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Pulse Biosciences, Inc. (PLSE) SEC Filing 10-K Annual report for the fiscal year ending Thursday, December 31, 2020

Pulse Biosciences, Inc.

CIK: 1625101 Ticker: PLSE

Pulse Biosciences Reports Fourth Quarter and Full Year 2020 Financial Results



HAYWARD, Calif. [Business Wire] – February 22, 2021

– Pulse Biosciences, Inc. (Nasdaq: PLSE), a novel bioelectric medicine company progressing its Nano-Pulse Stimulation™ (NPS™) technology, today announced financial results for the fourth quarter and full year ended December 31, 2020.



Recent Highlights

·

Received U.S. Food and Drug Administration (FDA) clearance for the CellFX® System for dermatologic procedures requiring ablation and resurfacing of the skin

·

Received CE mark approval for the CellFX System

·

Initiated the CellFX System Controlled Launch program in the U.S. and Europe, including system implementations and completion of the first procedures performed by participating Key Opinion Leader (KOL) aesthetic dermatologists

·

Continued preparation to make an FDA 510(k) submission for a sebaceous hyperplasia (SH) specific indication for the CellFX System as early as the end of the first quarter of 2021

·

Enrolled and treated the first patients in an IDE pivotal comparison study to evaluate the treatment of cutaneous non-genital warts using the CellFX System



“Our diligent efforts throughout 2020 resulted in regulatory clearances for the CellFX System in the U.S. and Europe. We believe these achievements highlight the safety and efficacy of our CellFX System for use in aesthetic dermatology. Along with our clinical investigators, we have built a strong foundation from which we intend to expand CellFX System indications for use, first in aesthetic dermatology and subsequently for other applications over time, as we execute on our stepwise regulatory strategy,” said Darrin Uecker, President and CEO of Pulse Biosciences. “The detailed and thoughtful preparation by our team has enabled the immediate implementation of our Controlled Launch program of the CellFX System integrated with CellFX CloudConnect services. In both the U.S. and in Europe, we now have KOLs performing CellFX procedures. This measured approach is our top focus in 2021 and will lay the groundwork for long term adoption of the CellFX System with CellFX CloudConnect and growth for Pulse Biosciences.”



Fourth Quarter 2020 Results

Cash, cash equivalents and investments totaled $20.5 million as of December 31, 2020, compared to $29.6 million as of September 30, 2020. Cash used in the fourth quarter of 2020 totaled $9.1 million. Excluding net proceeds received in our June 2020 rights offering, cash use for the full year ended December 31, 2020 totaled $34.6 million, compared to $34.2 million for the full year 2019.



Operating expenses for the three months ended December 31, 2020 were $13.8 million, compared to $13.9 million for the prior year period. Fourth quarter 2020 operating expenses included stock-based compensation expense of $2.4 million, compared to $3.5 million in the fourth quarter of 2019. 



Operating expenses for the twelve months ended December 31, 2020 were $50.0 million, compared to $48.0 million for the prior year period. Stock-based compensation expense for the twelve months ended December 31, 2020 was $10.1 million, compared to $11.3 million in the prior year period. The increase in operating expenses was primarily driven by the expansion of operational infrastructure and increased headcount to support preparations for commercialization.



Net loss for the three months ended December 31, 2020 was ($13.8) million in line with the same ($13.8) million for the three months ended December 31, 2019. Net loss for the twelve months ended December 31, 2020 was ($49.9) million, compared to ($47.0) million for the twelve months ended December 31, 2019.



Impact of COVID-19

The COVID-19 pandemic had minimal impact on our operations in the fourth quarter of 2020. Product development, execution of clinical trials, regulatory timelines and controlled commercial launch have


The following information was filed by Pulse Biosciences, Inc. (PLSE) on Monday, February 22, 2021 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Pulse Biosciences, Inc.'s 10-K Annual Report:

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Document And Entity Information
Consolidated Balance Sheets
Consolidated Balance Sheets (Parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Cash Flows (Parenthetical)
Consolidated Statements Of Operations And Comprehensive Loss
Consolidated Statements Of Stockholders' Equity
Consolidated Statements Of Stockholders' Equity (Parenthetical)
Balance Sheet Components
Balance Sheet Components (Narrative) (Details)
Balance Sheet Components (Schedule Of Accrued Expenses) (Details)
Balance Sheet Components (Schedule Of Amortization Of Intangible Assets) (Details)
Balance Sheet Components (Schedule Of Intangible Assets, Net) (Details)
Balance Sheet Components (Schedule Of Property And Equipment, Net) (Details)
Balance Sheet Components (Tables)
Commitments And Contingencies
Commitments And Contingencies (Narrative) (Details)
Commitments And Contingencies (Schedule Of Information Related To Right-Of-Use Assets And Lease Liabilities) (Details)
Commitments And Contingencies (Schedule Of Maturity Lease Payments) (Details)
Commitments And Contingencies (Tables)
Description Of The Business
Employee Benefit Plans
Employee Benefit Plans (Narrative) (Details)
Fair Value Of Financial Instruments (Narrative) (Details)
Goodwill
Goodwill (Narrative) (Details)
Income Taxes
Income Taxes (Components Of Deferred Tax Assets) (Details)
Income Taxes (Components Of Income Tax Expense (Benefit)) (Details)
Income Taxes (Income (Loss) Before Income Taxes) (Details)
Income Taxes (Narrative) (Details)
Income Taxes (Reconcilement Of Tax Rates) (Details)
Income Taxes (Reconciliation Of Unrecognized Tax Benefit Accounts) (Details)
Income Taxes (Tables)
Investments And Fair Value Of Financial Instruments
Investments And Fair Value Of Financial Instruments (Fair Value Of Financial Assets Measured On A Recurring Basis) (Details)
Investments And Fair Value Of Financial Instruments (Schedule Of Available-For-Sale Securities) (Details)
Investments And Fair Value Of Financial Instruments (Schedule Of Contractual Maturities) (Details)
Investments And Fair Value Of Financial Instruments (Tables)
Related Party Transactions
Related Party Transactions (Narrative) (Details)
Research Grants And Agreements
Research Grants And Agreements (Narrative) (Details)
Stockholders' Equity And Stock-Based Compensation
Stockholders' Equity And Stock-Based Compensation (Narrative) (Details)
Stockholders' Equity And Stock-Based Compensation (Schedule Of Fair Value Of Employee Stock Options) (Details)
Stockholders' Equity And Stock-Based Compensation (Summary Of Exercise Price Of Stock Options Outstanding And Exercisable) (Details)
Stockholders' Equity And Stock-Based Compensation (Summary Of Stock Option Activity) (Details)
Stockholders' Equity And Stock-Based Compensation (Summary Of Stock Warrant Activity) (Details)
Stockholders' Equity And Stock-Based Compensation (Summary Of Stock-Based Compensation Expense) (Details)
Stockholders' Equity And Stock-Based Compensation (Tables)
Subsequent Events
Subsequent Events (Narrative) (Details)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (Anti-Dilutive Shares Excluded From Computation Of Diluted Net Loss Per Share) (Details)
Summary Of Significant Accounting Policies (Narrative) (Details)
Summary Of Significant Accounting Policies (Policy)
Summary Of Significant Accounting Policies (Tables)
Ticker: PLSE
CIK: 1625101
Form Type: 10-K Annual Report
Accession Number: 0001625101-21-000014
Submitted to the SEC: Fri Mar 12 2021 5:24:09 PM EST
Accepted by the SEC: Fri Mar 12 2021
Period: Thursday, December 31, 2020
Industry: Surgical And Medical Instruments And Apparatus

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