plse20250331

plse20250331_10q.htm

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 10-Q

(Mark One)

☒	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2025

☐	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission File Number: 001-34899

Pulse Biosciences, Inc.

(Exact name of registrant as specified in its charter)

Delaware	46-5696597
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)

601 Brickell Key Drive, Suite 1080 Miami, FL	33131
(Address of principal executive offices)	(Zip Code)

(510) 906-4600

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, par value $0.001 per share	PLSE	The Nasdaq Stock Market

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer	☐	Accelerated filer	☐
Non-accelerated filer	☒	Smaller reporting company	☒
		Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

The number of shares outstanding of the registrant’s common stock as of April 30, 2025: 67,273,862

Table of Contents

TABLE OF CONTENTS

	PAGE No.
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements (unaudited):	3
Condensed Consolidated Balance Sheets as of March 31, 2025 and December 31, 2024	3
Condensed Consolidated Statements of Operations and Comprehensive Loss for the Three-Month Periods Ended March 31, 2025 and 2024	4
Condensed Consolidated Statements of Cash Flows for the Three-Month Periods Ended March 31, 2025 and 2024	5
Condensed Consolidated Statements of Stockholders’ Equity for the Three-Month Periods Ended March 31, 2025 and 2024	6
Notes to Condensed Consolidated Financial Statements	7
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations	18
Item 3. Quantitative and Qualitative Disclosures About Market Risk	24
Item 4. Controls and Procedures	24

PART II. OTHER INFORMATION
Item 1. Legal Proceedings	25
Item 1A. Risk Factors	25
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds	47
Item 3. Default Upon Senior Securities	47
Item 4. Mine Safety Disclosures	47
Item 5. Other Information	47
Item 6. Exhibits	47
Signatures	48

“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.

Table of Contents

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements

PULSE BIOSCIENCES, INC.

Condensed Consolidated Balance Sheets

(In thousands, except per share amounts)

(Unaudited)

	*March 31,*			*December 31,*
	*2025*			*2024*
ASSETS
Current assets:
Cash and cash equivalents	$	119,279		$	118,038
Inventory		30			—
Prepaid expenses and other current assets		1,600			1,411
Total current assets		120,909			119,449

Property and equipment, net		1,062			1,160
Intangible assets, net		1,054			1,220
Goodwill		2,791			2,791
Right-of-use assets		6,889			7,163
Other assets		678			677
Total assets	$	133,383		$	132,460

LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	2,370		$	1,673
Accrued expenses		3,984			7,027
Lease liability, current		1,406			1,355
Total current liabilities		7,760			10,055

Lease liability, less current portion		7,171			7,543
Total liabilities		14,931			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 – 67,274 shares and 65,926 shares at March 31, 2025 and December 31, 2024, respectively		67			66
Additional paid-in capital		525,680			505,296
Accumulated other comprehensive income (loss)		—			—
Accumulated deficit		(407,295	)		(390,500	)
Total stockholders’ equity		118,452			114,862
Total liabilities and stockholders’ equity	$	133,383		$	132,460

See accompanying notes to the condensed consolidated financial statements.

Table of Contents

PULSE BIOSCIENCES, INC.

Condensed Consolidated Statements of Operations and Comprehensive Loss

(In thousands, except per share amounts)

(Unaudited)

	*Three Months Ended March 31,*
	*2025*			*2024*
Revenues:
Product revenues	$	—		$	—
Total revenues		—			—
Cost and expenses:
Research and development		10,313			6,741
General and administrative		7,731			3,874
Total cost and expenses		18,044			10,615
Loss from operations		(18,044	)		(10,615	)
Other income:
Interest income, net		1,249			478
Total other income		1,249			478
Loss from operations, before income taxes		(16,795	)		(10,137	)
Income tax benefit		—			—
Net loss		(16,795	)		(10,137	)
Comprehensive loss	$	(16,795	)	$	(10,137	)
Net loss per share:
Basic and diluted net loss per share	$	(0.25	)	$	(0.18	)
Weighted average shares used to compute net loss per common share — basic and diluted		67,126			57,124

See accompanying notes to the condensed consolidated financial statements.

Table of Contents

PULSE BIOSCIENCES, INC.

Condensed Consolidated Statements of Cash Flows

(In thousands)

(Unaudited)

	*Three Months Ended March 31,*
	*2025*			*2024*
Cash flows from operating activities:
Net loss	$	(16,795	)	$	(10,137	)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation		117			132
Amortization of intangible assets		166			167
Stock-based compensation		5,681			1,759
Changes in operating assets and liabilities:
Inventory		(30	)		—
Prepaid expenses and other current assets		(274	)		7
Other receivables		(7	)		(7	)
Right-of-use assets		274			216
Other long-term assets		(1	)		—
Accounts payable		712			(124	)
Accrued expenses		(3,043	)		(1,546	)
Lease liabilities		(321	)		(247	)
Net cash used in operating activities		(13,521	)		(9,780	)
Cash flows from investing activities:
Purchases of property and equipment		(45	)		(5	)
Net cash used in investing activities		(45	)		(5	)
Cash flows from financing activities:
Proceeds from issuance of common stock under employee stock purchase plan		352			296
Proceeds from exercises of warrants		14,075			—
Proceeds from exercises of stock options		380			9
Net cash provided by financing activities		14,807			305
Net increase (decrease) in cash and cash equivalents		1,241			(9,480	)
Cash and cash equivalents at beginning of period		118,038			44,365
Cash and cash equivalents at end of period	$	119,279		$	34,885

Supplemental disclosure of noncash investing and financing activities:
Equipment purchases included in accounts payable	$	(26	)	$	—
Warrant issuance costs in accounts payable	$	11		$	—

See accompanying notes to the condensed consolidated financial statements.

Table of Contents

PULSE BIOSCIENCES, INC.

Condensed Consolidated Statements of Stockholders’ Equity

(In thousands)

(Unaudited)

					*Additional*		*Accumulated Other*					*Total*
	*Common Stock*				*Paid-in*		*Comprehensive*		*Accumulated*			*Stockholders’*
	*Shares*		*Amount*		*Capital*		*Loss*		*Deficit*			*Equity*
Balance, December 31, 2024		65,926	$	66	$	505,296	$	—	$	(390,500	)	$	114,862
Issuance of common stock upon exercise of warrants, net of issuance costs of $13		1,271		1		13,971		—		—			13,972
Issuance of common stock upon exercise of stock options		51		—		380		—		—			380
Issuance of common stock under employee stock purchase plan		26		—		352		—		—			352
Stock-based compensation expense		—		—		5,681		—		—			5,681
Net loss		—		—		—		—		(16,795	)		(16,795	)
Balance, March 31, 2025		67,274	$	67	$	525,680	$	—	$	(407,295	)	$	118,452

					*Additional*		*Accumulated Other*					*Total*
	*Common Stock*				*Paid-in*		*Comprehensive*		*Accumulated*			*Stockholders’*
	*Shares*		*Amount*		*Capital*		*Loss*		*Deficit*			*Equity*
Balance, December 31, 2023		55,144	$	55	$	381,220	$	—	$	(336,915	)	$	44,360
Issuance of common stock under employee stock purchase plan		78		—		296		—		—			296
Issuance of common stock upon exercise of stock options		3		—		9		—		—			9
Stock-based compensation expense		—		—		1,759		—		—			1,759
Net loss		—		—		—		—		(10,137	)		(10,137	)
Balance, March 31, 2024		55,225

SEC Form 10-Q filed by Pulse Biosciences Inc