Pulse Biosciences Upsizes ATM Program to $75M with Mizuho as New Sales Agent
PLSE has more than doubled off its 52-week low of $12.56.
Summary
Pulse Biosciences entered into a new $75M at-the-market equity distribution agreement with Mizuho, replacing its prior $59.98M ATM program. The upsized facility gives the company additional capital-raising capacity as it continues to invest in its pivotal cardiac catheter trial.
Key Events · Financing and Capital Events · PLSE
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New $75M ATM Program Established
Pulse Biosciences entered into an equity distribution agreement with Mizuho Securities USA LLC to sell up to $75 million of common stock from time to time, replacing the prior $59.98M ATM program established in February 2026.
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Financial Impact and Dilution
At the current stock price of $38.40, the $75M program represents approximately 1.95 million shares, or roughly 2.8% of the company's outstanding shares, if fully utilized. The company is not obligated to sell any shares and may suspend sales at any time.
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Use of Proceeds and Cash Position
The company ended Q2 2026 with $101.6M in cash after raising $46.8M via its prior ATM program. The new ATM provides additional financial flexibility to fund ongoing clinical trials and operations.
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Prior-Disclosure Context
This new ATM program replaces the $59.98M ATM program established on February 19, 2026, under which the company had already raised significant capital. The upsizing and change in sales agent to Mizuho represent a material update to the company's capital-raising strategy.
Analysis · PLSE · Industrial Applications And Services
Pulse Biosciences replaced its existing $59.98M at-the-market equity program with a larger $75M facility and appointed Mizuho as the new sales agent. The upsized program provides greater capital-raising flexibility at a time when the company is burning cash — it reported a $24.7M Q2 net loss today — but ended the quarter with $101.6M in cash after raising $46.8M via the prior ATM. The new program, priced at prevailing market rates near the stock's 52-week high, could dilute existing shareholders by up to roughly 2.8% if fully utilized, but the premium pricing reflects strong institutional demand for the shares.
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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.