Pulse Biosciences, Inc.

Q2 revenue was $434,000, versus $400,000 of Vybrance disposable sales in Q1. Cost of product revenue was $273,000. GAAP costs and expenses were $25.7 million, up $5.4 million from $20.3 million in the prior-year period, while non-GAAP costs and expenses were $20.5 million, up from $14.8 million. GAAP net loss was $24.7 million, versus $19.2 million a year ago; non-GAAP net loss was $19.4 million, versus $13.7 million. Cash and cash equivalents were $101.6 million at June 30, up from $68.3 million at March 31. Cash used in operating activities was $18.7 million, versus $12.8 million in the prior-year period and $14.6 million in Q1. Management said the ATM has generated $57.5 million in net proceeds to date, including $46.8 million in Q2 and $10.7 million after quarter-end, and the company put a new $75 million ATM facility in place. Forward-looking commentary: management expects Q3/Q4 operating expenses to remain in the current non-GAAP range as clinical spending continues; NANOPULSE-AF enrollment is targeted to complete in early October; CE Mark submission for the cardiac catheter remains targeted for the second half of 2026, with potential approval around mid-2027; the surgical clamp CE Mark filing remains on track before year-end 2026; NANOCLAMP AF enrollment is expected to finish by the end of the first half of 2027; PRECISE-BTN is expected to fully enroll this month; and the PTMC study is expected to complete enrollment by year-end 2026.

Paul LaViolette framed the quarter around the company’s nsPFA platform and said the strategic focus is now centered on atrial fibrillation, while still advancing the surgical clamp and thyroid programs. He emphasized unusually fast site uptake, strong physician enthusiasm, and what he described as a major clinical and workflow advantage from the catheter’s speed and ease of use. His tone was confident and promotional, but anchored to execution milestones like site activation, enrollment pace, and planned regulatory submissions.

Jon Skinner focused on the financial cost of scaling the clinical programs. He reported $434,000 of revenue, $25.7 million of GAAP costs and expenses, $20.5 million of non-GAAP costs and expenses, a $24.7 million GAAP net loss, and $19.4 million of non-GAAP net loss. He also noted cash and cash equivalents of $101.6 million, $18.7 million of operating cash use, $57.5 million of ATM net proceeds to date, and a newly established $75 million ATM facility to preserve financing flexibility.

Analysts concentrated on whether the faster enrollment and protocol changes alter the timeline or patient mix, whether some sites will cap out, and whether the company might need to wait for full 12-month data before submission. Management said 12-month follow-up remains the long pole for the earlier cohort, some sites have already reached the 15% enrollment cap, and the added 19 patients were meant to preserve statistical rigor as eligibility broadened. Questions also focused on mapping integration and commercialization funding; management confirmed all IDE cases have used EnSite so far, said other mapping systems are allowed, and stated the new capital can support clinical execution now and market-building later as the company approaches potential label milestones.