Pulse Biosciences Q2 Loss Widens to $24.7M, but $101.6M Cash and Accelerated AF Trial Enrollment Signal Strength
PLSE has more than doubled off its 52-week low of $12.56.
Summary
Pulse Biosciences posted a $24.7M Q2 net loss but ended the quarter with $101.6M in cash after raising $46.8M via its ATM. The NANOPULSE-AF pivotal trial is ahead of schedule, with enrollment completion now expected in early Q4, and the company has new financing facilities in place to fund upcoming regulatory milestones.
Key Events · Earnings and Guidance · PLSE
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Q2 Net Loss Widens to $24.7M
GAAP net loss of $24.7 million, up from $19.2 million a year ago, driven by higher clinical trial and compensation expenses. Non-GAAP net loss was $19.4 million.
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Cash Position Strengthened to $101.6M
Ended Q2 with $101.6 million in cash, up from $68.3 million at Q1-end, after raising $46.8 million in net proceeds through the ATM program, including $13 million from insiders. An additional $10.7 million was raised after the quarter.
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New $75M ATM and $125M Shelf Provide Financing Flexibility
Established a new $75 million ATM facility and maintains an effective shelf registration for up to an additional $125 million, ensuring funding through key clinical and regulatory milestones.
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NANOPULSE-AF Trial Enrollment Ahead of Schedule
Surpassed halfway point with over 82 evaluable patients; protocol amended to expand target to 164 patients, yet enrollment completion is still expected in early Q4, three months ahead of original timeline.
Analysis · PLSE · Industrial Applications And Services
A wider Q2 net loss of $24.7 million reflects stepped-up clinical and compensation spending, yet the balance sheet remains robust with $101.6 million in cash after raising $46.8 million through the ATM program during the quarter. Enrollment in the pivotal NANOPULSE-AF trial for the cardiac catheter system is running ahead of schedule—completion is now expected in early Q4 despite an expanded target of 164 patients. Financing flexibility is further bolstered by a new $75 million ATM facility and $125 million remaining on the shelf registration, covering key upcoming milestones. While the loss is larger than last year, the accelerated trial timeline and strong insider-backed capital raise signal confidence in the technology's potential.
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