Pulse Biosciences(PLSE) - 2023 Q4 - Annual Results

Financial Performance - Total GAAP costs and expenses for Q4 2023 were $12.5 million, up from $8.7 million in Q4 2022, primarily due to a $3.3 million increase in non-cash stock-based compensation[5] - GAAP net loss for Q4 2023 was ($11.9) million compared to ($9.2) million in Q4 2022, while non-GAAP net loss was ($8.3) million compared to ($8.1) million in the prior year[6] - For the full year 2023, total GAAP costs and expenses were $43.6 million, a decrease from $58.8 million in 2022, with non-GAAP costs and expenses at $35.1 million compared to $51.3 million in 2022[7] - Full year GAAP net loss for 2023 was ($42.2) million, improved from ($58.5) million in 2022, while non-GAAP net loss was ($33.8) million compared to ($51.1) million in the previous year[9] - Total revenues for the three-month period ended December 31, 2023, were $0, a decrease of 9% compared to $700,000 in the same period of 2022[25] - The net loss for the three-month period ended December 31, 2023, was $11,933,000, compared to a net loss of $9,197,000 for the same period in 2022, reflecting a 30% increase in losses[25] - The company reported a comprehensive loss of $11,933,000 for the three-month period ended December 31, 2023, compared to a comprehensive loss of $9,197,000 in the same period of 2022[25] - Basic and diluted net loss per share for the three-month period ended December 31, 2023, was $0.22, compared to $0.25 for the same period in 2022[25] - Non-GAAP net loss for the three-month period ended December 31, 2023, was $8,285,000, compared to $8,113,000 for the same period in 2022[30] - Total cost and expenses for the three-month period ended December 31, 2023, were $12,533,000, compared to $8,736,000 in the same period of 2022, marking a 43% increase[25] Cash Position - Cash and cash equivalents as of December 31, 2023, totaled $44.4 million, down from $61.1 million a year earlier, with cash used in Q4 2023 at $6.9 million compared to $8.0 million in Q4 2022[10] Research and Development - Research and development expenses increased to $7,799,000 for the three-month period ended December 31, 2023, up from $4,095,000 in the same period of 2022, representing a 90% increase[25] - The company is actively developing its CellFX nsPFA technology for treating atrial fibrillation and other conditions, with positive early clinical results reported[19] Regulatory and Strategic Initiatives - The company received FDA 510(k) clearance for the CellFX nsPFA Percutaneous Electrode System and completed enrollment in a 30-patient clinical trial for benign thyroid nodules[8] - The company plans to initiate a rights offering pending SEC approval, allowing it to sell up to $50 million worth of securities over three years[8] - The company aims to optimize resources and streamline operations to advance the development of its product portfolio[7] Cost Structure Changes - Total stock-based compensation expense for the twelve-month period ended December 31, 2023, was $7,181,000, an increase from $5,191,000 in 2022[25] - The company reclassified certain expenses due to a shift in focus from dermatology to cardiology, impacting the cost structure[25] - Non-GAAP financial measures are used to provide a clearer view of ongoing operations, excluding stock-based compensation, depreciation, and restructuring charges[15]