Robert Duggan adds 660K Pulse Biosciences (PLSE) shares in open-market buy

Rhea-AI Filing Summary

PULSE BIOSCIENCES, INC. director and more than 10% owner Robert W. Duggan bought 660,233 shares of common stock in an open-market purchase at $19.69 per share. After this transaction, he directly owns 48,211,433 shares, with additional indirect holdings of 450,189 shares via Genius 24C Inc. and 630,109 shares via Blazon Corporation. The shares were acquired through the company’s at-the-market equity offering program under an Equity Distribution Agreement with TD Securities (USA) LLC and were purchased during an open trading window in line with the company’s insider trading policy.

Insights

Equity capital markets analyst

Large insider purchase via the company’s ATM program looks sizable but context is limited.

Director and 10% owner Robert W. Duggan purchased 660,233 Pulse Biosciences common shares at $19.6900 per share. This was an open-market purchase executed through the company’s at-the-market equity offering program, which channels new shares to investors at prevailing market prices.

Following the trade, Duggan directly holds 48,211,433 shares, plus indirect stakes of 450,189 and 630,109 shares through affiliated entities. The filing notes the purchases were made during an open trading window and in accordance with applicable securities laws. The overall impact depends on the company’s total share base, which is not detailed here.

Insider Trade Summary

Net Buyer: 660,233 shares ($12,999,988)

Net Buy 3 txns

Insider DUGGAN ROBERT W

Role null

Bought 660,233 shs ($13.00M)

Type	Security	Shares	Price	Value
Purchase	Common Stock	660,233	$19.69	$13.00M
holding	Common Stock	--	--	--
holding	Common Stock	--	--	--

Holdings After Transaction: Common Stock — 48,211,433 shares (Direct, null); Common Stock — 630,109 shares (Indirect, Affiliated Company 1)

Footnotes (1)

1. The shares reported herein were acquired through the Company's at-the-market equity offering program established pursuant to that certain Equity Distribution Agreement, dated February 19, 2026, by and between the Company and TD Securities (USA) LLC, as sales agent. The shares were purchased during an open trading window under the Company's Insider Trading Policy and in accordance with applicable securities laws. The shares reported herein were acquired through the Company's at-the-market equity offering program at the prevailing market bid price or better at the time of sale. Shares are held by Genius 24C Inc., of which the Reporting Person is the sole shareholder. Shares are held by Blazon Corporation, of which the Reporting Person is the sole shareholder.

Key Figures

Shares purchased: 660,233 shares Purchase price: $19.69 per share Direct holdings after transaction: 48,211,433 shares +2 more

5 metrics

Shares purchased 660,233 shares Open-market purchase of common stock

Purchase price $19.69 per share Price paid for the 660,233 purchased shares

Direct holdings after transaction 48,211,433 shares Common stock directly owned by Robert W. Duggan

Indirect holdings via Genius 24C Inc. 450,189 shares Common stock held by Genius 24C Inc.

Indirect holdings via Blazon Corporation 630,109 shares Common stock held by Blazon Corporation

Key Terms

at-the-market equity offering program, Equity Distribution Agreement, open trading window, prevailing market bid price

4 terms

at-the-market equity offering program financial

"The shares reported herein were acquired through the Company's at-the-market equity offering program established pursuant to that certain Equity Distribution Agreement..."

A program that lets a company sell newly issued shares directly into the open market at whatever the current trading price is, usually through a broker, and do so gradually over time instead of all at once. Investors care because it can dilute existing ownership and put steady selling pressure on the stock price, while giving the company a flexible, on-demand way to raise cash — like adding small amounts of water to a pool rather than dumping in a bucket.

Equity Distribution Agreement financial

"at-the-market equity offering program established pursuant to that certain Equity Distribution Agreement, dated February 19, 2026..."

An equity distribution agreement is a formal plan between a company and financial institutions to sell newly issued shares of the company's stock to investors over a period of time. It helps the company raise money gradually, similar to filling a container with water in stages, rather than all at once. For investors, it provides an organized way to buy shares and can influence the stock's supply and price.

open trading window financial

"The shares were purchased during an open trading window under the Company's Insider Trading Policy..."

A designated period when company executives, directors and certain employees are permitted to buy or sell their employer’s stock under the company’s trading policy because material information has been disclosed. Think of it like scheduled store hours after a big delivery: it reduces the risk of trading on secret information, and investors watch insider activity during these windows as a signal of how those closest to the business view its prospects.

prevailing market bid price financial

"were acquired through the Company's at-the-market equity offering program at the prevailing market bid price or better at the time of sale."

Form 4 Insider Transactions: What Each Field Means →

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
Estimated average burden
hours per response:			0.5

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

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^*

DUGGAN ROBERT W

(Last) (First) (Middle)

601 BRICKELL KEY DRIVE

SUITE 1080

(Street)

MIAMI FLORIDA 33131

(City) (State) (Zip)

UNITED STATES

(Country)

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

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

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

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
05/11/2026

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

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

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

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	05/11/2026		P(1)		660,233	A	$19.69(2)	48,211,433	D
Common Stock								630,109	I	Affiliated Company 1(3)
Common Stock								450,189	I	Affiliated Company 2(4)

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

Explanation of Responses:

1. The shares reported herein were acquired through the Company's at-the-market equity offering program established pursuant to that certain Equity Distribution Agreement, dated February 19, 2026, by and between the Company and TD Securities (USA) LLC, as sales agent. The shares were purchased during an open trading window under the Company's Insider Trading Policy and in accordance with applicable securities laws.

2. The shares reported herein were acquired through the Company's at-the-market equity offering program at the prevailing market bid price or better at the time of sale.

3. Shares are held by Genius 24C Inc., of which the Reporting Person is the sole shareholder.

4. Shares are held by Blazon Corporation, of which the Reporting Person is the sole shareholder.

	/s/ Kenneth B. Stratton, as Attorney-in-Fact	05/11/2026
	** 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.
* Form 4: SEC 1474 (03-26)

FAQ

What insider transaction did Pulse Biosciences (PLSE) report for Robert W. Duggan?

Pulse Biosciences reported that director and more than 10% owner Robert W. Duggan bought 660,233 common shares. The purchase was an open-market transaction at $19.69 per share, executed through the company’s at-the-market equity offering program with TD Securities (USA) LLC.

At what price did Robert W. Duggan buy Pulse Biosciences (PLSE) shares?

Robert W. Duggan bought 660,233 Pulse Biosciences common shares at $19.69 per share. The filing notes these were acquired at the prevailing market bid price or better via the company’s at-the-market equity offering program during an open trading window.

How many Pulse Biosciences (PLSE) shares does Robert W. Duggan own after this Form 4?

After the reported transaction, Robert W. Duggan directly owns 48,211,433 Pulse Biosciences common shares. He also has indirect ownership of 450,189 shares through Genius 24C Inc. and 630,109 shares through Blazon Corporation, both wholly owned entities.

Were the recent Pulse Biosciences (PLSE) insider purchases made under a trading plan?

The filing states the shares were bought during an open trading window under Pulse Biosciences’ insider trading policy and applicable laws. It does not reference a Rule 10b5-1 trading plan, but highlights that purchases followed policy and legal requirements.

What role does the at-the-market equity offering program play in the PLSE insider purchase?

The shares acquired by Robert W. Duggan came through Pulse Biosciences’ at-the-market equity offering program with TD Securities (USA) LLC. This program allows the company to issue shares into the market, with Duggan’s purchases executed at the prevailing market bid price or better.