Pulmatrix, Inc. (PULM) - Dilution Analysis

Visualizing historical and potential share dilution over time

Dilution Analysis

Medium Risk
Moderate dilution risk
Last updated: May 15, 2026

Risk Assessment Details

Potential Dilution: 5365.78% of current shares
Recent Dilution: 0% (2 years)
Historical Dilution Factor: minimal recent dilution
Outstanding Shares
3.7M
Potential Supply
200M
Additional shares possible
Splits
None
Past 2 years

Summary

PULM currently has 3.65M outstanding shares. with significant dilution risk as 196M authorized shares could dilute existing holders by 5365.8%. The company has not diluted shareholders through share issuances in the past 2 years, which is positive for existing holders.

Share Structure Timeline

Outstanding Shares
Total Supply

Historical Data Points

Date Event Outstanding Supply
May 15, 2026

10-Q filing | 3.7M shares outstanding

3.7M 200M
Mar 27, 2026

8-K filing: Pulmatrix, Inc. entered into a Merger Agreement with Eos SENOLYTIX, Inc. and Pulmatrix will sell Series B Convertible Preferred Stock to an affiliate of Eos. ($1.0M proceeds)

3.7M 200M
Oct 16, 2025

10-Q filing | 3.7M shares outstanding

3.7M 200M
May 15, 2025

10-Q filing | 3.7M shares outstanding

3.7M 200M
Mar 21, 2025

10-K filing | 3.7M shares outstanding

3.7M 200M
Nov 08, 2024

10-Q filing | 3.7M shares outstanding

3.7M 200M
Aug 13, 2024

10-Q filing | 3.7M shares outstanding

3.7M 200M
May 17, 2024

S-3 filing: Pulmatrix, Inc. is filing an S-3 to offer and sell up to $95,000,000 of common stock and preferred stock from time to time.

3.7M 200M
May 10, 2024

10-Q filing | 3.7M shares outstanding

3.7M 150M
Mar 28, 2024

10-K filing | 3.7M shares outstanding

3.7M 150M
Nov 09, 2023

10-Q filing | 3.7M shares outstanding

3.7M 150M
Aug 10, 2023

10-Q filing | 3.7M shares outstanding

3.7M 150M
May 12, 2023

10-Q filing | 3.7M shares outstanding

3.7M 150M
Mar 30, 2023

10-K filing | 3.4M shares outstanding

3.4M 150M
Nov 10, 2022

10-Q filing | 3.5M shares outstanding

3.5M 150M
Aug 10, 2022

10-Q filing | 3.4M shares outstanding

3.4M 150M
May 12, 2022

10-Q filing | 3.4M shares outstanding

3.4M 150M
Mar 29, 2022

10-K filing | 3.3M shares outstanding

3.3M 150M
Dec 17, 2021

8-K filing: Pulmatrix, Inc. closed a registered direct offering on December 17, 2021, issuing 6,745.0008 shares of Series A Convertible Preferred Stock and 5,620,834 warrants to purchase common stock to certain institutional investors, as well as agreeing to grant warrants to the Placement Agent to purchase up to 730,708 shares of common stock.

56M 94M
Dec 15, 2021

8-K filing: Pulmatrix, Inc. entered into a Securities Purchase Agreement to issue Series A Convertible Preferred Stock and warrants in a registered direct offering, and plans a reverse stock split with a ratio of 1-for-2 to 1-for-20, pending shareholder approval. ($6.75M proceeds)

56M 94M
Nov 10, 2021

10-Q filing | 56.2M shares outstanding

56M 94M
Aug 10, 2021

10-Q filing | 56.2M shares outstanding

56M 94M
May 26, 2021

S-3 filing: Pulmatrix, Inc. is offering common stock and preferred stock up to an aggregate amount of $100,000,000.

56M 94M
May 11, 2021

10-Q filing | 56.2M shares outstanding

56M 0
Mar 23, 2021

10-K filing | 56.2M shares outstanding

56M 0
Feb 16, 2021

8-K filing: Pulmatrix, Inc. completed a registered direct offering of 20,000,000 shares of common stock at a price of $2.00 per share, resulting in gross proceeds of $40,000,000 before fees and expenses. ($40.0M proceeds)

34M 8.4M
Nov 12, 2020

10-Q filing | 34.4M shares outstanding

34M 8.4M
Aug 07, 2020

10-Q filing | 32.6M shares outstanding

33M 10M
Aug 07, 2020

S-3 filing: Registration of 10,741,314 shares of common stock issuable upon the conversion of warrants held by the selling stockholders.

26M 17M
Jul 09, 2020

8-K filing: Pulmatrix, Inc. entered into letter agreements with accredited investors to exercise warrants to purchase up to 10,085,741 shares of common stock at $1.35 per share, with gross proceeds expected to be approximately $13.62 million. ($13.62M proceeds)

26M 6.5M
Jun 25, 2020

S-1 filing: This S-1 filing is for the resale of 6,687,869 shares of common stock issuable upon the exercise of warrants held by selling stockholders.

26M 6.5M
May 14, 2020

10-Q filing | 25.4M shares outstanding

25M 0
Apr 20, 2020

8-K filing: Pulmatrix, Inc. entered into a Securities Purchase Agreement to issue and sell 4,787,553 shares of common stock at $1.671 per share in a registered direct offering and issue warrants to purchase up to 4,787,553 shares of common stock in a concurrent private placement.

20M 0
Apr 16, 2020

8-K filing: Pulmatrix, Inc. entered into a Securities Purchase Agreement to issue and sell 4,787,553 shares of common stock at $1.671 per share in a registered direct offering, along with common warrants to purchase up to 4,787,553 shares at $1.55 per share in a concurrent private placement. ($8.0M proceeds)

20M 0
Mar 26, 2020

10-K filing | 20.0M shares outstanding

20M 0
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