debt_leverage_profile
0.00x Total Debt / Equity (Conservative)
High
SEC-XBRL
interest_rate_sensitivity
Low direct sensitivity; debt-free clinical-stage biotech funded by equity; cash burn ~$20M/year more affected by equity dilution than rate moves
Inferred
Agent_Inference
geopolitical_supply_exposure
Low intensity; China and India supply >60% of global API inputs, creating concentration risk.
Medium
GICS-commodity-overlay-v1
supply_chain_dependency
1) API/CMO manufacturing in India/China for inhaled drug compounds; 2) specialized dry-powder inhaler device components from European suppliers
Inferred
Agent_Inference
international_expansion_readiness
Minimal international revenue; pre-commercial stage; no material sovereign currency devaluation exposure currently
Inferred
Agent_Inference
geographic_footprint
Virtually no international revenue; operations US-based; currency risk negligible until post-approval commercialization
Inferred
Agent_Inference
commodity_exposure_profile
Low intensity; commodities: Active Pharmaceutical Ingredients, Rare Earth Elements, Natural Gas (energy), Plastics/Resins, Ethanol, Packaging Materials; geopolitical: China and India supply >60% of global API inputs, creating concentration risk.
Medium
GICS-commodity-overlay-v1
vendor_lock_dependency_score
High dependency on single-source CMOs for iSPERSE dry-powder platform; likely >50% operational input from non-substitutable specialized manufacturers
Inferred
Agent_Inference
business_model_type_primary
Clinical-stage biotech; minimal cloud infrastructure dependency; 30-day termination would affect data management but not core drug development IP
Inferred
Agent_Inference
business_model_type_secondary
Research data and trial management systems could migrate within 60-90 days; no revenue-generating digital product dependent on cloud uptime
Inferred
Agent_Inference
switching_cost_profile
Low API coupling risk; primarily uses standard lab informatics and CRO data platforms; no proprietary API integrations driving revenue
Inferred
Agent_Inference
howey_test_risk_index
Low Howey risk; revenue model is pharma licensing/milestones, not investment contracts; equity is standard registered securities
Inferred
Agent_Inference
regulatory_burden_tier
Very High
Medium
GICS-regulatory-overlay-v1
data_sovereignty_risk
Limited GDPR/CCPA exposure; clinical trial data governed by FDA/ICH GCP frameworks; patient data handled by CROs under BAAs
Inferred
Agent_Inference
antitrust_exposure_flag
Minimal antitrust risk; small-cap pre-commercial biotech with no dominant market position in any therapeutic area
Inferred
Agent_Inference
regulatory_exposure_profile
Very High burden; regimes: FDA, CMS, HHS, HIPAA, EMA, OIG; Drug pricing legislation and approval delays directly compress revenue visibility.
Medium
GICS-regulatory-overlay-v1
revenue_model_type
~100% transactional/milestone-based; licensing agreements with Janssen and others generate non-recurring milestone and royalty payments
Inferred
Agent_Inference
monetization_vector
Partnership milestones and licensing fees from pharma collaborators; no subscription revenue; royalties contingent on partner commercialization
Inferred
Agent_Inference
pricing_architecture
Pricing set by negotiated licensing deals; no direct consumer pricing; milestone structures lack flexible repricing mechanisms
Inferred
Agent_Inference
pricing_power_rating
Low standalone pricing power; dependent on pharma partner negotiating leverage; iSPERSE platform differentiation provides moderate IP premium
Inferred
Agent_Inference
target_gross_margin_bracket
Licensing/milestone revenue carries ~80-90% gross margin; R&D costs expensed below gross line; overall company EBITDA deeply negative
Inferred
Agent_Inference
churn_vulnerability_index
No free-rider problem; IP-protected platform with contractual partner commitments; risk is partner program discontinuation, not churn
Inferred
Agent_Inference
headcount_cost_structure
Revenue growth is sublinear to headcount; milestone revenue does not require proportional staff increases; ~50 FTEs support multiple programs
Inferred
Agent_Inference
marginal_cost_of_growth
Marginal cost of additional licensing revenue is low; primary costs are clinical trial expenses which scale with pipeline breadth, not revenue
Inferred
Agent_Inference
franchise_compliance_risk
Not applicable; no franchise network
Inferred
Agent_Inference
customer_acquisition_metric
At 10x scale, partner acquisition costs remain low; BD-driven model; primary bottleneck is clinical proof-of-concept data, not sales infrastructure
Inferred
Agent_Inference
network_effect_present
No network effects; proprietary iSPERSE dry-powder technology moat is IP-based, not network-based; durability tied to patent life through ~2035
Inferred
Agent_Inference
asset_efficiency_ratio
-436.2% Return on Assets (Negative equity)
High
SEC-XBRL
recession_resistance_tier
Moderate-high resilience; pharma R&D partnerships less cyclical than consumer spending; risk is partner budget cuts during prolonged downturns
Inferred
Agent_Inference
customer_segment_primary
Large pharmaceutical companies (Janssen/J&J primary); extreme concentration risk with top partner representing majority of collaboration revenue
Inferred
Agent_Inference
customer_segment_secondary
Emerging biotech licensees for non-core pipeline assets; very limited secondary segment; overall customer base fewer than 5 active partners
Inferred
Agent_Inference
characteristic_occupations
["11-0000 Management Occupations", "13-0000 Business and Financial Operations Occupations", "15-0000 Computer and Mathematical Occupations", "19-0000 Life, Physical, and Social Science Occupations", "21-0000 Community and Social Service Occupations", "23-0000 Legal Occupations", "29-0000 Healthcare Practitioners and Technical Occupations", "31-0000 Healthcare Support Occupations", "41-0000 Sales and Related Occupations", "43-0000 Office and Administrative Support Occupations", "51-0000 Production Occupations"]
High
SOC-2018/GICS-overlay
agent_automatable_labor_share
0.32 (HIL — ~32% of characteristic roles agent-automatable)
Medium
SOC-2018 + agentic-exposure-v1
capital_expenditure_profile
5.1% CapEx / Revenue (Moderate-CapEx)
High
SEC-XBRL
sec_cik
0001574235
High
SEC-EDGAR
ticker
PULM
High
SEC-EDGAR