Pulse Biosciences Narrows Losses, Beats Revenue Estimates in Q4; Shares Dip After Hours
Pulse Biosciences Inc (NASDAQ:PLSE), a company developing novel bioelectric medical technology, reported its fourth quarter and full-year 2025 financial results after the market close on February 19. The report highlighted continued clinical progress across its pipeline alongside financial metrics that came in ahead of analyst expectations on the top line.
Earnings and Revenue Versus Estimates
The company's financial performance for the quarter showed a mixed picture when measured against Wall Street forecasts. Pulse Biosciences reported a GAAP net loss of $17.4 million, or $0.26 per share, for the fourth quarter. This compares to a net loss of $19.4 million, or $0.31 per share, in the same period last year.
- EPS Performance: The reported loss per share of $0.26 was narrower than the analyst consensus estimate of a $0.32 loss.
- Revenue Performance: The company generated $264,000 in product revenue during the quarter, stemming from its controlled commercial launch of soft tissue ablation products. This figure surpassed the analyst revenue estimate of $255,000. For the full year 2025, total revenue was $350,000.
The market's immediate reaction was slightly negative. In after-hours trading following the release, the stock declined approximately 0.9%. This muted movement suggests investors are balancing the modest revenue beat against the company's ongoing significant cash burn and the long runway still required for its clinical programs.
Clinical and Business Highlights
The earnings press release placed significant emphasis on clinical milestones achieved in 2025, framing the year as one of strategic advancement rather than financial performance. Key updates from the report include:
- Cardiac Ablation Programs: The company received FDA approval to commence a pivotal Investigational Device Exemption (IDE) study for its nPulse Cardiac Catheter System for treating paroxysmal atrial fibrillation (AF). Enrollment is slated to begin soon, with completion targeted for Q4 2026. Furthermore, the company continues to enroll patients in a separate pivotal IDE study for its surgical AF ablation system.
- Soft Tissue Ablation: Pulse Biosciences reported continued enrollment in a study for treating benign thyroid nodules and initiated a research collaboration with MD Anderson Cancer Center to explore nsPFA technology for thyroid tumors.
- Clinical Data: The company highlighted "best-in-class" procedural success rates from a feasibility study for its cardiac catheter, showing 100% freedom from AF at six months and 96% at one year for evaluable patients.
Financial Health and Outlook
The financial statements reveal a company in a heavy investment phase, prioritizing clinical development over profitability.
- Cash Position: Cash and cash equivalents stood at $80.7 million as of December 31, 2025, a decrease from $118.0 million at the end of 2024. The company used $14.8 million in cash for operating activities during the fourth quarter.
- Expenses: Total GAAP operating expenses for the year were $77.3 million, up significantly from $56.3 million in 2024, driven by costs associated with expanding clinical trials and commercialization efforts.
- Forward Estimates: Management did not provide formal financial guidance in the release. Analyst estimates for the coming periods project continued losses. For Q1 2026, the consensus is for an EPS loss of $0.38 on revenue of $510,000. For the full year 2026, analysts estimate an EPS loss of $1.52 on revenue of $3.19 million.
Conclusion
Pulse Biosciences' fourth-quarter results underscore its status as a clinical-stage biotech firm. While it managed to exceed modest revenue expectations and narrow its per-share loss, the primary focus for investors remains on the progression of its late-stage cardiac ablation trials. The after-hours stock dip reflects the market's calibration of incremental financial progress against the substantial capital required to reach potential commercialization. The company's $80.7 million cash reserve provides a runway to continue funding these pivotal studies through 2026, as emphasized by CEO Paul LaViolette's statement that the year's focus is on "clinical trial execution."
For a detailed look at historical earnings and future analyst estimates for Pulse Biosciences, you can review the data here.
Disclaimer: This article is for informational purposes only and does not constitute investment advice, financial analysis, or a recommendation to buy or sell any security. Investors should conduct their own research and consult with a qualified financial advisor before making any investment decisions.
