PLSEHIGH SIGNALFINANCIAL10-K

PLSE's operating cash flow deteriorated substantially while the company burned through over $37 million in cash, raising serious concerns about runway and capital needs for this development-stage medical device company.

The company's financial position weakened materially with operating losses expanding meaningfully and cash declining from $118M to $80.7M, representing a burn rate that could pressure the timeline for additional fundraising. The substantial increase in both R&D and SG&A expenses suggests accelerated development activities but at the cost of significantly higher cash consumption that may not be sustainable without near-term capital raising.

Comparing 2026-02-19 vs 2025-03-31View on EDGAR →
FINANCIAL ANALYSIS

PLSE's financial metrics deteriorated across the board with operating cash flow burning substantially more cash and both R&D and SG&A expenses growing notably. The company's cash position declined by over 30% to $80.7M while operating losses expanded meaningfully, creating a concerning cash burn trajectory. The overall picture signals an acceleration in spending that may be outpacing the company's ability to sustain operations without additional capital infusion.

FINANCIAL STATEMENT CHANGES
Operating Cash Flow
Cash Flow
-48.9%
-$36.3M→-$54.1M

Operating cash flow fell 48.9% — earnings quality concerns; investigate working capital changes and non-cash items.

R&D Expense
P&L
+38.3%
$32.3M→$44.7M

R&D investment increased 38.3% — signals commitment to future product development, though near-term margin impact.

Operating Income
P&L
-36.8%
-$56.3M→-$76.9M

Operating income deteriorated sharply — investigate whether driven by one-time charges or structural cost issues.

Net Income
P&L
-35.8%
-$53.6M→-$72.8M

Net income declined 35.8% — review whether driven by operations, interest costs, or non-recurring items.

SG&A Expense
P&L
+33.9%
$23.9M→$32.0M

SG&A up 33.9% — significant increase in sales or administrative costs, monitor impact on operating leverage.

Cash & Equivalents
Balance Sheet
-31.6%
$118.0M→$80.7M

Cash declined 31.6% — significant cash burn or deployment; verify adequacy of remaining liquidity runway.

Current Assets
Balance Sheet
-30.2%
$119.4M→$83.4M

Current assets declined 30.2% — monitor working capital adequacy and short-term liquidity.

Stockholders Equity
Balance Sheet
-29.8%
$114.9M→$80.7M

Equity decreased 29.8% — buybacks or losses reducing book value, monitor solvency ratios.

Total Assets
Balance Sheet
-28.6%
$132.5M→$94.5M

Total assets contracted 28.6% — asset sales, write-downs, or balance sheet optimization underway.

Current Liabilities
Balance Sheet
-21.2%
$10.1M→$7.9M

Current liabilities reduced — improved short-term financial position and working capital health.

LANGUAGE CHANGES
NEW — 2026-02-19
PRIOR — 2025-03-31
ADDED
false --12-31 FY 2025 true true true false true true 0.001 0.001 50,000,000 50,000,000 0 0 0 0 0.001 0.001 500,000,000 500,000,000 67,839,689 67,839,689 65,925,503 65,925,503 3 5 12 1 0.5 0 0 0 1,514 0 6 0.5 6 0.5 6 5 10 1 1 2 4 0 0 0 0 0 0 0 0 6,000,000 0.5 6,000,000 false false false false true true State taxes in California comprise the majority (greater than 50 percent) of the state and local income taxes, net of federal effect category for both 2024 and 2025.
Other segment items includes stock-based compensation, depreciation and amortization.
Adjusted cost of product revenue includes material costs, cash compensation costs, fees paid to consultants and outside service providers and organizations, and other expenses relating to manufacturing the Company s commercial products.
It does not include stock-based compensation, depreciation, amortization, IT and facilities costs - see descriptions of Other segment items in footnote 7 and General and administrative in footnote 5 below.
R D manufacturing and engineering includes compensation costs, fees paid to consultants and outside service providers and organizations, and costs associated with the procurement of materials and the manufacturing of the Company s clinical stage devices.
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REMOVED
Other segment items includes stock-based compensation, depreciation and amortization, and facilities and IT costs allocations.
Adjusted general and administrative includes compensation costs and fees paid to consultants and outside service providers and organizations in support of the administrative functions of the Company, including finance, legal and human resources.
Form 10-K Summary 71 Signatures 72 Pulse Biosciences, the Pulse logos and other trademarks or service marks that we use in connection with the operation of our business appearing in this annual report on Form 10-K (this "Annual Report"), including CellFX, CellFX CloudConnect, Nano-pulse Stimulation, nsPFA, nanosecond-PFA, CellFX nsPFA, and NPS, are the property of Pulse Biosciences, Inc.
Risks Related to Our Financial Position and Need for Additional Capita l We will need to obtain additional funding to finance our operations and complete the development and commercialization of our products.
We are a development-stage company with very limited experience commercializing products.
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