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PLSE

Pulse Biosciences, Inc.

PLSE

Pulse Biosciences, Inc. • NASDAQ
$13.69 ▼ -0.73% (-0.10)
Market Cap $927.74 M
52w High $25.00
52w Low $12.56
Dividend Yield 0%
P/E -12.01
Volume 65.54K
Outstanding Shares 67.77M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $86K ▲ $20.174M ▲ $-19.385M ▼ -22.541K% ▼ $-0.29 ▼ $-19.129M ▼
Q2-2025 $0 $20.008M ▲ $-19.168M ▼ 0% $-0.28 ▼ $-18.901M ▼
Q1-2025 $0 $18.044M ▼ $-16.795M ▲ 0% $-0.25 ▲ $-17.761M ▲
Q4-2024 $0 $20.261M ▲ $-19.385M ▼ 0% $-0.33 ▼ $-19.974M ▼
Q3-2024 $0 $13.655M $-12.68M 0% $-0.21 $-13.361M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $95.214M ▼ $108.765M ▼ $16.071M ▲ $92.694M ▼
Q2-2025 $106.349M ▼ $120.251M ▼ $15.764M ▲ $104.487M ▼
Q1-2025 $119.279M ▲ $133.383M ▲ $14.931M ▼ $118.452M ▲
Q4-2024 $118.038M ▲ $132.46M ▲ $17.598M ▲ $114.862M ▲
Q3-2024 $79.033M $93.046M $13.915M $79.131M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-19.385M ▼ $-13.039M ▼ $-62K ▲ $1.966M ▲ $-11.135M ▲ $-13.101M ▼
Q2-2025 $-19.168M ▼ $-12.807M ▲ $-123K ▼ $0 ▼ $-12.93M ▼ $-12.91M ▲
Q1-2025 $-16.795M ▲ $-13.521M ▼ $-45K ▲ $14.807M ▼ $1.241M ▼ $-13.566M ▼
Q4-2024 $-19.385M ▼ $-9.144M ▼ $-53K ▼ $48.202M ▼ $39.005M ▼ $-9.197M ▼
Q3-2024 $-12.68M $-9.024M $-38K $61.899M $52.837M $-9.062M

Revenue by Products

Product Q3-2021Q3-2025
Operating Segments
Operating Segments
 $0 ▲$0 ▲
Cycle Units Products
Cycle Units Products
 $0 ▲$0 ▲
Systems Products
Systems Products
 $0 ▲$0 ▲

Five-Year Company Overview

Income Statement

Income Statement Income Statement: Pulse Biosciences is still essentially a pre-revenue company. Over the past several years it has not generated meaningful product or service revenue, so all reported results are driven by costs, mainly research, development, and general operating expenses. Losses have been steady and fairly predictable, reflecting an R&D-focused business rather than a commercial one. The per-share loss has improved somewhat in the most recent years, suggesting some cost discipline and possibly tighter focus, but the company is still clearly in investment mode, not profit mode. In practical terms, the income statement describes a company building technology and clinical evidence today in hopes of future revenue, rather than one already monetizing its innovations.

Balance Sheet

Balance Sheet Balance Sheet: The balance sheet is relatively simple and lean. Total assets are modest, and a large portion is held in cash and equivalents, which is typical for a development-stage medtech company. The recent increase in cash suggests fresh capital was raised, giving the company more flexibility in the near term. Debt levels are very low, so the company is not heavily burdened by interest or repayment obligations. Shareholders’ equity has moved from being very thin a couple of years ago to a healthier positive position, again consistent with new funding and reduced balance sheet stress. Overall, the balance sheet looks clean but small in scale, with the main question being how long the current cash can support ongoing clinical and development plans before additional capital is needed.

Cash Flow

Cash Flow Cash Flow: Cash flow is consistently negative, driven almost entirely by operating activities such as R&D, clinical work, and overhead. The cash burn has been relatively stable over the last several years, with no large swings, which makes the cost base somewhat predictable. Capital spending on equipment and facilities appears minimal, so most cash use is for people, trials, regulatory work, and general operations rather than heavy infrastructure. Free cash flow is therefore basically the same as operating cash flow and is clearly negative. The company depends on raising capital from investors or other financing sources to fund this gap until it can generate meaningful revenue from its products and pipeline.

Competitive Edge

Competitive Edge Competitive Position: Pulse Biosciences occupies a niche within the broader medical device and ablation markets, built around its Nano-Pulse Stimulation and nanosecond pulsed field ablation technology. Its key edge is a non-thermal, cell-selective approach that aims to destroy targeted cells while preserving surrounding structures, potentially improving safety, healing, and cosmetic outcomes. The company has built a sizable patent portfolio around its pulse generators, applicators, treatment methods, and specific uses. This intellectual property, combined with the specialized know-how required to deliver very short, high-voltage pulses safely, forms a meaningful barrier to entry for direct imitators. However, the broader pulsed field ablation space is drawing attention from large, well-funded medical device players, especially in cardiology. Those companies have strong commercial channels, regulatory experience, and installed customer bases. Pulse Biosciences’ challenge is to convert its technical differentiation into real-world adoption in a market where bigger competitors are also innovating. Its position is technologically promising but commercially unproven and resource-constrained by comparison.

Innovation and R&D

Innovation and R&D Innovation & R&D: Innovation is the core of Pulse Biosciences. Its Nano-Pulse Stimulation platform is designed as a versatile, multi-application technology rather than a single-use product. The company has already brought the CellFX System to market in dermatology, with regulatory clearances for certain benign skin lesions and broader indications in Europe. This demonstrates an ability to move from concept to an approved device. The most ambitious work is now in cardiology, where the firm is developing nsPFA tools for surgical and catheter-based treatment of atrial fibrillation. Early regulatory milestones and first-in-human studies are important proof points, but these programs are still in relatively early stages and carry the usual clinical and regulatory risks. Beyond that, the company is exploring oncology, potential immuno-oncology applications, and other fields like gastroenterology, all leveraging the same core technology. This breadth creates exciting upside if even a few indications succeed, but it also raises questions about focus and resource allocation for a company of this size. Execution quality in clinical trials, regulatory submissions, and strategic prioritization will largely determine how much of this innovation pipeline can be converted into commercial reality.

Summary

Summary: Pulse Biosciences is a classic R&D-driven medtech story: a small, pre-revenue company with a differentiated technology platform, a growing patent estate, and a broad set of potential medical applications, but with ongoing losses and reliance on external funding. Financially, it has a clean, low-debt balance sheet, a recently strengthened cash position, and a steady but persistent cash burn tied to research and development. There is no current operating revenue to offset these costs, so future capital raises remain a central consideration. Strategically, the company’s non-thermal, nanosecond pulsed field technology and early regulatory progress in dermatology and cardiology offer meaningful long-term potential if clinical and commercial milestones are met. At the same time, it faces significant execution, regulatory, competitive, and financing risks typical of an early-stage medical technology firm trying to break into markets dominated by much larger players. Overall, PLSE today is best understood as an innovation platform company still in the build-out phase, where the key variables are clinical results, regulatory approvals, partnership or commercialization strategy, and the company’s ability to sustain its development efforts over time.

NEWS

November 21, 2025 · 4:05 PM UTC

Pulse Biosciences Announces Inducement Grants Under Nasdaq Listing Rule 5635(c)(4)

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November 5, 2025 · 4:05 PM UTC

Pulse Biosciences Reports Business Updates and Third Quarter 2025 Financial Results

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October 24, 2025 · 7:00 AM UTC

Pulse Biosciences Announces First Enrollment in the NANOCLAMP AF Study

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October 22, 2025 · 4:05 PM UTC

Pulse Biosciences Schedules Third Quarter 2025 Business Updates and Financial Results Conference Call for November 5, 2025

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October 16, 2025 · 7:00 AM UTC

Pulse Biosciences Announces Inducement Grants Under Nasdaq Listing Rule 5635(c)(4)

Read more