<SEC-DOCUMENT>0001193125-17-079033.txt : 20170313
<SEC-HEADER>0001193125-17-079033.hdr.sgml : 20170313
<ACCEPTANCE-DATETIME>20170310181533
ACCESSION NUMBER:		0001193125-17-079033
CONFORMED SUBMISSION TYPE:	S-8
PUBLIC DOCUMENT COUNT:		6
FILED AS OF DATE:		20170313
DATE AS OF CHANGE:		20170310
EFFECTIVENESS DATE:		20170313

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Pulmatrix, Inc.
		CENTRAL INDEX KEY:			0001574235
		STANDARD INDUSTRIAL CLASSIFICATION:	PHARMACEUTICAL PREPARATIONS [2834]
		IRS NUMBER:				461821392
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		S-8
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-216628
		FILM NUMBER:		17683395

	BUSINESS ADDRESS:	
		STREET 1:		99 HAYDEN AVENUE
		STREET 2:		SUITE 390
		CITY:			LEXINGTON
		STATE:			MA
		ZIP:			02421
		BUSINESS PHONE:		(781) 357-2333

	MAIL ADDRESS:	
		STREET 1:		99 HAYDEN AVENUE
		STREET 2:		SUITE 390
		CITY:			LEXINGTON
		STATE:			MA
		ZIP:			02421

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Ruthigen, Inc.
		DATE OF NAME CHANGE:	20130411
</SEC-HEADER>
<DOCUMENT>
<TYPE>S-8
<SEQUENCE>1
<FILENAME>d361055ds8.htm
<DESCRIPTION>S-8
<TEXT>
<HTML><HEAD>
<TITLE>S-8</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>As filed with the Securities and Exchange Commission on March&nbsp;10, 2017 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Registration <FONT STYLE="white-space:nowrap">No.&nbsp;333-</FONT> </B></P>
<P STYLE="font-size:4pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="margin-top:4pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>UNITED STATES </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>SECURITIES AND EXCHANGE COMMISSION </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>WASHINGTON, D.C. 20549 </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>FORM <FONT
STYLE="white-space:nowrap">S-8</FONT> </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>REGISTRATION STATEMENT </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B><I>UNDER </I></B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B><I>THE
SECURITIES ACT OF 1933 </I></B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:24pt; font-family:Times New Roman" ALIGN="center"><B>Pulmatrix, Inc. </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(Exact
name of registrant as specified in its charter) </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:8pt" ALIGN="center">


<TR>
<TD WIDTH="50%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="48%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="center"><B>Delaware</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B><FONT STYLE="white-space:nowrap">46-1821392</FONT></B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(State or other jurisdiction of</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>incorporation or organization)</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(I.R.S. Employer</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Identification No.)</B></P></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>99 Hayden Avenue, Suite 390 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Lexington, MA 02421 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Address of principal executive offices) (Zip Code) </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Pulmatrix, Inc. Amended and Restated 2013 Employee, Director and Consultant Equity Incentive Plan </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Full title of the Plan) </B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Robert W. Clarke, Ph.D. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Chief Executive Officer and President </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Pulmatrix, Inc. </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>99
Hayden Avenue, Suite 390 </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Lexington, MA 02421 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Name and address of agent for service) </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(781) <FONT STYLE="white-space:nowrap">357-2333</FONT> </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Telephone number, including area code, of agent for service) </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><I>Copy to: </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Rick A.
Werner, Esq. </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Haynes and Boone, LLP </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>30 Rockefeller Plaza, 26th Floor </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>New York, New York 10112 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Telephone: (212) <FONT STYLE="white-space:nowrap">659-7300</FONT> </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Facsimile: (212) <FONT STYLE="white-space:nowrap">884-8234</FONT> </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a <FONT STYLE="white-space:nowrap">non-accelerated</FONT>
filer, or a smaller reporting company. See definitions of &#147;large accelerated filer,&#148; &#147;accelerated filer&#148; and &#147;smaller reporting company&#148; in Rule <FONT STYLE="white-space:nowrap">12b-2</FONT> of the Exchange Act. </P>
<P STYLE="margin-top:0pt;margin-bottom:0pt;page-break-before:always"></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="16%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="60%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="20%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="1%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">Large&nbsp;accelerated&nbsp;filer</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&#9744;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Accelerated&nbsp;filer</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&#9744;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">Non-accelerated filer</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&#9744;&nbsp;&nbsp;(Do not check if a smaller reporting company)</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Smaller&nbsp;reporting&nbsp;company</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&#9746;</TD></TR>
</TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>CALCULATION OF REGISTRATION FEE </B></P> <P STYLE="font-size:4pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="44%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="13%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="13%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="13%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="13%"></TD></TR>


<TR STYLE="font-size:1px; ">
<TD COLSPAN="9" VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" ALIGN="center" STYLE="BORDER-TOP:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Title of each class of securities</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>to be registered</B></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="BORDER-TOP:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Amount</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>to be</B></P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>registered
(1)</B></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="BORDER-TOP:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Proposed</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>maximum</B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>offering
price</B></P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>per share</B></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="BORDER-TOP:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Proposed</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>maximum</B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>aggregate</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>offering price</B></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="BORDER-TOP:1px solid #000000"><B>Amount of<BR>registration fee (2)</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER-TOP:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Common Stock, par value $0.0001:</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER-TOP:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="BORDER-TOP:1px solid #000000">742,526(3)</TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="BORDER-TOP:1px solid #000000">$3.57(4)</TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="BORDER-TOP:1px solid #000000">$2,650,817.82(4)</TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="BORDER-TOP:1px solid #000000">$307.23</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER-TOP:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Total:</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="BORDER-TOP:1px solid #000000">742,526</TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="BORDER-TOP:1px solid #000000">N/A</TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="BORDER-TOP:1px solid #000000">$2,650,817.82</TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="BORDER-TOP:1px solid #000000">$307.23</TD></TR>
<TR STYLE="font-size:1px; ">
<TD COLSPAN="9" VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD></TR>
<TR STYLE="font-size:1px; ">
<TD COLSPAN="9" VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD></TR>
</TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(1)</TD>
<TD ALIGN="left" VALIGN="top">Pursuant to Rule 416(a) under the Securities Act of 1933, as amended (the &#147;Securities Act&#148;), the number of shares registered hereunder includes such additional number of shares of Pulmatrix, Inc. (the
&#147;Company&#148;) common stock, par value $0.0001 per share (the &#147;Common Stock&#148;), as are required to prevent dilution resulting from a stock split, stock dividend or similar transaction. </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(2)</TD>
<TD ALIGN="left" VALIGN="top">Amount of the registration fee was calculated in accordance with Section 6(b) and Rule 457 under the Securities Act and was determined by multiplying the aggregate offering price by 0.0001159. </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(3)</TD>
<TD ALIGN="left" VALIGN="top">Represents shares of Common Stock added to the Plan pursuant to an &#147;evergreen&#148; provision, which allows for an annual increase in the number of shares of Common Stock available for issuance thereunder, and that
are reserved for issuance pursuant to future awards under the Plan. </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(4)</TD>
<TD ALIGN="left" VALIGN="top">Estimated solely for the purpose of calculating the registration fee, based, in accordance with Rule 457(h) promulgated under the Securities Act, upon the high and low selling prices of the Common Stock on March&nbsp;7,
2017 as reported on the NASDAQ Global Market. </TD></TR></TABLE> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>EXPLANATORY NOTE </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">At the time the Plan was amended and restated, it reserved a total of 3,450,549 shares of Common Stock for issuance thereunder. Additionally,
the Plan includes an &#147;evergreen&#148; provision that provides for an annual increase in the total number of shares of Common Stock reserved for issuance thereunder on the first day of each fiscal year beginning in calendar year 2016. Pursuant
to the &#147;evergreen&#148; provision, the annual increase in the number of shares of Common Stock shall be equal to the lowest of: (i) 903,600 shares of Common Stock; (ii)&nbsp;five percent (5%) of the number of shares of Common Stock outstanding
as of the date of the increase; and (iii)&nbsp;an amount determined by the Company&#146;s board of directors. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">As a result of the
&#147;evergreen&#148; provision, effective January&nbsp;1, 2017, 742,526 shares of Common Stock were added to the total number of shares of Common Stock reserved for issuance under the Plan. This Registration Statement on Form <FONT
STYLE="white-space:nowrap">S-8</FONT> (this &#147;Registration Statement&#148;) is being filed for the purpose of registering 742,526 shares of Common Stock that may be issued under the Plan pursuant to the &#147;evergreen&#148; provision,
consisting of 742,526 shares of Common Stock reserved for issuance pursuant to future awards under the Plan. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">All share numbers in this
Registration Statement have been adjusted to give effect to the Company&#146;s <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">1-for-2.5</FONT></FONT> reverse stock split of its issued and outstanding Common Stock that occurred on
June&nbsp;15, 2015. Except as otherwise set forth below, the contents of the Registration Statements on Form <FONT STYLE="white-space:nowrap">S-8</FONT> filed with the Securities and Exchange Commission (the &#147;SEC&#148;) on May&nbsp;6, 2014
(File <FONT STYLE="white-space:nowrap">No.&nbsp;333-195737),</FONT> July&nbsp;20, 2015 (File <FONT STYLE="white-space:nowrap">No.&nbsp;333-205752),</FONT> September&nbsp;18, 2015 (File <FONT STYLE="white-space:nowrap">No.&nbsp;333-207002)</FONT> and
July&nbsp;15, 2016 (File <FONT STYLE="white-space:nowrap">No.&nbsp;333-212547)</FONT> are incorporated herein by reference as permitted by General Instruction E of Form <FONT STYLE="white-space:nowrap">S-8.</FONT> </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>PART II </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>INFORMATION
REQUIRED IN THE REGISTRATION STATEMENT </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="8%" VALIGN="top" ALIGN="left"><B>ITEM&nbsp;3.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>INCORPORATION OF DOCUMENTS BY REFERENCE.<SUP STYLE="font-size:85%; vertical-align:top"> </SUP> </B></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The following documents filed by us with the SEC are hereby incorporated into this Registration Statement by reference: </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">1.</TD>
<TD ALIGN="left" VALIGN="top">Our Annual Report on Form <FONT STYLE="white-space:nowrap">10-K</FONT> for the fiscal year ended December&nbsp;31, 2016, filed with the SEC on March&nbsp;10, 2017 (the &#147;Annual Report&#148;); </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">2.</TD>
<TD ALIGN="left" VALIGN="top">Our Current Report on Form <FONT STYLE="white-space:nowrap">8-K</FONT> filed with the SEC on January&nbsp;13, 2017 (not including any information furnished under Item 7.01); </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">3.</TD>
<TD ALIGN="left" VALIGN="top">Our Current Report on Form <FONT STYLE="white-space:nowrap">8-K</FONT> filed with the SEC on January&nbsp;30, 2017 (not including any information furnished under Item 7.01); </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">4.</TD>
<TD ALIGN="left" VALIGN="top">Our Current Report on Form <FONT STYLE="white-space:nowrap">8-K</FONT> filed with the SEC on February&nbsp;3, 2017; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">5.</TD>
<TD ALIGN="left" VALIGN="top">Our Current Report on Form <FONT STYLE="white-space:nowrap">8-K</FONT> filed with the SEC on February&nbsp;6, 2017 (not including any information furnished under Item 7.01); and </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">6.</TD>
<TD ALIGN="left" VALIGN="top">The description of our Common Stock contained in our Registration Statement on Form <FONT STYLE="white-space:nowrap">S-4</FONT> (File <FONT STYLE="white-space:nowrap">No.&nbsp;333-203417)</FONT> filed with the SEC on
April&nbsp;15, 2015, as amended by <FONT STYLE="white-space:nowrap">Pre-Effective</FONT> Amendment No.&nbsp;1 to Registration Statement on Form <FONT STYLE="white-space:nowrap">S-4</FONT> filed on May&nbsp;1, 2015 and Post-Effective Amendment
No.&nbsp;1 on Form <FONT STYLE="white-space:nowrap">S-3</FONT> to Registration Statement on Form <FONT STYLE="white-space:nowrap">S-4</FONT> filed on September&nbsp;18, 2015, including any amendments or reports filed for the purpose of updating such
description. </TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In addition, all documents filed by us pursuant to Sections 13(a), 13(c), 14 or 15(d) of the Securities
Exchange Act of 1934, as amended, subsequent to the date of this Registration Statement (other than any such documents or portions thereof that are furnished under Item 2.02 or Item 7.01 of a Current Report on Form
<FONT STYLE="white-space:nowrap">8-K,</FONT> unless otherwise indicated therein, including any exhibits included with such Items), prior to the filing of a post-effective amendment which indicates that all securities offered have been sold or which
deregisters all securities then remaining unsold, shall be deemed to be incorporated by reference in this Registration Statement and to be a part hereof from the date of filing of such documents. </P>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Any statement contained in this Registration Statement or in a document incorporated or deemed to
be incorporated by reference herein shall be deemed to be modified or superseded for purposes of this Registration Statement to the extent that a statement contained or incorporated by reference herein or in any subsequently filed document which is
deemed to be incorporated by reference herein modifies or supersedes such statement. Any such statement so modified or superseded shall not be deemed, except as so modified or superseded, to constitute a part of this Registration Statement. </P>
<P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="8%" VALIGN="top" ALIGN="left"><B>ITEM&nbsp;8.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>EXHIBITS. </B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The list of exhibits is set forth under &#147;Exhibit Index&#148; at the end
of this Registration Statement and is incorporated herein by reference. </P>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>SIGNATURES </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Pursuant to the requirements of the Securities Act of 1933, the registrant certifies that it has reasonable grounds to believe that it meets
all of the requirements for filing on Form <FONT STYLE="white-space:nowrap">S-8</FONT> and has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Lexington, State of
Massachusetts, on March&nbsp;10, 2017. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="12%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="87%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"><B>PULMATRIX, INC.</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Robert W. Clarke, Ph.D.</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Robert W. Clarke, Ph.D.</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Chief Executive Officer and President</TD></TR>
</TABLE></DIV> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>POWER OF ATTORNEY </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Each person whose signature appears below constitutes and appoints Robert W. Clarke, Ph.D. and William Duke, Jr., severally, each with full
power to act alone and without the others, his true and lawful <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">attorney-in-fact,</FONT></FONT> with full power of substitution, and with the authority to execute in the name of each
such person, any and all amendments (including without limitation, post-effective amendments) to this registration statement, to sign any and all additional registration statements relating to the same offering of securities as this registration
statement that are filed pursuant to Rule 462(b) of the Securities Act, and to file such registration statements with the SEC, together with any exhibits thereto and other documents therewith, necessary or advisable to enable the registrant to
comply with the Securities Act, and any rules, regulations and requirements of the SEC in respect thereof, which amendments may make such other changes in the registration statement as the aforesaid <FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">attorney-in-fact</FONT></FONT> executing the same deems appropriate. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Pursuant to the requirements of the
Securities Act of 1933, this registration statement has been signed by the following persons in the capacities and on the dates indicated. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="37%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="44%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="15%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Title</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Title</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Date</B></P></TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Robert W. Clarke, Ph.D.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Chief Executive Officer, President and Director</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">March&nbsp;10, 2017</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Robert W. Clarke, Ph.D.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">(Principal Executive Officer)</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ William Duke, Jr.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Chief Financial Officer, Treasurer and Secretary</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">March&nbsp;10, 2017</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">William Duke, Jr.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(Principal Financial Officer and Principal</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Accounting Officer)</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Mark Iwicki</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Chairman of the Board of Directors</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">March&nbsp;10, 2017</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Mark Iwicki</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Steven Gillis, Ph.D.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Director</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">March&nbsp;10, 2017</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Steven Gillis, Ph.D.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Michael J. Higgins</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Director</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">March&nbsp;10, 2017</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Michael J. Higgins</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Terrance G. McGuire</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Director</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">March&nbsp;10, 2017</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Terrance G. McGuire</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Scott M. Rocklage, Ph.D.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Director</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">March&nbsp;10 , 2017</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Scott M. Rocklage, Ph.D.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Matthew Sherman, M.D.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Director</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">March&nbsp;10, 2017</TD></TR>
</TABLE> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Matthew Sherman, M.D. </P>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>EXHIBIT INDEX </U></B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD WIDTH="60%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="10%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="6%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="8%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Exhibit</B><br><B>Number</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Exhibit Description</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Filed<BR>with</B><br><B>this</B><br><B>Report</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Incorporated</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>by</B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Reference</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>herein from</B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Form or</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Schedule</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Filing</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Date</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>SEC</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>File/Reg</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Number</B></P></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>&nbsp;&nbsp;2.1#</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Agreement and Plan of Merger, dated March&nbsp;13, 2015, by and among Pulmatrix, Inc., Pulmatrix Operating Company and Ruthigen Merger Corp.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" NOWRAP ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Form <FONT STYLE="white-space:nowrap">8-K</FONT></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">(Exhibit 2.1)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" NOWRAP>03/13/15</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" NOWRAP><FONT STYLE="white-space:nowrap">001-36199</FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>&nbsp;&nbsp;4.1</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Amended and Restated Certificate of Incorporation of Pulmatrix, Inc., as amended through June&nbsp;15, 2015.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" NOWRAP ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Form <FONT STYLE="white-space:nowrap">10-Q</FONT></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">(Exhibit 3.1)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" NOWRAP>08/14/15</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" NOWRAP><FONT STYLE="white-space:nowrap">001-36199</FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>&nbsp;&nbsp;4.2</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Restated Bylaws of Pulmatrix, Inc., as amended through June&nbsp;15, 2015.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" NOWRAP ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Form <FONT STYLE="white-space:nowrap">10-Q</FONT></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">(Exhibit 3.2)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" NOWRAP>08/14/15</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" NOWRAP><FONT STYLE="white-space:nowrap">001-36199</FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>&nbsp;&nbsp;4.3</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Form of Specimen Stock Certificate.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" NOWRAP ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Form <FONT STYLE="white-space:nowrap">8-K</FONT></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">(Exhibit&nbsp;4.1)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" NOWRAP>06/16/15</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" NOWRAP><FONT STYLE="white-space:nowrap">001-36199</FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>&nbsp;&nbsp;5.1</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Opinion of Haynes and Boone, LLP.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="top">&nbsp;</TD>
<TD NOWRAP VALIGN="top" ALIGN="center">X</TD>
<TD NOWRAP VALIGN="top">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>23.1</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Consent of Haynes and Boone, LLP (included in the opinion filed as Exhibit 5.1).</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="top">&nbsp;</TD>
<TD NOWRAP VALIGN="top" ALIGN="center">X</TD>
<TD NOWRAP VALIGN="top">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>23.2</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Consent of Marcum LLP, independent registered public accounting firm.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="top">&nbsp;</TD>
<TD NOWRAP VALIGN="top" ALIGN="center">X</TD>
<TD NOWRAP VALIGN="top">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>24.1</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Power of Attorney (included on the signature page to this Registration Statement on Form <FONT STYLE="white-space:nowrap">S-8).</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="top">&nbsp;</TD>
<TD NOWRAP VALIGN="top" ALIGN="center">X</TD>
<TD NOWRAP VALIGN="top">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>99.1</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Pulmatrix, Inc. Amended and Restated 2013 Employee, Director and Consultant Equity Incentive Plan.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" NOWRAP ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Form <FONT STYLE="white-space:nowrap">8-K</FONT></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">(Exhibit&nbsp;10.6)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" NOWRAP>06/16/15</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" NOWRAP><FONT STYLE="white-space:nowrap">001-36199</FONT></TD></TR>
</TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">#</TD>
<TD ALIGN="left" VALIGN="top">Certain schedules and exhibits have been omitted pursuant to Item 601(b)(2) of Regulation <FONT STYLE="white-space:nowrap">S-K.</FONT> Pulmatrix, Inc. hereby undertakes to furnish supplementally copies of any of the
omitted schedules upon request by the Securities and Exchange Commission. </TD></TR></TABLE>
</BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-5.1
<SEQUENCE>2
<FILENAME>d361055dex51.htm
<DESCRIPTION>EX-5.1
<TEXT>
<HTML><HEAD>
<TITLE>EX-5.1</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 5.1 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">March&nbsp;10, 2017 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Pulmatrix, Inc. </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">99 Hayden Avenue, Suite 390 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Lexington, MA 02421 </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">Re:</TD>
<TD ALIGN="left" VALIGN="top">Registration Statement on Form S-8 of 742,526 Shares of Common Stock of Pulmatrix, Inc. </TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Ladies and Gentlemen:
</P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We have acted as counsel to Pulmatrix, Inc., a Delaware corporation (the &#147;<B><I>Company</I></B>&#148;), in connection with the filing
with the Securities and Exchange Commission (the &#147;<B>Commission</B>&#148;) under the Securities Act of 1933, as amended (the &#147;<B><I>Act</I></B>&#148;) of a registration statement on Form S-8 (the &#147;<B><I>Registration
Statement</I></B>&#148;) by the Company relating to the registration of 742,526 shares (the &#147;<B><I>Shares</I></B>&#148;) of the Company&#146;s common stock, $0.0001 par value per share (the &#147;<B><I>Common Stock</I></B>&#148;), for issuance
upon the exercise of stock options or reserved for issuance pursuant to future awards under the Pulmatrix, Inc. Amended and Restated 2013 Employee, Director and Consultant Equity Incentive Plan (the &#147;<B><I>Plan</I></B>&#148;). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This opinion is being furnished in accordance with the requirements of Item&nbsp;601(b)(5) of Regulation S-K under the Act. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">For purposes of the opinions we express below, we have examined originals, or copies certified or otherwise identified, of (i)&nbsp;the
Amended and Restated Certificate of Incorporation (the &#147;<B><I>Certificate of Incorporation</I></B>&#148;) and the Restated Bylaws (the &#147;<B><I>Bylaws</I></B>&#148;) of the Company, each as amended and/or restated as of the date hereof;
(ii)&nbsp;certain resolutions of the Board of Directors of the Company and the compensation committee of the Board of Directors of the Company related to the filing of the Registration Statement, the authorization and issuance of the Shares and
related matters; (iii)&nbsp;the Registration Statement and all exhibits thereto; (iv)&nbsp;the Plan; (v)&nbsp;the specimen Common Stock certificate; (vi)&nbsp;a certificate executed by an officer of the Company, dated as of the date hereof; and
(vii)&nbsp;such other records, documents and instruments as we deemed relevant and necessary for purposes of the opinion stated herein. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">As to questions of fact material to the opinions expressed below, we have, without independent verification of their accuracy, relied to the
extent we deem reasonably appropriate upon the representations and warranties of the Company contained in such documents, records, certificates, instruments or representations furnished or made available to us by the Company. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In making the foregoing examination, we have assumed (i)&nbsp;the genuineness of all signatures, (ii)&nbsp;the authenticity of all documents
submitted to us as originals, (iii)&nbsp;the conformity to original documents of all documents submitted to us as certified or photostatic copies, (iv)&nbsp;that all agreements or instruments we have examined are the valid, binding and enforceable
obligations of the parties thereto, and (v)&nbsp;that all factual information on which we have relied was accurate and complete. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We have
not considered, and express no opinion herein as to, the laws of any state or jurisdiction other than the Delaware General Corporation Law, as currently in effect (the &#147;<U>DGCL</U>&#148;). </P>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Pulmatrix, Inc. </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">March&nbsp;10, 2017 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Page 2 </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We have also assumed that, at the time of the issuance of the Shares: (i)&nbsp;the Registration Statement and any amendments thereto
(including post-effective amendments) will have become effective and will remain effective, (ii)&nbsp;no stop order of the Commission preventing or suspending the use of the prospectus described in the Registration Statement will have been issued,
(iii)&nbsp;the prospectus described in the Registration Statement and any required prospectus supplement will have been delivered to the recipient of the Shares as required in accordance with applicable law, (iv)&nbsp;the resolutions of the Board of
Directors of the Company referred to above will not have been modified or rescinded, (v)&nbsp;the Company will receive consideration for the issuance of the Shares required by the Plan and that is at least equal to the par value of the Common Stock,
(vi)&nbsp;all requirements of the DGCL, the Certificate of Incorporation and the Bylaws will be complied with when the Shares are issued, (vii)&nbsp;sufficient shares of Common Stock will be authorized for issuance under the Certificate of
Incorporation of the Company that have not otherwise been issued or reserved for issuance and (viii)&nbsp;neither the issuance nor sale of the Shares will result in a violation of any agreement or instrument then binding upon the Company or any
order of any court or governmental body having jurisdiction over the Company. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Based on the foregoing, and subject to the qualifications,
assumptions and limitations stated herein, we are of the opinion that upon the issuance of the Shares in accordance with the terms of the Plan and the instruments executed pursuant to such Plan, the Shares will be validly issued, fully paid and
non-assessable. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We hereby consent to the filing of this opinion as Exhibit 5.1 to the Registration Statement and to all references to us
in the Registration Statement. In giving this consent, we are not admitting that we are within the category of persons whose consent is required under Section&nbsp;7 of the Act or the rules and regulations of the Commission thereunder. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:54%; text-indent:-2%; font-size:10pt; font-family:Times New Roman">Very truly yours, </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:54%; text-indent:-2%; font-size:10pt; font-family:Times New Roman">/s/ Haynes and Boone, LLP </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:54%; text-indent:-2%; font-size:10pt; font-family:Times New Roman">Haynes and Boone, LLP </P>
</BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-23.2
<SEQUENCE>3
<FILENAME>d361055dex232.htm
<DESCRIPTION>EX-23.2
<TEXT>
<HTML><HEAD>
<TITLE>EX-23.2</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 23.2 </B></P> <P STYLE="font-size:24pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt;margin-bottom:0pt" ALIGN="center">


<IMG SRC="g361055g00k14.gif" ALT="LOGO">
 </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><U>INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM&#146;S CONSENT </U></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We consent to the incorporation by reference in this Registration Statement of Pulmatrix, Inc. (the &#147;Company&#148;) on Form S-8 of our report, which
includes an explanatory paragraph as to the Company&#146;s ability to continue as a going concern, dated March 10, 2017, with respect to our audits of the consolidated financial statements of Pulmatrix, Inc. as of December 31, 2016 and 2015 and for
the years then ended appearing in the annual Report on Form 10-K of Pulmatrix, Inc. for the year ended December 31, 2016. </P> <P STYLE="font-size:24pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt;margin-bottom:0pt">


<IMG SRC="g361055g26o80.gif" ALT="LOGO">
 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">New York, NY </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">March 10, 2017
</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="font-size:120pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt;margin-bottom:0pt" ALIGN="center">


<IMG SRC="g361055g85c79.gif" ALT="LOGO">
 </P>

</BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>4
<FILENAME>g361055g00k14.gif
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 g361055g00k14.gif
M1TE&.#=AL  T *4  /___\C'Q_'Q\=;5U:RKJ[JYN>/CXR,?()Z=G5E65W5R
M<S L+3XZ.TQ(28.!@9&/C]_S]3^XQ&=D94^^R "AL._Y^@^GM8_6W&_*TG5S
M<RTI*FMH::FGJ'_0UQ^LNE_$S9_<X2^RO[_GZU6ZPUF?I5VMM"4E)24E)24E
M)24E)24E)24E)24E)24E)24E)24E)24E)24E)24E)24E)24E)24E)24E)24E
M)24E)24E)24E)24E)24E)24E)24E)24E)2P     L  T   &_D" <$@L&H_(
MI'+);#J?T*AT2JU:K]BL=LOM>K_@8F \-D0%Y+% F38GT_ V=8"0)!:' R.A
M0+B/:&1K3(%C0@9P4@-I TIYCPI1"(]Y 4D%E)%)E)R=!PL2!(-*! R>G D%
M1P&4EDRLCT(/G(U0IH\)CI0+HTVWCZY'"IR]1:?'>0S!1@&_R+A_0K"53=,'
MLIP.4)B4N9N<!$\#G<M$ IWA2,_(Z463G0T*#P\2SGD+M=*MU938NU##NND2
MZ"3@OB/O"!ZA-*^APWD).N7S]V@!@F( #!B\E\]:.236*#Y2U>0<JH&4HBG!
MP^FCD :>5 [IM\2 !(4 "'!2@)&(_@&8CQH,\L@O%H!9G"0XT7GR&Z<'39BV
M/#+NT2\$ZHPRB?C(C0"6>=HI$0 T#U0 1%_11$JL25E< W\Q:'(S3]T#+AT$
M33AWH=::E+ "V*C-B0!G9M(N"7DTZ"/!2@PXSN,MZX$$7/$"3L;6)5@"DA]-
MG/EW25FHH9/U?,,0[<'%:Q\'9:(W+%RG":1J2I(006<C4@^L*5O86&DEF:$F
M/"#6R2T&VA2SB5VI[&@COTQ>'IC@Z[W50GX9^%WDKJ:$"_SF>9(<0-GT4M0,
MD<[::.>$Q8]P.Q#IMN5<!C5'1%4'*$7>$*D=0))V"AI!4Q-@/<"@4EC0!Q)U
M>&D''Q(&_JGBGWJY3%.9$0$V1@T1Z!%AGH/'(1%< =:<=86%JV 8SETD&:%=
M7Q^RN!T XB'!$GRU:4;$+_D%5\R#;(#%RW(NQ??:=/8] M5^% +W2&$]&O<C
M6S(2H9L0F2UCS40,-L=D$6@0<)=9)IXXXY3UK1?G66#U5)8;71)Q6VI]E2<:
MF< 085 #)/:XSC&(QFGDG(6J526< !0)&8*S"=$G:78"4&81@ [QJ1#>Y4%"
M!ZBF6D)*?B[:B02#L/6H%30R@^%9!#9*1)'II#:BC]<(,2:*CXD::4Z4C$#!
MLLQ^ -:EKE(BP3*R1AE%K6+<.H1U162G#V4H#5$J+T=V9:R<_IE)  &SS$)@
M4*  ,/30 T7J<82L.=)*YX63'B C?D3LMYN(X0Y1HA $9NEII F&,P&['[@V
MJ*8M+EQLME9.$<A\^];8KXP:JC@2Q^ Z%>RW/P[VB%BC%@F?".Q"$-Z6G)X,
MJI,J)?CK4I3 V+&M'XN<QX)6$4&PR=V:.VX1H_ZR6PC+1BR$RS7SAM/,CX"7
MQ$:(_(RQG6 &_ B%"85YM&4VWXEL'KL12LU^CX*PK,P(]TQQIT=DUN"N@9T!
M%J()6DN$K!2%"4">[IE+<LKJI1UJ9J-]^FX1'D@]A--WIUT$@9_TPCD#6ALA
M:SI],S&YVGSG@0"!OY[=N!&92:7K_KD9MD9$!W0/L=P::XHN+=.4Y%<36('^
MLK..8%$8]H!!\?KU\547(=6SP :PG$Q&-!QOQ>6.O'A8);T5S$:"5TI).LL3
M\=YWSQ=<!%A95U_6[$K,OSW>_*J6>L:1O94?Y_A(0G "E;XA!(=M0&,<L(21
ME,9QX'Q.N%[OCE OX;WE  W(%X(> +^V36T7 K())W+$%H61BAQ&V _T,D>5
M$39N Y0(G;@8,D$=.6,99.D$*!KB@ OR!Q 77$ "YJ$ '^:'+<?;"+R&@$3W
M)>T>:-, )*!P%V<X 6Z@*T*]UF&1).30589K8@IM5P0QHJTG &N<W9YP0.X9
MX4V&0XO>_HZA .R5$7Z>2,!'S/C$ V"/CZ)K"/;&,P\[-B0##FC(&1R2 44:
MYB%(&,\</R&!BSQ! &["8P,<<!UI-$1 0BC /"YEM$^&X92H!, B[)C*5KKR
ME;",I2QG2<M:VO*6N,RE+G?)2R^,IQP#<, 0HU$ !51R%)BLY!\($ P#H"]'
MAB# 0]J!@$L1 #(!"(<T'1(.9RJ@#ZP$B83FTQ _2.-2!0B'G40YQ&44P $.
M:*9#S)D1!"C  98TW0+@I8 %R*.?)&$ =![  *%D!(/T8 Z99!0 ;X#O*%"1
MYC#FD0Y8!",B9WE +K;IKP>$(P$2>( "]G"$"50 "0Q80'$(_CJ/FZ#&2)+Q
MT#4(L "('* 6"6# /4GJFH;L$P"'":D$5,J$F"Z@5X^J12D&)(1O,K$O0YR/
M0_42CGEPC&G?K$P"$'#4HXS(9CL,0"<O0 $,'(&FF'"#1H=0 '(YH"\*<.@U
M..C18 2 7!E9@"58P40_&@ 4" A . V6"X(*@:M'D( 'A;" ')VC$5&5AD.S
MR1RKZL-H?OP*2?2("6E^=4 :O0/]*F"!N;&IJWR0Q5<M\170&&D] A!I3O5:
M*85)(#H-!, [,5.@)7#.7T"MJ2<3LP W7',-&AV$,)M:&6-JRA(Z">E5:6<O
M3T$7@Y\U8"TP,9&'+6L"9>2$&=8JQPL"[J$RZPE CG1Z4%>P(C%XL=Y-@4I/
MG2PAM<(B%U?WB4$W#".E!RA,#N^@C$,L0(BFJ(61=,+0D]%T$*VUKK 8=S(#
MF&(/0B0"!"+ 80[G+L)--9 0"=P.[_QA/;7)J1^Q(5#@NL9@0KFK'B(B/&;T
M(@"C&  SV52  HS& #XV@H[-- K!BJN9$QE (P:0XXF40[T%&*PY<&@)1(SA
K.@:8B)T0L;H4Y@L-1QX* 0H@PUZ:^<QH3K.:U\SF-KOYS7".LYQE&00 .P$!

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>5
<FILENAME>g361055g26o80.gif
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 g361055g26o80.gif
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M7D%!0>OKZQ$1$:>GI]#0T'Q\?).3DR$A(41$1)^?GR@H*-[>WG5U=8*"@L#
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M&!<7%SHZ.HN+BY65E69F9C P,)"0D%965KR\O)V=G7%Q<7AX>*:FIEU=74!
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M2'3&$F 0P$_O 2@N_E5[O1@WW8D"7( #7I# %:<($ K($XI( 01B+!B*'("
M*1;Q !+-"<U$-8! A!12R5@(P(#",;@0,,X;D>11W4$Z=8025155Q*%GZ)7G
MF6")L/.A2F@9(0YK,%4SQW$PT/ *'0<.)  "P-C A3M)M+&4C92LPD5. V#
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" #L!

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>6
<FILENAME>g361055g85c79.gif
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 g361055g85c79.gif
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MPX@3*SZI5R _P']C#2Z\N++ERY@S"]2K0($^R&_Z 7  @+#FTZA3JZ;*F1T
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M@)N75H3_IA8 BE"S0!*]Y@$HPLA:S;$'7LN7 &CYTED%  &*( 613EK.;PY
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M"2"B;-4%:D"U(EJL:\ !U7@&;8 !V BV:BRV<C>.97N'H<NGG!<'G#F0Y-8
M]19L=$ND)'"WNC9T_K)%D ;Y:GNK DP*:TA0:TC:>7:@IA39A2*5 *)'D.P6
MQP<AN6?:G([L79A;PB_YD#/YHS(9D:'UN Y<?)LVJH!F %3:7!G@ 27@ ]\H
M6;(KD"O:6K:[!)'\9>63:A* !1KPQXP,5WX&!'L0@4^0;D_ !]FKO+LV:XXH
M@8PG94[F!WY(8G\ A!5&Q\PEK&_0O<_VO<K*K'YP !T0"! @!NA[K2T* 2]0
M!H. .. UR]H\S_MB:YTQ &10"!Y0!0,IDX80!Z_' AUF:4_@JA*0!H=@QRB
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M20X66)7"%T$ NW55D);EF@9I%]'E"I%36X41"K  9)X08'X0#)"I[BCF6N4
M:U[FY7/F49'E9^X .(VEYS@EYS1!540U5&#.YP'<%!8,4BA!  5P6XI^%(G^
:Z)*N&@'PA)-^Z9B>Z9J^Z9S>Z9[.)@$! #L!

end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
