| Nov 25 | Feb 26 | May 26 | Aug 26 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Buy | — | — | — | — | — | — | — | 2 | — | — | 2 | — |
| Sell | 1 | — | — | — | 3 | — | — | — | — | — | — | — |
| total | individual payouts | |
|---|---|---|
| 2023 | ‡‡‡ |
|
| 2022 | ‡‡‡ |
|
| 2021 | ‡‡‡ |
|
| 2020 | ‡‡‡ |
|
| 2019 | ‡‡‡ |
|
| 2018 | ‡‡‡ |
|
| 2023 | 2024 | 2025 | Q'26 | |
|---|---|---|---|---|
| Cash | 44.37 | 118.04 | 80.74 | 101.62 |
| Receivables | — | — | 0.27 | 0.12 |
| Inventory | — | — | 0.14 | 0.24 |
| Other | — | — | — | — |
| 45.33 | 119.45 | 83.42 | 105.70 |
| 2023 | 2024 | 2025 | Q'26 | |
|---|---|---|---|---|
| Payables | 1.84 | 1.67 | 2.78 | 2.83 |
| ST’ Debt | — | — | — | — |
| Other | — | — | — | — |
| 6.71 | 10.06 | 7.92 | 10.98 |
| 10y | 5y | 3y | |
| Sales | — | — | — |
| Cash Flow | ‡‡‡ | ‡‡‡ | ‡‡‡ |
| Earnings | ‡‡‡ | ‡‡‡ | ‡‡‡ |
| Book Value | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡ |
| Mar | Jun | Sep | Dec | Year | |
|---|---|---|---|---|---|
| ’26 | 0.40 | 0.43 | — | — |
—
|
| ’25 | — | — | 0.09 | 0.26 |
0.35
|
| ’22 | 0.44 | 0.27 | — | (0.01) |
0.70
|
| Mar | Jun | Sep | Dec | Year | |
|---|---|---|---|---|---|
| ’26 | (14.59) | (18.71) | — | — |
—
|
| ’25 | (13.52) | (12.81) | (13.04) | (14.75) |
(54.12)
|
| ’24 | (9.78) | (8.39) | (9.02) | (9.14) |
(36.34)
|
| ’23 | (6.57) | (9.20) | (10.49) | (6.78) |
(33.04)
|
| ’22 | (15.59) | (12.82) | (10.63) | (7.96) |
(47.01)
|
| ’21 | (11.69) | (16.37) | (13.35) | (12.69) |
(54.10)
|
| ’20 | (9.62) | (7.94) | (8.55) | (9.25) |
(35.36)
|
| Mar | Jun | Sep | Dec | Year | |
|---|---|---|---|---|---|
| ’26 | (14.63) | (18.80) | — | — |
—
|
| ’25 | (13.57) | (12.93) | (13.10) | (14.86) |
(54.46)
|
| ’24 | (9.78) | (8.42) | (9.06) | (9.20) |
(36.47)
|
| ’23 | (6.61) | (9.22) | (10.51) | (6.82) |
(33.16)
|
| ’22 | (15.87) | (12.84) | (10.69) | (8.01) |
(47.41)
|
| ’21 | (11.74) | (16.46) | (13.51) | (12.83) |
(54.53)
|
| ’20 | (9.79) | (7.87) | (8.61) | (9.53) |
(35.81)
|
| Mar | Jun | Sep | Dec | Year | |
|---|---|---|---|---|---|
| ’26 | (0.27) | (0.36) | — | — |
—
|
| ’25 | (0.25) | (0.28) | (0.29) | (0.26) |
(1.08)
|
| ’24 | (0.18) | — | (0.21) | (0.31) |
(0.92)
|
| ’23 | (0.26) | (0.22) | (0.19) | (0.22) |
(0.88)
|
| ’22 | (0.58) | (0.44) | (0.49) | (0.25) |
(1.72)
|
| ’21 | (0.71) | (0.58) | (0.48) | (0.52) |
(2.28)
|
| ’20 | (0.57) | (0.53) | (0.51) | (0.54) |
(2.14)
|
| 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | 2027 | 2028 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ‡‡‡‡ | ‡‡‡‡ | ‡‡‡ | ‡‡‡‡ | ‡‡‡‡ | ‡‡‡‡‡ | 1.18 | 2.36 | 6.60 | 12.56 | — | — | — |
Low Price
|
| ‡‡‡‡ | ‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡ | ‡‡‡‡‡ | 15.38 | 13.62 | 22.69 | 25.00 | — | — | — |
High Price
|
| ‡‡‡‡ | ‡‡‡‡ | ‡‡‡‡ | ‡‡‡‡ | ‡‡‡‡ | ‡‡‡‡‡ | 61 | 56 | 75 | 116 | — | — | — |
Employees
|
| ‡‡‡ | ‡‡‡ | ‡‡‡ | ‡‡‡ | ‡‡‡ | ‡‡‡‡‡ | 0.01 | 0.00 | 0.00 | 0.00 | — | — | — |
Revenue/Emp
|
| — | — | — | — | — | ‡‡‡‡‡ | 0.70 | — | — | 0.35 | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ |
Revenue
|
| ‡‡‡ | ‡‡‡ | ‡‡‡ | ‡‡‡ | ‡‡‡ | ‡‡‡‡‡ | (1,606.29%) | — | — | (54.00%) | — | — | — |
Gross Margin
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (58.50) | (42.21) | (53.58) | (72.78) | — | — | — |
EBT
|
| ‡‡‡ | ‡‡‡ | ‡‡‡ | ‡‡‡ | ‡‡‡ | ‡‡‡‡‡ | (8,357.86%) | 0.00% | 0.00% | (20,794.57%) | ‡‡‡ | ‡‡‡ | ‡‡‡ |
EBT Margin
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (58.50) | (42.21) | (53.58) | (72.78) | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ |
Net Income
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 1.36 | 1.21 | 1.18 | 1.07 | — | — | — |
Depreciation
|
| ‡‡‡ | ‡‡‡ | ‡‡‡ | ‡‡‡ | ‡‡‡ | ‡‡‡‡‡ | 0.02 | 0.00 | 0.00 | 0.01 | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ |
Revenue/Sh
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (1.72) | (0.88) | (0.92) | (1.08) | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ |
Earnings/Sh
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (1.39) | (0.66) | (0.62) | (0.80) | — | — | — |
Cash Flow/Sh
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (0.01) | 0.00 | 0.00 | 0.00 | ‡‡‡ | ‡‡‡ | ‡‡‡ |
Capex/Sh
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (1.40) | (0.67) | (0.62) | (0.81) | — | — | — |
Free CF/Sh
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (0.07) | 0.89 | 1.97 | 1.20 | — | — | — |
Book Value/Sh
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 33.94 | 49.74 | 58.40 | 67.40 | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ |
Shares
|
| — | — | — | — | — | ‡‡‡ | 0.00 | — | — | 0.00 | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ |
PE Ratio
|
| — | — | — | — | — | ‡‡‡ | 60.44 | — | — | 1,526.95 | ‡‡‡ | ‡‡‡ | ‡‡‡ |
PS Ratio
|
| — | — | — | — | — | ‡‡‡‡‡ | 0.00 | — | — | 11.47 | ‡‡‡ | ‡‡‡ | ‡‡‡ |
PB Ratio
|
| — | — | — | — | — | ‡‡‡ | 63.54 | — | — | 1,409.21 | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ |
EV/Sales
|
| — | — | — | — | — | ‡‡‡‡‡ | (2.07) | — | — | (15.69) | — | — | — |
EV/FCF
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (47.01) | (33.04) | (36.34) | (54.12) | ‡‡‡ | ‡‡‡ | ‡‡‡ |
Op' Cash Flow
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (0.40) | (0.12) | (0.12) | (0.33) | — | — | — |
Capex
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (47.41) | (33.16) | (36.47) | (54.46) | — | — | — |
FCF
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 56.17 | 38.62 | 109.39 | 75.50 | — | — | — |
Working Cap'
|
| — | — | — | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 65.92 | — | — | — | — | — | — |
Total Debt
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 4.78 | (44.36) | (118.04) | (80.73) | — | — | — |
Net Debt
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (2.25) | 44.36 | 114.86 | 80.66 | — | — | — |
Sh' Equity
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (88.56%) | (61.61%) | (55.93%) | (64.12%) | — | — | — |
ROA
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (1,434.21%) | 0.00% | 0.00% | 0.00% | — | — | — |
ROIC
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (349.89%) | (200.47%) | (67.31%) | (74.45%) | — | — | — |
ROE
|
Pulse Biosciences (PLSE) has embodied biotech volatility, surging over 1,000% from 2016 lows to 2021 peaks before plunging 97% in 2022, driven more by hype around its NanoPulse Stimulation (NPS) technology than substantive revenue, which remains negligible at under $1 million recently. Trading near recent highs with analyst targets implying 13% mean upside (up to 30% potential), it tempts speculators amid CellFX system pilots in dermatology and cardiac applications—but fundamentals flash warning signs of endless cash burn, explosive dilution (shares up 430%), and deteriorating EPS from -0.86 to projected -1.20 through 2027.
Persistent losses totaling $50-100 million annually, negative gross margins, and ROE/ROA in the red underscore a profitability black hole, fueled by R&D and headcount swings while revenue per employee lags peers dramatically. Insider activity leans bearish, with $4.2 million in sells dwarfing a single $2.8 million buy, signaling profit-taking post-rally rather than conviction. Balance sheet strains from $36 million yearly free cash flow burns threaten the $109 million working capital buffer, echoing past hype cycles that decoupled from operational reality.
Analysts project revenue exploding to $11 million by 2027, but with losses widening first and sky-high EV/Sales multiples, it’s priced for flawless execution in a skeptical M&A environment. This contrarian analysis probes whether PLSE is a disruptive phoenix or another dilution trap—read the full breakdown for the risks, catalysts, and prudent verdict.
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