Pulse Biosciences (PLSE) AI Stock Analysis

• Market Cap: $929.09M
• Dividend Yield: N/A
• Average Volume (3M): 189.63K
• Price to Earnings (P/E): ―
• Beta (1Y): 1.63
• Revenue Growth: N/A
• EPS Growth: -40.63%
• Country: US
• Employees: 75
• Sector: Healthcare
• Sector Strength: 45
• Industry: Medical - Instruments & Supplies
• EPS (TTM): -0.20
• Shares Outstanding: 67,767,580
• 10 Day Avg. Volume: 222,519
• 30 Day Avg. Volume: 189,626
• PEG Ratio: -4.17
• Price to Book (P/B): 8.85
• Price to Sales (P/S): 0.00
• P/FCF Ratio: -27.88
• Enterprise Value/Market Cap: 0.93
• Enterprise Value/Revenue: 10.05K
• Enterprise Value/Gross Profit: -1.88K
• Enterprise Value/Ebitda: -11.41
• 1Y Price Target: $23.50
• Price Target Upside: 67.38% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 2
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 46 Neutral
• Price Target: $14.00 ▼(-0.28% Downside)

The score is held down primarily by very weak financial performance (minimal revenue, negative gross profit, large losses, and persistent cash burn), with a downtrend-leaning technical setup adding pressure. Offsetting this somewhat are a comparatively low-leverage balance sheet and a more constructive earnings-call backdrop driven by trial/regulatory progress and early commercial traction.

Positive Factors

Recurring consumables model

Pulse’s business pairs upfront system sales with single-use disposables, creating an installed-base driven recurring revenue stream. If clinical adoption and procedure volumes scale, disposables can deliver durable, high-margin aftermarket sales and predictable revenue over multiple quarters.

Regulatory progress — FDA IDE

Securing an FDA IDE for the NANOPULSE-AF catheter is a structural milestone: it permits controlled pivotal clinical data generation in atrial fibrillation, a large electrophysiology market. Positive trial outcomes could lead to regulatory clearance and commercial entry, materially expanding addressable market.

Low financial leverage

Pulse’s low leverage and modest absolute debt provide financial flexibility to support ongoing R&D and clinical programs without immediate refinancing pressure. This reduces short-term solvency risk and gives management room to execute multi-quarter development and commercialization plans.

Negative Factors

Minimal revenue and negative gross profit

Trailing 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 burn

Large 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 losses

Quarterly 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.

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 targeted cells while sparing adjacent non-cellular tissue to treat a various medical condition by using its Nano-Pulse Stimulation technology. The company was formerly known as Electroblate, Inc. and changed its name to Pulse Biosciences, Inc. in December 2015. Pulse Biosciences, Inc. was incorporated in 2014 and is headquartered in Hayward, California.

How the Company Makes Money

Pulse Biosciences generates revenue primarily through the sale and leasing of its CellFX System to dermatologists and other healthcare providers. The company may also earn revenue from service agreements, training, and support services related to the use of its systems. Additionally, Pulse Biosciences could engage in strategic partnerships or collaborations with other healthcare organizations to further expand the application of its technology and enhance its market presence. Key factors contributing to its earnings include the adoption and integration of its technology within clinical practices and potential expansion into international markets.

Pulse Biosciences Financial Statement Overview

Summary

Overall fundamentals are weak: revenue remains minimal ($0.09M TTM) with negative gross profit, large TTM net losses (~$74.7M), and heavy ongoing cash burn (operating cash flow about -$48.5M TTM). The balance sheet is a relative bright spot with low leverage (debt-to-equity ~0.08) and meaningful equity, but continued losses raise the risk of ongoing equity erosion and funding needs.

Income Statement

Income performance remains very weak. TTM (Trailing-Twelve-Months) revenue is minimal ($0.09M) and gross profit is negative, indicating the company is not yet covering product costs. Losses are substantial (TTM net loss of ~$74.7M) with deeply negative operating and net margins. While losses have fluctuated over time (improving in 2023–2024 vs. 2021–2022, then worsening again in TTM), the overall trajectory still reflects a pre-commercial/early-commercial profile with limited revenue traction.

Balance Sheet

Balance sheet is a relative strength. Leverage is low with TTM debt-to-equity around 0.08 and total debt of ~$7.9M against equity of ~$92.7M, suggesting financial flexibility versus many loss-making peers. However, profitability is very weak, with TTM return on equity around -65%, implying continued equity erosion risk if losses persist. Historical volatility is notable as well (including a period of negative equity in 2022), highlighting that the capital structure can swing meaningfully depending on funding and losses.

Cash Flow

Cash burn remains heavy and persistent. TTM (Trailing-Twelve-Months) operating cash flow is about -$48.5M and free cash flow is about -$48.8M, broadly in line with the net loss (free cash flow roughly matches net income in magnitude), indicating losses are translating into real cash outflows. Free cash flow improved versus the prior annual period (positive growth off a very negative base), but the company still requires ongoing funding unless revenue scales materially or spending is reduced.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	86.00K	0.00	0.00	700.00K	1.42M	0.00
Gross Profit	-460.00K	0.00	-1.21M	-11.24M	-550.00K	-665.00K
EBITDA	-75.77M	-55.08M	-42.37M	-56.70M	-61.87M	-48.87M
Net Income	-74.73M	-53.59M	-42.21M	-58.51M	-63.66M	-49.74M
Balance Sheet
Total Assets	108.77M	132.46M	59.15M	77.88M	54.25M	41.29M
Cash, Cash Equivalents and Short-Term Investments	95.21M	118.04M	44.37M	61.14M	28.61M	20.48M
Total Debt	7.89M	8.90M	9.14M	75.96M	11.25M	11.36M
Total Liabilities	16.07M	17.60M	14.79M	80.13M	18.56M	18.40M
Stockholders Equity	92.69M	114.86M	44.36M	-2.25M	35.69M	22.89M
Cash Flow
Free Cash Flow	-48.77M	-36.47M	-33.16M	-47.41M	-54.53M	-35.81M
Operating Cash Flow	-48.51M	-36.34M	-33.04M	-47.01M	-54.10M	-35.37M
Investing Cash Flow	-283.00K	-125.00K	-121.00K	-401.00K	7.56M	10.04M
Financing Cash Flow	64.97M	110.14M	16.39M	79.94M	62.69M	30.89M

Pulse Biosciences Technical Analysis

• Technical Analysis Sentiment: Neutral
• Last Price: 14.04
• 50DMA: Positive
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For PLSE, the sentiment is Neutral. The current price of 14.04 is below the 20-day moving average (MA) of 14.28, above the 50-day MA of 14.04, and below the 200-day MA of 15.81, indicating a neutral trend. The MACD of -0.13 indicates Positive momentum. The RSI at 48.24 is Neutral, neither overbought nor oversold. The STOCH value of 27.52 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for PLSE.

Pulse Biosciences Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
AZTA	59 Neutral	$1.73B	-30.15	1.41%	―	-9.49%	58.97%
QDEL	54 Neutral	$1.88B	-1.64	-44.21%	―	-3.43%	38.98%
BLFS	52 Neutral	$1.08B	-332.46	-5.20%	―	-18.82%	92.56%
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
PLSE	46 Neutral	$929.09M	-12.37	-86.99%	―	―	-40.63%
STAA	46 Neutral	$897.34M	-9.27	-24.65%	―	-32.42%	-540.37%
SMTI	42 Neutral	$197.03M	-4.73	-27.19%	―	30.55%	-340.19%

Pulse Biosciences Corporate Events

Pulse Biosciences updates investor deck on cardiac pipeline

On January 14, 2025, Pulse Biosciences, Inc. announced that it had posted an updated investor presentation on its website, detailing recent progress in its ongoing product development programs for the nPulse Vybrance Percutaneous Electrode, the nPulse Cardiac Clamp and the nPulse Cardiac Catheter. The investor deck, dated as of January 2026, is intended for use in communications with investors and analysts and underscores the company’s efforts to advance and showcase its cardiac-focused technology pipeline, offering stakeholders a consolidated view of its development trajectory while emphasizing that the materials are summary in nature and subject to standard securities law limitations on liability and updating obligations.

The most recent analyst rating on (PLSE) stock is a Hold with a $14.50 price target. To see the full list of analyst forecasts on Pulse Biosciences stock, see the PLSE Stock Forecast page.

Pulse Biosciences Adds Veteran Healthtech Leader to Board

On January 8, 2026, Pulse Biosciences elected veteran healthtech executive Maria Sainz to its board of directors and appointed her to the audit committee, with the addition formally announced in a January 9, 2026 press release. Sainz, currently president and CEO of portable MRI maker Hyperfine, brings more than three decades of experience leading public and venture-backed medical device companies through clinical, regulatory, financing and M&A milestones, and will receive standard non-employee director cash retainers, the option to convert retainers into equity, reimbursement of board-related expenses, and time-vested stock option grants that further align her incentives with shareholders. The appointment adds deep commercialization and strategic expertise as Pulse advances its first three nsPFA-based programs through key clinical, regulatory and commercial milestones, underscoring the company’s intention to strengthen governance and bolster its ability to compete and scale in interventional and surgical device markets.

The most recent analyst rating on (PLSE) stock is a Hold with a $14.00 price target. To see the full list of analyst forecasts on Pulse Biosciences stock, see the PLSE Stock Forecast page.

Pulse Biosciences gains FDA IDE for NANOPULSE-AF trial

On December 18, 2025, Pulse Biosciences announced that the U.S. Food and Drug Administration approved its Investigational Device Exemption, enabling the company to begin the NANOPULSE-AF clinical study of its nPulse Cardiac Catheter Ablation System for treating recurrent, drug-resistant, symptomatic paroxysmal atrial fibrillation. The single-arm, multicenter, prospective study will enroll up to 145 patients across as many as 30 sites, including three outside the U.S., to evaluate the safety and effectiveness of the nsPFA-based catheter, which is designed to deliver rapid, circumferential pulmonary vein isolation with lower total energy and potentially reduced collateral injury, building on positive initial results from an ongoing European feasibility study and marking a key milestone in the company’s push to establish its next-generation ablation technology in the global electrophysiology market.

The most recent analyst rating on (PLSE) stock is a Buy with a $22.00 price target. To see the full list of analyst forecasts on Pulse Biosciences stock, see the PLSE Stock Forecast page.

Pulse Biosciences Holds 2025 Annual Stockholder Meeting

On December 9, 2025, Pulse Biosciences, Inc. conducted its 2025 Annual Meeting of Stockholders virtually. During the meeting, stockholders elected six directors to serve until the 2026 meeting, ratified Deloitte & Touche LLP as the independent accounting firm for 2025, approved executive compensation, and decided to hold future advisory votes on executive compensation every three years.

The most recent analyst rating on (PLSE) stock is a Buy with a $22.00 price target. To see the full list of analyst forecasts on Pulse Biosciences stock, see the PLSE Stock Forecast page.

Pulse Biosciences Partners with MD Anderson for Thyroid Cancer Study

On December 9, 2025, Pulse Biosciences announced a research collaboration with The University of Texas MD Anderson Cancer Center to explore the use of its nPulse™ Vybrance™ Percutaneous Electrode System for treating thyroid cancers. The FDA has approved the Investigational Device Exemption for this first-in-human clinical feasibility study, which will begin in early 2026, involving 30 subjects across two sites. This collaboration aims to assess the safety and effectiveness of nPulse technology in treating papillary thyroid microcarcinoma, with ongoing preclinical studies on anaplastic thyroid carcinoma, a particularly deadly cancer. The nonthermal mechanism of nsPFA energy is highlighted for its potential to minimize scarring and damage to surrounding structures, positioning it as a promising treatment for both benign and malignant thyroid tumors.

The most recent analyst rating on (PLSE) stock is a Buy with a $22.00 price target. To see the full list of analyst forecasts on Pulse Biosciences stock, see the PLSE Stock Forecast page.

Pulse Biosciences Updates Investors on Product Advancements

On November 13, 2025, Pulse Biosciences, Inc. released an updated investor presentation on its website, highlighting recent advancements in its product development programs. This presentation is intended for use in discussions with investors and analysts, showcasing the company’s progress with its nPulse technology products, which could influence its market positioning and stakeholder interests.

The most recent analyst rating on (PLSE) stock is a Buy with a $22.00 price target. To see the full list of analyst forecasts on Pulse Biosciences stock, see the PLSE Stock Forecast page.

Pulse Biosciences Launches NANOCLAMP AF Clinical Trial

On October 24, 2025, Pulse Biosciences announced the enrollment of the first patient in its NANOCLAMP AF clinical trial, marking a significant milestone for the company’s nPulse™ Cardiac Surgical System. This trial aims to demonstrate the safety and effectiveness of the system in treating atrial fibrillation during concomitant surgical procedures, potentially revolutionizing patient care with improved safety and procedural advantages over conventional methods.

The most recent analyst rating on (PLSE) stock is a Buy with a $22.00 price target. To see the full list of analyst forecasts on Pulse Biosciences stock, see the PLSE Stock Forecast page.