Pulmatrix Q2 10-Q: Going Concern Warning, Cash Down to $2.2M, Merger Critical
PULM sits 36% above its 52-week low of $1.16 on light trading volume (0.1× avg).
Summary
Pulmatrix's Q2 10-Q shows cash down to $2.2 million and a going concern warning, making the pending Eos SENOLYTIX reverse merger the company's only clear path to survival.
Updates
· Reuters — Q2 net loss was $1.04 million, or $0.29 per share, narrowing from the prior year; management expects the Eos merger to close in Q3 2026.
Key Events · Earnings and Guidance · PULM
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Going Concern Warning
Management states substantial doubt about the company's ability to continue as a going concern without the closing of the Eos merger, citing cash of $2.2 million and forecasted negative cash flows.
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Cash Position Deteriorates
Cash and cash equivalents fell to $2.2 million at June 30, 2026, from $4.1 million at December 31, 2025, with an additional $0.7 million in restricted cash.
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Series B Preferred Stock Issued
Issued 1,000 shares of Series B Convertible Preferred Stock to an Eos affiliate for $1.0 million gross proceeds; conversion price $2.20 per share, 8% cumulative dividends.
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Merger Dependency
If the merger with Eos SENOLYTIX is not consummated, the board may pursue dissolution and liquidation; the merger would leave legacy Pulmatrix holders with only 6% of the combined company.
Analysis · PULM · Life Sciences
Pulmatrix's Q2 10-Q confirms the company's survival hinges on completing its reverse merger with Eos SENOLYTIX. Cash and equivalents fell to $2.2 million from $4.1 million at year-end, and management states there is substantial doubt about its ability to continue as a going concern without the merger closing. The filing also details a $1.0 million Series B preferred stock investment from an Eos affiliate, with $700,000 restricted until the merger closes or terminates. If the merger fails, the board may pursue dissolution and liquidation.
How filings like this one have moved
In the 30 days to Oct 5, 2026, 36.9% of the 964 measured filings Wiseek scored 8 moved their stock by 5% or more by the next session's close. The median move was -0.65%. These are measured outcomes after filings of this importance, not a forecast for this one.
Measured one observation per ticker per day, after exclusions. Current figures: Filing Impact Tracker · open dataset
At the time of this filing, PULM was trading at $1.58 on NASDAQ in the Life Sciences sector, with a market capitalization of approximately $5.8M. The 52-week trading range was $1.16 to $5.50. This filing was assessed with negative market sentiment and an importance score of 8 out of 10.