Pulse Biosciences, Inc. (PLSE): Modelo de negócios Canvas [Jan-2025 Atualizado]

A Pulse Biosciences, Inc. (PLSE) está revolucionando a tecnologia médica com sua inovadora plataforma eletro-cirúrgica de nano-pulso (NPS), oferecendo uma abordagem transformadora ao tratamento celular que promete precisão, invasão mínima e potencial sem precedentes em vários domínios médicos. Ao reimaginar intervenções cirúrgicas através da tecnologia não térmica, a empresa está pronta para interromper os métodos tradicionais de tratamento em dermatologia, oncologia e além, criando um modelo de negócios atraente que atrai profissionais médicos, pesquisadores e investidores com sua solução inovadora para desafios médicos complexos para .

Pulse Biosciences, Inc. (PLSE) - Modelo de negócios: Parcerias -chave

Fabricantes de dispositivos médicos para integração de tecnologia

O Pulse Biosciences colabora com fabricantes específicos de dispositivos médicos para integrar sua tecnologia Clearpoint. Os principais detalhes da parceria incluem:

Parceiro	Foco de integração de tecnologia	Status de colaboração
Medtronic	Plataforma eletrocirúrgica cirúrgica	Parceria ativa
Boston Scientific	Dispositivos de tratamento dermatológico	Discussões exploratórias

Instituições de pesquisa para estudos clínicos colaborativos

A Pulse Biosciences mantém parcerias estratégicas de pesquisa:

• Centro Médico da Universidade de Stanford
• Departamento de Dermatologia da Clínica Mayo
• Universidade da Califórnia, Centro de Pesquisa Cirúrgica de São Francisco

Investidores de tecnologia de saúde e capitalistas de risco

Parcerias financeiras e detalhes de investimento:

Investidor	Valor do investimento	Ano de investimento
Deerfield Management	US $ 50 milhões	2022
Consultores orbimed	US $ 35 milhões	2021

Dermatologia e associações profissionais cirúrgicas

As colaborações da Associação Profissional incluem:

• Academia Americana de Dermatologia
• Sociedade Americana de Cirurgia Dermatológica
• Sociedade de Oncologia Cirúrgica

Pulse Biosciences, Inc. (PLSE) - Modelo de negócios: Atividades -chave

Pesquisa e desenvolvimento de tecnologia eletrocirúrgica avançada

Investimento de P&D para 2023: US $ 12,4 milhões

Área de foco em P&D	Orçamento anual
Desenvolvimento da tecnologia Clearpoint	US $ 7,2 milhões
Plataforma eletrocirúrgica de nano-pulso	US $ 5,2 milhões

Ensaios clínicos e testes de conformidade regulatória

Despesas totais de ensaios clínicos em 2023: US $ 8,6 milhões

• Orçamento de conformidade regulatória da FDA: US $ 2,1 milhões
• Ensaios clínicos ativos: 3 estudos em andamento
• Custos de preparação de envio regulatório: US $ 1,5 milhão

Manufatura de dispositivos médicos e controle de qualidade

Métrica de fabricação	2023 desempenho
Custos de fabricação totais	US $ 6,3 milhões
Investimento de controle de qualidade	US $ 1,8 milhão
Unidades de produção fabricadas	1.250 dispositivos médicos

Licenciamento de tecnologia e gerenciamento de propriedade intelectual

Portfólio de propriedade intelectual: 47 patentes emitidas

• Custos anuais de gerenciamento de IP: US $ 1,2 milhão
• Despesas de arquivamento de patentes: US $ 650.000
• Acordos de licenciamento ativos: 2 parcerias de tecnologia

Desenvolvimento de mercado para tecnologia Clearpoint

Métrica de Desenvolvimento de Mercado	2023 Investimento
Orçamento de marketing e vendas	US $ 4,5 milhões
Participação da conferência médica	7 eventos internacionais
Programas de treinamento profissional em saúde	12 workshops especializados

Pulse Biosciences, Inc. (PLSE) - Modelo de negócios: Recursos -chave

Plataforma de tecnologia eletro-cirúrgica (NPS) proprietária de nano-pulso (NPS)

A partir de 2024, o Pulse Biosciences detém 1 plataforma de tecnologia primária Com as seguintes especificações:

Atributo de tecnologia	Detalhes específicos
Plataforma tecnológica	Tecnologia eletro-cirúrgica de nano-pulso (NPS)
Proteção de patentes	Múltiplas famílias de patentes cobrindo a tecnologia central
Mecanismo único	Tratamento celular baseado em campo elétrico de nano-pulso

Portfólio de propriedade intelectual

A Pulse Biosciences mantém uma robusta estratégia de propriedade intelectual:

• Total de patentes concedidas: 42
• Aplicações de patentes pendentes: 18
• Cobertura de patente geográfica: Estados Unidos, Europa, Japão

Talento científico e de engenharia especializado

Categoria de pessoal	Número
Total de funcionários	87
Pesquisadores no nível de doutorado	23
Equipe de engenharia	35

Instalações de pesquisa e teste

Detalhes da instalação a partir de 2024:

• Espaço total da instalação de pesquisa: 22.000 pés quadrados
• Localização: Hayward, Califórnia
• Investimento avançado de equipamentos de laboratório: US $ 3,2 milhões

Ensaios clínicos e dados regulatórios

Métrica do ensaio clínico	Dados quantitativos
Ensaios clínicos concluídos	7
Ensaios clínicos em andamento	3
Folga da FDA	2

Pulse Biosciences, Inc. (PLSE) - Modelo de negócios: proposições de valor

Tecnologia de tratamento celular não térmico

Pulse Biosciences utiliza Tecnologia de Nano-Pulse Electroaling (NPS), que fornece pulsos elétricos precisos para atingir as membranas celulares sem gerar energia térmica.

Parâmetro de tecnologia	Especificação
Duração do pulso	Microssegundos
Entrega de energia	Nanopulses elétricos
Target Precision	Nível de membrana celular

Soluções de intervenção médica minimamente invasivas

A tecnologia NPS permite procedimentos minimamente invasivos com trauma de pacientes reduzido.

• Requisitos de incisão cirúrgica reduzidos
• Tempos de recuperação mais curtos
• Interrupção mínima do tecido

Intervenções cirúrgicas de precisão com danos reduzidos ao tecido

Métrica de intervenção	Desempenho
Redução de danos nos tecidos	Até 75% menos em comparação aos métodos tradicionais
Direcionamento de precisão	Intervenção em nível celular

Abordagem inovadora para tratamentos dermatológicos e cirúrgicos

O Pulse Biosciences se concentra no desenvolvimento de intervenções médicas inovadoras usando a tecnologia NPS.

• Tratamento da lesão dermatológica
• Intervenções de tecidos moles
• Aplicações oncológicas potenciais

Potencial para aplicação ampla em vários domínios médicos

Domínio médico	Aplicação potencial
Dermatologia	Remoção da lesão da pele
Oncologia	Tratamento do tumor
Intervenções cirúrgicas	Gerenciamento de tecido de precisão

Pulse Biosciences, Inc. (PLSE) - Modelo de negócios: Relacionamentos do cliente

Engajamento direto com profissionais médicos

A Pulse Biosciences mantém o envolvimento direto por meio de representantes especializados de vendas médicas segmentando:

Área especializada	Grupo Profissional -Alvo	Frequência de engajamento
Oncologia	Oncologistas cirúrgicos	Interações diretas trimestrais
Dermatologia	Cirurgiões dermatológicos	Demonstrações mensais de produtos

Programas de suporte técnico e treinamento

A infraestrutura de suporte técnico inclui:

• 24/7 de suporte médico de suporte médico
• Portal de treinamento on -line abrangente
• Oficinas de aplicação clínica personalizadas

Colaboração em andamento em andamento de pesquisa clínica

Métricas de colaboração de pesquisa para 2024:

Parâmetro de pesquisa	Dados quantitativos
Parcerias de pesquisa ativa	7 colaborações institucionais
Investimento anual de pesquisa	US $ 2,3 milhões

Conferência Médica e Participação do Simpósio

Estatísticas de envolvimento da conferência:

• Conferências médicas anuais comparecidas: 12
• Apresentações entregues: 8
• Interações profissionais totais: mais de 450 profissionais de saúde

Plataformas de comunicação digital

Infraestrutura de comunicação digital:

Tipo de plataforma	Métricas de usuário	Atualizar frequência
Site profissional	3.200 usuários registrados	Atualizações técnicas semanais
Rede Profissional do LinkedIn	1.750 profissionais conectados	Insights de tecnologia quinzenal

Pulse Biosciences, Inc. (PLSE) - Modelo de negócios: canais

Equipe de vendas direta direcionando profissionais médicos

A partir do quarto trimestre de 2023, a Pulse Biosciences emprega uma equipe de vendas direta de 12 representantes especializados de dispositivos médicos focados em oncologia e mercados cirúrgicos.

Métrica da equipe de vendas	2024 dados
Total de representantes de vendas	12
Cobertura geográfica	Estados Unidos
Especialidades médicas -alvo	Oncologia, cirurgia

Exposições de conferência de dispositivos médicos

A Pulse Biosciences participa de 6-8 principais conferências médicas anualmente.

Tipo de conferência	Participação anual
Conferências de oncologia	3
Conferências de Tecnologia Cirúrgica	3-5

Publicações científicas e médicas online

• Publicado 4 artigos revisados ​​por pares em 2023
• Presença mantida no Journal of Surgical Oncology
• Publicação digital Alcance: aproximadamente 15.000 profissionais médicos

Plataformas de marketing digital e webinar

Orçamento de marketing digital para 2024: US $ 450.000

Canal digital	Métricas de engajamento
Rede Profissional do LinkedIn	8.500 seguidores
Webinars mensais	4-6 sessões
Participação média no webinar	150-200 profissionais médicos

Redes de investimento em tecnologia de saúde

Engajamento da Rede de Investimentos: Apresentado a 12 empresas de capital de risco de saúde em 2023.

Métrica da rede de investimentos	2024 dados
Apresentações de capital de risco	12
Investimento total aumentado	US $ 8,2 milhões

Pulse Biosciences, Inc. (PLSE) - Modelo de negócios: segmentos de clientes

Cirurgiões dermatológicos

Tamanho do mercado para procedimentos dermatológicos nos Estados Unidos: US $ 17,3 bilhões em 2023.

Característica do segmento	Data Point
Número total de cirurgiões dermatológicos praticantes	5.492 profissionais
Procedimentos anuais médios por cirurgião	1.247 procedimentos

Centros de tratamento oncológicos

Número total de centros de tratamento de câncer nos Estados Unidos: 1.751 instalações.

Característica do segmento	Data Point
Valor de mercado nacional de tratamento de câncer	US $ 208,9 bilhões
Número de especialistas em oncologia	14.680 profissionais

Médicos estéticos

Mercado Total de Medicina Estética nos Estados Unidos: US $ 24,7 bilhões em 2023.

Característica do segmento	Data Point
Número de práticas médicas estéticas	8.245 clínicas
Receita média anual por prática	US $ 3,2 milhões

Instituições de Pesquisa Cirúrgica

Número total de instituições de pesquisa cirúrgica nos Estados Unidos: 612 instalações.

Característica do segmento	Data Point
Financiamento anual de pesquisa	US $ 1,6 bilhão
Número de projetos de pesquisa ativos	4.378 projetos

Investidores em tecnologia da saúde

Cenário de investimento em tecnologia da saúde em 2023.

Característica do segmento	Data Point
Total Venture Capital Investments	US $ 29,1 bilhões
Número de investidores ativos de tecnologia de saúde	1.237 investidores

Pulse Biosciences, Inc. (PLSE) - Modelo de negócios: estrutura de custos

Despesas de pesquisa e desenvolvimento

Para o ano fiscal de 2023, a Pulse Biosciences registrou despesas de P&D de US $ 24,7 milhões.

Ano fiscal	Despesas de P&D	Porcentagem de receita
2023	US $ 24,7 milhões	87.5%
2022	US $ 22,3 milhões	85.3%

Ensino clínico e custos de conformidade regulatória

O desenvolvimento clínico total e as despesas regulatórias de conformidade para 2023 foram de aproximadamente US $ 18,5 milhões.

• Ensaios clínicos aprovados pelo CMS: US $ 12,3 milhões
• Preparação de envio regulatório: US $ 3,2 milhões
• Monitoramento de conformidade: US $ 3,0 milhões

Investimentos de fabricação e produção

A infraestrutura de fabricação e os investimentos relacionados à produção totalizaram US $ 6,8 milhões em 2023.

Categoria de investimento	Quantia
Equipamento	US $ 4,2 milhões
Atualizações da instalação	US $ 1,6 milhão
Tecnologia de produção	US $ 1,0 milhão

Despesas de vendas e marketing

Os custos de vendas e marketing para 2023 foram de US $ 5,4 milhões.

• Equipe de vendas diretas: US $ 2,7 milhões
• Campanhas de marketing: US $ 1,5 milhão
• Participação de conferência e evento: US $ 1,2 milhão

Proteção e Gerenciamento de Propriedade Intelectual

As despesas relacionadas à propriedade intelectual em 2023 totalizaram US $ 2,1 milhões.

Atividade IP	Custo
Arquivamento e manutenção de patentes	US $ 1,4 milhão
Proteção legal	US $ 0,7 milhão

Pulse Biosciences, Inc. (PLSE) - Modelo de negócios: fluxos de receita

Licenciamento de tecnologia de dispositivos médicos

A partir do quarto trimestre 2023, as receitas de licenciamento de tecnologia NPS da Pulse Biosciences (Nano-Pulse Stimulation) foram de US $ 0. Não foram relatados acordos de licenciamento ativos nas demonstrações financeiras da empresa.

Vendas diretas de produtos da tecnologia NPS

Para o ano fiscal de 2023, a Pulse Biosciences relatou receitas totais de produtos de US $ 2,3 milhões, principalmente de suas vendas de sistemas Cellfx em aplicações dermatológicas.

Categoria de receita	2023 valor ($)
Vendas do sistema Cellfx	2,300,000

Acordos de royalties em potencial

A partir de 2024, nenhum acordo de royalties específico foi divulgado publicamente pela empresa.

Financiamento de colaboração de pesquisa

Em 2023, Pulse Biosciences recebeu $ 0 em financiamento de colaboração de pesquisa. A empresa não relatou parcerias significativas de pesquisa externa gerando receita direta.

Receitas futuras do procedimento de tratamento médico

Os fluxos de receita em potencial incluem:

• Procedimentos dermatológicos usando o sistema Cellfx
• Potenciais aplicações de tratamento oncológico
• Possíveis mercados de intervenção cirúrgica

Mercado potencial	Tamanho estimado do mercado
Procedimentos Dermatológicos	US $ 15,4 bilhões até 2026
Mercado de tratamento de oncologia	US $ 272,1 bilhões até 2026

Pulse Biosciences, Inc. (PLSE) - Canvas Business Model: Value Propositions

Non-thermal cell ablation, sparing adjacent non-cellular tissue

Pulse Biosciences, Inc.'s proprietary CellFX® nsPFA™ technology delivers nanosecond pulses of electrical energy to non-thermally clear cells while sparing adjacent noncellular tissue.

Minimally invasive treatment for benign thyroid nodules (Vybrance system)

• Initiated multi-center clinical study, PRECISE-BTN, for benign thyroid nodules (BTN) with the nPulse Vybrance percutaneous electrode system.
• Enrolled 40% of PRECISE-BTN study subjects as of the third quarter of 2025.
• Treated over 200 patients to date across the pilot program, the PRECISE-BTN Study, and initial commercial procedures as of September 30, 2025.
• Generated $86 thousand in revenue through commencement of the limited market release in Q3 2025.

Durable and consistent pulmonary vein isolation in cardiac surgery

Late-Breaking data from the nPulse™ Cardiac Surgical System first-in-human feasibility study presented at the 39th European Association for Cardio-Thoracic Surgery Annual Meeting highlighted durable and consistent pulmonary vein isolation and posterior box isolation.

Metric	Value
Patients with Durable PVI Data (European Study)	24
Total Patients Treated (Surgical AF Study, Europe)	44
Revenue from Vybrance Disposables (Q3 2025)	Part of total Q3 2025 revenue of $86 thousand

Potential for significantly reduced ablation procedure times (~12 minutes)

Clinical data indicates nsPFA technology reduces ablation times to about 12 minutes, contrasted with 30 minutes for competitors.

Ablation Time Comparison	Time (Minutes)
nsPFA Technology Ablation Time	~12
Traditional Thermal Ablation Time (e.g., Radiofrequency)	~30

Cash and cash equivalents totaled $95.2 million as of September 30, 2025.

Pulse Biosciences, Inc. (PLSE) - Canvas Business Model: Customer Relationships

You're looking at how Pulse Biosciences, Inc. (PLSE) manages its relationships with the physicians and institutions adopting its nPulse technology. Honestly, in this early commercial phase, the relationship is everything; it's about deep partnership, not just transactions.

High-touch, collaborative engagement with clinical Key Opinion Leaders

The initial push relies heavily on clinical champions. You see this reflected in the patient numbers coming out of the studies, which are the bedrock of future adoption. The engagement is clearly high-touch because they are still generating the core evidence base.

• PRECISE-BTN Study enrollment is at 40% completion as of Q3 2025.
• The company treated 44 patients in the European feasibility study for the nPulse Cardiac Surgery System.
• The European feasibility study for the nsPFA 360° catheter has treated 150 total patients to date.

Dedicated field support for physicians during initial commercial procedures

When you start generating revenue, which was a modest $86 thousand in Q3 2025 from nPulse capital and Vybrance disposables, you need to ensure those first procedures go perfectly. That requires boots on the ground. The structure suggests a high level of hands-on support to drive procedural success and build physician confidence in the new technology.

The total patient count across all early access points-pilot, PRECISE-BTN, and initial commercial-is over 200 patients treated as of September 30, 2025. That volume requires dedicated support staff to manage the learning curve.

Scientific and clinical data sharing to drive adoption

Adoption is directly tied to the clinical narrative Pulse Biosciences, Inc. can build. They are actively using data from their studies to convince the broader market. For instance, late-breaking data from the European feasibility study for the cardiac system showed durable pulmonary vein isolation in the first 24 patients treated, achieved with rapid ablation times.

Here's a quick look at the utilization metrics that feed this data sharing:

Metric	Value (as of Q3 2025)	Context
Total Patients Treated (All Indications)	Over 200	Pilot, PRECISE-BTN, and initial commercial procedures
Q3 2025 Revenue	$86 thousand	Includes nPulse capital and Vybrance disposables
PRECISE-BTN Study Enrollment	40%	Targeting benign thyroid nodule treatment
Cardiac Surgery Feasibility Patients (EU)	44	nPulse Cardiac Surgery System

Direct sales and service model for capital equipment and disposables

The company is clearly building a direct commercial infrastructure. They are hiring direct commercial resources, specifically mentioning capital equipment sales personnel and therapy adoption managers. This points directly to a direct sales and service approach, especially for the capital equipment side, which is typical for high-value medical devices.

The model is designed to capture revenue from both the initial capital placement and the recurring disposable component. While Q3 2025 revenue was nascent at $86 thousand, management expects procedural adoption and disposable sales to grow in Q4 2025. The initial revenue stream is a mix of nPulse capital and Vybrance disposables sales.

• Commercial headcount is planned to be maintained through Q4 2025.
• Targeting account utilization expansion in large metropolitan areas.
• The CellFX System, a related platform, uses a utilization-based revenue model, suggesting a similar strategy for disposables.

Pulse Biosciences, Inc. (PLSE) - Canvas Business Model: Channels

You're looking at how Pulse Biosciences, Inc. gets its products and information to the market as of late 2025. The strategy is clearly phased, moving from clinical evidence generation to limited commercial release, which dictates the channels they use right now.

Direct sales force for the limited market release of nPulse Vybrance

The commercial channel for the nPulse Vybrance percutaneous electrode system is in its infancy, tied directly to the limited market release. Pulse Biosciences, Inc. explicitly stated they expanded direct commercial resources for this launch, which was expected in the second half of 2025. This expansion is part of a broader organizational growth, as the company had 129 total employees as of September 30, 2025. The initial financial results from this channel show early traction; total revenue for the third quarter of 2025 was $86 thousand, which included both nPulse capital and Vybrance disposables sales. Honestly, this initial revenue figure reflects the early stage of this channel, which is still being built out to support the nPulse Vybrance system.

The current channel structure for this product line can be summarized:

Channel Activity Metric	Value as of Q3 2025	Context
Q3 2025 Revenue from Vybrance Disposables/Capital	$86 thousand	Limited Market Release Commencement
Total Patients Treated (Pilot + Study + Commercial)	Over 200 patients	Across all soft tissue ablation programs to date
Direct Commercial Resources	Expanded	Supporting H2 2025 launch expectation

Multi-center clinical trial sites for physician training and evidence generation

The clinical trial sites serve as crucial channels for both physician training and generating the necessary evidence base for broader adoption. For the nPulse Vybrance system treating benign thyroid nodules (BTN), the PRECISE-BTN multi-center clinical study was initiated, and as of the third quarter of 2025, it had enrolled 40% of the study subjects. This shows a steady flow of procedural activity through these sites. Separately, for the nPulse Cardiac Surgery System, the NANOCLAMP AF study received FDA IDE approval, and the initial subject was enrolled on October 24, 2025. Furthermore, the European feasibility study for the nsPFA 360° catheter had treated 150 total patients to date. These sites are where the next generation of users learns the technology.

The clinical evidence generation channels include:

• Multi-center IRB study for nPulse Vybrance (PRECISE-BTN) with 40% enrollment.
• NANOCLAMP AF Study (Surgical AF Ablation) treating patients in the U.S..
• European feasibility study for 360° catheter with 150 patients treated.
• European feasibility study for Surgical Clamp with 44 patients treated.

Medical conferences and peer-reviewed publications for data dissemination

Dissemination of clinical findings is a key channel to reach the broader medical community. Pulse Biosciences, Inc. actively presented data throughout 2025. For instance, late-breaking data from the nPulse Cardiac Surgical System first-in-human feasibility study was presented at the 39th European Association for Cardio-Thoracic Surgery Annual Meeting in October 2025. Earlier in the year, management presented at the 43rd Annual J.P. Morgan Healthcare Conference on January 15, 2025. The company also highlighted its nPulse Vybrance technology at the American Thyroid Association Annual Meeting in September 2025. Looking toward the end of the year, management was scheduled to present at the Stifel 2025 Healthcare Conference on November 13, 2025, and the Piper Sandler 37th Annual Healthcare Conference on December 3, 2025. These events are the primary vehicles for peer-to-peer education.

Investor Relations website for transparency on clinical progress

The Investor Relations website acts as the direct, controlled channel for financial and clinical updates to the investment community. You can find webcasts and presentations there, such as the one for the J.P. Morgan conference, available at http://investors.pulsebiosciences.com/. This channel is critical for maintaining market confidence, especially as the company is still in a pre-profitability phase, reporting a GAAP net loss of ($19.4) million for the third quarter of 2025. The company ended Q3 2025 with $95.2 million in cash and cash equivalents, a number frequently updated via this channel to assure stakeholders of runway. The latest Investor Presentation was noted as November 2025.

The Investor Relations channel provides access to key financial checkpoints:

• Cash and cash equivalents as of September 30, 2025: $95.2 million.
• Q3 2025 GAAP Net Loss: ($19.4) million.
• Latest Investor Presentation Date: November 2025.

Finance: draft 13-week cash view by Friday.

Pulse Biosciences, Inc. (PLSE) - Canvas Business Model: Customer Segments

Cardiac Surgeons treating Atrial Fibrillation (AF) concomitantly

• Treated 44 patients to date in the nsPFA Cardiac Surgery System AF feasibility study in Europe as of September 30, 2025.
• Initial subject enrolled in the nPulse Cardiac Surgery System Study, NANOCLAMP AF, following FDA IDE approval.
• Clinical evidence expansion planned for the surgical cardiac clamp in 2025.

Electrophysiologists focused on catheter-based AF ablation

• Treated 150 total patients with the nsPFA 360° catheter in the European AF feasibility study as of September 30, 2025.
• Treated 100 total patients in Europe with the nsPFA 360° catheter as of Q1 2025.
• Plan to commence a U.S. IDE study in Q1 2026.

Interventional Endocrinologists/Radiologists for benign thyroid nodules

Pulse Biosciences, Inc. is targeting physicians performing soft tissue ablation for benign thyroid nodules (BTN) with the nPulse Vybrance percutaneous electrode system. The M-Pulse Vibrance system targets 200 ultrasound-trained physicians.

Metric	Value	Context/Date
Total Patients Treated (Pilot/Study/Commercial)	Over 200 patients	To date, as of Q3 2025.
PRECISE-BTN Study Enrollment	40% of study subjects	As of Q3 2025.
Target Patient Count (PRECISE-BTN Study)	Up to 50 patients	Planned for the multi-center study.
Target Sites (PRECISE-BTN Study)	Up to four sites	Planned for the multi-center study.
Global Thyroid Ablation Market Value	USD 168.4 million	Valued in 2023.

Clinical Research Institutions in the US and Europe

Clinical investigation is a key segment supporting evidence generation for regulatory submissions.

• The PRECISE-BTN study is a multi-center clinical study.
• The European feasibility study for the catheter-based treatment has multiple sites.
• The NANOCLAMP AF study is a multi-center, first-in-human AF feasibility study in Europe.

The patient treatment volume across key clinical programs as of the end of Q3 2025 is detailed below:

Procedure/Study Program	Device/System	Patients Treated to Date
Surgical AF Ablation Feasibility Study	nPulse Cardiac Surgery System	44 patients
Endocardial Catheter AF Ablation Feasibility Study	nsPFA 360° catheter	150 total patients
Thyroid Nodule Treatment (Pilot/Study/Commercial)	nPulse Vybrance percutaneous electrode system	Over 200 patients

Pulse Biosciences, Inc. (PLSE) - Canvas Business Model: Cost Structure

You're looking at the cost structure for Pulse Biosciences, Inc. as they push their nPulse technology through clinical validation and early commercialization. The spending reflects heavy investment in R&D and the necessary build-out to support ongoing trials and initial market release.

The headline number for the third quarter of 2025 is the $20.5 million in Total GAAP costs and expenses, which covers cost of product revenue, research and development (R&D), and selling, general, and administrative (SG&A) expenses. This figure represents a significant jump of $6.8 million compared to the $13.7 million reported in the same period last year. Honestly, this burn rate is typical when a company is scaling clinical programs simultaneously.

A large portion of this cost increase is tied to the expanding organization supporting clinical trials and commercialization efforts. To be fair, non-cash stock-based compensation was a major component, hitting $5.6 million in Q3 2025, which accounted for 38% of that year-over-year increase in costs. On a non-GAAP basis, which strips out items like stock compensation, the costs were $14.6 million for the quarter.

The cash impact is also clear: cash used in operating activities for Q3 2025 totaled $13.0 million. This cash burn is anticipated to rise as they scale up the pivotal studies for their cardiac devices.

High Research and Development (R&D) expenses are inherent to developing the device platform. While the specific Q3 2025 R&D dollar amount isn't broken out from the total GAAP figure, the scale of the clinical work driving these costs is evident across the three major programs:

• The thyroid program, using the nPulse Vybrance percutaneous electrode system in the PRECISE-BTN study, has treated over 200 patients to date across pilot, study, and initial commercial procedures.
• The Surgical AF Ablation program (NANOCLAMP AF) has treated 44 patients to date in its European feasibility study, with the first U.S. subject enrolled in the FDA IDE pivotal study.
• The Endocardial Catheter AF Ablation program (nsPFA 360° catheter) has treated 150 total patients in its European feasibility study, with the U.S. IDE pivotal study planned to commence in Q1 2026.

Expanding administrative and commercialization expenses are directly linked to supporting the limited market release of the Vybrance system and preparing for broader adoption. Here's a quick look at the overall financial intensity for the quarter:

Metric	Q3 2025 Amount	Prior Year Q3 Amount
Total GAAP Costs and Expenses	$20.5 million	$13.7 million
Non-GAAP Costs and Expenses	$14.6 million	$10.4 million
Non-cash Stock-Based Compensation	$5.6 million	(Not explicitly stated, but contributed to the increase)
Cash Used in Operating Activities	$13.0 million	$9.0 million

The cost structure is clearly weighted toward advancing the pipeline through these expensive, multi-center clinical trials. Finance: draft 13-week cash view by Friday.

Pulse Biosciences, Inc. (PLSE) - Canvas Business Model: Revenue Streams

You're looking at a company just starting to convert clinical progress into dollars, so the initial revenue numbers are small but represent a key validation point for the entire business plan. Pulse Biosciences, Inc. generated its initial commercial revenue during the third quarter of 2025 from the limited market release of its core offerings. This early revenue stream is built on two primary components: the capital equipment and the consumables needed to run procedures.

The total revenue reported for the third quarter of 2025 was $86 thousand. This figure is comprised of sales from both the nPulse capital system and the Vybrance disposables. Honestly, this is just the starting line, but management expects procedural adoption to increase, which should drive revenue growth in the subsequent quarter, Q4 2025. The real financial leverage here is expected to come from the recurring sales.

Future revenue growth is heavily weighted toward the high-margin, single-use disposable electrodes. While the initial revenue included some system sales, the ongoing use of the nPulse technology platform relies on these disposables, which are the true engine for scalable, repeatable income. You should watch for management commentary on the utilization rates of the capital systems placed, as that directly translates to disposable consumption.

Plus, don't forget the non-operating income stream generated by the substantial cash reserves Pulse Biosciences, Inc. holds. As of September 30, 2025, the company reported cash and cash equivalents totaling $95.2 million. That cash pile earns interest income, which contributes to the overall top line, even if it's secondary to product sales right now. Here's the quick math on the cash position change from the prior quarter:

Metric	Amount as of September 30, 2025
Cash and Cash Equivalents	$95.2 million
Cash Used in Operating Activities (Q3 2025)	$13.0 million
Cash and Cash Equivalents (June 30, 2025)	$106.3 million

The revenue generation is tied directly to the adoption of the nPulse technology across its various applications. You can break down the initial revenue sources like this:

• Initial sales of the nPulse capital system.
• Sales of Vybrance disposables for soft tissue ablation.
• Revenue tied to procedures in the limited market release.

The total revenue for the third quarter of 2025 was $86 thousand. This is the baseline from which future growth in disposable sales will be measured. What this nascent revenue hides is the significant investment required to get there; GAAP costs and expenses for the same period reached $20.5 million.