Pulse Biosciences, Inc.

What they do

Pulse Biosciences develops proprietary Nanosecond Pulsed Field Ablation technology, marketed under names including nPulse, Vybrance, CellFX, and nsPFA. The company is running U.S. IDE pivotal studies for its nPulse Cardiac Catheter System in atrial fibrillation and for concomitant surgical AF ablation, plus first-in-human and feasibility studies in benign thyroid nodules and papillary thyroid microcarcinoma. It has no approved U.S. product and reported revenue of only $0.4 million in the most recent quarter, primarily tied to soft tissue ablation activity.

Revenue drivers

• Soft tissue ablation (Vybrance) — The only line currently producing revenue, at $434 thousand in Q2 2026; the company is partnering with the Clayman Thyroid Center on symptomatic benign thyroid nodules and running the PRECISE-BTN study, now expanded to 100 patients.
• Endocardial catheter AF ablation (nPulse) — Pre-revenue U.S. IDE pivotal NANOPULSE-AF study in cardiac catheter ablation for atrial fibrillation; enrollment surpassed 82 evaluable patients with a target of 164, and CE Mark submission is targeted for the second half of 2026.
• Surgical AF ablation (nPulse Cardiac Surgical System) — Pre-revenue U.S. IDE pivotal NANOCLAMP-AF study in concomitant surgical AF ablation, plus a European feasibility study with over 70 patients treated; a CE Mark filing is planned before the end of 2026.

Recent performance

Total revenue for the three months ended June 30, 2026 was $0.4 million ($434 thousand), up sequentially from $401 thousand in Q1 2026 and $264 thousand in Q4 2025. Full-year revenue was $350 thousand in 2025 and $0 in both 2023 and 2024. Annual net loss widened to $72.8 million in 2025 from $53.6 million in 2024, and diluted EPS deteriorated to $-1.08 from $-0.92. Operating cash flow was $-54.1 million in 2025. As of June 30, 2026, cash and cash equivalents were $101.6 million against total liabilities of $16.1 million and shareholder equity of $99.5 million.

Strategy

Management is prioritizing clinical execution in cardiac ablation, targeting enrollment completion in NANOPULSE-AF by early Q4 2026 after amending the protocol to allow patients failing all four classes of anti-arrhythmic drugs and increasing the evaluable target by 19 patients to 164. The company is also advancing CE Mark submissions for both the catheter and surgical systems in the second half of 2026, with potential approval anticipated by mid-2027. It expanded its soft tissue program through a Clayman Thyroid Center partnership and grew the PRECISE-BTN study from 50 to 100 patients. To fund these efforts, Pulse raised $46.8 million in net proceeds in Q2 2026 through an ATM program and an additional $10.7 million in net proceeds plus $1.8 million from warrant exercises after quarter-end.

Risks

• Pre-revenue clinical-stage dependence — Revenue is negligible ($434 thousand in Q2 2026) and the company relies entirely on external financing while burning cash, with operating cash flow of $-54.1 million in 2025.
• Clinical and regulatory uncertainty — The nPulse Cardiac Catheter System and surgical system remain investigational in the U.S., and the company's NANOPULSE-AF, NANOCLAMP-AF, and CE Mark timelines could slip if enrollment or review does not go as planned.
• Widening losses — Net loss increased to $72.8 million in 2025 from $53.6 million in 2024, and diluted EPS worsened to $-1.08 from $-0.92.
• Dilution from ATM and warrant issuances — The company raised $46.8 million net in Q2 2026 through an at-the-market program and an additional $10.7 million net plus $1.8 million from warrant exercises after quarter-end, increasing shares outstanding to 71,322,607 as of July 31, 2026 from 68,225,067 as of March 31, 2026.

Outlook

Management reiterates enrollment completion in NANOPULSE-AF for early Q4 2026, three months earlier than the original timeline, and expects NANOCLAMP-AF enrollment to complete by the end of the first half of 2027. It plans CE Mark submissions for both cardiac systems in the second half of 2026, with potential approvals anticipated by the middle of 2027. The PRECISE-BTN benign thyroid nodule study is expected to complete enrollment within the month, and the PTMC feasibility study at MD Anderson is targeted for completion by year-end 2026. The company ended Q2 with $101.6 million in cash and raised additional capital subsequently.