The ATM creates a persistent overhang that could cap upside as the company executes sales into market strength. Monitor daily volume and any Mizuho sales disclosures in quarterly filings. The positive clinical catalyst (NANOPULSE-AF enrollment midpoint) provides a fundamental tailwind, but the ATM dilutes its impact. Traders should watch for accelerated selling if the stock rallies above $37.90.
Price Chart
Executive Summary
Pulse Biosciences filed a 424B5 prospectus supplement for an at-the-market (ATM) offering of up to $75 million of common stock through Mizuho. The company has a $2.6B market cap and the stock closed at $37.90 on August 5, 2026. Proceeds will fund clinical evaluations of its nPulse Cardiac Catheter system and other development activities. This ATM adds potential dilution overhang on top of an existing February 2026 ATM with ~$1M remaining capacity, though the company recently completed a $65.5M warrant exercise and has positive clinical momentum with its NANOPULSE-AF study surpassing enrollment midpoint.
Key Facts
- Pulse Biosciences filed a 424B5 for an ATM offering of up to $75,000,000 of common stock through Mizuho Securities.
- The last reported sale price on August 5, 2026 was $37.90 per share; the company has a $2.6B market cap.
- Proceeds will fund clinical evaluations of the nPulse Cardiac Catheter, IDE study in the US, first-in-human study in Europe, and regulatory submissions.
- As of June 30, 2026, there were 70,799,962 shares outstanding; full ATM sale would add up to ~1,978,891 shares at $37.90.
- Historical net tangible book value as of June 30, 2026 was $96.5M ($1.36/share); after full ATM sale, adjusted book value would be $169.0M ($2.32/share), causing $35.58/share dilution to new investors.
- The company has an existing February 2026 ATM with ~$1.0M of shares remaining available for sale.
- In July 2026, the company completed a warrant exercise from a 2024 rights offering, receiving cumulative gross proceeds of $65.5M.
- On July 29, 2026, the NANOPULSE-AF pivotal study surpassed its enrollment midpoint; the study evaluates the nPulse Cardiac Catheter System for paroxysmal AF.
Financial Impact
Up to $75 million in potential gross proceeds from common stock sales, with Mizuho receiving up to 3% commission. Full issuance would dilute existing shareholders by approximately 2.8% (1.98M new shares vs 70.8M outstanding).
Risk Factors
- Dilution from up to 1.98M new shares at current prices, reducing EPS and ownership percentage for existing holders.
- ATM overhang may suppress stock price as market anticipates continuous selling pressure.
- Proceeds are for general corporate purposes with broad discretion; no guarantee of value-accretive deployment.
- Existing February 2026 ATM with ~$1M remaining adds to cumulative dilution potential.
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 4 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 424B5 Filing (Primary) | 0001437749-26-026350 |
| Document: 0001437749-26-026350-index-headers.html | 0001437749-26-026350 |
| Document: 0001437749-26-026350-index.html | 0001437749-26-026350 |
| Document: 0001437749-26-026350.txt | 0001437749-26-026350 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 14, 2026 12d ago | 8-K | $46.32 | awaiting T+60 | — | $52.66 (+13.69%) |
Oct 7, 2026 19d ago | 8-K | $49.09 | awaiting T+60 | — | $52.66 (+7.27%) |
Sep 15, 2026 5w ago | 8-K | $55.20 | awaiting T+60 | — | $52.66 (−4.60%) |
Aug 6, 2026 11w ago | 8-K | $42.41 | awaiting T+60 | — | $52.66 (−24.17%) |
Aug 6, 2026 11w ago | 424B5 | $42.41 | awaiting T+60 | — | $52.66 (−24.17%) |
Jul 29, 2026 12w ago | 8-K | $34.25 $52.68 | ▲ +53.81% | ▲ +49.08% | $52.66 (+53.75%) |
Jun 12, 2026 19w ago | Institutional Cluster | $24.37 $48.79 | ▲ +100.21% | ▲ +96.94% | $52.66 (+116.09%) |
Jun 10, 2026 19w ago | 8-K | $24.99 $54.71 | ▲ +118.93% | ▲ +112.35% | $52.66 (+110.72%) |
May 15, 2026 23w ago | Insider Cluster | $25.61 $43.32 | ▲ +69.15% | ▲ +64.30% | $52.66 (+105.62%) |
May 11, 2026 24w ago | Insider Cluster | $19.08 $37.90 | ▲ +98.64% | ▲ +94.24% | $52.66 (+176.00%) |
US Market Status
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