third quarter 2026
Filed Nov 5, 2026Pulse Biosciences completed enrollment in its NANOPULSE-AF U.S. IDE pivotal study, reported $0.4 million of third-quarter revenue, and ended the quarter with $189.2 million of cash, cash equivalents, and marketable securities after raising $95.8 million through ATM programs.
The company advanced pivotal-study enrollment three months ahead of its originally communicated timeline and substantially increased liquidity, but commercial revenue remained $0.4 million and GAAP net loss widened to ($23.1) million from ($19.4) million.
Key metrics
shortened, hover for the filing’s print| Metric | Value | q/q | y/y |
|---|---|---|---|
| Product revenue, three months ended September 30GAAP | $395K | – | – |
| Cost of product revenue, three months ended September 30GAAP | $191K | – | – |
| Research and development, three months ended September 30GAAP | $16.85M | – | – |
| Selling, general and administrative, three months ended September 30GAAP | $7.65M | – | – |
| Total cost and expenses, three months ended September 30GAAP | $24.69M | – | an increase of $4.2 million |
| Loss from operations, three months ended September 30GAAP | −$24.29M | – | – |
| Interest income, three months ended September 30GAAP | $1.21M | – | – |
| Other income (expense), three months ended September 30GAAP | $36K | – | – |
| Total other income, three months ended September 30GAAP | $1.24M | – | – |
| Net loss, three months ended September 30GAAP | −$23.05M | – | – |
| Net loss per share, basic and diluted, three months ended September 30GAAP | $(0.32) | – | – |
| Weighted average common shares outstanding, basic and diluted, three months ended September 30GAAP | 71,929,228 | – | – |
| Non-GAAP cost of product revenue, three months ended September 30non-GAAP | $171K | – | – |
| Non-GAAP research and development, three months ended September 30non-GAAP | $14.53M | – | – |
| Non-GAAP selling, general and administrative, three months ended September 30non-GAAP | $4.42M | – | – |
| Non-GAAP cost and expenses, three months ended September 30non-GAAP | $19.11M | – | an increase of $4.5 million |
| Non-GAAP net loss, three months ended September 30non-GAAP | −$17.48M | – | – |
| Total stock-based compensation expense, three months ended September 30other | $5.31M | – | – |
| Product revenue, nine months ended September 30GAAP | $1.23M | – | – |
| Cost of product revenue, nine months ended September 30GAAP | $834K | – | – |
| Research and development, nine months ended September 30GAAP | $46.41M | – | – |
| Selling, general and administrative, nine months ended September 30GAAP | $22.70M | – | – |
| Total cost and expenses, nine months ended September 30GAAP | $69.94M | – | – |
| Loss from operations, nine months ended September 30GAAP | −$68.71M | – | – |
| Interest income, nine months ended September 30GAAP | $2.40M | – | – |
| Other income (expense), nine months ended September 30GAAP | $27K | – | – |
| Total other income, nine months ended September 30GAAP | $2.42M | – | – |
| Net loss, nine months ended September 30GAAP | −$66.29M | – | – |
| Net loss per share, basic and diluted, nine months ended September 30GAAP | $(0.95) | – | – |
| Weighted average common shares outstanding, basic and diluted, nine months ended September 30GAAP | 69,722,351 | – | – |
| Non-GAAP cost and expenses, nine months ended September 30non-GAAP | $56.98M | – | – |
| Non-GAAP net loss, nine months ended September 30non-GAAP | −$53.32M | – | – |
| Total stock-based compensation expense, nine months ended September 30other | $12.20M | – | – |
| Cash, cash equivalents, and marketable securitiesother | $189.2M | The sequential increase of $87.6 million | – |
Segments
| Segment | Revenue | q/q | y/y |
|---|---|---|---|
| VybranceCommercial case volume increased from prior quarters and market-development milestones focused on existing account development were achieved. | $400K | – | – |
Amounts quoted below without a unit are in thousands, as in the filing’s tables. Per-share figures are as printed.
Q4 2026, Q1 2027, first half of 2027, and Q4 2027 outlook
- NoteThe Company expects its controlled commercial launch of the Vybrance system to continue into Q4 2027.
- NotePlans to submit an IDE application for a persistent AF study in the fourth quarter of 2026.
- NotePlans to present 12-month follow up data on 100 patients from the EU feasibility study in Q1 2027.
- NoteAnticipated CE mark approval in Q4 2027.
- NoteNANOCLAMP-AF remains on track to complete enrollment by the end of the first half of 2027.
Capital returns
- The Company raised $95.8 million in net proceeds through its ATM programs during the third quarter.
- The Company raised more than $150 million since May, representing under 6% dilution.
- Approximately $64 million of ATM capacity remains available.
What drove it
- Completed enrollment in NANOPULSE-AF with 169 evaluable patients at 15 sites with 36 investigators.
- NANOPULSE-AF enrollment was completed in under six months, three months faster than the timeline originally communicated.
- The increase in GAAP and non-GAAP costs and expenses was primarily driven by increased investment in clinical program and employee-related spend.
- The Company remains in a controlled commercial launch of its Vybrance system, directing efforts toward market development and clinical use within a limited customer base.
- Completed enrollment of the PRECISE-BTN study in September with 100 patients.
Concerns
- Third-quarter total revenue was $0.4 million while GAAP total cost and expenses were $24.7 million.
- GAAP net loss increased to ($23.1) million from ($19.4) million in the prior-year period.
- The Vybrance system remains in a controlled commercial launch and this phase is expected to continue into Q4 2027.
- The company is dependent on future clinical data, regulatory submissions, and anticipated regulatory approvals for planned product commercialization.
What to watch
- Presentation of 12-month follow-up data on 100 patients from the EU feasibility study in Q1 2027.
- Planned IDE application for a persistent AF study in the fourth quarter of 2026.
- NANOCLAMP-AF enrollment progress toward the end of the first half of 2027 target.
- Further PRECISE-BTN data readouts after all patients achieve six-month and twelve-month follow-up.
- Progress toward a CE Mark submission and anticipated CE mark approval in Q4 2027.
- Commercial case-volume development and market development during the Vybrance controlled launch.
Balance sheet and cash flow
- Cash and cash equivalents were $36,725 (in thousands) as of September 30, 2026, compared with $80,735 (in thousands) as of December 31, 2025.
- Marketable securities were $152,469 (in thousands) as of September 30, 2026, compared with — as of December 31, 2025.
- Total current assets were $192,208 (in thousands) as of September 30, 2026, compared with $83,421 (in thousands) as of December 31, 2025.
- Total assets were $201,584 (in thousands) as of September 30, 2026, compared with $94,539 (in thousands) as of December 31, 2025.
- Total current liabilities were $13,395 (in thousands) as of September 30, 2026, compared with $7,923 (in thousands) as of December 31, 2025.
- Lease liability, less current portion, was $4,616 (in thousands) as of September 30, 2026, compared with $5,960 (in thousands) as of December 31, 2025.
- Total liabilities were $18,011 (in thousands) as of September 30, 2026, compared with $13,883 (in thousands) as of December 31, 2025.
- Total stockholders’ equity was $183,573 (in thousands) as of September 30, 2026, compared with $80,656 (in thousands) as of December 31, 2025.
- Cash used in operating activities in the third quarter of 2026 totaled $15.3 million, compared to $13.0 million in the same period of the prior year and $18.7 million in the second quarter of 2026.
- Based on current yields on cash, cash equivalents, and marketable securities at the current balance, the Company stated that it provides over $7.5 million in annual interest income.
Analysis
Pulse Biosciences reported $0.4 million of third-quarter product revenue, compared with $0.1 million in the prior-year period. Revenue came from Vybrance during a controlled commercial launch, with the company directing efforts toward market development and clinical use within a limited customer base. Management said commercial case volume increased from prior quarters, but expects the controlled-launch phase to continue into Q4 2027.
Clinical execution was the central business development. The company completed NANOPULSE-AF enrollment with 169 evaluable patients at 15 sites and 36 investigators in under six months, three months faster than the timeline originally communicated. It also completed enrollment of the 100-patient PRECISE-BTN study in September, continued enrollment in NANOCLAMP-AF, and plans an IDE application for persistent AF in the fourth quarter of 2026.
Operating spending increased with clinical activity. GAAP total cost and expenses were $24.7 million, an increase of $4.2 million from the prior-year period, primarily from increased clinical-program and employee-related spend. GAAP net loss was ($23.1) million versus ($19.4) million, while non-GAAP net loss was ($17.5) million versus ($13.5) million. Cash used in operating activities was $15.3 million, compared with $13.0 million in the prior-year quarter and $18.7 million in the second quarter of 2026.
Liquidity increased materially following ATM issuance. Cash, cash equivalents, and marketable securities totaled $189.2 million at September 30, 2026, compared with $101.6 million at June 30, 2026. The company raised $95.8 million in net ATM proceeds during the quarter, more than $150 million since May, and reported approximately $64 million of remaining ATM capacity. The next reported milestones are the planned persistent-AF IDE application, Q1 2027 EU feasibility follow-up data, NANOCLAMP-AF enrollment progress, and the path toward anticipated CE mark approval in Q4 2027.
Management, verbatim
Pulse Biosciences delivered several major milestones since the second quarter, led by completing enrollment in our U.S. pivotal IDE study in just six months, three months ahead of plan.
Paul LaViolette, CEO and Co Chairman of Pulse Biosciences
With NANOPULSE-AF fully enrolled, and the capital to execute, we are now focused on preparations for launch readiness, additional data readouts, and regulatory submissions.
Paul LaViolette, CEO and Co Chairman of Pulse Biosciences
Not in the filing
stated, not guessed- Gross margin and gross-profit figures
- Free cash flow
- Debt other than lease liabilities
- Dividend and share-repurchase activity
- Tax rate
- Formal revenue, gross-margin, operating-expense, or tax-rate financial guidance
- Prior-quarter revenue and expense line items
- GAAP and non-GAAP EPS guidance
Written by an AI language model from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was checked against the filing text, and a metric whose value, prior period and change do not add up is dropped from the metrics. The model can still misread a table, in the metrics or in the text, so check a number in the filing before you rely on it. Consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.