Pulse Biosciences(US:PLSE)2024-10-30 20:06Financial Performance - Total GAAP costs and expenses for Q3 2024 were $13.7 million, an increase of 21.2% from $11.3 million in Q3 2023[6]. - GAAP net loss for Q3 2024 was ($12.7) million, compared to ($10.6) million in Q3 2023, reflecting a 19.8% increase in losses[7]. - Total revenues for the quarter were $0, with no product revenues reported[18]. - The net loss for the quarter was $12,680,000, compared to a net loss of $10,566,000 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) in the same quarter last year[18]. - Non-GAAP net loss for the quarter was $(9,405,000), compared to $(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 $60 million from a rights offering[8]. - Cash used in Q3 2024 was $8.5 million, a slight decrease from $8.7 million used in Q2 2024 and Q3 2023[9]. - Total assets increased to $93.0 million as of September 30, 2024, up from $59.2 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 $7,703,000 from $7,472,000, representing a 3% increase year-over-year[18]. - General and administrative expenses rose significantly to $5,952,000, 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, compared to $11,252,000 in the same quarter last year, reflecting a 21% increase[18]. - Stock-based compensation expense totaled $2,982,000, up from $1,798,000, representing a 66% increase year-over-year[19]. - Non-GAAP research and development expenses were $6,548,000, slightly up from $6,435,000, a 2% increase year-over-year[20]. - Non-GAAP general and administrative expenses increased to $3,832,000 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].