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)?

Revenue mix & recognition

Pulse Biosciences’ Q2 2025 filing shows that the benign‑thyroid‑nodule program is still a niche, early‑stage line. The company only reports that it has treated >140 patients with its nsPFA percutaneous electrode – a figure that, by itself, does not translate into a disclosed dollar amount. In the earnings release the only quantified revenue source is the overall “product sales” line for the quarter, which aggregates all nsPFA‑related hardware (including the thyroid‑nodule electrode) and any consumables. No separate “thyroid‑nodule” revenue figure is disclosed, which signals that the program’s contribution is materially lower than the core soft‑tissue ablation platform that continues to drive the bulk of product‑sales volume.

Because the program is still in a pilot‑clinical phase, Pulse recognizes revenue solely on a product‑sale basis – i.e., the delivery of the percutaneous electrode to hospitals or research sites. The press release does not mention any collaboration or grant‑funding offsets for the thyroid‑nodule work, and the company’s historical practice has been to record R&D‑grant receipts as “other income” rather than as product revenue. Consequently, the bulk of the quarter’s top‑line growth stems from commercial sales of the soft‑tissue nsPFA system, while the thyroid‑nodule line is a small, nascent component of the overall product‑sales basket.

Trading implications

• Fundamental view: The thyroid‑nodule program is not yet a meaningful revenue driver. Until Pulse disaggregates the segment or announces a commercial launch (e.g., FDA clearance, larger sales contracts), the market will continue to price the stock on the broader soft‑tissue ablation franchise and the company’s pipeline potential rather than on the thyroid niche.
• Technical outlook: The stock is still trading in a low‑volume, high‑volatility range (typical for a small‑cap biotech with a single technology platform). Any catalyst that forces the company to break out the thyroid‑nodule line – such as a regulatory approval, a partnership with a major endocrine‑surgery group, or a disclosed revenue split – could trigger a short‑term price spike.
• Actionable insight: For now, focus on the soft‑tissue ablation revenue trajectory and the company’s ability to scale hardware sales. The thyroid‑nodule program adds only a modest, “optional‑upside” element; it does not materially affect the current earnings outlook. If you are bullish on the nanosecond‑PFA platform, a long‑position with a modest stop‑loss around the recent low‑volatility support level is reasonable. Conversely, if you are risk‑averse and waiting for clearer segment‑level revenue disclosure, consider a tight‑range short‑trade until a catalyst (e.g., FDA clearance for the thyroid electrode) materializes.