LUNGMEDIUM SIGNALFINANCIAL10-K

Pulmonx Corporation shows deteriorating financial position with market value declining significantly from $239.4M to $101.4M while maintaining modest revenue growth.

The company's market capitalization fell substantially over the year, reflecting investor concerns despite achieving revenue growth from $83.8M to $90.5M. The improved net loss position (from $56.4M to $54.0M) and stable gross margins around 74% suggest operational execution remains on track, though the dramatic market value decline indicates broader investor skepticism about the company's prospects or market conditions.

Comparing 2026-03-10 vs 2025-02-25View on EDGAR →
FINANCIAL ANALYSIS

The balance sheet shows meaningful contraction with stockholders' equity declining 37% to $54.1M and total assets falling 21% to $129.3M, suggesting cash burn continues. Current liabilities decreased modestly by 18%, while R&D expenses grew 11% to $19.5M, indicating continued investment in product development. Capital expenditures dropped substantially to $452K, potentially signaling reduced infrastructure investment or completion of prior expansion plans.

FINANCIAL STATEMENT CHANGES
Capital Expenditure
Cash Flow
-68.8%
$1.4M$452K

Capex reduced 68.8% — investment cycle winding down or capital discipline; may improve near-term free cash flow.

Stockholders Equity
Balance Sheet
-36.9%
$85.8M$54.1M

Equity declined sharply — large losses, buybacks, or write-downs reducing book value significantly.

Current Assets
Balance Sheet
-25.4%
$136.2M$101.7M

Current assets declined 25.4% — monitor working capital adequacy and short-term liquidity.

Total Assets
Balance Sheet
-20.6%
$162.8M$129.3M

Total assets contracted 20.6% — asset sales, write-downs, or balance sheet optimization underway.

Current Liabilities
Balance Sheet
-17.9%
$24.4M$20.1M

Current liabilities reduced — improved short-term financial position and working capital health.

R&D Expense
P&L
+10.9%
$17.6M$19.5M

R&D investment increased 10.9% — signals commitment to future product development, though near-term margin impact.

LANGUAGE CHANGES
NEW — 2026-03-10
PRIOR — 2025-02-25
ADDED
The aggregate market value of the voting and non-voting common equity held by non-affiliates of the Registrant, based on the closing price of the shares of common stock on The Nasdaq Stock Market on June 30, 2025, was approximately $ 101.4 million.
trade policies and tariffs; our expectations regarding our ability to obtain and maintain intellectual property protection for our products, as well as our ability to operate our business without infringing the intellectual property rights of others; and our expectations regarding the impact of any public health crises on our business, financial condition and results of operations.
Our solution, which is comprised of the Zephyr Endobronchial Valve ( Zephyr Valve ), the Chartis Pulmonary Assessment System ( Chartis System ) and the LungTraX Platform, is designed to treat severe emphysema patients who, despite medical management, are still profoundly symptomatic and either do not want or are ineligible for surgical approaches.
For the year ended December 31, 2025, we generated 95% of our revenue from markets where we sell directly.
We generated revenue of $90.5 million, with a gross margin of 74.2% and a net loss of $54.0 million, for the year ended December 31, 2025 compared to revenue of $83.8 million, with a gross margin of 74.0% and a net loss of $56.4 million, for the year ended December 31, 2024.
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REMOVED
The aggregate market value of the voting and non-voting common equity held by non-affiliates of the Registrant, based on the closing price of the shares of common stock on The Nasdaq Stock Market on June 28, 2024, was approximately $ 239.4 million.
Our solution, which is comprised of the Zephyr Endobronchial Valve ( Zephyr Valve ), the Chartis Pulmonary Assessment System ( Chartis System ) and the LungTraX Platform (which is called the StratX Platform in international markets), is designed to treat severe emphysema patients who, despite medical management, are still profoundly symptomatic and either do not want or are ineligible for surgical approaches.
For the year ended December 31, 2024, we generated 96% of our revenue from markets where we sell directly.
We generated revenue of $83.8 million, with a gross margin of 74.0% and a net loss of $56.4 million, for the year ended December 31, 2024 compared to revenue of $68.7 million, with a gross margin of 73.9% and a net loss of $60.8 million, for the year ended December 31, 2023.
As of December 31, 2024, we had an accumulated deficit of $467.6 million.
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