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Dec 31, 2025
Pulse Biosciences Q4 2025 Earnings Report
Pulse Biosciences reported its financial results for the fourth quarter and full year ended December 31, 2025, highlighting business updates and financial performance.
Key Takeaways
Pulse Biosciences had a productive Q4 2025, with total revenue reaching $264 thousand, an increase from the previous quarter. The company advanced its nsPFA platform into late-stage clinical development for atrial fibrillation and surgical cardiac ablation, receiving FDA IDE approvals for pivotal studies. GAAP net loss for the quarter was ($17.4) million, an improvement from the prior year, while non-GAAP net loss was ($12.2) million.
Total revenue for Q4 2025 was $264 thousand, showing an increase from Q3 2025.
The company achieved 100% procedural success at 6 months and 96% at one year in its first-in-human feasibility study for Endocardial Catheter AF Ablation.
FDA approval was received to commence a pivotal IDE study for paroxysmal atrial fibrillation with the nPulse Cardiac Catheter System in Q4 2025.
GAAP net loss for Q4 2025 was ($17.4) million, an improvement compared to ($19.4) million in Q4 2024.
Revenue by Segment
Forward Guidance
Pulse Biosciences is focused on clinical trial execution in 2026, aiming to complete pivotal enrollment in both cardiac programs and expand enrollment for the PRECISE-BTN study.
Positive Outlook
- Completion of pivotal enrollment in both cardiac programs (Endocardial Catheter AF Ablation and Surgical AF Ablation) is a key focus for 2026.
- Expansion of enrollment for the PRECISE-BTN study to 100 patients over the ensuing two quarters.
- Initiation of a research collaboration with University of Texas MD Anderson Cancer Center to evaluate nsPFA for thyroid tumors.
- Continued acceleration of IDE site activation to support patient enrollment completion in 2026 for the NANOCLAMP AF study.
- The company's nPulse technology is advancing into late-stage clinical development for atrial fibrillation and cardiac surgery.
Challenges Ahead
- The company acknowledges known and unknown risks, uncertainties, and assumptions that could affect actual results.
- There is no guarantee that the FDA will approve the company's pending IDE submission.
Historical Earnings Impact
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