Pulse Biosciences Launches New $75M At-the-Market Equity Program with Mizuho, Replacing Near-Exhausted Prior ATM
PLSE has more than doubled off its 52-week low of $12.56.
Summary
Pulse Biosciences filed a prospectus supplement for a new $75 million at-the-market equity offering program with Mizuho, replacing its nearly exhausted $59.98 million ATM from February 2026. The move provides fresh capacity to fund clinical trials and operations amid ongoing cash burn.
Key Events · Financing and Capital Events · PLSE
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New $75M ATM Program Established
A sales agreement with Mizuho Securities USA LLC now allows Pulse Biosciences to sell up to $75 million of common stock from time to time in at-the-market offerings, replacing the prior $59.98 million ATM with TD Securities that had only ~$1.0 million remaining.
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Prior ATM Nearly Exhausted
As of this filing, the February 2026 ATM program with TD Securities had approximately $1.0 million of capacity left, indicating the company has been actively tapping equity markets and needed a new facility to continue funding operations.
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Use of Proceeds for Clinical Trials
Net proceeds are earmarked for general corporate purposes, including the nPulse Cardiac Catheter IDE study, European first-in-human study, regulatory submissions, and continued development of the Cardiac Clamp and Vybrance systems.
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Cash Position and Burn Rate
The company reported $101.6 million in cash as of June 30, 2026, after raising $46.8 million via the prior ATM, but posted a $24.7 million Q2 net loss, underscoring the need for ongoing capital access.
Analysis · PLSE · Industrial Applications And Services
To replenish its equity shelf, Pulse Biosciences is rolling out a new $75 million at-the-market offering program, taking the place of the nearly depleted $59.98 million ATM established in February 2026. With only about $1.0 million left under the prior facility, this new arrangement provides substantial additional headroom for capital raises. The company ended Q2 with $101.6 million in cash after raising $46.8 million via the earlier ATM, but a $24.7 million quarterly net loss means continued funding of clinical trials and commercialization will require ongoing access to capital. Notably, the new program is larger than its predecessor and introduces a new sales agent, Mizuho, signaling a fresh phase of equity-linked financing. While dilution remains a concern, the stock is trading near its 52-week high, which could allow the company to raise funds on relatively favorable terms.
How filings like this one have moved
In the 30 days to Sep 16, 2026, 29.6% of the 1725 measured filings Wiseek scored 7 moved their stock by 5% or more by the next session's close. The median move was -0.33%. These are measured outcomes after filings of this importance, not a forecast for this one.
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At the time of this filing, PLSE was trading at $38.40 on NASDAQ in the Industrial Applications And Services sector, with a market capitalization of approximately $2.6B. The 52-week trading range was $12.56 to $39.12. This filing was assessed with neutral market sentiment and an importance score of 7 out of 10.