\nPulse Biosciences, Inc. (Nasdaq: PLSE), a company leveraging its novel nPulse\u2122 technology using its proprietary Nanosecond Pulsed Field Ablation\u2122 (nanosecond PFA or nsPFA\u2122) energy, today announced business updates and financial results for the third quarter ended September 30, 2025.\n<\/p>\n
Recent Business Highlights<\/b><\/p>\n
Soft Tissue Ablation<\/b><\/p>\n Surgical AF Ablation<\/b><\/p>\n Endocardial Catheter AF Ablation<\/b><\/p>\n \n\u201cIn each of our three market programs, we continue to accomplish the clinical and regulatory milestones required to deliver the benefits of nanosecond PFA to more patients and providers,\u201d said Paul LaViolette, CEO and Co-Chairman of Pulse Biosciences. \u201cWe are advancing early market adoption for the nPulse Vybrance Percutaneous Electrode System, enrolling patients in the IDE pivotal study for the nPulse Cardiac Surgery System and progressing our IDE submission for our nPulse 360 Catheter, while we continue to treat patients in our two feasibility studies in Europe. The Pulse Biosciences team is executing our strategy to validate the safety, efficacy, and market-disrupting potential of our nPulse technology platform and we are very pleased with the patient outcomes and our early clinical results achieved to date.\u201d\n<\/p>\n Third Quarter 2025 Financial Results<\/b><\/p>\n \nTotal revenue was $86 thousand for the third quarter of 2025, including both nPulse capital and Vybrance disposables sales.\n<\/p>\n \nTotal GAAP costs and expenses, representing cost of product revenue, research and development, and selling, general, and administrative expenses, for the three months ended September 30, 2025, were $20.5 million, an increase of $6.8 million compared to $13.7 million in the prior year period. The increase was primarily driven by administrative expenses related to the expanding organization to support advancement of the nsPFA device clinical trials and commercialization, and non-cash stock-based compensation. Non-GAAP costs and expenses for the three months ended September 30, 2025, were $14.6 million, an increase of $4.2 million compared to $10.4 million in the prior year period.\n<\/p>\n \nGAAP net loss for the three months ended September 30, 2025 was ($19.4) million compared to ($12.7) million for the three months ended September 30, 2024. Non-GAAP net loss for the three months ended September 30, 2025 was ($13.5) million compared to ($9.4) million for the three months ended September 30, 2024.\n<\/p>\n \nCash and cash equivalents totaled $95.2 million as of September 30, 2025, compared to $79.0 million as of September 30, 2024 and $106.3 million as of June 30, 2025. Cash used in operating activities in the third quarter of 2025 totaled $13.0 million, compared to $9.0 million used in the same period in the prior year, and $12.8 million used in the second quarter of 2025.\n<\/p>\n \nReconciliations of GAAP to Non-GAAP cost and expenses and net loss have been provided in the tables following the financial statements in this press release. An explanation of these measures is also included below under the heading \u201cNon-GAAP Financial Measures.\u201d\n<\/p>\n Webcast and Conference Call Information<\/b><\/p>\n PULSE BIOSCIENCES, INC.<\/b><\/p>\n<\/td>\n<\/tr>\n Condensed Consolidated Balance Sheets<\/b><\/p>\n<\/td>\n<\/tr>\n (In thousands, except per share amounts)<\/b><\/p>\n<\/td>\n<\/tr>\n (Unaudited)<\/b><\/p>\n<\/td>\n<\/tr>\n September 30,<\/b><\/p>\n<\/td>\n December 31,<\/b><\/p>\n<\/td>\n<\/tr>\n 2025<\/b><\/p>\n<\/td>\n 2024<\/b><\/p>\n<\/td>\n<\/tr>\n ASSETS<\/b><\/p>\n<\/td>\n \nCurrent assets:\n<\/p>\n<\/td>\n \nCash and cash equivalents\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n95,214\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n118,038\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nAccounts Receivable\n<\/p>\n<\/td>\n \n15\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u2014\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nInventory\n<\/p>\n<\/td>\n \n57\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u2014\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nPrepaid expenses and other current assets\n<\/p>\n<\/td>\n \n1,871\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n1,411\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nTotal current assets\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n97,157\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n119,449\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nProperty and equipment, net\n<\/p>\n<\/td>\n \n1,055\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n1,160\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nIntangible assets, net\n<\/p>\n<\/td>\n \n741\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n1,220\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nGoodwill\n<\/p>\n<\/td>\n \n2,791\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n2,791\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nRight-of-use assets\n<\/p>\n<\/td>\n \n6,316\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n7,163\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nOther assets\n<\/p>\n<\/td>\n \n705\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n677\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nTotal assets\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n108,765\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n132,460\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n LIABILITIES AND STOCKHOLDERS\u2019 EQUITY<\/b><\/p>\n<\/td>\n \nCurrent liabilities:\n<\/p>\n<\/td>\n \nAccounts payable\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n2,978\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n1,673\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nAccrued expenses\n<\/p>\n<\/td>\n \n5,203\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n7,027\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nLease liability, current\n<\/p>\n<\/td>\n \n1,519\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n1,355\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nTotal current liabilities\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n9,700\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n10,055\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nLease liability, less current\n<\/p>\n<\/td>\n \n6,371\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n7,543\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nTotal liabilities\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n16,071\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n17,598\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nStockholders\u2019 equity:\n<\/p>\n<\/td>\n \nPreferred stock, $0.001 par value; authorized \u2013 50,000 shares; no shares issued and outstanding\n<\/p>\n<\/td>\n \n\u2014\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u2014\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nCommon stock, $0.001 par value: authorized \u2013 500,000 shares; issued and outstanding \u2013 67,738 shares and 65,926 shares as of September 30, 2025 and December 31, 2024, respectively\n<\/p>\n<\/td>\n \n68\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n66\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nAdditional paid-in capital\n<\/p>\n<\/td>\n \n538,474\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n505,296\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nAccumulated deficit\n<\/p>\n<\/td>\n \n(445,848\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n(390,500\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n<\/tr>\n \nTotal stockholders\u2019 equity\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n92,694\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n114,862\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nTotal liabilities and stockholders\u2019 equity\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n108,765\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n132,460\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n PULSE BIOSCIENCES, INC.<\/b><\/p>\n<\/td>\n<\/tr>\n Condensed Consolidated Statements of Operations and Comprehensive Loss<\/b><\/p>\n<\/td>\n<\/tr>\n (In thousands, except per share amounts)<\/b><\/p>\n<\/td>\n<\/tr>\n (Unaudited)<\/b><\/p>\n<\/td>\n<\/tr>\n Three Months Ended<\/b><\/p>\n<\/td>\n Nine Months Ended<\/b><\/p>\n<\/td>\n<\/tr>\n September 30,<\/b><\/p>\n<\/td>\n September 30,<\/b><\/p>\n<\/td>\n<\/tr>\n 2025<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n 2024<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n 2025<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n 2024<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nRevenue:\n<\/p>\n<\/td>\n \nProduct revenue\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n86\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n\u2014\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n86\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n\u2014\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nCost and expenses:\n<\/p>\n<\/td>\n \nCost of product revenue\n<\/p>\n<\/td>\n \n279\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u2014\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n279\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u2014\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nResearch and development\n<\/p>\n<\/td>\n \n11,393\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n7,703\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n33,794\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n21,674\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nSelling, general and administrative\n<\/p>\n<\/td>\n \n8,781\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n5,952\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n24,699\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n14,322\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nTotal cost and expenses\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n20,453\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n13,655\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n58,772\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n35,996\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nLoss from operations\n<\/p>\n<\/td>\n \n(20,367\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n(13,655\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n(58,686\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n(35,996\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n<\/tr>\n \nOther income (expense):\n<\/p>\n<\/td>\n \nInterest income\n<\/p>\n<\/td>\n \n1,001\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n976\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n3,385\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n1,804\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nOther expense\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(19\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(1\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(47\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(8\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n<\/tr>\n \nTotal other income\n<\/p>\n<\/td>\n \n982\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n975\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n3,338\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n1,796\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nNet loss\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(19,385\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(12,680\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(55,348\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(34,200\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n<\/tr>\n \nComprehensive loss\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n(19,385\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n(12,680\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n(55,348\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n(34,200\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n<\/tr>\n \nNet loss per share, basic and diluted\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n(0.29\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n(0.21\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n(0.82\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n(0.60\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n<\/tr>\n \nWeighted average common shares outstanding, basic and diluted\n<\/p>\n<\/td>\n \n67,385\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n61,066\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n67,263\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n57,169\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n Three Months Ended<\/b><\/p>\n<\/td>\n Nine Months Ended<\/b><\/p>\n<\/td>\n<\/tr>\n September 30,<\/b><\/p>\n<\/td>\n September 30,<\/b><\/p>\n<\/td>\n<\/tr>\n Stock-Based Compensation Expense:<\/b><\/p>\n<\/td>\n 2025<\/b><\/p>\n<\/td>\n 2024<\/b><\/p>\n<\/td>\n 2025<\/b><\/p>\n<\/td>\n 2024<\/b><\/p>\n<\/td>\n<\/tr>\n \nCost of product revenue\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n52\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n\u2014\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n52\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n\u2014\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nResearch and development\n<\/p>\n<\/td>\n \n2,232\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n1,108\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n7,329\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n3,058\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nSelling, general and administrative\n<\/p>\n<\/td>\n \n3,333\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n1,874\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n9,106\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n3,735\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nTotal stock-based compensation expense\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n5,617\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n2,982\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n16,487\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n6,793\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n Reconciliation of GAAP to Non-GAAP Financial Measures<\/b><\/p>\n<\/td>\n<\/tr>\n \nThe following table presents the reconciliation of non-GAAP financial measures to the most directly comparable GAAP financial measures:\n<\/p>\n<\/td>\n<\/tr>\n \n(In thousands)\n<\/p>\n<\/td>\n<\/tr>\n \n(Unaudited)\n<\/p>\n<\/td>\n<\/tr>\n Three Months Ended<\/b><\/p>\n<\/td>\n Nine Months Ended<\/b><\/p>\n<\/td>\n<\/tr>\n September 30,<\/b><\/p>\n<\/td>\n September 30,<\/b><\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n 2025<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n 2024<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n 2025<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n 2024<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n Reconciliation of GAAP to non-GAAP Cost of product revenue:<\/b><\/p>\n<\/td>\n \nGAAP Cost of product revenue\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n279\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n\u2014\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n279\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n\u2014\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nLess: Stock-based compensation expense\n<\/p>\n<\/td>\n \n(52\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n\u2014\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(52\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n\u2014\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nLess: Depreciation and amortization\n<\/p>\n<\/td>\n \n(3\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n\u2014\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(3\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n\u2014\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nNon-GAAP Cost of product revenue\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n224\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n\u2014\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n224\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n\u2014\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n Reconciliation of GAAP to non-GAAP Research and development:<\/b><\/p>\n<\/td>\n \nGAAP Research and development\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n11,393\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n7,703\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n33,794\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n21,674\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nLess: Stock-based compensation expense\n<\/p>\n<\/td>\n \n(2,232\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n(1,108\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n(7,329\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n(3,058\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n<\/tr>\n \nLess: Depreciation and amortization\n<\/p>\n<\/td>\n \n(41\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n(47\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n(131\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n(152\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n<\/tr>\n \nNon-GAAP Research and development\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n9,120\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n6,548\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n26,334\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n18,464\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n Reconciliation of GAAP to non-GAAP Selling, general and administrative:<\/b><\/p>\n<\/td>\n \nGAAP Selling, general and administrative\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n8,781\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n5,952\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n24,699\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n14,322\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nLess: Stock-based compensation expense\n<\/p>\n<\/td>\n \n(3,333\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n(1,874\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n(9,106\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n(3,735\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n<\/tr>\n \nLess: Depreciation and amortization\n<\/p>\n<\/td>\n \n(212\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n(247\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n(678\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n(739\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n<\/tr>\n \nAdd: Legal settlement\n<\/p>\n<\/td>\n \n\u2014\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u2014\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n590\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u2014\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nNon-GAAP Selling, general and administrative\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n5,236\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n3,831\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n15,505\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n9,848\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n Reconciliation of GAAP to non-GAAP Cost and expenses:<\/b><\/p>\n<\/td>\n \nGAAP Cost and expenses\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n20,453\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n13,655\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n58,772\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n35,996\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nLess: Stock-based compensation expense\n<\/p>\n<\/td>\n \n(5,617\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n(2,982\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n(16,487\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n(6,793\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n<\/tr>\n \nLess: Depreciation and amortization\n<\/p>\n<\/td>\n \n(256\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n(294\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n(812\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n(891\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n<\/tr>\n \nAdd: Legal settlement\n<\/p>\n<\/td>\n \n\u2014\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u2014\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n590\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u2014\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nNon-GAAP Cost and expenses\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n14,580\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n10,379\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n42,063\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n28,312\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n Reconciliation of GAAP to non-GAAP Net loss:<\/b><\/p>\n<\/td>\n \nGAAP Net loss\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n(19,385\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n(12,680\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n(55,348\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n(34,200\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n<\/tr>\n \nAdd: Stock-based compensation expense\n<\/p>\n<\/td>\n \n5,617\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n2,982\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n16,487\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n6,793\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nAdd: Depreciation and amortization\n<\/p>\n<\/td>\n \n256\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n294\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n812\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n891\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nLess: Legal settlement\n<\/p>\n<\/td>\n \n\u2014\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u2014\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(590\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n\u2014\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nNon-GAAP Net loss\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n(13,512\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n(9,404\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n(38,639\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n(26,516\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n \n\u00a0\n<\/p>\n View source version on businesswire.com: <\/span>https:\/\/www.businesswire.com\/news\/home\/20251105042822\/en\/<\/a><\/span><\/p>\n Investors: KEYWORDS:<\/b> California United States North America<\/p>\n INDUSTRY KEYWORDS:<\/b> Biotechnology Medical Devices Health Health Technology Cardiology<\/p>\n\n
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\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 \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 \u00a0<\/td>\n<\/tr>\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 \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 \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 \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 <\/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 \u00a0<\/td>\n<\/tr>\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 \n \n \n \n \n \n \n \n \n \n \n \n \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 <\/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 \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 \u00a0<\/td>\n<\/tr>\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 \n \n \n \n \n \n \n \n \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 \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 <\/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 \n \u00a0<\/td>\n<\/tr>\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 \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 <\/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 \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 <\/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 \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 <\/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 \n \n \n \n \n \n <\/p>\n
\n<\/b>
Pulse Biosciences, Inc.
\n
Jon Skinner, CFO
\n
IR@pulsebiosciences.com
\n<\/a>
Or
\n<\/b>
Gilmartin Group
\n
Philip Trip Taylor
\n
415.937.5406
\n
philip@gilmartinir.com<\/a><\/p>\n
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