PULSE BIOSCIENCES, INC.
PLSE · Surgical & Medical Instruments & Apparatus · 69.2M shares · +29%/yr ↑ dilution · EDGAR filings ↗
Reference price $19.69 · est. market cap ~$1.4B — last insider purchase, 2026-05-11 (estimated from the dated SEC Form 4 price × shares outstanding — not a live quote)
Grade
D42Medical-device company (nanosecond-pulsed-field ablation devices) with operating losses and cash burn.
Strengths
- Liquidity — current ratio 10.5 (92nd)
Risks
- Operating/net losses & cash burn — per metrics
- a negative gross margin and heavy cash burn — per 10-K
- Adoption/reimbursement dependence — per 10-K
Notable findings
- Chronic dilutionShare count +29%/yr over 4y (dilution, book value/share -72%)
- Net lossNet loss (net margin -20794.6%)
- Cash burnNegative free cash flow (-54.4M)
- Fund exitedNotable fund(s) exited this quarter: VANGUARD GROUP INC
- Exec changeRecent 8-K item 5.02 8-K ↗
- Insider buyingInsider buying — 4 open-market buy(s) by 2 insider(s) (cluster of 2 insiders, ~$27M, last 6mo) Form 4 ↗
- Insider sellingInsider selling — 7 open-market sale(s) by 1 insider(s) (~$3M, last 6mo) Form 4 ↗
- Notable holderHeld by 4 notable fund(s): STATE STREET CORP, CITADEL ADVISORS LLC, GOLDMAN SACHS GROUP INC +1 more (as of 2026-03-31)
- Trial resultTrial topline data reported — see 8-K for outcome 8-K ↗
Quarterly revenue
Last 4 quarters · from SEC filings.
Key metrics
Gross margin
-54.0%
Operating margin
-21982.6%
Net margin
-20794.6%
Return on equity
-90.2%
Return on assets
-77.0%
Revenue growth (QoQ)
51.9%
Current ratio
10.5×
Free cash flow
-$54M
Tangible book value
$77M
Cash & investments
$81M
Cash runway
6q
Stock comp / revenue
6130.6%
Insider transactions · last 18 months
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| 2026-05-11 | DUGGAN ROBERT W | Buy | 660K | $19.69 |
| 2026-05-11 | LAVIOLETTE PAUL A | Buy | 15K | $19.69 |
| 2026-05-11 | LAVIOLETTE PAUL A | Buy | 15K | $19.69 |
| 2026-05-11 | DUGGAN ROBERT W | Buy | 660K | $19.69 |
| 2026-02-18 | Danahy Kevin Patrick | Option exercise | 5.0K | $1.53 |
| 2026-02-18 | Danahy Kevin Patrick | Sell | 5.0K | $23.64 |
| 2026-02-17 | Danahy Kevin Patrick | Sell | 20K | $23.63 |
| 2026-02-17 | Danahy Kevin Patrick | Option exercise | 20K | $1.53 |
| 2026-02-13 | Danahy Kevin Patrick | Option exercise | 20K | $1.53 |
| 2026-02-13 | Danahy Kevin Patrick | Sell | 20K | $23.53 |
| 2026-02-12 | Danahy Kevin Patrick | Sell | 20K | $23.37 |
| 2026-02-12 | Danahy Kevin Patrick | Option exercise | 20K | $1.53 |
| 2026-02-11 | Danahy Kevin Patrick | Option exercise | 20K | $1.53 |
| 2026-02-11 | Danahy Kevin Patrick | Sell | 20K | $25.20 |
| 2026-02-10 | Danahy Kevin Patrick | Option exercise | 20K | $1.53 |
| 2026-02-10 | Danahy Kevin Patrick | Sell | 20K | $23.52 |
| 2026-02-09 | Danahy Kevin Patrick | Option exercise | 20K | $1.53 |
| 2026-02-09 | Danahy Kevin Patrick | Sell | 20K | $21.45 |
| 2025-10-02 | Danahy Kevin Patrick | Option exercise | 4.6K | $1.53 |
| 2025-10-02 | Danahy Kevin Patrick | Sell | 4.6K | $18.53 |
| 2025-09-19 | Danahy Kevin Patrick | Sell | 400 | $18.48 |
| 2025-09-19 | Danahy Kevin Patrick | Option exercise | 400 | $1.53 |
| 2025-09-18 | Danahy Kevin Patrick | Option exercise | 20K | $1.53 |
| 2025-09-18 | Danahy Kevin Patrick | Sell | 20K | $18.49 |
| 2025-09-17 | UECKER DARRIN | Option exercise | 62K | $4.00 |
| 2025-09-17 | UECKER DARRIN | Option exercise | 100K | $4.00 |
| 2025-09-17 | UECKER DARRIN | Option exercise | 20K | $4.00 |
| 2025-09-17 | UECKER DARRIN | Sell | 20K | $16.21 |
| 2025-09-16 | UECKER DARRIN | Option exercise | 25K | $4.00 |
| 2025-09-16 | UECKER DARRIN | Sell | 25K | $16.28 |
| 2025-09-15 | UECKER DARRIN | Sell | 25K | $15.77 |
| 2025-09-15 | UECKER DARRIN | Option exercise | 25K | $4.00 |
| 2025-09-12 | UECKER DARRIN | Option exercise | 25K | $4.00 |
| 2025-09-12 | UECKER DARRIN | Sell | 25K | $14.32 |
| 2025-09-11 | UECKER DARRIN | Option exercise | 25K | $4.00 |
| 2025-09-11 | UECKER DARRIN | Sell | 25K | $14.78 |
| 2025-09-10 | DUGGAN ROBERT W | Buy | 35K | $14.66 |
| 2025-06-13 | UECKER DARRIN | Sell | 15K | $15.98 |
| 2025-06-12 | UECKER DARRIN | Sell | 15K | $16.40 |
| 2025-02-03 | Zanganeh Mahkam | Option exercise | 30K | $11.00 |
| 2025-01-24 | Zanganeh Mahkam | Option exercise | 30K | $11.00 |
All non-derivative Form 4 activity (SEC), newest first.
Clinical trials
| Trial | Title | Phase | Status | Primary completion |
|---|---|---|---|---|
| NCT06959121 ↗ | CellFX® Nanosecond Pulsed Field Ablation (nsPFA)™ Cardiac Surgery Clamp System to Treat Atrial Fibrillation Atrial Fibrillation, Maze Procedure | NA | Recruiting | 2027-04-01 |
| NCT06355063 ↗ | CellFX® nsPFA™ Cardiac Surgery System to Treat Atrial Fibrillation Atrial Fibrillation, Surgery | NA | Recruiting | 2026-12-31 |
| NCT07018596 ↗ | NS-PFA Catheter Ablation of Paroxysmal Atrial Fibrillation With the Pulse Biosciences CellFX System Atrial Fibrillation Paroxysmal, Cardiac Ablation | NA | Recruiting | 2026-10-01 |
| NCT07287176 ↗ | Prospective Evaluation of the Pulse Biosciences nPulse™ Vybrance™ Percutaneous Electrode System Thyroid Nodule, Thyroid Goiter | NA | Recruiting | 2026-06-30 |
| NCT06696170 ↗ | CellFX® Nanosecond Pulsed Field Ablation (PFA) 360 Catheter Ablation System for Treatment of Atrial Fibrillation Atrial Fibrillation Paroxysmal, Cardiac Ablation | NA | Recruiting | 2026-06-25 |
| NCT06117085 ↗ | CellFX ® Percutaneous Electrode (PE) Treatment of Symptomatic Benign Thyroid Nodules Thyroid Nodule (Benign) | NA | Completed | 2024-11-18 |
| NCT04918381 ↗ | CellFX Treat & Resect Low-Risk BCC Feasibility Study BCC - Basal Cell Carcinoma, BCC | NA | Completed | 2022-03-02 |
| NCT04738734 ↗ | CellFX Comparison to Cryosurgery in Cutaneous Non-Genital Common Warts Warts, Warts Hand | NA | Completed | 2021-12-15 |
| NCT04539886 ↗ | Comparative Study Between CellFX and Electrodessication in Sebaceous Hyperplasia (SH) Lesions Skin Lesion, Skin Abnormalities | NA | Completed | 2021-02-02 |
| NCT04249115 ↗ | Nano-Pulse Stimulation (NPS) in Seborrheic Keratosis Optimization Study Lesion Skin, Seborrheic Keratosis | NA | Terminated | 2020-08-13 |
| NCT04554394 ↗ | CellFX System for the Treatment of Cutaneous Non-Genital Warts Warts, Warts Hand | NA | Completed | 2020-06-09 |
| NCT04253418 ↗ | Nano-Pulse Stimulation (NPS) in Sebaceous Hyperplasia Optimization Study Sebaceous Hyperplasia, Skin Abnormalities | NA | Terminated | 2020-05-14 |
| NCT03612570 ↗ | Nano-Pulse Stimulation (NPS) in Sebaceous Hyperplasia Skin Lesion, Skin Abnormalities | NA | Completed | 2018-09-05 |
| NCT03846531 ↗ | Nano-Pulse Stimulation (NPS) in Seborrheic Keratosis Study Lesion Skin, Seborrheic Keratosis | NA | Completed | 2017-11-13 |
Source: ClinicalTrials.gov (U.S. NIH) · active studies first.
Notable events (8-K)
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 8-K | 2026-06-12 | 2026-06-11 | 0001437749-26-020464 ↗ |
| 8-K | 2026-06-10 | 2026-06-10 | 0001437749-26-020085 ↗ |
| 10-Q | 2026-05-14 | 2026-03-31 | 0001437749-26-016897 ↗ |
| 8-K | 2026-05-06 | 2026-05-05 | 0001437749-26-015039 ↗ |
| 8-K | 2026-05-04 | 2026-05-04 | 0001437749-26-014547 ↗ |
| 10-K/A | 2026-04-30 | 2025-12-31 | 0001437749-26-014203 ↗ |
| 8-K | 2026-04-27 | 2026-04-25 | 0001437749-26-013383 ↗ |
| 8-K | 2026-04-16 | 2026-04-16 | 0001437749-26-012498 ↗ |
| 8-K | 2026-04-09 | 2026-04-08 | 0001437749-26-011831 ↗ |
| 8-K | 2026-04-07 | 2026-04-07 | 0001437749-26-011546 ↗ |
| 8-K | 2026-03-27 | 2026-03-23 | 0001437749-26-010105 ↗ |
| 8-K | 2026-03-17 | 2026-03-17 | 0001437749-26-008511 ↗ |