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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

___________________________________

Form 10-Q

___________________________________

(Mark One)

 

x  

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2021

Or

 

¨  

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from             to

Commission File Number: 001-34899

___________________________________

Pulse Biosciences, Inc.

(Exact name of registrant as specified in its charter)

Delaware

46-5696597

(State or other jurisdiction of

incorporation or organization)

(I.R.S. Employer

Identification No.)

 

3957 Point Eden Way

Hayward, CA

94545

(Address of principal executive offices)

(Zip Code)

(510906-4600

(Registrant’s telephone number, including area code)

___________________________________

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Stock, par value $0.001 per share

PLSE

The Nasdaq Stock Market

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.     Yes x    No ¨ 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).     Yes x   No ¨ 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act. 

Large accelerated filer   

¨

Accelerated filer

¨

Non-accelerated filer   

x

Smaller reporting company   

x

Emerging growth company

x

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. x

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).     Yes ¨   No x

The number of shares outstanding of the registrant’s common stock as of July 31, 2021: 29,605,930


Table of Contents

TABLE OF CONTENTS

PAGE
 No.

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements (unaudited):

3

Condensed Consolidated Balance Sheets as of June 30, 2021 and December 31, 2020

3

Condensed Consolidated Statements of Operations and Comprehensive Loss
for the Three- and Six-Month Periods Ended June 30, 2021 and 20
20

4
 

Condensed Consolidated Statements of Cash Flows
for the Six-Month Periods Ended June 30, 2021 and 20
20

5
 

Condensed Consolidated Statements of Stockholders’ Equity

for the Three- and Six-Month Periods Ended June 30, 2021 and 2020

6

Notes to Condensed Consolidated Financial Statements  

8

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations  

20

Item 3. Quantitative and Qualitative Disclosures About Market Risk  

27

Item 4. Controls and Procedures  

27

PART II. OTHER INFORMATION

Item 1. Legal Proceedings  

28

Item 1A. Risk Factors  

28

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds  

55

Item 3. Default Upon Senior Securities  

55

Item 4. Mine Safety Disclosures  

55

Item 5. Other Information  

55

Item 6. Exhibits  

55

Signatures

56

“Pulse Biosciences,” the Pulse logos and other trademarks or service marks that we use in connection with the operation of our business appearing in this quarterly report on Form 10-Q (this “Quarterly Report”), including CellFX, CellFX CloudConnect, CellFX Marketplace, Nano-pulse Stimulation, and NPS, are the property of Pulse Biosciences, Inc. Solely for your convenience, some of our trademarks and trade names referred to in this Quarterly Report are listed without the ® and TM symbols, but we will assert, to the fullest extent under applicable law, our rights to our trademarks and trade names. Also, this Quarterly Report may contain additional trade names, trademarks or service marks of others, which are the property of their respective owners. We do not intend our use or display of any other company’s trade names, trademarks or service marks to imply a relationship with, or endorsement or sponsorship of us by, any of these other companies.

Unless expressly indicated or the context requires otherwise, the terms “Pulse,” “company,” “we,” “us,” and “our,” in this document refer to Pulse Biosciences, Inc., a Delaware corporation, and, where appropriate, its wholly owned subsidiaries.


2


Table of Contents

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements

PULSE BIOSCIENCES, INC.

Condensed Consolidated Balance Sheets

(In thousands, except per share amounts)

(Unaudited)

June 30,

December 31,

2021

2020

ASSETS

Current assets:

Cash and cash equivalents

$

47,426

$

12,463

Investments

8,012

Inventory

2,691

Related party other receivable (Note 6)

8,371

1,223

Prepaid expenses and other current assets

3,267

641

Total current assets

61,755

22,339

Property and equipment, net

2,460

2,478

Intangible assets, net

3,549

3,882

Goodwill

2,791

2,791

Right-of-use assets

9,119

9,438

Other assets

365

365

Total assets

$

80,039

$

41,293

LIABILITIES AND STOCKHOLDERS’ EQUITY

Current liabilities:

Accounts payable

$

2,823

$

1,717

Accrued expenses

4,572

5,326

Lease liability, current

719

542

Note payable, current

1,730

Total current liabilities

9,844

7,585

Lease liability, less current

10,445

10,814

Total liabilities

20,289

18,399

Commitments and contingencies (Note 8)

 

 

Stockholders’ equity:

Preferred stock, $0.001 par value;
authorized – 50,000 shares; no shares issued and outstanding

Common stock, $0.001 par value:

authorized – 500,000 shares; issued and outstanding – 29,606 shares and 25,550 shares at June 30, 2021 and December 31, 2020, respectively  

29

25

Additional paid-in capital

266,223

195,410

Accumulated other comprehensive income (loss)

(1)

Accumulated deficit

(206,502)

(172,540)

Total stockholders’ equity

59,750

22,894

Total liabilities and stockholders’ equity

$

80,039

$

41,293

See accompanying notes to the condensed consolidated financial statements.

 

3


Table of Contents

PULSE BIOSCIENCES, INC.

Condensed Consolidated Statements of Operations and Comprehensive Loss

(In thousands, except per share amounts)

(Unaudited)

Three-Month Periods Ended

Six-Month Periods Ended

June 30,

June 30,

2021

2020

2021

2020

Revenue

$

$

$

$

Operating expenses:

Research and development

7,459

5,870

16,522

12,051

Sales and marketing

3,147

1,485

7,293

3,180

General and administrative

4,200

3,999

9,516

8,073

Total operating expenses

14,806

11,354

33,331

23,304

Other income (expense):

Interest income (expense), net

(517)

21

(631)

99

Total other income (expense)

(517)

21

(631)

99

Net loss

(15,323)

(11,333)

(33,962)

(23,205)

Other comprehensive gain (loss):

Unrealized gain (loss) on available-for-sale securities

(17)

1

(4)

Comprehensive loss

$

(15,323)

$

(11,350)

$

(33,961)

$

(23,209)

Net loss per share:

Basic and diluted net loss per share

$

(0.58)

$

(0.53)

$

(1.29)

$

(1.10)

Weighted average shares used to compute net loss per common share basic and diluted

26,477

21,528

26,276

21,183

See accompanying notes to the condensed consolidated financial statements.

 

4


Table of Contents

PULSE BIOSCIENCES, INC.

Condensed Consolidated Statements of Cash Flows

(In thousands)

(Unaudited)

Six-Month Periods Ended

June 30,

2021

2020

Cash flows from operating activities:

Net loss

$

(33,962)

$

(23,205)

Adjustments to reconcile net loss to net cash used in operating activities:

Depreciation

229

213

Amortization of intangible assets

333

333

Stock-based compensation

9,413

5,038

Net premium amortization and discount on available-for-sale securities

13

(1)

Loss on disposal of fixed assets

119

Gain on U.S. Treasury securities

(8)

Changes in operating assets and liabilities:

Inventory

(2,691)

Prepaid expenses and other current assets

(2,454)

522

Other receivables

23

Right-of-use assets

319

198

Other long-term assets

129

Accounts payable

1,041

(758)

Accrued expenses

(754)

393

Lease liabilities

(192)

(110)

Accrued interest on related party note

629

Other assets

(424)

Net cash used in operating activities

(28,053)

(17,561)

Cash flows from investing activities:

Purchases of property and equipment

(146)

(100)

Purchases of investments

(3,006)

Maturities of investments

8,000

17,000

Sale of investments

4,510

Net cash provided by investing activities

7,854

18,404

Cash flows from financing activities:

Proceeds from issuance of common stock under employee stock purchase plan

421

255

Proceeds from exercises of warrants

4,217

Proceeds from exercises of stock options

678

9

Proceeds from issuance of common stock

48,348

29,759

Proceeds from insurance loan agreement

1,730

Tax payments related to shares withheld for vested restricted stock units

(232)

Net cash provided by financing activities

55,162

30,023

Net increase in cash

34,963

30,866

Cash and cash equivalents at beginning of period

12,463

6,899

Cash and cash equivalents at end of period

$

47,426

$

37,765

Supplemental disclosure of noncash investing and financing activities:

Equipment purchases included in accounts payable and accrued expenses

$

65

$

257

Change in unrealized gains on available-for-sale securities

1

(4)

Accrued interest settled via issuance of common stock from private placement equity offering from private placement equity offering

629

Related party other receivable from issuance of common stock from private placement equity offering

8,371

Other receivable from issuance of common stock from at-the-market equity offering

25

Issuance costs for rights offering in accounts payable

261

See accompanying notes to the condensed consolidated financial statements. 

5


Table of Contents

PULSE BIOSCIENCES, INC.

Condensed Consolidated Statements of Stockholders’ Equity

(In thousands)

(Unaudited)

  

Additional

Accumulated Other

Total

Common Stock

Paid-in

Comprehensive

Accumulated

Stockholders’

Shares

Amount

  

Capital

Income (Loss)

Deficit

Equity

Balance, March 31, 2021

26,401 

$

26 

$

211,550 

$

$

(191,179)

$

20,397 

Issuance of common stock as part of debt extinguishment and private investment, net of issuance cost of $59

3,049 

3 

49,938 

49,941 

Issuance of common stock as part of ATM offering

131 

2,469 

2,469 

Issuance of common stock upon exercise of stock options

5 

59 

59 

Issuance of common stock upon vesting of restricted stock units, net of shares withheld for employee taxes

22 

(232)

(232)

Adjustment to shares issued under employee stock purchase plan

(2)

(9)

(9)

Stock-based compensation expense

2,448 

2,448 

Unrealized gain on available-for-sale securities

Net loss

(15,323)

(15,323)

Balance, June 30, 2021

29,606 

$

29 

$

266,223

$

$

(206,502)

$

59,750

  

Additional

Accumulated Other

Total

Common Stock

Paid-in

Comprehensive

Accumulated

Stockholders’

Shares

Amount

  

Capital

Income (Loss)

Deficit

Equity

Balance, December 31, 2020

25,550 

25 

195,410 

(1)

(172,540)

$

22,894 

Issuance of common stock as part of debt extinguishment and private investment, net of issuance cost of $59

3,049 

3 

49,938 

49,941 

Issuance of shares upon exercise of warrants

585 

1 

3,333 

3,334 

Issuance of common stock as part of ATM offering

288 

7,432 

7,432 

Issuance of common stock upon exercise of stock options

45 

508 

508 

Issuance of shares under employee stock purchase plan