Pulse Biosciences Reports $53.6 Million Net Loss for Fiscal Year 2024

Pulse Biosciences, Inc. reported a net loss of $53.6 million for the fiscal year ending December 31, 2024, compared to a net loss of $42.2 million in the previous year. The company did not generate any revenue during both fiscal years, maintaining a consistent lack of product sales. Total expenses increased to $56.3 million in 2024 from $43.6 million in 2023, driven primarily by a rise in research and development costs, which grew by $4.5 million to $32.3 million, and general and administrative expenses, which increased by $8.1 million to $23.9 million. The increase in expenses was attributed to higher stock-based compensation, legal settlements, and personnel costs.

In terms of strategic developments, Pulse Biosciences has focused its efforts on the commercialization of its Nano-pulse Stimulation (NPS) technology, particularly in the treatment of atrial fibrillation (AF) and other medical conditions. 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. Additionally, the company has initiated clinical studies for its cardiac surgical clamp and endocardial catheter, both utilizing the nsPFA technology, with plans to commence pivotal clinical trials in mid-2025.

Operationally, Pulse Biosciences has made significant strides in product development and clinical engagement. As of December 31, 2024, the company had placed its CellFX System at eight sites in the U.S., where over 70 patient procedures have been performed under short-term evaluation agreements. The company has also expanded its employee base to 75, with half of the workforce dedicated to research and development. The company’s cash and cash equivalents stood at $118 million at year-end, bolstered by a $60 million rights offering completed in July 2024, which was primarily subscribed by Robert Duggan, the company’s majority stockholder.

Looking ahead, Pulse Biosciences anticipates continued operating losses as it invests heavily in research and development to bring its products to market. The company plans to raise additional capital to support its operations and product development initiatives, although it acknowledges the uncertainty surrounding future financing. The management has expressed confidence that existing cash reserves will be sufficient to fund operations for at least the next twelve months, but the need for further capital raises remains a critical factor in the company’s growth strategy.