Pulse Biosciences, Inc. (PLSE)

Key figures

The last twelve months reported, with the latest price and balance sheet.

Revenue, last twelve months

$1.2M

Net income, last twelve months

-$80.1M

Earnings per share

-$1.18

Gross margin

0.3%

Operating margin

-7007.8%

Net margin

-6755.8%

Free cash flow

-$61.4M

Return on equity

-80.5%

Market value

$3.8B

Cash

$101.6M

Debt

$0

Debt to equity

0.00

Shares outstanding

70.8M

Financial statements

Revenue, profit and cash flow by fiscal year, each year linked to its annual report.

By quarter

What the company said with its results

From the second quarter 2026 results, filed 6 August 2026.

• Revenue small in controlled launch. Total revenue was $0.4 million. The company remains in a controlled commercial launch focused on market development.
• Product revenue grew sequentially. Second-quarter product revenue of $434 thousand grew sequentially over the first quarter, which reported $401 thousand.
• Focus on procedural use. Management said the company is focused on growing procedural utilization within a limited customer base.
• Net loss widened year over year. GAAP net loss was $24.7 million, against $19.2 million a year earlier. Non-GAAP net loss was $19.4 million, against $13.7 million.
• Enrollment passed halfway point. NANOPULSE-AF, the US IDE pivotal study of the nPulse Cardiac Catheter System, passed the halfway point of enrollment.
• Protocol widened to all AAD classes. Protocol amendment lifts the prior restriction on AAD class of failure. Patients on all four AAD classes now qualify, reflecting real-world patient management.
• Rapid procedures reported across operators. Management observed rapid, efficient procedures; several sites performed five or more cases in a day, and some physicians reached 7–8 minute ablation times early.
• CE Mark submission targeted 2026. CE Mark submission for the cardiac catheter is targeted for second half of 2026, supported by six-month European feasibility data.
• NANOCLAMP-AF enrolling toward 2027. Enrollment continues in the US IDE pivotal study for concomitant surgical AF ablation, expected to complete by end of first half of 2027.
• European feasibility passes 70 patients. Over 70 patients treated across six sites in the first-in-human European feasibility study, up from over 60 across three sites earlier.
• Surgical CE Mark filing on schedule. Management said it remains on schedule to file for CE Mark for the surgical system before end of 2026, with approval potentially by mid-2027.
• Thyroid partnership with Clayman Center. Partnership with the Clayman Thyroid Center in Tampa aims to demonstrate Vybrance therapy for symptomatic benign thyroid nodules.
• Benign nodule study nearing enrollment end. PRECISE-BTN enrollment expected to complete within the month, after expansion from 50 to 100 patients. Trial completion projected across three sites in under one year.
• PTMC study about half enrolled. The nsPFA feasibility study for papillary thyroid microcarcinoma, run with MD Anderson, is about half enrolled; physicians remain enthusiastic.

Revenue by segment

As the company reports it in the segment note of its annual report.

By product, FY2022

By region, FY2022

Company events

The newest 8-K filings of 174 held.

Every filing

The newest filings with the SEC of 358 held.

Insider trades

Form 4 trades by officers, directors and 10% owners, last 12 months.

Planned insider sales

Form 144 notices, filed when the sell order goes to the broker.

Large holders

Schedule 13D and 13G filings by holders of more than 5% of the voting shares.

Short interest

Shares sold short and not yet bought back, on each FINRA settlement date.

Funds that hold it

From each fund's latest Form 13F.

115 funds held it at 30 Jun 2026: 60 added and 21 trimmed in the quarter. The largest:

Peers

Companies in the same industry.

• Stryker Corp. (SYK): revenue $25.8B, market value $116.7B
• 3M Co. (MMM): revenue $25.2B, market value $89.3B
• Boston Scientific Corp. (BSX): revenue $21.0B, market value $61.4B
• Becton Dickinson & Co. (BDX): revenue $20.8B, market value $53.2B
• Resmed Inc. (RMD): revenue $5.7B, market value $36.1B
• Dexcom Inc. (DXCM): revenue $5.0B, market value $29.7B
• West Pharmaceutical Services Inc. (WST): revenue $3.3B, market value $28.4B
• Medline Inc. (MDLN): revenue –, market value $27.9B
• Solventum Corp. (SOLV): revenue $8.3B, market value $13.9B
• Baxter International Inc. (BAX): revenue $11.5B, market value $13.2B

What the company does

Pulse Biosciences develops medical devices built on its Nano-pulse Stimulation (NPS) technology, which delivers nanosecond-duration pulses of electrical energy, each less than a millionth of a second long, to clear or kill targeted cells without heat. When the technology is used to ablate tissue, the company calls it Nanosecond Pulsed-Field Ablation (nsPFA). It delivers the energy through its nPulse System, formerly known as CellFX. As of 31 December 2025 it had 116 employees, most at its facility in Hayward, California.

What it sells today

The Vybrance Percutaneous Electrode System is the company's first product for soft tissue ablation in a surgical setting. It is a disposable percutaneous needle electrode used with the nPulse Console. The FDA gave 510(k) clearance in March 2024 for ablation of soft tissue in percutaneous and intraoperative surgical procedures, and cleared a second needle size in August 2024.

The company has placed the nPulse System at sites in the United States under short-term evaluation, consulting or other early commercial agreements, which it calls its Pilot Program. Its first commercial sale took place in the third quarter of 2025. Customer contracts cover system components, software and accessories, and revenue is recorded when control passes to the customer under the shipping terms.

In September 2025 the company began a clinical trial called PRECISE BTN, which covers benign thyroid nodule ablation in up to 50 patients at up to four sites. Together with the Pilot Program and first commercial accounts, clinicians have completed more than 300 patient procedures.

The nPulse Console and the skin business

The nPulse Console is a software-enabled platform that accepts different disposable applicators and electrodes. It received FDA 510(k) clearance for dermatologic procedures in February 2021 and CE marking in January 2021. The company sold the system for benign skin lesions until September 2022, when it shifted its focus to cardiology and soft tissue ablation. It has ceased dermatology sales and marketing and stopped making new dermatologic treatment tips in 2022. It still supports remaining users and says it is open to a commercial partnership.

Cardiac programs

The company focuses on atrial fibrillation (AF), an irregular heartbeat. It cites an estimate of 43 million people affected worldwide and approximately 1.9 million people diagnosed each year in the United States.

The nPulse Cardiac Surgical Clamp is meant for cardiac surgeons performing the Cox-Maze procedure, which usually uses heat or cold to create ablation lines in the heart. The company reports that in preclinical and clinical studies the clamp consistently achieved transmural ablations in less than three seconds. It received FDA Breakthrough Device Designation in July 2024 and was enrolled in the FDA's Total Product Life Cycle Advisory Program. The FDA approved the Investigational Device Exemption for a pivotal trial in September 2025. That trial is planned for up to 136 patients at up to twenty sites, two of them outside the United States. More than 50 patients have joined a first-in-human study in the Netherlands, Poland and Austria. The company says it plans to seek PMA approval.

The nPulse Cardiac Catheter System is designed to ablate in a circle in a single treatment cycle, including around the pulmonary veins. A first-in-human study began in Prague in December 2023 and has since added sites in Europe. Nine investigators have treated more than 165 patients. In February 2026 data were presented for the first 150 patients, showing 96% procedural success among evaluable patients at one year and total procedure times of approximately 65 minutes. The FDA approved the Investigational Device Exemption in December 2025 for a study of up to 155 patients at up to 30 sites, three of them outside the United States. The company says it believes it will need PMA approval to sell the catheter in the United States.

How it competes

The company names Abbott Laboratories, AtriCure, Boston Scientific Corporation, Johnson & Johnson (Biosense Webster) and Medtronic plc as sellers of ablation devices for heart arrhythmias and soft tissue. It says many of them are also developing or already have microsecond PFA products for AF. It states that all of them have greater financial, technical and other resources, and larger manufacturing, marketing and sales operations.

For thyroid nodules, it also competes with thyroid lobectomy and total thyroidectomy, and with radiofrequency ablation and microwave ablation.

Rules it works under

In the United States the nPulse System is regulated by the FDA. The routes to market are 510(k) clearance, PMA approval and the de novo process. After clearance, the FDA's Quality Management System Regulation, labeling rules and adverse event reporting continue to apply. The company may also face unannounced inspections by the FDA and the Food and Drug Branch of the California Department of Public Health. In the European Union, devices need a CE Mark under the European Union Medical Device Regulation.

Patents, premises and ownership

The company owns or exclusively licenses over 250 issued patents and over 180 pending applications worldwide. Most granted patents expire between 2035 and 2042. Half of its employees work in research and development. It leases approximately 50,300 square feet in Hayward as its principal operating facility, and approximately 2,000 square feet in Miami, Florida for its corporate headquarters. Robert Duggan, its majority stockholder and Co-Chairman, has funded the company through investments over the past few years. The company has funded itself mainly through equity and debt and says it has generated only limited revenue from product sales.

*From Pulse Biosciences's annual report on Form 10-K for the year ended 31 December 2025. [The filing](https://www.sec.gov/Archives/edgar/data/1625101/000143774926004724/plse20251231_10k.htm)*

From the company's 10-K.