Pulse Biosciences(US:PLSE)2025-11-05 21:16Revenue - Product revenue for the three months ended September 30, 2025, was $0.1 million, with no revenue reported for the same period in 2024, attributed to the limited market release of the Vybrance Percutaneous Electrode System[128] - For the nine months ended September 30, 2025, product revenue was $0.1 million, with no revenue for the same period in 2024, linked to the limited market release of the Vybrance Percutaneous Electrode System[135] Expenses - Research and development expenses increased by $3.7 million to $11.4 million for the three months ended September 30, 2025, compared to $7.7 million in 2024, primarily due to increases in paid services, stock-based compensation, and employee-related expenses[131] - Selling, general and administrative expenses rose by $2.8 million to $8.8 million for the three months ended September 30, 2025, compared to $6.0 million in 2024, driven by increases in stock-based compensation and employee-related expenses[132] - Total cost and expenses for the three months ended September 30, 2025, were $20.5 million, up from $13.7 million in 2024, resulting in a loss from operations of $20.4 million[127] - Research and development expenses for the nine months ended September 30, 2025, increased by $12.1 million to $33.8 million compared to $21.7 million in 2024, mainly due to higher stock-based compensation and external research costs[138] - Selling, general and administrative expenses for the nine months ended September 30, 2025, increased by $10.4 million to $24.7 million from $14.3 million in 2024, primarily due to stock-based compensation and employee-related expenses[139] - Net loss for the nine months ended September 30, 2025, was $55.3 million, compared to a net loss of $34.2 million in 2024, reflecting a significant increase in operational costs[134] Cash Flow and Financing - Interest income for the nine months ended September 30, 2025, increased by $1.6 million to $3.4 million compared to $1.8 million in 2024, driven by higher cash balances[140] - The company completed a rights offering in June 2024, raising $60.0 million, with the majority of shares purchased by Robert Duggan, the majority stockholder[118] - The 2024 Rights Offering resulted in the sale of 6 million units at $10.00 per unit, generating gross proceeds of $60 million[142] - As of September 30, 2025, the company had cash and cash equivalents of $95.2 million, sufficient to fund projected operating requirements for at least the next twelve months[144] - During the nine months ended September 30, 2025, the company used $39.4 million in operating activities, compared to $27.2 million in the same period of 2024[146][147] - Cash provided by financing activities for the nine months ended September 30, 2025, was $16.8 million, primarily from $14.1 million in warrant exercises[149] - Cumulatively, as of September 30, 2025, the company received $63.5 million in gross proceeds from exercises of the 2024 Rights Offering Warrants[142] Future Outlook - The company incurred significant operating losses since inception and may continue to do so for several years[144] - The company plans to raise additional capital in the future, but there is no assurance that financing will be available on acceptable terms[145] - The ongoing global conflicts and increasing tariffs may negatively impact the company's ability to raise additional funds[145] Warrants - As of September 30, 2025, there were 411,907 outstanding 2024 Rights Offering Warrants subject to the 200% redemption feature[142] Investing Activities - The company used $0.2 million in investing activities during the nine months ended September 30, 2025, primarily for property and equipment purchases[148]