Pulse Biosciences, Inc. Announces Fourth Quarter and Full Year 2025 Financial Results and Business Updates

Key Highlights

• Date of Announcement: February 19, 2026
• Ticker Symbol: PLSE
• Exchange: Nasdaq Stock Market
• Fiscal Year End: December 31, 2025

Financial Results

Revenue

• Product Revenue (Full Year 2025): \$264,000
• Product Revenue (Full Year 2024): \$0 (no revenue reported)
• Indication: The company began generating product revenue in 2025, a significant milestone for shareholders as this signals early commercialization and market adoption.

Expenses

• Research and Development (R&D):
  • 2025: \$10.93 million
  • 2024: \$10.66 million

  R&D remains the largest expenditure, reflecting ongoing investment in technology and product development.

• Selling, General & Administrative (SG&A):
  • 2025: \$7.33 million
  • 2024: \$7.29 million
• Stock-Based Compensation Expense:
  • 2025: \$2.23 million (R&D), \$7.29 million (SG&A)
  • 2024: \$3.24 million (R&D), \$6.29 million (SG&A)
• Depreciation & Amortization:
  • 2025: \$199,000 (R&D), \$212,000 (SG&A)
  • 2024: \$6.29 million (R&D), \$1.20 million (SG&A)
• Legal Settlement Expense (2024): \$1.20 million — no such expense in 2025, indicating resolution of prior legal matters.

Net Loss

• GAAP Net Loss:
  • 2025: \$(17.43) million
  • 2024: \$(20.26) million

  The company reduced its net loss year-on-year, a positive sign for shareholders seeking improved operational efficiency.

• Non-GAAP Net Loss:
  • 2025: \$(12.20) million
  • 2024: \$(10.41) million
• Net Loss Per Share:
  • 2025: \$(0.26)
  • 2024: \$(0.92)

  Improvement in net loss per share may be viewed favorably by investors.

• Weighted Average Shares Outstanding:
  • 2025: 67,839,689 shares
  • 2024: 65,925,503 shares

Balance Sheet Overview

• Total Assets: \$132.46 million (2025), \$114.86 million (2024)
• Stockholders’ Equity: \$80.66 million (2025), \$114.86 million (2024)
• Intangible Assets: \$575,000 (2025), \$1.22 million (2024) — decline may warrant further explanation from management.
• Common Stock Outstanding: 67,839,689 shares (2025), 65,925,503 shares (2024)
• Preferred Stock Outstanding: None

Business Updates & Shareholder Information

• Pulse Biosciences started generating product revenue in 2025, marking a transition from a solely development-focused company to a commercial-stage business. This milestone is likely to be price-sensitive and could impact the share value as it signals early adoption and market entry.
• Legal settlement expenses that affected 2024 were resolved in 2025, removing a prior source of uncertainty.
• Ongoing investment in R&D and SG&A underscores the company’s commitment to innovation and commercialization, but also highlights continued cash burn and operational losses, which investors should monitor closely.
• The net loss narrowed compared to the prior year, which is a positive operational trend. However, the company still operates at a significant loss, and shareholders should be aware of the ongoing need for funding and possible dilution.
• Increase in shares outstanding over the year suggests capital raises or stock-based compensation; dilution risk remains a consideration for shareholders.

Non-GAAP Financial Measures

Pulse Biosciences supplements its GAAP results with non-GAAP measures to provide a clearer picture of its core operations. Adjustments include stock-based compensation, depreciation/amortization, restructuring, severance, and legal settlement expenses. These measures, while useful, may differ from similarly titled measures at other companies and should be considered alongside GAAP figures.

Forward-Looking Statements

The company’s press release contains forward-looking statements that involve risks and uncertainties, including those related to commercialization, market adoption, and continued investment in development. Actual results may differ materially from projections due to factors outlined in SEC filings.

Potential Price-Sensitive Factors

• Commercial Revenue: First-time product revenue in 2025 is a significant event and may positively affect share price if market adoption accelerates.
• Reduction in Net Loss: Improvement in operational losses may increase investor confidence, albeit the company remains unprofitable.
• Resolution of Legal Issues: Absence of new legal settlement expenses removes a prior risk.
• Ongoing Dilution Risk: Shareholders should monitor continued increases in shares outstanding.

Additional Shareholder Information

• Pulse Biosciences is not an emerging growth company as defined by SEC rules.
• No preferred stock is outstanding; only common shares are traded on Nasdaq under the symbol PLSE.

Conclusion

The transition to revenue-generating operations, narrowing net loss, and resolution of legal issues are the most important developments for shareholders. However, continued losses and dilution risk remain key concerns. Investors should closely monitor future quarters for evidence of growing commercial traction, operational efficiency, and any additional capital raises.

Disclaimer: This article is for informational purposes only and does not constitute investment advice. All financial figures are based on the company’s official filings and press releases and are subject to change. Investors should conduct their own due diligence and consult with financial advisors before making investment decisions. Forward-looking statements are subject to risks and uncertainties, and actual results may differ.

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