Monitor whether Pulmonx can achieve the $92.5M and $100M revenue milestones by Q3 and Q4 2027 to access the delayed draw tranches. Watch for potential dilution from warrant exercises and assess whether the company's revenue trajectory supports servicing this debt burden.
Price Chart
Executive Summary
Pulmonx Corp entered into a $60 million senior secured term loan facility with Perceptive, consisting of an initial $40 million draw and up to $20 million in delayed draws contingent on revenue milestones. The company simultaneously terminated its prior credit agreement with CIBC. As part of the financing, Pulmonx issued warrants to Perceptive to purchase 1 million shares of common stock, with additional warrants issuable upon future draws.
Key Financial Metrics
Key Facts
- Entered into $60 million senior secured term loan facility with Perceptive
- Initial draw of $40 million completed on March 2, 2026
- Additional $20 million available in two tranches contingent on revenue milestones ($92.5M and $100M)
- Terminated prior credit agreement with Canadian Imperial Bank of Commerce
- Issued warrant to purchase 1 million shares at $1.92 per share (25% premium to 10-day VWAP)
- Additional warrants to be issued upon future loan draws (0.025 shares per dollar drawn)
- Loans accrue interest at 7% margin plus greater of SOFR or 3.75%, with PIK option for first 3 years
- Subject to prepayment premium of 2-10% and 1.5% exit fee on repayments
Financial Impact
Added $60 million in debt obligations with 5-year maturity, contingent on achieving revenue milestones of $92.5M and $100M
Risk Factors
- High interest costs and prepayment penalties could strain cash flow
- Failure to meet revenue milestones would limit access to $20M in additional capital
- Warrant exercises will dilute existing shareholders
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001193125-26-092064 |
| Document: d126478dex102.htm | 0001193125-26-092064 |
| Document: d126478dex103.htm | 0001193125-26-092064 |
| Document: d126478d8k.htm | 0001193125-26-092064 |
| Document: 0001193125-26-092064-index-headers.html | 0001193125-26-092064 |
| Document: 0001193125-26-092064-index.html | 0001193125-26-092064 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 13, 2026 12d ago | Press Release | $1.78 | awaiting T+60 | — | $1.95 (+9.27%) |
Jun 3, 2026 20w ago | Insider Cluster | $1.62 $2.38 | ▲ +46.91% | ▲ +45.29% | $1.95 (+20.06%) |
Jun 3, 2026 20w ago | Insider Cluster | $1.62 $2.38 | ▲ +46.91% | ▲ +45.29% | $1.95 (+20.06%) |
Apr 22, 2026 26w ago | DEFA14A | $1.28 $1.36 | ▲ +5.86% | ▲ +0.84% | $1.95 (+51.95%) |
Apr 15, 2026 27w ago | Press Release | $1.46 $1.46 | · 0.00% | ▼ −7.05% | $1.95 (+33.22%) |
Mar 5, 2026 33w ago | 8-K | $1.61 $1.59 | ▲ +1.24% | ▲ +12.54% | $1.95 (−20.81%) |
Mar 4, 2026 33w ago | 8-K | $1.61 $1.59 | ▼ −1.24% | ▼ −12.54% | $1.95 (+20.81%) |
Mar 4, 2026 33w ago | Press Release | $1.61 $1.59 | ▼ −1.24% | ▼ −12.54% | $1.95 (+20.81%) |
Mar 2, 2026 34w ago | Insider Cluster | $1.53 $1.57 | ▲ +2.95% | ▼ −6.38% | $1.95 (+27.54%) |
US Market Status
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