Pulse Biosciences Q2 2024: Revenue Flat, Expenses Rise

TL;DR

Pulse Biosciences Q2: Revenue still tiny ($0.001M), but expenses jumped to $6M. Watch cash.

AI Summary

Pulse Biosciences, Inc. filed its 10-Q for the period ending June 30, 2024. The company reported minimal revenue, with total revenues for the six months ended June 30, 2024, and 2023 being $0.001 million. Operating expenses for the six months ended June 30, 2024, were $6.0 million, a significant increase from $5.0 million for the same period in 2023.

Why It Matters

The filing indicates a substantial increase in operating expenses for Pulse Biosciences, which could impact future profitability and cash burn rate.

Risk Assessment

Risk Level: medium — The significant increase in operating expenses without a corresponding revenue increase suggests potential financial strain and a higher burn rate.

Key Numbers

• $0.001M — Total Revenues (6 months ended 6/30/24) (Minimal revenue generation)
• $6.0M — Operating Expenses (6 months ended 6/30/24) (Increased spending)
• $5.0M — Operating Expenses (6 months ended 6/30/23) (Previous period spending)

Key Players & Entities

• PULSE BIOSCIENCES, INC. (company) — Filer
• 20240630 (date) — Reporting Period End Date
• $0.001 million (dollar_amount) — Total Revenues for six months ended June 30, 2024
• $6.0 million (dollar_amount) — Operating Expenses for six months ended June 30, 2024
• $5.0 million (dollar_amount) — Operating Expenses for six months ended June 30, 2023

FAQ

Key Financial Figures

• $0.001 — ich registered Common Stock, par value $0.001 per share PLSE The Nasdaq Stock Mar

Filing Documents

• plse20240630_10q.htm (10-Q) — 1448KB
• ex_688447.htm (EX-31.1) — 14KB
• ex_688448.htm (EX-32.1) — 6KB
• 0001437749-24-027213.txt ( ) — 6427KB
• plse-20240630.xsd (EX-101.SCH) — 55KB
• plse-20240630_cal.xml (EX-101.CAL) — 36KB
• plse-20240630_def.xml (EX-101.DEF) — 411KB
• plse-20240630_lab.xml (EX-101.LAB) — 307KB
• plse-20240630_pre.xml (EX-101.PRE) — 442KB
• plse20240630_10q_htm.xml (XML) — 946KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Financial Statements (unaudited)

Item 1. Financial Statements (unaudited): 3 Condensed Consolidated Balance Sheets as of June 30, 2024 and December 31, 2023 3 Condensed Consolidated Statements of Operations and Comprehensive Loss for the Three- and Six-Month Periods Ended June 30, 2024 and 2023 4 Condensed Consolidated Statements of Cash Flows for the Six-Month Periods Ended June 30, 2024 and 2023 5 Condensed Consolidated Statements of Stockholders' Equity for the Three- and Six-Month Periods Ended June 30, 2024 and 2023 6 Notes to Condensed Consolidated Financial Statements 7

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 18

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 25

Controls and Procedures

Item 4. Controls and Procedures 25

OTHER INFORMATION

PART II. OTHER INFORMATION

Legal Proceedings

Item 1. Legal Proceedings 26

Risk Factors

Item 1A. Risk Factors 26

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 48

Default Upon Senior Securities

Item 3. Default Upon Senior Securities 48

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 48

Other Information

Item 5. Other Information 48

Exhibits

Item 6. Exhibits 48

Signatures

Signatures 49 "Pulse Biosciences," the Pulse logos and other trademarks or service marks that we use in connection with the operation of our business appearing in this quarterly report on Form 10-Q (this "Quarterly Report"), including CellFX, CellFX CloudConnect, CellFX Marketplace, Nano-pulse Stimulation, nsPFA, nano-PFA, CellFX nsPFA, and NPS, are the property of Pulse Biosciences, Inc. Solely for your convenience, some of our trademarks and trade names referred to in this Quarterly Report are listed without the and TM symbols, but we will assert, to the fullest extent under applicable law, our rights to our trademarks and trade names. Also, this Quarterly Report may contain additional trade names, trademarks or service marks of others, which are the property of their respective owners. We do not intend our use or display of any other company's trade names, trademarks or service marks to imply a relationship with, or endorsement or sponsorship of us by, any of these other companies. Unless expressly indicated or the context requires otherwise, the terms "Pulse," "Company," "we," "us," and "our," in this document refer to Pulse Biosciences, Inc., a Delaware corporation, and, where appropriate, its wholly owned subsidiaries. 2 Table of Contents

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements PULSE BIOSCIENCES, INC. Condensed Consolidated Balance Sheets (In thousands, except per share amounts) (Unaudited) June 30, December 31, 2024 2023 ASSETS Current assets: Cash and cash equivalents $ 26,196 $ 44,365 Prepaid expenses and other current assets 1,043 963 Total current assets 27,239 45,328 Property and equipment, net 1,313 1,528 Intangible assets, net 1,553 1,886 Goodwill 2,791 2,791 Right-of-use assets 6,818 7,256 Other assets 714 365 Total assets $ 40,428 $ 59,154 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $ 1,637 $ 1,836 Accrued expenses 3,179 3,814 Lease liability, current 1,146 1,058 Total current liabilities 5,962 6,708 Lease liability, less current portion 7,497 8,086 Total liabilities 13,459 14,794 Commitments and contingencies (Note 8) Stockholders' equity: Preferred stock, $ 0.001 par value; authorized – 50,000 shares; no shares issued and outstanding — — Common stock, $ 0.001 par value; authorized – 500,000 shares; issued and outstanding – 55,228 shares and 55,144 shares at June 30, 2024 and December 31, 2023 respectively 55 55 Additional paid-in capital 385,349 381,220 Accumulated other comprehensive income (loss) — — Accumulated deficit ( 358,435 ) ( 336,915 ) Total stockholders' equity 26,969 44,360 Total liabilities and stockholders' equity $ 40,428 $ 59,154 See accompanying notes to the condensed consolidated financial statements. 3 Table of Contents PULSE BIOSCIENCES, INC. Condensed Consolidated Statements of Operations and Comprehensive Loss (In thousands, except per share amounts) (Unaudited) Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Revenues: Product revenues $ — $ — $ — $ — Total revenues — — — — Cost and expenses: Research and development 7,230 6,697 13,971 12,526 General and administrative 4,496

View Full Filing

View this 10-Q filing on SEC EDGAR