$LUNG

Pulmonx Corp

CIK:0001127537|SEC Filings

Condensed Consolidated Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Income Statement [Abstract]
Revenue	$ 22,756	$ 23,859	$ 43,342	$ 46,397
Cost of goods sold	5,014	6,655	9,556	12,851
Gross profit	17,742	17,204	33,786	33,546
Operating expenses
Research and development	5,034	5,306	9,933	10,062
Selling, general and administrative	21,765	26,702	45,866	52,851
Total operating expenses	26,799	32,008	55,799	62,913
Loss from operations	(9,057)	(14,804)	(22,013)	(29,367)
Interest income	329	723	679	1,587
Interest expense	(1,218)	(799)	(2,194)	(1,580)
Other (expense) income, net	(1)	(116)	76	51
Net loss before tax	(9,947)	(14,996)	(23,452)	(29,309)
Income tax expense	133	177	282	312
Net loss	(10,080)	(15,173)	(23,734)	(29,621)
Other comprehensive (loss) income
Currency translation adjustment	(120)	435	(311)	546
Change in unrealized losses on marketable securities	0	(1)	0	(23)
Total other comprehensive (loss) income	(120)	434	(311)	523
Comprehensive loss	$ (10,200)	$ (14,739)	$ (24,045)	$ (29,098)
Net loss per share attributable to common stockholders, basic (in dollars per share)	$ (0.24)	$ (0.38)	$ (0.56)	$ (0.74)
Net loss per share attributable to common stockholders, diluted (in dollars per share)	$ (0.24)	$ (0.38)	$ (0.56)	$ (0.74)
Weighted-average shares used in computing net loss per share attributable to common stockholders, basic (in shares)	42,468,762	40,429,655	42,184,793	40,193,469
Weighted-average shares used in computing net loss per share attributable to common stockholders, diluted (in shares)	42,468,762	40,429,655	42,184,793	40,193,469

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash flows from operating activities
Net loss	$ (23,734)	$ (29,621)
Adjustments to reconcile net loss to net cash used in operating activities
Stock-based compensation expense	7,834	11,826
Inventory write-down (recovery), net	152	(96)
Depreciation and amortization expense	442	577
Loss on debt extinguishment	107	0
Amortization of debt discount and debt issuance costs	175	24
PIK interest incurred but not paid on term loan	270	0
Net accretion of discounts on marketable securities	0	(339)
Change in fair value of common stock warrant liability	(39)	0
Non-cash lease expense	802	615
Net changes in operating assets and liabilities:
Accounts receivable	(297)	(1,941)
Inventory	(1,207)	1,066
Prepaid expenses and other current assets	492	1,099
Other assets	(51)	(359)
Accounts payable	773	2,645
Accrued liabilities	(379)	(2,364)
Income taxes payable	(14)	92
Lease liabilities	(629)	(293)
Deferred tax liability	(6)	0
Deferred revenue	(2)	(61)
Net cash used in operating activities	(15,311)	(17,130)
Cash flows from investing activities
Purchases of investments	0	(5,651)
Maturities of investments	0	27,785
Purchases of property and equipment and internal software development costs	(10)	(350)
Net cash (used in) provided by investing activities	(10)	21,784
Cash flows from financing activities
Repayment of debt	(37,000)	0
Proceeds from debt	38,785	0
Repayment of credit agreement	(53)	(48)
Payment of debt discounts and issuance costs	(460)	(47)
Proceeds from exercise of common stock options	40	138
Proceeds from issuance of common stock under the employee stock purchase plan	201	554
Net cash provided by financing activities	1,513	597
Effect of exchange rate changes on cash and cash equivalents	(99)	(688)
Net (decrease) increase in cash, cash equivalents, and restricted cash	(13,907)	4,563
Cash, cash equivalents, and restricted cash at beginning of the period	70,009	71,162
Cash, cash equivalents, and restricted cash at end of the period	56,102	75,725
Reconciliation of cash, cash equivalents, and restricted cash to consolidated balance sheets:
Cash and cash equivalents	55,843	75,466
Restricted cash	259	259
Cash, cash equivalents, and restricted cash in consolidated balance sheets	56,102	75,725
Supplemental non-cash items:
Issuance of common stock warrants	1,383	0
Purchases of property and equipment in accounts payable and accrued liabilities	8	75
Supplemental disclosure of cash flow information:
Cash paid for income taxes	283	214
Cash paid for interest	$ 1,897	$ 1,572

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current assets
Cash and cash equivalents	$ 55,843	$ 69,751
Restricted cash	259	258
Accounts receivable, net	12,247	12,072
Inventory	16,390	15,845
Prepaid expenses and other current assets	3,394	3,758
Total current assets	88,133	101,684
Long-term inventory	3,803	3,604
Property and equipment, net	1,885	2,220
Goodwill	2,333	2,333
Right of use assets	17,267	18,028
Other long-term assets	1,311	1,422
Total assets	114,732	129,291
Current liabilities
Accounts payable	4,675	3,905
Accrued liabilities	14,070	14,556
Income taxes payable	264	263
Deferred revenue	16	18
Short-term debt	103	106
Current lease liabilities	1,277	1,210
Total current liabilities	20,405	20,058
Deferred tax liability	62	69
Long-term lease liabilities	17,403	18,059
Long-term debt	37,428	36,989
Common stock warrant liability	238	0
Total liabilities	75,536	75,175
Commitments and contingencies (Note 9)
Stockholders’ equity
Preferred stock, $0.001 par value, 10,000,000 shares authorized; no shares issued and outstanding as of June 30, 2026 and December 31, 2025	0	0
Common stock, $0.001 par value, 200,000,000 shares authorized as of June 30, 2026 and December 31, 2025; 42,948,269 shares issued and outstanding as of June 30, 2026 and 41,673,648 shares issued and outstanding as of December 31, 2025	43	42
Additional paid-in capital	582,396	573,272
Accumulated other comprehensive income	2,049	2,360
Accumulated deficit	(545,292)	(521,558)
Total stockholders’ equity	39,196	54,116
Total liabilities and stockholders’ equity	$ 114,732	$ 129,291