Pulmatrix, Inc.
PULM evidence brief
What we can confirm
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 therapies using its iSPERSE™ technology, currently paused on internal development and pursuing a merger with Eos as a strategic alternative.
Key risk: Merger failure risk
BioSniper Score
Based on 4 of 6 signals
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 therapies using its iSPERSE™ technology, currently paused on internal development and pursuing a merger with Eos as a strategic alternative.
- Cash and equivalents of $2.2M as of 2026-06-30, with an additional $0.7M in restricted cash that becomes unrestricted upon merger consummation [sec_mda · as of 2026-08-13].
- Net loss of $1.0M for the period ended 2026-06-30 [latest reported financials].
- Accumulated deficit of $302.3M as of December 31, 2025 [sec_mda · as of 2026-02-26].
- Development of product candidates (including PUR3100 for acute migraine) is paused; continued development is contingent on securing additional funding [sec_mda · as of 2026-08-13].
- The company is pursuing a merger with Eos; if the merger is not consummated, it may seek other strategic alternatives or dissolution [sec_mda · as of 2026-05-15].
What works
- The company has a proprietary iSPERSE™ inhalation platform that has supported multiple clinical-stage programs [sec_mda · as of 2026-02-26].
- PUR3100 (inhaled DHE) received FDA acceptance of its Investigational New Drug Application, indicating regulatory engagement [sec_mda · as of 2026-02-26].
- The proposed merger with Eos could provide a strategic path forward and unlock restricted cash [sec_mda · as of 2026-08-13].
What to weigh
- The company has paused all internal development of product candidates and is dependent on external funding or a merger to continue operations [sec_mda · as of 2026-08-13].
- Cash position is limited ($2.2M as of 2026-06-30) and management believes without the merger, cash is insufficient to fund operations beyond the near term [sec_mda · as of 2026-08-13].
- The company has a history of significant operating losses and an accumulated deficit of $302.3M as of December 31, 2025 [sec_mda · as of 2026-02-26].
- There is no assurance that the merger with Eos will be consummated, and if not, the company may pursue dissolution and liquidation [sec_mda · as of 2026-05-15].
From the filings
Quoted directly from source documents.
Development of product candidates is paused and contingent on funding
“We are continuing to explore opportunities to monetize these clinical assets and have paused the development of these product candidates. Continued development of these candidates, if that were to occur, would be contingent on securing additional funding”
SEC MD&A · August 13, 2026
Cash position is $2.2M as of June 30, 2026, with restricted cash of $0.7M
“$2.2 million in cash and cash equivalents, as well as $0.7 million in restricted cash that would become unrestricted following consummation of the Merger”
SEC MD&A · August 13, 2026
Accumulated deficit of $302.3M as of December 31, 2025
“31, 2025, we incurred an accumulated deficit of $302.3 million”
SEC MD&A · February 26, 2026
If merger is not consummated, the company may seek dissolution
“If the Merger is not consummated, we may seek other strategic alternatives or pursue a dissolution and liquidation.”
SEC MD&A · May 15, 2026
Risks & what to watch (4)›
Key risks
- Merger failure risk — If the merger with Eos is not consummated, the company may pursue dissolution and liquidation [sec_mda · as of 2026-05-15].
- Cash runway uncertainty — Cash of $2.2M as of 2026-06-30 is insufficient to fund operations without the merger [sec_mda · as of 2026-08-13].
- Development pause — All internal development is paused; any restart requires additional funding that is not assured [sec_mda · as of 2026-08-13].
- Accumulated losses — Accumulated deficit of $302.3M as of December 31, 2025, reflecting sustained operating losses [sec_mda · as of 2026-02-26].
What to watch
- Outcome of the proposed merger with Eos, including shareholder approval and closing conditions [sec_mda · as of 2026-08-13].
- Any updates on monetization of clinical assets or potential partnering/licensing deals [sec_mda · as of 2026-08-13].
- Cash burn rate and any additional financing activities if the merger is delayed or fails [sec_mda · as of 2026-08-13].
- Regulatory or clinical developments for PUR3100 if development is resumed [sec_mda · as of 2026-02-26].
Sources: SEC MD&A · Generated August 26, 2026 · How we verify sources →
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Evidence & data
Score breakdownBased on 4 of 6 signals · derived from public data
6.8 months
D/E 0.27 · 0% dilution
Lead: Phase 2
3 candidates
No upcoming catalysts tracked
No insider transactions in the last 180 days
Runway
Pipeline
Regulatory
Financials
Institutional Holdings
Source: SEC Form 13F · as of Mar 2026Institutional holders
13
Total value held
$429K
| Holder | Shares | Value |
|---|---|---|
| renaissance technologies llc | 109,148 | $141K |
| vanguard capital management llc | 67,188 | $87K |
| blackrock, inc. | 54,899 | $71K |
| geode capital management, llc | 44,629 | $58K |
| 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 |
| ubs group ag | 23 | $30 |
| farther finance advisors, llc | 7 | $9 |
Showing top 10 of 13 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 therapies using its iSPERSE™ technology, currently paused on internal development and pursuing a merger with Eos as a strategic alternative.
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.