Pulse Biosciences Inc Financials

PLSE

Source SEC Filings (10-K/10-Q) Updated Sep 30, 2025 Currency USD FYE December

This page shows Pulse Biosciences Inc (PLSE) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 10 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Financial Health Signals

Piotroski F-Score Weak

3/9

Pulse Biosciences Inc passes 3 of 9 financial strength tests. 2 of 4 profitability signals pass, 1 of 3 leverage/liquidity signals pass, neither operating efficiency signal passes.

Earnings Quality Low Quality

0.68x

For every $1 of reported earnings, Pulse Biosciences Inc generates $0.68 in operating cash flow (-$36.3M OCF vs -$53.6M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.

Key Financial Metrics

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Revenue

Pulse Biosciences Inc generated $0 in revenue in fiscal year 2024.

EBITDA

-$55.1M

YoY-30.0%

Pulse Biosciences Inc's EBITDA was -$55.1M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 30.0% from the prior year.

Free Cash Flow

-$36.5M

YoY-10.0%

Pulse Biosciences Inc generated -$36.5M in free cash flow in fiscal year 2024, representing cash available after capex. This represents a decrease of 10.0% from the prior year.

Net Income

-$53.6M

YoY-26.9%

Pulse Biosciences Inc reported -$53.6M in net income in fiscal year 2024. This represents a decrease of 26.9% from the prior year.

EPS (Diluted)

N/A

Cash & Debt

$118.0M

YoY+166.1%

5Y CAGR+76.5%

Pulse Biosciences Inc held $118.0M in cash against $0 in long-term debt as of fiscal year 2024.

Dividends Per Share

N/A

Shares Outstanding

66M

YoY+19.6%

5Y CAGR+25.9%

Pulse Biosciences Inc had 66M shares outstanding in fiscal year 2024. This represents an increase of 19.6% from the prior year.

Gross Margin

N/A

Operating Margin

N/A

Net Margin

N/A

Return on Equity

N/A

R&D Spending

$32.3M

YoY+16.3%

5Y CAGR+5.3%

Pulse Biosciences Inc invested $32.3M in research and development in fiscal year 2024. This represents an increase of 16.3% from the prior year.

Share Buybacks

N/A

Capital Expenditures

$125K

YoY+3.3%

5Y CAGR-27.1%

Pulse Biosciences Inc invested $125K in capex in fiscal year 2024, funding long-term assets and infrastructure. This represents an increase of 3.3% from the prior year.

PLSE Income Statement

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Revenue	$0	$0-100.0%	$700K-50.6%	$1.4M	$0	N/A
Cost of Revenue	N/A	$0-100.0%	$11.9M+1890.7%	$600K+20.0%	$500K-16.7%	$600K
Gross Profit	N/A	$0+100.0%	-$11.2M-1474.6%	$818K+263.6%	-$500K	N/A
R&D Expenses	$32.3M+16.3%	$27.8M+33.4%	$20.8M-27.2%	$28.6M+8.3%	$26.4M+5.9%	$25.0M
SG&A Expenses	$23.9M+51.6%	$15.8M+13.1%	$14.0M-26.8%	$19.1M+17.3%	$16.3M-5.1%	$17.1M
Operating Income	-$56.3M-29.1%	-$43.6M+24.9%	-$58.1M+7.9%	-$63.0M-26.1%	-$50.0M-4.2%	-$48.0M
Interest Expense	N/A	N/A	N/A	N/A	$114K-88.4%	$983K
Income Tax	$0	$0	$0	$0	$0	N/A
Net Income	-$53.6M-26.9%	-$42.2M+27.9%	-$58.5M+8.1%	-$63.7M-27.7%	-$49.9M-6.1%	-$47.0M
EPS (Diluted)	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
Revenue	$86K	$0	$0	$0	$0	$0	$0	$0
Cost of Revenue	$279K	N/A	N/A	$0	N/A	N/A	$0	$0
Gross Profit	-$193K	N/A	N/A	$0	N/A	N/A	$0	$0
R&D Expenses	$11.4M-5.7%	$12.1M+17.2%	$10.3M-3.3%	$10.7M+47.5%	$7.2M+7.3%	$6.7M-13.6%	$7.8M+4.4%	$7.5M
SG&A Expenses	$8.8M+7.3%	$8.2M+5.9%	$7.7M-19.5%	$9.6M+113.5%	$4.5M+16.1%	$3.9M-18.2%	$4.7M+25.2%	$3.8M
Operating Income	-$20.4M-0.5%	-$20.3M-12.4%	-$18.0M+10.9%	-$20.3M-72.8%	-$11.7M-10.5%	-$10.6M+15.3%	-$12.5M-11.4%	-$11.3M
Interest Expense	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Income Tax	N/A	$0	$0	$0	$0	$0	$0	$0
Net Income	-$19.4M-1.1%	-$19.2M-14.1%	-$16.8M+13.4%	-$19.4M-70.3%	-$11.4M-12.3%	-$10.1M+15.1%	-$11.9M-12.9%	-$10.6M
EPS (Diluted)	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

PLSE Balance Sheet

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Total Assets	$132.5M+123.9%	$59.2M-24.0%	$77.9M+31.7%	$59.2M+43.3%	$41.3M-1.5%	$41.9M
Current Assets	$119.4M+163.5%	$45.3M-27.1%	$62.1M+37.1%	$45.3M+102.9%	$22.3M-15.4%	$26.4M
Cash & Equivalents	$118.0M+166.1%	$44.4M-27.4%	$61.1M+37.8%	$44.4M+256.0%	$12.5M+80.6%	$6.9M
Inventory	$0	N/A	$0-100.0%	$5.8M	N/A	N/A
Accounts Receivable	$0	N/A	$0-100.0%	$61K	N/A	N/A
Goodwill	$2.8M0.0%	$2.8M0.0%	$2.8M0.0%	$2.8M0.0%	$2.8M0.0%	$2.8M
Total Liabilities	$17.6M+19.0%	$14.8M-81.5%	$80.1M+441.6%	$14.8M-19.6%	$18.4M+64.6%	$11.2M
Current Liabilities	$10.1M+49.9%	$6.7M+12.2%	$6.0M-10.8%	$6.7M-11.6%	$7.6M+70.1%	$4.5M
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$114.9M+158.9%	$44.4M+2073.3%	-$2.2M-105.1%	$44.4M+93.8%	$22.9M-25.5%	$30.7M
Retained Earnings	-$390.5M-15.9%	-$336.9M-14.3%	-$294.7M+12.5%	-$336.9M-95.3%	-$172.5M-40.6%	-$122.7M

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
Total Assets	$108.8M-9.6%	$120.3M-9.8%	$133.4M+0.7%	$132.5M+227.6%	$40.4M-17.8%	$49.2M-16.9%	$59.2M-10.3%	$65.9M
Current Assets	$97.2M-10.2%	$108.2M-10.5%	$120.9M+1.2%	$119.4M+338.5%	$27.2M-24.0%	$35.8M-20.9%	$45.3M-12.2%	$51.6M
Cash & Equivalents	$95.2M-10.5%	$106.3M-10.8%	$119.3M+1.1%	$118.0M+350.6%	$26.2M-24.9%	$34.9M-21.4%	$44.4M-11.9%	$50.4M
Inventory	$57K+11.8%	$51K+70.0%	$30K	$0	N/A	N/A	N/A	N/A
Accounts Receivable	$15K	N/A	N/A	$0	N/A	N/A	N/A	N/A
Goodwill	$2.8M0.0%	$2.8M0.0%	$2.8M0.0%	$2.8M0.0%	$2.8M0.0%	$2.8M0.0%	$2.8M0.0%	$2.8M
Total Liabilities	$16.1M+1.9%	$15.8M+5.6%	$14.9M-15.2%	$17.6M+30.8%	$13.5M+4.5%	$12.9M-13.0%	$14.8M+7.2%	$13.8M
Current Liabilities	$9.7M+8.0%	$9.0M+15.7%	$7.8M-22.8%	$10.1M+68.7%	$6.0M+17.3%	$5.1M-24.3%	$6.7M+23.5%	$5.4M
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$92.7M-11.3%	$104.5M-11.8%	$118.5M+3.1%	$114.9M+325.9%	$27.0M-25.7%	$36.3M-18.2%	$44.4M-14.9%	$52.1M
Retained Earnings	-$445.8M-4.5%	-$426.5M-4.7%	-$407.3M-4.3%	-$390.5M-8.9%	-$358.4M-3.3%	-$347.1M-3.0%	-$336.9M-3.7%	-$325.0M

PLSE Cash Flow Statement

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Operating Cash Flow	-$36.3M-10.0%	-$33.0M+29.7%	-$47.0M+13.1%	-$54.1M-53.0%	-$35.4M-3.5%	-$34.2M
Capital Expenditures	$125K+3.3%	$121K-69.8%	$401K-8.2%	$437K-0.9%	$441K-27.5%	$608K
Free Cash Flow	-$36.5M-10.0%	-$33.2M+30.1%	-$47.4M+13.1%	-$54.5M-52.3%	-$35.8M-2.9%	-$34.8M
Investing Cash Flow	-$125K-3.3%	-$121K+69.8%	-$401K-105.3%	$7.6M-24.7%	$10.0M+199.4%	-$10.1M
Financing Cash Flow	$110.1M+572.1%	$16.4M-79.5%	$79.9M+27.5%	$62.7M+103.0%	$30.9M+37564.6%	$82K
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
Operating Cash Flow	-$13.0M-1.8%	-$12.8M+5.3%	-$13.5M-47.9%	-$9.1M-8.9%	-$8.4M+14.2%	-$9.8M-44.2%	-$6.8M+35.3%	-$10.5M
Capital Expenditures	$62K-39.8%	$103K+128.9%	$45K-15.1%	$53K+82.8%	$29K+480.0%	$5K-88.4%	$43K+87.0%	$23K
Free Cash Flow	-$13.1M-1.5%	-$12.9M+4.8%	-$13.6M-47.5%	-$9.2M-9.2%	-$8.4M+13.9%	-$9.8M-43.4%	-$6.8M+35.1%	-$10.5M
Investing Cash Flow	-$62K+49.6%	-$123K-173.3%	-$45K+15.1%	-$53K-82.8%	-$29K-480.0%	-$5K+88.4%	-$43K-87.0%	-$23K
Financing Cash Flow	$2.0M	$0-100.0%	$14.8M-69.3%	$48.2M+18289.4%	-$265K-186.9%	$305K-62.1%	$804K-62.6%	$2.1M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

PLSE Financial Ratios

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Gross Margin	N/A	N/A	-1606.3%-1664.0pp	57.7%	N/A	N/A
Operating Margin	N/A	N/A	-8293.9%-3850.0pp	-4443.9%	N/A	N/A
Net Margin	N/A	N/A	-8357.9%-3868.4pp	-4489.4%	N/A	N/A
Return on Equity	N/A	N/A	N/A	N/A	N/A	N/A
Return on Assets	-40.5%+30.9pp	-71.4%+3.8pp	-75.1%+32.5pp	-107.6%+13.1pp	-120.7%-8.7pp	-112.1%
Current Ratio	11.88+5.1	6.76-3.6	10.39+3.6	6.76+3.8	2.95-3.0	5.92
Debt-to-Equity	0.15-0.2	0.33+36.0	-35.64-36.0	0.33-0.5	0.80+0.4	0.36
FCF Margin	N/A	N/A	-6773.4%-2927.6pp	-3845.8%	N/A	N/A

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
Gross Margin	-224.4%	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	-23682.6%	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	-22540.7%	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Return on Equity	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Return on Assets	-17.8%-1.9pp	-15.9%-3.3pp	-12.6%+2.0pp	-14.6%+13.5pp	-28.2%-7.5pp	-20.6%-0.5pp	-20.2%-4.1pp	-16.0%
Current Ratio	10.02-2.0	12.05-3.5	15.58+3.7	11.88+7.3	4.57-2.5	7.06+0.3	6.76-2.7	9.50
Debt-to-Equity	0.17+0.0	0.15+0.0	0.13-0.0	0.15-0.3	0.50+0.1	0.35+0.0	0.33+0.1	0.26
FCF Margin	-15233.7%	N/A	N/A	N/A	N/A	N/A	N/A	N/A

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Frequently Asked Questions

What is Pulse Biosciences Inc's annual revenue?

Pulse Biosciences Inc (PLSE) reported $0 in total revenue for fiscal year 2024. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

Is Pulse Biosciences Inc profitable?

No, Pulse Biosciences Inc (PLSE) reported a net income of -$53.6M in fiscal year 2024.

What is Pulse Biosciences Inc's EBITDA?

Pulse Biosciences Inc (PLSE) had EBITDA of -$55.1M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization.

What is Pulse Biosciences Inc's free cash flow?

Pulse Biosciences Inc (PLSE) generated -$36.5M in free cash flow during fiscal year 2024. This represents a -10.0% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is Pulse Biosciences Inc's operating cash flow?

Pulse Biosciences Inc (PLSE) generated -$36.3M in operating cash flow during fiscal year 2024, representing cash generated from core business activities.

What are Pulse Biosciences Inc's total assets?

Pulse Biosciences Inc (PLSE) had $132.5M in total assets as of fiscal year 2024, including both current and long-term assets.

What are Pulse Biosciences Inc's capital expenditures?

Pulse Biosciences Inc (PLSE) invested $125K in capital expenditures during fiscal year 2024, funding long-term assets and infrastructure.

How much does Pulse Biosciences Inc spend on research and development?

Pulse Biosciences Inc (PLSE) invested $32.3M in research and development during fiscal year 2024.

How many shares does Pulse Biosciences Inc have outstanding?

Pulse Biosciences Inc (PLSE) had 66M shares outstanding as of fiscal year 2024.

What is Pulse Biosciences Inc's current ratio?

Pulse Biosciences Inc (PLSE) had a current ratio of 11.88 as of fiscal year 2024, which is generally considered healthy.

What is Pulse Biosciences Inc's debt-to-equity ratio?

Pulse Biosciences Inc (PLSE) had a debt-to-equity ratio of 0.15 as of fiscal year 2024, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Pulse Biosciences Inc's return on assets (ROA)?

Pulse Biosciences Inc (PLSE) had a return on assets of -40.5% for fiscal year 2024, measuring how efficiently the company uses its assets to generate profit.

What is Pulse Biosciences Inc's cash runway?

Based on fiscal year 2024 data, Pulse Biosciences Inc (PLSE) had $118.0M in cash against an annual operating cash burn of $36.3M. This gives an estimated cash runway of approximately 39 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.

What is Pulse Biosciences Inc's Piotroski F-Score?

Pulse Biosciences Inc (PLSE) has a Piotroski F-Score of 3 out of 9, indicating weak financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Pulse Biosciences Inc's earnings high quality?

Pulse Biosciences Inc (PLSE) has an earnings quality ratio of 0.68x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.