PLSEHIGH SIGNALFINANCIAL10-K

PLSE shows severe cash burn acceleration with operating cash flow deteriorating 49% to -$54.1M while cash reserves dropped 32% to $80.7M, creating potential liquidity concerns for this development-stage company.

The combination of rapidly accelerating cash burn and declining cash position creates a critical runway issue for this pre-revenue medical device company. With current burn rates, the company's ability to fund operations through commercialization is increasingly questionable, likely necessitating dilutive equity raises or debt financing in the near term.

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

PLSE's financial position deteriorated significantly across all metrics, with operating losses expanding 37% to -$76.9M driven by substantial increases in R&D (+38%) and SG&A (+34%) expenses. The company's cash position fell 32% to $80.7M while operating cash flow burned 49% faster at -$54.1M, indicating an unsustainable trajectory. Combined with shrinking total assets (-29%) and stockholders' equity (-30%), the financial profile suggests mounting pressure to secure additional financing to continue operations and product development.

FINANCIAL STATEMENT CHANGES
Capital Expenditure
Cash Flow
+152%
$125K→$315K

Capital expenditure jumped 152% — major investment cycle underway; assess returns on deployment.

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.

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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