Pulse Biosciences Reports First Revenue of $86,000 in Q3 2025 Amid Increased Losses

Pulse Biosciences, Inc. reported its financial results for the third quarter of 2025, revealing a product revenue of $86,000, marking the company's first revenue generation from the limited market release of its Vybrance Percutaneous Electrode System. This contrasts with no revenue reported in the same quarter of the previous year. However, the company continues to face significant operating losses, with a net loss of $19.4 million for the quarter, compared to a loss of $12.7 million in Q3 2024. For the nine months ending September 30, 2025, the net loss increased to $55.3 million from $34.2 million in the prior year.

The company's total expenses for the third quarter rose to $20.5 million, up from $13.7 million in the same period last year. This increase was primarily driven by higher research and development costs, which surged to $11.4 million from $7.7 million, and selling, general, and administrative expenses, which rose to $8.8 million from $6.0 million. The increase in R&D expenses was attributed to higher costs for paid services, stock-based compensation, and employee-related expenses. The company also reported interest income of $1 million, slightly up from $976,000 in the previous year.

In terms of operational developments, Pulse Biosciences has made strides in its product offerings and market presence. The company has placed its nPulse System at nine sites in the U.S. under evaluation agreements, where over 200 patient procedures have been completed. The Vybrance system has received FDA 510(k) clearance for use in soft tissue ablation, and the company is actively pursuing clinical trials to gather further evidence for its applications. As of September 30, 2025, the company had cash and cash equivalents of $95.2 million, down from $118 million at the end of 2024, indicating a need for ongoing capital to support its operations.

Looking ahead, Pulse Biosciences plans to continue its focus on the commercialization of its nPulse technology, particularly in the treatment of atrial fibrillation and other medical conditions. The company is also exploring additional applications for its technology across various medical specialties. However, it acknowledges the need for further capital to sustain its operations and fund future product development. The company has indicated that it may seek additional financing through equity offerings or collaborations, but there are no guarantees that such funding will be available on favorable terms.