Pulmonx Corporation (LUNG) SEC Filings & Earnings Calls

Going concern risk

“The Company has incurred operating losses and negative cash flows from operations to date and has an accumulated deficit of $545.3 million as of June 30, 2026.” · word for word

Debt covenant risk

“The Perceptive Loan includes revenue-based milestones for additional draws and a high interest rate (7.00% + SOFR, floor 3.75%), with PIK interest option.”

Single source supplier risk

“The Company relies on single source suppliers for the components, sub-assemblies and materials for its products.” · word for word

China registration certificate renewal delay impacting international sales.

“The decrease in international revenue was attributable to a lack of sales into China as we awaited the renewal of our registration certificate.” · word for word

China Revenue Concentration Risk

“Revenue from China represented 0 % and 10 % of total revenue for the three months ended March 31, 2026 and March 31, 2025, respectively.” · word for word

High Debt Service Cost

“As of March 31, 2026, the Perceptive Loan had an annual effective interest rate of 13.9% per year.” · word for word

Going Concern Uncertainty

“The Company has incurred operating losses and negative cash flows from operations to date and has an accumulated deficit of $535.2 million as of March 31, 2026.” · word for word

China registration certificate renewal delay causing revenue loss; international revenue ex-China growing but overall decline.

“The decrease in international revenue was attributable to a lack of sales into China as we await the renewal of our registration certificate.” · word for word

Cash burn continues; expects ~$23M decrease in cash for FY2026; limited runway without additional financing.

“Expects cash, cash equivalents, and marketable securities to decrease by approximately $23 million for the full year 2026 assuming no additional drawdowns under the Company’s credit facility.”

Revenue growth risk

“the revenue target had not been achieved above the minimum threshold resulting in no payment with respect to that portion of the bonus plan” · word for word

Low shareholder support for compensation

“the Company's non-binding advisory vote to approve its 2024 executive compensation passed, with approximately 51% of votes cast being in favor of the resolution.” · word for word

Single product dependency

“Our business currently depends entirely on our ability to successfully commercialize the Zephyr Valve, as well as our overall solution, in a timely manner. We have no other therapeutic products currently approved for sale in the United States and we may never be able to develop additional marketable products or enhancements to the Zephyr Valve solution.” · word for word

Safety risk and litigation

“In our clinical trials, pneumothoraces occurred in 18-34% of patients treated with the Zephyr Valve... During the treatment period (day of procedure to 45 days), there were a total of four deaths (3.1%) in the Zephyr Valve Group... Three of the four deaths were deemed by the investigators to be definitely related to treatment with Zephyr Valves and the remai” · word for word

Supply chain concentration

“We rely on single-source suppliers for the components, sub-assemblies and materials for our products. These components, sub-assemblies and materials are critical and there are no or relatively few alternative sources of supply.” · word for word

Reimbursement uncertainty

“Other commercial payors, including other plans in the Blue Cross Blue Shield family of plans, do not yet consider our solution medically necessary. Medicare, currently without a public coverage policy, covers our solution for patients when medically necessary on a case-by-case basis.” · word for word

Continued net losses and cash burn, though decreasing.

“Net loss for the full year of 2025 was $54.0 million. Cash decreased by $32 million in FY2025.”

U.S. revenue decline of 11% in Q4 signals potential market share loss or demand weakness.

“U.S. revenue was $14.1 million, a 11% decrease from the fourth quarter of 2024.” · word for word

Revenue growth modest, especially in U.S. (1% YoY), indicating potential market saturation or competitive pressure.

“U.S. revenue growth only 1% YoY.”

Operating expenses continue to outpace revenue growth, leading to sustained losses.

“Operating expenses $30.4M vs $29.2M, up 4%; net loss $14.0M.”

Guidance implies Q4 revenue of ~$21-22M, suggesting no acceleration.

“FY2025 guidance $89-90M implies Q4 revenue ~$21.1-22.1M.”

Customer concentration in accounts receivable

“The Company had one customer that accounted for 13% of accounts receivable as of September 30, 2025.” · word for word

Single source supplier dependency

“The Company relies on single source suppliers for the components, sub-assemblies and materials for its products.” · word for word

Accumulated deficit and operating losses

“The Company has incurred operating losses and negative cash flows from operations to date and has an accumulated deficit of $511.1 million as of September 30, 2025.” · word for word

Leadership instability with sudden CEO and CFO resignations; potential impact on strategy and operations.

“CEO and CFO resigned effective immediately; former CEO reappointed; earnings call rescheduled.”

Preliminary revenue may indicate weaker-than-expected performance; full results pending.

“Preliminary Q3 2025 revenue ~$21.5M; full financial results delayed to Nov 12.”