Pulse Biosciences IncPulse Biosciences Inc
Pulse Biosciences Inc

Pulse Biosciences Inc

PLSE
Health Care·Health Care Equipment & Supplies

Pulse Biosciences, Inc. operates as an immuno-oncology company developing a proprietary oncolytic electroceutical therapy based on its Nano Pulse Stimulation (NPS) technology. It manufactures surgical and medical instruments using a novel and proprietary platform technology called Nano-Pulse Electro-Signaling. The NPES provides local tumor control and initiates an adaptive immune response with a vaccine-like effect by inducing immunogenic apoptosis of the cells. The company was founded on May 19, 2014 and is headquartered in Miami, FL.

California; U.S.A
Market cap
$3.6BNo data
Revenue
$350KNo data
Net income
$-72.8M−35.8% YoY
Free cash flow
$-54.4M−49.3% YoY

Market

Listed stock
PLSEPriceNasdaq
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Financial performance

Revenue
$350KNo data
Operating income
$-76.9M−36.8% YoY
Net income
$-72.8M−35.8% YoY
Free cash flow
$-54.4M−49.3% YoY

Revenue, profit & cash trend

Revenue
Operating income
Net income
Free cash flow
Reference
Revenue: 2021 $1.4M, 2022 $700K, 2023 $0, 2024 $0, 2025 $350K. Operating income: 2021 $-63M, 2022 $-58.1M, 2023 $-43.6M, 2024 $-56.3M, 2025 $-76.9M. Net income: 2021 $-63.7M, 2022 $-58.5M, 2023 $-42.2M, 2024 $-53.6M, 2025 $-72.8M. Free cash flow: 2021 $-54.5M, 2022 $-47.4M, 2023 $-33.2M, 2024 $-36.5M, 2025 $-54.4M. Reference line: Reference at $0.

Growth & profitability

Revenue growth
No dataNo data
Gross margin
No dataNo data
Operating margin
No dataNo data
FCF margin
No dataNo data

Earnings power over time

Operating income
Net income
Free cash flow
Operating income: 2021-12-31 $-63M, 2022-12-31 $-58.1M, 2023-12-31 $-43.6M, 2024-12-31 $-56.3M, 2025-12-31 $-76.9M. Net income: 2021-12-31 $-63.7M, 2022-12-31 $-58.5M, 2023-12-31 $-42.2M, 2024-12-31 $-53.6M, 2025-12-31 $-72.8M. Free cash flow: 2021-12-31 $-54.5M, 2022-12-31 $-47.4M, 2023-12-31 $-33.2M, 2024-12-31 $-36.5M, 2025-12-31 $-54.4M

Growth heatmap

2022202320242025CAGR
Revenue
-50.6%
-100.0%
No data
No data
-29.5%
Gross profit
-1944.4%
+100.0%
No data
+99.4%
No data
Operating income
+7.9%
+24.9%
-29.1%
-36.8%
No data
Free cash flow
+13.1%
+30.1%
-10.0%
-49.3%
No data

Earnings quality

Operating cash flow
$-54.1M−48.9% YoY
Net income
$-72.8M−35.8% YoY
Free cash flow
$-54.4M−49.3% YoY
Diluted EPS
No dataNo data

Cash conversion quality

Operating cash flow
Free cash flow
Net income = 100%
Operating cash flow: 2025-12-31 74%, 2024-12-31 68%, 2023-12-31 78%, 2022-12-31 80%, 2021-12-31 85%. Free cash flow: 2025-12-31 75%, 2024-12-31 68%, 2023-12-31 79%, 2022-12-31 81%, 2021-12-31 86%. Reference line: Net income = 100% at 100%.

Per-share economics

Diluted EPS
Latest
No data
FCF / share
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Diluted shares
Latest
No data

Financial flexibility

Cash & equivalents
No dataNo data
Total debt
No dataNo data
Net debt
No dataNo data
Current ratio
No dataNo data

Cash Coverage of Debt

Cash / Total debt
No data

Returns

Return on equity
No dataNo data
Return on assets
No dataNo data
Return on invested capital
No dataNo data
Asset turnover
No dataNo data

Return on capital

No data

Valuation

Price to earnings
No dataNo data
Price to sales
No dataNo data
EV / EBITDA
No dataNo data
Free cash flow yield
No dataNo data

Valuation vs its own 5Y history

Metric
Own five-year range
Current
Own 5Y median
Position in own range
Price to earnings
No data
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Price to sales
No data
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EV / EBITDA
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Free cash flow yield
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