Pulmatrix, Inc.
PULM evidence brief
What we can confirm
- BioSniper Score:
- 7.2 / 10
- Market Cap:
- $5.1M
- Lead Asset:
- pur1800 (Phase 1)
What it means
What to watch
Prepared research question
What matters most for PULM—catalysts, financial risk and supporting evidence?
Traceable citations · Unknowns marked
BioSniper AI · PULM
Pulmatrix, Inc. is a clinical-stage biopharmaceutical company developing inhaled therapeutics using its iSPERSE™ platform, currently paused development and seeking to monetize its assets while pursuing a merger with Eos.
Key risk: Merger dependency
BioSniper Score
Based on 3 of 6 signals
Limited data coverage
Market Cap
$5.1M
Cash Runway
—
Lead Asset
pur1800 (Phase 1)
Next Catalyst
—
Financial data as of Jun 30, 2026.
Tracking 3 pipeline candidates · 5 clinical trials for Pulmatrix, Inc..
Pulmatrix, Inc. is a clinical-stage biopharmaceutical company developing inhaled therapeutics using its iSPERSE™ platform, currently paused development and seeking to monetize its assets while pursuing a merger with Eos.
- Cash & equivalents of $2.2M as of 2026-06-30 [sec].
- Net income of -$1.0M as of 2026-06-30 [sec].
- Shareholders' equity of $2.6M as of 2026-06-30 [sec].
- Pipeline includes iSPERSE™-based candidates PUR3100 (acute migraine), PUR1800 (AECOPD), and PUR1900 (ABPA) [sec_mda · as of 2026-02-26].
- Development of all product candidates is paused; the company is exploring monetization opportunities and is dependent on a merger with Eos [sec_mda · as of 2026-08-13].
What works
- The company holds a patented iSPERSE™ dry powder delivery platform designed to improve therapeutic delivery to the lungs [sec_mda · as of 2024-11-08].
- Pulmatrix has three clinical-stage assets (PUR3100, PUR1800, PUR1900) targeting CNS and pulmonary diseases with unmet medical needs [sec_mda · as of 2026-02-26].
- PUR3100 has received FDA acceptance of its Investigational New Drug Application, indicating regulatory progress [sec_mda · as of 2026-02-26].
What to weigh
- The company has paused development of all product candidates and is dependent on securing additional funding to continue [sec_mda · as of 2026-08-13].
- Future operations are highly dependent on the success of a merger with Eos, with no assurance of consummation [sec_mda · as of 2026-08-13].
- If the merger fails, the board may pursue dissolution and liquidation of the company [sec_mda · as of 2026-02-26].
- Continued development would require significant expenditures and there is no assurance of marketing approval [sec_mda · as of 2026-08-13].
From the filings
Quoted directly from source documents.
The company is a clinical-stage biopharmaceutical company focused on inhaled therapeutics using iSPERSE™.
“We are a clinical-stage biopharmaceutical company focused on the development of novel inhaled therapeutic products intended to prevent and treat respiratory and other diseases with important unmet medical needs using our patented iSPERSE ™ technology.”
SEC MD&A · November 8, 2024
Development of all product candidates is paused and the company is exploring monetization.
“We are continuing to explore opportunities to monetize these clinical assets and have paused the development of these product candidates.”
SEC MD&A · August 13, 2026
Future operations are highly dependent on the success of the Merger.
“Our future operations are highly dependent on the success of the Merger and there can be no assurances that the Merger will be successfully consummated.”
SEC MD&A · August 13, 2026
The company's pipeline includes PUR3100, PUR1800, and PUR1900.
“These therapeutic candidates include PUR3100 for the treatment of acute migraine, PUR1800 for the treatment of acute exacerbations of chronic obstructive pulmonary disease ("AECOPD"), and PUR1900 for the treatment of ABPA in patients with asthma and in patients with cystic fibrosis.”
SEC MD&A · February 26, 2026
Risks & what to watch (4)›
Key risks
- Merger dependency — Future operations hinge on the merger with Eos; no assurance of consummation [sec_mda · as of 2026-08-13].
- Funding shortfall — Development paused; continued progress requires securing additional funding [sec_mda · as of 2026-08-13].
- Potential dissolution — If merger fails, board may pursue dissolution and liquidation [sec_mda · as of 2026-02-26].
- Regulatory and cost hurdles — Even if development resumes, marketing approval requires significant resources with no assurance [sec_mda · as of 2026-08-13].
What to watch
- Outcome of the merger with Eos, as it determines the company's future operations [sec_mda · as of 2026-08-13].
- Ability to secure additional funding to resume development of clinical assets [sec_mda · as of 2026-08-13].
- Monetization efforts for PUR3100, PUR1800, and PUR1900 [sec_mda · as of 2026-08-13].
- Cash runway given $2.2M cash as of 2026-06-30 and ongoing net losses [sec].
Sources: SEC MD&A · Generated September 26, 2026 · How we verify sources →
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Evidence & data
Score breakdownBased on 3 of 6 signals · derived from public data
Cash runway data unavailable
D/E 0.27 · 0% dilution
Lead: Phase 2
3 candidates
No upcoming catalysts tracked
No insider transactions in the last 180 days
Pipeline
Regulatory
Financials
Institutional Holdings
Source: SEC Form 13F · as of Mar 2026Institutional holders
15
Total value held
$425K
| Holder | Shares | Value |
|---|---|---|
| renaissance technologies llc | 109,148 | $141K |
| blackrock, inc. | 54,899 | $71K |
| geode capital management, llc | 44,629 | $58K |
| vanguard capital management llc | 33,594 | $43K |
| sbi securities co., ltd. | 30,085 | $39K |
| vanguard fiduciary trust co | 14,715 | $19K |
| jane street group, llc | 14,584 | $19K |
| state street corp | 13,945 | $18K |
| xtx topco ltd | 13,669 | $18K |
| tower research capital llc (trc) | 207 | $267 |
Showing top 10 of 15 institutional holders of Pulmatrix, Inc.. Open the full 13F history after sign-in.
Short Interest
as of Apr 28, 2026- % of float
- 0.5%
- Days to cover
- 0.3
- Shares short
- 19,602
- Daily short volume
- -
Short percent of float and days-to-cover reflect reported short positioning. Daily short volume is the exchange-reported short share of a single day's trading volume and is noisier. See the most-shorted biotech ranking →
PULM short interestGovernance
Frequently asked questions
What is the AI investment thesis for Pulmatrix, Inc.?
Pulmatrix, Inc. is a clinical-stage biopharmaceutical company developing inhaled therapeutics using its iSPERSE™ platform, currently paused development and seeking to monetize its assets while pursuing a merger with Eos.
What is Pulmatrix, Inc.'s lead drug candidate?
Pulmatrix, Inc.'s most advanced tracked candidate is pur1800 (Phase 1) for acute exacerbations of chronic obstructive pulmonary disease ("AECOPD").
Who is the CEO of Pulmatrix, Inc.?
Mr. Peter Ludlum CMA, MBA is the chief executive officer of Pulmatrix, Inc. (PULM).
Where is Pulmatrix, Inc. headquartered?
Pulmatrix, Inc. (PULM) is headquartered in Framingham, MA, United States.
What therapeutic areas does Pulmatrix, Inc. focus on?
Pulmatrix, Inc. develops therapies across Rare Disease, Neurology, Respiratory, Pain.
The AI overview and BioSniper Score are neutral, data-derived signals built from public SEC filings, ClinicalTrials.gov and FDA records — not investment advice.