Q4 Financial Results

Total GAAP costs and expenses for the period were $18.5 million, down from $20.3 million in the year-ago quarter. Non-GAAP costs, which exclude stock-based compensation and certain other items, increased to about $13.3 million from $11.3 million a year earlier. Net loss narrowed to $17.4 million, or $0.26 per share, compared with a GAAP net loss of $19.4 million, or $0.31 per share, in the fourth quarter of 2024. Non-GAAP net loss widened to $12.2 million from $10.4 million in the year-ago period.

Full-Year 2025 Financials

For the full year, Pulse Biosciences reported total revenue of $350,000. GAAP costs and expenses rose to $77.3 million from $56.3 million in 2024, while non-GAAP expenses increased to about $55.4 million from $39.6 million. Pulse’s GAAP net loss for 2025 was $72.8 million, or $1.08 per share, compared with a net loss of $53.6 million, or $0.92 per share, in 2024. Non-GAAP net loss for the year widened to $50.8 million from $36.9 million. Cash and cash equivalents declined to about $80.7 million as of Dec. 31, 2025, from $118.0 million a year earlier.

Business Highlights and Clinical Progress

In business developments, the company highlighted clinical and regulatory progress in its cardiovascular and soft tissue ablation programs. Pulse reported 100% procedural success at six months and 96% success at one year in a first-in-human feasibility study of its nPulse Cardiac Catheter System for atrial fibrillation treatment, data presented at a recent medical symposium. The device also received FDA IDE approval late in the year, and recruitment for a pivotal paroxysmal AF study is expected to begin shortly.

Enrollment continued in an IDE pivotal study of the nPulse Cardiac Surgery System for AF, and the company expanded trial site activation to support expected completion in 2026. Pulse also reported initial commercial revenue of $264,000 from soft tissue ablation product sales and ongoing patient enrollment in a study of its nPulse Vybrance percutaneous electrode system for benign thyroid nodules. A research collaboration was initiated with MD Anderson Cancer Center to evaluate nsPFA technology in additional indications.

Sector and Macro Backdrop

Medical device stocks, including companies with software-linked offerings, have faced downward pressure alongside broader technology and growth equities amid persistent concerns over higher interest rates and tightening credit conditions. Investors have been cautious on companies with extended development timelines and limited recurring revenue, a common theme in bioelectric and early-stage device makers.

Pulse’s modest commercial traction and expanded clinical pipeline reflect early product adoption stages, but elevated expenses and widening net losses mirror ongoing sector-wide investment ahead of broader market adoption.