Pulmonx (LUNG) Investor presentation summary

Market opportunity and clinical need

• Severe emphysema affects 1.5M patients in the U.S.; COPD and emphysema rank among the top four causes of death worldwide.

• Estimated $12B prevalent opportunity in major markets, based on 1.2M eligible patients and average revenue of ~ $10K per patient.

• Zephyr Valves target severe emphysema with hyperinflation, offering a minimally invasive, removable option intended to provide benefits similar to surgery with broader eligibility.

Treatment and patient selection

• Zephyr Valves allow trapped air to escape while preventing re-entry; an average of four valves are placed to occlude the diseased lobe and reduce hyperinflation.

• StratX analyzes CT scans for lobe volume, tissue destruction and fissure completeness; Chartis measures collateral ventilation to assess treatment eligibility.

• Treatment pathway includes pulmonary workup, CT analysis, Chartis assessment, bronchoscopic valve placement in about an hour and a minimum three-night hospital stay.

Clinical evidence and safety

• Four RCTs showed Zephyr Valves superior to medical management in Chartis-confirmed patients, with benefits across lung function, exercise capacity and quality of life; 100+ scientific articles report clinical benefits.

• GOLD guidance assigns Grade A evidence to endobronchial valve treatment; cited benefits include improved FEV1, 6MWD and health status, fewer exacerbations and potential delay of lung transplant.

• Zephyr Valve contraindications include active pulmonary infection, relevant material allergies, large bullae encompassing >30% of either lung and continued smoking; treatment is restricted to trained physicians.