Pulse Biosciences, Inc. (PLSE)

Price$50.26Cached quoteAs of 2026-10-01 18:05 UTC

AI: Overvalued

Price checkThe market price assumes major future success that current sales and losses do not yet justify.

At the observed price, about 71.3 million shares imply an equity value near $3.9 billion. With $101.6 million of cash at June 30, investors are effectively assigning roughly $3.8 billion to future products, while sales over the last four reported quarters were only about $1.2 million and the company remains loss-making. That is more than 3,000 times recent sales. Even the current four-analyst average target of $45.25 is below the observed market price, although analyst targets are not measures of intrinsic value. StockAnalysis.com+2StockAnalysis.com+2

Big pictureClinical progress is promising, but cash burn is rising far faster than commercial revenue.

Full-year net loss widened from $53.6 million in 2024 to $72.8 million in 2025, while operating cash use rose from $36.3 million to $54.1 million. Pasted text In the first half of 2026, net loss was already $43.2 million and operating cash use was $33.3 million; second-quarter operating cash use reached $18.7 million. At that recent pace, the June cash balance covers only about five quarters before further financing. This business is less exposed to normal economic cycles than to clinical results, regulatory timing, reimbursement, and physician adoption. SEC+1

Business strengthThe balance sheet buys time, while fast trial enrollment strengthens the strongest bull case.

June cash of $101.6 million compared with only $16.1 million of total liabilities, and financing added further liquidity after quarter-end. More importantly, the main U.S. cardiac-catheter study exceeded 82 evaluable patients out of a 164-patient target and remained aimed at early fourth-quarter enrollment completion. Earlier feasibility data showed 96% procedural success among 53 evaluable patients at 12 months and a 90% estimate of freedom from recurrent atrial arrhythmias. If pivotal results confirm those outcomes, the cardiac program could support substantial future value, but commercialization remains unproven. SEC+1

What could change the storyPivotal results and approvals could validate the valuation; more dilution or weak adoption could break it.

Share count expanded from about 55.1 million at year-end 2023 to 70.8 million by June 2026. Pasted text The company raised $46.8 million net through its at-the-market share program in the second quarter, another $10.7 million afterward, and installed a new $75 million facility plus a $125 million shelf. Capital is being directed to trials and product development rather than buybacks or dividends. Strong pivotal data, timely European and U.S. approvals, and convincing early catheter demand would improve the case; further dilution without matching clinical or commercial progress would weaken it. SEC

AI: News

Q2 results and fundingFaster trial progress and fresh financing outweighed widening losses, reinforcing confidence in the cardiac program.

On August 6, Pulse reported second-quarter revenue of $434,000, a $24.7 million net loss, and $101.6 million of cash. It also said the NANOPULSE-AF pivotal study had exceeded 82 evaluable patients out of a revised 164-patient target and still expected enrollment to finish in early fourth quarter. The shares closed 10.9% higher the next trading day. That timing is consistent with a favorable reaction to the update, but it does not prove the announcement alone caused the move. SEC+1

Pivotal enrollment halfwayThe main atrial fibrillation study passed halfway quickly, reducing timing risk before pivotal results.

On July 29, Pulse said NANOPULSE-AF had passed its enrollment midpoint only a few months after the study began in April. Rapid recruitment matters because it can bring the pivotal dataset and later regulatory decisions forward, reducing one major source of timeline uncertainty. The stock fell about 3.4% that day and rose about 2.3% the next day, so immediate price action was mixed and should not be treated as evidence that investors clearly rewarded the milestone. Pulse Biosciences Investors+1

Warrant redemptionRedeeming old warrants strengthened financing and removed an overhang, while also converting claims into new shares.

On June 10, Pulse announced redemption of the remaining 2024 rights-offering warrants, exercisable at $11 per share until July 13. The company had already received $63.7 million of gross proceeds from warrant exercises and expected up to another $2.1 million if the remainder were exercised. The move strengthened cash and removed future warrant uncertainty, but exercises also increased the share count. Shares fell roughly 3.0% on June 10 and rose about 7.6% the next session, making attribution uncertain. Pulse Biosciences Investors+1

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Financial statements

	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Revenue	$350,000	$0	$0	$700,000	$1.4M	$0	—	—	—	—	—
Gross profit	−$189,000	$0	$0	−$11.2M	−$550,000	$0	—	—	—	—	—
Gross margin	−54.00%	—	—	−1,606.29%	−38.79%	—	—	—	—	—	—
Research & development	$44.7M	$32.3M	$27.8M	$20.8M	$28.6M	$26.4M	$25.0M	$17.3M	$9.6M	$5.5M	$2.2M
Operating expenses	$77.3M	$56.3M	$43.6M	$58.8M	$64.4M	$50.0M	$48.0M	$38.0M	$25.8M	$9.6M	$4.5M
Operating income	−$76.9M	−$56.3M	−$43.6M	−$58.1M	−$63.0M	−$50.0M	−$48.0M	−$37.5M	−$25.6M	−$9.5M	−$4.5M
Operating margin	−21,982.57%	—	—	−8,293.86%	−4,443.86%	—	—	—	—	—	—
EBITDA	−$75.9M	−$55.1M	−$42.4M	−$56.7M	−$61.9M	−$48.9M	−$46.8M	−$36.2M	−$24.6M	−$8.8M	−$3.8M
EBITDA margin	−21,676.57%	—	—	−8,100.29%	−4,363.05%	—	—	—	—	—	—
Net income	−$72.8M	−$53.6M	−$42.2M	−$58.5M	−$63.7M	−$49.9M	−$47.0M	−$37.5M	−$25.6M	−$9.5M	−$2.8M
Net profit margin	−20,794.57%	—	—	−8,357.86%	−4,489.42%	—	—	—	—	—	—
Basic EPSper basic share	-$1.08	-$0.92	-$0.85	-$1.72	-$2.28	-$2.14	-$2.26	-$2.20	-$1.73	-$0.86	-$0.37
Diluted EPSper diluted share	-$1.08	-$0.92	-$0.85	-$1.69	-$2.28	-$2.14	-$2.26	-$2.20	-$1.73	-$0.86	-$0.37

Review official source filings ↗

Owners

Reported shareholders

Reference date Jun 30, 2026

≈69.85%of listed shares

DUGGAN ROBERT W49.45M shares · May 11, 2026

View holders

Top 20 reported holders of PLSE
Holder	% owned
DUGGAN ROBERT W	≈69.85%49.45M shares
BlackRock, Inc.	2.07%1.47M shares
BANK OF AMERICA CORP /DE/	2.04%1.45M shares
Zanganeh Mahkam	≈1.23%873.47K shares
VANGUARD CAPITAL MANAGEMENT LLC	1.11%788.64K shares
Portolan Capital Management, LLC	1.06%753.33K shares
PRICE T ROWE ASSOCIATES INC /MD/	1.06%748.64K shares
Balyasny Asset Management L.P.	1.01%718.1K shares
CITADEL ADVISORS LLC	0.88%626.51K shares
GEODE CAPITAL MANAGEMENT, LLC	0.76%536.28K shares
STATE STREET CORP	0.75%529.62K shares
MASSACHUSETTS FINANCIAL SERVICES CO /MA/	0.65%462.73K shares
UBS Group AG	0.39%275.67K shares
GRIFFIN ASSET MANAGEMENT, INC.	0.32%227.29K shares
VANGUARD PORTFOLIO MANAGEMENT LLC	0.25%179.5K shares
NORTHERN TRUST CORP	0.25%173.59K shares
CHARLES SCHWAB INVESTMENT MANAGEMENT INC	0.21%151.99K shares
Levinson Mitchell E.	≈0.20%140.38K shares
VANGUARD FIDUCIARY TRUST CO	0.19%131.25K shares
Point72 Asset Management, L.P.	0.15%106.46K shares

Percentages use 70.8M shares of this listed class outstanding on Jun 30, 2026. ≈ compares the latest reported holding with a share total from a different date; it is not a confirmed current stake.

Gray completes the 100% scale. Reported positions may overlap; holders have different reporting dates.

Source: SEC Form 4/A ↗Updated Sep 29, 2026 · Quarterly data

Insider buys & sells

Jul 1, 2024–Jun 30, 2026

Buys33$32.08M disclosed value

Sells (SEC code S)18$6.60M disclosed value

Transaction	Insider	Type	Shares	Price	Value	Owned after
May 11, 2026Form 4/A	DUGGAN ROBERT WDirector,TenPercentOwner	BuyCommon Stock	660.2K	$19.69	$13.00M	48.37M
May 11, 2026Form 4/A	LAVIOLETTE PAUL AChief Executive Officer	BuyCommon Stock	15.0K	$19.69	$295.4K	15.8K
May 11, 2026Form 4	LAVIOLETTE PAUL AChief Executive Officer	BuyCommon Stock	15.0K	$19.69	$295.4K	15.0K
May 11, 2026Form 4	DUGGAN ROBERT WDirector,TenPercentOwner	BuyCommon Stock	660.2K	$19.69	$13.00M	48.21M
Feb 18, 2026Form 4 · 10b5-1	Danahy Kevin PatrickChief Commercial Officer	SellCommon Stock	5.0K	$23.64	$118.2K	43.3K

Review ownership filings at SEC.gov ↗

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Pulse Biosciences, Inc. (PLSE)

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