Pulse Biosciences Replaces $75M ATM with New $85M Facility, Terminates TD Cowen Agreement
PLSE has more than doubled off its 52-week low of $12.56.
Summary
Pulse Biosciences established a new $85M ATM program with Mizuho, replacing its nearly exhausted $75M facility, and terminated its older TD Cowen ATM with $1M unsold.
Key Events · Financing and Capital Events · PLSE
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New $85M ATM Program Established
Pulse Biosciences entered into an equity distribution agreement with Mizuho on September 15, 2026, to sell up to $85 million of common stock from time to time at market prices, with a 3.0% commission rate.
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Prior $75M ATM Nearly Exhausted
Under the August 2026 ATM, 1,379,925 shares were sold for approximately $68.8 million, leaving only $6.2 million unsold before the new program takes effect.
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TD Cowen ATM Terminated
The February 2026 ATM program with TD Securities was terminated on September 14, 2026, with approximately $1.0 million remaining unsold.
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Capital Runway Extension
The new $85M facility follows $46.8M raised via ATM in Q2 2026 and provides additional funding for ongoing clinical development, though it creates continued share overhang.
Analysis · PLSE · Industrial Applications And Services
Pulse Biosciences entered into a new $85 million at-the-market equity distribution agreement with Mizuho on September 15, 2026, replacing the $75 million ATM established just five weeks earlier on August 6, 2026. The prior program was nearly exhausted — 1,379,925 shares sold for approximately $68.8 million, leaving only $6.2 million unsold. The company also terminated its February 2026 ATM with TD Securities, which had about $1.0 million remaining. The rapid succession of ATM programs reflects ongoing capital needs to fund clinical development, with the company having raised $46.8 million via ATM in Q2 2026 alone. The new program provides additional runway but creates continued share overhang at prevailing market prices.
How filings like this one have moved
In the 30 days to Sep 15, 2026, 29.9% of the 1678 measured filings Wiseek scored 7 moved their stock by 5% or more by the next session's close. The median move was -0.25%. These are measured outcomes after filings of this importance, not a forecast for this one.
Measured one observation per ticker per day, after exclusions. Current figures: Filing Impact Tracker · open dataset
At the time of this filing, PLSE was trading at $54.37 on NASDAQ in the Industrial Applications And Services sector, with a market capitalization of approximately $3.9B. The 52-week trading range was $12.56 to $58.90. This filing was assessed with neutral market sentiment and an importance score of 7 out of 10.