Pulse Biosciences Q4 rev $264K, GAAP net loss $17.4M; FDA clears pivotal AF study

PULSE BIOSCIENCES, INC.

Q4 2025 revenue $264K (vs $86K Q3), full-year revenue $350K. GAAP net loss Q4 $17.4M, full year $72.8M (vs $53.6M prior year).
Cash $80.7M at Dec 31, 2025 (down from $118.0M at Dec 31, 2024); Q4 cash used in ops $14.8M.
FDA approved pivotal IDE study for nPulse Cardiac Catheter System (paroxysmal AF); first patient expected in months, last patient Q4 2026.
Feasibility study: 100% procedural success at 6 months, 96% at 1 year for AF ablation.
Non-GAAP net loss Q4 $12.2M vs $10.4M prior year; full year $50.8M vs $36.9M.

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