PULSE BIOSCIENCES, INC. Q4 FY2025 earnings call

Paul LaViolette discussed Pulse Biosciences' nanosecond pulsed field ablation (nsPFA) platform. The technology offers precision, creates a human body compatible healing advantage, operates at fast speeds, and has an extensive intellectual property portfolio. Clinical progress was noted in electrophysiology (nPulse cardiac catheter for AF ablation), cardiac surgery (nPulse cardiac clamp IDE study), and soft tissue ablation (Vybrance percutaneous electrode system for benign thyroid nodules and research collaboration with MD Anderson for cancer). Jon Skinner reviewed financial results and cash usage.

In the fourth quarter, total revenue was $264,000, up from $86,000 in Q3. Cost of product revenue was $260,000 for the quarter. GAAP net loss in the fourth quarter of 2025 was $17.4 million compared to $19.4 million in the prior year period. Non-GAAP net loss in the fourth quarter of 2025 was $12.2 million compared to $10.4 million in the prior year period. Cash and cash equivalents totaled $80.7 million as of December 31, 2025.

In 2026, focus is on clinical and market development execution. In electrophysiology, commence and complete enrollment in nPulse cardiac catheter IDE study and continue European activity. In cardiac surgery, expand and accelerate IDE site activation, complete patient enrollment, and prepare for CE Mark submission. In soft tissue ablation, complete enrollment of PRECISE benign thyroid nodule study, deepen commercial utilization, and demonstrate clinical advantages of Vybrance. Cash usage aligns with investment in pivotal trials, device scaling, and initial commercialization.

Actual results may differ materially from forward-looking statements due to certain risks and uncertainties described in press release and SEC filings. Risks related to clinical trial progress, market adoption, reimbursement, and intellectual property protection.

Q: Anthony Petrone asked about Vybrance transition from limited release to broader release, enrollment timelines for thyroid post-market surveillance study, and nPulse enrollment timelines.

A: Paul LaViolette said Vybrance is in market development mode, focused on data and quality, enrollment on track for thyroid study.

Q: Suraj Kalia asked about nPulse integration with mapping, next-gen nPulse, and spillover on NANOCLAMP.

A: Paul LaViolette said improved software integration in IDE, next-gen nPulse in development, spillover from nCLAMP.

Q: Joshua Jennings asked about clinical success hypotheses for nPulse and timing of future updates.

A: Paul LaViolette said hypotheses exist but focus on replicating clinical results, next updates at HRS.

Q: Jesse Crawford asked about Bob Duggan's partnership strategy.

A: Bob Duggan discussed novel technology, reimbursement, and partnership plans for funding