Pulse Biosciences Reports Increased Cash Reserves, Net Loss in Latest Quarter

Pulse Biosciences, Inc. reported significant financial developments in its 10-Q filing for the quarter ending September 30, 2024. The company, which specializes in Nano-pulse Stimulation (NPS) technology for nonthermal cell treatment, continues to face challenges, including a lack of revenue generation.

As of September 30, 2024, cash and cash equivalents increased to $79.0 million, up from $44.4 million at the end of 2023. Total current assets also rose to $80.4 million from $45.3 million, contributing to total assets of $93.0 million, compared to $59.2 million at the end of the previous fiscal year. The increase in additional paid-in capital to $450.2 million from $381.2 million reflects ongoing financing efforts, including a successful rights offering.

For the three months ended September 30, 2024, the company reported total expenses of $13.7 million, an increase of $2.4 million from $11.3 million in the same period in 2023. This rise was attributed to higher research and development expenses, which grew to $7.7 million from $7.5 million, and general and administrative expenses, which surged to $6.0 million from $3.8 million. The net loss for the quarter was $(12.7) million, worsening from $(10.6) million in the prior year.

For the nine-month period ending September 30, 2024, the net loss totaled $(34.2) million, compared to $(30.3) million in the same period in 2023. The company reported no revenue for both the three-month and nine-month periods. Cash used in operating activities was $(27.2) million, slightly higher than $(26.3) million in the previous year. However, net cash provided by financing activities significantly increased to $61.9 million from $15.6 million, primarily due to the 2024 Rights Offering, which generated $60 million in gross proceeds.

Strategically, Pulse Biosciences has focused on expanding its product offerings, particularly the CellFX System, which is being developed for various medical applications, including cardiology and gastroenterology. The company received FDA clearance for the CellFX nsPFA Percutaneous Electrode System in March 2024, with further advancements expected in clinical trials.

The company has also undergone restructuring, eliminating seven positions in early 2023, and has made adjustments to its stock-based compensation programs. Despite these efforts, the company remains uncertain about the future adoption of its technology and its ability to generate sustainable revenues.