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Pulse Biosciences(PLSE) - 2024 Q3 - Quarterly Results
PLSEPulse Biosciences(PLSE)2024-10-30 20:06

Financial Performance - Total GAAP costs and expenses for Q3 2024 were 13.7million,anincreaseof21.213.7 million, an increase of 21.2% from 11.3 million in Q3 2023[6]. - GAAP net loss for Q3 2024 was (12.7)million,comparedto(12.7) million, compared to (10.6) million in Q3 2023, reflecting a 19.8% increase in losses[7]. - Total revenues for the quarter were 0,withnoproductrevenuesreported[18].−Thenetlossforthequarterwas0, with no product revenues reported[18]. - The net loss for the quarter was 12,680,000, compared to a net loss of 10,566,000intheprioryear,indicatinga2010,566,000 in the prior year, indicating a 20% increase in losses[18]. - Basic and diluted net loss per share was (0.21), compared to (0.19)inthesamequarterlastyear[18].−Non−GAAPnetlossforthequarterwas(0.19) in the same quarter last year[18]. - Non-GAAP net loss for the quarter was (9,405,000), compared to (8,471,000)inthesamequarterlastyear,reflectinganincreaseof11(8,471,000) in the same quarter last year, reflecting an increase of 11%[21]. Cash and Assets - Cash and cash equivalents totaled 79.0 million as of September 30, 2024, including 60millionfromarightsoffering[8].−CashusedinQ32024was60 million from a rights offering[8]. - Cash used in Q3 2024 was 8.5 million, a slight decrease from 8.7millionusedinQ22024andQ32023[9].−Totalassetsincreasedto8.7 million used in Q2 2024 and Q3 2023[9]. - Total assets increased to 93.0 million as of September 30, 2024, up from 59.2millionattheendof2023[17].−Thecompanyhasthepotentialtoraiseanadditionalupto59.2 million at the end of 2023[17]. - The company has the potential to raise an additional up to 66 million through the exercise of warrants from the rights offering[8]. Expenses - Research and development expenses increased to 7,703,000from7,703,000 from 7,472,000, representing a 3% increase year-over-year[18]. - General and administrative expenses rose significantly to 5,952,000,upfrom5,952,000, up from 3,780,000, marking a 57% increase compared to the previous year[18]. - Total cost and expenses for the quarter were 13,655,000,comparedto13,655,000, compared to 11,252,000 in the same quarter last year, reflecting a 21% increase[18]. - Stock-based compensation expense totaled 2,982,000,upfrom2,982,000, up from 1,798,000, representing a 66% increase year-over-year[19]. - Non-GAAP research and development expenses were 6,548,000,slightlyupfrom6,548,000, slightly up from 6,435,000, a 2% increase year-over-year[20]. - Non-GAAP general and administrative expenses increased to 3,832,000from3,832,000 from 2,722,000, a significant rise of 41% compared to the previous year[20]. Clinical Developments - The company placed nsPFA Percutaneous Electrode Systems with seven sites in the U.S. for clinical assessment, with commercial use expected to begin soon[2]. - The company expects to commence pivotal clinical trials in mid-2025 for the Percutaneous Electrode System and the nano-PFA Cardiac Surgical System[3][4]. - Over 50 patients have been treated with the nano-PFA 360° Cardiac Catheter in a feasibility study for AF[4]. - The company appointed Dr. David Kenigsberg as Chief Medical Officer for Electrophysiology, enhancing its leadership team[4].