Pulmatrix, Inc. Stock Compensation Disclosure
The Company sponsored the Pulmatrix, Inc. Amended and Restated 2013 Employee, Director and Consultant Equity Incentive Plan (the “Incentive Plan”), which expired on June 10, 2025. No new awards may be made under the Incentive Plan after its expiration date. Awards issued under the Incentive Plan prior to its expiration remain outstanding in accordance with their terms.
Number of Options | Weighted- Average Exercise Price | Weighted- Average Remaining Contractual Term (Years) | Aggregate Intrinsic Value | |||||||||||||
| Outstanding — January 1, 2025 | 34,046 | $ | 30.55 | |||||||||||||
| Forfeited or expired | (188 | ) | 2,350.64 | |||||||||||||
| Outstanding — December 31, 2025 | 33,858 | 17.67 | $ | |||||||||||||
| Exercisable — December 31, 2025 | 30,961 | 18.95 | $ | |||||||||||||
The Company records stock-based compensation expense related to stock options based on their grant-date fair value. As of December 31, 2025, there was an immaterial amount of unrecognized stock-based compensation expense related to unvested stock options granted under the Company’s Incentive Plan.
| Year Ended December 31, | ||||||||
| 2025 | 2024 | |||||||
| Research and development | $ | $ | 149 | |||||
| General and administrative | 25 | 362 | ||||||
| Total stock-based compensation expense | $ | 25 | $ | 511 | ||||
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 26, 2026 | Showing above |
| 2021 | Mar 29, 2022 | |
| 2020 | Mar 23, 2021 | |
| 2019 | Mar 26, 2020 | |
| 2017 | Mar 13, 2018 | |
| 2016 | Mar 10, 2017 | |
| 2015 | Mar 10, 2016 | |
About Stock Compensation Disclosures
Stock-based compensation disclosures detail the equity awards granted to employees and executives — including stock options, restricted stock units (RSUs), and performance shares — along with the valuation methods and assumptions used to expense them. This section reveals the true cost of talent retention and the alignment between management incentives and shareholder interests.
Key signals: total unrecognized compensation expense and its expected recognition period signal future earnings headwinds from already-granted awards. For stock options, examine Black-Scholes assumptions — expected volatility, risk-free rate, and expected term — as understating any of these reduces reported compensation expense. Compare stock compensation expense as a percentage of revenue against peers to assess dilution cost. Watch vesting schedules for acceleration clauses tied to change-of-control events. Performance-based awards with undemanding targets may indicate weak governance. Add back stock compensation to operating cash flow to calculate a more conservative free cash flow figure.