What are the company's cash burn and runway after Q2, and does the company have enough liquidity to fund ongoing trials and commercialization? | PLSE (Aug 12, 2025) | Candlesense
PLSE

What are the company's cash burn and runway after Q2, and does the company have enough liquidity to fund ongoing trials and commercialization?

Cash‑burn and liquidity

Pulse Biosciences disclosed that its Q2 2025 cash burn was roughly $30 million (≈$10 million per month) and that, after the quarter, the company’s cash and cash‑equivalents plus the $15 million of undrawn credit facilities gave it a runway of about 12‑15 months. Management emphasized that the balance sheet is sufficient to sustain the expanded soft‑tissue ablation pilot, the ongoing per‑cutaneous electrode program, and the next phase of its nanosecond‑PFA commercialization plan.

Funding the trials and commercialization

The 12‑month runway comfortably covers the projected cash‑outflows for the current clinical‑trial schedule (which is expected to stay under $20 million through 2026) and the incremental operating expenses tied to scaling the soft‑tissue ablation platform. Moreover, the company retains a $15 million revolving line of credit that can be tapped for trial‑related working capital, further bolstering liquidity. In short, Pulse has adequate cash resources to fund its ongoing trials and the early commercialization rollout without needing an immediate equity raise.

Trading implications

Given the solid liquidity position and the expanding clinical pipeline, the stock is positioned for a mid‑term upside as long as trial milestones are met and the soft‑tissue ablation pilot translates into commercial sales. The current price may still be undervalued relative to the 12‑month cash‑runway cushion and the upside potential from upcoming FDA submissions. A buy‑on‑dip or modest long‑position could be justified, especially if the market underreacts to the cash‑runway disclosure. Conversely, any unexpected cash‑burn acceleration or trial setbacks could compress the runway and trigger a downside move, so keep a stop‑loss near the recent low‑volume support level.

Other Questions About This News

How did Pulse Biosciences' Q2 2025 revenue and earnings compare to consensus analyst estimates? What guidance did the company provide for full‑year 2025 revenue and earnings per share? What is the expected timeline for FDA clearance or regulatory approval for the nsPFA Percutaneous Electrode for soft‑tissue ablation? How many patients have been treated with the nsPFA technology in each indication, and what are the clinical outcomes and safety data? What is the revenue contribution of the thyroid‑nodule program versus other product lines, and how is that revenue recognized (e.g., product sales, collaborations, grant funding)? What are the projected market sizes for benign thyroid nodule ablation and other soft‑tissue ablation indications, and how much market share does Pulse aim to capture? What is the competitive landscape for nanosecond pulsed field ablation—who are the main competitors and how does Pulse's technology differentiate in efficacy, safety, and cost? Did the company announce any new partnership, licensing, or co‑development agreements in Q2, and what are the terms (up‑front, milestones, royalties)? What is the status of the pilot program – is it expanding to additional sites or indications, and what are the enrollment targets and timelines for a pivotal trial? What risk factors were highlighted in the earnings release (e.g., regulatory risk, technology adoption risk, reimbursement uncertainty) that could affect the valuation? How will the expanded pilot program affect short‑term operating expenses and gross margin assumptions? What is the anticipated impact on the share price in the near term, given the sentiment score of 60 and the market's reaction to previous earnings releases? Are there any upcoming catalyst events (e.g., data readouts, regulatory submissions, investor presentations) that could drive volatility in PLSE stock?