Sort of, about the way a basic kite is an airplane. Anyway, it was up in the air just what the Tully Monster was until some results were published recently showing that it had a rudimentary spine. Pretty good article at the Washington Post. Jury's still out on its neighbor the H-animal however.
I swear, the more I learn about biology and paleobiology in particular, the more H.P. Lovecraft's tales of alien strangeness seem down-home and comfortable.