Pulmonx Corp
LUNG · Surgical & Medical Instruments & Apparatus · 42.2M shares · +40%/yr ↑ dilution · EDGAR filings ↗
Net buyback after stock comp: -$23M (gross $27K, SBC $23M)
Reference price $1.57 · est. market cap ~$66M — last insider sale, 2026-06-02 (estimated from the dated SEC Form 4 price × shares outstanding — not a live quote)
Grade
D46Medical-device (Zephyr valve/COPD) maker with operating losses and cash burn, funded.
Strengths
- High gross margin, strong liquidity — gross margin 74%, current ratio 5.1 (74th)
Risks
- Operating/net losses — operating margin -59%, ROE -100%
- Cash burn — FCF -$33M
- Adoption/reimbursement dependence — per 10-K
Notable findings
- Cash burnNegative free cash flow (-32.8M)
- Chronic dilutionShare count +40%/yr over 4y (dilution, book value/share -93%)
- Customer concentration~95% of revenue from one customer/distributor — For the year ended December 31, 2025, we generated 95% of our revenue from markets where we sell directly
- Net lossNet loss (net margin -59.7%)
- Fund exitedNotable fund(s) exited this quarter: VANGUARD GROUP INC
- Notable holderHeld by 5 notable fund(s): STATE STREET CORP, RENAISSANCE TECHNOLOGIES LLC, GOLDMAN SACHS GROUP INC +2 more (as of 2026-03-31)
- Insider sellingInsider selling — 30 open-market sale(s) by 4 insider(s) (cluster of 4 insiders, ~$284,549, last 6mo) Form 4 ↗
Quarterly revenue
Last 4 quarters · from SEC filings.
Key metrics
Gross margin
74.2%
Operating margin
-59.3%
Net margin
-59.7%
Return on equity
-99.8%
Return on assets
-41.8%
ROIC
-46.5%
Revenue growth (QoQ)
-8.9%
Debt / equity
0.7×
Current ratio
5.1×
Free cash flow
-$33M
Tangible book value
$52M
Cash & investments
$70M
Cash runway
8q
Stock comp / revenue
23.5%
Insider transactions · last 18 months
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| 2026-06-05 | Melenikiotou Georgia | Grant | 40K | — |
| 2026-06-05 | Burns Thomas William | Grant | 40K | — |
| 2026-06-05 | Florin Daniel P | Grant | 40K | — |
| 2026-06-05 | Ferrari Richard | Grant | 40K | — |
| 2026-06-05 | Sullivan Tiffany | Grant | 40K | — |
| 2026-06-05 | Mead Dana G Jr. | Grant | 40K | — |
| 2026-06-02 | French Glendon E. III | Sell | 14K | $1.57 |
| 2026-06-01 | Rose Geoffrey Beran | Sell | 1.8K | $1.54 |
| 2026-06-01 | Rose Geoffrey Beran | Sell | 1.6K | $1.54 |
| 2026-06-01 | Rose Geoffrey Beran | Sell | 2.4K | $1.54 |
| 2026-06-01 | Rose Geoffrey Beran | Sell | 2.3K | $1.54 |
| 2026-06-01 | Lehman David Aaron | Sell | 3.9K | $1.54 |
| 2026-06-01 | Lehman David Aaron | Sell | 2.3K | $1.54 |
| 2026-06-01 | Lehman David Aaron | Sell | 3.5K | $1.54 |
| 2026-06-01 | Lehman David Aaron | Sell | 4.9K | $1.54 |
| 2026-06-01 | Radhakrishnan Srikanth | Sell | 2.7K | $1.54 |
| 2026-06-01 | Radhakrishnan Srikanth | Sell | 2.2K | $1.54 |
| 2026-06-01 | Radhakrishnan Srikanth | Sell | 3.7K | $1.54 |
| 2026-06-01 | Radhakrishnan Srikanth | Sell | 6.0K | $1.54 |
| 2026-06-01 | French Glendon E. III | Sell | 4.2K | $1.54 |
| 2026-06-01 | French Glendon E. III | Sell | 38K | $1.54 |
| 2026-03-02 | Rose Geoffrey Beran | Sell | 2.9K | $1.43 |
| 2026-03-02 | Radhakrishnan Srikanth | Sell | 756 | $1.43 |
| 2026-03-02 | Radhakrishnan Srikanth | Sell | 3.1K | $1.43 |
| 2026-03-02 | Radhakrishnan Srikanth | Sell | 2.5K | $1.43 |
| 2026-03-02 | Radhakrishnan Srikanth | Sell | 4.2K | $1.43 |
| 2026-03-02 | Radhakrishnan Srikanth | Grant | 175K | — |
| 2026-03-02 | French Glendon E. III | Sell | 2.7K | $1.43 |
| 2026-03-02 | French Glendon E. III | Sell | 6.7K | $1.43 |
| 2026-03-02 | French Glendon E. III | Sell | 58K | $1.43 |
| 2026-03-02 | Rose Geoffrey Beran | Sell | 835 | $1.43 |
| 2026-03-02 | Rose Geoffrey Beran | Sell | 2.1K | $1.43 |
| 2026-03-02 | Rose Geoffrey Beran | Sell | 1.9K | $1.43 |
| 2026-03-02 | Rose Geoffrey Beran | Grant | 100K | — |
| 2026-03-02 | Lehman David Aaron | Sell | 1.2K | $1.43 |
| 2026-03-02 | Lehman David Aaron | Sell | 4.4K | $1.43 |
| 2026-03-02 | Lehman David Aaron | Sell | 2.6K | $1.43 |
| 2026-03-02 | Lehman David Aaron | Sell | 4.1K | $1.43 |
| 2026-03-02 | Lehman David Aaron | Grant | 150K | — |
| 2025-12-08 | Florin Daniel P | Sell | 23K | $1.99 |
| 2025-12-01 | French Glendon E. III | Sell | 2.5K | $1.57 |
| 2025-12-01 | French Glendon E. III | Sell | 6.3K | $1.57 |
| 2025-12-01 | French Glendon E. III | Grant | 1.2M | — |
| 2025-12-01 | Rose Geoffrey Beran | Sell | 683 | $1.57 |
| 2025-12-01 | Rose Geoffrey Beran | Sell | 1.7K | $1.57 |
| 2025-12-01 | Rose Geoffrey Beran | Sell | 1.5K | $1.57 |
| 2025-12-01 | Rose Geoffrey Beran | Sell | 2.4K | $1.57 |
| 2025-12-01 | Sung Derrick | Grant | 1.2M | — |
| 2025-12-01 | Lehman David Aaron | Sell | 976 | $1.57 |
| 2025-12-01 | Lehman David Aaron | Sell | 3.7K | $1.57 |
| 2025-12-01 | Lehman David Aaron | Sell | 2.2K | $1.57 |
| 2025-12-01 | Lehman David Aaron | Sell | 3.4K | $1.57 |
| 2025-09-02 | Williamson Steven S. | Sell | 4.5K | $1.60 |
| 2025-09-02 | Williamson Steven S. | Sell | 5.1K | $1.60 |
| 2025-09-02 | Joshi Mehul | Sell | 4.3K | $1.60 |
| 2025-09-02 | Joshi Mehul | Sell | 3.7K | $1.60 |
| 2025-09-02 | Rose Geoffrey Beran | Sell | 707 | $1.60 |
| 2025-09-02 | Rose Geoffrey Beran | Sell | 1.8K | $1.60 |
| 2025-09-02 | Rose Geoffrey Beran | Sell | 1.6K | $1.60 |
| 2025-09-02 | Rose Geoffrey Beran | Sell | 2.5K | $1.60 |
| 2025-09-02 | Lehman David Aaron | Sell | 929 | $1.60 |
| 2025-09-02 | Lehman David Aaron | Sell | 3.5K | $1.60 |
| 2025-09-02 | Lehman David Aaron | Sell | 2.1K | $1.60 |
| 2025-09-02 | Lehman David Aaron | Sell | 3.2K | $1.60 |
| 2025-06-12 | Ferrari Richard | Sell | 8.0K | $3.16 |
| 2025-06-05 | Florin Daniel P | Buy | 23K | $3.06 |
| 2025-06-02 | Burns Thomas William | Grant | 37K | — |
| 2025-06-02 | Williamson Steven S. | Sell | 5.3K | $3.13 |
| 2025-06-02 | Williamson Steven S. | Sell | 4.7K | $3.13 |
| 2025-06-02 | Ferrari Richard | Grant | 37K | — |
| 2025-06-02 | Joshi Mehul | Sell | 4.3K | $3.13 |
| 2025-06-02 | Joshi Mehul | Sell | 3.7K | $3.13 |
| 2025-06-02 | French Glendon E. III | Grant | 37K | — |
| 2025-06-02 | Rose Geoffrey Beran | Sell | 401 | $3.14 |
| 2025-06-02 | Rose Geoffrey Beran | Sell | 708 | $3.13 |
| 2025-06-02 | Rose Geoffrey Beran | Sell | 1.8K | $3.13 |
| 2025-06-02 | Rose Geoffrey Beran | Sell | 1.6K | $3.13 |
| 2025-06-02 | Rose Geoffrey Beran | Sell | 2.5K | $3.13 |
| 2025-06-02 | Lehman David Aaron | Sell | 535 | $3.14 |
| 2025-06-02 | Lehman David Aaron | Sell | 943 | $3.13 |
| 2025-06-02 | Lehman David Aaron | Sell | 3.6K | $3.13 |
| 2025-06-02 | Lehman David Aaron | Sell | 2.1K | $3.13 |
| 2025-06-02 | Lehman David Aaron | Sell | 3.3K | $3.13 |
| 2025-06-02 | Florin Daniel P | Grant | 37K | — |
| 2025-06-02 | Mead Dana G Jr. | Grant | 37K | — |
| 2025-06-02 | Melenikiotou Georgia | Grant | 37K | — |
| 2025-06-02 | Sullivan Tiffany | Grant | 37K | — |
| 2025-03-20 | French Glendon E. III | Sell | 20K | $7.85 |
| 2025-03-03 | Joshi Mehul | Sell | 14K | $7.12 |
| 2025-03-03 | Joshi Mehul | Grant | 108K | — |
| 2025-03-03 | Williamson Steven S. | Sell | 28K | $7.14 |
| 2025-03-03 | Williamson Steven S. | Grant | 182K | — |
| 2025-03-03 | Lehman David Aaron | Sell | 669 | $7.14 |
| 2025-03-03 | Lehman David Aaron | Sell | 1.2K | $7.14 |
| 2025-03-03 | Lehman David Aaron | Sell | 4.5K | $7.14 |
| 2025-03-03 | Lehman David Aaron | Sell | 2.4K | $7.14 |
| 2025-03-03 | Lehman David Aaron | Sell | 14K | $7.97 |
| 2025-03-03 | Rose Geoffrey Beran | Sell | 520 | $7.12 |
| 2025-03-03 | Rose Geoffrey Beran | Sell | 915 | $7.12 |
| 2025-03-03 | Rose Geoffrey Beran | Sell | 2.3K | $7.14 |
| 2025-03-03 | Rose Geoffrey Beran | Sell | 2.0K | $7.12 |
| 2025-03-03 | Rose Geoffrey Beran | Grant | 108K | — |
| 2025-03-03 | Lehman David Aaron | Grant | 108K | — |
| 2025-02-20 | French Glendon E. III | Sell | 43K | $8.14 |
| 2025-02-20 | French Glendon E. III | Sell | 12K | $8.76 |
| 2025-01-17 | French Glendon E. III | Sell | 2.2K | $6.50 |
| 2025-01-16 | French Glendon E. III | Sell | 2.3K | $6.53 |
All non-derivative Form 4 activity (SEC), newest first.
Notable events (8-K)
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 8-K | 2026-06-04 | 2026-06-04 | 0001127537-26-000031 ↗ |
| 10-Q | 2026-05-04 | 2026-03-31 | 0001127537-26-000025 ↗ |
| 8-K | 2026-04-29 | 2026-04-29 | 0001127537-26-000020 ↗ |
| 10-K | 2026-03-10 | 2025-12-31 | 0001127537-26-000015 ↗ |
| 8-K | 2026-03-05 | 2026-03-02 | 0001193125-26-092064 ↗ |
| 8-K | 2026-03-04 | 2026-03-04 | 0001127537-26-000003 ↗ |
| 10-Q | 2025-11-12 | 2025-09-30 | 0001127537-25-000059 ↗ |
| 8-K | 2025-11-12 | 2025-11-12 | 0001127537-25-000058 ↗ |
| 8-K | 2025-10-27 | 2025-10-21 | 0001127537-25-000052 ↗ |
| 10-Q | 2025-08-01 | 2025-06-30 | 0001127537-25-000045 ↗ |
| 8-K | 2025-07-30 | 2025-07-30 | 0001127537-25-000041 ↗ |
| 8-K | 2025-05-23 | 2025-05-22 | 0001127537-25-000028 ↗ |