Pulse Biosciences Reports $16.8 Million Net Loss in Q1 2025, No Revenue Generated

Pulse Biosciences, Inc. reported its financial results for the first quarter of 2025, revealing a net loss of $16.8 million, compared to a net loss of $10.1 million for the same period in 2024. The company did not generate any revenue during this quarter, maintaining the same status as the previous year. Total expenses increased significantly to $18.0 million from $10.6 million, driven primarily by higher research and development costs, which rose to $10.3 million from $6.7 million, and general and administrative expenses, which increased to $7.7 million from $3.9 million. The increase in expenses was attributed to higher stock-based compensation and employee-related costs.

In terms of liquidity, Pulse Biosciences reported cash and cash equivalents of $119.3 million as of March 31, 2025, a slight increase from $118.0 million at the end of 2024. The company utilized $13.5 million in operating activities during the quarter, up from $9.8 million in the same period last year. Notably, the company generated $14.8 million in cash from financing activities, primarily from the exercise of warrants and stock options, compared to just $0.3 million in the prior year.

Strategically, Pulse Biosciences has made significant advancements in its product development and regulatory approvals. The company received FDA 510(k) clearance for its nsPFA Percutaneous Electrode System in March 2024, allowing it to market the device for soft tissue ablation. The company has placed its CellFX System at eight sites in the U.S., where initial patient treatments are being conducted. Additionally, the company is preparing for a pivotal clinical trial for its cardiac surgical clamp and endocardial catheter, both designed for the treatment of atrial fibrillation, with trials expected to commence in mid-2025.

Operationally, Pulse Biosciences has focused on expanding its clinical applications beyond dermatology, where it previously operated. The company has engaged with experts in soft tissue ablation and has initiated clinical studies to evaluate its products. As of March 31, 2025, the company has completed over 90 patient procedures using its CellFX System. The company plans to continue its clinical evidence-based milestones throughout 2025, aiming to support the commercialization of its products in the U.S. market.

Looking ahead, Pulse Biosciences acknowledges the need for additional capital to fund its operations and product development. The company has relied heavily on its majority stockholder, Robert Duggan, for financial support, and it plans to explore further financing options. However, the company cautions that there are no guarantees regarding the availability of future financing or the successful commercialization of its products, which could impact its ability to sustain operations.