Pulmatrix Inc. Common Stock (PULM)

FairStock Score: 59/100 — STEADY

Key Financials

AI Analysis

AI-generated, general educational analysis — not personal investment advice.

Mr. Market is offering Pulmatrix at $1.38, a $5.0 million market cap, as of 2026-10-13. This is not a Graham bargain; it is a speculative bet on inhaled drug delivery. The business has two employees, an iSPERSE platform, and PUR1800. In fiscal 2024, the year ended 2024-12-31, filed figures show revenue of $7.8 million and a net loss of $9.6 million, or -$2.62 per diluted share. In fiscal 2025, the year ended 2025-12-31, revenue was not available, the net loss was $5.2 million, and diluted EPS was -$1.41. So the loss narrowed, helped by the provided 33.12% profit growth figure, but top-line visibility has vanished. In the latest filed quarter, fiscal Q2 2026 ended 2026-06-30, net loss was $1.0 million, or -$0.29 diluted EPS. Trailing free cash flow is -$3.9 million, a -77.6% FCF yield on the $5.0 million market cap. ROE is -98.35%, ROCE is -54.69%, FairStock's Piotroski F-Score is 2/9, and its Altman Z-score is -127.99—numbers that scream financial fragility. P/B is 3.14, so we are paying more than book for a company that burns cash and has no proven moat. The Lynch category is none because it lost money in each of the last four years. Growth is possible if PUR1800 or partnerships succeed, but clinical biotech requires capital, and the current cash burn points to future dilution. I see no margin of safety in these numbers. FairStock Score 59/100 may reflect optionality, not proven value. This remains speculation until revenue, trial success, and a stronger balance sheet appear.

In plain English: Pulmatrix is a tiny healthcare company trying to make inhaled medicines for migraine and lung diseases. It has not made a profit in years, its sales have been very small and then not reported in fiscal 2025, and it is losing money. At $1.38 a share, the price does not look cheap based on the company's current financial numbers, though this is a very small and speculative business.

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Data as of 2026-10-13 close · note generated 2026-10-15 · model deepseek-flash

Sources (SEC EDGAR): fiscal Q2 2026 10-Q (period ended 2026-06-30) · fiscal Q1 2026 10-Q (period ended 2026-03-31) · fiscal Q3 2025 10-Q (period ended 2025-09-30) · fiscal Q2 2025 10-Q (period ended 2025-06-30) · FY2025 10-K/A (period ended 2025-12-31) · FY2024 10-K/A (period ended 2024-12-31) · FY2023 10-K (period ended 2023-12-31)

Fundamentals from company filings and market-data providers; prices are end-of-day, not real-time. AI-generated analysis is general and educational — not personal investment advice. Scoring methodology · Score test · Disclaimer