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Form SCHEDULE 13D Pulmatrix, Inc. Filed by: RCM Eos PIPE HOLDINGS, LLC

April 22, 2026 4:25 PM





If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§ 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box.

The information required on the remainder of this cover page shall not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934 (“Act”) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).




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SCHEDULE 13D




Comment for Type of Reporting Person:
RCM Eos PIPE HOLDINGS, LLC, a Delaware limited liability company owns all of the issued and outstanding shares of Series B Convertible Preferred Stock of Pulmatrix, Inc. (the "Issuer"). The Series B Convertible Preferred Stock is convertible into shares of Common Stock, par value $0.0001 per share, of the Issuer, at a ratio of approximately 454.55 shares of Common Stock for each share of Preferred Stock, subject to a 9.99% beneficial ownership blocker. RCM Eos PIPE HOLDINGS, LLC is controlled by its manager, Rapha Capital Management, LLC, a Delaware limited liability company, which is in turn managed by its manager, Kevin M. Slawin. The above listed shares are based on 3,652,285 shares of Common Stock of the Issuer outstanding on February 23, 2026, as reported in the Issuer's Annual Report on Form 10-K for the year ended December 31, 2025, and the actual number of shares may differ at the time of the conversion, subject to the 9.99% beneficial ownership blocker.


SCHEDULE 13D




Comment for Type of Reporting Person:
RCM Eos PIPE HOLDINGS, LLC, a Delaware limited liability company owns all of the issued and outstanding shares of Series B Convertible Preferred Stock of the Issuer. The Series B Convertible Preferred Stock is convertible into shares of Common Stock, par value $0.0001 per share, of the Issuer, at a ratio of approximately 454.55 shares of Common Stock for each share of Preferred Stock, subject to a 9.99% beneficial ownership blocker. RCM Eos PIPE HOLDINGS, LLC is controlled by its manager, Rapha Capital Management, LLC, a Delaware limited liability company, which is in turn managed by its manager, Kevin M. Slawin. The above listed shares are based on 3,652,285 shares of Common Stock of the Issuer outstanding on February 23, 2026, as reported in the Issuer's Annual Report on Form 10-K for the year ended December 31, 2025, and the actual number of shares may differ at the time of the conversion, subject to the 9.99% beneficial ownership blocker.


SCHEDULE 13D




Comment for Type of Reporting Person:
RCM Eos PIPE HOLDINGS, LLC, a Delaware limited liability company owns all of the issued and outstanding shares of Series B Convertible Preferred Stock of the Issuer. The Series B Convertible Preferred Stock is convertible into shares of Common Stock, par value $0.0001 per share, of the Issuer, at a ratio of approximately 454.55 shares of Common Stock for each share of Preferred Stock, subject to a 9.99% beneficial ownership blocker. RCM Eos PIPE HOLDINGS, LLC is controlled by its manager, Rapha Capital Management, LLC, a Delaware limited liability company, which is in turn managed by its manager, Kevin M. Slawin. The above listed shares are based on 3,652,285 shares of Common Stock of the Issuer outstanding on February 23, 2026, as reported in the Issuer's Annual Report on Form 10-K for the year ended December 31, 2025, and the actual number of shares may differ at the time of the conversion, subject to the 9.99% beneficial ownership blocker.


SCHEDULE 13D


RCM Eos PIPE HOLDINGS, LLC
Signature:By: Rapha Capital Management, LLC, its Manager, By: /s/ Kevin M. Slawin
Name/Title:Kevin M. Slawin/President
Date:04/22/2026
Slawin Kevin M.
Signature:/s/ Kevin M. Slawin
Name/Title:Kevin M. Slawin
Date:04/22/2026
Rapha Capital Management, LLC
Signature:/s/ Kevin M. Slawin
Name/Title:Kevin M. Slawin/President
Date:04/22/2026

ATTACHMENTS / EXHIBITS

EXHIBIT 3

Categories

SEC Filings