> **In one line** — Pulse Biosciences is an early-stage medical device company burning ~$55M/year developing a novel tissue-ablation technology, with virtually no revenue, a ~$1.8B market cap, and one shareholder controlling 72% of the stock.
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## What it does
Pulse Biosciences (PLSE) is developing **nanosecond Pulsed Field Ablation (nsPFA)** — a technology that uses ultra-short electrical pulses to destroy targeted cells without heat. Its key products:
| Product | Status |
|---|---|
| **nPulse Console** | FDA 510(k) cleared (2021) for dermatologic use; commercial derm sales ceased in 2022 |
| **Vybrance Percutaneous Electrode** | FDA 510(k) cleared (Mar & Aug 2024) for soft tissue ablation; now in early commercial launch |
| **nPulse Cardiac Surgical Clamp** | FDA Breakthrough Device Designation (Jul 2024) — for treating atrial fibrillation |
| **nPulse Cardiac Catheter** | In development — endocardial ablation for AF |
The company has **250+ issued patents** (most expiring 2035–2042) and 116 employees, half in R&D. It has no meaningful sales force and eliminated all full-time sales/marketing positions in 2022–23.
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## Financials — still pre-revenue, losses widening
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| Metric | FY2023 | FY2024 | FY2025 | Latest Q (Q1 2026) |
|---|---|---|---|---|
| Revenue | $0 | $0 | $0.4M | $0.4M |
| R&D expense | $27.8M | $32.3M | $44.7M | $12.6M |
| SG&A expense | $15.8M | $23.9M | $32.0M | $6.6M |
| Net loss | -$42.2M | -$53.6M | -$72.8M | -$18.6M |
| Cash | $44.4M | $118.0M | $80.7M | — |
| Total debt | $0 | $0 | $0 | — |
Revenue is negligible — $0.4M in FY2025 (and $0.4M in Q1 2026). Losses are accelerating as R&D and SG&A ramp toward the cardiac product launches. Cash fell from $118M to $80.7M in FY2025 as the company burned $54.1M from operations.
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## Health checks & red flags
| Check | Result |
|---|---|
| Profitable (any of last 5 years) | ❌ No |
| Net margin > 10% | ❌ (−20,795%) |
| More cash than debt | ✅ ($80.7M cash, $0 debt) |
| Positive operating cash flow | ❌ (−$54.1M) |
| Positive free cash flow | ❌ (−$54.5M) |
| Share dilution | ⚠️ Shares grew 23% over 4 years (55.1M → 67.8M) |
The company has funded itself entirely through equity sales — $59.6M of stock issued in FY2024, and $110.1M in total financing cash flow that year. With no debt and $80.7M cash, it has roughly 1–1.5 years of runway at the current burn rate.
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## Ownership & governance
**Robert Duggan** (Co-Chairman) owns ~72% of the stock; together with Dr. Zanganeh they control ~74%. This means:
- He controls all stockholder votes (director elections, mergers, charter amendments)
- The company is a "controlled company" under Nasdaq rules and may opt out of certain governance requirements
- Three directors, including Duggan, are also executives at **Summit Therapeutics** (another Duggan-controlled company)
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## Competition & risks
Pulse competes against **Abbott, AtriCure, Boston Scientific, J&J (Biosense Webster), and Medtronic** — all far larger with established ablation products. Key risks:
- **No revenue-producing operations** — entirely dependent on one technology platform
- **Regulatory uncertainty** — the mechanism of nsPFA is "not fully understood," which could complicate FDA approvals
- **Reimbursement** — no Medicare/payer coverage yet; adoption depends on it
- **No sales force** — eliminated in 2022–23; rebuilding only now via a pilot programme
- **Controlled company** — minority shareholders have limited influence
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## Valuation snapshot
| Metric | Value |
|---|---|
| Market cap | ~$1.84B |
| P/E | N/A (losses) |
| Forward P/E | −24.4x |
| Price/Book | 27.4x |
| 52-week range | $12.56 – $28.53 |
| Beta | 1.66 |
A $1.84B valuation for a company with $0.4M in revenue and −$73M in annual losses prices in significant commercial success that has not yet materialised.
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**The read** — Pulse Biosciences is a classic early-stage medtech story: promising technology (nanosecond PFA for cardiac ablation), strong IP, and a clear large market (>$3B for AF treatment), but essentially zero revenue, mounting losses, no sales infrastructure, and a controlling shareholder who dominates all decisions. The cash runway is roughly 1–1.5 years at current burn, so further dilutive equity raises are likely. The investment case rests entirely on whether the cardiac products can win FDA approval, secure reimbursement, and gain adoption against much larger competitors — all of which are years away.
> Next: How does Pulse Biosciences' nsPFA technology differ from the microsecond PFA that competitors like Boston Scientific and Medtronic are already developing?