Pulse Biosciences Inc Financials

PLSE

Source SEC Filings (10-K/10-Q) Updated Mar 31, 2026 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 11 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).

Rhea AI PLSE FY2025 2026-04-30

Pulse Biosciences remains a cash-funded development-stage company, where equity raises bankroll rising research spend far more than product sales.

Between FY2024 and FY2025, operating cash burn widened from -$36.3M to -$54.1M, but financing inflow fell, so cash started funding the gap instead of fresh capital. That shift matters because cash still covers the loss engine for now, yet the business is moving from balance-sheet expansion to balance-sheet consumption while revenue remains minimal.

The clearest operating signal is investment intensity: R&D reached $44.7M in FY2025 versus just $350K of revenue, which means reported losses mostly reflect deliberate development spending rather than a mature business missing margin targets. In a company at this stage, the key question is not gross margin; it is how long externally funded research can continue before commercialization becomes meaningful.

The balance sheet is unusually clean for a loss-making company, with cash far above liabilities at $80.7M versus $13.9M, so solvency pressure is low even after the 2025 burn spike. But the same data also shows shareholder financing is the operating fuel: liabilities are modest, current liquidity is ample, and the business behaves more like a funded laboratory than a self-financing seller.

Financial Health Signals

Financial Profile 33/100

Based on FY2025 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →

Health score ≠ stock price. This rates the quality of Pulse Biosciences Inc's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.

Profitability

Pulse Biosciences Inc has an operating margin of -21982.6%, meaning the company retains $-21983 of operating profit per $100 of revenue. This below-average margin results in a low score of 0/100, suggesting thin profitability after operating expenses.

Leverage

Pulse Biosciences Inc carries a low D/E ratio of 0.17, meaning only $0.17 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 99/100, indicating a strong balance sheet with room for future borrowing.

Liquidity

100

With a current ratio of 10.53, Pulse Biosciences Inc holds $10.53 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 100/100.

Cash Flow

While Pulse Biosciences Inc generated -$54.1M in operating cash flow, capex of $315K consumed most of it, leaving -$54.4M in free cash flow. This results in a low score of 0/100, reflecting heavy capital investment rather than weak cash generation.

Returns

Pulse Biosciences Inc generates a -90.2% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 0/100. This is down from -46.7% the prior year.

Piotroski F-Score Weak

2/9

Pulse Biosciences Inc passes 2 of 9 financial strength tests. 1 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), both operating efficiency signals pass.

Earnings Quality Low Quality

0.74x

For every $1 of reported earnings, Pulse Biosciences Inc generates $0.74 in operating cash flow (-$54.1M OCF vs -$72.8M 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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Earnings & Revenue

Revenue

$350K

Pulse Biosciences Inc generated $350K in revenue in fiscal year 2025.

EBITDA

-$75.9M

YoY-37.7%

Pulse Biosciences Inc's EBITDA was -$75.9M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 37.7% from the prior year.

Net Income

-$72.8M

YoY-35.8%

Pulse Biosciences Inc reported -$72.8M in net income in fiscal year 2025. This represents a decrease of 35.8% from the prior year.

EPS (Diluted)

N/A

Cash & Balance Sheet

Free Cash Flow

-$54.4M

YoY-49.3%

Pulse Biosciences Inc generated -$54.4M in free cash flow in fiscal year 2025, representing cash available after capex. This represents a decrease of 49.3% from the prior year.

Cash & Debt

$80.7M

YoY-31.6%

5Y CAGR+45.3%

10Y CAGR+36.5%

Pulse Biosciences Inc held $80.7M in cash against $0 in long-term debt as of fiscal year 2025.

Dividends Per Share

N/A

Shares Outstanding

68M

YoY+3.1%

5Y CAGR+21.6%

10Y CAGR+24.6%

Pulse Biosciences Inc had 68M shares outstanding in fiscal year 2025. This represents an increase of 3.1% from the prior year.

Margins & Returns

Gross Margin

-54.0%

Pulse Biosciences Inc's gross margin was -54.0% in fiscal year 2025, indicating the percentage of revenue retained after direct costs.

Operating Margin

-21982.6%

Pulse Biosciences Inc's operating margin was -21982.6% in fiscal year 2025, reflecting core business profitability.

Net Margin

-20794.6%

Pulse Biosciences Inc's net profit margin was -20794.6% in fiscal year 2025, showing the share of revenue converted to profit.

Return on Equity

-90.2%

YoY-43.6pp

5Y CAGR+127.5pp

10Y CAGR-69.7pp

Pulse Biosciences Inc's ROE was -90.2% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 43.6 percentage points from the prior year.

Capital Allocation

R&D Spending

$44.7M

YoY+38.3%

5Y CAGR+11.1%

10Y CAGR+35.3%

Pulse Biosciences Inc invested $44.7M in research and development in fiscal year 2025. This represents an increase of 38.3% from the prior year.

Share Buybacks

N/A

Capital Expenditures

$315K

YoY+152.0%

5Y CAGR-6.5%

10Y CAGR+13.9%

Pulse Biosciences Inc invested $315K in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 152.0% from the prior year.

PLSE Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	$350K	$0	$0-100.0%	$700K-50.6%	$1.4M	$0
Cost of Revenue	$539K	$0	$0-100.0%	$11.9M+1890.7%	$600K+20.0%	$500K
Gross Profit	-$189K	$0	$0+100.0%	-$11.2M-1474.6%	$818K+263.6%	-$500K
R&D Expenses	$44.7M+38.3%	$32.3M+16.3%	$27.8M+33.4%	$20.8M-27.2%	$28.6M+8.3%	$26.4M
SG&A Expenses	$32.0M+33.9%	$23.9M+51.6%	$15.8M+13.1%	$14.0M-26.8%	$19.1M+17.3%	$16.3M
Operating Income	-$76.9M-36.8%	-$56.3M-29.1%	-$43.6M+24.9%	-$58.1M+7.9%	-$63.0M-26.1%	-$50.0M
Interest Expense	N/A	N/A	N/A	N/A	N/A	$114K
Income Tax	$0	$0	$0	$0	$0	$0
Net Income	-$72.8M-35.8%	-$53.6M-26.9%	-$42.2M+27.9%	-$58.5M+8.1%	-$63.7M-27.7%	-$49.9M
EPS (Diluted)	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Revenue	$401K	N/A	$86K	$0	$0	N/A	$0	$0
Cost of Revenue	$370K	N/A	$279K	N/A	$0	N/A	$0	N/A
Gross Profit	$31K	N/A	-$193K	N/A	$0	N/A	$0	N/A
R&D Expenses	$12.6M	N/A	$11.4M-5.7%	$12.1M+17.2%	$10.3M	N/A	$7.7M+6.5%	$7.2M
SG&A Expenses	$6.6M	N/A	$8.8M+7.3%	$8.2M+5.9%	$7.7M	N/A	$6.0M+32.4%	$4.5M
Operating Income	-$19.1M	N/A	-$20.4M-0.5%	-$20.3M-12.4%	-$18.0M	N/A	-$13.7M-16.5%	-$11.7M
Interest Expense	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Income Tax	N/A	N/A	N/A	$0	$0	N/A	$0	$0
Net Income	-$18.6M	N/A	-$19.4M-1.1%	-$19.2M-14.1%	-$16.8M	N/A	-$12.7M-11.4%	-$11.4M
EPS (Diluted)	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

PLSE Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$94.5M-28.6%	$132.5M+123.9%	$59.2M-24.0%	$77.9M+31.7%	$59.2M+43.3%	$41.3M
Current Assets	$83.4M-30.2%	$119.4M+163.5%	$45.3M-27.1%	$62.1M+37.1%	$45.3M+102.9%	$22.3M
Cash & Equivalents	$80.7M-31.6%	$118.0M+166.1%	$44.4M-27.4%	$61.1M+37.8%	$44.4M+256.0%	$12.5M
Inventory	$136K	$0	N/A	$0-100.0%	$5.8M	N/A
Accounts Receivable	$274K	$0	N/A	$0-100.0%	$61K	N/A
Goodwill	$2.8M0.0%	$2.8M0.0%	$2.8M0.0%	$2.8M0.0%	$2.8M0.0%	$2.8M
Total Liabilities	$13.9M-21.1%	$17.6M+19.0%	$14.8M-81.5%	$80.1M+441.6%	$14.8M-19.6%	$18.4M
Current Liabilities	$7.9M-21.2%	$10.1M+49.9%	$6.7M+12.2%	$6.0M-10.8%	$6.7M-11.6%	$7.6M
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$80.7M-29.8%	$114.9M+158.9%	$44.4M+2073.3%	-$2.2M-105.1%	$44.4M+93.8%	$22.9M
Retained Earnings	-$463.3M-18.6%	-$390.5M-15.9%	-$336.9M-14.3%	-$294.7M+12.5%	-$336.9M-95.3%	-$172.5M

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Total Assets	$81.6M-13.7%	$94.5M-13.1%	$108.8M-9.6%	$120.3M-9.8%	$133.4M+0.7%	$132.5M+42.4%	$93.0M+130.2%	$40.4M
Current Assets	$71.1M-14.7%	$83.4M-14.1%	$97.2M-10.2%	$108.2M-10.5%	$120.9M+1.2%	$119.4M+48.5%	$80.4M+195.2%	$27.2M
Cash & Equivalents	$68.3M-15.4%	$80.7M-15.2%	$95.2M-10.5%	$106.3M-10.8%	$119.3M+1.1%	$118.0M+49.4%	$79.0M+201.7%	$26.2M
Inventory	$206K+51.5%	$136K+138.6%	$57K+11.8%	$51K+70.0%	$30K	$0	N/A	N/A
Accounts Receivable	$157K-42.7%	$274K+1726.7%	$15K	N/A	N/A	$0	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	$15.3M+10.4%	$13.9M-13.6%	$16.1M+1.9%	$15.8M+5.6%	$14.9M-15.2%	$17.6M+26.5%	$13.9M+3.4%	$13.5M
Current Liabilities	$9.8M+23.6%	$7.9M-18.3%	$9.7M+8.0%	$9.0M+15.7%	$7.8M-22.8%	$10.1M+49.2%	$6.7M+13.1%	$6.0M
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$66.3M-17.8%	$80.7M-13.0%	$92.7M-11.3%	$104.5M-11.8%	$118.5M+3.1%	$114.9M+45.2%	$79.1M+193.4%	$27.0M
Retained Earnings	-$481.9M-4.0%	-$463.3M-3.9%	-$445.8M-4.5%	-$426.5M-4.7%	-$407.3M-4.3%	-$390.5M-5.2%	-$371.1M-3.5%	-$358.4M

PLSE Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	-$54.1M-48.9%	-$36.3M-10.0%	-$33.0M+29.7%	-$47.0M+13.1%	-$54.1M-53.0%	-$35.4M
Capital Expenditures	$315K+152.0%	$125K+3.3%	$121K-69.8%	$401K-8.2%	$437K-0.9%	$441K
Free Cash Flow	-$54.4M-49.3%	-$36.5M-10.0%	-$33.2M+30.1%	-$47.4M+13.1%	-$54.5M-52.3%	-$35.8M
Investing Cash Flow	-$335K-168.0%	-$125K-3.3%	-$121K+69.8%	-$401K-105.3%	$7.6M-24.7%	$10.0M
Financing Cash Flow	$17.2M-84.4%	$110.1M+572.1%	$16.4M-79.5%	$79.9M+27.5%	$62.7M+103.0%	$30.9M
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	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Operating Cash Flow	-$14.6M+1.1%	-$14.8M-13.2%	-$13.0M-1.8%	-$12.8M+5.3%	-$13.5M-47.9%	-$9.1M-1.3%	-$9.0M-7.5%	-$8.4M
Capital Expenditures	$33K-68.6%	$105K+69.4%	$62K-39.8%	$103K+128.9%	$45K-15.1%	$53K+39.5%	$38K+31.0%	$29K
Free Cash Flow	-$14.6M+1.6%	-$14.9M-13.4%	-$13.1M-1.5%	-$12.9M+4.8%	-$13.6M-47.5%	-$9.2M-1.5%	-$9.1M-7.6%	-$8.4M
Investing Cash Flow	-$33K+68.6%	-$105K-69.4%	-$62K+49.6%	-$123K-173.3%	-$45K+15.1%	-$53K-39.5%	-$38K-31.0%	-$29K
Financing Cash Flow	$2.2M+480.6%	$381K-80.6%	$2.0M	$0-100.0%	$14.8M-69.3%	$48.2M-22.1%	$61.9M+23458.1%	-$265K
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	FY25	FY24	FY23	FY22	FY21	FY20
Gross Margin	-54.0%	N/A	N/A	-1606.3%-1664.0pp	57.7%	N/A
Operating Margin	-21982.6%	N/A	N/A	-8293.9%-3850.0pp	-4443.9%	N/A
Net Margin	-20794.6%	N/A	N/A	-8357.9%-3868.4pp	-4489.4%	N/A
Return on Equity	-90.2%-43.6pp	-46.7%+48.5pp	-95.2%	N/A	-143.5%+74.2pp	-217.8%
Return on Assets	-77.0%-36.5pp	-40.5%+30.9pp	-71.4%+3.8pp	-75.1%+32.5pp	-107.6%+13.1pp	-120.7%
Current Ratio	10.53-1.4	11.88+5.1	6.76-3.6	10.39+3.6	6.76+3.8	2.95
Debt-to-Equity	0.17+0.0	0.15-0.2	0.33+36.0	-35.64-36.0	0.33-0.5	0.80
FCF Margin	-15553.4%	N/A	N/A	-6773.4%-2927.6pp	-3845.8%	N/A

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Gross Margin	7.7%	N/A	-224.4%	N/A	N/A	N/A	N/A	N/A
Operating Margin	-4775.6%	N/A	-23682.6%	N/A	N/A	N/A	N/A	N/A
Net Margin	-4633.7%	N/A	-22540.7%	N/A	N/A	N/A	N/A	N/A
Return on Equity	-28.0%	N/A	-20.9%-2.6pp	-18.3%-4.2pp	-14.2%	N/A	-16.0%+26.2pp	-42.2%
Return on Assets	-22.8%	N/A	-17.8%-1.9pp	-15.9%-3.3pp	-12.6%	N/A	-13.6%+14.5pp	-28.2%
Current Ratio	7.26-3.3	10.53+0.5	10.02-2.0	12.05-3.5	15.58+3.7	11.88-0.0	11.93+7.4	4.57
Debt-to-Equity	0.23+0.1	0.170.0	0.17+0.0	0.15+0.0	0.13-0.0	0.15-0.0	0.18-0.3	0.50
FCF Margin	-3647.9%	N/A	-15233.7%	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 $350K in total revenue for fiscal year 2025. 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 -$72.8M in fiscal year 2025, with a net profit margin of -20794.6%.

What is Pulse Biosciences Inc's EBITDA?

Pulse Biosciences Inc (PLSE) had EBITDA of -$75.9M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

What is Pulse Biosciences Inc's gross margin?

Pulse Biosciences Inc (PLSE) had a gross margin of -54.0% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.

What is Pulse Biosciences Inc's operating margin?

Pulse Biosciences Inc (PLSE) had an operating margin of -21982.6% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.

What is Pulse Biosciences Inc's net profit margin?

Pulse Biosciences Inc (PLSE) had a net profit margin of -20794.6% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

What is Pulse Biosciences Inc's return on equity (ROE)?

Pulse Biosciences Inc (PLSE) has a return on equity of -90.2% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is Pulse Biosciences Inc's free cash flow?

Pulse Biosciences Inc (PLSE) generated -$54.4M in free cash flow during fiscal year 2025. This represents a -49.3% 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 -$54.1M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Pulse Biosciences Inc's total assets?

Pulse Biosciences Inc (PLSE) had $94.5M in total assets as of fiscal year 2025, including both current and long-term assets.

What are Pulse Biosciences Inc's capital expenditures?

Pulse Biosciences Inc (PLSE) invested $315K in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

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

Pulse Biosciences Inc (PLSE) invested $44.7M in research and development during fiscal year 2025.

How many shares does Pulse Biosciences Inc have outstanding?

Pulse Biosciences Inc (PLSE) had 68M shares outstanding as of fiscal year 2025.

What is Pulse Biosciences Inc's current ratio?

Pulse Biosciences Inc (PLSE) had a current ratio of 10.53 as of fiscal year 2025, 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 0.17 as of fiscal year 2025, 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 -77.0% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is Pulse Biosciences Inc's cash runway?

Based on fiscal year 2025 data, Pulse Biosciences Inc (PLSE) had $80.7M in cash against an annual operating cash burn of $54.1M. This gives an estimated cash runway of approximately 18 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 2 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 to 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 0.74x, 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.

How financially healthy is Pulse Biosciences Inc?

Pulse Biosciences Inc (PLSE) scores 33 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.