Pulse Biosciences’ Earnings Call: Clinical Gains and Financial Hurdles

Pulse Biosciences Inc ((PLSE)) has held its Q2 earnings call. Read on for the main highlights of the call.

Pulse Biosciences Reports Positive Clinical Progress Amid Financial Challenges

Pulse Biosciences recently held its earnings call, revealing a mixed sentiment. The company showcased significant progress in its market development programs and positive clinical outcomes, especially in soft tissue ablation and cardiac device development. However, these advancements come with rising operating expenses and net losses, alongside an anticipated increase in cash use. Despite these challenges, the company maintains a strong cash position and expects upcoming revenue generation, providing a positive outlook.

Progress in Market Development Programs

Pulse Biosciences is making strides in its nsPFA technology across three market development programs. The company has expanded pilot utilization and reported positive clinical results in Europe. Additionally, two Investigational Device Exemptions (IDEs) have been submitted, marking significant regulatory progress.

Soft Tissue Ablation Success

The company’s nsPFA percutaneous electrode system has received FDA clearance for soft tissue ablation. Over 140 patients have been treated in a pilot program, with positive outcomes. This technology offers a minimally invasive alternative to traditional thyroidectomy procedures.

Cardiac Surgical Clamp Advancements

Pulse Biosciences’ nsPFA surgical ablation clamp has achieved Breakthrough Device designation and is part of the FDA’s TAP program. A pivotal trial involving 150 patients is on the horizon, supported by encouraging clinical outcomes from European studies.

Financial Strength

As of June 30, 2025, Pulse Biosciences reported cash and cash equivalents totaling $106.3 million, a significant increase from $26.2 million the previous year. The company anticipates revenue generation from the percutaneous electrode in the latter half of 2025.

Cardiac Catheter Feasibility Study

In Europe, over 140 patients have been treated with the 360 cardiac catheter system, which has shown positive outcomes. This system is noted for reducing procedure times and compatibility with major mapping systems.

Increased Operating Expenses

The company’s total GAAP costs and expenses rose by $8.5 million to $20.3 million compared to the previous year. This increase is attributed to administrative expenses and stock-based compensation.

GAAP and Non-GAAP Net Losses

Pulse Biosciences reported a GAAP net loss of $19.2 million, up from $11.4 million the previous year. The non-GAAP net loss was $13.7 million, compared to $9 million the prior year, reflecting the financial challenges faced by the company.

Expected Increase in Cash Use

The company expects quarterly cash use to rise due to investments in commercial infrastructure and IDE clinical studies for cardiac devices.

Forward-Looking Guidance

During the earnings call, CEO Paul LaViolette highlighted significant advancements in the company’s nsPFA technology, particularly in soft tissue ablation and cardiac procedures. The company plans to expand pilot utilization for benign thyroid disease and has submitted two IDE applications for atrial fibrillation treatment and a cardiac surgical clamp. With over 140 patients treated using their percutaneous electrode system, Pulse Biosciences aims to transition procedures to ambulatory surgery centers for optimal patient access and reimbursement. Financially, the company plans to increase cash use in the second half of 2025, with initial revenue from the percutaneous electrode anticipated later in the year.

In summary, Pulse Biosciences’ earnings call reflects a company at the forefront of medical technology innovation, with promising clinical progress in soft tissue and cardiac procedures. Despite facing financial hurdles, the company’s strong cash reserves and expected revenue generation offer a hopeful outlook for the future.