PULSE BIOSCIENCES, INC. PLSE
We are a novel ablation company committed to health innovation using our patented Nano-pulse Stimulation ("NPS") technology, a revolutionary energy modality that delivers nanosecond-duration pulses of electrical energy, each less than a millionth of a second long, to nonthermally clear or kill targeted cells. NPS technology, also referred to as Nanosecond Pulsed-Field Ablation ("nsPFA") technology when used to ablate cellular tissue, can be used to treat a variety of medical conditions for which an optimal solution remains unfulfilled. We developed our proprietary nPulse System (formerly known as CellFX), a novel nsPFA delivery platform, and commercialized the initial application of its nsPFA technology to treat benign lesions of the skin. In parallel, we have designed a variety of applicators, or disposables, to explore the potential use of the nPulse platform to treat disorders in other medical specialties, such as cardiology, gastroenterology, gynecology, and otolaryngology. These applicators include devices for open surgical procedures, endoscopic or minimally invasive procedures, and endoluminal catheters, and each has been used in preclinical studies. Based on our preclinical experience and the potential to significantly improve outcomes for patients in a large and growing market, we decided in 2022 to focus our primary efforts on the use of nsPFA energy and the nPulse platform in the treatment of atrial fibrillation, where approximately 1.9 million patients in the United States are diagnosed annually. This potentially represents a greater than $3.0 billion addressable market within electrophysiology alone combined with long-term double-digit growth. Additionally, we are also pursuing the treatment of atrial fibrillation via a surgical approach as well as select other markets where nsPFA technology could have a profound positive impact on healthcare for both patients and providers, such as surgical soft tissue ablation.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $350.0K | $0 | $0 | $700.0K | $1.4M | $0 | — | — | — | — |
| Cost of revenue | $539.0K | $0 | $0 | $11.9M | $2.0M | $0 | $600.0K | $600.0K | $800.0K | $500.0K |
| Gross profit | -$189.0K | $0 | $0 | -$11.2M | -$550.0K | $0 | — | — | — | — |
| R&D | $44.7M | $32.3M | $27.8M | $20.8M | $28.6M | $26.4M | $25.0M | $17.3M | $9.6M | $5.5M |
| SG&A | $32.0M | $23.9M | $15.8M | $14.0M | $19.1M | $16.3M | $17.1M | $20.0M | $15.5M | $3.4M |
| Total operating expenses | $77.3M | $56.3M | $43.6M | $58.8M | $64.4M | $50.0M | $48.0M | $38.0M | $25.8M | $9.6M |
| Operating income | -$76.9M | -$56.3M | -$43.6M | -$58.1M | -$63.0M | -$50.0M | -$48.0M | -$37.5M | -$25.6M | -$9.5M |
| Interest expense | — | — | — | — | — | $114.0K | $983.0K | $418.0K | $247.0K | $68.0K |
| Pre-tax income | $72.8M | $53.6M | -$42.2M | -$58.5M | -$63.7M | -$49.9M | -$47.0M | -$37.5M | — | — |
| Income tax | $0 | $0 | $0 | $0 | $0 | $0 | — | — | — | — |
| Net income | -$72.8M | -$53.6M | -$42.2M | -$58.5M | -$63.7M | -$49.9M | -$47.0M | -$37.5M | -$25.6M | -$9.5M |
| EPS, basic | -1.08 | -0.92 | -0.85 | -1.72 | -2.28 | -2.14 | — | — | — | — |
| EPS, diluted | — | — | — | — | -2.28 | -2.14 | -2.26 | -2.20 | -1.73 | -0.86 |
| Shares, diluted (wtd. avg.) | 67.4M | 58.4M | 49.7M | 33.9M | 28.0M | 23.2M | — | — | — | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $80.7M | $118.0M | $44.4M | $61.1M | $28.6M | $12.5M | $6.9M | $51.1M | $3.4M | $2.1M |
| Short-term investments | — | — | — | — | — | $8.0M | — | — | — | $14.3M |
| Receivables | $274.0K | $0 | — | $0 | $61.0K | — | — | — | — | — |
| Inventory | $136.0K | $0 | — | $0 | $5.8M | — | — | — | — | — |
| Total current assets | $83.4M | $119.4M | $45.3M | $62.1M | $36.6M | $22.3M | $26.4M | $60.4M | $38.5M | $16.7M |
| Property, plant and equipment | $1.1M | $1.2M | $1.5M | $2.0M | $2.5M | $2.5M | $2.6M | $2.2M | $2.6M | $317.0K |
| Goodwill | $2.8M | $2.8M | $2.8M | $2.8M | $2.8M | $2.8M | $2.8M | $2.8M | $2.8M | $2.8M |
| Other intangibles | $575.0K | $1.2M | $1.9M | $2.6M | $3.2M | $3.9M | $4.5M | $5.2M | $5.9M | $6.5M |
| Total assets | $94.5M | $132.5M | $59.2M | $77.9M | $54.2M | $41.3M | $41.9M | $70.6M | $49.8M | $26.3M |
| Accounts payable | $2.8M | $1.7M | $1.8M | $1.6M | $2.9M | $1.7M | $2.0M | $1.3M | $782.0K | $265.0K |
| Total current liabilities | $7.9M | $10.1M | $6.7M | $6.0M | $8.5M | $7.6M | $4.5M | $3.1M | $2.2M | $1.0M |
| Total liabilities | $13.9M | $17.6M | $14.8M | $80.1M | $18.6M | $18.4M | $11.2M | $4.3M | $3.8M | $1.0M |
| Retained earnings | -$463.3M | -$390.5M | -$336.9M | -$294.7M | -$236.2M | -$172.5M | -$122.7M | -$75.7M | -$38.2M | -$12.6M |
| Total equity | $80.7M | $114.9M | $44.4M | -$2.2M | $35.7M | $22.9M | $30.7M | $66.3M | $46.0M | $25.3M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$54.1M | -$36.3M | -$33.0M | -$47.0M | -$54.1M | -$35.4M | -$34.2M | -$23.9M | -$11.1M | -$8.1M |
| Depreciation and amortisation | $406.0K | $512.0K | $542.0K | $690.0K | $480.0K | $430.0K | $494.0K | $645.0K | $336.0K | $94.0K |
| Stock-based compensation | $21.5M | $13.6M | $7.2M | $5.2M | $14.6M | $10.1M | $11.3M | $12.3M | $10.9M | $870.0K |
| Capital expenditure | $315.0K | $125.0K | $121.0K | $401.0K | $437.0K | $441.0K | $608.0K | $276.0K | $2.6M | $64.0K |
| Investing cash flow | -$335.0K | -$125.0K | -$121.0K | -$401.0K | $7.6M | $10.0M | -$10.1M | $26.1M | -$23.0M | -$14.4M |
| Financing cash flow | $17.2M | $110.1M | $16.4M | $79.9M | $62.7M | $30.9M | $82.0K | $45.5M | $35.4M | $20.9M |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001437749-26-016006.
Plot the figures US dollars
- Revenue
- Gross profit
- Net income
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | — | — | — | — | $0 | $1.4M | $700.0K | $0 | $0 | $350.0K |
| Gross profit | — | — | — | — | $0 | -$550.0K | -$11.2M | $0 | $0 | -$189.0K |
| Net income | -$9.5M | -$25.6M | -$37.5M | -$47.0M | -$49.9M | -$63.7M | -$58.5M | -$42.2M | -$53.6M | -$72.8M |
Recent filings and events
- Material agreement signed The company entered an agreement outside the ordinary course of business - a large contract, a credit facility, a merger agreement. Item 1.01
- Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
- Other event The catch-all. The company chose to disclose something that fits no other item, so the content is whatever it says it is. Item 8.01
- Shareholder vote The results of the annual meeting or a special vote. Item 5.07
- Other event Item 8.01
- Other event Item 8.01
- Results announced Item 2.02
- Other event Item 8.01
- Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
- Regulation FD disclosure Item 7.01
- Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02
- Regulation FD disclosure Item 7.01
Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.
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