Pulse Biosciences, Inc.
- Open
- 27.77
- Day high
- 29.17
- Day low
- 27.50
- Prev close
- 27.73
- Volume
- 96K
- Mkt cap
- $2.0B
- P/E (TTM)
- —
- EPS (TTM)
- —
- P/B
- 29.9
- P/S
- 2640.0
- Yield
- —
- Per share
- —
- ▲Insiders net buying $26.3M over the last 3 months (3 open-market buys, 0 sales)
- ◆Cluster buying — multiple insiders bought within days
- 🏛Institutions mixed (13F)
Pulse Biosciences, Inc. (PLSE) is a Healthcare company listed on NASDAQ. The stock is up 87% over the past year. Over the trailing 3 months, insiders filed 3 open-market buys and 0 sales (SEC Form 4).
Pulse Biosciences, Inc. (PLSE) financials & analyst ratings
Fundamentals (TTM)
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
PLSE earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| May 4, 2026 | $-0.32 | $-0.27 | +15.6% | $400000 | +60.0% |
| Feb 19, 2026 | $-0.32 | $-0.26 | +18.8% | $264000 | -34.0% |
| Nov 5, 2025 | $-0.31 | $-0.29 | +6.5% | $86000 | -61.8% |
| Aug 12, 2025 | $-0.26 | $-0.28 | -7.7% | — | — |
| May 8, 2025 | — | $-0.17 | — | — | — |
| Mar 27, 2025 | $-0.24 | $-0.17 | +29.2% | $2M | — |
| Oct 30, 2024 | $-0.24 | $-0.16 | +33.3% | — | — |
| Aug 19, 2024 | $-0.24 | $-0.20 | +17.1% | — | — |
| Nov 13, 2023 | $-0.24 | $-0.15 | +37.5% | — | — |
| Aug 10, 2023 | $-0.22 | $-0.19 | +13.6% | — | — |
| May 11, 2023 | $-0.22 | $-0.23 | -4.5% | — | — |
| Nov 10, 2022 | $-0.45 | $-0.46 | -2.2% | — | — |
PLSE insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Jun 15, 2026 | DUGGAN ROBERT Wdirector, 10 percent owner: | Grant | 12,495 | $26.89 |
| Jun 15, 2026 | Soni Manmeet Singhdirector | Grant | 30,000 | $26.89 |
| Jun 15, 2026 | Sainz Mariadirector | Grant | 30,000 | $26.89 |
| Jun 15, 2026 | Sainz Mariadirector | Grant | 3,793 | $26.89 |
| Jun 15, 2026 | Zanganeh Mahkamdirector | Grant | 30,000 | $26.89 |
| Jun 15, 2026 | Zanganeh Mahkamdirector | Grant | 14,504 | $26.89 |
| Jun 15, 2026 | van den Broek Richarddirector | Grant | 30,000 | $26.89 |
| Jun 15, 2026 | van den Broek Richarddirector | Grant | 8,423 | $26.89 |
| Jun 15, 2026 | DUGGAN ROBERT Wdirector, 10 percent owner: | Grant | 30,000 | $26.89 |
| May 15, 2026 | DUGGAN ROBERT Wdirector, 10 percent owner: | Buy | 660,233 | $19.69 |
| May 11, 2026 | LAVIOLETTE PAUL Adirector, officer: Chief Executive Officer | Buy | 15,000 | $19.69 |
| May 11, 2026 | DUGGAN ROBERT Wdirector, 10 percent owner: | Buy | 660,233 | $19.69 |
| Apr 3, 2026 | UECKER DARRINdirector, officer: Chief Technology Officer | Grant | 100,000 | — |
| Feb 23, 2026 | Danahy Kevin Patrickofficer: Chief Commercial Officer | Sell | 5,000 | $23.64 |
| Feb 23, 2026 | Danahy Kevin Patrickofficer: Chief Commercial Officer | Option | 5,000 | $1.53 |
Source: PLSE SEC Form 4 filings, latest Jun 15, 2026. For informational purposes only — not investment advice.
See the full PLSE insider & 13F page →Pulse Biosciences, Inc. company profile
Overview
Pulse Biosciences, Inc. (NASDAQ:PLSE) is a bioelectric medicine company founded in 2014 and headquartered in Hayward, California. Originally incorporated as Electroblate, Inc., the company changed its name to Pulse Biosciences in December 2015 and went public in May 2016. The company has undergone significant strategic evolution, initially focusing on dermatological applications before pivoting to cardiac and soft tissue ablation markets. Pulse Biosciences is currently in the clinical development stage, advancing multiple medical devices based on its proprietary nanosecond Pulsed Field Ablation (nsPFA) technology across three primary therapeutic areas.
Business
Pulse Biosciences operates in the medical device industry, specifically developing bioelectric medicine technologies that use electrical energy to treat various medical conditions. The company's core technology is called nanosecond Pulsed Field Ablation (nsPFA), which delivers extremely brief electrical pulses lasting less than a millionth of a second to destroy targeted cells while preserving surrounding healthy tissue. The company's flagship platform is the CellFX System, a tunable, software-enabled console that generates these nanosecond electrical pulses. Unlike traditional thermal ablation methods that use heat or cold to destroy tissue, nsPFA works through a non-thermal mechanism that creates pores in cell membranes, causing targeted cell death while sparing adjacent non-cellular structures like blood vessels and nerves. Pulse Biosciences currently focuses on three main product applications: 1. Soft Tissue Ablation (Percutaneous Electrode) - Targeting benign thyroid nodule treatment, representing approximately 30% of the company's development focus. This application has received FDA 510(k) clearance and is in pilot programs across multiple U.S. medical centers. 2. Cardiac Surgical Ablation (Surgical Clamp) - A device designed to treat atrial fibrillation during open-heart surgery, representing roughly 35% of development efforts. This product has received FDA breakthrough device designation and is undergoing feasibility studies in Europe. 3. Endocardial Ablation (360 Cardiac Catheter) - A catheter-based system for treating atrial fibrillation through minimally invasive procedures, accounting for the remaining 35% of development focus. This system is being tested in European clinical trials with plans for U.S. studies. The medical device industry that Pulse operates in is highly regulated, requiring extensive clinical trials and regulatory approvals before commercialization. The company's technology addresses markets including soft tissue ablation (estimated at $1 billion), cardiac surgical ablation (over $1 billion), and catheter-based cardiac ablation ($3 billion market for atrial fibrillation treatment).
Revenue model
Pulse Biosciences operates on a medical device sales model, planning to generate revenue through the sale of its CellFX System consoles and associated consumable electrodes. The company expects to begin revenue generation in the second half of 2025, starting with its soft tissue ablation application for benign thyroid nodules. The primary customers will be hospitals, surgical centers, and specialized medical practices that perform ablation procedures. For thyroid nodule treatment, customers include endocrinologists and interventional radiologists. For cardiac applications, customers will be cardiac surgeons and electrophysiologists at major medical centers. The company is developing a hybrid business model that may include direct sales, partnerships, and licensing arrangements depending on the market complexity and regulatory requirements. For more complex markets like cardiac catheter ablation, Pulse may pursue partnerships with established medical device companies that have existing distribution networks and regulatory expertise. Several factors could significantly impact the company's margins and profitability. Positive margin drivers include the proprietary nature of nsPFA technology, which could command premium pricing due to its unique non-thermal mechanism and potential for superior patient outcomes. The company's extensive patent portfolio of over 180 issued patents provides protection from direct competition. Additionally, the consumable electrode business model creates recurring revenue streams once systems are installed. Negative margin pressures include the substantial ongoing clinical trial costs required to prove efficacy and safety across multiple applications. The highly regulated medical device environment requires significant investment in regulatory affairs and quality systems. Competition from established thermal ablation technologies and emerging pulsed field ablation competitors could pressure pricing. The company also faces the challenge of educating physicians on a new treatment modality, requiring substantial marketing and training investments. Manufacturing scale-up costs and the need for specialized components could impact initial gross margins until production volumes increase.
Competitive moat
Pulse Biosciences possesses a moderate technological moat centered around its proprietary nanosecond Pulsed Field Ablation technology and extensive intellectual property portfolio. The company's primary competitive advantage lies in its unique approach to pulsed field ablation, delivering electrical pulses in nanosecond durations (billionths of a second) compared to competitors who typically use microsecond pulses. This technological differentiation potentially offers superior precision in cell targeting while preserving critical structures like nerves and blood vessels. The company's patent protection provides a significant defensive moat, with over 180 issued patents and additional applications pending. This intellectual property covers the fundamental aspects of nanosecond pulse generation, electrode designs, and specific medical applications. The breadth of patent coverage creates barriers for competitors attempting to develop similar nanosecond-based systems. However, the moat strength is limited by several factors. The medical device industry is highly competitive, with well-established players like Medtronic, Boston Scientific, and Abbott having substantial resources, existing customer relationships, and proven distribution networks. These companies could potentially develop competing technologies or acquire smaller innovators. Additionally, the clinical efficacy of nsPFA technology, while promising in early studies, still requires validation through larger pivotal trials across multiple applications. The primary competitive threats come from established thermal ablation technologies that already have proven clinical track records and physician familiarity. Emerging pulsed field ablation competitors using different pulse durations could also challenge Pulse's market position. The company's relatively small size and limited commercial infrastructure compared to major medical device manufacturers represents a significant competitive disadvantage in market penetration and customer support capabilities. The sustainability of Pulse's moat ultimately depends on successfully demonstrating superior clinical outcomes, achieving regulatory approvals, and establishing market presence before larger competitors can respond with alternative technologies or acquisitions.
Risks & safety
Pulse Biosciences presents a moderate margin of safety from a solvency perspective but faces significant execution and valuation risks as a pre-revenue clinical-stage company. • Strong liquidity position: $119.3 million in cash and short-term investments as of Q1 2025, providing substantial runway for operations • Low debt burden: Debt-to-equity ratio of 7.2%, indicating minimal financial leverage risk • Excellent current ratio: 15.6x current ratio demonstrates strong ability to meet short-term obligations • Manageable cash burn: Quarterly operating cash flow negative $13.5 million, suggesting approximately 2+ years of runway at current burn rate • Valuation concerns: Price-to-book ratio of 9.1x appears elevated for a pre-revenue company, though partially justified by strong cash position • Negative profitability metrics: Return on equity of -14.2% and negative EBITDA reflect ongoing investment phase • High execution risk: Success depends entirely on clinical trial outcomes and regulatory approvals across multiple product lines • Other considerations: Graham net-net ratio of 1.55 suggests reasonable asset backing, but clinical-stage biotech companies carry inherent binary risk profiles where regulatory setbacks could significantly impact valuations despite strong balance sheet positions.
Recent development
Over the past few years, Pulse Biosciences has undergone a significant strategic transformation from a dermatology-focused company to a multi-application cardiac and soft tissue ablation developer. The most notable pivot occurred in 2022 when the company shifted away from its original CellFX dermatology business, which had treated over 6,000 patients, to focus on higher-value cardiac applications addressing the $8 billion atrial fibrillation intervention market. The company has made substantial progress in product development and regulatory advancement. In 2023, Pulse received FDA 510(k) clearance for its percutaneous electrode for soft tissue ablation, marking its first major regulatory milestone in the new strategic direction. The cardiac surgical clamp received FDA breakthrough device designation, providing expedited regulatory pathways. Most recently, the company completed its first-in-human feasibility studies for both the cardiac surgical clamp (30 patients treated) and the 360 cardiac catheter system (over 100 patients treated in European studies). Clinical program expansion has been a key focus, with the company establishing pilot programs across multiple therapeutic areas. The soft tissue ablation program now operates in eight U.S. centers targeting benign thyroid nodules, with preliminary data showing 83% nodule volume reduction. The cardiac programs have demonstrated promising early results, including 100% acute lesion conduction block rates in catheter studies. The company has significantly strengthened its financial position, raising approximately $108 million through rights offerings and warrant exercises since 2024, increasing cash reserves from $44.4 million at the end of 2023 to $119.3 million by Q1 2025. Additionally, Pulse has expanded its leadership team with key medical officers and relocated its headquarters to Miami, Florida, to better access cardiac medicine expertise and talent. Looking ahead, the company is preparing for pivotal clinical trials across all three product lines in 2025, representing a critical inflection point in its development trajectory toward potential commercialization and revenue generation.
PLSE company profile · for informational purposes only — not investment advice.
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