Minimal Revenue And Negative Gross ProfitTrailing revenue is effectively negligible and gross margin is negative, indicating the company has not yet reached the scale or pricing needed to cover product costs. Absent structural improvements in adoption, pricing, or unit costs, sustainable profitability is unlikely over the intermediate horizon.
Persistent Heavy Cash BurnLarge and ongoing operating cash outflows materially erode liquidity over quarters without revenue scaling. Continued burn increases the likelihood of financing events or dilution, and constrains the company’s ability to expand commercial footprint or fund multiple simultaneous clinical programs.
Rising Costs And Widening GAAP LossesQuarterly GAAP expenses and net losses have increased as Pulse expands organizational costs and records meaningful stock-based compensation. While spending supports growth, escalating losses pressure equity and runway, potentially forcing program prioritization or spending cuts if revenue fails to ramp.