The accelerated enrollment timeline for the pivotal catheter trial is the key catalyst—monitor for enrollment completion (early Q4 2026) and potential 6-month data readout. The widening losses and cash burn underscore the need for future financing; watch for potential ATM draws or partnership deals to extend runway. The EPS beat vs consensus is positive but secondary to clinical execution.
Price Chart
Executive Summary
Pulse Biosciences reported Q1 2026 results with a GAAP net loss of $18.6M (-$0.27 EPS) that beat consensus estimates by $0.05, while revenue remained negligible at $0.4M. Operationally, the company accelerated enrollment in its pivotal NANOPULSE-AF cardiac catheter trial to early Q4 2026, providing a positive clinical catalyst that overshadows the widening losses and cash burn.
Key Financial Metrics
Key Facts
- Q1 2026 revenue of $0.4M vs $0.0M in Q1 2025
- GAAP net loss of $18.6M (-$0.27 EPS) vs $16.8M (-$0.25) in Q1 2025; EPS beat consensus of -$0.32 by 15.6%
- Cash and equivalents fell to $68.3M from $80.7M at Dec 31, 2025; operating cash burn $14.6M in Q1
- Enrollment in U.S. IDE pivotal trial for cardiac catheter (NANOPULSE-AF) accelerated, now expected to complete in early Q4 2026
- ATM program with ~$60M availability and $200M shelf registration provide potential dilutive financing
- Company added key leadership with new COO and full-time CMO to support trial execution
Financial Impact
No material revenue; net loss widened by $1.8M YoY; cash burn continues at ~$14.6M/quarter with ~$68M remaining
Risk Factors
- Cash burn: ~$14.6M/quarter with $68.3M cash provides about 4.7 quarters of runway; ATM and shelf may lead to dilution
- Clinical trial risks: enrollment delays, adverse events, or regulatory setbacks could materially impact stock
- Pre-revenue: no meaningful revenue to offset R&D spending; any financing event could dilute shareholders
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001437749-26-014547 |
| Document: plse20260312_8k.htm | 0001437749-26-014547 |
| Document: 0001437749-26-014547-index-headers.html | 0001437749-26-014547 |
| Document: 0001437749-26-014547-index.html | 0001437749-26-014547 |
| Document: 0001437749-26-014547.txt | 0001437749-26-014547 |
| 8-K Data (Synthetic) | 0001437749-26-014547 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 14, 2026 13d ago | 8-K | $46.32 | awaiting T+60 | — | $52.91 (+14.23%) |
Oct 7, 2026 20d ago | 8-K | $49.09 | awaiting T+60 | — | $52.91 (+7.78%) |
Sep 15, 2026 6w ago | 8-K | $55.20 | awaiting T+60 | — | $52.91 (−4.15%) |
Aug 6, 2026 11w ago | 8-K | $42.41 | awaiting T+60 | — | $52.91 (−24.76%) |
Aug 6, 2026 11w ago | 424B5 | $42.41 | awaiting T+60 | — | $52.91 (−24.76%) |
Jul 29, 2026 12w ago | 8-K | $34.25 $52.68 | ▲ +53.81% | ▲ +49.08% | $52.91 (+54.48%) |
Jun 12, 2026 19w ago | Institutional Cluster | $24.37 $48.79 | ▲ +100.21% | ▲ +96.94% | $52.91 (+117.11%) |
Jun 10, 2026 19w ago | 8-K | $24.99 $54.71 | ▲ +118.93% | ▲ +112.35% | $52.91 (+111.72%) |
May 15, 2026 23w ago | Insider Cluster | $25.61 $43.32 | ▲ +69.15% | ▲ +64.30% | $52.91 (+106.60%) |
May 11, 2026 24w ago | Insider Cluster | $19.08 $37.90 | ▲ +98.64% | ▲ +94.24% | $52.91 (+177.31%) |
US Market Status
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