MeritValue

Pulmatrix, Inc.

PULMdata completeness 63%14 fiscal years on file
The thesis, from the filings

Pulmatrix, Inc. earns about -85% on equity, but has diluted owners by 35% over 5 years — worth asking whether the growth reaches owners. The cash-flow models don't apply cleanly here — the ledger says why below.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$5.17M1$6.07M2$7.3M3$7.81M4—
Net income−$20.2M5−$18.8M6−$14.1M7−$9.56M8−$5.16M8
Operating cash flow−$19.7M9−$19.4M10−$16M11−$10.7M12−$5.43M12
Capital expenditure$144,00013$86,00014$676,00015$398,00016—
Free cash flow (derived)−$19.9M9−$19.4M10−$16.7M11−$11.1M12—
Total debt—————
Cash & equivalents$53.8M17$35.6M18$19.2M19$9.52M20$4.09M20
Diluted shares2.7M3.45B3.7M3.7M3.7M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$10.43
your share of equity
Profit it earned you last year
−$14.13
Free cash flow it threw off
—
Debt you’d be carrying
—

10 shares is a claim on $10.43 of net worth that earned you −$14.13 last year.

iii. Is this a good business?
Moat signal · return on equity
-85% avg · 5y
FY21 -43%FY22 -61%FY23 -78%FY24 -107%FY25 -135%

It earned an average -85% on equity over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+35% shares · 5y

Share count is up 35% over 5 years — owners have been diluted. Worth asking what they got for it.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
DCF · Growth Exit 5Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
Earnings Power Value
not applicable
normalized (5y-median) earnings non-positive — EPV undefined
Graham Number
not applicable
diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2021-12-31 · accession 0001493152-23-009609 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0001493152-24-011630 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0001493152-25-011084 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K/A · period ending 2024-12-31 · accession 0001493152-26-028902 (RevenueFromContractWithCustomerExcludingAssessedTax)
  5. 10-K · period ending 2021-12-31 · accession 0001493152-23-009609 (NetIncomeLoss)
  6. 10-K · period ending 2022-12-31 · accession 0001493152-24-011630 (NetIncomeLoss)
  7. 10-K · period ending 2023-12-31 · accession 0001493152-25-011084 (NetIncomeLoss)
  8. 10-K/A · period ending 2024-12-31 · accession 0001493152-26-028902 (NetIncomeLoss)
  9. 10-K · period ending 2021-12-31 · accession 0001493152-23-009609 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-12-31 · accession 0001493152-24-011630 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2023-12-31 · accession 0001493152-25-011084 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K/A · period ending 2024-12-31 · accession 0001493152-26-028902 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2021-12-31 · accession 0001493152-23-009609 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2022-12-31 · accession 0001493152-24-011630 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2023-12-31 · accession 0001493152-25-011084 (PaymentsToAcquirePropertyPlantAndEquipment)
  16. 10-K/A · period ending 2024-12-31 · accession 0001493152-26-028902 (PaymentsToAcquirePropertyPlantAndEquipment)
  17. 10-K · period ending 2021-12-31 · accession 0001493152-23-009609 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2022-12-31 · accession 0001493152-24-011630 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2023-12-31 · accession 0001493152-25-011084 (CashAndCashEquivalentsAtCarryingValue)
  20. 10-K/A · period ending 2024-12-31 · accession 0001493152-26-028902 (CashAndCashEquivalentsAtCarryingValue)