Pulmonx Corp

Listed Company

LUNGCIK 0001127537NasdaqNon-AcceleratedSmaller ReportingSurgical & Medical Instruments & ApparatusDelawareFY ends Dec 31

Period

FY 2025

Revenue

$90.50M

Net Income

$-54.00M

Total Assets

$129.29M

Equity

$54.12M

Shares Out

42.24M

Op. Cash Flow

$-32.40M

Business

Pulmonx Corp is a commercial-stage medical technology company that provides a minimally invasive bronchoscopic treatment for patients with severe emphysema, a form of COPD. It offers the Zephyr Endobronchial Valve system, the Chartis Pulmonary Assessment System and the LungTraX quantitative CT analysis platform (StratX internationally), and is developing the AeriSeal System to address collateral ventilation. Its business includes product manufacturing, clinical and reimbursement support, and R&D/clinical trial programs. Pulmonx sells primarily through a U.S. direct sales force and a mix of direct and distributor-based channels internationally.

Summary from filing dated 2025-02-25

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Revenue	90	84	69	54	48
Cost of goods sold	23	22	18	14	13
Gross profit	67	62	51	40	36
Research and development	19	18	18	15	13
Selling, general and administrative	101	102	95	83	70
Total operating expenses	121	120	113	99	83
Loss from operations	−54	−58	−62	−59	−47
Interest income	3	5	6	2	400,000
Interest expense	−3	−4	−3	—	—
Other income, net	790,000	256,000	−673,000	−396,000	−585,000
Net loss before tax	−53	−56	−60	−59	−48
Income tax expense	626,000	500,000	571,000	353,000	343,000
Net loss	−54	−56	−61	−59	−49
Currency translation adjustment	300,000	−500,000	700,000	200,000	100,000
Change in unrealized losses on marketable securities	−22,000	−61,000	394,000	−287,000	−24,000
Total other comprehensive income (loss)	247,000	−527,000	1	−137,000	27,000
Comprehensive loss	−54	−57	−60	−59	−49
Net loss per share attributable to common stockholders, basic (in dollars per share)	−1.33	−1.44	−1.6	−1.59	−1.35
Net loss per share attributable to common stockholders, diluted (in dollars per share)	−1.33	−1.44	−1.6	−1.59	−1.35
Weighted-average shares used in computing net loss per share attributable to common stockholders, basic (in shares)	41	39	38	37	36
Weighted-average shares used in computing net loss per share attributable to common stockholders, diluted (in shares)	41	39	38	37	36

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	70	71	84	102	148
Restricted cash	258,000	257,000	237,000	231,000	231,000
Short-term marketable securities	0	31	34	39	—
Accounts receivable, net	12	13	12	9	7
Inventory	16	17	17	15	16
Prepaid expenses and other current assets	4	4	4	4	5
Total current assets	102	136	150	169	208
Long-term inventory	4	2	3	5	0
Property and equipment, net	2	3	4	5	5
Goodwill	2	2	2	2	2
Right of use assets	18	19	3	6	8
Other long-term assets	1	1	591,000	529,000	731,000
Total assets	129	163	178	194	235
Accounts payable	4	4	1	2	2
Accrued liabilities	15	16	16	13	13
Income taxes payable	263,000	49,000	93,000	19,000	147,000
Deferred revenue	18,000	135,000	104,000	120,000	163,000
Short-term debt	106,000	3	2	90,000	—
Current lease liabilities	1	778,000	3	3	2
Total current liabilities	20	24	23	18	18
Deferred tax liability	69,000	87,000	114,000	94,000	37,000
Long-term lease liabilities	18	19	1	4	7
Long-term debt	37	34	35	17	—
Total liabilities	75	77	59	40	42
Commitments and contingencies (Note 8)	—	—	—	—	—
Preferred stock, $0.001 par value, 10,000,000 shares authorized; no shares issued and outstanding as of December 31, 2025 and December 31, 2024	0	0	0	0	0
Common stock, $0.001 par value, 200,000,000 shares authorized; 41,673,648 shares and 39,785,969 shares issued and outstanding as of December 31, 2025 and December 31, 2024, respectively	42,000	40,000	39,000	38,000	37,000
Additional paid-in capital	573	551	527	503	483
Accumulated other comprehensive income	2	2	3	2	2
Accumulated deficit	−522	−468	−411	−350	−291
Total stockholders equity	54	86	118	154	193
Total liabilities and stockholders equity	129	163	178	194	235

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Stock-based compensation expense	21	23	22	16	11
Impairment of capitalized software development costs	0	2	0	—	—
Change in allowance for credit losses	0	40,000	−59,000	54,000	4,000
Inventory write-down (recovery), net	143,000	75,000	507,000	485,000	1
Depreciation and amortization expense	1	1	2	2	867,000
Amortization of debt discount and debt issuance costs	53,000	52,000	48,000	56,000	106,000
Net accretion of discounts on marketable securities	−379,000	−2	−1	−204,000	59,000
Non-cash lease expense	1	2	3	2	2
Accounts receivable	1	−1	−3	−2	−2
Inventory	−765,000	−229,000	918,000	−4	−6
Prepaid expenses and other current assets	813,000	−436,000	−57,000	780,000	−1
Other assets	−142,000	−546,000	−36,000	−49,000	−221,000
Accounts payable	270,000	2	−345,000	247,000	87,000
Accrued liabilities	−2	462,000	3	149,000	5
Income taxes payable	194,000	−38,000	68,000	−124,000	21,000
Lease liabilities	−955,000	−2	−3	−2	−3
Deferred tax liability	−15,000	−50,000	24,000	49,000	−6,000
Deferred revenue	−121,000	34,000	−20,000	−41,000	94,000
Net cash used in operating activities	−32	−32	−38	−45	−41
Purchases of investments	−6	−28	−46	−47	−53
Maturities of investments	37	47	45	44	10
Purchases of property and equipment	−452,000	−1	−807,000	−1	−4
Net cash provided by investing activities	30	17	−2	−4	−46
Repayment of credit agreement	−100,000	−95,000	−94,000	−87,000	0
Debt issuance cost	−70,000	0	0	−53,000	−41,000
Proceeds from exercise of common stock options	249,000	218,000	310,000	644,000	2
Proceeds from issuance of common stock under the employee stock purchase plan	754,000	1	1	2	3
Net cash provided by financing activities	833,000	1	21	2	4
Effect of exchange rate changes on cash, cash equivalents, and restricted cash	−92,000	76,000	34,000	145,000	106,000
Net decrease in cash, cash equivalents, and restricted cash	−1	−13	−18	−47	−83
Purchases of property and equipment in accounts payable and accrued liabilities	8,000	218,000	109,000	425,000	584,000
Cash paid for income taxes	468,000	600,000	500,000	398,000	322,000
Cash paid for interest	3	3	3	847,000	722,000

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