Pulse Biosciences Shares Fall After Q4 Losses Widen as Clinical Spending Increases and Revenues Remain Limited

Shares of Pulse Biosciences Inc. (Nasdaq: PLSE) fell nearly 2% in afternoon trading Thursday after the company reported fourth-quarter and full-year 2025 financial results and business updates, with the stock hovering near the lower end of its nearly 52-week range. The PLSE has traded lightly over the past year amid widespread investor caution in medical services and software-related stocks being pressured by higher prices and macroeconomic uncertainty.

For the quarter ended December 31, 2025, Pulse Biosciences reported net income of $264,000, up from $86,000 in the third quarter as commercial sales continued.

GAAP costs and expenses for the period were $18.5 million, down from $20.3 million in the year-ago quarter. Non-GAAP expenses, which exclude stock-based compensation and certain other items, increased to approximately $13.3 million from $11.3 million a year ago. Net loss decreased to $17.4 million, or $0.26 per share, compared to a GAAP loss of $19.4 million, or $0.31 per share, for the fourth quarter of 2024. Non-GAAP net loss widened to $12.2 million from $10.4 million in the year-ago period.

For the full year, Pulse Biosciences reported revenue of $350,000. GAAP costs and expenses increased to $77.3 million from $56.3 million in 2024, while non-GAAP expenses increased to approximately $55.4 million from $39.6 million. Pulse’s net GAAP loss for 2025 was $72.8 million, or $1.08 per share, compared to a net loss of $53.6 million, or $0.92 per share, for 2024. Non-GAAP loss for the year widened to $50.8 million from $36.9 million. Cash and cash equivalents fell to about $80.7 million as of Dec. 31, 2025, up from $118.0 million last year.

In a business update, the company highlighted clinical and regulatory progress in its cardiac and soft tissue ablation systems. Pulse reported 100% procedural success at six months and 96% success at one year in a first-in-human feasibility study of the nPulse Cardiac Catheter System for the treatment of atrial fibrillation, data presented at a recent medical symposium. The device also received FDA IDE approval later this year, and recruitment for a pivotal trial in paroxysmal AF is expected to begin soon.

Enrollment continued in IDE’s pivotal study of the nPulse Cardiac Surgery System for AF, and the company is expanding trial site activation to support expected completion in 2026. Pulse also reported first commercial revenue of $264,000 from soft tissue product sales and ongoing patient enrollment in a study of its nPulse Vybrance system for electrothyroidism. A research collaboration was initiated with MD Anderson Cancer Center to test nsPFA technology in other indications.

Medical device stocks, including companies with software-related systems, have faced lower pressure and broader technology and growth rates amid persistent concerns about high interest rates and tightening credit conditions. Investors have been wary of companies with long development times and limited revenue streams, a common theme for bioelectric and early-stage device makers.

A modest commercial pulse and an extended clinical pipeline indicate early product adoption stages, but high costs and growing net losses indicate continued industry-wide investment before widespread market acceptance.