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NEW YORK - Pulse Biosciences, Inc. (NASDAQ:PLSE) reported a wider-than-expected loss for the fourth quarter of 2024, sending shares down 2% in after-hours trading on Thursday.
The medical technology company posted an adjusted loss of $0.31 per share for Q4, missing analyst estimates of a $0.24 per share loss. The company did not report any revenue for the quarter.
Pulse Biosciences said total GAAP costs and expenses rose to $20.3 million in Q4, up from $12.5 million in the same period last year. The increase was primarily driven by higher stock-based compensation and other expenses to support the company’s expanding operations and advancement of its nanosecond Pulsed Field Ablation (nsPFA) technology.
For the full year 2024, Pulse Biosciences reported a GAAP net loss of $53.6 million, compared to a $42.2 million loss in 2023.
"Pulse Biosciences has incredible opportunities ahead. The differentiation of nanosecond PFA, strength of our team, preclinical and developing clinical data are laying the foundation for a transformative therapy with the potential to advance the standard of care for a variety of disease states," said Paul LaViolette, President and CEO of Pulse Biosciences.
The company ended 2024 with $118.0 million in cash and cash equivalents, up from $44.4 million at the end of 2023. The increase was largely due to $47.9 million raised in Q4 through warrant exercises from a July 2024 rights offering.
Pulse Biosciences said it expects to commence U.S. clinical trials for its soft tissue ablation and cardiac surgery systems in mid-2025. The company also plans to begin a pivotal U.S. study for its cardiac catheter system around the same time.
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