Pulse Biosciences (PLSE)
NASDAQ:PLSE
Want to see PLSE full AI Analyst Report?
Top Page
Pulse Biosciences
(NASDAQ:PLSE)
Select Model
Select Model
Rating:60Neutral
Price Target:
$28.00
â–²(19.66% Upside)
Action:Reiterated
Date:05/15/26
The score is held back primarily by weak financial performance (deep losses and heavy cash burn despite modest leverage). Offsetting this, technicals show strong upward momentum with price above major moving averages, and the latest earnings call pointed to substantial clinical and regulatory progress plus financing flexibility. Valuation remains constrained by losses (negative P/E) and no stated dividend support.
Positive Factors
Robust clinical efficacy & safety
Large European feasibility outcomes across 177 subjects showing high acute and durable success with a low SAE rate provide durable clinical validation. Strong safety/efficacy evidence supports regulatory filings, adoption by electrophysiologists, and reduces clinical execution risk over the next 2–6 months.
Negative Factors
Substantial cash burn
Operating cash outflows vastly exceed cash generation, meaning the company is consuming reserves each quarter. Sustained cash burn creates structural reliance on external financing or rapid commercialization to avoid dilution, constraining strategic optionality over the medium term.
Read all positive and negative factors
Positive Factors
Negative Factors
Robust clinical efficacy & safety
Large European feasibility outcomes across 177 subjects showing high acute and durable success with a low SAE rate provide durable clinical validation. Strong safety/efficacy evidence supports regulatory filings, adoption by electrophysiologists, and reduces clinical execution risk over the next 2–6 months.
Read all positive factors
Pulse Biosciences (PLSE) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$1.80B
Dividend YieldN/A
Average Volume (3M)189.63K
Price to Earnings (P/E)―
Beta (1Y)1.56
Revenue GrowthN/A
EPS Growth-13.79%
CountryUS
Employees75
SectorHealthcare
Sector Strength45
IndustryMedical - Instruments & Supplies
Share Statistics
EPS (TTM)-1.09
Shares Outstanding69,209,710
10 Day Avg. Volume222,519
30 Day Avg. Volume189,626
Financial Highlights & Ratios
PEG Ratio-0.73
Price to Book (P/B)11.47
Price to Sales (P/S)2643.82
P/FCF Ratio-17.00
Enterprise Value/Market Cap0.96
Enterprise Value/Revenue2.30K
Enterprise Value/Gross Profit-2.53K
Enterprise Value/Ebitda-23.46
Forecast
1Y Price Target
$30.00Price Target Upside28.21% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering1
EPS Forecast (FY)-1.18
Revenue Forecast (FY)$3.30M
Pulse Biosciences Business Overview & Revenue Model
Company Description
Pulse Biosciences, Inc. operates as a novel bioelectric medicine company. It offers CellFX System, a tunable, software-enabled, and console-based platform that delivers nano second duration pulses of electrical energy to non-thermally clear target...
How the Company Makes Money
Pulse Biosciences makes money primarily by selling (1) capital equipment and (2) recurring consumables used per procedure. The company’s revenue model generally includes: (a) sales of its NPS-based medical device systems (the upfront purchase of t...
Pulse Biosciences Earnings Call Summary
Earnings Call Date:May 04, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Aug 12, 2026
Earnings Call Sentiment Positive
The call emphasized substantial clinical progress and clear operational momentum: landmark European feasibility results (strong efficacy and low SAE rate), initiation and acceleration of the U.S. pivotal IDE trial, regulatory milestones and expanded clinical programs (surgical clamp and Vybrance). These positive milestones were balanced against near‑term commercial immaturity (very small product revenue), rising R&D/clinical spend driving wider GAAP and non‑GAAP losses, and a material quarterly cash burn that reduced cash balances. Management has strengthened leadership, prioritized the high‑value catheter program and secured financing flexibility (shelf and ATM) to support execution. On balance, the clinical and operational advances meaningfully outweigh the financial and timing challenges reported.Positive Updates
Landmark European Feasibility Data — Strong Efficacy and Safety
European feasibility study (n=177) showed outstanding outcomes: 100% procedure success at 6 months (95/95 evaluable), 96% procedure success at 1 year (24-hour Holter evaluable), and a 90% Kaplan‑Meier estimated freedom from recurrent AF/atrial flutter/atrial tachycardia at 1 year. Safety profile: serious adverse event rate of 1.7% across 177 treated subjects.
Negative Updates
Resource Shift Moderates Surgical Program Near‑Term
Strategic prioritization of the EP catheter program resulted in moderated near‑term development for the nPulse cardiac clamp; expected completion of the NANOCLAMP‑AF IDE enrollment shifted to end of H1 2027, reflecting resource reallocation and potential timing delays for that indication.
Read all updates
Q1-2026 Updates
Positive
Negative
Landmark European Feasibility Data — Strong Efficacy and Safety
European feasibility study (n=177) showed outstanding outcomes: 100% procedure success at 6 months (95/95 evaluable), 96% procedure success at 1 year (24-hour Holter evaluable), and a 90% Kaplan‑Meier estimated freedom from recurrent AF/atrial flutter/atrial tachycardia at 1 year. Safety profile: serious adverse event rate of 1.7% across 177 treated subjects.
Read all positive updates
Company Guidance
The company tightened near‑term guidance across clinical, regulatory and financial plans: enrollment for the U.S. IDE pivotal NANOPULSE‑AF is now expected to complete in early Q4 2026 (vs prior end‑2026), leveraging a protocol that allows up to 30 sites (up to ~215 patients) with per‑site caps of ~15–20% (low‑20s patients/site) and a Bayesian mix of 6‑ and 12‑month follow‑up to shorten study duration and accelerate the PMA filing; CE submission for the nPulse catheter is targeted in H2 2026 with potential CE Mark mid‑2027; the NANOCLAMP‑AF surgical IDE (target 136 patients at ~20 sites) is now expected to finish enrollment by end‑H1 2027; PRECISE‑BTN was expanded to 100 patients (50 enrolled) and Vybrance generated ~$400K revenue in Q1; PTMC feasibility (up to 30 patients) completed first‑patient enrollments with full enrollment expected by year‑end 2026; Q1 financial guidance/context: revenue $401K, cost of product revenue $370K, GAAP operating expenses $19.6M (+$1.6M YoY), non‑GAAP operating expenses $17.4M (+$4.7M YoY), GAAP net loss $18.6M, non‑GAAP net loss $16.4M, cash $68.3M (down $12.4M QoQ), operating cash use $14.6M in Q1, plus a $200M shelf registration and ~ $60M ATM availability — all cited alongside clinical metrics from the 177‑patient EU feasibility study (100% 6‑month procedure success, 96% 1‑year 24‑hr Holter success, 90% KM freedom at 1 year, 1.7% SAE rate) and surgical feasibility signals (≈60+ patients, 94% PVI at ~3 months, avg ablation time 41 seconds), supporting the company’s expectation of faster enrollment and accelerated time to market.Pulse Biosciences Financial Statement Overview
Summary
Income Statement
14
Very Negative
Balance Sheet
62
Positive
Cash Flow
18
Very Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Mar 2022 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 751.00K | 350.00K | 0.00 | 0.00 | 700.00K | 1.42M |
| Gross Profit | -684.00K | -1.26M | 0.00 | -1.21M | -11.24M | -550.00K |
| EBITDA | -73.78M | -71.71M | -55.08M | -42.37M | -56.70M | -61.87M |
| Net Income | -74.57M | -72.78M | -53.59M | -42.21M | -58.51M | -63.66M |
Balance Sheet | ||||||
| Total Assets | 81.62M | 96.11M | 132.46M | 59.15M | 77.88M | 54.25M |
| Cash, Cash Equivalents and Short-Term Investments | 68.32M | 80.73M | 118.04M | 44.37M | 61.14M | 28.61M |
| Total Debt | 7.16M | 7.53M | 8.90M | 9.14M | 75.96M | 11.25M |
| Total Liabilities | 15.32M | 15.46M | 17.60M | 14.79M | 80.13M | 18.56M |
| Stockholders Equity | 66.30M | 80.66M | 114.86M | 44.36M | -2.25M | 35.69M |
Cash Flow | ||||||
| Free Cash Flow | -55.50M | -54.44M | -36.47M | -33.16M | -47.41M | -54.53M |
| Operating Cash Flow | -55.20M | -54.12M | -36.34M | -33.04M | -47.01M | -54.10M |
| Investing Cash Flow | -323.00K | -335.00K | -125.00K | -121.00K | -401.00K | 7.56M |
| Financing Cash Flow | 4.56M | 17.15M | 110.14M | 16.39M | 79.94M | 62.69M |
Pulse Biosciences Technical Analysis
Positive
23.40
Price Trends
22.10
Positive
19.94
Positive
17.88
Positive
Market Momentum
1.22
Negative
55.48
Neutral
54.61
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For PLSE, the sentiment is Positive. The current price of 23.4 is above the 20-day moving average (MA) of 22.78, above the 50-day MA of 22.10, and above the 200-day MA of 17.88, indicating a bullish trend. The MACD of 1.22 indicates Negative momentum. The RSI at 55.48 is Neutral, neither overbought nor oversold. The STOCH value of 54.61 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for PLSE.
Pulse Biosciences Risk Analysis
Pulse Biosciences disclosed 61 risk factors in its most recent earnings report. Pulse Biosciences reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 3 New Risks
1.
Our operating results may fluctuate significantly, which makes our future operating results difficult to predict and could cause our operating results to fall below expectations. Q4, 2023
2.
We may fail to meet our publicly announced guidance or other expectations about our business and future operating results, which could cause our stock price to decline. Q4, 2023
3.
If we are unable to manage the anticipated growth of our business, our future revenue and operating results may be harmed. Q4, 2023
Pulse Biosciences Peers Comparison
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
65 Neutral | $1.17B | 194.90 | -2.91% | ― | -5.48% | -666.94% | |
60 Neutral | $1.80B | -19.69 | -86.67% | ― | ― | -13.79% | |
58 Neutral | $1.66B | 48.44 | -6.07% | ― | 4.03% | 70.55% | |
55 Neutral | $210.13M | 81.48 | -246.44% | ― | 17.41% | -189.91% | |
54 Neutral | $944.90M | -1.51 | -10.69% | ― | -5.87% | -175.46% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
44 Neutral | $817.61M | -2.83 | -56.31% | ― | -3.87% | -258.96% |
* Healthcare Sector Average
PLSE
Pulse Biosciences
24.72
6.79
37.87%
AZTA
Azenta
21.34
-5.76
-21.25%
QDEL
QuidelOrtho
12.33
-19.37
-61.10%
STAA
Staar Surgical
31.39
13.31
73.62%
BLFS
BioLife Solutions
24.50
2.15
9.62%
SMTI
Sanara MedTech
23.38
-5.51
-19.07%
Pulse Biosciences Corporate Events
Business Operations and StrategyPrivate Placements and Financing
Pulse Biosciences Authorizes Insider Purchases Under Equity Program
Positive
May 6, 2026
On May 5, 2026, Pulse Biosciences’ board authorized TD Securities (USA) LLC, acting as sales agent under a February 19, 2026 Equity Distribution Agreement, to sell up to about $60 million of the company’s common stock to one or more co...
Business Operations and StrategyExecutive/Board ChangesFinancial DisclosuresPrivate Placements and Financing
Pulse Biosciences Highlights Q1 Results, Electrophysiology Focus
Neutral
May 4, 2026
On May 4, 2026, Pulse Biosciences reported first-quarter 2026 results and a sharpened strategic focus on electrophysiology after landmark data for its nPulse Cardiac Catheter System, including high 6- and 12-month procedural success and arrhythmia...
Business Operations and StrategyProduct-Related Announcements
Pulse Biosciences Reports Strong nPulse Atrial Fibrillation Data
Positive
Apr 27, 2026
On April 25, 2026, Pulse Biosciences reported updated late‑breaking data from its first‑in‑human feasibility study of the nPulse Cardiac Catheter System for atrial fibrillation, presented at the Heart Rhythm 2026 meeting in Chica...
Business Operations and StrategyProduct-Related Announcements
Pulse Biosciences Updates 2026 Cardiac Ablation Strategy
Positive
Apr 16, 2026
On April 16, 2026, Pulse Biosciences posted an updated investor presentation detailing its pivotal clinical study of the nsPFA Cardiac Catheter for atrial fibrillation, its next‑generation nPulse cardiac catheter under development, and its 2...
Business Operations and StrategyExecutive/Board Changes
Pulse Biosciences appoints new COO to advance commercialization
Positive
Apr 9, 2026
On April 8, 2026, Pulse Biosciences appointed medical technology veteran Liane R. Teplitsky as Chief Operating Officer and expanded the role of Chief Medical Officer Dr. David Kenigsberg, moves the company says are intended to accelerate developme...
Business Operations and StrategyProduct-Related Announcements
Pulse Biosciences Launches Pivotal NANOPULSE-AF Clinical Study
Positive
Apr 7, 2026
On April 7, 2026 Pulse Biosciences announced it had enrolled and treated the first seven patients in its NANOPULSE-AF IDE pivotal clinical study evaluating the nPulse Cardiac Catheter System for recurrent, drug-resistant, symptomatic paroxysmal at...
Business Operations and StrategyExecutive/Board Changes
Pulse Biosciences Grants RSUs to Chief Technology Officer
Positive
Mar 27, 2026
On March 23, 2026, Pulse Biosciences, Inc. granted its Chief Technology Officer, Darrin R. Uecker, 100,000 restricted stock units as recognition for his continued leadership in developing the company’s atrial fibrillation treatment technolog...
Business Operations and StrategyProduct-Related Announcements
Pulse Biosciences Realigns Strategy Around nPulse AFib Platform
Positive
Mar 17, 2026
On March 17, 2026, Pulse Biosciences announced a strategic realignment to prioritize development and future commercialization of its nPulse Cardiac Catheter Ablation System for atrial fibrillation, following unprecedented European feasibility data...
Business Operations and StrategyProduct-Related Announcements
Pulse Biosciences Launches Thyroid Cancer Feasibility Study
Positive
Mar 12, 2026
On March 12, 2026, Pulse Biosciences announced that the first patients were enrolled in a multicenter, first-in-human feasibility study evaluating its nPulse Vybrance Percutaneous Electrode System for treating T1N0M0 papillary thyroid microcarcino...
Business Operations and StrategyProduct-Related Announcements
Pulse Biosciences Reports Durable Thyroid Nodule Ablation Results
Positive
Mar 9, 2026
On March 9, 2026, Pulse Biosciences reported long-term clinical durability data from its first-in-human feasibility study of the nPulse Vybrance Percutaneous Electrode System for benign thyroid nodule ablation, based on follow-up of 21 patients mo...
Business Operations and StrategyFinancial DisclosuresProduct-Related AnnouncementsRegulatory Filings and Compliance
Pulse Biosciences Highlights nPulse Cardiac Ablation Progress
Positive
Mar 4, 2026
On March 3, 2026, Pulse Biosciences posted an updated investor presentation outlining summary financial information and new details on its next generation nPulse cardiac catheter under development. The deck highlights the company’s strengthe...
Executive/Board Changes
Pulse Biosciences Announces Resignation of Chief Commercial Officer
Negative
Feb 27, 2026
On February 27, 2026, Pulse Biosciences, Inc. announced that Chief Commercial Officer Kevin P. Danahy resigned from the company, effective immediately, with the board noting his departure was not due to any disagreement over operations, policies, ...
Business Operations and StrategyPrivate Placements and Financing
Pulse Biosciences Establishes New $60 Million ATM Program
Neutral
Feb 19, 2026
On February 19, 2026, Pulse Biosciences entered into a new equity distribution agreement with TD Securities (USA) LLC, allowing the company to sell up to approximately $60 million of its common stock from time to time in at-the-market and other pe...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.