Skip to content
DilutionScan
Pulmatrix, Inc. logo
PULM$1.400.00%

Pulmatrix, Inc.

Sector: Pharmaceutical PreparationsIndustry: BiotechnologyCountry: USExchange: Nasdaq

Mkt Cap$5.11M
Float & O/S
Inst Own

DilutionScan read 20 of Pulmatrix, Inc.'s SEC filings and found 3 warrant series, 2 convertibles, 1 ATM program, 2 shelf registrations and 1 completed offering on file for PULM. The latest dilution event on file is a registration statement on Oct 22, 2026. Analysis updated Oct 29, 2026.

Signal8 Summary

PULM

Going-concern merger-or-liquidate micro-cap

Business
WeakGoing-concern warning, $2.2M cash, 2-month runway
Stock risk
HighPending reverse merger, reverse split, 94% dilution to new holders

Snapshot

Pulmatrix is a clinical-stage biotech that has stopped developing its own drugs and is instead trying to survive through a reverse merger. FY 2025 revenue was $0 and the company lost $5.2M.

What's Happening Right Now

  • : On Oct 26, 2026, Pulmatrix stockholders approved all nine merger proposals with Eos SENOLYTIX, including the share issuance, change of control, a 1-for-2 to 1-for-10 reverse split, and raising authorized shares to 250 million, clearing a key closing condition for the deal that will leave legacy Pulmatrix holders with roughly 6% of the combined company.
  • : Pulmatrix filed a prospectus on Oct 26, 2026 registering roughly 528,668 shares (about 13-14% of shares outstanding) issuable to RCM Eos PIPE HOLDINGS on conversion of Series B Preferred plus dividend shares, which convert automatically when the Eos merger closes.
  • : Merger partner Eos SENOLYTIX presented preclinical survival data for its lead candidate PTC-2105 at an October 2026 mitochondria conference, part of its push toward first-in-human sarcopenia trials ahead of the planned Q4 2026 merger close.
  • : Registered 492K shares for sale on Form S-3.
  • : Shares broke below their 50-day moving average on Oct 20, 2026, trading as low as $1.35 on thin volume of about 37,000 shares.
  • : Pulmatrix's Q2 2026 10-Q (filed Aug 13, 2026) disclosed substantial doubt about its ability to continue as a going concern, with just $2.2 million cash and all clinical development on hold while it seeks to monetize its pipeline, absent the Eos merger closing.
  • : Raised $1.00M in gross proceeds through a private placement (PIPE).
  • : Issued a $2.50M convertible note.

Raise routes on file: active ATM + effective shelf · latest dilution event 12 days ago

Overall Risk
Offering Ability
Overhead Supply
Historical
Cash Need

AI dilution summary

The dominant contractual driver and its mechanism, then each further driver ranked.

Latest dilution event

Oct 22, 2026 · Registration

How we read filings

Every warrant, convertible, ATM and shelf, cited to the filing

A free account reads 3 tickers a day in full

Get Pro · every ticker

$59/mo with 7 days free, or $49/mo billed yearly ($588/yr)

Share count and cash history

Shares outstanding, potential dilution and cash over time

Warrants · 3

What is this?

Exercise price, shares and dates with Pro

Warrant

Issued 2021

Outstanding

Shares Underlying

Exercise Price

Outstanding
Type
Anti-Dilution
Cashless Exercise
Expiration
Filing link and full terms

Warrant

Issued 2021

Outstanding

Shares Underlying

Exercise Price

Outstanding
Type
Anti-Dilution
Cashless Exercise
Expiration
Filing link and full terms

Warrant

Issued 2021

Expired

Shares Underlying

Exercise Price

Outstanding
Type
Anti-Dilution
Cashless Exercise
Expiration
Filing link and full terms

Convertibles · 2

What is this?

Principal, conversion terms and dates with Pro

Convertible

Outstanding

Principal

Conversion Price

Remaining principal
Shares on conversion
Interest rate
Maturity
Filing link and full terms

Series B Convertible Preferred Stock

Outstanding

Principal

Conversion Price

Remaining principal
Shares on conversion
Interest rate
Maturity
Filing link and full terms

ATM · 1

What is this?

Capacity, sold to date and agent with Pro

ATM program

Issued 2021

Active

Total capacity

Sold to date

Remaining capacity
Sales agent
Agreement date
Commission
Filing link and full terms

Shelf · 2

What is this?

Capacity, dates and baby-shelf status with Pro

S-3 shelf registration

Issued 2024

Active

Total capacity

Remaining

Filed
Effective
Expires
Baby shelf
Filing link and full terms

S-3 shelf registration

Issued 2026

Active

Total capacity

Remaining

Filed
Effective
Expires
Baby shelf
Filing link and full terms

Offerings · 1

What is this?

Proceeds, price, shares and agent with Pro

PIPE

Issued 2026

Gross proceeds

Price per share

Shares issued
Warrant coverage
Placement agent
Filing link and full terms

Know who's about to sell into your PULM trade

Exercise prices, conversion terms, shelf headroom and the filing sentence behind every number.

Get Pro · every ticker

$59/mo with 7 days free, or $49/mo billed yearly ($588/yr)

DilutionScan ProEvery instrument in full · $59/mo