NASDAQ : PLSE
Pulse Biosciences, Inc. — Financial statements
Healthcare · Medical Instruments & Supplies · United States
Last price 55.48 USD (Oct 29, 2026, 4:00 PM EDT) · Market cap 3.96B
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Financial statements
Pulse Biosciences, Inc. (PLSE) reported revenue of 1.19M USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 1.19M | 350.00K | 700.00K | 1.42M | ||
| Cost of Revenue | 1.18M | 539.00K | 11.94M | 1.97M | ||
| Gross Profit | 3.00K | -189.00K | -11.24M | -550.00K | ||
| Selling, General & Admin | 31.76M | 32.03M | 23.92M | 15.78M | 25.97M | 33.82M |
| Research & Development | 51.89M | 44.72M | 32.34M | 27.80M | 20.84M | 28.64M |
| Operating Expenses | 83.64M | 76.75M | 56.26M | 43.57M | 46.81M | 62.46M |
| Operating Income | -83.64M | -76.94M | -56.26M | -43.57M | -58.06M | -63.01M |
| Interest Expense | -1.10M | -900.00K | -700.00K | |||
| Interest & Investment Income | 3.02M | 4.21M | 2.69M | 2.46M | 637.00K | 54.00K |
| Other Non Operating Income (Expenses) | -33.00K | -52.00K | -18.00K | |||
| EBT Excluding Unusual Items | -80.66M | -72.78M | -53.59M | -42.21M | -58.32M | -63.66M |
| Gain (Loss) on Sale of Assets | -185.00K | |||||
| Pretax Income | -80.06M | -72.78M | -53.59M | -42.21M | -58.51M | -63.66M |
| Net Income | -80.06M | -72.78M | -53.59M | -42.21M | -58.51M | -63.66M |
| Net Income to Common | -80.06M | -72.78M | -53.59M | -42.21M | -58.51M | -63.66M |
| Shares Outstanding (Basic) | 68.10M | 67.40M | 58.40M | 49.74M | 33.94M | 27.96M |
| Shares Outstanding (Diluted) | 68.10M | 67.40M | 58.40M | 49.74M | 33.94M | 27.96M |
| EPS (Basic) | -1.18 | -1.08 | -0.92 | -0.85 | -1.72 | -2.28 |
| EPS (Diluted) | -1.18 | -1.08 | -0.92 | -0.85 | -1.72 | -2.28 |
| Free Cash Flow | -61.39M | -54.44M | -36.47M | -33.16M | -47.41M | -54.53M |
| Free Cash Flow Per Share | -0.90 | -0.81 | -0.62 | -0.67 | -1.40 | -1.95 |
| Gross Margin | 0.25% | -54.00% | -38.79% | |||
| Operating Margin | -7,058.40% | -21,982.57% | -8,293.86% | -4,443.87% | ||
| Profit Margin | -6,755.78% | -20,794.57% | -8,357.86% | -4,489.42% | ||
| Free Cash Flow Margin | -5,180.42% | -15,553.43% | -6,773.43% | -3,845.84% | ||
| EBITDA | -82.62M | -75.87M | -55.08M | -42.37M | -56.70M | -61.87M |
| D&A For EBITDA | 1.02M | 1.07M | 1.18M | 1.21M | 1.35M | 1.15M |
| EBIT | -83.64M | -76.94M | -56.26M | -43.57M | -58.06M | -63.01M |
| Revenue as Reported | 700.00K | 1.42M |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 101.62M | 80.73M | 118.04M | 44.37M | 61.14M | 28.61M |
| Cash & Short-Term Investments | 101.62M | 80.73M | 118.04M | 44.37M | 61.14M | 28.61M |
| Receivables | 122.00K | 274.00K | 61.00K | |||
| Inventory | 236.00K | 136.00K | 5.82M | |||
| Prepaid Expenses | 3.72M | 2.28M | 1.41M | 963.00K | 1.01M | 2.13M |
| Total Current Assets | 105.70M | 83.42M | 119.45M | 45.33M | 62.15M | 36.63M |
| Property, Plant & Equipment | 6.45M | 7.06M | 8.32M | 8.78M | 10.02M | 11.25M |
| Goodwill | 2.79M | 2.79M | 2.79M | 2.79M | 2.79M | 2.79M |
| Other Intangible Assets | 222.00K | 575.00K | 1.22M | 1.89M | 2.55M | 3.22M |
| Other Long-Term Assets | 403.00K | 691.00K | 677.00K | 365.00K | 365.00K | 365.00K |
| Total Assets | 115.56M | 94.54M | 132.46M | 59.15M | 77.88M | 54.25M |
| Accounts Payable | 2.83M | 2.78M | 1.67M | 1.84M | 1.57M | 2.90M |
| Accrued Expenses | 6.46M | 3.58M | 5.83M | 3.81M | 2.54M | 3.77M |
| Short-Term Debt | 436.00K | |||||
| Current Portion of Long-Term Debt | 917.00K | |||||
| Current Portion of Leases | 1.69M | 1.57M | 1.35M | 1.06M | 896.00K | 774.00K |
| Current Unearned Revenue | 16.00K | |||||
| Other Current Liabilities | 1.20M | 50.00K | 614.00K | |||
| Total Current Liabilities | 10.98M | 7.92M | 10.05M | 6.71M | 5.98M | 8.52M |
| Long-Term Debt | 65.00M | |||||
| Long-Term Leases | 5.09M | 5.96M | 7.54M | 8.09M | 9.14M | 10.04M |
| Total Liabilities | 16.06M | 13.88M | 17.60M | 14.79M | 80.12M | 18.56M |
| Common Stock | 71.00K | 68.00K | 66.00K | 55.00K | 37.00K | 29.00K |
| Additional Paid-In Capital | 605.95M | 543.87M | 505.30M | 381.22M | 292.42M | 271.86M |
| Retained Earnings | -506.52M | -463.28M | -390.50M | -336.92M | -294.70M | -236.20M |
| Shareholders' Equity | 99.50M | 80.66M | 114.86M | 44.36M | -2.25M | 35.69M |
| Total Liabilities & Equity | 115.56M | 94.54M | 132.46M | 59.15M | 77.88M | 54.25M |
| Total Debt | 6.77M | 7.53M | 8.90M | 9.14M | 75.96M | 11.25M |
| Net Cash (Debt) | 94.85M | 73.20M | 109.14M | 35.22M | -14.82M | 17.36M |
| Net Cash Per Share | 1.39 | 1.09 | 1.87 | 0.71 | -0.44 | 0.62 |
| Filing Date Shares Outstanding | 71.32M | 67.99M | 67.27M | 55.23M | 37.59M | 29.80M |
| Total Common Shares Outstanding | 70.80M | 67.84M | 65.93M | 55.14M | 37.23M | 29.72M |
| Working Capital | 94.72M | 75.50M | 109.39M | 38.62M | 56.17M | 28.11M |
| Book Value Per Share | 1.41 | 1.19 | 1.74 | 0.80 | -0.06 | 1.20 |
| Tangible Book Value | 96.49M | 77.29M | 110.85M | 39.68M | -7.59M | 29.68M |
| Tangible Book Value Per Share | 1.36 | 1.14 | 1.68 | 0.72 | -0.20 | 1.00 |
| Machinery | 2.61M | 2.31M | 2.21M | 2.08M | 1.95M | |
| Construction In Progress | 9.00K | 29.00K | 22.00K | 186.00K | ||
| Leasehold Improvements | 2.52M | 2.52M | 2.52M | 2.52M | 2.52M |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | -80.06M | -72.78M | -53.59M | -42.21M | -58.51M | -63.66M |
| Depreciation & Amortization | 1.02M | 1.07M | 1.18M | 1.21M | 1.35M | 1.15M |
| Loss (Gain) From Sale of Assets | 6.00K | 13.00K | 185.00K | |||
| Loss (Gain) From Sale of Investments | 13.00K | |||||
| Stock-Based Compensation | 17.47M | 21.46M | 13.59M | 7.18M | 5.19M | 14.60M |
| Other Operating Activities | 1.30M | 1.15M | 923.00K | 8.48M | ||
| Change in Accounts Receivable | -176.00K | -274.00K | 61.00K | -61.00K | ||
| Change in Inventory | -185.00K | -136.00K | -2.65M | -5.82M | ||
| Change in Accounts Payable | 79.00K | 1.13M | -201.00K | 263.00K | -1.30M | 1.16M |
| Change in Unearned Revenue | -16.00K | 16.00K | ||||
| Change in Other Net Operating Assets | -833.00K | -5.74M | 1.75M | 505.00K | 196.00K | -1.49M |
| Operating Cash Flow | -61.10M | -54.12M | -36.34M | -33.04M | -47.01M | -54.10M |
| Capital Expenditures | -290.00K | -315.00K | -125.00K | -121.00K | -401.00K | -437.00K |
| Sale (Purchase) of Intangibles | -20.00K | |||||
| Investment in Securities | 8.00M | |||||
| Investing Cash Flow | -290.00K | -335.00K | -125.00K | -121.00K | -401.00K | 7.56M |
| Short-Term Debt Issued | 1.94M | |||||
| Long-Term Debt Issued | 65.00M | |||||
| Total Debt Issued | 65.00M | 1.94M | ||||
| Short-Term Debt Repaid | -437.00K | -1.53M | ||||
| Total Debt Repaid | -437.00K | -1.53M | ||||
| Net Debt Issued (Repaid) | 64.56M | 407.00K | ||||
| Issuance of Common Stock | 56.66M | 17.15M | 110.42M | 16.39M | 15.38M | 62.51M |
| Repurchase of Common Stock | -232.00K | |||||
| Other Financing Activities | -281.00K | -6.00K | ||||
| Financing Cash Flow | 56.66M | 17.15M | 110.14M | 16.39M | 79.94M | 62.69M |
| Net Cash Flow | -4.73M | -37.30M | 73.67M | -16.77M | 32.52M | 16.15M |
| Free Cash Flow | -61.39M | -54.44M | -36.47M | -33.16M | -47.41M | -54.53M |
| Free Cash Flow Margin | -5,180.42% | -15,553.43% | -6,773.43% | -3,845.84% | ||
| Free Cash Flow Per Share | -0.90 | -0.81 | -0.62 | -0.67 | -1.40 | -1.95 |
| Levered Free Cash Flow | -34.29M | -29.52M | -17.92M | -18.13M | -26.84M | -30.40M |
| Unlevered Free Cash Flow | -34.29M | -29.52M | -17.92M | -17.44M | -26.27M | -29.96M |
| Cash Interest Paid | 1.70M | |||||
| Change in Working Capital | -1.11M | -5.02M | 1.55M | 768.00K | -3.72M | -6.20M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 3.77B | 930.45M | 1.07B | 674.19M | 103.12M | 438.84M |
| Enterprise Value | 3.68B | 843.12M | 1.00B | 633.18M | 109.30M | 408.93M |
| Last Close Price | 52.90 | 13.73 | 17.41 | 12.24 | 2.77 | 14.81 |
| PS Ratio | 3,183.94 | 2,658.43 | 147.32 | 309.48 | ||
| PB Ratio | 37.64 | 11.54 | 9.32 | 15.20 | -45.87 | 12.30 |
| P/TBV Ratio | 39.10 | 12.04 | 9.66 | 16.99 | 14.78 | |
| EV/Sales Ratio | 3,103.90 | 2,408.93 | 156.14 | 288.38 | ||
| Debt / Equity Ratio | 0.07 | 0.09 | 0.08 | 0.21 | -33.79 | 0.32 |
| Net Debt / Equity Ratio | -0.95 | -0.91 | -0.95 | -0.79 | -6.59 | -0.49 |
| Net Debt / EBITDA Ratio | 1.15 | 0.96 | 1.98 | 0.83 | -0.26 | 0.28 |
| Net Debt / FCF Ratio | 1.54 | 1.34 | 2.99 | 1.06 | -0.31 | 0.32 |
| Asset Turnover | 0.01 | 0.00 | 0.01 | 0.03 | ||
| Quick Ratio | 9.27 | 10.22 | 11.74 | 6.61 | 10.22 | 3.37 |
| Current Ratio | 9.63 | 10.53 | 11.88 | 6.76 | 10.39 | 4.30 |
| Return on Equity (ROE) | -78.49% | -74.45% | -67.31% | -200.46% | -349.89% | -217.33% |
| Return on Assets (ROA) | -44.34% | -42.37% | -36.70% | -39.75% | -54.93% | -82.44% |
| Return on Capital Employed (ROCE) | -80.00% | -88.80% | -46.00% | -83.10% | -80.80% | -137.80% |
| Earnings Yield | -2.22% | -7.82% | -5.00% | -6.26% | -56.73% | -14.51% |
| FCF Yield | -1.63% | -5.85% | -3.40% | -4.92% | -45.98% | -12.43% |
| Buyback Yield / Dilution | -7.37% | -15.41% | -17.41% | -46.56% | -21.35% | -20.29% |