The stock is trading as a merger-arbitrage vehicle with no standalone operating value. Monitor for the closing of the Eos SENOLYTIX merger, which is the sole catalyst. The S-3 shelf registration for resale of shares by the Eos affiliate adds potential overhang post-merger.
Price Chart
Executive Summary
Pulmatrix reported Q2 2026 financial results, showing a net loss of $1.036M ($0.29/share) compared to a $1.549M loss ($0.42/share) in Q2 2025, driven by reduced G&A expenses. The company has no revenue and is a pre-reverse-merger shell, with cash burn reducing its cash position to $2.2M (plus $0.7M restricted). The filing is a procedural update on the pending merger with Eos SENOLYTIX, which is expected to close in Q3 2026, and the company continues to operate as a going concern only through that closing.
Key Financial Metrics
Key Facts
- Net loss for Q2 2026 was $1.036M, improved from $1.549M in Q2 2025.
- Cash and cash equivalents fell to $2.2M at June 30, 2026, from $4.1M at December 31, 2025.
- The company has no revenue and all clinical development is on hold.
- The merger with Eos SENOLYTIX is expected to close in Q3 2026; an S-4 registration statement has been filed.
- Financial statements are prepared on a going-concern basis, with cash sufficient only through the anticipated merger close.
Financial Impact
Cash burn of ~$1.9M in H1 2026; no revenue; merger-dependent solvency
Risk Factors
- Merger fails to close, leading to cash depletion and potential bankruptcy.
- Post-merger dilution: current PULM stockholders will own only ~6% of the combined entity.
- S-3 registration enables immediate selling by the Eos affiliate post-merger, creating overhang.
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001493152-26-037592 |
| Document: form8-k.htm | 0001493152-26-037592 |
| Document: 0001493152-26-037592-index-headers.html | 0001493152-26-037592 |
| Document: 0001493152-26-037592-index.html | 0001493152-26-037592 |
| Document: 0001493152-26-037592.txt | 0001493152-26-037592 |
| 8-K Data (Synthetic) | 0001493152-26-037592 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Sep 4, 2026 27d ago | S-4/A | $1.40 $1.45 | ▼ −3.58% | ▼ −4.70% | $1.57 (−12.54%) |
Aug 13, 2026 7w ago | 8-K | $1.51 $1.50 | ▼ −0.66% | ▲ +1.30% | $1.57 (+3.97%) |
Aug 13, 2026 7w ago | Press Release | $1.51 $1.50 | ▲ +0.66% | ▼ −1.30% | $1.57 (−3.97%) |
Aug 7, 2026 7w ago | S-3/A | $1.57 $1.56 | ▲ +0.64% | ▲ +0.59% | $1.57 (−0.00%) |
Jun 16, 2026 15w ago | 10-K/A | $1.50 $1.53 | ▲ +2.00% | ▲ +3.04% | $1.57 (+4.67%) |
Jun 5, 2026 17w ago | 425 | $1.33 $1.40 | ▲ +5.26% | ▲ +4.69% | $1.57 (+18.05%) |
Jun 4, 2026 17w ago | S-3 | $1.32 $1.38 | ▼ −4.55% | ▼ −7.10% | $1.57 (−18.94%) |
May 15, 2026 20w ago | 8-K | $1.25 $1.34 | ▲ +7.20% | ▲ +6.24% | $1.57 (+25.60%) |
Apr 21, 2026 23w ago | 8-K | $1.38 $1.28 | ▼ −7.25% | ▼ −8.33% | $1.57 (+13.77%) |
US Market Status
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