Pulse Biosciences (PLSE) 44th Annual J.P. Morgan Healthcare Conference summary

Strategic vision, leadership, and technology differentiation

• Focused on delivering revolutionary therapies using exclusive nanosecond pulsed field ablation (nsPFA) technology, offering unique technical and clinical advantages over existing methods.

• Targeting large clinical markets, including electrophysiology (EP), cardiac surgery, and benign thyroid nodule ablation, with initial prioritization of these segments.

• Emphasizing capital efficiency and market entry through direct and partnership-based business models, including direct-to-consumer strategies.

• Leadership and board comprise experienced medtech professionals and industry veterans, with recent additions strengthening governance.

• Ended 2025 with ~$81 million in cash and no debt, with increased burn rate reflecting investment in strategic priorities.

Technology and intellectual property

• nsPFA delivers non-thermal, irreversible energy in billionths of a second, enabling larger, faster, and safer ablations with minimized side effects.

• Differentiates from first-generation PFA by using nanosecond pulses for deeper, more controlled lesions and improved workflow.

• Patent portfolio includes over 250 issued and 180 pending patents globally, with significant new filings in 2025.

• Expanded IP portfolio by 144 issued and pending patents in the past year, covering all aspects of nsPFA technology and delivery.

• nPulse platform targets over $6B in initial U.S. addressable markets, expanding to $16B globally.

Market opportunities and clinical progress

• Key markets include EP for atrial fibrillation, surgical cardiac ablation, and benign thyroid nodule treatment, with EP market opportunity exceeding $3B in the U.S.

• Surgical cardiac ablation market valued at $1.8B, with nPulse expected to be the first PFA solution to market.

• Benign thyroid market opportunity estimated at $1.3B annually, with potential to eliminate up to 150k thyroidectomies per year.

• nsPFA platform addresses a $6 billion initial market, leveraging a universal generator for multiple applications.

• Thyroid application is pioneering a new interventional market, while cardiac surgery and EP ablation target existing but underpenetrated segments.