8.8%/yr | |
| Cash & short-term investments | $4.2M2016 | $4.1M2025 | −0.3%/yr | |
| Total debt | $5.8M2016 | $8.8M2023 | +6.1%/yr | |
| Net cash (debt) | −$1.6M2016 | $10.4M2023 | +$12.0M | |
| Working capital | $109,0002016 | $3.8M2025 | +$3.7M | |
| Book value per share | $13.172019 | $1.042025 | −34.5%/yr | |
| Debt / equity | 0.662016 | 0.492023 | −0.18 | |
| Shares outstanding | 837K2019 | 3.7M2025 | +27.8%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
PULM assets
Cash & ST investmentsReceivablesInventoryOther currentPP&EGoodwill & intangiblesLT investmentsOther non-current
PULM liabilities and equity
Current liabilitiesLong-term debtOther long-term liabilitiesEquity
PULM debt vs cash
Total debtCash & ST investmentsNet cash (debt)
Debt includes short- and long-term borrowings and, where reported, lease obligations.
PULM balance sheet
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||
| Cash & short-term investments | $4.1M | $9.5M | $19.2M | $35.6M | $53.8M | $31.7M | $23.4M | $2.6M | $3.5M | $4.2M |
| Cash & equivalents | $4.1M | $9.5M | $19.2M | $35.6M | $53.8M | $31.7M | $23.4M | $2.6M | $3.5M | $4.2M |
| Short-term investments | — | — | — | — | — | — | — | — | $0 | $0 |
| Receivables | $0 | $0 | $928,000 | $1.3M | $67,000 | $84,000 | $7.2M | $0 | $1,000 | $206,000 |
| Inventory | $0 | $0 | −$370,000 | $153,000 | $1 | $667,000 | $556,000 | $0 | $0 | $0 |
| Other current assets | $41,000 | $399,000 | $1.1M | $1.1M | $870,999 | $130,000 | $221,000 | $717,000 | $695,000 | $371,000 |
| Total current assets | $4.1M | $9.9M | $20.8M | $38.1M | $54.8M | $32.5M | $31.4M | $3.3M | $4.2M | $4.8M |
| Property, plant & equipment (net) | $0 | $0 | $11.5M | $945,000 | $2.4M | $1.9M | $900,000 | $394,000 | $614,000 | $786,000 |
| Goodwill & intangible assets | $0 | $0 | $0 | $0 | $0 | $7.2M | $7.2M | $10.8M | $21.8M | $21.8M |
| Long-term investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other non-current assets | $10,000 | $23,000 | $1.6M | $1.9M | $1.6M | $0 | $0 | $204,000 | $0 | $0 |
| Total assets | $4.1M | $9.9M | $34.0M | $41.0M | $58.8M | $38.2M | $36.1M | $14.7M | $16.0M | $16.7M |
| Liabilities | ||||||||||
| Accounts payable | $272,000 | $809,000 | $1.9M | $1.2M | $839,000 | $851,000 | $600,000 | $1.2M | $457,000 | $747,000 |
| Short-term debt | — | — | $429,000 | $857,000 | $1.4M | $1.1M | $675,000 | −$67,000 | $3.2M | $2.6M |
| Deferred revenue | — | — | $618,000 | $1.3M | $939,000 | $4.2M | $13.4M | $67,000 | — | — |
| Total current liabilities | $329,000 | $929,000 | $3.9M | $5.0M | $4.4M | $8.3M | $17.2M | $2.9M | $5.8M | $4.7M |
| Long-term debt | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $3.2M |
| Lease obligations | — | $0 | $8.8M | $857,000 | $2.3M | $1.7M | $675,000 | — | — | — |
| Other long-term liabilities | $0 | $67,000 | $12.1M | $4.8M | $6.9M | $6.8M | $7.9M | $1.2M | $1,000 | $35,000 |
| Total liabilities | $329,000 | $996,000 | $16.0M | $9.8M | $11.4M | $15.0M | $25.1M | $2.9M | $5.8M | $7.9M |
| Shareholders' equity | ||||||||||
| Common stock & paid-in capital | — | — | — | — | — | $4,000 | $2,000 | — | $2,000 | $1,000 |
| Retained earnings (deficit) | −$302.3M | −$297.2M | −$287.6M | −$273.5M | −$254.6M | −$234.5M | −$215.2M | −$194.6M | −$174.0M | −$155.9M |
| Treasury stock | — | — | — | — | — | — | — | — | $0 | $0 |
| Accumulated other comprehensive income | — | — | — | — | — | — | −$2.1M | −$2.1M | −$2.9M | −$2.7M |
| Minority interest | — | — | — | — | — | — | — | — | $0 | $0 |
| Total shareholders' equity | $3.8M | $8.9M | $18.0M | $31.1M | $47.4M | $23.1M | $11.0M | $11.8M | $10.1M | $8.8M |
| Key figures | ||||||||||
| Total debt | — | — | $8.8M | $857,000 | $2.3M | $1.7M | $675,000 | −$67,000 | $3.2M | $5.8M |
| Net cash (debt) | — | — | $10.4M | $34.8M | $51.6M | $29.9M | $22.8M | $2.6M | $329,000 | −$1.6M |
| Working capital | $3.8M | $9.0M | $16.9M | $33.1M | $50.3M | $24.3M | $14.2M | $401,000 | −$1.6M | $109,000 |
| Tangible book value | $3.8M | $8.9M | $18.0M | $31.1M | $47.4M | $16.0M | $3.9M | $999,000 | −$11.7M | −$13.1M |
| Book value per share | $1.04 | $2.45 | $4.93 | $9.02 | $17.52 | $16.09 | $13.17 | — | — | — |
| Shares outstanding | 3.7M | 3.7M | 3.7M | 3.4M | 2.7M | 1.4M | 837K | — | — | — |
| Current ratio | 12.55 | 10.68 | 5.33 | 7.60 | 12.33 | 3.94 | 1.83 | 1.14 | 0.73 | 1.02 |
| Quick ratio | 12.43 | 10.25 | 5.14 | 7.35 | 12.14 | 3.85 | 1.78 | 0.89 | 0.61 | 0.94 |
| Debt / equity | — | — | 0.49 | 0.03 | 0.05 | 0.08 | 0.06 | −0.01 | 0.32 | 0.66 |
| Equity / assets | 92.1% | 90.0% | 53.0% | 76.0% | 80.7% | 60.6% | 30.5% | 80.4% | 63.4% | 52.6% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $2.2M | $3.3M | $4.1M | $4.8M | $5.8M | $7.7M | $9.5M | $10.8M | $13.8M | $16.3M | $19.2M | $21.3M |
| Cash & equivalents | $2.2M | $3.3M | $4.1M | $4.8M | $5.8M | $7.7M | $9.5M | $10.8M | $13.8M | $16.3M | $19.2M | $21.3M |
| Receivables | $0 | $0 | $0 | $0 | $0 | $16,000 | $0 | $23,000 | $635,000 | $570,000 | $928,000 | $841,000 |
| Inventory | $0 | $0 | $0 | $0 | $0 | $0 | $0 | −$60,000 | $0 | $0 | $0 | $647,000 |
| Other current assets | $1.1M | $1.2M | $41,000 | $178,000 | $317,000 | $317,000 | $399,000 | $701,000 | $1.2M | $712,000 | $742,000 | $405,000 |
| Total current assets | $3.2M | $4.5M | $4.1M | $5.0M | $6.1M | $8.0M | $9.9M | $11.4M | $15.6M | $17.6M | $20.8M | $23.2M |
| Property, plant & equipment (net) | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $11.2M | $11.5M | $11.9M |
| Goodwill & intangible assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Long-term investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other non-current assets | $7,000 | $7,000 | $10,000 | $10,000 | $10,000 | $10,000 | $23,000 | $64,000 | $144,000 | $1.6M | $1.6M | $1.7M |
| Total assets | $3.2M | $4.5M | $4.1M | $5.0M | $6.2M | $8.1M | $9.9M | $11.5M | $15.8M | $30.4M | $34.0M | $36.8M |
| Liabilities | ||||||||||||
| Accounts payable | $529,000 | $651,000 | $272,000 | $69,000 | $384,000 | $657,000 | $809,000 | $373,000 | $393,000 | $721,000 | $1.9M | $707,000 |
| Short-term debt | — | — | — | — | — | — | — | — | $24,000 | $383,000 | $429,000 | $199,000 |
| Deferred revenue | — | — | — | — | — | — | — | — | $270,000 | $363,000 | $618,000 | $988,000 |
| Total current liabilities | $689,000 | $905,000 | $329,000 | $249,000 | $548,000 | $903,000 | $929,000 | $590,000 | $2.5M | $3.1M | $3.9M | $4.4M |
| Long-term debt | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Lease obligations | — | — | — | — | — | — | $0 | $0 | $24,000 | $8.6M | $8.8M | $8.6M |
| Other long-term liabilities | $0 | $0 | $0 | $0 | $0 | $1,000 | $67,000 | $0 | $0 | $8.2M | $12.1M | $12.5M |
| Total liabilities | $689,000 | $905,000 | $329,000 | $249,000 | $548,000 | $904,000 | $996,000 | $590,000 | $2.5M | $11.4M | $16.0M | $16.9M |
| Shareholders' equity | ||||||||||||
| Retained earnings (deficit) | −$304.5M | −$303.5M | −$302.3M | −$301.4M | −$300.5M | −$299.0M | −$297.2M | −$295.2M | −$292.6M | −$286.8M | −$287.6M | −$285.5M |
| Accumulated other comprehensive income | — | — | — | — | — | — | — | — | — | $0 | — | — |
| Total shareholders' equity | $2.6M | $3.6M | $3.8M | $4.7M | $5.6M | $7.1M | $8.9M | $10.9M | $13.3M | $19.0M | $18.0M | $19.9M |
| Key figures | ||||||||||||
| Total debt | — | — | — | — | — | — | — | — | $24,000 | $8.6M | $8.8M | $8.6M |
| Net cash (debt) | — | — | — | — | — | — | — | — | $13.8M | $7.7M | $10.4M | $12.7M |
| Working capital | $2.5M | $3.6M | $3.8M | $4.7M | $5.6M | $7.1M | $9.0M | $10.9M | $13.2M | $14.4M | $16.9M | $18.8M |
| Tangible book value | $2.6M | $3.6M | $3.8M | $4.7M | $5.6M | $7.1M | $8.9M | $10.9M | $13.3M | $19.0M | $18.0M | $19.9M |
| Book value per share | $0.70 | $0.98 | $1.04 | $1.30 | $1.53 | $1.96 | $2.45 | $2.99 | $3.64 | $5.21 | $4.93 | $5.44 |
| Shares outstanding | 3.7M | 3.7M | 3.7M | 3.7M | 3.7M | 3.7M | 3.7M | 3.7M | 3.7M | 3.7M | 3.7M | 3.7M |
| Current ratio | 4.70 | 4.96 | 12.55 | 19.97 | 11.21 | 8.90 | 10.68 | 19.40 | 6.33 | 5.59 | 5.33 | 5.24 |
| Quick ratio | 3.15 | 3.67 | 12.43 | 19.25 | 10.63 | 8.55 | 10.25 | 18.31 | 5.84 | 5.37 | 5.14 | 5.01 |
| Debt / equity | — | — | — | — | — | — | — | — | 0.00 | 0.45 | 0.49 | 0.43 |
| Equity / assets | 78.8% | 79.9% | 92.1% | 95.0% | 91.1% | 88.8% | 90.0% | 94.9% | 84.3% | 62.6% | 53.0% | 54.1% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed February 26, 2026); data from EODHD.
PULM financial position
At the end of fiscal 2025 (December 31, 2025), Pulmatrix had total assets of $4.1 million (down 58.4% from a year earlier), total liabilities of $0.3 million and shareholders' equity of $3.8 million. Its current ratio was 12.55. In the latest quarter (ended June 30, 2026) total assets were $3.2 million and equity $2.6 million.
Related: PULM income statement, PULM cash flow statement, PULM key metrics. See the PULM stock overview for the latest quote and news.
PULM balance sheet FAQ
What are Pulmatrix's total assets?
Pulmatrix reported total assets of $4.1 million at the end of fiscal 2025 (December 31, 2025), compared with $9.9 million a year earlier.
How much cash does Pulmatrix have?
Pulmatrix held $4.1 million in cash and short-term investments at the end of fiscal 2025.
What is Pulmatrix's book value?
Pulmatrix's shareholders' equity (book value) was $3.8 million at the end of fiscal 2025, or $1.04 per share.
What is Pulmatrix's current ratio?
Pulmatrix had current assets of $4.1 million and current liabilities of $0.3 million, a current ratio of 12.55 (it can cover its short-term obligations).