Companies · Pharmaceuticals

Pulmatrix, Inc.

LEXINGTON · Pharmaceuticals

Diligence memoA one-page analyst read on Pulmatrix, Inc. — recommendation, valuation, rhythm, risks.
$62.9M
Total raised · real
10
Rounds
0.2×
Latest step-up
Top 16%
Sector rank · raised
Series B
Latest stage · inferred · Tue Feb 16 2021 00:00:00 GMT+0000 (Coordinated Universal Time)

Pulmatrix, Inc. looks under-valued against its niche peers and is dormant on financing cadence.

Synthesized from the figures below est. — every claim rests on a number shown on this page. Valuation uses the pharma sector profile.

Analyst read est. — computed against this company's niche peers in the same era. Inputs shown; not a quoted figure.

Under-valued
  • Modeled value is 0.17× the median modeled value of Series B Pharmaceuticals companies in 2019–2021 (61 peers) — value vs value, same stage and era.
Dormant
  • Last raise 5.4 yr ago; this sector typically re-raises about every 13 months.
  • Silent for over 3× the sector's normal cadence.
Leadership

No named principal in this company's public records yet — see all operators below.

Explore how these operators interlock with other companies in the operator network.

Where it sits in Pharmaceuticals

Pulmatrix, Inc. is one of 1610 Pharmaceuticals companies tracked from LEXINGTON. By capital raised it ranks in the upper tier (ahead of 85% of sector peers), and mid-pack by modeled valuation est..

Ranking is computed against this company's own sector cohort — reported capital is fact; valuation tiers are modeled.

As reported in public records reported — not modeled.

US
Jurisdiction
Rule 506(b)
Reg D exemption
5
Investors (latest)
2021-02-16
First sale
Amount raised vs valuation, by round

Solid bars are reported offering amounts reported; hatched bars are the modeled post-money valuation est. — both on one shared scale so you can read raise-vs-worth at each round directly. Use the toggles to overlay data labels and the niche-peer / market average value lines.

Amount raised · realModeled valuation · estCumulative funded · real
$0$250M$500M$750M$1.0BSeed · 2015-06-01 Raised $2.6M (real) Modeled valuation $99M (est)Seed2015Seed · 2015-06-15 Raised $210K (real) Modeled valuation $8.0M (est)Seed2015Series B · 2015-06-15 Raised $21M (real) Modeled valuation $727M (est)Series B2015Seed · 2015-06-15 Raised $688K (real) Modeled valuation $26M (est)Seed2015Seed · 2015-06-15 Raised $935K (real) Modeled valuation $36M (est)Seed2015Series B · 2018-12-03 Raised $3.7M (real) Modeled valuation $124M (est)Series B2018Series B · 2019-02-12 Raised $2.5M (real) Modeled valuation $85M (est)Series B2019Series B · 2020-04-16 Raised $8.1M (real) Modeled valuation $274M (est)Series B2020Series B · 2020-07-09 Raised $20M (real) Modeled valuation $661M (est)Series B2020Series B · 2021-02-16 Raised $3.3M (real) Modeled valuation $86M (est)Series B2021+$210K+$21M+$688K+$935K+$3.7M+$2.5M+$8.1M+$20M+$3.3MCumulative $63M

The line shows cumulative reported funding over the period; + labels show new capital added between points when there is room. Toggle on-bar figures, plus the niche-peer and market averages, to read this company against its cohort. Benchmarks are modeled medians.

Financing ladder & sequence gaps
Seed$2.6M · 2015
Seed extension$210K · 2015
Series B$21.4M · 2015no Series A on file
Bridge · Series B-stage$688K · 2015smaller follow-on
Bridge · Series B-stage$935K · 2015smaller follow-on
Series B extension$3.7M · 2018
Series B extension$2.5M · 2019
Series B extension$8.1M · 2020
Series B extension$19.6M · 2020
Series B extension$3.3M · 2021

Stages are modeled from round size (public records carry no series label). No record for: Pre-Seed, Series A — the company may have raised it under a different exemption, merged it into an adjacent record, or skipped it. Sequence completeness: 50%.

Modeled valuation trajectory
$86.1M
Base estimate est.
$6.8M
Conservative case
$293.7M
Upside case
$18.1M
Modeled post-money

Round size and date are reported; the stage label is inferred from round size (latest is Series Ba $15M–$40M round). Valuation is modeled from stage benchmarks scaled by the pharma sector profile. Directional, not a quoted figure.

Seed · modeled $99.2M · 2015-06-012015Seed · modeled $8.0M · 2015-06-15Series B · modeled $727.1M · 2015-06-15Seed · modeled $26.2M · 2015-06-15Seed · modeled $35.6M · 2015-06-15Series B · modeled $124.3M · 2018-12-03Series B · modeled $84.7M · 2019-02-12Series B · modeled $274.4M · 2020-04-16Series B · modeled $661.4M · 2020-07-09Series B · modeled $86.1M · 2021-02-162021
Model inputs · modeled:benchmark-stage-stepup-v1
18%
Dilution assumption
Implied ownership sold in the financing.
57%
Survival probability
38% low · 70% high
1.49×/yr
Annual markup
1.80×/yr upside case
5.4 yr
Elapsed time used
5.4 yr actual, capped for stale marks
pharma
Sector profile
Adjusts growth and survival by industry.
Financing rhythm
8 mo
Avg between rounds
$11.0M/yr
Capital velocity
11.1 yr
On record since
2015
First round
10
Rounds on file
How it compares to the market

Benchmarked against 1610 companies in Pharmaceuticals. Each bar is a median (the middle company, not an average — outliers don't skew it). Two yardsticks: real money raised (reported on Form D) and modeled value (our estimate est.). These are whole-sector medians across all stages, except the per-stage row.

Total raised — vs sector median (real $, all stages) 7.8× above median
This company$62.9M
Sector median$8.1M
Latest round — vs other Series B rounds in sector (real $, this stage) 0.2× of median
This company$3.3M
Sector median$18.0M
Modeled value — vs sector median (estimate, all stages) 1.1× above median
This company$86.1M
Sector median$76.1M

Raised more than 85% of sector peers (real $). Modeled value above 52% of peers (estimate).

Niche peers — same stage & era

A tighter cohort than the sector chart above — only companies at the same stage (Series B) that last raised in the same ~3-year era, ranked by modeled value est. (not money raised). This is the exact set the analyst read compares against, so a like-for-like cohort is what makes "over/under-valued" meaningful. This company ranks #56 of 61.

This companyCohort peer
$10.0M$100.0M$1.0B$10.0B$10.0M$100.0M$1.0BCapital raised (log)Evolus, Inc. · Series B Raised $40.5M · modeled $1.4B (est)HOOKIPA Pharma Inc. · Series B Raised $37.4M · modeled $1.3B (est)ESSA Pharma Inc. · Series B Raised $56.0M · modeled $1.2B (est)Pieris Pharmaceuticals, Inc. · Series B Raised $102.1M · modeled $1.1B (est)Amylyx Pharmaceuticals, Inc. · Series B Raised $65.1M · modeled $1.0B (est)PassPort Technologies, Inc. · Series B Raised $30.0M · modeled $1.0B (est)Savara Inc · Series B Raised $30.9M · modeled $910.6M (est)InCarda Therapeutics, Inc. · Series B Raised $66.3M · modeled $856.6M (est)Aceto Management, L.L.C. · Series B Raised $23.6M · modeled $803.2M (est)GPI Finco (Canada) Inc. · Series B Raised $22.9M · modeled $778.0M (est)Phosplatin Therapeutics LLC · Series B Raised $72.3M · modeled $722.0M (est)Lannett Co Inc · Series B Raised $28.0M · modeled $690.6M (est)Pulmatrix, Inc. (this company) Raised $62.9M · modeled $86.1M (est)Pulmatrix, Inc.
CompanyStageRaised · realValue · estvs peer med.
Evolus, Inc.Series B$40.5M$1.4B2.74×
HOOKIPA Pharma Inc.Series B$37.4M$1.3B2.58×
ESSA Pharma Inc.Series B$56.0M$1.2B2.48×
Pieris Pharmaceuticals, Inc.Series B$102.1M$1.1B2.20×
Amylyx Pharmaceuticals, Inc.Series B$65.1M$1.0B2.06×
PassPort Technologies, Inc.Series B$30.0M$1.0B2.06×
Savara IncSeries B$30.9M$910.6M1.84×
InCarda Therapeutics, Inc.Series B$66.3M$856.6M1.73×
Aceto Management, L.L.C.Series B$23.6M$803.2M1.63×
GPI Finco (Canada) Inc.Series B$22.9M$778.0M1.57×
Phosplatin Therapeutics LLCSeries B$72.3M$722.0M1.46×
Lannett Co IncSeries B$28.0M$690.6M1.40×
Pulmatrix, Inc. this companySeries B$62.9M$86.1M0.17×
Full financing history

Stage is inferred from round size est., not reported on the filing — a round's dollar size maps to a bucket: Pre-Seed <$1.0M · Seed $1.0M–$4.0M · Series A $4.0M–$15M · Series B $15M–$40M · Series C $40M–$100M · Series D+ $100M–$400M · Growth/Late >$400M.

StageAmount · realAnnouncedPost-money · estValue · estConf.
Seed$2.6M2015-06-01$13.0M$99.2M85%
Seed$210K2015-06-15$1.1M$8.0M85%
Series B$21.4M2015-06-15$118.8M$727.1M85%
Seed$688K2015-06-15$3.4M$26.2M85%
Seed$935K2015-06-15$4.7M$35.6M85%
Series B$3.7M2018-12-03$20.3M$124.3M90%
Series B$2.5M2019-02-12$13.8M$84.7M90%
Series B$8.1M2020-04-16$44.8M$274.4M90%
Series B$19.6M2020-07-09$109.1M$661.4M90%
Series B$3.3M2021-02-16$18.1M$86.1M90%
What happened at each round

Step-up, pace versus the sector's normal cadence, and revenue/exemption moves — read straight from the reported round facts reported.

  1. Seed$2.6M2015-06-01
    • First recorded raise — entered as Seed.
    • 34 investors on this round.
  2. Seed$210K2015-06-15
    • Filed alongside the prior round (same month) — likely a tranche or amendment.
    • Round 12.4× smaller than the prior — bridge or down round.
    • 1 investor on this round.
  3. Series B$21.4M2015-06-15
    • Filed alongside the prior round (same month) — likely a tranche or amendment.
    • Round 101.8× larger than the prior — scaling up.
    • 12 investors on this round.
  4. Seed$688K2015-06-15
    • Filed alongside the prior round (same month) — likely a tranche or amendment.
    • Round 31.1× smaller than the prior — bridge or down round.
    • 3 investors on this round.
  5. Seed$935K2015-06-15
    • Filed alongside the prior round (same month) — likely a tranche or amendment.
    • Round 1.4× larger than the prior — scaling up.
    • 1 investor on this round.
  6. Series B$3.7M2018-12-03
    • Raised again after 42 mo — slower than the ~13 mo sector norm.
    • Round 3.9× larger than the prior — scaling up.
    • 1 investor on this round.
  7. Series B$2.5M2019-02-12
    • Came back fast: 2 mo vs the ~13 mo sector norm.
    • Round 1.5× smaller than the prior — bridge or down round.
    • 7 investors on this round.
  8. Series B$8.1M2020-04-16
    • Raised 14 mo later, in step with the ~13 mo sector norm.
    • Round 3.2× larger than the prior — scaling up.
    • 3 investors on this round.
  9. Series B$19.6M2020-07-09
    • Came back fast: 3 mo vs the ~13 mo sector norm.
    • Round 2.4× larger than the prior — scaling up.
    • 5 investors on this round.
  10. Series B$3.3M2021-02-16
    • Came back fast: 7 mo vs the ~13 mo sector norm.
    • Round 6.0× smaller than the prior — bridge or down round.
    • 5 investors on this round.
Intelligence
2021 ~Q4
Modeled next raise · ~8mo cadence
$3.3M
Modeled next size est.range $3.3M$5.2M
0.2×
Last step-up
$11.0M/yr
Capital velocity

Predictive signals are modeled est. from this company's own cadence and step-up, plus sector benchmarks — directional, not advice. Peer set and a CSV export live in your analyst workspace.

Key people & operators

Officers, directors and promoters named in this company's public recordsreported — the people who run it (not its investors). "Also runs" counts come from name-matching across all records, so verify before acting.

PersonRoleAlso runsTied since
Steven Gillis22 other2015-06
Michael Higgins8 other2015-06
SCOTT ROCKLAGE8 other2015-06
Terrance McGuire8 other2015-06
Robert Clarke6 other2015-06
Amit Munshi4 other2018-12
Kurt Graves4 other2015-06
Mark Iwicki3 other2018-12
MICHAEL J. HIGGINS3 other2020-04
Hojabr Alimi2 other2015-06
Matthew Sherman2 other2018-12
Sameer Harish2 other2015-06
David Hava1 other2015-06
David Maki1 other2015-06
JAMES ROACH1 other2018-12
Richard Conley1 other2015-06
William Duke1 other2015-06
Akihisa Akao2015-06
Amit D. Munshi2020-04
Christopher D. Cabell2020-07
Gregory French2015-06
Mark J. Iwicki2020-04
Michelle S. Siegert2020-04
Richard D. Batycky2020-04
Registry & provenance

Pulmatrix, Inc. is an official record sourced from the U.S. Securities and Exchange Commission (SEC). U.S. data is aggregated from SEC Form D filings.

United States
Country of record
US
Jurisdiction
1574235
SEC CIK
Similar companies

Nearest neighbours across the whole database — matched on sector, stage and capital scale, and on shared operators (officers or directors named at both companies in public filings). A discovery shortlist, not a valuation cohort — verify before acting, the same way modeled figures are directional.

CompanySectorStageRaised · realValue · estWhy similar
Pulmatrix IncBiotechnologySeries B$69.6M$396.9Mnetwork8 shared operators · same stage
Nocion Therapeutics, Inc.PharmaceuticalsSeries B$76.1M$90.4Mnetwork1 shared operator · same sector · same stage
Faraday Pharmaceuticals, Inc.PharmaceuticalsSeries C$115.5M$829.7Mnetwork2 shared operators · same sector
Novira Therapeutics, Inc.PharmaceuticalsSeries B$48.0M$306.0Mnetwork1 shared operator · same sector · same stage
Lycera CorpPharmaceuticalsSeries B$85.7M$1.0Bnetwork1 shared operator · same sector · same stage
SpringLeaf Therapeutics, Inc.PharmaceuticalsSeries B$34.1M$647.7Mnetwork1 shared operator · same sector · same stage
Spectrum Antimicrobials, Inc.PharmaceuticalsSeries A$17.3M$47.3Mnetwork2 shared operators · same sector
Kinaset Therapeutics, Inc.PharmaceuticalsSeries B$30.0M$437.7Mnetwork1 shared operator · same sector · same stage
Semantically similar

Matched by meaning, not labels — a local language model reads each company's name, sector and description and ranks the closest in that learned space. This catches look-alikes that cross sector boundaries; the structured list above explains its matches, this one trusts the text. Directional, like every modeled signal here.

CompanySectorStageValue · estMatch
Ribometrix, Inc.PharmaceuticalsSeries A$464.6M86%
Pulmair Medical, Inc.BiotechnologySeries A$271.1M84%
Pacylex Pharmaceuticals Inc.PharmaceuticalsSeries A$148.1M82%
Catabasis Pharmaceuticals IncPharmaceuticalsSeries D+$3.3B81%
Avicanna Inc.PharmaceuticalsSeries A$24.3M81%
Apnimed, Inc.PharmaceuticalsSeries C$121.5M81%
SapVax, LLCPharmaceuticalsSeed$123.6M80%
Pelage Pharmaceuticals, Inc.PharmaceuticalsSeries D+$900.8M80%
Frequently asked
How much funding has Pulmatrix, Inc. raised?
Pulmatrix, Inc. has raised approximately $62.9M in disclosed capital across 10 recorded financing rounds, aggregated from public filings.
What is Pulmatrix, Inc.'s estimated valuation?
Provath's modeled valuation for Pulmatrix, Inc. is approximately $86.1M (modeled range $6.8M–$293.7M). This is an algorithmic estimate derived from round sizes and same-niche peers — not a quoted or reported figure.
What funding stage is Pulmatrix, Inc. at?
Pulmatrix, Inc.'s latest modeled financing stage is Series B. Its most recent recorded round closed around Tue Feb 16.
What does Pulmatrix, Inc. do and where is it based?
Pulmatrix, Inc. operates in the Pharmaceuticals sector, based in LEXINGTON.
Explore related

See where Pulmatrix, Inc. sits in the wider market — its sector, location and stage cohorts, each with their own leaderboards and capital-flow timelines.

Is this your company?

If you work at Pulmatrix, Inc., claim this profile or suggest a correction. We aggregate from public filings, so help us keep your description, website and links accurate.

Is this your company? Update your profile or add contact details — and choose exactly who can reach you. Reviewed before anything is published.