PULSE BIOSCIENCES, INC.
For the period ended Dec 31, 2025. Filed Feb 19, 2026.
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A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2025 · Filed Feb 19, 2026
PLSE$55.12-5.2%Stored close · as of Nov 10, 2026
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Item 8. Consolidated Statements of Cash Flows
Consolidated Statements of Cash Flows
(in thousands)
| Year Ended December 31, | ||
|---|---|---|
| 2025 | 2024 | |
| Cash flows from operating activities: | ||
| Net loss | $(72,781) | $(53,585) |
| Adjustments to reconcile net loss to net cash used in operating activities: | ||
| Depreciation | 406 | 512 |
| Amortization of intangible assets | 665 | 666 |
| Stock-based compensation | 21,457 | 13,586 |
| Non-cash lease expense | 1,153 | 923 |
| Loss on disposal of fixed assets | — | 6 |
| Changes in operating assets and liabilities: | ||
| Accounts receivable | (274) | — |
| Inventory | (136) | — |
| Prepaid expenses and other current assets | (912) | (355) |
| Other non-current assets | (14) | (31) |
| Accounts payable | 1,132 | (201) |
| Accrued liabilities | (3,450) | 3,212 |
| Lease liabilities, net | (1,368) | (1,076) |
| Net cash used in operating activities | (54,122) | (36,343) |
| Cash flows from investing activities: | ||
| Purchases of property and equipment | (315) | (125) |
| Purchases of intangible assets | (20) | — |
| Net cash used in investing activities | (335) | (125) |
| Cash flows from financing activities: | ||
| Proceeds from issuance of common stock under employee stock purchase plan | 586 | 478 |
| Proceeds from exercises of warrants, net of issuance costs | 14,081 | 49,424 |
| Proceeds from exercises of stock options | 2,487 | 871 |
| Proceeds from issuance of common stock and warrants in relation to rights offering, net of issuance costs | — | 59,649 |
| Payment of deferred issuance costs in relation to at-the-market equity offering program | — | (281) |
| Net cash provided by financing activities | 17,154 | 110,141 |
| Net (decrease) increase in cash and cash equivalents | (37,303) | 73,673 |
| Cash and cash equivalents at beginning of period | 118,038 | 44,365 |
| Cash and cash equivalents at end of period | $80,735 | $118,038 |
| Supplemental disclosure of noncash investing and financing activities: | ||
| Proceeds from exercise of warrants and stock options not yet received | $45 | $92 |
| Unpaid warrant issuance costs | $2 | $13 |
| Unpaid amounts related to purchase of equipment | $8 | $26 |
| Rights offering deemed pro-rata distribution to shareholders | $— | $47,700 |
| Right-of-use asset obtained in exchange for lease liability | $— | $830 |
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