Reading PULM? Track it free: the weekly brief, plus an alert if the thesis breaks. No credit card.
Track PULM free→Reading PULM? Track it free: the weekly brief, plus an alert if the thesis breaks. No credit card.
Track PULM free→NASDAQHealth CareBiotechnologySnapshot 2026-06-15
Recent financial performance sits below its industry cohort — worth keeping an eye on, though it has not freshly broken.
Recent financial performance is neutral. Earnings quality cannot be assessed since the company was unprofitable over the past year. Management's recent track record has been fairly steady. Risk is high, and the sector backdrop is a headwind. Compared with sector peers, PULM trades below typical levels. Peer multiples imply a price about 49% above where it trades (it looks cheap on this basis); the read is cheap, value-trap risk. This is because it trades below peer multiples, but recent financials are weak. The read is provisional.
Daily closes. Earnings/event dots are placed inline.
A consensus fair price across 2 valuation methods, at three horizons. Current price $1.41. Estimates are diagnostics, not price targets. Short-horizon estimates are close to coin-flips, so confidence is a method-agreement read, not a prediction.
No-growth: today's peer multiple on trailing earnings. The headline read.
Embeds projected growth. Leans optimistic by design. Upside context.
We take the 12-month fair value above and grade our own number — how the market prices this name versus what we'd justify, and where the two diverge.
At $1.41 PULM trades at 7× p/s, below its 9× p/s peer median. Our $2.72 fair value sits above the price; medium confidence. Not investment advice.
One valuation read at a 12-month horizon, plus how price compares to peers and the company's own history.
The price implies about 48% below a flat-multiple fair value, below our forecast of about 5%. This describes what's priced in, not a forecast of the move.
TTM earnings are negative, so the read leans on sales- and cash-flow-based methods rather than P/E. This is a data condition, not a forward call.
Only a turbulent sector regime (Heating) — not the full expensive x weak x turbulent stack.
Each factor is a parallel diagnostic with a clear read of what it shows and how names like it have historically fared. Never aggregated into a single score.
Operating income rose in 1 of the last 3 quarter-over-quarter moves. Historically, Health Care names rated neutral grew net income 50% of the time over the next year (vs 57% for the rest of the cohort, n=3115).
Over the trailing year it converted 1.04x of net income into operating cash flow.
Not enough signal yet.
Not enough signal to read sensitivity to the broad stock market, the US dollar, long-term interest rates, Fed net liquidity, real (inflation-adjusted) rates.
9 material management or governance events in the past 24 months, led by M&A activity. Historically, Health Care names rated neutral grew net income 58% of the time over the next year (vs 50% for the rest of the cohort, n=842).
The next print and the backdrop around it (sector regime and the AI cycle). Context for the path, not a forecast of returns.
via XLV
Tailwind = sector leading the S&P 500; headwind = trailing. Both can be constructive. Historically, headwind regimes have averaged stronger forward returns than tailwind.
How management runs the business: capital, margins, balance sheet, and how reliably they guide and deliver.
A guidance track record builds as the company issues and delivers on guidance.
What a normal day, a bad day, and the worst of the last year would mean for a $10,000 position.
On a typical day, $10k can swing ±$230.
How much price usually moves either way.
On a bad day, this stock has moved -$715.
A rough but not unusual down day (about the 95th percentile).
In the worst 12 months, $10k could have lost $8,632.
Deepest peak-to-trough drop in the last year.
Past results, not a forecast. Not investment advice.
The most important moves since the prior daily snapshot.
No material changes since the prior snapshot.
as of 2026-06-15
Specific, dated things to watch for, each with what would confirm it and what would prove it wrong.
Why it matters: If the health care sector's revenue growth speeds up, it could help Pulmatrix's outlook.
Confirms:Health care sector revenue growth accelerates back toward 10% or higher.
Disproves:Revenue growth is slowing down. It is now below current levels.
Recent news graded against this company's own objectives — whether it reinforces or challenges the thesis, and how confirmed it is.
No graded news catalysts for PULM yet.
Conditional scenarios: if X happens, the view would shift in this direction. These are not predictions.
Recent SEC 8-K filings ranked by likely impact, confidence, and recency.
Results of Operations and Financial Condition. On May 15, 2026, Pulmatrix, Inc. issued a press release announcing its financial results for the first fiscal quarter ended March 31, 2026, and provided a corporate update. A copy of the press release is furnished as Exhibit 99.1 hereto and is incorporated herein by reference. In accordance with General Instruction B.2 of Form 8-K, the information in this Current Report on Form 8-K, including Exhibit 99.1, being furnished pursuant to Item 2.02, s…
Whether the overall read has been drifting up or down lately, and how it's changed since last week.
Not investment advice. Scores describe historical and current data; they are not forecasts of future returns. Consult a licensed advisor before making investment decisions.
Long-thesis check; widest uncertainty.
TTM earnings are negative. P/E-based methods drop out and the estimate leans on sales- and cash-flow-based methods. A data condition, not a forward call.
For similar setups historically (n=20,154): about 33% saw a 20%+ drawdown, and roughly 76% of those did not recover within the year. These are historical base rates for the cohort, not a forecast of this stock.
Looks cheaper than most peers in the same business.
Self-history needs ~20 months of data.
Trailing four: 2025-Q1, 2025-Q2, 2025-Q3, 2026-Q1
A side-by-side read on sector standing, valuation, and risk versus Biotechnology.
| Stock | Sector standing | Valuation | Risk |
|---|---|---|---|
PULM Pulmatrix Inc | Below typical Show detailsSector percentile: 18 of 100 | inexpensive | high |
ABBV AbbVie | Above typical Show detailsSector percentile: 85 of 100 | fair | low |
AMGN Amgen | Above typical Show detailsSector percentile: 78 of 100 | full | moderate |
GILD Gilead Sciences | Above typical Show detailsSector percentile: 100 of 100 | fair | moderate |
VRTX Vertex Pharmaceuticals | Above typical Show detailsSector percentile: 80 of 100 | expensive | moderate |
Not investment advice. As of 2026-06-15.
Context label only: describes the market state (e.g. real bear vs narrative panic, healthy uptrend vs late-stage froth). It is not a per-ticker buy/sell signal and does not predict factor performance.
Not investment advice. As of 2026-06-15.
Priorities management has stated in recent disclosures, with status and evidence drawn from earnings calls, filings, and press releases.
Focus on operational efficiencies and spending prioritization to extend cash runway into 2027.
Stated in 2 of last 2 quarters. Despite negative cash from operations of -$1.067M in 2026-Q1 and -$0.706M in 2025-Q4, management maintains that operational efficiencies will extend the cash runway into 2027. Persistent statement, limited substantive delivery this quarter.
“The Company anticipates that its cash position...is sufficient to fund its operations into the first quarter of 2027.”
“The Company anticipates that its cash position...is sufficient to fund its operations into the fourth quarter of 2026.”
Finalize the acquisition of Eos SENOLYTIX to enhance strategic capabilities.
Newly stated in 2026-Q1. The acquisition of Eos SENOLYTIX was completed as part of Pulmatrix's strategic growth initiatives. No immediate financial impact is visible in the current quarter's financials, indicating early stages of integration.
“Pulmatrix entered into an Agreement and Plan of Merger and Reorganization...with Eos SENOLYTIX.”
Utilize private placements to improve capital allocation and financial flexibility.
Newly stated in 2026-Q1. The private placement of Series B Preferred Stock was completed to enhance capital allocation. However, the financials do not yet reflect a significant change in cash flow or operating income, indicating early stages of capital deployment.
“The Company closed its previously announced private placement of its Series B Preferred Stock.”
Other Events On April 16, 2026, the Company closed its previously announced private placement of its Series B Preferred Stock, par value $0.0001 per share (the “ Private Placement ”). The Private Placement was exempt from the registration requirements of the Securities Act pursuant to the exemption for transactions by an issuer not involving any public offering under Section 4(a)(2) of the Securities Act and Rule 506 of Regulation D of the Securities Act and in reliance on similar exemptions…
Changes in Control of Registrant. To the extent required by this Item, the information included in
Entry into a Material Definitive Agreement. Merger Agreement On March 26, 2026, Pulmatrix, Inc., a Delaware corporation (“ Pulmatrix ” or the “ Company ”), entered into an Agreement and Plan of Merger and Reorganization (the “ Merger Agreement ”), by and among Pulmatrix, PUOS Merger Sub, Inc., a Delaware corporation and a wholly owned subsidiary of Pulmatrix (“ Merger Sub ”) and Eos SENOLYTIX, Inc., a Delaware corporation (“ Eos ”), pursuant to which, and subject to the satisfaction or waiver…
Regulation FD Disclosure. On March 26, 2026, Pulmatrix and Eos issued a joint press release announcing the execution of the Merger Agreement. The press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K and incorporated herein by reference, except that the information contained on the websites referenced in the press release is not incorporated herein by reference. The information in this Item 7.01, including Exhibit 99.1 attached hereto, shall not be deemed “filed” for p…