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Pulse Biosciences
(NASDAQ:PLSE)
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Rating:53Neutral
Price Target:
$54.00
▲(12.27% Upside)
Action:Reiterated
Date:10/14/26
PLSE scores as a moderate-risk, development-stage setup: financial performance is the biggest constraint due to very small revenue, severe losses, and heavy cash burn despite a currently low-leverage balance sheet. The earnings call adds meaningful support via accelerated clinical milestones and a strengthened cash position, while technicals are mixed (longer-term uptrend but near-term consolidation). Valuation remains unfavorable/limited to assess given the negative P/E and lack of dividend yield.
Positive Factors
Clinical validation
Strong feasibility results support the nsPFA platform’s clinical potential, combining durable rhythm outcomes with a low reported serious adverse event rate. If replicated in pivotal studies, this evidence could improve physician confidence and support adoption across cardiac procedures.
Negative Factors
Limited commercialization
Revenue remains very small relative to the company’s development spending, indicating that commercial adoption has not yet scaled. Until product sales expand materially, Pulse remains dependent on clinical milestones and future financing rather than internally generated operating income.
Read all positive and negative factors
Positive Factors
Negative Factors
Clinical validation
Strong feasibility results support the nsPFA platform’s clinical potential, combining durable rhythm outcomes with a low reported serious adverse event rate. If replicated in pivotal studies, this evidence could improve physician confidence and support adoption across cardiac procedures.
Read all positive factors
Pulse Biosciences (PLSE) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$3.87B
Dividend YieldN/A
Average Volume (3M)476.16K
Price to Earnings (P/E)―
Beta (1Y)1.17
Revenue GrowthN/A
EPS Growth-11.31%
CountryUS
Employees116
SectorHealthcare
Sector Strength45
IndustryMedical - Instruments & Supplies
Share Statistics
EPS (TTM)-1.17
Shares Outstanding72,702,530
10 Day Avg. Volume385,211
30 Day Avg. Volume476,162
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 Cap0.47
Enterprise Value/Revenue1.54K
Enterprise Value/Gross Profit-7.13K
Enterprise Value/Ebitda-22.92
Forecast
1Y Price Target
$62.33Price Target Upside29.59% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering6
EPS Forecast (FY)-1.19
Revenue Forecast (FY)$2.03M
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...
Pulse Biosciences Earnings Call Summary
Earnings Call Date:Aug 06, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 05, 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 | -79.60M | -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
50.67
Positive
40.94
Positive
30.76
Positive
Market Momentum
0.63
Negative
57.72
Neutral
82.53
Negative
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 49.97, below the 50-day MA of 50.67, and above the 200-day MA of 30.76, indicating a bullish trend. The MACD of 0.63 indicates Negative momentum. The RSI at 57.72 is Neutral, neither overbought nor oversold. The STOCH value of 82.53 is Negative, 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 |
|---|---|---|---|---|---|---|---|
71 Outperform | $5.58B | 38.18 | 9.07% | ― | 10.51% | 20.67% | |
67 Neutral | $3.13B | 289.87 | 2.14% | ― | 13.94% | ― | |
58 Neutral | $5.89B | -5.97 | -31.83% | 0.98% | -14.49% | -644.98% | |
53 Neutral | $3.87B | -45.47 | -94.42% | ― | ― | -11.31% | |
52 Neutral | $515.59M | -15.52 | -19.25% | ― | 8.20% | -0.88% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
49 Neutral | $103.21M | -4.17 | -132.62% | ― | -5.47% | 13.55% |
* Healthcare Sector Average
PLSE
Pulse Biosciences
53.20
36.09
210.93%
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MMSI
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STXS
Stereotaxis
1.03
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TFX
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139.00
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9.70%
Pulse Biosciences Corporate Events
Business Operations and StrategyProduct-Related Announcements
Pulse Biosciences partners Clayman Thyroid Center on nsPFA
Positive
Oct 14, 2026
On October 14, 2026, Pulse Biosciences announced a commercial and clinical partnership with the Clayman Thyroid Center at the Hospital for Endocrine Surgery in Tampa, Florida, to deploy the nPulse Vybrance Percutaneous Electrode System in patient ...
Business Operations and StrategyProduct-Related Announcements
Pulse Biosciences Completes Enrollment in NANOPULSE-AF Trial
Positive
Oct 7, 2026
On October 7, 2026, Pulse Biosciences reported it had reached its enrollment goal of 164 evaluable patients in the NANOPULSE-AF IDE pivotal clinical study of its nPulse Cardiac Catheter System for drug-resistant, symptomatic, paroxysmal atrial fib...
Business Operations and StrategyPrivate Placements and Financing
Pulse Biosciences Launches New ATM Equity Program
Neutral
Sep 15, 2026
On September 15, 2026, Pulse Biosciences entered into a new equity distribution agreement with Mizuho Securities USA, allowing the company to sell up to $85 million of common stock from time to time in at-the-market and other permitted transaction...
Business Operations and StrategyProduct-Related Announcements
Pulse Biosciences Completes Enrollment in PRECISE-BTN Study
Positive
Sep 15, 2026
On September 15, 2026, Pulse Biosciences announced it had completed enrollment in its PRECISE-BTN clinical study of the nPulse Vybrance Percutaneous Electrode System for symptomatic benign thyroid nodules, expanding the trial from 50 to 100 patien...
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...
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.