Pulse Biosciences — Third Quarter 2026 Earnings Summary

Financial Performance:

• Total revenue for the three months ended September 30, 2026, was $0.4 million, compared to $0.1 million in the prior year period.
• GAAP net loss for the quarter was $23.1 million, compared to $19.4 million in the prior year period.
• Non-GAAP net loss for the quarter was $17.5 million, compared to $13.5 million in the prior year period.
• Total GAAP costs and expenses were $24.7 million, an increase of $4.2 million from $20.5 million in the prior year period.
• Non-GAAP costs and expenses were $19.1 million, an increase of $4.5 million from $14.6 million in the prior year period.
• Cash, cash equivalents, and marketable securities totaled $189.2 million as of September 30, 2026, compared to $101.6 million as of June 30, 2026.
• Cash used in operating activities was $15.3 million in the third quarter of 2026, compared to $13.0 million in the same period of the prior year.
• The company generated over $7.5 million in annual interest income based on current yields and balance.

Guidance and Future Outlook:

• The controlled commercial launch of the Vybrance system is expected to continue into the fourth quarter of 2027.
• Plans to present 12-month follow-up data on 100 patients from the EU feasibility study in the first quarter of 2027.
• Anticipated CE Mark approval for the nPulse Cardiac Catheter System in the fourth quarter of 2027.
• Plans to submit an IDE application for a persistent AF study in the fourth quarter of 2026.
• The NANOCLAMP-AF pivotal study remains on track to complete enrollment by the end of the first half of 2027.

Business Segments and Product Lines:

• Completed enrollment in the NANOPULSE-AF U.S. IDE pivotal study for the nPulse Cardiac Catheter System, involving 169 evaluable patients across 15 sites and 36 investigators, finished three months ahead of plan.
• Recorded $0.4 million of third-quarter revenue from Vybrance, compared to $0.1 million in the prior year period.
• Continued enrollment in the NANOCLAMP-AF U.S. IDE pivotal study for concomitant surgical AF ablation, with the first patient reaching one-year follow-up.
• Completed enrollment of the PRECISE-BTN study for benign thyroid nodules in September with 100 patients; preliminary data is being presented at the American Thyroid Association annual meeting.
• Commercial case volume for Vybrance increased from prior quarters with important market development milestones achieved.

Other Key Points:

• Raised $95.8 million in net proceeds through ATM programs during the third quarter, bringing total proceeds since May to more than $150 million.
• The capital raised since May represents less than 6% dilution, with approximately $64 million of ATM capacity remaining available.
• The company ended the quarter with $189.2 million in cash, cash equivalents, and marketable securities.
• Management highlighted growing physician enthusiasm for the nPulse catheter following initial cases.
• The company is advancing new clinical study initiatives and product development innovations for its nsPFA platform.