Pulmonx Corp 2025年度报告

☒ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2025 OR TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF1934Commission File Number 001-39562 PULMONX CORPORATION (Exact name of registrant as specified in its charter) 700 Chesapeake DriveRedwood City, California 940631-650-364-0400(Address, including zip code, and telephone number, including area code, of registrant’s principal executive offices) Securities registered pursuant to section 12(g) of the Act:None Indicate by check mark if the registrant is a well‑known seasoned issuer, as defined in Rule 405 of the Securities Act.☐Yes☒No Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.☐Yes☒No Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the SecuritiesExchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports),and (2) has been subject to such filing requirements for the past 90 days.☒Yes☐No Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submittedpursuant to Rule 405 of Regulation S‑T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that theregistrant was required to submit such files).☒Yes☐No Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smallerreporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act. Large accelerated filer☐ Non-accelerated filer☒ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period forcomplying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.☐ Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectivenessof its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registeredpublic accounting firm that prepared or issued its audit report.☐ If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of theregistrant included in the filing reflect the correction of an error to previously issued financial statements.☐ Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-basedcompensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to § 240.10D-1(b).☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).☐Yes☒No As of March 3, 2026, there were 42,237,203 shares of the Registrant’s Common Stock, par value $0.001 per share, outstanding. The aggregate market value of the voting and non-voting common equity held by non-affiliates of the Registrant, based on the closingprice of the shares of common stock on The Nasdaq Stock Market on June 30, 2025, was approximately $101.4million. Solely for thepurposes of this disclosure, shares of common stock held by executive officers and directors have been excluded in that such personsmay be deemed to be affiliates. This determination of affiliate status is not a conclusive determination for other purposes. DOCUMENTS INCORPORATED BY REFERENCE Portions of the registrant’s definitive proxy statement relating to its 2026 annual meeting of stockholders (the “2026 Proxy Statement”)are incorporated by reference into Part III of this Annual Report on Form 10-K where indicated. The 2026 Proxy Statement will befiled with the U.S. Securities and Exchange Commission within 120 days after the end of the fiscal year to which this Annual Reporton Form 10-K relates. TABLE OF CONTENTS PART IItem 1. Business6Item 1A. Risk Factors31Item 1B. Unresolved Staff Comments91Item 1C. Cybersecurity91Item 2. Properties92Item 3. Legal Proceedings92Item 4. Mine Safety Disclosures92PART IIItem 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities93Item 6. Reserved93Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations94Item 7A. Quantitative and Qualitative Disclosures About Market Risk106Item 8. Financial Statements and Supplementary Data108Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure148Item 9A. Controls and Procedures148Item 9B. Other Information150Item 9C. Disclosure Regarding Foreign Jurisdictions