Pulse Biosciences Inc (PLSE) Reports Increased GAAP Costs and Narrowed Net Loss in 2023
GAAP Costs and Expenses: Rose to $12.5 million in Q4 2023 from $8.7 million in Q4 2022.
Net Loss: GAAP net loss narrowed to ($42.2) million in 2023 from ($58.5) million in 2022.
Cash Position: Ended 2023 with $44.4 million in cash and cash equivalents, down from $61.1 million at the end of 2022.
Stock-Based Compensation: Non-cash stock-based compensation expense increased significantly to $3.3 million in Q4 2023.
Research and Development: Continued investment in the development of the CellFX nsPFA product portfolio.
On March 28, 2024, Pulse Biosciences Inc (NASDAQ:PLSE) released its 8-K filing, detailing the financial results for the fourth quarter and full year ended December 31, 2023. The company, known for its innovative CellFX Nanosecond Pulsed Field Ablation (nsPFA) technology, is actively developing applications for its technology in various medical conditions, including atrial fibrillation.
Pulse Biosciences Inc (NASDAQ:PLSE) reported that its GAAP costs and expenses for Q4 2023 were $12.5 million, up from $8.7 million in the prior year period. This increase was primarily due to a rise in non-cash stock-based compensation expense, which reached $3.3 million for Q4 2023 compared to $0.7 million for the same period in the prior year. The company also saw an increase in research and development expenses to support the progression of the CellFX nsPFA product portfolio.
The GAAP net loss for the three months ended December 31, 2023, was ($11.9) million, compared to ($9.2) million for the same period in 2022. For the full year, the GAAP net loss improved to ($42.2) million in 2023 from ($58.5) million in 2022, reflecting the company's efforts to optimize headcount and streamline resources. The non-GAAP net loss for the full year was ($33.8) million in 2023, compared to ($51.1) million in 2022.
The company's cash and cash equivalents totaled $44.4 million as of December 31, 2023, a decrease from $61.1 million at the end of the previous year. The cash used in the fourth quarter of 2023 was $6.9 million, which is an improvement from the $8.0 million used in the same period in the prior year and $8.7 million used in the third quarter of 2023.
Despite the challenges of increased expenses, the company's achievements in advancing its product portfolio and managing costs are notable in the context of the Medical Devices & Instruments industry. Pulse Biosciences Inc (NASDAQ:PLSE) is well-positioned to continue its product development initiatives, with the potential to bring innovative treatments to market.
Investors interested in the detailed financials can join Pulse Biosciences management for a conference call on March 28, 2024, at 1:30 pm PT or access the webcast at Pulse Biosciences Investor Relations.
For a more comprehensive understanding of Pulse Biosciences Inc (NASDAQ:PLSE)'s financial performance, including reconciliations of GAAP to non-GAAP financial measures, readers are encouraged to review the full financial statements and accompanying notes.
Pulse Biosciences remains committed to leveraging its CellFX nsPFA technology to improve patient outcomes, and its financial results reflect both the investment in this mission and the company's prudent management of its resources.
Explore the complete 8-K earnings release (here) from Pulse Biosciences Inc for further details.
This article first appeared on GuruFocus.
