Pulmonx : Investor Presentation – April 2026

Published: 2026-05-05 01:55:07 ET LUNG

Published on 05/05/2026 at 01:55 am EDT

NASDAQ: LUNG

April 2026

Large Market

$12B opportunity for severe emphysema

Broadly Reimbursed

Reimbursed across US, Europe and Australia

Precision Treatment

Proprietary patient selection technology &

minimally invasive treatment

Broadly Accepted

Grade "A" evidence in

global guidelines with

>40,000 total patients treated

Consistent Clinical Results

Clinical benefits demonstrated across 4 RCTs & 100+ scientific publications

Strong Pipeline & Team

Additional technology to expand market, experience to deliver

Hyperinflation & Shortness of Breath

Decreased Activity

Reduced Exercise Capacity & Increased Breathlessness

Further Decreased Activity

Progressive Deconditioning

Highly Compromised Quality of Life & High Risk of Mortality

Emphysema is a severe form of COPD with progressive lung destruction and air

trapping, leading to persistent breathlessness

Severe emphysema results in a quality of life

worse than patients with stage 4 lung cancer 3

COPD and emphysema among the

top 4 causes of death worldwide

There are 1.5 million patients with severe emphysema in the USA

Medical Management

Pulmonary Rehabilitation

Zephyr® Valves

Lung Volume Reduction Surgery

Lung Transplant

Non-invasive

Limited effect in severe patients

Non-invasive

Difficult to sustain benefits

Designed to Provide Benefits Similar to Surgery with Broader Eligibility

Minimally Invasive Fully Removable

Invasive Higher risk

Not an option for most patients

Invasive Higher Risk

Not an option for most patients

Bronchoscope introduced into lungs

of patient with diseased, hyperinflated lobe

Delivery catheter advanced into target lobe through bronchoscope

Valve size chosen in one step procedure and delivered to seal target airway

Zephyr® Valve allows trapped air to escape but not to re-enter

An average of 4 Zephyr® Valves

delivered to fully occlude diseased lobe

Hyperinflation in target lobe is reduced, improving lung function and breathlessness

CT Scan

Cloud Upload

StratX Report

Cloud-based quantitative analysis of CT Scan

First line evaluation for:

Volume

Tissue Destruction

Fissure completeness - an indicator for collateral ventilation

Identifies potential lobe(s) for Chartis® Evaluation and Zephyr® Valve treatment

Physiological Measure of Collateral

Ventilation

Evaluates the presence or absence of collateral ventilation

Measures changes in pressure and

airflow

Unique, patent protected technology

Standard COPD Work Up

StratX® Report

Chartis® System Assessment

Zephyr® Valves Placed

3 Night Stay

Patient undergoes standard pulmonary work up, including pulmonary function testing and CT scan

CT scan uploaded to cloud, generating report to help identify one or more eligible lobes for treatment

Patient sedated & Chartis Assessment simulates valve placement with a balloon catheter in target lobe(s) to test for collateral

ventilation

Bronchoscopic placement

of Zephyr Valves in a procedure completed in about an hour

Patient remains in the hospital for monitoring for a minimum of 3 nights following the procedure

Patient Benefits of Zephyr Valve Treatment

Improved Health Status

(BODE)

Improved Quality of Life & Exercise

(SGRQ, TDI/BDI, CAT, 6MWD)

Reduced Breathlessness

(mMRC, BORG)

Improved Lung Function

(FEV1, DLCO, FRC)

Reduced Gas Trapping

(RV, IC/TLC)

Successful Lobar Occlusion

(TLVR)

1 Criner G. et. al. AJRCCM, 2018.

Zephyr Valves superior to medical management alone in Chartis System-confirmed patients

LIBERATE1

N = 190

12 Mo

84%

TRANSFORM2

n = 97

6 Mo

90%

IMPACT3 **

n = 93

6 Mo

89%

STELVIO4 *

n = 68

6 Mo

88%

RCT

Size & Follow-up

Procedural Success

(TLVR%) 5

35%

30%

25%

20%

15%

10%

Lung Function Improvement vs Control (FEV1%) ┬

p<0.001

p<0.001 p=0.001

p<0.001**

Exercise Capacity Improvement vs Control (6MWD) ┬

p<0.001

p=0.002

p=0.016**

80 p<0.001

-16

-14

-12

-10

-8

-6

-4

-2

Quality of Life Improvement vs Control (SGRQ) ┬

p<0.001

p=0.004

p<0.001**

p=0.031

Minimal Clinically Important Difference

100+ scientific articles published on the clinical benefits of Zephyr Valves

1 Criner G. et. al. AJRCCM, 201 8.

2 Kemp, S, et. al, AJRCCM, 2017 .

3 Valip our, A, et. al, AJRCCM, 2016, and Ze phyr Instruction s for Use.

4 Kloo ster K. et al. N Engl J Med . 2015 .

5 Total L ung Volume Reductio n of > 350 mL.

*SGRQ Per pro tocol, all othe r value s listed ar e ITT 11

** Data in clud ed in FDA-app roved instructions for use

┬ Diffe rence betwee n valve and control groups

POTENTIAL COMPLICATIONS: Complications of the Endobronchial Valve treatment can include but are not limited to pneumothorax, worsening of COPD symptoms,

hemoptysis, pneumonia, dyspnea and, in rare cases, death.

Global Initiative for Chronic Obstructive Lung Disease. Global strategy for the Diagnosis, Management, and Prevention of Chronic Obstructive Pulmonary Disease. Global Initiative for

Chronic Obstructive Lung Disease; 2026. http://goldcopd.org.

U.S. Reimbursement in Place

Coding

Coverage / Payer Mix

Payment

Category I CPT® codes for physician billing

Valve procedure

Chartis System procedure

ICD-10 procedure codes for inpatient hospital billing

Payer Mix Estimate

Commercial

21%

Medicaid Medicare

6% 73%

Medicare covering patients who qualify

>90% of patients with commercial insurance are under a positive policy or no policy restricting access

>95% of patients with commercial insurance securing coverage 1

Established physician payment consistent with other complex bronchoscopies

Appropriate Medicare hospital payments for the Zephyr Valve procedure consistent with costs, mapping to surgical MS-DRGs 163-165 (Major Chest Procedures)2

1 Pulmon x Patient Reimbu rse ment Sup port P rogram experien ce throug h the prio r auth orizatio n p rocess, for cases where patients opted in. 13

2 See Pu lmo nx Reimbursement Guide for average nationa l Medicare pa yment rates associate d with the pr oce dure.

Predominantly direct sales model

with >95% of sales direct1

74 global sales territories1

42 in US

32 OUS

Zephyr® Valves Available in

>25 Countries1

Commercial (Direct) - >90%1 of revenue

Commercial (Distributor) - <10%1 of revenue

1 Data as of 03/31/26. 14

~500K

1.2M

~700K

3.8M

Patients diagnosed with emphysema in the U.S.1

1.5M

Patients with severe emphysema2,3

Patients with severe hyperinflation4

CV- Patients without exclusionary comorbidities eligible for Zephyr Valves in the United States6

OUS

Eligible CV- patients outside the US

Estimated 10% incidence per year5

Average revenue per patient of ~$10K x 1.2M patients = ~$12B prevalent opportunity in major markets

1 CDC 2018 http://www.cdc.gov/nchs/fastats/copd.htm.

2 Sor iano et al Lan cet Respir Med 201 5; 3: 443-50.

3 Wilson et al Asso ciation of Rad iograph ic Emphysema a nd Airflow Obstruction

with Lu ng Can cer Am J Respir Crit Care Med Vo l 17 8. pp 738 -744 , 2008

4 Deemsomcho k Journa l of Ch ronic O bstru ctive P ulmonary Disease. 7 :42 8-437 , Pulmonx analysis.

5 Decision Resources Group; Wilson et al. Am J Respir Crit Care Med Vol 178. pp 7 38 -744 , 2008 . 15

6 Pulmon x LIBERATE TRANSFO RM and IMPACT trial data.

Setting up High Quality and Efficient Valve Programs

Targeted Education of COPD-Oriented Clinicians

Sharing Best Practices to Ensure Appropriate Resourcing of Zephyr Programs

Concentrating Direct-to-Patient Efforts on Geographies with Established Treating Centers

Bronchoscopically-delivered polymeric foam under investigation to convert collateral ventilation (CV) status

~25% patients are currently ineligible for Zephyr Valves due to lung anatomy

AeriSeal System initially being studied to convert ineligible lobes to eligible

Once converted, patient can be treated with Zephyr Valves

The AeriSeal System is for investigational use only and

is not available for sale in the United States.

Potential to expand addressable TAM by at least 20%

Revenue

$20.6 million in 1Q26

US: $13.3 million

OUS: $7.3 million

Gross Margin

78% in 1Q26

Cash Position

$61.6M in cash, cash equivalents, and marketable securities as of 3/31/2026

$26.0

$24.0

$22.0

$20.0

$18.0

$16.0

$14.0

$12.0

$10.0

$8.0

$6.0

$4.0

$2.0

$0.0

Revenue in $ Millions

$23.8

$23.9

$22.5

$22.6

$20.8

$21.5

$20.4

$20.6

$19.3

$18.9

$7.9

$17.7

$8.3

$9.1

$17.2

$7.5

$8.5

$5.6

$6.9

$6.6

$7.3

$6.0

$5.8

$5.2

$15.9

$13.7

$13.9

$13.8

$14.2

$14.7

$14.0 $14.1

$11.0

$11.8

$12.9

$13.3

Q2-23 Q3-23 Q4-23 Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 Q4-25 Q1-26

Large Market

$12B opportunity for severe emphysema

Broadly Reimbursed

Reimbursed across US, Europe and Australia

Precision Treatment

Proprietary patient selection technology &

minimally invasive treatment

Broadly Accepted

Grade "A" evidence in

global guidelines with

>40,000 total patients treated

Consistent Clinical Results

Clinical benefits demonstrated across 4 RCTs & 100+ scientific publications

Strong Pipeline & Team

Additional technology to expand market, experience to deliver

Thank you

Disclaimer

Pulmonx Corporation published this content on May 04, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on May 05, 2026 at 05:54 UTC.