In this section we usually present revenue and earnings growth projections based on the consensus estimates of professional analysts to help investors understand the company’s ability to generate profit. But as Pulmatrix has not provided enough past data and has no analyst forecast, its future earnings cannot be reliably calculated by extrapolating past data or using analyst predictions.

This is quite a rare situation as 97% of companies covered by SimplyWall St do have past financial data.

Earnings and Revenue Growth Forecasts

NasdaqCM:PULM - Analysts future estimates and past financials data (USD Millions)
Date	Revenue	Earnings	Free Cash Flow	Cash from Op	Avg. No. Analysts
12/31/2025	N/A	-5	-5	-5	N/A
9/30/2025	0	-6	-6	-6	N/A
6/30/2025	0	-8	-8	-8	N/A
3/31/2025	2	-12	-10	-10	N/A
12/31/2024	8	-10	-11	-11	N/A
9/30/2024	10	-10	-12	-11	N/A
6/30/2024	11	-11	-14	-13	N/A
3/31/2024	12	-9	-15	-14	N/A
12/31/2023	7	-14	-17	-16	N/A
9/30/2023	7	-16	-19	-19	N/A
6/30/2023	7	-18	-19	-18	N/A
3/31/2023	6	-18	-18	-18	N/A
12/31/2022	6	-19	-19	-19	N/A
9/30/2022	5	-22	-19	-19	N/A
6/30/2022	4	-25	-19	-18	N/A
3/31/2022	5	-24	-21	-20	N/A
12/31/2021	5	-23	-20	-20	N/A
9/30/2021	7	-19	-18	-18	N/A
6/30/2021	10	-21	-21	-20	N/A
3/31/2021	11	-19	-19	-19	N/A
12/31/2020	13	-19	-13	-12	N/A
9/30/2020	12	-20	-14	-14	N/A
6/30/2020	9	-13	-13	-13	N/A
3/31/2020	11	-20	7	7	N/A
12/31/2019	8	-21	3	3	N/A
9/30/2019	6	-21	N/A	3	N/A
6/30/2019	5	-22	N/A	3	N/A
3/31/2019	N/A	-20	N/A	-17	N/A
12/31/2018	0	-21	N/A	-17	N/A
9/30/2018	0	-21	N/A	-16	N/A
6/30/2018	0	-20	N/A	-16	N/A
3/31/2018	0	-20	N/A	-15	N/A
12/31/2017	0	-18	N/A	-14	N/A
9/30/2017	0	-23	N/A	-14	N/A
6/30/2017	0	-22	N/A	-12	N/A
3/31/2017	0	-26	N/A	-12	N/A
12/31/2016	1	-28	N/A	-13	N/A
9/30/2016	1	-23	N/A	-14	N/A
6/30/2016	2	-24	N/A	-14	N/A
3/31/2016	1	-30	N/A	-14	N/A
12/31/2015	1	-26	N/A	-12	N/A
9/30/2015	1	-6	N/A	-11	N/A
6/30/2015	1	-13	N/A	-10	N/A

Analyst Future Growth Forecasts

Earnings vs Savings Rate: Insufficient data to determine if PULM's forecast earnings growth is above the savings rate (3.5%).

Earnings vs Market: Insufficient data to determine if PULM's earnings are forecast to grow faster than the US market

High Growth Earnings: Insufficient data to determine if PULM's earnings are expected to grow significantly over the next 3 years.

Revenue vs Market: Insufficient data to determine if PULM's revenue is forecast to grow faster than the US market.

High Growth Revenue: Insufficient data to determine if PULM's revenue is forecast to grow faster than 20% per year.

Earnings per Share Growth Forecasts

Future Return on Equity

Future ROE: Insufficient data to determine if PULM's Return on Equity is forecast to be high in 3 years time

Discover growth companies

Company Analysis and Financial Data Status

Data	Last Updated (UTC time)
Company Analysis	2026/05/12 22:00
End of Day Share Price	2026/05/12 00:00
Earnings	2025/12/31
Annual Earnings	2025/12/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

Package	Data	Timeframe	Example US Source ^*
Company Financials	10 years	Income statement Cash flow statement Balance sheet	SEC Form 10-K SEC Form 10-Q
Analyst Consensus Estimates	+3 years	Forecast financials Analyst price targets	Analyst Research Reports Blue Matrix
Market Prices	30 years	Stock prices Dividends, Splits and Actions	ICE Market Data SEC Form S-1
Ownership	10 years	Top shareholders Insider trading	SEC Form 4 SEC Form 13D
Management	10 years	Leadership team Board of directors	SEC Form 10-K SEC Form DEF 14A
Key Developments	10 years	Company announcements	SEC Form 8-K

^* Example for US securities, for non-US equivalent regulatory forms and sources are used.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.

Analyst Sources

Pulmatrix, Inc. is covered by 1 analysts. 0 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

Analyst	Institution
Andrew Fein	H.C. Wainwright & Co.

Pulmatrix Future Growth

Future criteria checks 0/6

Key information

Recent future growth updates

Consensus revenue estimates increase by 16%

Consensus EPS estimates upgraded to US$4.94 loss, revenue downgraded

Price target decreased to US$10.00

No longer forecast to breakeven

Price target increased to US$200

No longer forecast to breakeven

Recent updates

Pulmatrix, Inc. announced that it has received $1 million in funding

Eos SENOLYTIX, Inc. agreed to acquire Pulmatrix, Inc. (NasdaqCM:PULM) in a reverse merger transaction.

Cullgen Inc. cancelled the acquisition of Pulmatrix, Inc. (NasdaqCM:PULM) in a reverse merger transaction.

New minor risk - Share price stability

Third quarter 2025 earnings released: US$0.24 loss per share (vs US$0.71 loss in 3Q 2024)

First half 2025 earnings released: US$0.92 loss per share (vs US$1.37 loss in 1H 2024)

First quarter 2025 earnings released: US$0.49 loss per share (vs US$0.23 profit in 1Q 2024)

Full year 2024 earnings released: US$2.62 loss per share (vs US$3.87 loss in FY 2023)

Cullgen Inc. entered into an Agreement to acquire Pulmatrix, Inc. (NasdaqCM:PULM) in a reverse merger transaction

New major risk - Share price stability

Third quarter 2024 earnings released: US$0.71 loss per share (vs US$1.03 loss in 3Q 2023)

Pulmatrix, Inc., Annual General Meeting, Dec 18, 2024

Second quarter 2024 earnings released: US$1.59 loss per share (vs US$1.05 loss in 2Q 2023)

There Is A Reason Pulmatrix, Inc.'s (NASDAQ:PULM) Price Is Undemanding

Pulmatrix Announces Peer-Reviewed Publication of Clinical Results for its Orally Inhaled Dhe for Acute Migraine (PUR3100)

First quarter 2024 earnings released: EPS: US$0.23 (vs US$1.22 loss in 1Q 2023)

Full year 2023 earnings released: US$3.87 loss per share (vs US$5.46 loss in FY 2022)

Pulmatrix, Inc. Enters into Further Amendment to Its Agreement with Cipla for the Development of PUR1900 in the Treatment of Allergic Bronchopulmonary Aspergillosis

Insufficient new directors

Pulmatrix, Inc. Announces Publication on Physiologically Based Pharmacokinetic Modelling of Potential Drug-Drug Interactions with PUR1900, Orally Inhaled Itraconazole

Consensus revenue estimates increase by 16%

Second quarter 2023 earnings: EPS and revenues exceed analyst expectations

Pulmatrix, Inc. Announces Submission of IND Application to FDA to Initiate a Phase 2 Trial of Investigational Drug PUR3100 to Treat Acute Migraine

Pulmatrix, Inc., Annual General Meeting, Jul 13, 2023

Consensus EPS estimates upgraded to US$4.94 loss, revenue downgraded

First quarter 2023 earnings released: US$1.22 loss per share (vs US$1.51 loss in 1Q 2022)

Full year 2022 earnings: EPS exceeds analyst expectations while revenues lag behind

Pulmatrix Announces First Patient Dosed in Phase 2b Study of PUR1900 for Treatment of Allergic Bronchopulmonary Aspergillosis (ABPA) in Subjects with Asthma

Pulmatrix, Inc. Announces Positive Top Line Results from a Phase 1 Study with PUR3100, a Novel Orally Inhaled Dihydroergotamine (DHE), for Acute Migraine

Third quarter 2022 earnings: EPS and revenues exceed analyst expectations

Third quarter 2022 earnings: EPS and revenues exceed analyst expectations

Second quarter 2022 earnings: EPS and revenues exceed analyst expectations

Pulmatrix doses first subjects in phase 1 trial of acute migraine treatment PUR3100

First quarter 2022 earnings: Revenues exceed analysts expectations while EPS lags behind

Price target decreased to US$10.00

No longer forecast to breakeven

Price target increased to US$200

No longer forecast to breakeven

Full year 2021 earnings: EPS exceeds analyst expectations while revenues lag behind

Is Pulmatrix (NASDAQ:PULM) In A Good Position To Invest In Growth?

Forecast to breakeven in 2024

Third quarter 2021 earnings released: US$0.14 loss per share (vs US$0.31 loss in 3Q 2020)

Is Pulmatrix (NASDAQ:PULM) In A Good Position To Deliver On Growth Plans?

Consensus revenue estimates increase to US$8.85m

Pulmatrix, Inc.'s (NASDAQ:PULM) Sole Analyst Just Made A Massive Upgrade To Their Forecasts

Earnings Beat: Pulmatrix, Inc. (NASDAQ:PULM) Just Beat Analyst Forecasts, And Analysts Have Been Lifting Their Forecasts

Second quarter 2021 earnings released: US$0.068 loss per share (vs US$0.048 loss in 2Q 2020)

Independent Director Mark Iwicki has left the company

We're Not Very Worried About Pulmatrix's (NASDAQ:PULM) Cash Burn Rate

Consensus revenue estimates increase to US$6.45m

First quarter 2021 earnings released: US$0.089 loss per share (vs US$0.23 loss in 1Q 2020)

Independent Director has left the company

Full year 2020 earnings released: US$0.67 loss per share (vs US$1.23 loss in FY 2019)

We're Not Very Worried About Pulmatrix's (NASDAQ:PULM) Cash Burn Rate

New 90-day high: US$1.84

New 90-day high: US$1.41

New 90-day high: US$1.28

Third quarter 2020 earnings released: US$0.31 loss per share

Earnings beat expectations

Price target lowered to US$10.00

Earnings and Revenue Growth Forecasts

Analyst Future Growth Forecasts

Earnings per Share Growth Forecasts

Future Return on Equity

Discover growth companies

Company Analysis and Financial Data Status

Data Sources

Analysis Model and Snowflake

Industry and Sector Metrics