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Jun 30, 2025
Pulse Biosciences Q2 2025 Earnings Report
Pulse Biosciences reported increased operating losses in Q2 2025 due to higher R&D and administrative costs.
Key Takeaways
Pulse Biosciences posted a GAAP net loss of $19.2M in Q2 2025, with no revenue reported and increased spending in R&D and G&A. The company ended the quarter with over $106M in cash.
No product revenue reported for the quarter.
GAAP net loss increased to $19.2M from $11.4M in Q2 2024.
Cash and cash equivalents stood at $106.3M at quarter-end.
Stock-based compensation rose to $5.2M from $2.1M last year.
Forward Guidance
Pulse Biosciences did not provide specific financial guidance but outlined plans to continue IDE studies and expand pilot programs.
Positive Outlook
- Expanded pilot program for Percutaneous Electrode.
- Treated over 140 patients in thyroid and cardiac studies.
- Submitted IDE application for pivotal AF study.
- Improved procedure times in nsPFA 360° catheter use.
- Strong cash position for ongoing development.
Challenges Ahead
- No revenue generation during the quarter.
- Increased operating expenses and net loss.
- Higher cash burn from $8.4M to $12.8M YoY.
- Heavy dependence on future clinical milestones.
- Ongoing uncertainty around regulatory approvals.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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