Pulse Biosciences, Inc. (PLSE) SEC Filings & Earnings Calls

Early-stage partnership with no disclosed financial terms or revenue impact.

“No financial details provided in the filing.”

Clinical trial risk remains; primary endpoints not yet reported.

“Primary safety and effectiveness endpoints will be assessed at 6 and 12 months post-ablation.”

No efficacy or safety data released; study endpoints not yet met; regulatory and commercial uncertainty remains.

“Study protocol specifies follow-up visits; endpoints include safety, volume reduction, symptomatic relief; no results disclosed.”

Dilution risk from ongoing at-the-market equity offerings; prior program nearly exhausted and new $85M program initiated.

“New $85M ATM program after $68.8M already sold under prior $75M program.”

Potential shareholder dilution from future ATM sales; up to $75M in shares may be issued.

“the Company may offer and sell... shares of the Company’s common stock... having an aggregate offering price of up to $75,000,000”

Pre-revenue stage with significant operating losses; GAAP net loss ($24.7M) and non-GAAP net loss ($19.4M) in Q2.

“GAAP net loss for the three months ended June 30, 2026 was ($24.7) million compared to ($19.2) million for the three months ended June 30, 2025.” · word for word

Clinical trial and regulatory risks; NANOPULSE-AF protocol amendment increased enrollment target by 19 patients.

“Amended the NANOPULSE-AF protocol to reduce prior restrictions... increases the total evaluable patient target by 19 patients to 164.” · word for word

Dependence on ATM equity raises for funding; $46.8M raised in Q2, additional $10.7M post-Q2.

“During Q2 the Company raised $46.8 million in net proceeds through an at-the-market (ATM) program... Subsequent to the close of Q2, the Company raised an additional $10.7 million in net proceeds through the ATM.” · word for word

Continued operating losses and negative cash flow

“The Company has incurred net operating losses and negative cash flows from operations since its inception and had an accumulated deficit of $506.5 million as of June 30, 2026.” · word for word

Dependence on future financing

“there can be no assurance that in the event the Company requires additional financing, such financing will be available on terms which are favorable or at all.” · word for word

Early stage product revenue concentration

“To date, the Company has generated limited revenue from product sales and has incurred significant operating losses in each year since inception.” · word for word

Clinical trial still ongoing; regulatory approval and commercial success uncertain.

“pivotal clinical investigation currently evaluating the Company’s nPulse™ Cardiac Catheter System” · word for word

Potential dilution from warrant exercises could pressure stock price.

“Outstanding 200% Warrants may be exercised for cash... Any 200% Warrants that are not exercised... will be redeemed by the Company for $0.01 per warrant share.”

Cash burn and going concern risk

“The Company has incurred net operating losses and negative cash flows from operations since its inception and had an accumulated deficit of $481.9 million as of March 31, 2026.” · word for word

Pre-revenue stage with limited commercial traction

“To date, the Company has generated limited revenue from product sales and has incurred significant operating losses in each year since inception.” · word for word

Dilution risk from capital raises

“The Company believes that the existing financial resources combined with the net proceeds received from the shares of common stock sold on May 11, 2026 are sufficient to continue operating activities for at least one year.” · word for word

Significant Net Loss

“Net Loss ($ in thousands) (h) 2025 (72,781)”

Majority Stockholder Control

“As of March 31, 2026, Mr. Duggan is the beneficial owner of approximately 71.6% of our outstanding common stock.” · word for word

CEO Turnover

“Mr. LaViolette was appointed as our President and Chief Executive Officer as of January 9, 2025.” · word for word

2025 Corporate Objectives Not Achieved

“In February 2026, the Compensation Committee concluded that the Company's 2025 corporate objectives had not been achieved and decided not to award 2025 cash bonuses.” · word for word

Potential dilution from ATM sales; insider purchases not guaranteed.

“Any purchases of shares by these individuals would be at the prevailing market bid price or better, but they have not indicated the number of shares they intend to purchase nor have they made any formal binding commitments.”

High cash burn rate relative to cash reserves; company may need additional financing.

“net cash used in operating activities of approximately $14.6 million during the three months ended March 31, 2026”

Performance Miss in 2025

“In February 2026, the Compensation Committee concluded that the Company’s 2025 corporate objectives had not been achieved and decided not to award 2025 cash bonuses.” · word for word

Key Person Dependency on CEO

“Mr. LaViolette’s employment agreement provides for accelerated vesting upon termination within 12 months of a change of control, and severance benefits.”

Clinical trial is still feasibility stage; larger pivotal study needed to confirm results.

“The ongoing feasibility study is assessing the initial safety and efficacy of the nPulse Cardiac Catheter System for the treatment of AF (NCT06696170).” · word for word

Performance-based equity vesting tied to aggressive revenue and market cap targets may create retention risk if milestones are not met.

“Vesting of 500,000 options and 200,000 RSUs contingent on achieving $100M-$330M product revenue and $2B-$5B market cap.”

Clinical trial risk: enrollment, endpoint achievement, regulatory approval

“primary endpoints will be assessed at 6 and 12 months post-ablation to measure procedural success and safety outcomes” · word for word

Clinical trial risk; feasibility study may not lead to approval or commercial success.

“The Study is funded in part by the Company.” · word for word

Small sample size (21 patients); early-stage feasibility study

“first-in-human feasibility study; 21 patients”

Loss of key commercial leadership may disrupt early commercialization efforts

“Mr. Danahy was an important part of senior management as well as the Company's early commercialization efforts” · word for word

Potential dilution from ATM offering; company may need to raise additional capital to fund operations.

“Up to $59,976,196 of common stock may be sold under the ATM program.”

Controlling Shareholder Risk

“Robert W. Duggan is our Co-Chairman, and he beneficially owns approximately 72% of our common stock outstanding as of December 31, 2025.” · word for word

Trade Policy Risk

“A trade war or other governmental action related to tariffs or international trade agreements or policies has the potential to disrupt our research activities, affect our suppliers and/or the U.S. or global economy or certain sectors thereof and, thus, could adversely impact our businesses.” · word for word

Pre-revenue company with increasing cash burn; cash runway limited to approximately 5-6 quarters at current burn rate.

“Cash $80.7M; Q4 cash used in operations $14.8M; full-year GAAP net loss $(72.8)M.”

Clinical data is from a feasibility study; larger pivotal trials needed for regulatory approval.

“First-in-human feasibility study; 165 patients treated; further studies required.”

Clinical trial failure risk; regulatory approval uncertainty

“Single-arm study; primary safety and effectiveness endpoints; FDA approval still required”

Clinical and regulatory risk; early-stage feasibility study with no guarantee of commercial success.

“First-in-human clinical feasibility study; Investigational Device Exemption approved by FDA; no revenue or commercial data provided.”

No material risk signals; filing is a routine investor presentation update.

Increasing net loss and cash burn; cash runway may be limited given current burn rate.

“GAAP net loss ($19.4M) vs ($12.7M) prior year; cash used in ops $13.0M; cash $95.2M (down from $106.3M in Q2).”

Pre-revenue stage with minimal commercial revenue ($86K); dependent on clinical and regulatory success.

“Total revenue was $86 thousand... GAAP net loss ($19.4) million.”

Cash burn and need for additional capital

“The Company does not currently have any material cash flows from operations. It has recently commenced revenue-generating operations and will need to raise additional capital to finance its operations.” · word for word

Negative gross margin on initial product revenue

“Cost of product revenue 279 for the three months ended September 30, 2025, compared to product revenue of $86.”

Pre-Revenue Development Stage

“Net Loss (in thousands) $ (53,585 )”

Audit Committee Non-Compliance

“Since January 9, 2025, however, our Audit Committee has consisted of only two independent directors, which is below the minimum of three members required by Nasdaq Listing Rule 5605(c)(2)(A).” · word for word

Majority Stockholder Concentration

“As of October 22, 2025, Mr. Duggan is the beneficial owner of approximately 72.1% of our outstanding common stock.” · word for word