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Here are 1-2 brief analogies for Pulse Biosciences (PLSE):

• Like a Candela or Cynosure (leading aesthetic device companies), but utilizing a unique electrical pulse technology for non-thermal skin treatments instead of lasers.
• Like a Varian Medical Systems, but using precise electrical pulses instead of radiation for targeted cellular treatment in dermatology and oncology.

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• CellFX System: An integrated medical device that utilizes Nanosecond Pulsed Field Ablation (nsPFA) technology for treating various dermatological conditions.
• Nanosecond Pulsed Field Ablation (nsPFA) Technology: A proprietary non-thermal, cell-specific tissue treatment technology that forms the core of all Pulse Biosciences' therapeutic applications.
• Cardiac Ablation Products (in development): Devices utilizing nsPFA technology currently being developed for the treatment of cardiac arrhythmias through targeted tissue ablation.

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Pulse Biosciences (PLSE) sells its medical devices, primarily the CellFX System, to other companies, specifically healthcare providers.

However, Pulse Biosciences does not disclose specific major customer companies that account for a significant portion of its revenue in its public filings. Its customer base typically consists of a broad network of individual medical practices, clinics (such as dermatology and plastic surgery clinics), and healthcare institutions.

These customers are generally not publicly traded corporations that would be listed with stock symbols, nor does the company identify specific entities as "major customers" representing a concentration of revenue. Therefore, while PLSE's sales are business-to-business (B2B), there are no identifiable major customer companies with associated stock symbols to list.

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Paul A. LaViolette, Chief Executive Officer & Co-Chairman of the Board of Directors

Mr. LaViolette has significant experience as a large-scale operator at global healthcare corporations and as a leader for innovative medical technology startups, acting as a venture investor and board member. He served as a Managing Partner at SV Health Investors, where he invested in numerous portfolio companies and remains active on certain boards. Prior to his investing career, he spent 15 years at Boston Scientific Corporation in various executive capacities, including Chief Operating Officer, Group President of Cardiovascular, President of Cardiology, Group President of Endosurgery, and President, International. Before Boston Scientific, he was President of Cardiology for CR Bard and held marketing roles at Kendall (Medtronic).

Jon Skinner, Chief Financial Officer

Mr. Skinner is an accomplished financial leader with extensive experience in the healthcare sector, having held leadership positions at both emerging and publicly traded medical technology companies. Most recently, he served as Vice President, FP&A and Investor Relations at Copeland, a private equity-backed industrial company. Before that, he was Vice President, Finance and Corporate Development at Imperative Care, a venture-backed medical technology company, where he also served as the interim CFO of Kandu Health during its spin-out and fundraising process. He previously held progressive roles at Teleflex, including Vice President, Finance, Interventional Urology, and Senior Director, Corporate Development, where he contributed to closing 25 M&A transactions. Earlier in his career, he worked at Axalta Coating Systems on its carve-out and IPO.

Kevin Danahy, Chief Commercial Officer

Mr. Danahy was appointed Chief Commercial Officer in May 2024, having previously served as President and Chief Executive Officer of Pulse Biosciences since September 2022. He possesses over 20 years of senior leadership experience in building and leading strategic commercial organizations for medical technology companies. Prior to joining Pulse Biosciences, Mr. Danahy was President of Solmetex, where he drove revenue growth and oversaw strategy, sales, marketing, operations, engineering, and service efforts. He also held roles of increasing responsibility at Zimmer Biomet, most recently as Vice President of Global Emerging Technologies and Specialty Sales, and was a Senior Director at Intuitive Surgical. Mr. Danahy has successfully navigated complex mergers and acquisitions.

Darrin R. Uecker, Chief Technology Officer

Mr. Uecker was appointed Chief Technology Officer in September 2022, having previously served as Pulse Biosciences' Chief Executive Officer & President since September 2015. He has over 30 years of experience in the medical device field and is a named inventor on over 70 patents. Prior to Pulse Biosciences, Mr. Uecker was the President and Chief Operating Officer of Progyny, Inc. He also served as Chief Executive Officer, President, and Director of Gynesonics, Inc. Mr. Uecker has held various executive roles at CyberHeart, Inc., Conceptus, Inc., RITA Medical Systems, Inc., and Computer Motion, Inc.

Mitchell E. Levinson, Chief Strategy Officer

Mr. Levinson joined Pulse Biosciences as Chief Strategy Officer in August 2021 and continues to serve on its Board of Directors. He previously served on the board from January 2015 to November 2017 and again from March 2019 to May 2023. Mr. Levinson brings over 30 years of experience in developing and launching novel medical device technologies across numerous medical disciplines.

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1. Limited Operating History and Consistent Unprofitability / Reliance on External Financing: Pulse Biosciences has a limited operating history and has consistently reported net losses and negative free cash flow. The company is currently burning cash, with a significant negative free cash flow and return on equity, indicating heavy reliance on external financing to sustain its operations and fund research and development. This ongoing need for capital could lead to dilution of existing shareholders' equity.
2. Clinical Trial and Regulatory Risks / Efficacy Concerns: The company's core Nano-Pulse Stimulation (NPS) technology has faced past setbacks, including a failure to achieve FDA 510(k) clearance for general soft tissue ablation, which was considered foundational for future clearances. While recent FDA approvals have been granted for specific clinical studies, such as for atrial fibrillation treatment, the path to profitability and commercial viability remains dependent on successful trial outcomes and further regulatory progress. Concerns have also been raised about the efficacy of the technology in some early oncological studies, showing mixed results.
3. Intense Competition and Market Acceptance: Pulse Biosciences operates in a highly competitive medical technology industry where established companies possess greater resources. This intense competition poses a significant threat to the company's ability to innovate, secure market share, and achieve growth. Even in aesthetic applications where results have been more promising, the market is described as limited and already crowded with alternative treatments.

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Pulse Biosciences (PLSE) is strategically positioning itself for future revenue growth over the next 2-3 years by focusing on the commercialization and expansion of its proprietary nanosecond Pulsed Field Ablation (nsPFA) technology across several key medical applications.

Here are three expected drivers of future revenue growth:

1. Commercialization and Adoption of the nPulse Vybrance Percutaneous Electrode System for Soft Tissue Ablation: Pulse Biosciences is driving the early targeted adoption of its nPulse Vybrance Percutaneous Electrode System, particularly for the treatment of benign thyroid nodules. The company initiated a limited market release for its nPulse capital and Vybrance disposables, generating initial revenues in the third quarter of 2025. A pivotal clinical trial to support a specific labeling indication for benign thyroid nodules is expected to be initiated in the first half of 2025. The company anticipates growth in both disposables and full system sales as procedural acceptance increases.

2. Development and Commercialization of the nPulse Cardiac Surgical System for Atrial Fibrillation (AF): The company is advancing its nPulse Cardiac Surgical System, which has received U.S. FDA Breakthrough Device Designation and enrollment in the FDA's Total Product Life Cycle Advisory Program (TAP) for the treatment of atrial fibrillation. Pulse Biosciences has already treated the first patients with this system in Europe as of Q3 2024 and announced the first enrollment in the NANOCLAMP AF Study in October 2025. The company plans to pursue a premarket approval (PMA) pathway and expects to begin a pivotal clinical trial for AF in 2025, which, if successful, will drive significant revenue.

3. Advancement and Future Commercialization of Endocardial Catheter Ablation for Atrial Fibrillation: Pulse Biosciences is also focused on developing its nano-PFA technology for endocardial or catheter ablation, an additional application for atrial fibrillation. This represents another significant market opportunity within the cardiovascular sector for which the company is currently focused on the path to commercialization.

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Share Issuance

• Pulse Biosciences established an "At The Market" (ATM) equity offering program in early 2021 to raise capital.
• In July 2021, the company raised approximately $50 million through a private placement.
• The company received approximately $15 million from a rights offering in June 2022, and an additional $15 million in the spring of 2023 from the exercise of warrants related to this offering.
• Approximately $65 million was raised in May 2023 via a stock placement with Chairman Robert Duggan, increasing his ownership to nearly 70%.
• In the spring of 2024, Pulse Biosciences raised around $60 million from another rights offering, with most of it purchased by Chairman Robert Duggan.

Inbound Investments

• Chairman Robert Duggan significantly increased his ownership by purchasing approximately $65 million in stock through a placement in May 2023.
• Robert Duggan also purchased the majority of the $60 million rights offering in the spring of 2024.
• Between September 2024 and September 2025, Director Robert W. Duggan purchased 175,499 shares for approximately $2.79 million.

Capital Expenditures

• Capital expenditures were $0.44 million in 2020, $0.44 million in 2021, $0.40 million in 2022, $0.12 million in 2023, and $0.13 million in 2024.
• Capital expenditures for June 2025 were $0.103 million.
• Proceeds from capital raises are intended to support product and clinical development, regulatory submissions, and commercial readiness for its CellFX nsPFA products.