Pulse Biosciences, Inc. financials
Source: EDGAR filings · Built 2026-06-02T03:50:23Z
Key metrics by reporting period
Up to six most-recent periods side-by-side. Rows are the curated key lines — revenue, margins, cash, debt, equity, cash-flow totals, plus the derived and valuation metrics we compute on top. For every tag a filer reported in one period, use the single-filing drilldown below.
Derived Metrics
| Concept | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Free Cash Flow | -54.44M | -36.47M | -33.16M | -47.41M | -54.53M | -35.81M |
| EBITDA | -75.87M | -55.08M | -42.37M | -56.70M | -61.87M | -48.87M |
| Working Capital | 75.50M | 109.39M | 38.62M | 56.17M | 38.62M | 14.75M |
| Net Debt | -73.20M | -109.14M | -35.22M | 14.82M | -33.12M | -1.11M |
| Gross Margin | -54.00% | — | — | -1606.29% | 57.69% | — |
| Operating Margin | -21982.57% | — | — | -8293.86% | -4443.86% | — |
| Net Margin | -20794.57% | — | — | -8357.86% | -4489.42% | — |
| Return on Equity (ROE) | -90.24% | -46.65% | -95.15% | 2602.54% | -143.51% | -217.75% |
| Return on Assets (ROA) | -76.99% | -40.45% | -71.36% | -75.12% | -107.62% | -120.73% |
| Current Ratio | 10.53× | 11.88× | 6.76× | 10.39× | 6.76× | 2.95× |
| Debt-to-Equity | 0.09× | 0.08× | 0.21× | -33.79× | 0.25× | 0.50× |
| Effective Tax Rate | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| Cash Conversion Ratio | 0.74× | 0.68× | 0.78× | 0.80× | 0.85× | 0.71× |
| Accruals Ratio | -0.20× | -0.13× | -0.15× | -0.15× | -0.16× | -0.35× |
| SBC % of Revenue | 6130.57% | — | — | 741.57% | 1029.69% | — |
| CapEx Coverage | -171.82× | -290.74× | -273.07× | -117.24× | -123.79× | -80.19× |
| Free Cash Flow Per Share | $-0.81 | $-0.63 | $-0.67 | $-1.39 | $-1.95 | $-1.54 |
Valuation Metrics
Income Statement
| Concept | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Revenue from Contract with Customer, Excluding Assessed Tax | 350.00K | 0 | 0 | 700.00K | 1.42M | 0 |
| Cost of Goods and Services Sold | — | — | — | — | 600.00K | 500.00K |
| Cost of Revenue | 539.00K | 0 | 0 | 11.94M | 1.97M | 0 |
| Research and Development Expense | 44.72M | 32.34M | 27.80M | 20.84M | 28.64M | 26.44M |
| Selling, General and Administrative Expense | 32.03M | 23.92M | — | — | — | — |
| Operating Expenses | — | — | — | — | — | 49.97M |
| Operating Income (Loss) | -76.94M | -56.26M | -43.57M | -58.06M | -63.01M | -49.97M |
| Income Tax Expense (Benefit) | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Income (Loss) Attributable to Parent | -72.78M | -53.59M | -42.21M | -58.51M | -63.66M | -49.85M |
| Earnings Per Share, Basic | $-1.08 | $-0.92 | $-0.85 | $-1.72 | $-2.28 | $-2.14 |
| Weighted Average Number of Shares Outstanding, Basic | 67.40M | 58.40M | 49.74M | 33.94M | 27.96M | 23.25M |
Balance Sheet
| Concept | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Cash and Cash Equivalents, at Carrying Value | 80.73M | 118.04M | 44.37M | 61.14M | 44.37M | 12.46M |
| Assets, Current | 83.42M | 119.45M | 45.33M | 62.15M | 45.33M | 22.34M |
| Assets | 94.54M | 132.46M | 59.15M | 77.88M | 59.15M | 41.29M |
| Liabilities, Current | 7.92M | 10.05M | 6.71M | 5.98M | 6.71M | 7.58M |
| Liabilities | 13.88M | 17.60M | 14.79M | 80.13M | 14.79M | 18.40M |
| Stockholders' Equity Attributable to Parent | 80.66M | 114.86M | 44.36M | -2.25M | 44.36M | 22.89M |
| Common Stock, Shares, Outstanding | 67.84M | 65.93M | 55.14M | 37.23M | 55.14M | 25.55M |
Cash Flow Statement
| Concept | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Net Cash Provided by (Used in) Operating Activities | -54.12M | -36.34M | -33.04M | -47.01M | -54.10M | -35.37M |
| Payments to Acquire Property, Plant, and Equipment | 315.00K | 125.00K | 121.00K | 401.00K | 437.00K | 441.00K |
| Net Cash Provided by (Used in) Investing Activities | -335.00K | -125.00K | -121.00K | -401.00K | 7.56M | 10.04M |
| Net Cash Provided by (Used in) Financing Activities | 17.15M | 110.14M | 16.39M | 79.94M | 62.69M | 30.89M |
Derived Metrics
| Concept | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 |
|---|---|---|---|---|---|---|
| Free Cash Flow | -14.63M | -14.86M | -39.58M | -26.48M | -13.57M | -9.20M |
| EBITDA | -18.89M | -17.99M | -20.27M | -20.18M | -17.76M | -19.97M |
| Working Capital | 61.33M | 75.50M | 87.46M | 99.18M | 113.15M | 109.39M |
| Net Debt | -61.16M | -73.20M | -87.32M | -98.10M | -110.70M | -109.14M |
| Gross Margin | 7.73% | 1.52% | -224.42% | — | — | — |
| Operating Margin | -4775.56% | -6914.02% | -23682.56% | — | — | — |
| Net Margin | -4633.67% | -6603.41% | -22540.70% | — | — | — |
| Return on Equity (ROE) | -28.03% | -21.61% | -20.91% | -18.34% | -14.18% | -16.88% |
| Return on Assets (ROA) | -22.76% | -18.44% | -17.82% | -15.94% | -12.59% | -14.63% |
| Current Ratio | 7.26× | 10.53× | 10.02× | 12.05× | 15.58× | 11.88× |
| Debt-to-Equity | 0.11× | 0.09× | 0.09× | 0.08× | 0.07× | 0.08× |
| Effective Tax Rate | — | — | — | 0.00% | 0.00% | 0.00% |
| Cash Conversion Ratio | 0.79× | 0.85× | 2.03× | 1.37× | 0.81× | 0.47× |
| Accruals Ratio | -0.05× | -0.03× | 0.18× | 0.06× | -0.02× | -0.08× |
| SBC % of Revenue | 476.81% | 1882.58% | 19170.93% | — | — | — |
| CapEx Coverage | -442.27× | -140.52× | -187.46× | -177.89× | -300.47× | -172.53× |
| Free Cash Flow Per Share | $-0.21 | $-0.22 | $-0.59 | $-0.39 | $-0.20 | $-0.15 |
Valuation Metrics
Income Statement
| Concept | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 |
|---|---|---|---|---|---|---|
| Revenue from Contract with Customer, Excluding Assessed Tax | 401.00K | 264.00K | 86.00K | 0 | 0 | 0 |
| Cost of Revenue | 370.00K | 260.00K | 279.00K | — | 0 | 0 |
| Research and Development Expense | 12.59M | 10.93M | 11.39M | 12.09M | 10.31M | 10.66M |
| Selling, General and Administrative Expense | 6.59M | 7.33M | 8.78M | — | 7.73M | 9.60M |
| Operating Income (Loss) | -19.15M | -18.25M | -20.37M | -20.27M | -18.04M | -20.26M |
| Income Tax Expense (Benefit) | — | — | — | 0 | 0 | 0 |
| Net Income (Loss) Attributable to Parent | -18.58M | -17.43M | -19.39M | -19.17M | -16.80M | -19.39M |
| Earnings Per Share, Basic | $-0.27 | $-0.26 | $-0.29 | $-0.28 | $-0.25 | $-0.32 |
| Weighted Average Number of Shares Outstanding, Basic | 67.99M | 67.40M | 67.39M | 67.28M | 67.13M | 58.40M |
Balance Sheet
| Concept | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 |
|---|---|---|---|---|---|---|
| Cash and Cash Equivalents, at Carrying Value | 68.32M | 80.73M | 95.21M | 106.35M | 119.28M | 118.04M |
| Assets, Current | 71.13M | 83.42M | 97.16M | 108.16M | 120.91M | 119.45M |
| Assets | 81.62M | 94.54M | 108.77M | 120.25M | 133.38M | 132.46M |
| Liabilities, Current | 9.80M | 7.92M | 9.70M | 8.98M | 7.76M | 10.05M |
| Liabilities | 15.32M | 13.88M | 16.07M | 15.76M | 14.93M | 17.60M |
| Stockholders' Equity Attributable to Parent | 66.30M | 80.66M | 92.69M | 104.49M | 118.45M | 114.86M |
| Common Stock, Shares, Outstanding | 68.23M | 67.84M | 67.74M | 67.28M | 67.27M | 65.93M |
Cash Flow Statement
| Concept | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 |
|---|---|---|---|---|---|---|
| Net Cash Provided by (Used in) Operating Activities | -14.60M | -14.76M | -39.37M | -26.33M | -13.52M | -9.14M |
| Payments to Acquire Property, Plant, and Equipment | 33.00K | 105.00K | 210.00K | 148.00K | 45.00K | 53.00K |
| Net Cash Provided by (Used in) Investing Activities | -33.00K | -105.00K | -230.00K | -168.00K | -45.00K | -53.00K |
| Net Cash Provided by (Used in) Financing Activities | 2.21M | 381.00K | 16.77M | 14.81M | 14.81M | 48.20M |
Raw XBRL tagging for a single filing
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Methodology
All facts on this page come straight from SEC EDGAR XBRL
company-facts filings (PLSE CIK 0001625101),
grouped by financial statement using FASB's base
us-gaap presentation taxonomy. Filers may re-parent
concepts onto different statements in their own extension
taxonomy, so a handful of rows can show up under a different
statement than on the actual 10-K / 10-Q; custom concepts and
any we couldn't map fall into Other. Hover a
cell to see the fully-qualified concept name and the filer's
description.
For the full methodology — statement grouping, the Other bucket, derived metrics, and fact tooltips — see the methodology reference for the statement grouping, the "Other" bucket, derived metrics, and fact tooltips.