\nPulse Biosciences, Inc. (Nasdaq: PLSE), a company leveraging its novel and proprietary nanosecond pulsed field ablation (nsPFA\u2122) technology for the treatment of atrial fibrillation, today announced financial results for the first quarter ended March 31, 2023.<\/p>\n
Business Updates<\/b><\/p>\n \n\u201cIn the first quarter we advanced our preclinical and regulatory objectives for our two novel nsPFA devices, the surgical ablation clamp and cardiac ablation catheter. Our preclinical evidence continues to demonstrate differentiated benefits of nsPFA that we believe can advance the treatment of atrial fibrillation,\u201d said Kevin Danahy, Chief Executive Officer of Pulse Biosciences. \u201cWe are excited to expand our leadership team with the appointment of our Chief Medical Officer, Dr. Gan Dunnington. He has been actively involved with the preclinical studies of our nsPFA surgical ablation clamp and shares our enthusiasm about the potential of the technology. His continued contributions will be extremely valuable as we advance clinical, regulatory, and potential commercialization of the device.\u201d<\/p>\n First Quarter 2023 Results<\/b><\/p>\n \nTotal GAAP cost and expenses, representing cost of revenues, research and development, sales and marketing, and general and administrative expenses, for the three months ended March 31, 2023, were $9.6 million, compared to $17.7 million for the prior year period. Non-GAAP cost and expenses for the three months ended March 31, 2023, were $8.3 million compared to $14.7 million in the prior year period.<\/p>\n \nGAAP net loss for the three months ended March 31, 2023, was ($9.8) million compared to ($17.3) million for the three months ended March 31, 2022. Non-GAAP net loss for the three months ended March 31, 2023 was ($8.6) million compared to ($14.2) million for the three months ended March 31, 2023.<\/p>\n \nCash and cash equivalents totaled $54.1 million as of March 31, 2023, compared to $12.7 million as of March 31, 2022 and $61.1 million as of December 31, 2022. Cash used in the first quarter of 2023 was $7.2 million compared to $15.9 million in the same period in the prior year and $8.0 million used in the fourth quarter of 2022. Cash used in the first quarter excludes $200 thousand of net proceeds from the exercise of warrants.<\/p>\n \nReconciliations of GAAP to non-GAAP cost and expenses and net loss have been provided in the tables following the financial statements in this press release. An explanation of these measures is also included below under the heading \u201cNon-GAAP Financial Measures.\u201d<\/p>\n Webcast and Conference Call Information<\/b><\/p>\n PULSE BIOSCIENCES, INC.<\/b><\/p>\n<\/td>\n<\/tr>\n Condensed Consolidated Balance Sheets<\/b><\/p>\n<\/td>\n<\/tr>\n (In thousands, except per share amounts)<\/b><\/p>\n<\/td>\n<\/tr>\n (Unaudited)<\/b><\/p>\n<\/td>\n<\/tr>\n March 31,<\/b><\/p>\n<\/td>\n December 31,<\/b><\/p>\n<\/td>\n<\/tr>\n 2023<\/b><\/p>\n<\/td>\n 2022<\/b><\/p>\n<\/td>\n<\/tr>\n ASSETS<\/b><\/p>\n<\/td>\n \nCurrent assets:<\/p>\n<\/td>\n \nCash and cash equivalents<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n54,098<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n61,139<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nPrepaid expenses and other current assets<\/p>\n<\/td>\n \n849<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n1,008<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nTotal current assets<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n54,947<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n62,147<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nProperty and equipment, net<\/p>\n<\/td>\n \n1,865<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n1,961<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nIntangible assets, net<\/p>\n<\/td>\n \n2,384<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n2,551<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nGoodwill<\/p>\n<\/td>\n \n2,791<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n2,791<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nRight-of-use assets<\/p>\n<\/td>\n \n7,869<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n8,062<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nOther assets<\/p>\n<\/td>\n \n365<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n365<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nTotal assets<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n70,221<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n77,877<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n LIABILITIES AND STOCKHOLDERS\u2019 EQUITY<\/b><\/p>\n<\/td>\n \nCurrent liabilities:<\/p>\n<\/td>\n \nAccounts payable<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n2,160<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n1,573<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nAccrued expenses<\/p>\n<\/td>\n \n3,091<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n2,595<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nDeferred revenue<\/p>\n<\/td>\n \n4<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u2014<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nLease liability, current<\/p>\n<\/td>\n \n935<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n896<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nRelated party note payable, current<\/p>\n<\/td>\n \n801<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n917<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nTotal current liabilities<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n6,991<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n5,981<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nLease liability, less current<\/p>\n<\/td>\n \n8,898<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n9,144<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nRelated party note payable, less current<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n65,000<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n65,000<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nTotal liabilities<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n80,889<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n80,125<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nStockholders\u2019 equity:<\/p>\n<\/td>\n \nPreferred stock, $0.001 par value;<\/p>\n \nauthorized \u2013 50,000 shares; no shares issued and outstanding<\/p>\n<\/td>\n \n\u2014<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u2014<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nCommon stock, $0.001 par value:<\/p>\n \nauthorized \u2013 500,000 shares; issued and outstanding \u2013 37,593 shares and<\/p>\n \n37,235 shares at March 31, 2023 and December 31, 2022,<\/p>\n \nrespectively<\/p>\n<\/td>\n \n37<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n37<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nAdditional paid-in capital<\/p>\n<\/td>\n \n293,801<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n292,420<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nAccumulated other comprehensive income (loss)<\/p>\n<\/td>\n \n\u2014<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u2014<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nAccumulated deficit<\/p>\n<\/td>\n \n(304,506<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n(294,705<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n<\/tr>\n \nTotal stockholders\u2019 deficit<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(10,668<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n(2,248<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n<\/tr>\n \nTotal liabilities and stockholders\u2019 deficit<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n70,221<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n77,877<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n PULSE BIOSCIENCES, INC.<\/b><\/p>\n<\/td>\n<\/tr>\n Condensed Consolidated Statements of Operations and Comprehensive Loss<\/b><\/p>\n<\/td>\n<\/tr>\n (In thousands, except per share amounts)<\/b><\/p>\n<\/td>\n<\/tr>\n (Unaudited)<\/b><\/p>\n<\/td>\n<\/tr>\n Three-Month Periods Ended<\/b><\/p>\n<\/td>\n<\/tr>\n March 31,<\/b><\/p>\n<\/td>\n<\/tr>\n 2023*<\/b><\/p>\n<\/td>\n 2022<\/b><\/p>\n<\/td>\n<\/tr>\n \nRevenues:<\/p>\n<\/td>\n \nProduct revenues<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n\u2014<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n444<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nTotal revenues<\/p>\n<\/td>\n \n\u2014<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n444<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nCost and expenses:<\/p>\n<\/td>\n \nCost of revenues<\/p>\n<\/td>\n \n\u2014<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n909<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nResearch and development<\/p>\n<\/td>\n \n5,829<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n6,769<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nSales and marketing<\/p>\n<\/td>\n \n\u2014<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n5,541<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nGeneral and administrative<\/p>\n<\/td>\n \n3,733<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n4,498<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nTotal cost and expenses<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n9,562<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n17,717<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nLoss from operations<\/p>\n<\/td>\n \n(9,562<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n(17,273<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n<\/tr>\n \nOther income (expense):<\/p>\n<\/td>\n \nInterest income (expense), net<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(239<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n\u2014<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nTotal other income (expense)<\/p>\n<\/td>\n \n(239<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n\u2014<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nNet loss<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(9,801<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n(17,273<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n<\/tr>\n \nOther comprehensive gain (loss):<\/p>\n<\/td>\n \nUnrealized gain (loss) on available-for-sale securities<\/p>\n<\/td>\n \n\u2014<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u2014<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nComprehensive loss<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n(9,801<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n(17,273<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n<\/tr>\n \nNet loss per share:<\/p>\n<\/td>\n \nBasic and diluted net loss per share<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n(0.26<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n(0.58<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n<\/tr>\n \nWeighted average shares used to compute net loss per common share \u2014 basic and diluted<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n \n37,390<\/p>\n<\/td>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n \n29,745<\/p>\n<\/td>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n Three-Month Periods Ended<\/b><\/p>\n<\/td>\n March 31,<\/b><\/p>\n<\/td>\n Stock Based Compensation Expense:<\/b><\/p>\n<\/td>\n 2023*<\/b><\/p>\n<\/td>\n 2022<\/b><\/p>\n<\/td>\n \nCost of revenues<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n\u2014<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n90<\/p>\n<\/td>\n \nResearch and development<\/p>\n<\/td>\n \n258<\/p>\n<\/td>\n \n457<\/p>\n<\/td>\n \nSales and marketing<\/p>\n<\/td>\n \n\u2014<\/p>\n<\/td>\n \n454<\/p>\n<\/td>\n \nGeneral and administrative<\/p>\n<\/td>\n \n638<\/p>\n<\/td>\n \n1,006<\/p>\n<\/td>\n \nTotal stock-based compensation expense<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n896<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n2,007<\/p>\n<\/td>\n \n*For the three month period ended March 31, 2023, the Company reclassified certain expenses as a result of the shift in focus from dermatology to cardiology. The Company is no longer selling the CellFX system into the dermatology market, and is therefore no longer incurring Cost of Revenues. Expenses previously included in Cost of Revenues are now recorded as a part of Research and Development, and expenses previously included in Sales and Marketing are now recorded as a part of General and Administrative. Going forward, the Company will evaluate the classification of expenses as research and development or general and administrative in accordance with ASC Topic 730, Research and Development.<\/p>\n Reconciliation of GAAP to Non-GAAP Financial Measures<\/b><\/p>\n<\/td>\n<\/tr>\n \nThe following table presents the reconciliation of non-GAAP financial measures to the most directly comparable GAAP financial measures:<\/p>\n<\/td>\n<\/tr>\n \n(In thousands)<\/p>\n<\/td>\n<\/tr>\n \n(Unaudited)<\/p>\n<\/td>\n<\/tr>\n Three-Month Periods Ended<\/b><\/p>\n<\/td>\n<\/tr>\n March 31,<\/b><\/p>\n<\/td>\n<\/tr>\n 2023<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 2022<\/b><\/p>\n<\/td>\n<\/tr>\n Reconciliation of GAAP to non-GAAP Cost of revenues:<\/b><\/p>\n<\/td>\n \nGAAP Cost of revenues<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n\u2014<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n909<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nLess: Stock-based compensation expense<\/p>\n<\/td>\n \n\u2014<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(90<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n<\/tr>\n \nLess: Depreciation and amortization<\/p>\n<\/td>\n \n\u2014<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(5<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n<\/tr>\n \nLess: Restructuring<\/p>\n<\/td>\n \n\u2014<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(19<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n<\/tr>\n \nNon-GAAP Cost of revenues<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n\u2014<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n795<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n Reconciliation of GAAP to non-GAAP Research and development:<\/b><\/p>\n<\/td>\n \nGAAP Research and development<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n5,829<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n6,769<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nLess: Stock-based compensation expense<\/p>\n<\/td>\n \n(258<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n(457<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n<\/tr>\n \nLess: Depreciation and amortization<\/p>\n<\/td>\n \n(57<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n(59<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n<\/tr>\n \nLess: Restructuring<\/p>\n<\/td>\n \n(38<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n(127<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n<\/tr>\n \nNon-GAAP Research and development<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n5,476<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n6,126<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n Reconciliation of GAAP to non-GAAP Sales and marketing:<\/b><\/p>\n<\/td>\n \nGAAP Sales and marketing<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n\u2014<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n5,541<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nLess: Stock-based compensation expense<\/p>\n<\/td>\n \n\u2014<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(454<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n<\/tr>\n \nLess: Depreciation and amortization<\/p>\n<\/td>\n \n\u2014<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(13<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n<\/tr>\n \nLess: Restructuring<\/p>\n<\/td>\n \n\u2014<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(546<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n<\/tr>\n \nNon-GAAP Sales and marketing<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n\u2014<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n4,528<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n Reconciliation of GAAP to non-GAAP General and administrative:<\/b><\/p>\n<\/td>\n \nGAAP General and administrative<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n3,733<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n4,498<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nLess: Stock-based compensation expense<\/p>\n<\/td>\n \n(638<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n(1,006<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n<\/tr>\n \nLess: Depreciation and amortization<\/p>\n<\/td>\n \n(244<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n(249<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n<\/tr>\n \nLess: Restructuring<\/p>\n<\/td>\n \n(12<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n(41<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n<\/tr>\n \nNon-GAAP General and administrative<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n2,839<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n3,202<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n Reconciliation of GAAP to non-GAAP Cost and expenses:<\/b><\/p>\n<\/td>\n \nGAAP Cost and expenses<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n9,562<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n17,717<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nLess: Stock-based compensation expense<\/p>\n<\/td>\n \n(896<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n(2,007<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n<\/tr>\n \nLess: Depreciation and amortization<\/p>\n<\/td>\n \n(301<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n(326<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n<\/tr>\n \nLess: Restructuring<\/p>\n<\/td>\n \n(50<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n(733<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n<\/tr>\n \nNon-GAAP Cost and expenses<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n8,315<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n14,651<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n Reconciliation of GAAP to non-GAAP Net loss:<\/b><\/p>\n<\/td>\n \nGAAP Net loss<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n(9,801<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n(17,273<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n<\/tr>\n \nAdd: Stock-based compensation expense<\/p>\n<\/td>\n \n896<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n2,007<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nAdd: Depreciation and amortization<\/p>\n<\/td>\n \n301<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n326<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nAdd: Restructuring<\/p>\n<\/td>\n \n50<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n733<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nNon-GAAP Net loss<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n(8,554<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n(14,207<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n<\/tr>\n<\/table>\n \n\u00a0<\/p>\n View source version on businesswire.com: <\/span>https:\/\/www.businesswire.com\/news\/home\/20230511005798\/en\/<\/a><\/span><\/p>\n Investor Contacts: KEYWORDS:<\/b> California United States North America<\/p>\n INDUSTRY KEYWORDS:<\/b> Biotechnology Health Technology Health Medical Devices<\/p>\n\n
\n
\n \u00a0<\/td>\n<\/tr>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n <\/tr>\n \n \n \n \n \n \n \n <\/tr>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n <\/tr>\n \n \n \n \n \n \n \n <\/tr>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \n \n \n \n \n <\/tr>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n<\/table>\n \n
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n <\/tr>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n <\/tr>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n <\/tr>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n <\/tr>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n <\/tr>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n<\/table>\n \n
\n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \n \n \n <\/tr>\n \n \n \n \n \n <\/tr>\n \n \n \n \n \n \n \n <\/tr>\n \n \n \n \n \n \n \n \n \n <\/tr>\n \n \n \n \n \n \n \n \n \n <\/tr>\n \n \n \n \n \n \n \n \n \n <\/tr>\n \n \n \n \n \n \n \n \n \n <\/tr>\n \n \n \n \n \n \n \n \n \n <\/tr>\n<\/table>\n \n
\n \u00a0<\/td>\n<\/tr>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n <\/tr>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n <\/tr>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \n \n \n \n <\/tr>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n <\/tr>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \n \n \n \n <\/tr>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \n \n \n \n <\/tr>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n <\/p>\n
\n<\/b>
Pulse Biosciences
\n
Kevin Danahy, President and CEO
\n
510.241.1077
\n
IR@pulsebiosciences.com
\n<\/a>
or
\n
Gilmartin Group
\n
Philip Trip Taylor
\n
415.937.5406
\n
philip@gilmartinir.com<\/a><\/p>\n
![\"Logo\"](\"https:\/\/mms.businesswire.com\/media\/20230511005798\/en\/1279777\/3\/pulse-logo.jpg\"){kind=logo}
<\/td>\n<\/tr>\n