Pulse Biosciences, Inc. (PLSE) Bundle
A Brief History of Pulse Biosciences, Inc.
Pulse Biosciences, Inc. has undergone significant developments in its financial and operational landscape through 2024. The company focuses on the development of its proprietary Nano-Pulse Stimulation (NPS) technology for biomedical applications. As of September 30, 2024, Pulse Biosciences reported no revenue from product sales, continuing its trend since inception.
Financial Performance Overview
For the nine-month period ending September 30, 2024, Pulse Biosciences recorded a net loss of $34.2 million, compared to a net loss of $30.3 million in the same period of 2023. The increase in loss is attributed to rising expenses in research and development and general administrative costs.
| Financial Metrics | 2024 (Nine Months Ended Sept 30) | 2023 (Nine Months Ended Sept 30) | Change |
|---|---|---|---|
| Net Loss | $34,200,000 | $30,277,000 | $3,923,000 |
| Research and Development Expenses | $21,674,000 | $19,998,000 | $1,676,000 |
| General and Administrative Expenses | $14,322,000 | $11,043,000 | $3,279,000 |
| Total Expenses | $35,996,000 | $31,041,000 | $4,955,000 |
Capital Raising Initiatives
In 2024, Pulse Biosciences successfully completed a rights offering, generating approximately $60 million in gross proceeds. This offering involved the sale of six million units, with each unit priced at $10.00, consisting of one share of common stock and two warrants. If exercised, these warrants could yield an additional $66 million for the company.
Cash Position and Liquidity
As of September 30, 2024, Pulse Biosciences had cash and cash equivalents amounting to $79.0 million, an increase from $50.4 million at the end of 2023. The company utilized $27.2 million in operating activities during the first nine months of 2024, reflecting a slight increase from $26.3 million used in the same period of 2023.
| Cash Flow Metrics | 2024 (Nine Months Ended Sept 30) | 2023 (Nine Months Ended Sept 30) |
|---|---|---|
| Net Cash Used in Operating Activities | ($27,199,000) | ($26,259,000) |
| Net Cash Used in Investing Activities | ($72,000) | ($78,000) |
| Net Cash Provided by Financing Activities | $61,939,000 | $15,584,000 |
| Net Increase in Cash and Cash Equivalents | $34,668,000 | ($10,753,000) |
Shareholder Equity and Stock Performance
As of September 30, 2024, the total stockholders' equity for Pulse Biosciences stood at $79.1 million, a significant increase from $44.4 million at the end of 2023. The company’s common stock has seen fluctuations in response to market conditions, and as of the last reporting period, the weighted average shares outstanding were 61,066,000 shares.
| Equity Metrics | 2024 (Sept 30) | 2023 (Dec 31) |
|---|---|---|
| Total Stockholders' Equity | $79,131,000 | $44,360,000 |
| Weighted Average Shares Outstanding | 61,066,000 | 56,866,000 |
Overall, Pulse Biosciences continues to focus on enhancing its operational capabilities and financial position while navigating the challenges of the biomedical industry.
A Who Owns Pulse Biosciences, Inc. (PLSE)
Major Shareholders
As of 2024, Pulse Biosciences, Inc. (PLSE) has a concentrated ownership structure, primarily held by a few key stakeholders. The most notable shareholder is Robert W. Duggan, who serves as the Co-Chairman of the company. He has been instrumental in funding the company through various equity offerings and loans.
| Shareholder | Ownership Percentage | Shares Owned |
|---|---|---|
| Robert W. Duggan | Approximately 88% | 54,000,000 (estimated based on recent offerings) |
| Institutional Investors | Approximately 10% | 6,000,000 (combined) |
| Retail Investors | Approximately 2% | 1,000,000 (combined) |
Recent Equity Offerings and Share Issuance
In July 2024, Pulse Biosciences completed a rights offering that raised approximately $60 million. This offering allowed existing shareholders to purchase shares at a price of $10.00 per share. Robert W. Duggan purchased around 88% of the units offered in this rights offering, further solidifying his majority stake in the company.
Financial Performance and Shareholder Impact
As of September 30, 2024, the company reported a total of 61,516 shares outstanding. The company's financial statements indicated a net loss of $34.2 million for the nine-month period ending September 30, 2024. Despite these losses, the significant capital raised through equity offerings has provided liquidity and operational funding for ongoing projects.
Stock Options and Equity Plans
The company's equity compensation plans also play a role in ownership dynamics. As of September 30, 2024, a total of 8,123,152 stock options were outstanding, with an average exercise price of $10.71. These options are part of the 2017 Equity Incentive Plan, which has been designed to attract and retain key personnel.
Conclusion on Ownership Structure
The ownership of Pulse Biosciences, Inc. is heavily influenced by Robert W. Duggan, who not only leads the company but also provides substantial financial backing. The concentration of ownership among a few stakeholders, particularly in the context of recent capital raises, indicates a strong commitment to the company's strategic direction and financial health moving forward.
Pulse Biosciences, Inc. (PLSE) Mission Statement
As of 2024, Pulse Biosciences, Inc. (PLSE) focuses on delivering innovative therapies to improve patient outcomes through the application of its proprietary technology, Nano-Pulse Stimulation (NPS). This technology is designed to harness the power of electrical pulses to treat various medical conditions with minimal side effects compared to traditional therapies.
Current Financial Overview
Pulse Biosciences has experienced significant financial activities in 2024. Below is a summary of key financial metrics:
| Financial Metric | Q3 2024 | Q3 2023 | Change ($) |
|---|---|---|---|
| Total Revenues | $0 | $0 | $0 |
| Research and Development Expenses | $21,674,000 | $19,998,000 | $1,676,000 |
| General and Administrative Expenses | $14,322,000 | $11,043,000 | $3,279,000 |
| Net Loss | $(34,200,000) | $(30,277,000) | $(3,923,000) |
| Cash and Cash Equivalents | $79,000,000 | Not Available | $79,000,000 |
Capital Raising Activities
In 2024, Pulse Biosciences completed a Rights Offering that generated substantial capital:
- 2024 Rights Offering: Closed on July 3, 2024.
- Units Sold: 6 million units at $10.00 per unit.
- Gross Proceeds: $60 million.
- Potential Additional Proceeds: Up to $66 million through warrant exercises.
Stock and Warrant Information
As of September 30, 2024, the following stock and warrant details apply:
| Stock/Warrant Type | Quantity | Exercise Price | Expiration |
|---|---|---|---|
| Common Stock | 61,516,000 shares | $0.001 | Not Applicable |
| Warrants from 2024 Rights Offering | Up to 6 million warrants | $11.00 | 5 years from issuance |
Stock Options Summary
Stock options granted and outstanding as of September 30, 2024:
| Type | Outstanding Shares | Weighted Average Exercise Price | Weighted Average Remaining Life (Years) |
|---|---|---|---|
| Time-Based Options | 8,123,152 | $10.71 | 7.18 |
| Performance-Based Options | 1,249,180 | $5.63 | 7.84 |
| Market-Based Options | 2,955,000 | $7.18 | 8.95 |
Research and Development Focus
The company has continued to emphasize its investment in research and development, which is crucial for the advancement of its NPS technology:
- Research Focus Areas: Clinical trials, product development, and enhancing existing technologies.
- R&D Expenses Q3 2024: $21,674,000, an increase from $19,998,000 in Q3 2023.
Conclusion on Financial Health
Despite ongoing losses, Pulse Biosciences maintains a robust cash position, with $79 million in cash and cash equivalents as of September 30, 2024. The company's strategic focus on capital raising and R&D investment is essential for its future growth and operational sustainability.
How Pulse Biosciences, Inc. (PLSE) Works
Company Overview
Pulse Biosciences, Inc. is a bioelectric medicine company that utilizes its patented Nano-pulse Stimulation (NPS) technology. This technology delivers nanosecond-duration pulses of electrical energy to target cells while preserving adjacent tissues. The company has developed the CellFX System, which is the initial application of its technology for treating benign skin lesions and is exploring its potential in other medical fields.
Financial Performance
As of September 30, 2024, Pulse Biosciences reported significant losses and no product revenue. The financial highlights for the nine-month period ended September 30, 2024, are summarized in the following table:
| Item | 2024 (in thousands) | 2023 (in thousands) | $ Change |
|---|---|---|---|
| Total Revenues | $0 | $0 | $0 |
| Research and Development Expenses | $21,674 | $19,998 | $1,676 |
| General and Administrative Expenses | $14,322 | $11,043 | $3,279 |
| Total Expenses | $35,996 | $31,041 | $4,955 |
| Net Loss | $(34,200) | $(30,277) | $(3,923) |
| Net Loss per Share | $(0.60) | $(0.64) | $0.04 |
Cash Flow Analysis
For the nine months ended September 30, 2024, the cash flow statements reflect the following:
| Cash Flow Activity | 2024 (in thousands) | 2023 (in thousands) |
|---|---|---|
| Net cash used in operating activities | $(27,199) | $(26,259) |
| Net cash used in investing activities | $(72) | $(78) |
| Net cash provided by financing activities | $61,939 | $15,584 |
| Net increase in cash and cash equivalents | $34,668 | $(10,753) |
| Cash and cash equivalents at end of period | $79,033 | $50,386 |
Stockholder Equity
As of September 30, 2024, Pulse Biosciences had the following stockholder equity details:
| Item | 2024 (in thousands) |
|---|---|
| Common Stock (issued and outstanding) | 61,516 shares |
| Additional Paid-in Capital | $450,184 |
| Accumulated Deficit | $(371,115) |
| Total Stockholders’ Equity | $79,131 |
Rights Offering
On July 3, 2024, Pulse Biosciences completed its 2024 Rights Offering, resulting in gross proceeds of $60 million from the sale of six million units, each comprising one share of common stock and two warrants. If exercised, this could generate additional gross proceeds of up to $66 million. As of September 30, 2024, gross proceeds of $1.5 million had been received from the exercise of these warrants.
Market Position and Future Outlook
The company continues to focus on the development of its NPS technology in various medical specialties including dermatology and cardiology. The ongoing research and development efforts are critical as the company aims to achieve commercial viability and address significant market needs.
How Pulse Biosciences, Inc. (PLSE) Makes Money
Revenue Generation
As of 2024, Pulse Biosciences, Inc. has reported no product revenues, with total revenues remaining at $0 for both the nine-month periods ending September 30, 2024, and September 30, 2023.
Cost Structure
The company has incurred significant operating expenses, which include:
- Research and Development Expenses: $21.7 million for the nine months ended September 30, 2024, compared to $20.0 million for the same period in 2023.
- General and Administrative Expenses: $14.3 million for the nine months ended September 30, 2024, an increase from $11.0 million in 2023.
Total costs and expenses for the nine months ending September 30, 2024, were reported at $36.0 million, compared to $31.0 million in the previous year.
Financing Activities
Pulse Biosciences has primarily funded its operations through financing activities:
- Net cash provided by financing activities for the nine months ended September 30, 2024, was $61.9 million, compared to $15.6 million for the same period in 2023.
The financing activities included:
- $59.6 million from the 2024 Rights Offering.
- $1.5 million from the exercise of warrants related to the 2024 offering.
- $0.5 million from the issuance of common stock under the employee stock purchase plan.
Rights Offerings and Securities
In 2024, Pulse Biosciences executed a Rights Offering, resulting in:
| Offering Type | Units Sold | Price per Unit | Gross Proceeds |
|---|---|---|---|
| 2024 Rights Offering | 6,000,000 | $10.00 | $60,000,000 |
Additionally, if exercised, warrants issued could generate up to $66 million in additional gross proceeds.
Interest Income
Interest income for the nine months ended September 30, 2024, was $1.8 million, an increase from $0.8 million in 2023.
Liquidity Position
As of September 30, 2024, Pulse Biosciences reported cash and cash equivalents of $79.0 million.
The company has indicated that it plans to continue to raise additional capital as needed in the future.
Stock Performance and Market Position
As of the latest reports, the weighted average shares used to compute net loss per common share were 61,066 for the three months ended September 30, 2024.
The net loss for the nine-month period ending September 30, 2024, was $34.2 million.
Business Strategy
Pulse Biosciences focuses on the development of its proprietary Nano-pulse Stimulation (NPS) technology, aiming to treat various medical conditions. The company has developed the CellFX System for the treatment of benign lesions and is exploring applications in other medical specialties.
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Article updated on 8 Nov 2024
Resources:
- Pulse Biosciences, Inc. (PLSE) Financial Statements – Access the full quarterly financial statements for Q3 2024 to get an in-depth view of Pulse Biosciences, Inc. (PLSE)' financial performance, including balance sheets, income statements, and cash flow statements.
- SEC Filings – View Pulse Biosciences, Inc. (PLSE)' latest filings with the U.S. Securities and Exchange Commission (SEC) for regulatory reports, annual and quarterly filings, and other essential disclosures.