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MARKETS / NASDAQ / PLSE
NASDAQ · SURGICAL & MEDICAL INSTRUMENTS & APPARATUS · SMALL CAP

Pulse Biosciences, Inc. PLSE

11 fiscal years on record · USD · FY2025 reported · SEC filings only
$350,000
$-72.8M
$-54.4M
In brief

What this company does

Based on our preclinical experience and the potential to significantly improve outcomes for patients in a large and growing market, we decided in 2022 to focus our primary efforts on the use of nsPFA energy and the nPulse platform in the treatment of atrial fibrillation, where approximately 1.9 million patients in the United States are diagnosed annually. Our first product for soft tissue ablation in a surgical setting, the Vybrance Percutaneous Electrode System, consists of a disposable, percutaneous, needle electrode for use with our proprietary nPulse Console. In March 2024, we received FDA 510(k) clearance for our Vybrance Percutaneous Electrode System for use in the ablation of soft tissue in percutaneous and intraoperative surgical procedures.

Written from the business description in Pulse Biosciences, Inc.'s annual report to the U.S. Securities and Exchange Commission, filed 19 February 2026. Every sentence was checked against that document before publication.

Growth
USD 350,000.00
Revenue, FY2025 · full 11-year series below
Revenue $M Net income $M
FY2025 · Revenue 0.3 · Net income -72.8
-25.0M-50.0M201520172019202120232025
Compound annual growth
−20.6%
3 yrs
5 yrs
10 yrs
15 yrs

Compound annual rates per period — left blank where that exact year isn't on file, the series crosses a loss, or (per-share rows) a split falls inside the window.

Profitability
−20795 cents
lost on every revenue dollar
Operating margin Net margin
FY2025 · Operating -21982.6% · Net -20794.6%
-10000%-20000%201520172019202120232025
ROE
FY2025 · ROE -74.4%
-100%-200%-300%201520172019202120232025
Gross margin-54.0%
Operating margin-21982.6%
Net margin-20794.6%
Return on assets-64.1%
EBITDAUSD -76.5M

Each USD of equity lost 74 cents this year.

Cash & shareholders
returned in FY2025 · dividends + net buybacks
Free cash flow $M
FY2025 · FCF -54.4
-20M-40M201520172019202120232025

Total assetsUSD 94.5M
EquityUSD 80.7M
CashUSD 80.7M
Current ratio10.53×

Equity funds 85% of total assets.

The 11-year record
11 fiscal years
Every figure from documents filed with the SEC · USD

EPS, diluted, dividend per share and shares outstanding are shown without shading, and a vertical line marks the year the share count changed — the series crosses a large, unexplained change in share count, so the years on either side are not on a comparable scale.

row low → row highnegative
Metric 20252024202320222021202020192018201720162015
Revenue $B0.00.00.00.00.00.0·····
Operating income $B−0.1−0.1−0.0−0.1−0.1−0.0−0.0−0.0−0.0−0.0−0.0
EBITDA $B−0.1−0.1−0.0−0.1−0.1−0.0−0.0−0.0−0.0−0.0−0.0
Income tax $B0.00.00.00.00.00.0····−0.0
Net income $B−0.1−0.1−0.0−0.1−0.1−0.0−0.0−0.0−0.0−0.0−0.0
Free cash flow $B−0.1−0.0−0.0−0.0−0.1−0.0−0.0−0.0−0.0−0.0−0.0
EPS, diluted $····−2.28−2.14−2.26−2.20−1.73−0.86−0.37
Dividend / sh $···········
Payout %···········
ROE %−74.4−67.3−200.5−349.9−217.3−185.9−96.8−66.8−71.7−48.9−20.6
Shares out B0.070.070.060.040.030.030.020.020.020.010.01

Slide the table for earlier years · "·" marks a figure not available in our data for that year.

Provenance
Company facts, as filed
How we verify · 0 failures in 44 reconciliationsAUDITED

Reconciled in 11 of 19 fiscal years. 45 checks could not be computed.

EPS recomputationBalance-sheet identityGross profitBalance-sheet liquiditymoeda_consistente0 failures
ActivitySurgical & Medical Instruments & Apparatus
Listed onNASDAQ
Incorporated inDelaware
Fiscal year endsDecember 31
SEC categorysmaller reporting company
Data on record since2015

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