Pulse Biosciences Q1 2021 Earnings Report
Key Takeaways
Pulse Biosciences reported a GAAP net loss of $18.6 million for the first quarter of 2021, compared to a net loss of $11.9 million for the same period in the prior year. The company's cash, cash equivalents and investments totaled $59.9 million as of March 31, 2021, compared to $20.5 million as of December 31, 2020. The company onboarded the first 15 participating U.S. and European aesthetic specialty practices in the first quarter for CellFX® System Controlled Launch program.
Commenced the CellFX® System Controlled Launch program and onboarded the first 15 participating U.S. and European aesthetic specialty practices in the first quarter
Submitted anticipated final response to Health Canada regarding the CellFX System Medical Device License
Received FDA IDE approval for a feasibility study to assess the treatment of basal cell carcinoma using the CellFX System
Continued patient enrollment and treatments in an FDA IDE approved pivotal comparison study to assess the treatment of cutaneous non-genital warts using the CellFX System; 51 of 150 patients have been enrolled to date
Pulse Biosciences
Pulse Biosciences
Forward Guidance
Pulse Biosciences is focused on the commercial launch of the CellFX System and expanding its applications outside of aesthetic dermatology.
Positive Outlook
- Anticipate completion of the review by the end of the second quarter
- Enrollment of 30 patients is planned to begin in the second quarter and to be completed by the end of the third quarter
- Completion expected as early as the end of the second quarter or early in the third quarter
- Rollout of Controlled Launch program of the CellFX System integrated with CellFX CloudConnect services in both these important markets
- Pursuing additional applications of our CellFX System outside of aesthetic dermatology
Challenges Ahead
- Future impact to the Company’s operations and financial results cannot be reasonably estimated
- The company used $10.7 million in cash during the quarter, excluding proceeds from financing activities
- GAAP operating expenses increased to $18.5 million from $12.0 million in the prior year period
- GAAP net loss increased to $18.6 million from $11.9 million in the prior year period
- Expansion of commercial and operational infrastructure, including increased headcount, impacted operating expenses