PULM Pulmatrix, Inc. - Common Stock
$1.55
Price · Aug 24, 2026
Fundamentals as of Aug 13, 2026
52W Range
$1–$5
9% of range
Analyst Rating
BUY
7 analysts
Price Target
—
P/E (TTM)
-1.1
ROE
-109.7%
Net Profit Margin
—
PULM Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
Price
$1.55
Market Cap
$6M
P/E (TTM)
-1.1
EPS (TTM)
$-1.41
Revenue (TTM)
—
Div Yield
—
ROE
-109.7%
Debt/Equity
—
52W Range
$1 – $5
PULM Stock Price Chart Daily OHLCV with technical indicators — pan, zoom, and customize your view
Configure
10-Year Performance Revenue, net income, margins and EPS trends
Revenue & Net Income
—
2016-12-31
→
2024-12-31
EPS
$-1.41
2022-12-31
→
2025-12-31
Free Cash Flow
—
2016-12-31
→
2024-12-31
Margins
—
Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
Metric
5Y trend
PULM
Peer Median
P/E (TTM)
-1.1
44.2
P/S (TTM)
0.6
2.0
P/B
1.5
2.0
Profitability Gross, operating and net margins; ROE, ROA, ROIC
Metric
5Y trend
PULM
Peer Median
ROA
-73.3%
-107.7%
ROE
-109.7%
-129.3%
Financial Health Debt, liquidity, solvency — balance sheet strength
Metric
5Y trend
PULM
Peer Median
Current Ratio
12.6
3.8
Quick Ratio
12.4
—
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
Metric
5Y trend
PULM
Peer Median
Revenue YoY
7.0%
—
Revenue CAGR 3Y
14.7%
—
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
Metric
5Y trend
PULM
Peer Median
PULM Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
BUY
7 analysts
- Strong Buy 2 28.6%
- Buy 4 57.1%
- Hold 1 14.3%
- Sell 0 0.0%
- Strong Sell 0 0.0%
Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date
Avg Surprise
0.34%
| Period | EPS Actual | EPS Est | Surprise |
|---|---|---|---|
| June 30, 2025 | $-0.42 | — | — |
| Sept. 30, 2024 | $-0.71 | — | — |
| Dec. 31, 2023 | $-0.57 | $-1.06 | 0.49% |
| Sept. 30, 2023 | $-1.03 | $-1.07 | 0.04% |
| June 30, 2023 | $-0.57 | $-1.06 | 0.49% |
Peer comparison (GICS sub-industry) Key metrics vs sector peers
| Ticker | Market Cap | P/E | Rev YoY | Net Margin | ROE | Gross Margin |
|---|---|---|---|---|---|---|
| PULM | $8M | -1.6 | 7.0% | — | -109.7% | — |
| SNOA | $4M | -1.1 | 36.7% | -16.3% | -92.3% | 38.0% |
| ENVB | $4M | -0.1 | -94.1% | 8275459.4% | -275.8% | — |
| RVPH | $2M | — | — | — | -485.2% | — |
| PCSA | — | -0.3 | — | — | — | — |
| CVKD | $16M | -1.0 | — | — | -376.2% | — |
| JUNS | $35M | -4.1 | — | -39662.8% | 3516.1% | 80.6% |
| LLY | — | 46.8 | 44.7% | 31.7% | 101.2% | — |
Full Fundamentals All metrics by year — income statement, balance sheet, cash flow
Income Statement 16
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | · | $8M | $7M | $6M | $5M | $13M | $8M | $153.0K | $335.0K | $835.0K | $1M | |
| R&D Expense | $38.0K | $7M | $16M | $18M | $15M | $16M | $13M | $13M | $10M | $10M | $7M | |
| SG&A Expense | $5M | $8M | $7M | $7M | $6M | $7M | $8M | $8M | $8M | $8M | $17M | |
| Operating Expenses | $5M | $18M | $22M | $25M | $25M | $22M | $29M | $21M | $18M | $26M | $24M | |
| Operating Income | $-5M | $-10M | $-15M | $-19M | $-20M | $-10M | $-21M | $-20M | $-17M | $-25M | $-23M | |
| Interest Expense | · | · | · | · | · | · | · | $186.0K | $643.0K | $881.0K | $953.0K | |
| Interest Income | $144.0K | $467.0K | · | · | · | $82.0K | $301.0K | $27.0K | · | · | · | |
| Other Non-op | $-204.0K | $-196.0K | $-248.0K | $-198.0K | $-11.0K | $-9M | $-5.0K | $-5.0K | $28.0K | $-2.0K | $-44.0K | |
| Pretax Income | · | · | · | · | · | · | · | · | $-18M | $-31M | $-26M | |
| Income Tax | $0 | · | · | · | · | · | · | · | · | $-3M | $0 | |
| Net Income | $-5M | $-10M | $-14M | $-19M | $-20M | $-19M | $-21M | $-21M | $-18M | $-28M | $-26M | |
| EPS (Basic) | $-1.41 | $-2.62 | $-3.87 | $-5.46 | $-8.63 | · | · | · | · | · | · | |
| EPS (Diluted) | $-1.41 | $-2.62 | $-3.87 | $-5.46 | · | · | · | · | · | · | · | |
| Shares (Basic) | 3,652,285 | 3,652,285 | 3,651,911 | 3,447,701,000 | 2,708,558 | · | · | · | · | · | · | |
| Shares (Diluted) | 3,652,285 | 3,652,285 | 3,651,911 | 3,447,701,000 | · | · | · | · | · | · | · | |
| EBITDA | $-5M | $-10M | $-15M | $-19M | $-20M | · | $-21M | · | $-17M | $-25M | $-23M |
Balance Sheet 26
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $4M | $10M | $19M | $36M | $54M | $32M | $23M | $3M | $4M | $4M | $19M | |
| Receivables | · | · | $928.0K | $1M | $67.0K | $84.0K | $7M | · | · | · | · | |
| Prepaid Expense | $41.0K | $399.0K | $742.0K | $1M | $871.0K | $723.0K | $777.0K | $717.0K | $696.0K | $577.0K | $2M | |
| Other Current Assets | · | · | · | · | · | · | · | · | · | · | $206.0K | |
| Current Assets | $4M | $10M | $21M | $38M | $55M | $32M | $31M | $3M | $4M | $5M | $20M | |
| PP&E (Net) | · | · | $1M | $235.0K | $321.0K | $361.0K | $270.0K | $394.0K | $614.0K | $786.0K | $685.0K | |
| PP&E (Gross) | · | · | $3M | $3M | $3M | $3M | $3M | $3M | $3M | $3M | $3M | |
| Accum. Depreciation | · | · | $2M | $3M | $3M | $2M | $2M | $2M | $3M | $3M | $3M | |
| Goodwill | · | · | · | · | · | $4M | $4M | $11M | $11M | $11M | $16M | |
| Intangibles | · | · | · | · | · | · | · | · | · | · | $8M | |
| Other Non-current Assets | · | $13.0K | $176.0K | $389.0K | · | · | · | · | · | · | · | |
| Total Assets | $4M | $10M | $34M | $41M | $59M | $38M | $36M | $15M | $16M | $17M | $45M | |
| Accounts Payable | $272.0K | $809.0K | $2M | $1M | $839.0K | $851.0K | $600.0K | $1M | $457.0K | $747.0K | $1M | |
| Accrued Liabilities | · | · | · | · | $1M | $2M | $3M | $2M | $2M | $1M | $1M | |
| Current Liabilities | $329.0K | $929.0K | $4M | $5M | $4M | $8M | $17M | $3M | $6M | $5M | $4M | |
| Capital Leases | · | · | $8M | · | $857.0K | $608.0K | · | · | · | · | · | |
| Deferred Tax | · | · | · | · | · | · | · | · | · | · | $3M | |
| Total Liabilities | $329.0K | $996.0K | $16M | $10M | $11M | $15M | $25M | $3M | $6M | $8M | $12M | |
| Long-term Debt | · | · | · | · | · | · | · | · | · | $6M | $7M | |
| Total Debt | · | · | · | · | · | · | · | · | $3M | $6M | $7M | |
| Common Stock | · | · | · | · | · | · | $2.0K | · | $0 | $1.0K | $1.0K | |
| Paid-in Capital | $306M | $306M | $306M | $305M | $301M | $258M | $226M | · | · | · | · | |
| Retained Earnings | $-302M | $-297M | $-288M | $-273M | $-255M | $-234M | $-215M | $-195M | $-174M | $-156M | $-128M | |
| Stockholders' Equity | $4M | $9M | $18M | $31M | $47M | $23M | $11M | $12M | $10M | $9M | $33M | |
| Liabilities + Equity | $4M | $10M | $34M | $41M | $59M | $38M | $36M | $15M | $16M | $17M | $45M | |
| Shares Outstanding | 3,652,285 | 3,652,285 | 3,652,285 | 3,639,185 | 3,222,037 | 1,805,250 | 19,994,560 | 4,923,723 | 2,104,750 | 14,850,526 | 14,745,754 |
Cash Flow 15
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | · | $106.0K | $134.0K | $162.0K | $169.0K | $215.0K | $182.0K | $231.0K | $246.0K | $250.0K | $232.0K | |
| Stock-based Comp | $25.0K | $511.0K | $954.0K | $1M | $1M | $1M | $2M | $3M | $3M | $4M | $6M | |
| Deferred Tax | · | · | · | · | · | · | · | · | · | $-3M | · | |
| Other Non-cash | · | · | $-3M | · | · | · | $22M | · | $515.0K | $13M | $8M | |
| Operating Cash Flow | $-5M | $-11M | $-16M | $-19M | $-20M | $-12M | $3M | $-17M | $-14M | $-13M | $-12M | |
| CapEx | · | $398.0K | $676.0K | $86.0K | $144.0K | $281.0K | $58.0K | $19.0K | $74.0K | $455.0K | $266.0K | |
| Investing Cash Flow | · | $-398.0K | $-676.0K | $-86.0K | $-144.0K | $-281.0K | $-58.0K | $-19.0K | $-74.0K | · | · | |
| Debt Issued | · | · | · | · | · | · | · | · | · | · | $7M | |
| Net Debt Issued | · | · | · | · | · | · | · | · | · | · | $7M | |
| Stock Issued | · | · | $53.0K | $1M | $37M | $7M | $18M | $4M | · | · | · | |
| Net Stock Activity | · | · | $53.0K | $1M | $37M | · | · | · | · | · | · | |
| Financing Cash Flow | · | · | $53.0K | $1M | $43M | $21M | $18M | $16M | $14M | · | · | |
| Net Change in Cash | $-5M | $-11M | $-17M | $-18M | $24M | $8M | $21M | $-987.0K | $-632.0K | $-15M | $18M | |
| Free Cash Flow | · | $-11M | $-17M | $-19M | $-20M | · | $3M | · | $-15M | $-14M | $-13M | |
| Levered FCF | · | · | · | · | · | · | · | · | · | $-14M | · |
Profitability 7
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Margin | · | -125.1% | -202.0% | -312.1% | -390.1% | · | -261.6% | · | -5216.4% | -2978.0% | -1916.6% | |
| Net Margin | · | -122.5% | -193.5% | -310.3% | -390.2% | · | -260.4% | · | -5389.8% | -3334.5% | -2178.8% | |
| Pretax Margin | · | · | · | · | · | · | · | · | -5389.8% | -3688.9% | · | |
| EBITDA Margin | · | -125.1% | -200.1% | -312.1% | -390.1% | · | -259.3% | · | -5143.0% | -2948.0% | -1897.2% | |
| ROA | -73.3% | -43.5% | -37.7% | -37.8% | -41.6% | · | -81.0% | · | -110.6% | -90.5% | -94.2% | |
| ROE | -109.7% | -96.2% | -74.6% | -57.0% | -43.5% | · | -160.0% | · | -191.1% | -134.6% | -122.7% | |
| ROIC | · | · | · | · | · | · | · | · | · | -154.3% | · |
Liquidity & Solvency 5
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 12.6 | 10.7 | 5.3 | 7.6 | 12.3 | · | 1.8 | · | 0.7 | 1.0 | 5.7 | |
| Quick Ratio | 12.4 | 10.2 | 5.1 | 7.4 | 12.1 | · | 1.8 | · | 0.6 | 0.9 | 5.2 | |
| Debt / Equity | · | · | · | · | · | · | · | · | 0.3 | 0.7 | 0.2 | |
| LT Debt / Equity | · | · | · | · | · | · | · | · | · | 0.4 | 0.2 | |
| Interest Coverage | · | · | · | · | · | · | · | · | -27.2 | -28.2 | -24.2 |
Efficiency 2
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | · | 0.4 | 0.2 | 0.1 | 0.1 | · | 0.3 | · | 0.0 | 0.0 | 0.0 | |
| Receivables Turnover | · | · | 6.6 | 8.9 | 68.5 | · | 2.2 | · | · | · | · |
Growth Rates 2
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue YoY | · | 7.0% | 20.2% | 17.4% | -59.1% | · | · | · | · | · | · | |
| Revenue CAGR 3Y | · | 14.7% | -16.7% | · | · | · | · | · | · | · | · |
Valuation (TTM) 14
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $10M | $8M | $7M | $6M | $5M | $13M | $8M | $153.0K | $335.0K | $835.0K | $1M | |
| Net Income TTM | $-5M | $-10M | $-14M | $-19M | $-20M | $-19M | $-21M | $-21M | $-18M | $-28M | $-26M | |
| Market Cap | $8M | $25M | $7M | $14M | $28M | · | $344M | · | $5.94B | $1.75B | $12.39B | |
| Enterprise Value | · | · | · | · | · | · | · | · | $5.94B | $1.75B | $12.37B | |
| P/E | -1.6 | -2.7 | -0.5 | -0.7 | · | · | · | · | · | · | · | |
| P/S | 0.9 | 3.3 | 0.9 | 2.3 | 5.5 | · | 43.5 | · | 17717.6 | 2098.6 | 10313.4 | |
| P/B | 2.1 | 2.8 | 0.4 | 0.5 | 0.6 | · | 31.2 | · | 585.5 | 200.0 | 379.9 | |
| P / Tangible Book | 2.1 | 2.8 | 0.4 | 0.5 | 0.6 | 43.9 | · | · | · | · | · | |
| P / Cash Flow | -1.5 | -2.4 | -0.4 | -0.7 | -1.4 | · | 106.5 | · | -410.0 | -132.3 | -993.1 | |
| P / FCF | · | -2.3 | -0.4 | -0.7 | -1.4 | · | 108.4 | · | -407.9 | -127.9 | -972.4 | |
| EV / EBITDA | · | · | · | · | · | · | · | · | -344.5 | -71.3 | -543.1 | |
| EV / FCF | · | · | · | · | · | · | · | · | -407.9 | -128.0 | -971.4 | |
| EV / Revenue | · | · | · | · | · | · | · | · | 17716.6 | 2100.6 | 10303.3 | |
| Earnings Yield | -63.2% | -37.5% | -208.1% | -140.7% | · | · | · | · | · | · | · |
Income Statement 14
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | · | · | · | · | · | · | $3.0K | $366.0K | $2M | $6M | $2M | $2M | $2M | $1M | $2M | $2M | |
| R&D Expense | $2.0K | $3.0K | $-3.0K | $8.0K | $14.0K | $19.0K | $6.0K | $814.0K | $3M | $4M | $4M | $4M | $4M | $4M | $4M | $5M | |
| SG&A Expense | $1M | $1M | $911.0K | $858.0K | $2M | $2M | $2M | $2M | $2M | $2M | $911.0K | $2M | $2M | $2M | $2M | $2M | |
| Operating Expenses | $1M | $1M | $908.0K | $866.0K | $2M | $2M | $2M | $3M | $7M | $5M | $4M | $6M | $6M | $6M | $6M | $7M | |
| Operating Income | $-1M | $-1M | $-908.0K | $-866.0K | $-2M | $-2M | $-2M | $-3M | $-6M | $747.0K | $-2M | $-4M | $-4M | $-5M | $-4M | $-5M | |
| Interest Income | $10.0K | $12.0K | $20.0K | $30.0K | $41.0K | $53.0K | $73.0K | $101.0K | $133.0K | · | · | · | · | · | · | · | |
| Other Non-op | · | $108.0K | $-40.0K | $-41.0K | $-43.0K | $-80.0K | $-40.0K | $-31.0K | $-43.0K | $-82.0K | $-50.0K | $-52.0K | $-61.0K | $-85.0K | $-82.0K | $-54.0K | |
| Income Tax | · | · | $0 | $0 | $0 | $0 | · | $0 | $0 | $0 | · | $0 | $0 | $0 | · | · | |
| Net Income | $-1M | $-1M | $-928.0K | $-877.0K | $-2M | $-2M | $-2M | $-3M | $-6M | $825.0K | $-2M | $-4M | $-4M | $-4M | $-4M | $-5M | |
| EPS (Basic) | $-0.29 | $-0.32 | $-0.25 | $-0.24 | $-0.42 | $-0.50 | $-0.55 | $-0.71 | $-1.59 | $0.23 | $-0.58 | $-1.03 | $-1.04 | $-1.22 | $-1.14 | $-1.45 | |
| EPS (Diluted) | $-0.29 | $-0.32 | $-0.25 | $-0.24 | $-0.42 | $-0.50 | $-0.55 | $-0.71 | $-1.59 | $0.23 | $-0.58 | $-1.03 | $-1.04 | $-1.22 | $-1.14 | $-1.45 | |
| Shares (Basic) | 3,652,285 | 3,652,285 | -7,304,570 | 3,652,285 | 3,652,285 | 3,652,285 | -7,304,570 | 3,652,285 | 3,652,285 | 3,652,285 | -7,303,428 | 3,652,285 | 3,652,285 | 3,650,769 | -3,405,843,280 | 3,478,157,000 | |
| Shares (Diluted) | 3,652,285 | 3,652,285 | -7,304,570 | 3,652,285 | 3,652,285 | 3,652,285 | -7,304,570 | 3,652,285 | 3,652,285 | 3,652,285 | -7,303,428 | 3,652,285 | 3,652,285 | 3,650,769 | 64,530,000 | 3,478,157,000 | |
| EBITDA | $-1M | $-1M | · | $-866.0K | $-2M | $-2M | · | $-3M | $-6M | $806.0K | · | $-4M | $-4M | $-5M | · | $-5M |
Balance Sheet 19
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $2M | $3M | $4M | $5M | $6M | $8M | $10M | $11M | $12M | $16M | $19M | $21M | $26M | $31M | $36M | $41M | |
| Receivables | · | · | · | · | · | $16.0K | · | $23.0K | $635.0K | $570.0K | $928.0K | $841.0K | $418.0K | $740.0K | $1M | $476.0K | |
| Prepaid Expense | $371.0K | $465.0K | $41.0K | $178.0K | $317.0K | $317.0K | $399.0K | $641.0K | $1M | $712.0K | $742.0K | $899.0K | $1M | $1M | $1M | $2M | |
| Current Assets | $3M | $4M | $4M | $5M | $6M | $8M | $10M | $11M | $16M | $18M | $21M | $23M | $27M | $33M | $38M | $43M | |
| PP&E (Net) | · | · | · | · | · | · | · | · | · | $1M | $1M | $1M | $279.0K | $203.0K | $235.0K | $265.0K | |
| PP&E (Gross) | · | · | · | · | · | · | · | · | · | $3M | $3M | $3M | $3M | $3M | $3M | $3M | |
| Accum. Depreciation | · | · | · | · | · | · | · | · | · | $2M | $2M | $2M | $3M | $3M | $3M | $3M | |
| Other Non-current Assets | · | · | · | · | · | · | $13.0K | $54.0K | $93.0K | $135.0K | $176.0K | $217.0K | $2M | $899.0K | $389.0K | $428.0K | |
| Total Assets | $3M | $4M | $4M | $5M | $6M | $8M | $10M | $12M | $16M | $30M | $34M | $37M | $31M | $36M | $41M | $46M | |
| Accounts Payable | $529.0K | $651.0K | $272.0K | $69.0K | $384.0K | $657.0K | $809.0K | $373.0K | $393.0K | $721.0K | $2M | $707.0K | $929.0K | $578.0K | $1M | $1M | |
| Accrued Liabilities | · | · | · | · | · | · | · | · | · | · | · | · | · | · | · | $3M | |
| Current Liabilities | $689.0K | $905.0K | $329.0K | $249.0K | $548.0K | $903.0K | $929.0K | $590.0K | $2M | $3M | $4M | $4M | $4M | $5M | $5M | $6M | |
| Capital Leases | · | · | · | · | · | · | · | · | · | $8M | $8M | $8M | · | · | · | · | |
| Total Liabilities | $689.0K | $905.0K | $329.0K | $249.0K | $548.0K | $904.0K | $996.0K | $590.0K | $2M | $11M | $16M | $17M | $8M | $9M | $10M | $11M | |
| Paid-in Capital | $306M | $306M | $306M | $306M | $306M | $306M | $306M | $306M | $306M | $306M | $306M | $305M | $305M | $305M | $305M | $304M | |
| Retained Earnings | $-305M | $-303M | $-302M | $-301M | $-301M | $-299M | $-297M | $-295M | $-293M | $-287M | $-288M | $-286M | $-282M | $-278M | $-273M | $-269M | |
| Stockholders' Equity | $3M | $4M | $4M | $5M | $6M | $7M | $9M | $11M | $13M | $19M | $18M | $20M | $23M | $27M | $31M | $35M | |
| Liabilities + Equity | $3M | $4M | $4M | $5M | $6M | $8M | $10M | $12M | $16M | $30M | $34M | $37M | $31M | $36M | $41M | $46M | |
| Shares Outstanding | 3,652,285 | 3,652,285 | 3,652,285 | 3,652,285 | 3,652,285 | 3,652,285 | 3,652,285 | 3,652,285 | 3,652,285 | 3,652,285 | 3,652,285 | 3,652,285 | 3,652,285 | 3,652,285 | 3,639,185 | 3,639,185 |
Cash Flow 11
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | · | · | · | · | · | · | $0 | $0 | $47.0K | $59.0K | $38.0K | $32.0K | $32.0K | $32.0K | $39.0K | $41.0K | |
| Stock-based Comp | $2.0K | $3.0K | $5.0K | $6.0K | $6.0K | $8.0K | $13.0K | $197.0K | $103.0K | $198.0K | $197.0K | $206.0K | $255.0K | $296.0K | $279.0K | $277.0K | |
| Other Non-cash | · | · | · | · | · | · | · | · | · | $-4M | · | · | · | · | · | · | |
| Operating Cash Flow | $-1M | $-1M | $-706.0K | $-1M | $-2M | $-2M | $-1M | $-3M | $-4M | $-3M | $-2M | $-4M | $-5M | $-5M | $-5M | $-4M | |
| CapEx | · | · | · | · | · | · | $0 | $0 | $244.0K | $154.0K | $305.0K | $313.0K | · | · | $9.0K | $0 | |
| Investing Cash Flow | · | · | · | · | · | · | $0 | $0 | $-244.0K | $-154.0K | $-305.0K | $-313.0K | · | · | $-9.0K | $0 | |
| Stock Issued | · | · | · | · | · | · | · | · | · | · | $0 | $0 | $0 | $53.0K | $0 | · | |
| Net Stock Activity | · | · | · | · | · | · | · | · | · | · | · | · | · | $53.0K | · | · | |
| Financing Cash Flow | $-50.0K | $1M | · | · | · | · | · | · | · | · | $0 | $0 | $0 | $53.0K | $0 | $1M | |
| Net Change in Cash | $-1M | $-67.0K | $-706.0K | $-1M | $-2M | $-2M | $-1M | $-3M | $-4M | $-3M | $-2M | $-4M | $-5M | $-5M | $-5M | $-2M | |
| Free Cash Flow | · | · | · | · | · | · | · | · | · | $-3M | · | · | · | · | · | · |
Profitability 5
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Margin | · | · | · | · | · | -3484.9% | · | -726.0% | -380.2% | 12.7% | · | -224.7% | -216.4% | -305.9% | · | -272.4% | |
| Net Margin | · | · | · | · | · | -3411.3% | · | -706.8% | -374.4% | 14.0% | · | -215.3% | -206.9% | -296.7% | · | -269.9% | |
| EBITDA Margin | · | · | · | · | · | -3484.9% | · | -726.0% | -380.2% | 13.7% | · | -224.7% | -216.4% | -305.9% | · | -272.4% | |
| ROA | -22.1% | -18.7% | · | -10.6% | -14.1% | -9.4% | · | -10.7% | -24.6% | 2.5% | · | -9.1% | -9.4% | -9.8% | · | -9.9% | |
| ROE | -25.4% | -21.8% | · | -11.2% | -16.4% | -13.8% | · | -16.8% | -31.6% | 3.6% | · | -13.7% | -12.3% | -12.8% | · | -12.6% |
Liquidity & Solvency 2
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 4.7 | 5.0 | · | 20.0 | 11.2 | 8.9 | · | 19.4 | 6.3 | 5.6 | · | 5.2 | 7.6 | 6.9 | · | 6.8 | |
| Quick Ratio | 3.1 | 3.7 | · | 19.3 | 10.6 | 8.6 | · | 18.3 | 5.3 | 5.4 | · | 5.0 | 7.3 | 6.7 | · | 6.5 |
Efficiency 2
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | · | · | · | · | · | 0.0 | · | 0.0 | 0.1 | 0.2 | · | 0.0 | 0.0 | 0.0 | · | 0.0 | |
| Receivables Turnover | · | · | · | · | · | 0.2 | · | 0.8 | 2.9 | 9.0 | · | 2.7 | 3.5 | 1.6 | · | 7.7 |
Valuation (TTM) 10
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $10M | $10M | · | $10M | $10M | $10M | · | $10M | $11M | $11M | · | $7M | $7M | $6M | · | $5M | |
| Net Income TTM | $-5M | $-5M | · | $-7M | $-12M | $-9M | · | $-11M | $-13M | $-11M | · | $-17M | $-18M | $-19M | · | $-23M | |
| Market Cap | $6M | $5M | · | $18M | $25M | $24M | · | $8M | $7M | $6M | · | $7M | $10M | $11M | · | $13M | |
| P/E | -1.3 | -0.9 | · | -5.6 | -3.1 | -4.2 | · | -0.7 | -0.6 | -0.6 | · | -0.4 | -0.5 | · | · | · | |
| P/S | 0.6 | 0.5 | · | 1.9 | 2.6 | 2.5 | · | 0.8 | 0.6 | 0.6 | · | 1.1 | 1.5 | 1.8 | · | 2.4 | |
| P/B | 2.4 | 1.3 | · | 3.8 | 4.5 | 3.4 | · | 0.7 | 0.5 | 0.3 | · | 0.4 | 0.4 | 0.4 | · | 0.4 | |
| P / Tangible Book | 2.4 | 1.3 | · | 3.8 | 4.5 | 3.4 | · | 0.7 | 0.5 | 0.3 | · | 0.4 | 0.4 | 0.4 | · | 0.4 | |
| P / Cash Flow | · | -4.4 | · | · | · | -13.4 | · | · | · | -2.4 | · | · | · | -2.2 | · | · | |
| P / FCF | · | · | · | · | · | · | · | · | · | -2.2 | · | · | · | · | · | · | |
| Earnings Yield | -74.7% | -114.7% | · | -17.9% | -32.2% | -23.6% | · | -144.9% | -177.7% | -174.9% | · | -233.5% | -189.2% | · | · | · |
Financial Statements Income statement, balance sheet, cash flow — annual, last 5 years
Income Statement
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Revenue | — | $8M | $7M | $6M | $5M |
| Operating Margin % | — | -125.1% | -202.0% | -312.1% | -390.1% |
| Net Income | $-5M | $-10M | $-14M | $-19M | $-20M |
| Diluted EPS | $-1.41 | $-2.62 | $-3.87 | $-5.46 | — |
Balance Sheet
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Current Ratio | 12.6 | 10.7 | 5.3 | 7.6 | 12.3 |
| Quick Ratio | 12.4 | 10.2 | 5.1 | 7.4 | 12.1 |
Cash Flow
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Free Cash Flow | — | $-11M | $-17M | $-19M | $-20M |
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Institutional owners (13F) 16 filers · $636K total · As of June 30, 2026
Institutions that report holding this stock in their quarterly SEC Form 13F. Long positions only; a single filer may appear twice for separate option legs. Large offsetting put/call legs typically reflect market-making or hedged inventory, not directional conviction.
Institutional activity — Q2 2026 vs prior quarter
| New positions | Exited positions | Increased | Decreased | Net shares change |
|---|---|---|---|---|
| 2 (-3 vs prior Q) | 2 (-1 vs prior Q) | 2 (0 vs prior Q) | 4 (0 vs prior Q) | +11K |
Compared to Q1 2026. SEC Form 13F filings are due within 45 days of quarter-end plus a short buffer for late filers — quarters still inside that window are skipped in favor of the most recent fully-reported pair.
| Institution | Value | Shares | % of tracked 13F | Type |
|---|---|---|---|---|
| RENAISSANCE TECHNOLOGIES LLC | $208,587 | 122,698 | 32.79% | Shares |
| BlackRock, Inc. | $93,328 | 54,899 | 14.67% | Shares |
| VANGUARD GROUP INC | $72,016 | 32,294 | 11.32% | Shares |
| VANGUARD CAPITAL MANAGEMENT LLC | $54,900 | 32,294 | 8.63% | Shares |
| SBI Securities Co., Ltd. | $53,185 | 31,285 | 8.36% | Shares |
| GEODE CAPITAL MANAGEMENT, LLC | $52,819 | 31,055 | 8.30% | Shares |
| Shay Capital LLC | $32,057 | 18,857 | 5.04% | Shares |
| VANGUARD FIDUCIARY TRUST CO | $25,016 | 14,715 | 3.93% | Shares |
| STATE STREET CORP | $23,707 | 13,945 | 3.73% | Shares |
| XTX Topco Ltd | $20,385 | 11,991 | 3.20% | Shares |
| UBS Group AG | $37 | 22 | 0.01% | Shares |
| BARCLAYS PLC | $26 | 15 | 0.00% | Shares |
| Farther Finance Advisors, LLC | $12 | 7 | 0.00% | Shares |
| Allworth Financial LP | $6 | 3 | 0.00% | Shares |
| NORTHWESTERN MUTUAL WEALTH MANAGEMENT CO | $2 | 1 | 0.00% | Shares |
| ROYAL BANK OF CANADA | $0 | 7 | 0.00% | Shares |
Company insiders 26 insiders · 9 officers · 19 directors
| Insider | Role | Last activity | Shares owned | Buys 12m | Sells 12m | Net 12m |
|---|---|---|---|---|---|---|
| Teofilo David Raad | Chief Executive Officer | Jan. 26, 2023 A | — | 0 | 0 | $0 |
| Robert W. Clarke | Chief Executive Officer | June 5, 2018 A | 4,525 | 0 | 0 | $0 |
| Hojabr Alimi | CEO and Chief Science Officer | May 12, 2014 A | 125,000 | 0 | 0 | $0 |
| William E. Duke | Chief Financial Officer | May 16, 2019 A | — | 0 | 0 | $0 |
| Sameer Harish | Chief Financial Officer | May 12, 2014 A | 74,600 | 0 | 0 | $0 |
| Margaret Wasilewski | Chief Medical Officer | Jan. 26, 2023 A | — | 0 | 0 | $0 |
| Michelle Siegert | Vice President, Finance | Jan. 26, 2023 A | — | 0 | 0 | $0 |
| David L. Hava | Chief Scientific Officer | June 5, 2018 A | 2,263 | 0 | 0 | $0 |
| James M. Roach | Chief Medical Officer | June 5, 2018 A | — | 0 | 0 | $0 |
| Christopher Cabell | Director | Jan. 26, 2023 A | — | 0 | 0 | $0 |
| Anand Varadan | Director | Jan. 26, 2023 A | — | 0 | 0 | $0 |
| Richard P. Batycky | Director | Jan. 26, 2023 A | — | 0 | 0 | $0 |
| Todd Bazemore | Director | Jan. 26, 2023 A | — | 0 | 0 | $0 |
| Michael J Higgins | Director | Jan. 26, 2023 A | — | 0 | 0 | $0 |
| Amit Munshi | Director | Jan. 28, 2021 A | — | 0 | 0 | $0 |
| Mark T Iwicki | Director | Jan. 28, 2021 A | 307,000 | 0 | 0 | $0 |
| Steven Gillis | Director | Aug. 28, 2020 A | — | 0 | 0 | $0 |
| Matthew L Sherman | Director | May 16, 2019 A | 20,000 | 0 | 0 | $0 |
| Terrance McGuire | Director | May 16, 2019 A | — | 0 | 0 | $0 |
| Kurt Graves | Director | Feb. 3, 2016 A | — | 0 | 0 | $0 |
| Scott M. Rocklage | Director | Feb. 3, 2016 A | 168,873 | 0 | 0 | $0 |
| David Maki | Director | June 15, 2015 A | 218,194 | 0 | 0 | $0 |
| Gregory M French | Director | April 30, 2015 A | 58,000 | 0 | 0 | $0 |
| Richard K Conley | Director | April 30, 2015 A | 58,000 | 0 | 0 | $0 |
| Akihisa Akao | Director | April 30, 2015 A | — | 0 | 0 | $0 |
| Oculus Innovative Sciences, Inc. | 10% owner | June 17, 2015 S | 0 | 0 | 0 | $0 |
Insiders from SEC Form 3/4/5 filings; net = open-market P/S only
Activists & 5%+ owners 7 positions
Investors who filed SEC Schedule 13D — beneficial ownership above 5% with an intent to influence the issuer (activist stakes, board campaigns, M&A). Each row shows the most recent known state of that filer's position.
| Filer | Filed | Stake | Status | Purpose | Filing |
|---|---|---|---|---|---|
| RCM Eos PIPE HOLDINGS, LLC, Slawin Kevin M., Rapha Capital Management, LLC | April 22, 2026 | 9.99% | Initial filing | M&A / sale | SEC |
| FiveT Investment Management Ltd, FiveT Capital AG | Feb. 25, 2021 | — | Initial filing | — | SEC |
| July 25, 2019 | — | Initial filing | — | SEC | |
| Polaris Venture Partners V, L.P. (“PVP V”), Polaris Venture Partners Entrepreneurs’ Fund V, L.P. (“PVPE V”), Polaris Venture Partners Founders’ Fund V, L.P. (“PVPFF V”), Polaris Venture Partners Special Founders’ Fund V, L.P. (“PVPSFF V”), Polaris Venture Management Co. V, L.L.C. (“PVM V”), Polaris Venture Partners IV, L.P. (“PVP IV”), Polaris Venture Partners Entrepreneurs’ Fund IV, L.P. (“PVPE IV”), Polaris Venture Management Co. IV, L.L.C. (“PVM IV”), Jonathan A. Flint, Terrance G. McGuire ×3 filings | July 17, 2019 | — | Initial filing | — | SEC |
| ARCH Venture Fund VII, L.P., ARCH Venture Partners VII, L.P., ARCH Venture Partners VII, LLC, Clinton Bybee, Keith Crandell, Robert Nelsen ×5 filings | March 22, 2019 | — | Initial filing | — | SEC |
| 5AM Ventures, LLC (“Ventures”), 5AM Co-Investors, LLC (“Co-Investors”), 5AM Partners, LLC (“Partners”), Dr. John Diekman (“Diekman”), Andrew Schwab (“Schwab”), Dr. Scott Rocklage (“Rocklage”) ×2 filings | March 29, 2017 | — | Initial filing | — | SEC |
| Oculus Innovative Sciences, Inc. (2) ×2 filings | June 24, 2015 | — | Initial filing | — | SEC |
Purpose is an automated classification of the filer's own stated purpose (SEC Item 4) — not investment advice. "—" means no clear purpose was stated or the text could not be classified.
ETF ownership Held by 1 ETF
Weight reflects direct equity holdings (N-PORT) only; leveraged or derivative-based funds may hold additional swap exposure not shown.
| Fund | Weight | Units | As of | Source |
|---|---|---|---|---|
| VXF · VANGUARD INDEX FUNDS | 0.00% | 32,294 SH | Aug. 19, 2026 | Daily |