Pulse Biosciences Insider 9/2025 Sales Under 10b5-1 Plan

Rhea-AI Filing Summary

Pulse Biosciences (PLSE) insider transactions by Kevin Patrick Danahy. The reporting person, the company's Chief Commercial Officer, executed sales and option-related transactions on September 18–19, 2025 under a Rule 10b5-1 trading plan adopted May 14, 2025. On 9/18/2025 he acquired 20,000 shares at $1.53 via option exercise and sold 20,000 shares at a weighted average price of $18.49, leaving 43,298 shares beneficially owned. On 9/19/2025 he exercised 400 shares at $1.53 and sold 400 shares at $18.48; post-transactions his direct beneficial ownership of common stock reported in Table I was 43,298 shares. Options granted 9/23/2022 covering 450,000 shares vest 25% annually; 20,400 options were exercised in these transactions.

Positive

• Transactions executed under a Rule 10b5-1 plan, indicating pre-established trading intent and compliance with insider trading rules
• Clear disclosure of option grant terms (grant date 9/23/2022, $1.53 exercise price, 25% annual vesting) improving transparency

Negative

• Insider sold 20,400 shares (20,000 on 9/18 and 400 on 9/19), reducing direct beneficial ownership from 63,298 to 43,298 shares as reported
• Weighted-average sale price reported $18.49 with actual sale prices ranging $18.48–$19.48, indicating cashing out of option gains

Insights

Financial Analyst

TL;DR: Routine insider option exercises and sales under a pre-established 10b5-1 plan; transactions are compliance-driven rather than a clear signal on performance.

These filings show the CCO exercised options at $1.53 and sold the acquired shares at market prices (~$18.48–$19.48 reported range) pursuant to a 10b5-1 plan adopted May 14, 2025. The volume transacted (20,400 shares exercised/sold across two days) is small relative to total outstanding equity and stemmed from options granted on 9/23/2022 with multi-year vesting. From a liquidity and dilution perspective, these are routine option exercises and secondary sales; they do not disclose company operational performance or new material information.

Corporate Governance Expert

TL;DR: Filing demonstrates governance best practice by documenting trading under a Rule 10b5-1 plan with disclosure of weighted-average sale prices.

The Form 4 clearly notes the 10b5-1 plan, provides the weighted-average sale price and range, and shows signature by an attorney-in-fact, meeting Section 16 reporting obligations. The disclosure of option grant terms (exercise price, grant date, vesting schedule) improves transparency around insider compensation and the mechanics of the transactions. No amendments or unexplained transfers are reported.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

X

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Danahy Kevin Patrick

(Last) (First) (Middle)

C/O PULSE BIOSCIENCES, INC.

3957 POINT EDEN WAY

(Street)

HAYWARD CA 94545

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
PULSE BIOSCIENCES, INC. [ PLSE ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	Chief Commercial Officer

3. Date of Earliest Transaction (Month/Day/Year)
09/18/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	09/18/2025		M(1)		20,000	A	$1.53	63,298	D
Common Stock	09/18/2025		S(1)		20,000	D	$18.49(2)	43,298	D
Common Stock	09/19/2025		M(1)		400	A	$1.53	43,698	D
Common Stock	09/19/2025		S(1)		400	D	$18.48	43,298	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Stock Option (right to buy)	$1.53	09/18/2025		M(1)			20,000	(3)	09/23/2032	Common Stock	20,000	$0	430,000	D
Stock Option (right to buy)	$1.53	09/19/2025		M(1)			400	(3)	09/23/2032	Common Stock	400	$0	429,600	D

Explanation of Responses:

1. These transactions were effected pursuant to a Rule 10b5-1 trading plan adopted by the reporting person on May 14, 2025.

2. The price in column 4 is the weighted average price per share sold. The price per share actually received by the reporting person ranged from $18.48 to $19.48 per share. For all transactions reported in this Form 4 using a weighted average price, the reporting person undertakes upon request by the SEC staff, the issuer or a security holder of the issuer full information regarding the number of shares sold at each separate price within the range.

3. Options granted on September 23, 2022, to acquire up to 450,000 shares of Common Stock, in connection with reporting person's promotion, with 25% vesting on each anniversary of grant, pursuant to the terms of an amendment to reporting person's Employment Agreement dated February 9, 2022.

	/s/ Kenneth B. Stratton, as Attorney-in-Fact	09/22/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What insider transactions did PLSE Chief Commercial Officer report on Form 4?

The CCO reported exercising 20,400 option shares at an exercise price of $1.53 and selling 20,400 common shares on 9/18–9/19/2025 under a Rule 10b5-1 plan.

Were the sales executed under a trading plan for PLSE?

Yes. The Form 4 states the transactions were effected pursuant to a Rule 10b5-1 trading plan adopted May 14, 2025.

How many shares does the reporting person beneficially own after these transactions?

The Form 4 reports 43,298 shares beneficially owned following the reported transactions.

What were the sale prices reported for the insider sales?

The weighted-average sale price reported is $18.49; the actual prices received ranged from $18.48 to $19.48.

What options underlie the exercised shares and when do they expire?

Options granted 9/23/2022 with a $1.53 exercise price cover up to 450,000 shares; exercised options referenced in this Form 4 list an expiration of 09/23/2032.