Pulse Biosciences Reports Business Updates and Third Quarter 2025 Financial Results
Pulse Biosciences, Inc., a company leveraging its novel nPulse™ technology using its proprietary Nanosecond Pulsed Field Ablation™ (nanosecond PFA or nsPFA™) energy, has released its financial results for the third quarter ended September 30, 2025. The company also provided updates on its business operations and strategic initiatives.
Financial Highlights
For the third quarter of 2025, Pulse Biosciences reported total revenue of $86 thousand, marking the commencement of its limited market release. However, the company faced significant costs and expenses, totaling $20.5 million, an increase from $13.7 million in the same period last year. This increase was primarily driven by administrative expenses related to the expanding organization and non-cash stock-based compensation.
The GAAP net loss for the quarter was ($19.4) million, compared to ($12.7) million in the third quarter of 2024. On a non-GAAP basis, the net loss was ($13.5) million, up from ($9.4) million in the prior year period. Cash and cash equivalents stood at $95.2 million as of September 30, 2025, down from $106.3 million as of June 30, 2025.
Business and Operational Highlights
- Soft Tissue Ablation: Initiated a multi-center clinical study, PRECISE-BTN, for the treatment of benign thyroid nodules (BTN) with the nPulse Vybrance percutaneous electrode system, enrolling 40% of the study subjects. Generated $86 thousand in revenue and treated over 200 patients to date.
- Surgical AF Ablation: Received FDA IDE approval and enrolled the initial subject in the nPulse Cardiac Surgery System Study, NANOCLAMP AF, for the treatment of atrial fibrillation (AF). Treated 44 patients in Europe with positive clinical outcomes.
- Endocardial Catheter AF Ablation: Submitted FDA IDE application and plan to commence an IDE study in Q1 2026. Treated 150 patients in Europe as part of the multi-center AF feasibility study.
Strategic Initiatives and Corporate Developments
Pulse Biosciences is advancing early market adoption for the nPulse Vybrance Percutaneous Electrode System, enrolling patients in the IDE pivotal study for the nPulse Cardiac Surgery System, and progressing its IDE submission for the nPulse 360 Catheter. The company continues to treat patients in its two feasibility studies in Europe.
Management's Perspective
Paul LaViolette, CEO and Co-Chairman of Pulse Biosciences, stated, "In each of our three market programs, we continue to accomplish the clinical and regulatory milestones required to deliver the benefits of nanosecond PFA to more patients and providers. We are very pleased with the patient outcomes and our early clinical results achieved to date."
Future Outlook
The company plans to commence an IDE study for the nPulse 360 Catheter in Q1 2026 and continues to focus on validating the safety, efficacy, and market-disrupting potential of its nPulse technology platform.
Original SEC Filing: PULSE BIOSCIENCES, INC. [ PLSE ] - 8-K - Nov. 05, 2025