Pulse Biosciences Reports $350,000 in Product Revenue for Fiscal Year 2025 Amid Increased Losses

Pulse Biosciences, Inc. reported a significant increase in product revenue for the fiscal year ending December 31, 2025, generating $350,000 compared to no revenue in the previous year. This revenue was attributed to the limited market release of the Vybrance Percutaneous Electrode System, marking the company's first commercial sales. However, the company continues to face substantial operating losses, reporting a net loss of $72.8 million for 2025, an increase from a loss of $53.6 million in 2024. The rise in losses is primarily due to increased research and development expenses, which surged by $12.4 million to $44.7 million, and selling, general, and administrative expenses, which rose by $8.1 million to $32 million.

In terms of strategic developments, Pulse Biosciences has focused its efforts on the commercialization of its nPulse System, particularly in the treatment of atrial fibrillation (AF). The company has received FDA 510(k) clearance for its Vybrance system and has initiated clinical trials to gather further evidence of its safety and effectiveness. The company also received Breakthrough Device Designation from the FDA for its cardiac surgical clamp, which is designed to treat AF, and has begun a pivotal clinical trial to demonstrate its effectiveness. As of December 31, 2025, the company had 116 employees, with a significant portion dedicated to research and development.

Operationally, Pulse Biosciences has made strides in product adoption, with over 300 patient procedures completed using the nPulse System. The company has also expanded its geographic reach, establishing a presence in Europe and conducting clinical trials in multiple countries. Despite these advancements, the company remains in a development stage, heavily reliant on the success of its NPS technology, which is critical for its future revenue generation. The company’s accumulated deficit reached $463.3 million as of December 31, 2025, highlighting the financial challenges it faces.

Looking ahead, Pulse Biosciences anticipates continued operating losses as it invests in product development and commercialization efforts. The company plans to raise additional capital to support its operations, with Robert Duggan, the majority stockholder, having previously provided significant funding. The company believes its existing cash and cash equivalents of $80.7 million will be sufficient to fund operations for at least the next twelve months, but it acknowledges the need for further financing to sustain its growth and development initiatives. The outlook remains uncertain, as the company must navigate regulatory challenges and market competition while striving to achieve profitability.