PULSE BIOSCIENCES, INC.

Listed Company

PLSECIK 0001625101NasdaqNon-AcceleratedSmaller ReportingSurgical & Medical Instruments & ApparatusDelawareFY ends Dec 31

Period

FY 2025

Revenue

$350.0K

Net Income

—

Total Assets

—

Equity

—

Shares Out

69.21M

Op. Cash Flow

$-54.12M

Business

PULSE BIOSCIENCES, INC. develops and commercializes nanosecond-duration pulse electrical energy technology (Nano-pulse Stimulation or nsPFA) for nonthermal cellular ablation. Its main products include the CellFX Console platform and disposable applicators such as the nsPFA Percutaneous Electrode System, a surgical cardiac ablation clamp, and a 360° endocardial cardiac catheter. The company organizes its work around product families for soft tissue/surgical ablation, cardiac surgery, and electrophysiology. It distributes and conducts clinical programs primarily in the United States and internationally through clinical studies, regulatory clearances, pilot placements, and partnerships.

Summary from filing dated 2025-03-31

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Product revenue	350,000	0	0	700,000	1
Cost of product revenue	539,000	0	0	12	2
Research and development	45	32	28	21	29
Selling, general and administrative	32	24	—	—	—
Total cost and expenses	77	56	44	59	64
Loss from operations	−77	−56	−44	−58	−63
Interest income	4	3	1	−448,000	−646,000
Other expense	−52,000	−18,000	—	—	—
Total other income	4	3	1	−448,000	−646,000
Net loss	−73	−54	−42	−59	−64
Comprehensive loss	−73	−54	−42	−59	−64
Net loss per share, basic and diluted (in dollars per share)	−1.08	−0.92	−0.85	−1.72	−2.28
Weighted average common shares outstanding, basic and diluted (in shares)	67	58	50	34	28

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	81	118	44	61	29
Accounts receivable	274,000	0	—	0	61,000
Inventory	136,000	0	—	0	6
Prepaid expenses and other current assets	2	1	963,000	1	2
Total current assets	83	119	45	62	37
Property and equipment, net	1	1	2	2	2
Intangible assets, net	575,000	1	2	3	3
Goodwill	3	3	3	3	3
Right-of-use assets	6	7	7	8	9
Other assets	691,000	677,000	365,000	365,000	365,000
Total assets	95	132	59	78	54
Accounts payable	3	2	2	2	3
Accrued liabilities	4	7	4	3	4
Lease liability, current	2	1	1	896,000	774,000
Total current liabilities	8	10	7	6	9
Lease liability, less current portion	6	8	8	9	10
Total liabilities	14	18	15	80	19
Preferred stock, $0.001 par value; authorized 50,000,000 shares; no shares issued and outstanding	0	0	0	0	0
Common stock, $0.001 par value; authorized 500,000,000 shares; issued and outstanding 67,839,689 shares and 65,925,503 shares as of December 31, 2025 and 2024, respectively	68,000	66,000	55,000	37,000	29,000
Additional paid-in capital	544	505	381	292	272
Accumulated deficit	−463	−391	−337	−295	−236
Total stockholders equity	81	115	44	−2	36
Total liabilities and stockholders equity	95	132	59	78	54

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Depreciation	400,000	500,000	500,000	700,000	500,000
Amortization of intangible assets	665,000	666,000	665,000	665,000	666,000
Stock-based compensation	21	14	7	5	15
Non-cash lease expense	1	923,000	—	—	—
Loss on disposal of fixed assets	0	6,000	13,000	185,000	0
Accounts receivable	−274,000	0	0	61,000	−61,000
Inventory	−136,000	0	0	−3	−6
Prepaid expenses and other current assets	−912,000	−355,000	−65,000	1	−1
Other non-current assets	−14,000	−31,000	0	0	0
Accounts payable	1	−201,000	263,000	−1	1
Accrued liabilities	−3	3	1	−2	−937,000
Lease liabilities, net	−1	−1	−896,000	−774,000	−542,000
Net cash used in operating activities	−54	−36	−33	−47	−54
Purchases of property and equipment	−315,000	−125,000	−121,000	−401,000	−437,000
Purchases of intangible assets	−20,000	0	—	—	—
Net cash used in investing activities	−335,000	−125,000	−121,000	−401,000	8
Proceeds from issuance of common stock under employee stock purchase plan	586,000	478,000	395,000	486,000	810,000
Proceeds from exercises of warrants, net of issuance costs	14	49	15	26,000	4
Proceeds from exercises of stock options	2	871,000	1	0	786,000
Proceeds from issuance of common stock and warrants in relation to rights offering, net of issuance costs	0	60	0	—	—
Payment of deferred issuance costs in relation to at-the-market equity offering program	0	−281,000	0	—	—
Net cash provided by financing activities	17	110	16	80	63
Net (decrease) increase in cash and cash equivalents	−37	74	−17	33	16
Proceeds from exercise of warrants and stock options not yet received	45,000	92,000	—	0	0
Unpaid warrant issuance costs	2,000	13,000	—	—	—
Unpaid amounts related to purchase of equipment	8,000	26,000	—	−27,000	−27,000
Right-of-use asset obtained in exchange for lease liability	0	830,000	0	—	—

Filings

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