Bullish & Foolish
Full PULM fundamentals All 466 on the Survival Watch

PULMPULMATRIX, INC.

Is Pulmatrix struggling financially?

Yes, by its own account. Pulmatrix told the SEC on 15 May 2026, in Form 10-Q, that there is substantial doubt about its ability to continue as a going concern.

Going concern disclosed May 2026

15/100

Critical

Cries for help

  • Supply chain

    Additionally, the impacts that supply chain disruptions have on our third-party manufacturers and suppliers are not within our control.

    Form 10-K, filed 26 Feb 2026. Read it on SEC.gov

Signs of a way out

Nothing in the filings we have read names a way out.

Sector
Biotech/Pharma
Market cap
$5.5M
Source filing
10-Q 15 May 2026
Balance sheet
30 Jun 2026

Cash runway

  • 2months

    If the burn speeds up

    Empty by Aug 2026

  • 4months

    If it eases off

    Empty by Oct 2026

Both rows are the same reported burn flexed 15% either way, and neither assumes the company raises a cent.

Out of cashTwo years or more

The runway math

Cash and short-term investments

$2.2M

÷

Cash burned over the last 12 months

$8.7M

What Pulmatrix told the SEC

…believes that, given the Company’s current cash position and forecasted negative cash flows from operating activities over the next twelve months, there is substantial doubt about its ability to continue as a going concern after the date that is one year from the date that these financial statements are issued without the closing of the Merger. The accompanying financial statements do not include any…

PULMATRIX, INC., Form 10-Q, filed 15 May 2026.

Read the filing on SEC.gov

What this means

  • Not a bankruptcy filing, and not a prediction.
  • It is the company’s own statement, agreed with its auditor, that the doubt is material enough to disclose.
  • The runway is arithmetic on two reported numbers, not a forecast. Companies carry this language for years, raise money and keep going.

What else the numbers show

  • Cash burn is narrowing It is spending 48% less cash per year than it was, so the runway above is lengthening rather than shortening.

Other Biotech/Pharma companies that filed the doubt