What is the 13F Pro Quality Score for PULM?

13F Pro ranks Pulmatrix, Inc. (PULM) on the 13F Pro Quality Score, a 0–100 composite of 32 fundamental signals including return on invested capital, free cash flow consistency, balance-sheet strength, earnings quality, growth durability, and valuation discipline. The score refreshes after each 10-K and 10-Q filing on SEC EDGAR. View PULM's current score at https://13fpro.ai/research/PULM (free sign-up required for the full ranking).

Which hedge funds own the most PULM stock?

Based on the most recent Form 13F-HR filings on SEC EDGAR, the largest reported institutional holders of PULM include RENAISSANCE TECHNOLOGIES, BlackRock,, GEODE CAPITAL MANAGEMENT,. Holdings are reported quarterly within 45 days of quarter-end and updated on https://13fpro.ai/research/PULM as soon as new 13F filings post.

Where does 13F Pro source PULM data?

All Pulmatrix, Inc. fundamentals and ownership data come directly from SEC EDGAR. Pulmatrix, Inc. files with the SEC under CIK 1574235. 13F Pro ingests XBRL financial facts from 10-K and 10-Q filings, Form 13F-HR institutional holdings, and Form 4 insider transactions, with no third-party rewrites or estimates.

What sector is PULM in?

Pulmatrix, Inc. (PULM) is classified in the Healthcare sector. 13F Pro publishes sector-level fund flow analysis and quality leaders at https://13fpro.ai/research/sector/healthcare.

How often is PULM research updated on 13F Pro?

PULM's fundamentals refresh within hours of each new 10-K or 10-Q filing on SEC EDGAR. Institutional ownership updates after each quarterly 13F filing window. Insider transactions update after each Form 4 filing. The 13F Pro Quality Score recalculates after every fundamentals refresh.

Pulmatrix, Inc.(PULM)Stock Analysis

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13F Pro Quality Score

Not in ranked universe

Below size threshold

Quality rankings require at least $50M annual revenue or $250M total assets to filter out micro-caps and shell companies. This company reported $12.6M in revenue.

Financial data, filings, and institutional holdings below are still tracked in full — only the proprietary quality composite is unavailable for this name.

PULM Stock Analysis & AI Quality Score

AI stock analysis and institutional research for Pulmatrix, Inc. (PULM), a Healthcare sector company. PULM is not currently included in 13F Pro's AI-ranked quality universe — quality rankings require at least $50m annual revenue or $250m total assets to filter out micro-caps and shell companies. this company reported $12.6m in revenue. Based on the latest XBRL financial filings (Q1 2026), Pulmatrix, Inc. reports net income of $-1.2M, free cash flow of $-1.1M. Top institutional holders of PULM by reported 13-F value include RENAISSANCE TECHNOLOGIES, BlackRock,, GEODE CAPITAL MANAGEMENT,, based on the most recent SEC filings. PULM trades on the Nasdaq exchange and files with the SEC under CIK 1574235. 13F Pro's AI research platform runs 10 specialized AI analysts — value, growth, momentum, macro, and activist specialists — that debate PULM daily and publish AI-generated analysis with cited SEC sources. The platform aggregates historical XBRL financial facts, 10-Q and 10-K filings, insider Form 4 transactions, and institutional 13-F holdings for Pulmatrix, Inc. directly from SEC EDGAR.

Net Income

Q1 2026

$-1.2M

Free Cash Flow

Q1 2026

$-1.1M

Revenue & Net Income

Earnings Per Share

Key Financials Over Time

Export Financial Table · Pro+

Revenue

—FY 2025

FY21 $5.2MFY23 $7.3MFY24 $7.8MFY25 —

Net Income

+46.0% YoY

$-5.2MFY 2025

FY21 $-20.2MFY23 $-14.1MFY24 $-9.6MFY25 $-5.2M

Operating Income

+47.1% YoY

$-5.2MFY 2025

FY21 $-20.2MFY23 $-14.7MFY24 $-9.8MFY25 $-5.2M

EPS (Diluted)

+46.2% YoY

$-1.41FY 2025

FY21 —FY23 $-3.87FY24 $-2.62FY25 $-1.41

Total Assets

-58.4% YoY

$4.1MFY 2025

FY21 $58.8MFY23 $34.0MFY24 $9.9MFY25 $4.1M

Op. Cash Flow

+49.3% YoY

$-5.4MFY 2025

FY21 $-19.7MFY23 $-16.0MFY24 $-10.7MFY25 $-5.4M

Metric	FY 2025	FY 2024	FY 2023	FY 2021	FY 2020	FY 2019
Revenue	—	$7.8M +7.0%	$7.3M +41.2%	$5.2M -59.1%	$12.6M +59.7%	$7.9M
Net Income	$-5.2M +46.0%	$-9.6M +32.3%	$-14.1M +30.0%	$-20.2M -4.5%	$-19.3M +6.3%	$-20.6M
Operating Income	$-5.2M +47.1%	$-9.8M +33.8%	$-14.7M +26.9%	$-20.2M -104.5%	$-9.9M +52.3%	$-20.7M
EPS (Diluted)	$-1.41 +46.2%	$-2.62 +32.3%	$-3.87	—	—	—
Total Assets	$4.1M -58.4%	$9.9M -70.7%	$34.0M -42.3%	$58.8M +54.4%	$38.1M +5.5%	$36.1M
Operating Cash Flow	$-5.4M +49.3%	$-10.7M +33.0%	$-16.0M +19.0%	$-19.7M -58.0%	$-12.5M -486.5%	$3.2M

AI Insight: PULM Financial Trends

Pulmatrix is burning through equity while revenue has collapsed to near-zero, with operating losses narrowing only because the company is spending less.

• Revenue crashed from $2M (Q2 2024) to $0M in three of last four quarters; Q1 2025's $6M spike was isolated.

• Operating losses halved from $6M (Q2 2024) to $1M (Q3 2025–Q1 2026), but via cost-cutting, not growth.

• Equity eroded 69% from $13M (Q2 2024) to $4M (Q1 2026), signaling ongoing cash burn.

⚠ Operating cash outflow persists at $1–2M per quarter with no clear path to positive FCF.

⚠ Equity below $5M leaves minimal runway; runway depletion risk if burn rate does not reverse.

AI Insight: PULM Ratio Trends

Pulmatrix remains deeply unprofitable across all return metrics, with ROE deteriorating to -130.6% in Q1 2026 after modest recovery in Q3 2025.

• ROE swung from -74.1% in Q3 2025 to -130.6% in Q1 2026, signaling renewed net income deterioration.

• Q2 2025 showed extreme weakness: OpMargin -99.7%, NPM -99.8%, reflecting near-total revenue consumption by costs.

• ROA improved from -89.9% in Q3 2024 to -70.4% in Q3 2025, the sole bright spot, though still deeply negative.

⚠ Q1 2026 ROE deteriorated sharply from Q3 2025 (-56.5pp swing); pattern suggests continued burn without visible path to profitability.

⚠ No operating margin or NPM data for Q3 2025, Q4 2025, Q1 2026 limits visibility into current cost structure and revenue runoff.

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Available Research

13F Pro tracks comprehensive data for Pulmatrix, Inc. including:

SEC EDGAR filings (10-K, 10-Q, 8-K)

XBRL financial facts (revenue, EPS, margins)

Insider transactions (Form 4)

Institutional 13F holdings

Quality rankings (32 signals)

AI analyst debates & daily meetings

Historical financial trends

Peer comparison & sector analysis

Top Institutional Holders of PULM

RENAISSANCE TECHNOLOGIES LLC
$140.8K109,148 sh
BlackRock, Inc.
$70.8K54,899 sh
GEODE CAPITAL MANAGEMENT, LLC
$57.6K44,629 sh
VANGUARD CAPITAL MANAGEMENT LLC
$43.3K33,594 sh
SBI Securities Co., Ltd.
$38.8K30,085 sh
VANGUARD FIDUCIARY TRUST CO
$19.0K14,715 sh
JANE STREET GROUP, LLC
$18.8K14,584 sh
STATE STREET CORP
$18.0K13,945 sh
XTX Topco Ltd
$17.6K13,669 sh
Tower Research Capital LLC (TRC)
$267.00207 sh

Fund	Value	Shares
RENAISSANCE TECHNOLOGIES LLC	$140.8K	109,148
BlackRock, Inc.	$70.8K	54,899
GEODE CAPITAL MANAGEMENT, LLC	$57.6K	44,629
VANGUARD CAPITAL MANAGEMENT LLC	$43.3K	33,594
SBI Securities Co., Ltd.	$38.8K	30,085
VANGUARD FIDUCIARY TRUST CO	$19.0K	14,715
JANE STREET GROUP, LLC	$18.8K	14,584
STATE STREET CORP	$18.0K	13,945
XTX Topco Ltd	$17.6K	13,669
Tower Research Capital LLC (TRC)	$267.00	207

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Is PULM a good stock to buy?

13F Pro's AI-powered analysis of Pulmatrix, Inc. (PULM) draws on SEC EDGAR-sourced fundamentals, institutional 13F holdings, and insider Form 4 transactions in the Healthcare sector (listed on Nasdaq). The 32-signal AI Quality Score, current rank, and full bull/bear verdict for PULM are available on the PULM stock profile dashboard — with the same data, AI insights, ratios, and institutional activity refreshed after every 10-K, 10-Q, 13F, and Form 4 filing.

Which hedge funds own PULM?

Institutional investors are required to disclose their holdings quarterly via SEC Form 13F. 13F Pro aggregates these filings to show which hedge funds, mutual funds, and asset managers are buying or selling PULM. Combined with insider transaction data from Form 4 filings and AI-powered analysis from 10 specialized research agents, 13F Pro provides a comprehensive view of Pulmatrix, Inc.'s investment landscape.