Pulse Biosciences Reports $19.2 Million Net Loss and No Revenue in Latest Quarter

Pulse Biosciences, Inc. reported significant financial challenges in its latest quarterly filing, revealing a net loss of $19.2 million for the three months ended June 30, 2025, compared to a loss of $11.4 million during the same period in 2024. For the six-month period, the company recorded a net loss of $36.0 million, up from $21.5 million in the prior year. The company continues to report no revenue, maintaining its status as a pre-revenue entity. Total expenses for the second quarter increased to $20.3 million, a rise of 73% from $11.7 million in the previous year, driven primarily by higher research and development costs, which surged to $12.1 million from $7.2 million.

The company’s balance sheet as of June 30, 2025, showed total assets of $120.3 million, a decrease from $132.5 million at the end of 2024. Cash and cash equivalents also fell to $106.3 million from $118.0 million. The increase in liabilities was modest, with total liabilities at $15.8 million, down from $17.6 million. The accumulated deficit grew to $426.5 million, reflecting ongoing operational losses and the lack of revenue generation.

Strategically, Pulse Biosciences has focused on advancing its Nano-pulse Stimulation (NPS) technology, particularly in the fields of cardiology and soft tissue ablation. The company has received FDA 510(k) clearance for its nsPFA Percutaneous Electrode System, which is designed for soft tissue ablation, and has initiated clinical studies to evaluate its effectiveness. As of June 30, 2025, the company has placed its CellFX System at nine sites in the U.S., where over 140 patient procedures have been performed. The company plans to expand its clinical trials and expects to commercialize its products in the second half of 2025.

In terms of operational metrics, Pulse Biosciences has seen a notable increase in stock-based compensation, which reached $10.9 million for the first half of 2025, compared to $3.8 million in the same period last year. The company’s employee headcount has also increased, reflecting its commitment to research and development. However, the lack of product revenues continues to pose a significant risk to its financial stability. The company has indicated that it will need to raise additional capital to fund its operations, with future financing dependent on market conditions and the progress of its product development initiatives.

Looking ahead, Pulse Biosciences remains focused on its strategic initiatives, including the development of its cardiac surgical clamp and endocardial catheter for atrial fibrillation treatment. The company is optimistic about the potential of its NPS technology but acknowledges the challenges of achieving sustainable revenue and profitability. The management has emphasized the need for continued investment in research and development to bring its innovative products to market, while also preparing for potential financing needs in the near future.