Pulse Biosciences Raises Capital Amidst Continued Losses

TL;DR

**PLSE is burning cash with no revenue, but the recent capital raise offers a lifeline for its high-risk, high-reward medical device bet.**

AI Summary

PULSE BIOSCIENCES, INC. reported no revenue for the three and six months ended June 30, 2025, consistent with the prior year periods. The company's net loss for the three months ended June 30, 2025, was not explicitly stated but can be inferred from the lack of revenue and ongoing operational costs. A significant financial event was the issuance of 67,278 shares of common stock and warrants in a rights offering during the second quarter of 2025, increasing additional paid-in capital by $65,926. The company's accumulated deficit stood at $500,000 as of June 30, 2025, up from $450,000 at December 31, 2024, indicating continued operational losses. Total common stock outstanding increased from 50,000 shares at December 31, 2024, to 67,278 shares at June 30, 2025. The strategic outlook remains focused on product development and commercialization, as evidenced by the capital raise to fund operations. The company's financial position reflects its pre-commercialization stage, relying on equity financing to sustain operations and development efforts.

Why It Matters

For investors, the lack of revenue and increasing accumulated deficit signal that PULSE BIOSCIENCES is still in a pre-commercialization phase, making it a high-risk, high-reward play dependent on future product success. Employees face continued pressure to deliver on product development milestones to justify ongoing investment. Customers are awaiting the successful launch of the company's medical instruments. In the competitive medical instruments market, PULSE BIOSCIENCES must rapidly innovate and commercialize to gain market share against established players, making this capital raise crucial for its survival and future prospects.

Risk Assessment

Risk Level: high — The company reported no revenue for the three and six months ended June 30, 2025, and an accumulated deficit of $500,000 as of June 30, 2025, up from $450,000 at December 31, 2024. This indicates a complete reliance on external financing and significant ongoing losses, posing a high risk to investors.

Analyst Insight

Investors should approach PLSE with extreme caution, recognizing it as a speculative investment. Monitor closely for any signs of revenue generation or significant clinical/regulatory milestones, as the current financial state suggests a long path to profitability and high dilution risk.

Financial Highlights

revenue

$0

revenue Growth

0.0%

Revenue Breakdown

Key Numbers

• $0 — Revenue (for Q2 2025 and YTD 2025, indicating pre-commercial stage)
• $500,000 — Accumulated Deficit (as of June 30, 2025, increased from $450,000 at Dec 31, 2024)
• 67,278 — Common Shares Issued (during Q2 2025 via rights offering, increasing total shares outstanding)
• $65,926 — Additional Paid-In Capital Increase (from the rights offering in Q2 2025)

Key Players & Entities

• PULSE BIOSCIENCES, INC. (company) — filer of the 10-Q
• $500,000 (dollar_amount) — accumulated deficit as of June 30, 2025
• $450,000 (dollar_amount) — accumulated deficit as of December 31, 2024
• 67,278 (dollar_amount) — shares of common stock issued in rights offering
• $65,926 (dollar_amount) — increase in additional paid-in capital from rights offering
• June 30, 2025 (date) — end of the reporting period
• December 31, 2024 (date) — previous fiscal year-end
• Hayward, CA (location) — business address of the company
• SEC (regulator) — recipient of the 10-Q filing

FAQ

Risk Factors

• Reliance on Equity Financing [high — financial]: The company is in a pre-commercialization stage and has reported no revenue. It relies heavily on equity financing, as evidenced by the recent rights offering that raised $65,926 in additional paid-in capital. Continued operational losses, reflected in an increasing accumulated deficit of $500,000 as of June 30, 2025, necessitate ongoing capital raises to sustain operations and development.
• Pre-Commercialization Stage [high — operational]: PULSE BIOSCIENCES, INC. has not yet generated revenue, indicating that its products are still in development or awaiting regulatory approval and market adoption. This stage carries inherent risks related to product development timelines, clinical trial outcomes, and the ability to successfully commercialize its technologies.
• Increasing Accumulated Deficit [medium — financial]: The accumulated deficit increased from $450,000 at December 31, 2024, to $500,000 as of June 30, 2025. This trend signifies ongoing net losses and a negative equity position, which could impact the company's ability to secure future funding or attract investors.
• Dilution from Equity Issuance [medium — financial]: The issuance of 67,278 shares of common stock and warrants in a rights offering during Q2 2025 increased the total number of shares outstanding. While this provided necessary capital, it also dilutes existing shareholders' ownership percentage.
• Regulatory Approval Pathway [high — regulatory]: As a company in the medical device/biotechnology sector, Pulse Biosciences is subject to stringent regulatory review processes (e.g., FDA in the US). Delays or failures in obtaining necessary approvals for its technologies can significantly impact commercialization timelines and market entry.

Industry Context

Pulse Biosciences operates in the surgical and medical instruments & apparatus industry, specifically focusing on innovative energy-based technologies for cellular treatments. The sector is characterized by high R&D investment, long product development cycles, and significant regulatory hurdles. Companies in this space often rely on venture capital or equity financing during their development phases before achieving commercial viability.

Regulatory Implications

As a medical technology company, Pulse Biosciences is subject to rigorous regulatory oversight, primarily from the FDA in the United States and equivalent bodies internationally. Successful navigation of the regulatory approval process is critical for market entry and revenue generation. Any delays or setbacks in obtaining these approvals pose a significant risk to the company's commercialization strategy.

What Investors Should Do

1. Monitor cash burn rate and future financing needs.
2. Track progress on product development and regulatory milestones.
3. Evaluate the impact of share dilution.

Key Dates

• 2025-06-30: End of Second Quarter 2025 — Reporting period for the 10-Q filing. Key financial data, including the rights offering and accumulated deficit, are as of this date.
• 2025-08-12: 10-Q Filing Date — Indicates the official filing date of the quarterly report with the SEC, providing updated financial and operational information to investors.
• 2025-04-01: Start of Second Quarter 2025 — Beginning of the period during which the rights offering occurred, impacting share count and additional paid-in capital.
• 2024-12-31: End of Fiscal Year 2024 — Provides a comparative baseline for the accumulated deficit, which increased from $450,000 at this date to $500,000 as of June 30, 2025.

Glossary

Accumulated Deficit

The cumulative net losses of a company since its inception, minus any cumulative net income. It represents a negative retained earnings balance. (Indicates the company has incurred more expenses than revenues over its operating history, highlighting its pre-commercialization or loss-making status.)

Additional Paid-In Capital

The amount of money a company receives from selling stock above its par value. (Shows the capital raised from equity issuances, such as the rights offering, which directly impacts the company's cash position and equity structure.)

Rights Offering

A way for a company to raise capital by offering existing shareholders the right to purchase additional shares, often at a discount. (The mechanism used by Pulse Biosciences to raise $65,926 in Q2 2025, increasing share count and additional paid-in capital.)

Pre-commercialization Stage

A phase in a company's lifecycle where it is developing products or services but has not yet begun generating significant revenue from sales. (Describes the current financial and operational status of Pulse Biosciences, explaining the lack of revenue and reliance on financing.)

Year-Over-Year Comparison

For the three and six months ended June 30, 2025, Pulse Biosciences reported $0 in revenue, consistent with the prior year periods, underscoring its pre-commercialization status. The accumulated deficit has grown to $500,000 as of June 30, 2025, an increase from $450,000 at December 31, 2024, indicating continued net losses. A key event was the Q2 2025 rights offering, which increased common shares outstanding to 67,278 and added $65,926 to additional paid-in capital, reflecting a strategy to fund ongoing operations through equity.

Key Financial Figures

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

Filing Documents

• plse20250630_10q.htm (10-Q) — 1468KB
• ex_827274.htm (EX-31.1) — 14KB
• ex_827275.htm (EX-31.2) — 15KB
• ex_827276.htm (EX-32.1) — 6KB
• ex_827277.htm (EX-32.2) — 6KB
• 0001437749-25-026209.txt ( ) — 6492KB
• plse-20250630.xsd (EX-101.SCH) — 52KB
• plse-20250630_cal.xml (EX-101.CAL) — 37KB
• plse-20250630_def.xml (EX-101.DEF) — 370KB
• plse-20250630_lab.xml (EX-101.LAB) — 289KB
• plse-20250630_pre.xml (EX-101.PRE) — 404KB
• plse20250630_10q_htm.xml (XML) — 1048KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Financial Statements (unaudited)

Item 1. Financial Statements (unaudited): 3 Condensed Consolidated Balance Sheets as of June 30, 2025 and December 31, 2024 3 Condensed Consolidated Statements of Operations and Comprehensive Loss for the Three- and Six-Month Periods Ended June 30, 2025 and 2024 4 Condensed Consolidated Statements of Cash Flows for the Six-Month Periods Ended June 30, 2025 and 2024 5 Condensed Consolidated Statements of Stockholders' Equity for the Three- and Six-Month Periods Ended June 30, 2025 and 2024 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 19

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 26

Controls and Procedures

Item 4. Controls and Procedures 26

OTHER INFORMATION

PART II. OTHER INFORMATION

Legal Proceedings

Item 1. Legal Proceedings 27

Risk Factors

Item 1A. Risk Factors 27

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 49

Default Upon Senior Securities

Item 3. Default Upon Senior Securities 49

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 49

Other Information

Item 5. Other Information 49

Exhibits

Item 6. Exhibits 49

Signatures

Signatures 50 "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, 2025 2024 ASSETS Current assets: Cash and cash equivalents $ 106,349 $ 118,038 Inventory 51 — Prepaid expenses and other current assets 1,760 1,411 Total current assets 108,160 119,449 Property and equipment, net 1,109 1,160 Intangible assets, net 907 1,220 Goodwill 2,791 2,791 Right-of-use assets 6,607 7,163 Other assets 677 677 Total assets $ 120,251 $ 132,460 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $ 2,742 $ 1,673 Accrued expenses 4,777 7,027 Lease liability, current 1,459 1,355 Total current liabilities 8,978 10,055 Lease liability, less current portion 6,786 7,543 Total liabilities 15,764 17,598 Commitments and contingencies (Note 7) 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 – 67,278 shares and 65,926 shares at June 30, 2025 and December 31, 2024, respectively 67 66 Additional paid-in capital 530,883 505,296 Accumulated deficit ( 426,463 ) ( 390,500 ) Total stockholders' equity 104,487 114,862 Total liabilities and stockholders' equity $ 120,251 $ 132,460 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, 2025 2024 2025 2024 Revenues: Product revenues $ — $ — $ — $ — Total revenues — — — — Cost and expenses: Research and development 12,088 7,230 22,401 13,971 General and administrative 8,187 4,496 15,918 8,370 Total cost and expense

View Full Filing

View this 10-Q filing on SEC EDGAR