Thu, May 8, 9:33 PM (41 days ago)
**Pulse Biosciences, Inc. (PLSE) Q1 2025 Financial Summary** **Financial Health & Performance:** - **Revenue:** No revenue reported for Q1 2025. - **Net Loss:** $16.8 million, an increase from $10.1 million in Q1 2024. - **Cash & Cash Equivalents:** $119.3 million, up from $34.9 million in Q1 2024. - **Operating Activities:** $13.5 million used in Q1 2025, compared to $9.8 million in Q1 2024. - **Investing Activities:** Minimal cash used, primarily for property and equipment purchases. - **Financing Activities:** $14.8 million provided, mainly from warrant exercises and stock option exercises. **Profit Margins & Cash Flow:** - **Gross Margin:** Not applicable due to no revenue. - **Operating Margin:** Negative, with significant operating losses. - **Net Margin:** Negative, with a net loss of $16.8 million. - **Cash Flow:** Positive cash flow from financing activities, offset by negative cash flow from operating activities. **Earnings Changes & Trends:** - **Earnings Per Share (EPS):** Basic and diluted net loss per share of $0.25, compared to $0.18 in Q1 2024. - **Trends:** Continued operating losses and cash burn, with significant investments in R&D and clinical trials. **Quarterly Performance Discussion:** - **R&D Expenses:** $10.3 million, up from $6.7 million in Q1 2024, driven by increased stock-based compensation and clinical trial costs. - **G&A Expenses:** $7.7 million, up from $3.9 million, primarily due to stock-based compensation and employee-related expenses. - **Interest Income:** $1.3 million, an increase from $0.5 million, due to higher cash balances. **Uncertainties & Future Operations Impact:** - **Funding:** Reliant on equity offerings and debt financing; uncertain future funding. - **Regulatory:** Dependence on FDA approvals and clearances for products. - **Market:** Competition from established medical device companies. - **Operational:** High R&D and clinical trial costs; potential delays in product development. **Segment Reporting & Geographical Information:** - **Operating Segment:** Single segment focused on NPS technology. - **Geographical:** All long-lived assets located in the United States. **Related Party Transactions & Risk Factors:** - **Majority Stockholder:** Robert W. Duggan owns approximately 72% of voting power. - **Risks:** Financial position, product development, market competition, regulatory, intellectual property, cybersecurity, data privacy, legal, tax, compliance, and corporate governance risks. **Management Discussion & Analysis:** - **Overview:** Focus on NPS technology for medical treatments. - **Products:** nsPFA Percutaneous Electrode System, Cardiac Surgical Program, CellFX Console. - **Financing:** Reliance on equity offerings and debt financing. - **Critical Accounting Policies:** Stock-based compensation, inventory valuation, net loss per share. **Conclusion:** Pulse Biosciences continues to invest heavily in R&D and clinical trials, with no revenue and significant operating losses. The company's future depends on successful product development, regulatory approvals, and securing additional funding. The high concentration of ownership by a majority stockholder and reliance on a single technology platform present additional risks.