Pulse Biosciences(PLSE) - 2025 Q3 - Quarterly Results

Financial Performance - Total revenue for Q3 2025 was $86 thousand, including sales from nPulse capital and Vybrance disposables[4] - GAAP net loss for Q3 2025 was ($19.4) million, compared to ($12.7) million for Q3 2024, representing a 52.6% increase in net loss year-over-year[6] - Non-GAAP net loss for Q3 2025 was ($13.5) million, compared to ($9.4) million for Q3 2024, indicating a 43.6% increase in net loss[6] - Net loss for Q3 2025 was $19,385 million, compared to a net loss of $12,680 million in Q3 2024, reflecting a 53% increase in losses[19] - Non-GAAP net loss for Q3 2025 was $13,512 million, compared to $9,404 million in Q3 2024, indicating a 43% increase[22] - Comprehensive loss for the nine months ended September 30, 2025, was $55,348 million, compared to $34,200 million for the same period in 2024, a 62% increase[19] Expenses and Costs - Total GAAP costs and expenses for Q3 2025 were $20.5 million, an increase of 49.5% from $13.7 million in the prior year period[5] - Total cost and expenses increased to $20,453 million in Q3 2025 from $13,655 million in Q3 2024, representing a 49% increase[19] - Research and development expenses rose to $11,393 million in Q3 2025, up from $7,703 million in Q3 2024, a 48% increase[19] - Stock-based compensation expense totaled $5,617 million in Q3 2025, up from $2,982 million in Q3 2024, a 88% increase[22] - Non-GAAP cost and expenses for Q3 2025 were $14,580 million, compared to $10,379 million in Q3 2024, a 40% increase[22] Cash and Liquidity - Cash and cash equivalents totaled $95.2 million as of September 30, 2025, up from $79.0 million a year earlier[8] - Cash used in operating activities in Q3 2025 was $13.0 million, compared to $9.0 million in the same period last year[8] Study and Approvals - The company treated over 200 patients across various studies and initial commercial procedures[7] - The nPulse Cardiac Surgery System Study received FDA IDE approval, marking it as the first PFA study approved for surgical cardiac ablation[7] - The company plans to commence an IDE study in Q1 2026 following the submission of the pivotal study protocol[7] Liabilities and Shares - Total liabilities as of September 30, 2025, were $16.1 million, a decrease from $17.6 million as of December 31, 2024[17] - The weighted average common shares outstanding increased to 67,385 million in Q3 2025 from 61,066 million in Q3 2024[19] Revenue Breakdown - Product revenue for Q3 2025 was $86 million, compared to $0 in Q3 2024[19] - Interest income for Q3 2025 was $1,001 million, slightly up from $976 million in Q3 2024[19]