Weekly structural research · NASDAQ · Healthcare

PULM Stage Analysis

Pulmatrix Inc

Week ending 25 Sep 2026Close USD 1.61Tenure DevelopingBenchmark QQQ

Screen this regime Supporting research Report data ↗

Executive diagnosis

What the Activity Line geometry says now

Structure, not prediction

Balance · Balance after decline

Directional pressure has compressed into balance.

Trend and Activity are compressed into balance, so neither side has durable control. Prior structure and the next directional change provide context; balance alone is not assumed to be a base.

The Trend gate is mixed within the current regime.
Fast Activity versus Slow Activity: weakening.
Activity structure: compressed and stable.

Direction -12−100 bearish to +100 bullish

Energy 14/100directional strength

Maturity 28/100lifecycle context

Confidence 41/100evidence agreement

Trend gate Mixedstructural direction

Activity structure Compressedstable separation

Price acceptance -50.0%position within the Activity structure

Fair Value context -53.3%USD 3.45 · improving

Trend Architecture map · Historical context

Weekly close, Activity, Trend and Fair Value

Follow price and Trend first, then add Activity Lines to inspect the structure. Subtle bands show the regime recognized at each completed observation; the dashed line marks current Fair Value, not a historical forecast.

CloseTrendCurrent Fair Value

Background stage key

BalanceDirection is contained.
Upward ExpansionUptrend is established.
DecelerationUptrend is losing energy.
Downward ExpansionDowntrend is established.

View chart values · 156 observations

Week	Close	Trend	Relative Strength	Volume	Regime	Direction	Energy
2026-09-25	1.61	1.54	-43.30	428894	Balance	-12	14
2026-09-18	1.44	1.58	-48.97	65612	Balance	-45	38
2026-09-11	1.41	1.63	-51.10	367729	Balance	-49	35
2026-09-04	1.39	1.66	-53.52	62413	Balance	-41	31
2026-08-28	1.51	1.70	-50.82	51719	Balance	-37	24
2026-08-21	1.50	1.73	-52.51	89080	Balance	-32	18
2026-08-14	1.54	1.77	-53.61	54298	Balance	-19	12
2026-08-07	1.66	1.81	-50.71	31775	Balance	-1	14
2026-07-31	1.74	1.83	-47.14	67169	Balance	5	21
2026-07-24	1.65	1.85	-51.00	55927	Balance	-1	21
2026-07-17	1.69	1.87	-52.03	87348	Balance	-1	23
2026-07-10	1.72	1.90	-54.70	193512	Balance	0	20
2026-07-03	1.72	1.99	-55.37	93317	Downward Expansion	-13	20
2026-06-26	1.64	2.07	-58.46	433265	Downward Expansion	-39	31
2026-06-19	1.46	2.16	-65.91	1489586	Downward Expansion	-44	37
2026-06-12	1.40	2.27	-67.75	227038	Downward Expansion	-46	42
2026-06-05	1.33	2.38	-69.90	111139	Downward Expansion	-49	49
2026-05-29	1.39	2.50	-71.27	66120	Downward Expansion	-48	46
2026-05-22	1.34	2.62	-72.74	98275	Downward Expansion	-59	52
2026-05-15	1.25	2.73	-75.07	83575	Downward Expansion	-64	57
2026-05-08	1.30	2.85	-74.95	87393	Downward Expansion	-63	61
2026-05-01	1.29	2.97	-74.45	100094	Downward Expansion	-66	67
2026-04-24	1.35	3.09	-73.61	300828	Downward Expansion	-66	83
2026-04-17	1.26	3.19	-75.57	140099	Downward Expansion	-72	88
2026-04-10	1.20	3.31	-76.01	104586	Downward Expansion	-81	91
2026-04-03	1.31	3.44	-73.27	180429	Downward Expansion	-83	91
2026-03-27	1.36	3.56	-71.83	998255	Downward Expansion	-87	87
2026-03-20	2.49	3.68	-51.50	174130	Downward Expansion	-60	55
2026-03-13	2.11	3.76	-60.68	116721	Downward Expansion	-69	48
2026-03-06	2.02	3.85	-63.83	730395	Downward Expansion	-73	46
2026-02-27	2.99	3.95	-48.33	138595	Downward Expansion	-45	36
2026-02-20	2.84	4.03	-52.04	68969	Downward Expansion	-49	44
2026-02-13	2.44	4.12	-59.46	29622	Downward Expansion	-64	53
2026-02-06	2.48	4.24	-60.03	49982	Downward Expansion	-64	55
2026-01-30	2.57	4.37	-60.14	39815	Downward Expansion	-63	59
2026-01-23	2.66	4.50	-59.62	49086	Downward Expansion	-66	79
2026-01-16	2.62	4.65	-60.72	95928	Downward Expansion	-67	87
2026-01-09	2.36	4.81	-65.45	84248	Downward Expansion	-73	90
2026-01-02	2.26	4.99	-66.67	133069	Downward Expansion	-82	92
2025-12-26	2.34	5.21	-66.68	197928	Downward Expansion	-88	90
2025-12-19	2.37	5.43	-66.32	268328	Downward Expansion	-90	78
2025-12-12	4.58	5.58	-35.41	82666	Downward Expansion	-56	41
2025-12-05	4.08	5.64	-43.87	45248	Downward Expansion	-73	50
2025-11-28	4.45	5.71	-38.67	37186	Downward Expansion	-63	42
2025-11-21	4.70	5.78	-32.67	24843	Downward Expansion	-55	36
2025-11-14	4.71	5.85	-35.05	12907	Downward Expansion	-48	34
2025-11-07	4.85	5.90	-33.81	27252	Downward Expansion	-42	32
2025-10-31	4.93	5.92	-34.37	21996	Downward Expansion	-45	36
2025-10-24	4.84	5.93	-33.95	61285	Downward Expansion	-55	42
2025-10-17	4.81	6.01	-32.48	81007	Downward Expansion	-58	60
2025-10-10	4.77	6.10	-31.01	184308	Downward Expansion	-60	62
2025-10-03	4.87	6.22	-30.74	31863	Downward Expansion	-60	69
2025-09-26	4.43	6.30	-35.84	103025	Downward Expansion	-77	80
2025-09-19	4.98	6.42	-27.83	68077	Downward Expansion	-58	45
2025-09-12	5.00	6.55	-25.51	34993	Downward Expansion	-61	53
2025-09-05	4.87	6.64	-25.58	20726	Downward Expansion	-64	66
2025-08-29	4.93	6.72	-23.40	45943	Downward Expansion	-64	71
2025-08-22	4.89	6.81	-23.67	77877	Downward Expansion	-67	70
2025-08-15	4.71	6.89	-26.62	50936	Downward Expansion	-73	73
2025-08-08	5.07	6.94	-20.04	65088	Downward Expansion	-70	68
2025-08-01	5.33	6.97	-12.23	39736	Downward Expansion	-69	65
2025-07-25	5.62	7.03	-8.84	51425	Balance	-66	56
2025-07-18	6.21	7.06	2.62	55902	Balance	-48	34
2025-07-11	6.31	7.05	6.92	34932	Balance	-17	19
2025-07-04	6.53	7.03	11.67	77284	Balance	7	8
2025-06-27	7.00	7.02	23.17	832101	Upward Expansion	44	26
2025-06-20	7.43	7.00	38.40	187800	Upward Expansion	57	59
2025-06-13	7.81	6.96	48.23	99619	Upward Expansion	56	63
2025-06-06	8.89	6.92	71.34	123349	Upward Expansion	70	61
2025-05-30	8.98	6.69	81.12	234522	Balance	58	34
2025-05-23	6.81	6.46	43.82	64763	Balance	5	5
2025-05-16	6.48	6.30	36.23	64764	Deceleration	19	10
2025-05-09	6.20	6.15	41.74	40380	Deceleration	5	8
2025-05-02	6.38	6.02	48.35	33583	Deceleration	6	15
2025-04-25	6.71	5.88	64.46	49842	Deceleration	4	20
2025-04-18	6.31	5.72	68.22	33079	Deceleration	5	22
2025-04-11	5.40	5.59	43.67	105753	Deceleration	-7	21
2025-04-04	5.40	5.47	56.98	142157	Deceleration	10	11
2025-03-28	7.19	5.36	92.11	103315	Upward Expansion	40	26
2025-03-21	7.47	5.19	100.43	84288	Upward Expansion	54	37
2025-03-14	8.46	5.01	134.40	123695	Upward Expansion	68	51
2025-03-07	7.16	4.79	100.53	133368	Upward Expansion	62	62
2025-02-28	8.08	4.63	125.07	208699	Upward Expansion	65	74
2025-02-21	8.92	4.44	147.82	370895	Upward Expansion	82	84
2025-02-14	7.73	4.21	117.57	60812	Upward Expansion	69	69
2025-02-07	7.24	4.02	116.06	82710	Upward Expansion	61	46
2025-01-31	7.70	3.85	137.05	180426	Upward Expansion	69	49
2025-01-24	7.28	3.66	128.48	110171	Upward Expansion	69	50
2025-01-17	6.11	3.48	100.71	94029	Upward Expansion	58	47
2025-01-10	6.01	3.35	108.23	221971	Upward Expansion	59	50
2025-01-03	7.20	3.21	149.93	275772	Upward Expansion	75	61
2024-12-27	6.40	3.03	127.30	137488	Upward Expansion	68	61
2024-12-20	6.00	2.88	121.10	323052	Upward Expansion	64	64
2024-12-13	5.75	2.75	112.34	303394	Upward Expansion	64	84
2024-12-06	6.00	2.62	128.57	1010562	Upward Expansion	66	88
2024-11-29	6.64	2.48	168.10	868321	Upward Expansion	86	95
2024-11-22	6.12	2.32	156.98	2619537	Upward Expansion	88	95
2024-11-15	6.56	2.19	189.31	23862869	Upward Expansion	90	91
2024-11-08	2.05	2.03	-9.45	130984	Balance	14	8
2024-11-01	2.13	2.04	-1.04	80425	Balance	23	10
2024-10-25	2.02	2.03	-7.99	55960	Balance	15	7
2024-10-18	2.02	2.02	-8.36	40890	Upward Expansion	27	12
2024-10-11	2.12	2.01	-4.01	46457	Upward Expansion	43	24
2024-10-04	2.10	2.00	-4.40	24948	Upward Expansion	40	20
2024-09-27	2.14	1.99	-2.96	36291	Upward Expansion	41	18
2024-09-20	2.19	1.98	-0.22	71416	Upward Expansion	35	14
2024-09-13	2.01	1.98	-7.66	80578	Upward Expansion	22	14
2024-09-06	2.00	1.97	-3.47	24233	Upward Expansion	25	17
2024-08-30	2.07	1.96	-6.57	24845	Upward Expansion	35	17
2024-08-23	2.00	1.95	-11.13	55845	Upward Expansion	48	29
2024-08-16	2.03	1.95	-9.81	131296	Upward Expansion	54	42
2024-08-09	2.28	1.94	5.57	56617	Upward Expansion	67	59
2024-08-02	2.32	1.93	7.08	62147	Upward Expansion	74	61
2024-07-26	2.10	1.92	-6.75	47481	Upward Expansion	58	48
2024-07-19	1.95	1.91	-16.45	32807	Upward Expansion	49	42
2024-07-12	2.12	1.91	-13.70	44025	Balance	61	52
2024-07-05	2.11	1.90	-15.29	118564	Balance	57	40
2024-06-28	1.93	1.89	-20.69	33962	Balance	39	19
2024-06-21	1.98	1.90	-19.69	21425	Balance	43	19
2024-06-14	1.92	1.89	-23.01	34528	Balance	26	10
2024-06-07	1.97	1.89	-19.23	34069	Balance	29	11
2024-05-31	1.87	1.88	-22.21	53007	Balance	4	8
2024-05-24	1.89	1.88	-23.77	59301	Balance	26	15
2024-05-17	1.91	1.88	-22.89	42327	Balance	31	13
2024-05-10	1.78	1.88	-27.64	98422	Upward Expansion	34	15
2024-05-03	1.96	1.89	-20.38	55925	Upward Expansion	53	47
2024-04-26	2.04	1.89	-17.63	22251	Balance	55	45
2024-04-19	1.99	1.89	-17.71	58074	Balance	21	24
2024-04-12	2.16	1.90	-16.68	125694	Balance	27	21
2024-04-05	2.01	1.90	-24.00	140561	Downward Expansion	-25	17
2024-03-29	1.75	1.91	-35.17	63075	Downward Expansion	-45	39
2024-03-22	1.67	1.93	-39.46	52736	Downward Expansion	-54	34
2024-03-15	1.68	1.96	-38.41	103028	Downward Expansion	-43	17
2024-03-08	1.91	1.98	-32.11	43129	Downward Expansion	-24	13
2024-03-01	1.92	2.00	-34.34	50373	Downward Expansion	-30	14
2024-02-23	1.95	2.03	-33.20	92220	Downward Expansion	-42	23
2024-02-16	1.83	2.05	-37.74	47763	Downward Expansion	-52	41
2024-02-09	1.75	2.08	-42.76	85640	Balance	-58	50
2024-02-02	1.78	2.11	-42.06	85674	Balance	-56	35
2024-01-26	1.82	2.14	-41.53	42969	Balance	-52	28
2024-01-19	1.77	2.17	-44.03	53406	Balance	-57	28
2024-01-12	1.96	2.20	-37.81	134140	Balance	-23	12
2024-01-05	2.05	2.22	-34.54	205185	Downward Expansion	-34	18
2023-12-29	1.86	2.25	-43.77	62238	Downward Expansion	-44	28
2023-12-22	2.00	2.28	-40.91	129228	Downward Expansion	-39	24
2023-12-15	1.89	2.30	-44.56	73685	Downward Expansion	-45	33
2023-12-08	1.86	2.34	-44.74	43985	Downward Expansion	-51	40
2023-12-01	2.02	2.37	-40.91	98642	Downward Expansion	-61	50
2023-11-24	1.82	2.40	-47.63	11637	Downward Expansion	-66	61
2023-11-17	1.82	2.44	-48.21	90224	Downward Expansion	-69	64
2023-11-10	1.74	2.47	-50.17	36227	Downward Expansion	-81	71
2023-11-03	1.91	2.51	-44.71	28794	Downward Expansion	-69	71
2023-10-27	1.87	2.54	-43.34	28351	Downward Expansion	-77	85
2023-10-20	1.88	2.57	-45.30	85964	Downward Expansion	-82	90
2023-10-13	2.03	2.61	-43.36	47756	Downward Expansion	-72	87
2023-10-06	1.99	2.65	-45.35	39770	Downward Expansion	-81	88

Price vs TrendAbove+4.8%

Trend directionFalling-18.0%

Price vs current Fair ValueBelow anchor-53.3%

Fair Value directionClosing upward+0.1%

Relative Strength vs benchmarkLagging-43.3%

Relative strength directionImproving+15.2%

Price momentumPositive+18.4%

Volume balanceDemand-led2.82×

Beyond the current label

Is the structure strengthening or losing force?

Direction and energy measure different things

Direction shows the upward or downward lean. Energy shows the force behind the structural move: high energy can accompany a strong decline as well as an advance.

Direction

-12 / ±100

+25.1 points since 2026-08-28

Energy

14 /100

-9.4 points since 2026-08-28

Recent change compares the latest reading with four observations earlier. Missing readings remain unavailable. Use the chart values above to inspect individual observations.

PULM Directional State ↗ PULM Momentum Intelligence ↗

Comparative structural evidence

Why this architecture regime won

Every regime is evaluated

Balance57

Rotation Up24

Upward Expansion10

Deceleration53

Rotation Down48

Downward Expansion47

The winning regime is the state most consistent with the complete SM evidence set. Direction, energy, maturity and confidence describe different aspects of the current structure, while contradictory evidence remains visible rather than being averaged into false certainty.

Time spent in each state

The context behind today’s regime

2023-10-06 to 2026-09-25 · 156 classified observations out of 156 shown.

Balance 24%Upward Expansion 26%Deceleration 5%Downward Expansion 46%

Recent Trend Architecture ledger

Regime	Recognized	Last observation	Tenure	Move inside regime
Balance	2026-07-10	2026-09-25	Developing	-6.4%
Downward Expansion	2025-08-01	2026-07-03	Extended	-67.7%
Balance	2025-07-04	2025-07-25	New	-13.9%
Upward Expansion	2025-06-06	2025-06-27	New	-21.3%
Balance	2025-05-23	2025-05-30	New	+31.9%
Deceleration	2025-04-04	2025-05-16	Developing	+20.0%
Upward Expansion	2024-11-15	2025-03-28	Established	+9.6%
Balance	2024-10-25	2024-11-08	New	+1.5%
Upward Expansion	2024-07-19	2024-10-18	Established	+3.6%
Balance	2024-05-17	2024-07-12	Developing	+11.0%
Upward Expansion	2024-05-03	2024-05-10	New	-9.2%
Balance	2024-04-12	2024-04-26	New	-5.6%
Downward Expansion	2024-02-16	2024-04-05	Developing	+9.8%
Balance	2024-01-12	2024-02-09	Developing	-10.6%

Classic Stage Analysis comparison

Stage 1 · Basing62

Stage 2 · Advancing34

Stage 3 · Distribution16

Stage 4 · Declining66

Legacy result: Stage 4 · Stage 4B · Declining. It remains visible while the experimental architecture is validated rather than being silently discarded.

Leadership versus QQQ

Is relative performance confirming the geometry?

Confirmation, not classification

Relative Strength

The security is compared with its market benchmark on the SM scale. Above zero indicates relative leadership; direction shows whether that leadership is improving or weakening.

Confirmation evidence

Lagging benchmark

Architecture confirmation: 3/100
Current Relative Strength: -43.30
Relative Strength direction: Improving
Price momentum: +18.4%
Excess performance vs benchmark: -14.0%
Healthcare regime cohort: 6th percentile134 in cohort

Test PULM trend persistence

Participation and structure

Is demand confirming the architecture?

Volume cannot overrule geometry

Relative volume2.06×

Latest completed volume relative to typical participation.

Up/down volume2.82×

Participation balance between advancing and declining observations.

Accumulation / distribution2 / 0

Recent participation evidence classified by demand and supply.

Activity alignment+25.0%

Current positive alignment across Activity and Trend.

Fast/slow rotationWeakening

Current relationship between Fast Activity and Slow Activity.

Structure stability+37.5%

Whether recent Activity evidence is stable or remains in balance.

Weekly volume with architecture context

Bars show completed weekly volume; the dashed line provides typical-volume context. Both measures use the same scale.

Explore PULM Volume & Price ↗

Decision architecture

References that would change the structural read

Evidence levels, not orders

Fast Activity USD 1.49falling

Slow Activity USD 1.52falling

Trend Reference USD 1.54+4.8% close margin

Current Fair Value USD 3.45-53.3% close margin

Structural low USD 1.16shock / repair context

What changes the read?

Persistent fast/slow separation and fan expansion would end Balance; direction determines whether it becomes Rotation Up or Rotation Down.

Range context +12.7%

Annualized volatility +39.8%

From structural high -70.7%

From structural low +38.8%

Point-in-time evidence

What followed this architecture in this market?

Descriptive history, never a forecast

Historical comparisons use only the structural read that would have been available at each completed observation. Independent observations are used where possible, with benchmark comparison beginning after each recognized state.

Outcome horizon	Samples	Median move	Positive periods	Directional follow-through	Median excess vs QQQ	Regime survived	Read
Near term	14	-2.8%-18.3% to +203.0%	+42.9%	+42.9%	-7.2%	+50.0%	Usable descriptive sample
Intermediate	6	-0.9%-30.4% to +260.4%	+50.0%	+50.0%	-7.3%	+33.3%	Usable descriptive sample
Extended	4	-11.4%-32.1% to +183.5%	+50.0%	+50.0%	-30.0%	+25.0%	Too little matched history
Full cycle	3	-47.7%-80.3% to +206.9%	+33.3%	+33.3%	-96.3%	+0.0%	Too little matched history

Evidence framework

What the analysis measures and where its limits lie

Trend Architecture

Trend Architecture brings Price, Fast Activity, Slow Activity and Trend into one structural read. It identifies balance, rotation, expansion, deceleration and contraction while requiring persistent evidence for confirmed regime changes.

Evidence roles

Trend, Activity, relative strength, volume and Fair Value each have a defined role in the SM evidence framework. No single reading is treated as sufficient on its own, and conflicting evidence remains visible.

Fair Value and RS

Current Fair Value provides a long-term price anchor and shows whether price is trading above, below or repairing toward that reference. Relative Strength compares the security with its benchmark and shows whether leadership is improving or weakening.

Known limitations

Weekly structure recognizes conditions after they develop. Event gaps can bypass smooth transitions, sideways markets can rotate repeatedly, and historical samples for a particular regime can be thin.

Independent market research for education. Not investment advice, a recommendation, a forecast, a target, or an execution instruction. Historical regime behaviour does not establish what happens next.

PULM Stage Analysis

What the Activity Line geometry says now

Directional pressure has compressed into balance.

Weekly close, Activity, Trend and Fair Value

Is the structure strengthening or losing force?

Direction

Energy

Why this architecture regime won

The context behind today’s regime

Is relative performance confirming the geometry?

Relative Strength

Lagging benchmark

Is demand confirming the architecture?

Weekly volume with architecture context

References that would change the structural read

What followed this architecture in this market?

What the analysis measures and where its limits lie

Trend Architecture

Evidence roles

Fair Value and RS

Known limitations

Send a message

Evidence context

What the Activity Line geometry says now

Directional pressure has compressed into balance.

Weekly close, Activity, Trend and Fair Value

Is the structure strengthening or losing force?

Direction

Energy

Why this architecture regime won

The context behind today’s regime

Is relative performance confirming the geometry?

Relative Strength ?

Lagging benchmark

Is demand confirming the architecture?

Weekly volume with architecture context

References that would change the structural read

What followed this architecture in this market?

Test the structure from another angle

Trend Persistence ↗

Directional State ↗

Momentum Intelligence ↗

Volume & Price ↗

Similar Charts ↗

RMI Reversal Map ↗

What the analysis measures and where its limits lie

Trend Architecture

Evidence roles

Fair Value and RS

Known limitations

Relative Strength

Trend Persistence

Directional State

Momentum Intelligence

Volume & Price

Similar Charts

RMI Reversal Map