Summary of Pulse Biosciences FY Conference Call Company Overview - **Company**: Pulse Biosciences (NasdaqCM:PLSE) - **CEO**: Paul LaViolette - **Focus**: Nanosecond pulse field ablation (nsPFA) technology for medical applications Key Industry Insights - **Market Dynamics**: Pulse Biosciences is positioned to capitalize on the growing interest in pulsed field ablation (PFA) technology, which is gaining traction in various clinical markets [3][32] - **Addressable Market**: The initial addressable market for nsPFA is estimated at **$6 billion**, with potential for expansion as the technology is adopted internationally [9][32] Core Technology and Advantages - **nsPFA Technology**: nsPFA delivers energy in billionths of a second, offering a non-thermal method for tissue ablation, which reduces side effects compared to traditional thermal methods [11][12] - **Clinical and Technical Advantages**: nsPFA allows for regulated cell death without damaging surrounding tissues, leading to improved patient outcomes and workflow efficiencies for physicians [13][19] - **Intellectual Property**: The company has increased its IP portfolio by **144 patents**, enhancing its competitive edge and making replication of the technology difficult for competitors [14] Market Opportunities 1. **Electrophysiology (EP) Ablation Market**: - Atrial fibrillation (AF) is the most common arrhythmia, with low current ablation penetration rates [14][15] - nsPFA has shown rapid adoption in this market, with significant improvements in lesion quality and procedure speed [16][17] - The company has treated over **150 patients** and is preparing to present efficacy data at the Boston AF Symposium [20] 2. **Cardiac Surgery Market**: - nsPFA aims to improve AF treatment during cardiac surgeries, where current methods are underutilized due to reliability concerns [21][22] - The company has received breakthrough designation and IDE approval for this application, with ongoing patient enrollment [22] 3. **Benign Thyroid Market**: - Pulse Biosciences is creating a new market for interventional thyroid management, addressing the needs of **250,000 patients** diagnosed annually with benign thyroid nodules [24][25] - The procedure is minimally invasive, with significant patient benefits, including rapid symptom relief and preservation of thyroid function [26][27] Financial Snapshot - **Cash Position**: Ended 2025 with **$81 million** in cash, with a burn rate of approximately **$13 million** in Q3 and **$14 million** in Q4 [6][7] - **Revenue Generation**: Initiated revenue from the commercialization of the Vibrance platform for treating benign thyroid nodules [7] Strategic Goals for 2026 - **Clinical Trials**: Plans to enroll patients in IDE studies for cardiac surgery and EP ablation, with expected completion by the end of 2026 [31] - **Market Expansion**: Focus on building evidence and expanding into additional markets, including oncology-related applications [32] - **Commercialization**: Pilot commercialization of thyroid treatments is underway, with plans to convert pilot sites to commercial status by the end of January [28][29] Conclusion - Pulse Biosciences is positioned for significant growth in the medical device industry through its innovative nsPFA technology, with a strong focus on clinical evidence, market expansion, and strategic partnerships to enhance its competitive advantage [32]