Pulse Biosciences (PLSE)

Executive Summary

Pulse Biosciences is a medical device company developing its proprietary nPulse™ technology for non-thermal ablation of soft tissue. The technology uses nanosecond pulsed electric fields to precisely ablate targeted cells while sparing surrounding structures, offering advantages in safety and recovery. The company is initially focused on two high-value indications: benign thyroid nodules and atrial fibrillation (AFib). For thyroid nodules, Pulse has completed early clinical work and is progressing toward regulatory submission in the US. For AFib, the company is developing a cardiac ablation catheter and has initiated early feasibility studies. With a strong intellectual property portfolio and a growing body of clinical evidence, Pulse Biosciences is positioned to disrupt the soft tissue ablation market, estimated at over $5 billion. However, the company has not yet achieved commercial revenues and faces typical development risks. Given its public listing (NASDAQ: PLSE) and recent capital raises, it has sufficient runway to advance its pipeline through key milestones.

Upcoming Catalysts (preview)

• Q3 2026FDA 510(k) clearance for CellFX System for thyroid ablation60% success
• Q4 2026Enrollment completion of AFib feasibility study50% success
• Q2 2026Announcement of strategic partnership for commercialization in Europe40% success