Pulse Biosciences (PLSE) Q2 2026 earnings summary

Executive summary

• Proprietary nsPFA technology enables rapid, non-thermal ablation with strong clinical differentiation and broad IP protection, targeting atrial fibrillation and other indications.

• Focus shifted to accelerating development of nsPFA electrophysiology catheters and cardiac devices for atrial fibrillation (AF) following positive clinical data and a strategic realignment in March 2026.

• Achieved significant clinical and regulatory progress in cardiac catheter and surgical ablation programs, surpassing halfway enrollment in the pivotal NANOPULSE-AF study and expanding patient eligibility, with enrollment completion expected early Q4 2026.

• Expanded clinical programs and partnerships, including with the Clayman Thyroid Center, to support market development for thyroid applications.

• Ongoing pivotal clinical studies for both nPulse Cardiac Catheter and Surgical Clamp, with strong early efficacy and safety data presented at major conferences.

Financial highlights

• Q2 2026 revenue was $434,000, with cost of product revenue at $273,000.

• GAAP net loss was $24.7 million, up from $19.2 million year-over-year; non-GAAP net loss was $19.4 million, up from $13.7 million.

• Cash and cash equivalents totaled $101.6 million as of June 30, 2026, up $33.3 million sequentially.

• $57.5 million raised through ATM program since May, with $46.8 million in Q2 and $10.7 million post-quarter.

• Research and development expenses increased to $17.0 million in Q2 2026 (up $4.9 million year-over-year).

Outlook and guidance

• Enrollment in pivotal IDE/NANOPULSE-AF study for cardiac catheter expected to complete by early October/early Q4 2026, ahead of schedule.

• Surgical clamp pivotal study enrollment targeted for completion by mid-2027.

• Vybrance thyroid nodule/PRECISE-BTN study to complete enrollment this month; additional clinical trials planned for new indications.

• CE Mark submissions for cardiac catheter and surgical systems targeted for H2 2026, with potential approvals by mid-2027.

• Quarterly non-GAAP operating expenses expected to remain in current range as clinical investments continue.