SCHEDULE: FMR LLC & Abigail Johnson Disclose 5.4% Stake in Pulmonx

Sentiment:

Beneficial Ownership Disclosure 8 September 2025 11:46 AM

FMR LLC and Abigail P. Johnson have reported a 5.4% beneficial ownership stake in Pulmonx Corp's common stock as of August 29, 2025.

Summary

FMR LLC and Abigail P. Johnson, through various entities, beneficially own 2,179,993.02 shares of Pulmonx Corp's common stock.
This ownership represents 5.4% of the total outstanding common stock of Pulmonx Corp.
The shares were acquired and are held in the ordinary course of business, not for the purpose of changing or influencing control of Pulmonx Corp.
FMR LLC holds sole voting power over 2,175,878.00 shares and sole dispositive power over 2,179,993.02 shares.
Abigail P. Johnson holds sole dispositive power over 2,179,993.02 shares, reflecting her indirect interest through FMR LLC.
This document is an Amendment No. 5 to a previous Schedule 13G filing, indicating an update to their reported ownership.

Sentiment

Score: 6

Explanation: Neutral to slightly positive. The filing is a routine disclosure of a significant passive stake by a reputable institutional investor, which can be seen as a vote of confidence. No negative information is presented.

Positives

A major institutional investor, FMR LLC (Fidelity), maintains a significant stake in Pulmonx Corp, which can be interpreted as continued confidence in the company's long-term prospects.
The investment is stated to be for ordinary course of business, suggesting a passive, long-term investment strategy rather than an activist one that might introduce uncertainty.

Future Outlook

This filing does not contain forward-looking statements or guidance regarding Pulmonx Corp's future performance or FMR LLC's investment strategy beyond the passive nature of the current holding.

Management Comments

The securities were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer.

Industry Context

Schedule 13G filings are routine disclosures by passive institutional investors holding more than 5% of a company's stock. FMR LLC (Fidelity) is a major asset manager, and its continued stake in Pulmonx Corp suggests it views the company as a viable investment within its portfolio, consistent with its role as a large-scale institutional investor in the healthcare or medical device sector.

Comparison to Industry Standards

A 5.4% stake by a major institutional investor like FMR LLC is a standard level of passive ownership, common across various industries for large asset managers. It does not suggest an activist position, unlike stakes held by firms like Elliott Management or Starboard Value, which often acquire significant positions (e.g., 5-10% or more) with an intent to influence management or strategy.
For example, BlackRock and Vanguard frequently hold similar or larger passive stakes in thousands of public companies, reflecting broad market index tracking or diversified fund strategies, rather than specific strategic plays in the medical device sector where Pulmonx operates.

Corporate Governance

Change Type	Description	Effective Date	Impact Assessment
Ownership Structure Disclosure	Disclosure of Abigail P. Johnson's role as Director, Chairman, and CEO of FMR LLC, and the Johnson family's predominant ownership of FMR LLC's Series B voting common shares (49% voting power), forming a controlling group under the Investment Company Act of 1940.	N/A	Clarifies the ultimate control structure of the reporting entity (FMR LLC) and its relationship to the beneficial ownership of Pulmonx Corp shares, but does not directly impact Pulmonx Corp's corporate governance.

Stakeholder Impact

Shareholders: Provides transparency regarding a significant institutional holder's stake, potentially offering a degree of stability or validation.
Management: Awareness of a large passive investor, but no direct impact on operational decisions as the stake is not for control.

Next Steps

FMR LLC and Abigail P. Johnson will continue to monitor their investment in Pulmonx Corp.
Further Schedule 13G amendments will be filed if their beneficial ownership percentage changes significantly (e.g., crosses a 1% threshold up or down) or if their investment intent changes.

Key Dates

Date	Description
2023-01-03	Effective date of Power of Attorney for FMR LLC.
2023-01-10	Date of Schedule 13G filing by FMR LLC where Power of Attorney (accession number: -23-000003) was incorporated by reference.
2023-01-26	Effective date of Power of Attorney for Abigail P. Johnson.
2023-01-31	Date of Schedule 13G filing by FMR LLC where Abigail P. Johnson's Power of Attorney (accession number: -23-000038) was incorporated by reference.
2025-08-29	Date of event which requires the filing of this statement (beneficial ownership calculation date).
2025-09-05	Date of signing and filing of this Schedule 13G Amendment No. 5.

Recommendation

hold

This Schedule 13G filing is a routine disclosure of a passive ownership stake by a large institutional investor. It does not contain new financial performance data, strategic updates, or other information that would fundamentally alter the investment thesis for Pulmonx Corp. The continued significant stake by FMR LLC is a neutral to slightly positive signal, indicating ongoing institutional interest, but it does not provide a basis for a 'buy' or 'sell' recommendation based solely on this filing.

Keywords

Pulmonx Corp, FMR LLC, Abigail P. Johnson, Schedule 13G, Beneficial Ownership, Common Stock, Institutional Investor, Fidelity

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