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Mar 31, 2024
Pulse Biosciences Q1 2024 Earnings Report
Pulse Biosciences reported financial results for Q1 2024 and provided business updates.
Key Takeaways
Pulse Biosciences reported a GAAP net loss of $10.1 million for the first quarter of 2024, compared to a $9.8 million loss in the same period last year. Cash and cash equivalents totaled $34.9 million as of March 31, 2024. The company is focused on advancing its CellFX nsPFA technology and executing its percutaneous electrode pilot program.
Total GAAP costs and expenses were $10.6 million, driven by an increase in non-cash stock-based compensation expense.
Non-GAAP costs and expenses were $8.6 million.
GAAP net loss was $10.1 million, while non-GAAP net loss was $8.1 million.
Cash and cash equivalents totaled $34.9 million as of March 31, 2024.
Pulse Biosciences
Pulse Biosciences
Forward Guidance
Pulse Biosciences is focused on executing its CellFX nsPFA percutaneous electrode pilot program to initiate the commercial launch and continuing to advance the clinical and regulatory work with its CellFX nsPFA Surgical Clamp and 360° Cardiac Catheter.
Positive Outlook
- FDA clearance of the CellFX nsPFA Percutaneous Electrode System
- Posters, abstracts and a live case highlighting the CellFX nsPFA 360° Cardiac Catheter at HRS next week
- Focus on delivering the benefits of CellFX nsPFA to patients and providers following further clinical evaluations and regulatory clearances.
- Executing CellFX nsPFA percutaneous electrode pilot program to initiate the commercial launch
- Continuing to advance the clinical and regulatory work with our CellFX nsPFA Surgical Clamp and 360° Cardiac Catheter
Challenges Ahead
- Need for further clinical evaluations
- Need for regulatory clearances
- Cash used in the first quarter of 2024 was $9.5 million compared to $7.2 million in the same period in the prior year
- GAAP net loss for the three months ended March 31, 2024 was ($10.1) million compared to ($9.8) million for the three months ended March 31, 2023
- The remaining increase in costs and expenses compared to the prior year was driven by an increase in research and development expenses to support the development of the CellFX nsPFA product portfolio.