What Pulmocide does

Pulmocide is a privately held, UK-headquartered biopharmaceutical company founded in 2013 that develops inhaled medicines for difficult-to-treat respiratory infections. The company's single clinical asset is opelconazole (PC945), an investigational inhaled triazole antifungal designed at a 2-3 μm particle size to match Aspergillus spores, enabling direct pulmonary delivery. Preclinical and Phase 1 data demonstrated lung concentrations exceeding 2000-fold over plasma, negligible CYP3A4/CYP1A2 inhibition, and more than 47-fold potency over first-line standard-of-care in immunocompromised mouse models. The company operates from London (HQ) with a US subsidiary, Pulmocide Inc., in Boston.

The clinical program targets invasive pulmonary aspergillosis (IPA) in patients not responding to standard-of-care antifungals, with secondary development planned for prophylaxis in lung transplant recipients and treatment of chronic Aspergillus-associated conditions (ABPA, CPA, SAFS). Opelconazole received FDA Orphan Drug, Fast Track, and Qualified Infectious Disease Product (QIDP) designations in September 2021, plus EU Orphan Drug designation. Pulmocide has raised approximately $208 million across multiple venture rounds, including a $147.5 million Series C (May 2021 and December 2022 extension) backed by Jeito Capital, SV Health Investors, SR One, IP Group, F-Prime Capital, J&J Innovation, Adjuvant Capital, Asahi Kasei, Longwood Fund, Pictet Alternative Advisors, Vivo Capital, and the Cystic Fibrosis Foundation. The revenue model is pharmaceutical product sales contingent on regulatory approval; the company is currently pre-revenue, with opelconazole available only through clinical trials and the UK MHRA Special Needs program.

The company's pivotal Phase 3 OPERA-T study in refractory IPA was terminated in January 2026 following an interim analysis that showed numerically lower favorable response rates and numerically higher mortality in the opelconazole arm compared to control. This represents a material adverse event for the lead asset and the central value proposition of the company. Pulmocide remains operational and is evaluating next steps for the program, but the termination leaves the commercial pathway substantially compromised absent a viable repositioning strategy, partnership, or alternative development path.

Name

Pulmocide

Legal name

Pulmocide Limited

Website

https://pulmocide.com

Company type

Private

Founded year

2013

Operating status

Operating

Headcount range

11–50 employees

Short description

Pulmocide is a UK-headquartered private biopharmaceutical company developing opelconazole, an inhaled triazole antifungal for pulmonary aspergillosis. Pre-revenue with approximately $208 million raised, the Phase 3 OPERA-T study was terminated in January 2026 after unfavorable interim analysis.

Ownership category

akta.pro rank

Product category

Inhaled Antifungal Pharmaceuticals

NAICS

Pharmaceutical and Medicine Manufacturing (3254)

SIC

Pharmaceutical Preparations (2834)

akta.pro primary industry

Pulmonology & Allergy Specialty Pharmaceuticals (HLAIACAF)

akta.pro secondary industry

Clinical Development (Phase I–III Trial Design & Execution) (HLAIALAE)

Keywords

• Inhaled antifungal therapy
• Pulmonary aspergillosis treatment
• Respiratory infectious disease
• Azole antifungal drug
• Biopharmaceutical drug development

Headquarters

HQ city

London

HQ country

United Kingdom

HQ region

Europe

Offices2 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Technology or R&D, Personnel, Marketing or Sales, Supply Chain, Operations

Revenue model

1. Pharmaceutical Product Revenue: Pulmocide is a late-stage biopharmaceutical company developing opelconazole for the treatment of pulmonary aspergillosis. Once approved, the company expects to generate revenue through product sales. Opelconazole has received Orphan Drug, Fast Track, and QIDP designations from FDA, and Orphan Drug designation in EU, which may facilitate expedited development and review.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels4 records

Core offering

Pulmocide develops opelconazole (PC945), a novel investigational inhaled triazole antifungal agent designed for direct delivery to the lungs to treat pulmonary aspergillosis and related Aspergillus-associated respiratory conditions. The drug is being advanced through late-stage clinical trials (Phase 3 OPERA-T for refractory invasive pulmonary aspergillosis, Phase 2 OPERA-S for prophylaxis in lung transplant recipients) with the goal of obtaining FDA and EMA approval for both treatment and prophylaxis indications.

Product overview

Pulmocide is a late-stage biopharmaceutical company developing novel inhaled medicines for difficult-to-treat respiratory diseases. The company's single product candidate is opelconazole (PC945), an investigational inhaled antifungal agent specifically designed for pulmonary delivery to treat pulmonary aspergillosis and related conditions. Opelconazole is currently in Phase 3 clinical trials for treatment of refractory invasive pulmonary aspergillosis and Phase 2 for prophylaxis in lung transplant patients. The product is delivered via nebulization and has received FDA Orphan Drug, Fast Track, and Qualified Infectious Disease Product (QIDP) designations.

Differentiator

Problem solved

Functional benefit

Products and services

• Opelconazole (PC945) Investigational inhaled triazole antifungal agent specifically engineered for direct delivery to the lungs to treat and prevent pulmonary aspergillosis. Designed with a 2-3 µm particle size matching Aspergillus spores, achieving >2000-fold higher lung concentrations than plasma with minimal systemic exposure and no observed CYP3A4/CYP1A2 inhibition. Currently in Phase 3 (OPERA-T) for refractory invasive pulmonary aspergillosis and Phase 2 (OPERA-S) for prophylaxis in lung transplant recipients.

Quantifiable outcome

• In preclinical immunocompromised mouse model, opelconazole exhibited more than 47-fold increased potency over current first-line standard-of-care antifungal therapy
• +4 more outcomes

Segments3 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Scale indicators2 records

Recent moves6 records

Expansion highlights5 records

Broad incumbents

• Pfizer: Markets Vfend (voriconazole), the first-line standard-of-care for invasive aspergillosis. Indirect comparator as the entrenched incumbent whose efficacy opelconazole was meant to improve upon.
• Basilea Pharmaceutica: Swiss anti-infectives specialist that developed isavuconazole (Cresemba) and markets a portfolio of antifungals and antibiotics. Comparable as a focused anti-infectives company with overlapping clinical and commercial expertise.
• Astellas Pharma: Global pharma marketing Cresemba (isavuconazole), a leading antifungal approved for invasive aspergillosis and mucormycosis. Direct therapeutic competitor and benchmark for opelconazole's potential commercial positioning.
• Merck & Co. (MSD): Markets Noxafil (posaconazole), a widely used antifungal for prophylaxis and treatment of invasive Aspergillus and Candida infections. Established competitor in the same therapeutic space.

Direct peers

• Scynexis: Developer of ibrexafungerp, a first-in-class triterpenoid antifungal approved for vulvovaginal candidiasis and studied for invasive fungal infections including Aspergillus. Comparable as a small-cap antifungal innovator with a single-asset focus similar to Pulmocide.
• F2G: Clinical-stage biopharma developing olorofim, a novel oral antifungal for invasive aspergillosis and other rare mold infections. Directly comparable to Pulmocide as a late-stage antifungal developer focused on Aspergillus.
• Cidara Therapeutics: Biopharma developing rezafungin (Rezzayo), an echinocandin antifungal approved for candidemia/invasive candidiasis and being explored for additional indications. Comparable as a clinical/commercial-stage antifungal company with overlapping investor base.

Emerging players

• TFF Pharmaceuticals: Clinical-stage company developing inhaled dry-powder formulations of existing drugs using Thin Film Freezing technology. Comparable as an innovator in inhaled drug delivery for serious lung infections.
• Verona Pharma: Late-stage respiratory biopharma developing ensifentrine for COPD and other respiratory diseases. Comparable as a late-stage, single-asset respiratory therapeutics company with a similar investor profile.
• Insmed: Commercial-stage biopharma specializing in inhaled therapies, including Arikayce for nontuberculous mycobacterial lung disease. Comparable as a focused inhaled respiratory/anti-infective company with commercial infrastructure relevant to opelconazole's launch.

Market position

Strengths4 records

Weaknesses5 records

Competitive moat3 records

Key risks6 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/pulmocide

Revenue estimate

Valuation estimate

Number of profiles

Profiles3 records

Funding overview

Funding rounds5 records

Investors15 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Pulmocide