Pulse Biosciences reported first-quarter 2026 revenue of $0.4 million, up from zero in the prior-year period, as the company pushed deeper into its cardiac catheter program and widened its clinical pipeline.
Total GAAP costs and expenses rose to $19.6 million from $18.0 million a year earlier, an increase of $1.6 million. On a non-GAAP basis, costs and expenses climbed to $17.4 million from $12.7 million, up $4.7 million.
The company’s GAAP net loss widened to $18.6 million from $16.8 million in the first quarter of 2025. Non-GAAP net loss increased to $16.4 million from $11.4 million.
Cash and cash equivalents fell to $68.3 million at March 31, 2026, from $80.7 million at the end of 2025 and $119.3 million a year earlier. Cash used in operating activities was $14.6 million, compared with $13.5 million in the same quarter last year and $14.8 million in the fourth quarter of 2025.
In the quarter, Pulse said it began enrollment in its U.S. IDE pivotal Nanopulse-AF trial, with first patients treated in early April. It now expects enrollment to be completed in early fourth quarter 2026, moving up from its prior timeline. The company also said it has treated more than 60 patients to date in its first-in-human European feasibility study for surgical AF ablation across three sites.
For its soft tissue franchise, Pulse booked $0.4 million of revenue from Npulse Vybrance capital and disposables. It also said it completed enrollment of the first 50 patients in its precise-benign thyroid nodule study and expanded the potential enrollment to 100 patients. Following these announcements, the company's shares moved -5.07%, and are now trading at a price of $23.02. For more information, read the company's full 8-K submission here.
