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About

Pulse Biosciences, Inc. operates as a novel bioelectric medicine company. It offers CellFX System, a novel Nanosecond Pulsed-Field Ablation delivery platform to treat benign lesions of the skin; CellFX nsPFA Percutaneous Electrode system for soft tissue ablation in surgical setting; CellFX nsPFA Cardiac Clamp designed for use in surgical treatment of atrial fibrillation (AF); CellFX nsPFA 360° Cardiac Catheter designed to provide a circumferential, or circular, ablation in a single treatment cycle; and nPulse Console, a software-enabled console-based platform designed to accommodate the clinical workflow preferred by physicians. The company was formerly known as Electroblate, Inc. and changed its name to Pulse Biosciences, Inc. in December 2015. Pulse Biosciences, Inc. was incorporated in 2014 and is headquartered in Miami, Florida.

Fundamentals
Scroll to Statements
Sector Healthcare Industry Medical Instruments & Su Market Cap 1.29B
Enterprise Value 1.22B Income -72.78M Sales 350.00K
Book/sh 1.19 Cash/sh 1.19 Dividend Yield —
Payout 0.00% Employees 116 IPO —
P/E — Forward P/E -22.16 PEG —
P/S 3689.46 P/B 16.03 P/C —
EV/EBITDA -16.05 EV/Sales 3479.74 Quick Ratio 10.22
Current Ratio 10.53 Debt/Eq 9.34 LT Debt/Eq —
EPS (ttm) -1.14 EPS next Y -0.86 EPS Growth —
Revenue Growth — Earnings 2026-05-07 ROA -42.37%
ROE -74.45% ROIC — Gross Margin -54.00%
Oper. Margin -69.14% Profit Margin 0.00% Shs Outstand 67.77M
Shs Float 17.79M Short Float 14.74% Short Ratio 15.55
Short Interest — 52W High 26.30 52W Low 12.56
Beta 1.80 Avg Volume 293.04K Volume 45.70K
Target Price $30.00 Recom Strong_buy Prev Close $18.99
Price $19.05 Change 0.34%
Valuation Models

Price estimates from analyst targets and simple models.

1. Analyst consensus
$30.00
Mean price target
2. Current target
$19.06
Latest analyst target
3. DCF / Fair value
$-7.84
Simplified: (Free Cash Flow ÷ Shares) × 18 (P/FCF multiple). Not a …
Ratings
Current target
$19.06
Low
$30.00
High
$30.00
Mean
$30.00

Latest analyst rating changes

Date Action Analyst Rating Change Price Target
2025-07-07 init Oppenheimer — → Outperform $22
2022-09-21 down Maxim Group Buy → Hold —
2022-05-13 down HC Wainwright & Co. Buy → Neutral —
2022-04-01 main Stephens & Co. — → Overweight $12
2022-04-01 main HC Wainwright & Co. — → Buy $9
2022-02-10 main HC Wainwright & Co. — → Buy $20
2021-11-16 main HC Wainwright & Co. — → Buy $43
2021-07-27 init Stephens & Co. — → Overweight $28
2021-03-11 init Maxim Group — → Buy $40
2021-01-26 main HC Wainwright & Co. — → Buy $40
2020-05-12 up HC Wainwright & Co. Neutral → Buy $16
2020-02-14 down HC Wainwright & Co. Buy → Neutral $6
2019-02-25 init HC Wainwright & Co. — → Buy —
Insider Transactions
Date Shares Value Url Text Insider Position Transaction Start Date Ownership
0 5000 118200.0 — Sale at price 23.64 per share. DANAHY KEVIN PATRICK Officer — 2026-02-18 00:00:00 D
1 5000 7650.0 — Conversion of Exercise of derivative security at price 1.53 per share. DANAHY KEVIN PATRICK Officer — 2026-02-18 00:00:00 D
2 60000 1410600.0 — Sale at price 23.37 - 23.63 per share. DANAHY KEVIN PATRICK Officer — 2026-02-17 00:00:00 D
3 60000 91800.0 — Conversion of Exercise of derivative security at price 1.53 per share. DANAHY KEVIN PATRICK Officer — 2026-02-17 00:00:00 D
4 60000 1403400.0 — Sale at price 21.45 - 25.20 per share. DANAHY KEVIN PATRICK Officer — 2026-02-11 00:00:00 D
5 60000 91800.0 — Conversion of Exercise of derivative security at price 1.53 per share. DANAHY KEVIN PATRICK Officer — 2026-02-11 00:00:00 D
6 4600 85238.0 — Sale at price 18.53 per share. DANAHY KEVIN PATRICK Officer — 2025-10-02 00:00:00 D
7 4600 7038.0 — Conversion of Exercise of derivative security at price 1.53 per share. DANAHY KEVIN PATRICK Officer — 2025-10-02 00:00:00 D
8 20400 377192.0 — Sale at price 18.48 - 18.49 per share. DANAHY KEVIN PATRICK Officer — 2025-09-19 00:00:00 D
9 20400 31212.0 — Conversion of Exercise of derivative security at price 1.53 per share. DANAHY KEVIN PATRICK Officer — 2025-09-19 00:00:00 D
Financials
Line Item2024-12-312023-12-312022-12-312021-12-31
TaxEffectOfUnusualItems0.000.000.000.00
TaxRateForCalcs0.000.000.000.00
NormalizedEBITDA-55.08M-42.37M-56.70M-61.87M
NetIncomeFromContinuingOperationNetMinorityInterest-53.59M-42.21M-58.51M-63.66M
ReconciledDepreciation1.18M1.21M1.35M1.15M
ReconciledCostOfRevenue0.0011.94M1.97M
EBITDA-55.08M-42.37M-56.70M-61.87M
EBIT-56.26M-43.57M-58.06M-63.01M
NetInterestIncome2.67M1.36M-448.00K-646.00K
NormalizedIncome-53.59M-42.21M-58.51M-63.66M
NetIncomeFromContinuingAndDiscontinuedOperation-53.59M-42.21M-58.51M-63.66M
TotalExpenses56.26M43.57M58.76M64.43M
TotalOperatingIncomeAsReported-56.26M-43.57M-58.06M-63.01M
DilutedAverageShares58.40M49.74M34.51M28.44M
BasicAverageShares58.40M49.74M34.51M28.44M
DilutedEPS-0.92-0.85-1.69-2.24
BasicEPS-0.92-0.85-1.69-2.24
DilutedNIAvailtoComStockholders-53.59M-42.21M-58.51M-63.66M
NetIncomeCommonStockholders-53.59M-42.21M-58.51M-63.66M
NetIncome-53.59M-42.21M-58.51M-63.66M
NetIncomeIncludingNoncontrollingInterests-53.59M-42.21M-58.51M-63.66M
NetIncomeContinuousOperations-53.59M-42.21M-58.51M-63.66M
TaxProvision0.000.000.000.00
PretaxIncome-53.59M-42.21M-58.51M-63.66M
NetNonOperatingInterestIncomeExpense2.67M1.36M-448.00K-646.00K
TotalOtherFinanceCost-2.67M-1.36M448.00K646.00K
OperatingIncome-56.26M-43.57M-58.06M-63.01M
OperatingExpense56.26M43.57M46.81M62.46M
ResearchAndDevelopment32.34M27.80M20.84M28.64M
SellingGeneralAndAdministration23.92M15.78M25.97M33.82M
SellingAndMarketingExpense0.0012.02M14.75M
GeneralAndAdministrativeExpense23.92M15.78M13.96M19.07M
OtherGandA23.92M15.78M13.96M19.07M
GrossProfit0.00-11.24M-550.00K
CostOfRevenue0.0011.94M1.97M
TotalRevenue0.000.00700.00K1.42M
OperatingRevenue0.000.00700.00K1.42M
Line Item2023-12-31
TreasurySharesNumber0.00
OrdinarySharesNumber65.93M56.08M37.87M30.22M
ShareIssued65.93M56.08M37.87M30.22M
NetDebt4.78M
TotalDebt8.90M9.14M75.96M11.25M
TangibleBookValue110.85M39.68M-7.59M29.68M
InvestedCapital114.86M44.36M63.67M36.13M
WorkingCapital109.39M38.62M56.17M28.11M
NetTangibleAssets110.85M39.68M-7.59M29.68M
CapitalLeaseObligations8.90M9.14M10.04M10.81M
CommonStockEquity114.86M44.36M-2.25M35.69M
TotalCapitalization114.86M44.36M62.75M35.69M
TotalEquityGrossMinorityInterest114.86M44.36M-2.25M35.69M
StockholdersEquity114.86M44.36M-2.25M35.69M
GainsLossesNotAffectingRetainedEarnings0.000.000.000.00
RetainedEarnings-390.50M-336.92M-294.70M-236.20M
AdditionalPaidInCapital505.30M381.22M292.42M271.86M
CapitalStock66.00K55.00K37.00K29.00K
CommonStock66.00K55.00K37.00K29.00K
PreferredStock0.000.000.000.00
TotalLiabilitiesNetMinorityInterest17.60M14.79M80.12M18.56M
TotalNonCurrentLiabilitiesNetMinorityInterest7.54M8.09M74.14M10.04M
LongTermDebtAndCapitalLeaseObligation7.54M8.09M74.14M10.04M
LongTermCapitalLeaseObligation7.54M8.09M9.14M10.04M
LongTermDebt65.00M
CurrentLiabilities10.05M6.71M5.98M8.52M
CurrentDeferredLiabilities0.0016.00K
CurrentDeferredRevenue0.0016.00K
CurrentDebtAndCapitalLeaseObligation1.35M1.06M1.81M1.21M
CurrentCapitalLeaseObligation1.35M1.06M896.00K774.00K
CurrentDebt917.00K436.00K
OtherCurrentBorrowings917.00K
CurrentNotesPayable0.00436.00K
PensionandOtherPostRetirementBenefitPlansCurrent4.79M3.20M1.38M2.93M
CurrentProvisions80.00K
PayablesAndAccruedExpenses3.90M2.45M2.79M4.36M
CurrentAccruedExpenses2.23M615.00K1.22M1.46M
Payables1.67M1.84M1.57M2.90M
AccountsPayable1.67M1.84M1.57M2.90M
TotalAssets132.46M59.15M77.88M54.25M
TotalNonCurrentAssets13.01M13.83M15.73M17.62M
OtherNonCurrentAssets677.00K365.00K365.00K365.00K
GoodwillAndOtherIntangibleAssets4.01M4.68M5.34M6.01M
OtherIntangibleAssets1.22M1.89M2.55M3.22M
Goodwill2.79M2.79M2.79M2.79M
NetPPE8.32M8.78M10.02M11.25M
AccumulatedDepreciation-3.97M-3.48M-2.95M-2.40M
GrossPPE12.29M12.26M12.98M13.64M
Leases2.52M2.52M2.52M2.52M
ConstructionInProgress29.00K0.0022.00K186.00K
OtherProperties8.51M8.50M9.18M9.80M
MachineryFurnitureEquipment1.24M1.24M1.25M1.13M
Properties0.000.000.000.00
CurrentAssets119.45M45.33M62.15M36.63M
OtherCurrentAssets1.41M963.00K1.01M2.13M
PrepaidAssets2.13M
Inventory0.005.82M
FinishedGoods0.002.44M
WorkInProcess0.001.37M
RawMaterials0.002.01M
Receivables0.0061.00K
AccountsReceivable0.0061.00K
CashCashEquivalentsAndShortTermInvestments118.04M44.37M61.14M28.61M
OtherShortTermInvestments0.00
CashAndCashEquivalents118.04M44.37M61.14M28.61M
Line Item2024-12-312023-12-312022-12-312021-12-31
FreeCashFlow-36.47M-33.16M-47.41M-54.53M
RepaymentOfDebt-437.00K-1.53M
IssuanceOfDebt0.0065.00M1.94M
IssuanceOfCapitalStock59.65M0.0014.86M56.70M
CapitalExpenditure-125.00K-121.00K-401.00K-437.00K
EndCashPosition118.04M44.37M61.14M28.61M
BeginningCashPosition44.37M61.14M28.61M12.46M
ChangesInCash73.67M-16.77M32.52M16.15M
FinancingCashFlow110.14M16.39M79.94M62.69M
CashFlowFromContinuingFinancingActivities110.14M16.39M79.94M62.69M
NetOtherFinancingCharges-281.00K-6.00K-437.00K-232.00K
ProceedsFromStockOptionExercised50.77M16.39M512.00K5.81M
NetCommonStockIssuance59.65M0.0014.86M56.70M
CommonStockIssuance59.65M0.0014.86M56.70M
NetIssuancePaymentsOfDebt0.0065.00M407.00K
NetShortTermDebtIssuance64.56M-1.53M
ShortTermDebtPayments-437.00K-1.53M
ShortTermDebtIssuance65.00M0.00
NetLongTermDebtIssuance0.0065.00M1.94M
LongTermDebtPayments-1.53M
LongTermDebtIssuance0.0065.00M1.94M
InvestingCashFlow-125.00K-121.00K-401.00K7.56M
CashFlowFromContinuingInvestingActivities-125.00K-121.00K-401.00K7.56M
NetInvestmentPurchaseAndSale0.008.00M
SaleOfInvestment0.008.00M
PurchaseOfInvestment0.000.00
NetPPEPurchaseAndSale-125.00K-121.00K-401.00K-437.00K
PurchaseOfPPE-125.00K-121.00K-401.00K-437.00K
OperatingCashFlow-36.34M-33.04M-47.01M-54.10M
CashFlowFromContinuingOperatingActivities-36.34M-33.04M-47.01M-54.10M
ChangeInWorkingCapital2.47M768.00K-3.72M-6.20M
ChangeInOtherWorkingCapital-16.00K16.00K
ChangeInOtherCurrentLiabilities-1.08M-896.00K-774.00K-542.00K
ChangeInOtherCurrentAssets892.00K806.00K723.00K653.00K
ChangeInPayablesAndAccruedExpense3.01M814.00K-2.18M881.00K
ChangeInAccruedExpense3.21M551.00K-876.00K-279.00K
ChangeInInterestPayable0.00-668.00K918.00K658.00K
ChangeInPayable-201.00K263.00K-1.30M1.16M
ChangeInAccountPayable-201.00K263.00K-1.30M1.16M
ChangeInPrepaidAssets-403.00K-65.00K1.16M-1.37M
ChangeInInventory0.00-2.65M-5.82M
ChangeInReceivables48.00K109.00K20.00K-7.00K
ChangesInAccountReceivables0.0061.00K-61.00K
StockBasedCompensation13.59M7.18M5.19M14.60M
AssetImpairmentCharge0.008.48M0.00
AmortizationOfSecurities0.0013.00K
DepreciationAmortizationDepletion1.18M1.21M1.35M1.15M
DepreciationAndAmortization1.18M1.21M1.35M1.15M
AmortizationCashFlow666.00K665.00K665.00K666.00K
AmortizationOfIntangibles666.00K665.00K665.00K666.00K
Depreciation512.00K542.00K690.00K480.00K
OperatingGainsLosses6.00K13.00K185.00K
GainLossOnSaleOfPPE6.00K13.00K185.00K0.00
NetIncomeFromContinuingOperations-53.59M-42.21M-58.51M-63.66M
SEC Filings

Recent 10-K, 10-Q, 8-K, and Form 4 (insider) filings.

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