{"url_path":"/sec/pulm/10-q/2026/item-1a","section_key":"item-1a","section_title":"Item 1A Risk Factors.**","topic":"sec","document":{"doc_type":"10-Q","doc_date":"2026-05-15","source_url":"https://www.sec.gov/Archives/edgar/data/1574235/0001493152-26-023368-index.html","accession_number":"0001493152-26-023368","cik":"0001574235","ticker":"PULM","issuer_name":"Pulmatrix, Inc.","edgar_url":"https://www.sec.gov/Archives/edgar/data/1574235/0001493152-26-023368-index.html","primary_entity_key":"0001574235","primary_entity_name":"Pulmatrix, Inc."},"word_count":667,"has_tables":true,"body_markdown":"**Item\n1A. Risk Factors.**\n\n \n\nInvesting\nin our common stock involves a high degree of risk. You should carefully consider the risks and uncertainties described in Part I, Item\n1A under the heading “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2025, in addition to\nthe risk factors below other information included in this Quarterly Report on Form 10-Q before making an investment decision regarding\nour common stock. If any of these risks actually occur, our business, financial condition, or operating results would likely suffer,\npossibly materially, the trading price of our common stock could decline, and you could lose part or all of your investment.\n\n \n\n**Risks\nRelated to our Financial Condition**\n\n** **\n\n**We\nhave a history of recurring losses and our unaudited condensed consolidated financial statements have been prepared on a going concern\nbasis, and do not include adjustments that might be necessary if we are unable to continue as a going concern. If we are unable to raise\ncapital when needed, we could be forced to delay, reduce or eliminate any product development programs or commercialization efforts.**\n\n** **\n\nOur\nunaudited condensed consolidated financial statements have been prepared on a going concern basis, which contemplates the realization\nof assets and the satisfaction of liabilities in the normal course of business. As of March 31, 2026, our cash and cash equivalents balance\nwas approximately $3.3 million, with an additional $0.7 million in restricted cash.\n\n \n\nThe\nCompany’s future operations are highly dependent on the success of the Merger and there can be no assurances that the Merger will\nbe successfully consummated. If the Merger is not consummated, the Company may seek other strategic alternatives or pursue a dissolution\nand liquidation.\n\n \n\nWe\nanticipate that our cash position is sufficient to fund our operations at least through the anticipated closing of the proposed Merger\nwith Eos. However, management believes that without the closing of the Merger, given our current cash position and forecasted negative\ncash flows from operating activities over the next twelve months, there is substantial doubt about our ability to continue as a going\nconcern after the date that is one year from the date that these financial statements are issued. The consolidated financial statements\ndo not include any adjustments relating to the recoverability and classification of asset amounts or the classification of liabilities\nthat might be necessary should we be unable to continue as a going concern.\n\n \n\nWe\nwill need to raise additional capital to finance our losses and negative cash flows from operations and may continue to be dependent\non additional capital raising as long as our products do not reach commercial profitability. There are no assurances that we would be\nable to raise additional capital on terms favorable to it. If we are unsuccessful in commercializing our products and raising capital,\nwe will need to reduce activities, curtail, or cease operations. Even if we succeed in commercializing our new products, we may not be\nable to generate sufficient revenues to cover our expenses and achieve profitability or be able to maintain profitability.\n\n \n\n24\n\n \n\n \n\n**General\nRisk Factors**\n\n** **\n\n**Global\neconomic and political instability and conflicts, such as the conflicts in Venezuela, between Russia and Ukraine or in the Middle East,\ncould adversely affect our business, financial condition or results of operations.**\n\n** **\n\nOur\nbusiness could be adversely affected by unstable economic and political conditions within the United States and foreign jurisdictions\nand geopolitical conflicts, such as the conflicts in Venezuela, between Russia and Ukraine or in the Middle East. While we do not have\nany customer or direct supplier relationships in impacted areas at this time, the current military conflict, and related sanctions, as\nwell as export controls or actions that may be initiated by nations including the United States, the European Union or Russia (e.g.,\npotential cyberattacks, disruption of energy flows, etc.) and other potential uncertainties could adversely affect our business and/or\nour supply chain, business partners, employees or customers, and interrupt our ability to supply products, or otherwise adversely impact\nour business."}