Pulse Biosciences (PLSE) Q1 2026 earnings summary

Executive summary

• Accelerated enrollment timeline for the U.S. IDE pivotal trial of the nPulse Cardiac Catheter System, with completion now expected in early Q4 2026.

• Strategic focus sharpened on electrophysiology following strong clinical outcomes and leadership additions.

• Continued progress in surgical AF ablation and soft tissue ablation clinical programs, with positive data presented at major conferences.

Financial highlights

• Total revenue for Q1 2026 was $0.4 million, primarily from nPulse Vybrance capital and disposables.

• GAAP net loss for Q1 2026 was ($18.6) million, compared to ($16.8) million in Q1 2025.

• Non-GAAP net loss for Q1 2026 was ($16.4) million, compared to ($11.4) million in Q1 2025.

• Cash and cash equivalents were $68.3 million as of March 31, 2026, down from $119.3 million a year earlier.

• Cash used in operating activities for Q1 2026 was $14.6 million, up from $13.5 million in Q1 2025.

Outlook and guidance

• Enrollment in the NANOPULSE-AF pivotal trial is expected to complete in early Q4 2026.

• Enrollment in the NANOCLAMP-AF surgical AF ablation trial is expected to complete by mid-2027.

• Continued expansion of clinical studies in soft tissue ablation, including thyroid nodule and microcarcinoma studies.