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Pulse Biosciences
(NASDAQ:PLSE)
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Rating:58Neutral
Price Target:
$55.00
▲(14.35% Upside)
Action:Reiterated
Date:09/10/26
The score is held back primarily by weak financial performance (tiny revenue base, deeply negative margins, and heavy cash burn) and a negative P/E with no dividend support. These are partially offset by strong technical uptrend signals and a generally positive earnings-call backdrop driven by accelerated clinical progress and an improved cash position, despite ongoing expense growth and dilution/timing risks.
Positive Factors
Clinical execution
Accelerated pivotal-study enrollment demonstrates strong operational execution and physician engagement with the nsPFA platform. Reaching key milestones earlier than planned can shorten the path toward definitive clinical evidence, regulatory submissions, and potential expansion in the cardiac ablation market.
Negative Factors
Limited commercial scale
Commercial revenue remains very small relative to the company’s development ambitions, indicating that the business has not yet demonstrated meaningful market penetration or recurring procedure utilization. The limited revenue base leaves future growth highly dependent on successful commercialization of additional indications.
Read all positive and negative factors
Positive Factors
Negative Factors
Clinical execution
Accelerated pivotal-study enrollment demonstrates strong operational execution and physician engagement with the nsPFA platform. Reaching key milestones earlier than planned can shorten the path toward definitive clinical evidence, regulatory submissions, and potential expansion in the cardiac ablation market.
Read all positive factors
Pulse Biosciences (PLSE) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$3.48B
Dividend YieldN/A
Average Volume (3M)491.77K
Price to Earnings (P/E)―
Beta (1Y)1.11
Revenue GrowthN/A
EPS Growth-11.31%
CountryUS
Employees116
SectorHealthcare
Sector Strength45
IndustryMedical - Instruments & Supplies
Share Statistics
EPS (TTM)-1.17
Shares Outstanding71,322,610
10 Day Avg. Volume549,369
30 Day Avg. Volume491,771
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 Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit>-0.01
Enterprise Value/Ebitda>-0.01
Forecast
1Y Price Target
$50.80Price Target Upside5.61% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering5
EPS Forecast (FY)-1.21
Revenue Forecast (FY)$2.39M
Pulse Biosciences Business Overview & Revenue Model
Company Description
Pulse Biosciences, Inc. is an innovative firm specializing in bioelectric medicine. Their primary offering is the CellFX System, a sophisticated, console-based platform that is precisely controlled via software. This system utilizes its proprietar...
How the Company Makes Money
Pulse Biosciences generates revenue primarily through the commercialization of its nsPFA-based platform and related procedure consumables. Key revenue streams typically include: (1) sales (or placement) of capital equipment systems used to deliver...
Pulse Biosciences Earnings Call Summary
Earnings Call Date:Aug 06, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 16, 2026
Earnings Call Sentiment Positive
The call conveyed strong, positive clinical momentum and operational progress: accelerated pivotal enrollment, compelling EU feasibility efficacy and safety data, procedural efficiency that suggests meaningful hospital economics, strengthened leadership, and a materially improved cash position following ATM proceeds. These positives are balanced by early-stage commercial revenue that remains small, rising operating expenses and widening losses driven by increased clinical investment, ongoing cash burn, and continued dependence on capital markets. Regulatory timing still depends on 12-month follow-up for earlier enrollees, creating a measurable timeline risk. On balance, the highlights — particularly the rapid enrollment, robust feasibility outcomes, and strengthened balance sheet — outweigh the lowlights.Positive Updates
Strong Clinical Enrollment Momentum in NANOPULSE-AF
Crossed enrollment midpoint with more than 82 evaluable patients; enrollment pace exceeded expectations, prompting confirmation of target completion in early October (accelerated ~3 months). Study enrollment target increased from 145 to 164 (added 19 patients) to reflect broader AAD criteria.
Negative Updates
Low Product Revenue and Early Commercial Traction
Total revenue for Q2 2026 was $434,000 (disposables sales for Vybrance), representing a very early-stage commercial footprint and limited current product revenue despite clinical progress.
Read all updates
Q2-2026 Updates
Positive
Negative
Strong Clinical Enrollment Momentum in NANOPULSE-AF
Crossed enrollment midpoint with more than 82 evaluable patients; enrollment pace exceeded expectations, prompting confirmation of target completion in early October (accelerated ~3 months). Study enrollment target increased from 145 to 164 (added 19 patients) to reflect broader AAD criteria.
Read all positive updates
Company Guidance
The call provided clear near‑term guidance and milestones: NANOPULSE‑AF enrollment has crossed the midpoint with >82 evaluable patients and a protocol increase from 145 to 164 (+19 patients), with full IDE enrollment targeted for early October (3 months ahead of the original plan) across an expanding base of ~12 active sites (protocol allows up to 30), and all IDE cases to date mapped with EnSite; CE submission for the catheter is planned in H2 2026 with potential CE approval ~mid‑2027 (~6 months post‑submission). Other clinical timelines: NANOCLAMP AF (surgical clamp IDE) targets 136 patients at 20 centers with enrollment completing by end‑H1 2027 and CE filing for the clamp before end‑2026; Vybrance disposable sales were $434k in Q2 (up from $400k in Q1), PRECISE‑BTN expanded from 50 to 100 patients and should be fully enrolled this month, and the PTMC feasibility study (up to 30 patients) is ~50% enrolled with completion expected by year‑end 2026. Financially, Q2 revenue was $434k, cost of product revenue $273k, GAAP operating expenses $25.7M (non‑GAAP $20.5M), GAAP net loss $24.7M (non‑GAAP net loss $19.4M), cash used in operations was $18.7M in Q2, and cash and equivalents were $101.6M as of June 30, 2026 after $57.5M of ATM net proceeds to date (including ~$13M insider support and ~$44.5M from outside investors), with an additional $10.7M raised post‑quarter, a new $75M ATM facility, ~$1.8M warrant proceeds in July, and management noting at least ~5 quarters of runway at current spend and operating expense levels expected to remain in the same non‑GAAP range while they prioritize clinical and regulatory milestones.Pulse Biosciences Financial Statement Overview
Summary
Income Statement
12
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 | 1.19M | 350.00K | 0.00 | 0.00 | 700.00K | 1.42M |
| Gross Profit | -256.00K | -1.26M | 0.00 | -1.21M | -11.24M | -550.00K |
| EBITDA | -79.86M | -71.71M | -52.41M | -39.90M | -57.15M | -62.51M |
| Net Income | -80.06M | -72.78M | -53.59M | -42.21M | -58.51M | -63.66M |
Balance Sheet | ||||||
| Total Assets | 115.56M | 96.11M | 132.46M | 59.15M | 77.88M | 54.25M |
| Cash, Cash Equivalents and Short-Term Investments | 101.62M | 80.73M | 118.04M | 44.37M | 61.14M | 28.61M |
| Total Debt | 6.77M | 7.53M | 8.90M | 9.14M | 75.96M | 11.25M |
| Total Liabilities | 16.06M | 15.46M | 17.60M | 14.79M | 80.13M | 18.56M |
| Stockholders Equity | 99.50M | 80.66M | 114.86M | 44.36M | -2.25M | 35.69M |
Cash Flow | ||||||
| Free Cash Flow | -61.39M | -54.44M | -36.47M | -33.16M | -47.41M | -54.53M |
| Operating Cash Flow | -61.10M | -54.12M | -36.34M | -33.04M | -47.01M | -54.10M |
| Investing Cash Flow | -290.00K | -335.00K | -125.00K | -121.00K | -401.00K | 7.56M |
| Financing Cash Flow | 56.66M | 17.15M | 110.14M | 16.39M | 79.94M | 62.69M |
Pulse Biosciences Technical Analysis
Positive
48.10
Price Trends
38.84
Positive
31.52
Positive
24.46
Positive
Market Momentum
3.83
Positive
64.58
Neutral
48.65
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 48.1 is below the 20-day moving average (MA) of 48.90, above the 50-day MA of 38.84, and above the 200-day MA of 24.46, indicating a bullish trend. The MACD of 3.83 indicates Positive momentum. The RSI at 64.58 is Neutral, neither overbought nor oversold. The STOCH value of 48.65 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 |
|---|---|---|---|---|---|---|---|
70 Outperform | $1.73B | 33.78 | 13.29% | ― | 0.17% | ― | |
59 Neutral | $322.04M | -9.42 | -473.55% | 0.00% | 12.93% | -219.19% | |
58 Neutral | $3.48B | -45.27 | -94.42% | ― | ― | -11.31% | |
55 Neutral | $1.35B | -10.96 | -7.56% | 0.37% | 1.47% | -9.38% | |
55 Neutral | $1.21B | 295.25 | 1.08% | ― | 51.30% | ― | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
49 Neutral | $917.54M | -0.82 | -55.30% | ― | -2.57% | -135.75% |
* Healthcare Sector Average
PLSE
Pulse Biosciences
52.97
38.20
258.63%
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Pulse Biosciences Corporate Events
Private Placements and FinancingRegulatory Filings and Compliance
Pulse Biosciences Launches $75 Million ATM Equity Program
Neutral
Aug 6, 2026
On August 6, 2026, Pulse Biosciences, Inc. entered into an equity distribution agreement with Mizuho Securities USA LLC to sell up to $75 million of its common stock through at-the-market offerings under an existing shelf registration. The arrange...
Business Operations and StrategyProduct-Related Announcements
Pulse Biosciences advances NANOPULSE-AF pivotal study enrollment
Positive
Jul 29, 2026
On July 29, 2026, Pulse Biosciences reported that its NANOPULSE-AF pivotal clinical study, which began in April 2026, has surpassed the enrollment midpoint in patients with recurrent, drug-resistant, symptomatic paroxysmal atrial fibrillation. The...
Executive/Board ChangesShareholder Meetings
Pulse Biosciences Shareholders Approve Board and Auditor Slate
Positive
Jun 12, 2026
On June 11, 2026, Pulse Biosciences, Inc. held its 2026 Annual Meeting of Stockholders as a virtual event via live audio webcast, where shareholders voted on board composition and auditor selection. All seven director nominees, including Robert W....
Business Operations and StrategyPrivate Placements and Financing
Pulse Biosciences Announces Redemption of Remaining 200% Warrants
Positive
Jun 10, 2026
On June 10, 2026, Pulse Biosciences said it plans to redeem the remaining “200% Warrants” issued in its July 3, 2024 rights offering, after the stock’s volume-weighted average price exceeded the $22.00 trigger for 20 consecutive ...
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.