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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Pulse Biosciences Inc | NASDAQ:PLSE | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-0.04 | -0.54% | 7.33 | 7.31 | 7.37 | 7.47 | 7.19 | 7.35 | 53,618 | 18:30:52 |
Conference call today at 1:30 p.m. PDT / 4:30 p.m. EDT
Pulse Biosciences, Inc. (Nasdaq: PLSE), a medical technology company developing a proprietary therapeutic tissue treatment based on its Nano-Pulse Stimulation platform today reports recent corporate developments and financial results for the fiscal quarter and year ended December 31, 2017.
Recent Developments
“2017 was a transformational year for Pulse Biosciences as we completed patient treatments and follow-up in our first skin lesion study, advanced our oncology program with preclinical publications and an investigational feasibility study in veterinary medicine, welcomed four new board members, and secured the financing necessary to advance our proprietary technologies,” said Darrin Uecker, President and Chief Executive Officer. “We are well positioned to make significant advancements in 2018 and are most pleased with our successful SK study and look forward to sharing the results of the study in April.”
Financial Highlights
Cash, cash equivalents, and investments totaled $38.1 million at December 31, 2017, compared to $16.4 million at December 31, 2016, reflects the proceeds from the $30.0 million financing completed in September of 2017, as well as the Company’s February 2017 financing. Cash use totaled $3.9 million for the fourth quarter of 2017 and $13.1 million for 2017. 2018 Cash use is currently anticipated to total $20 million.
Operating expenses for the quarter ended December 31, 2017, totaled $8.8 million, compared to $7.5 million for the quarter ended September 30, 2017, and $2.8 million for the quarter ended December 31, 2016. The operating expenses for the quarter ended December 31, 2017 included non-cash stock-based compensation of $4.5 million, compared to $3.4 million for the quarter ended September 30, 2017 and $0.2 million for the quarter ended December 31, 2016.
Conference Call Details
Pulse Biosciences’ Darrin Uecker, President and Chief Executive Officer, and other senior executives will host the investor call on March 16, 2018, at 1:30 p.m. PDT / 4:30 p.m. EDT. The telephone dial-in number for the call is (844) 494-0190 (U.S. toll-free) or (508) 637-5580 (international) using Conference ID 1487908. Listeners will also be able to access the call via webcast available on the Investors section of the Company’s website at www.pulsebiosciences.com.
About Pulse Biosciences
Pulse Biosciences is a clinical stage electroceutical, an electrical energy based therapeutic company pursuing commercial applications of its proprietary Nano-Pulse Stimulation (NPS) technology. NPS is a non-thermal, precise, focal, drug-free tissue treatment technology utilizing nanosecond (billionth of a second) range pulsed electric fields that directly affect the cell membrane and intracellular structures and initiates programmed cell death in treated cells. The unique ability of NPS to initiate cell death has the potential to significantly benefit patients in a wide variety of medical applications including applications in immuno-oncology and dermatology, and other potential applications we may pursue in the future. The initiation of programmed cell death by NPS results in a minimal inflammatory response, which improves healing outcomes and supports the replacement of treated tissue cells with healthy tissue cells. In cancerous lesions, NPS has been shown in preclinical models to induce immunogenic cell death (ICD), which exposes the unique antigens of the treated cells to the immune system and enrolls immune system cells, such as cytotoxic T-cells to mount an adaptive immune response. Pulse Biosciences is investigating a variety of applications for its technology that exploits the technology’s unique biologic effect, including immuno-oncology and dermatology. More information is available at www.pulsebiosciences.com.
Forward-Looking Statements
All statements in this press release that are not historical are forward-looking statements, including, among other things, statements relating to Pulse Biosciences’ expectations regarding regulatory clearance and the timing of FDA filings or approvals, the mechanism of action of NPS treatments, current and planned future clinical studies, other matters related to its pipeline of product candidates, future financial performance and other future events. These statements are not historical facts but rather are based on Pulse Biosciences’ current expectations, estimates, and projections regarding Pulse Biosciences’ business, operations and other similar or related factors. Words such as “may,” “will,” “could,” “would,” “should,” “anticipate,” “predict,” “potential,” “continue,” “expects,” “intends,” “plans,” “projects,” “believes,” “estimates,” and other similar or related expressions are used to identify these forward-looking statements, although not all forward-looking statements contain these words. You should not place undue reliance on forward-looking statements because they involve known and unknown risks, uncertainties, and assumptions that are difficult or impossible to predict and, in some cases, beyond Pulse Biosciences’ control. Actual results may differ materially from those in the forward-looking statements as a result of a number of factors, including those described in Pulse Biosciences’ filings with the Securities and Exchange Commission. Pulse Biosciences undertakes no obligation to revise or update information in this release to reflect events or circumstances in the future, even if new information becomes available.
PULSE BIOSCIENCES, INC. Consolidated Balance Sheets (Unaudited) December 31, December 31,(in thousands)
2017 2016 ASSETS Current assets: Cash and investments $ 38,069 $ 16,395 Prepaid expenses and other current assets 412 268 Total current assets 38,481 16,663 Leasehold improvements and equipment, net of Accumulated depreciation 2,570 317 Intangible assets, net of accumulated amortization 5,878 6,543 Goodwill 2,791 2,791 Other assets 101 - Total assets $ 49,821 $ 26,314 LIABILITIES AND STOCKHOLDERS’ EQUITY Current liabilities: Accounts payable $ 782 $ 265 Accrued expenses 1,034 751 Deferred rent, current 397 - Total current liabilities 2,213 1,016 Long term liabilities: Deferred rent 1,613 - Total liabilities 3,826 1,016 Stockholders’ equity: Common stock 84,219 37,911 Accumulated other comprehensive loss (51 ) (7 ) Accumulated deficit (38,173 ) (12,606 ) Total stockholders’ equity 45,995 25,298 Total liabilities and stockholders’ equity $ 49,821 $ 26,314 PULSE BIOSCIENCES, INC. Condensed Consolidated Statements of Operations (Unaudited) Three-Month Periods Ended December 31, September 30, December 31,(in thousands, except per share amounts)
2017 2017 2016 Revenue $ — $ — $ — Operating expenses: General and administrative 5,801 4,434 1,027 Research and development 2,864 2,925 1,649 Amortization of intangible assets 166 166 167 Total operating expenses 8,831 7,525 2,843 Other income: Interest income 128 39 34 Total other income 128 39 34 Net loss $ (8,703 ) $ (7,486 ) $ (2,809 ) Net loss per share: Basic and diluted net loss per share $ (0.53 ) $ (0.52 ) $ (0.21 ) Weighted average shares used to compute net loss per common share — basic and diluted 16,574 14,381 13,315 PULSE BIOSCIENCES, INC. Condensed Consolidated Statements of Operations (Unaudited) Years Ended December 31, December 31,(in thousands, except per share amounts)
2017 2016 Revenue $ — $ — Operating expenses: General and administrative 15,503 3,415 Research and development 9,646 5,506 Amortization of intangible assets 665 665 Total operating expenses 25,814 9,586 Other income: Interest income 247 68 247 68 Net loss $ (25,567 ) $ (9,518 ) Net loss per share: Basic and diluted net loss per share $ (1.73 ) $ (0.86 ) Weighted average shares used to compute net loss per common share — basic and diluted 14,754 11,009
View source version on businesswire.com: http://www.businesswire.com/news/home/20180316005821/en/
Pulse Biosciences, Inc.Investors:Brian DowSr. Vice President and Chief Financial OfficerIR@pulsebiosciences.comorThe Trout GroupMike Zanoni, 646-378-2924mzanoni@troutgroup.comorMedia:Sam Brown, Inc.Christy Curran, 615-414-8668christycurran@sambrown.com
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