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Stock-based Compensation
 9 Months Ended
Sep. 30, 2025
Share-Based Payment Arrangement [Abstract]  
Stock-based Compensation

7. Stock-based Compensation

 

The Company sponsored the Pulmatrix, Inc. Amended and Restated 2013 Employee, Director and Consultant Equity Incentive Plan (the “Incentive Plan”), which expired on June 10, 2025. No new awards may be made under the Incentive Plan after its expiration date. Awards issued under the Incentive Plan prior to its expiration remain outstanding in accordance with their terms.

 

 

There were no options granted or exercised during the nine months ended September 30, 2025. The following table summarizes stock options outstanding as of September 30, 2025:

 

  

Number of

Options

  

Weighted-

Average

Exercise

Price

  

Weighted-

Average

Remaining

Contractual Term

(Years)

  

Aggregate

Intrinsic

Value

 
Outstanding — January 1, 2025   34,046   $30.55           
Forfeited or expired   (188)  $2,350.64           
Outstanding — September 30, 2025   33,858   $17.67    5.98   $10 
Exercisable — September 30, 2025   29,780   $19.49    5.81   $7 

 

The Company records stock-based compensation expense related to stock options based on their grant-date fair value. As of September 30, 2025, there was an immaterial amount of unrecognized stock-based compensation expense related to unvested stock options granted under the Company’s Incentive Plan.

 

The following table presents total stock-based compensation expense for the three and nine months ended September 30, 2025, and 2024:

 

   2025   2024   2025   2024 
  

Three Months Ended

September 30,

  

Nine months Ended

September 30,

 
   2025   2024   2025   2024 
Research and development  $-    3    -    148 
General and administrative   6    194    20    350 
Total stock-based compensation expense  $6    197    20    498