MeritValue

PULSE BIOSCIENCES, INC.

PLSEdata completeness 88%11 fiscal years on file
The thesis, from the filings

PULSE BIOSCIENCES, INC. earns about -103% on equity, but has diluted owners by 141% over 5 years — worth asking whether the growth reaches owners. The cash-flow models don't apply cleanly here — the ledger says why below. Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$1.42M1$700,0002$03$04$350,0004
Net income−$63.7M5−$58.5M6−$42.2M7−$53.6M8−$72.8M8
Operating cash flow−$54.1M9−$47M10−$33M11−$36.3M12−$54.1M12
Capital expenditure$437,00013$401,00014$121,00015$125,00016$315,00016
Free cash flow (derived)−$54.5M9,13−$47.4M10,14−$33.2M11,15−$36.5M12,16−$54.4M12,16
Total debt—————
Cash & equivalents$28.6M17$61.1M18$44.4M19$118M20$80.7M20
Diluted shares28.0M33.9M49.7M58.4M67.4M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom). A derived or summed figure cites every filing line it was built from.

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$11.97
your share of equity
Profit it earned you last year
−$10.8
Free cash flow it threw off
−$8.08
Debt you’d be carrying
—

10 shares is a claim on $11.97 of net worth that earned you −$10.8 and generated −$8.08 of cash last year.

iii. Is this a good business?
Moat signal · return on equity
-103% avg · 5y
FY21 -178%FY22 —FY23 -95%FY24 -47%FY25 -90%

It earned an average -103% on equity over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+141% shares · 5y

Share count is up 141% over 5 years — owners have been diluted. Worth asking what they got for it.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.6.0
DCF · Growth Exit 10Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
DCF · Growth Exit 5Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
Earnings Power Value
not applicable
normalized (5y-median) earnings non-positive — EPV undefined
Graham Number
not applicable
diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

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Sources — the receipts
  1. 10-K filed 2023-03-31 · period ending 2021-12-31 · accession 0001437749-23-008846 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K filed 2024-03-28 · period ending 2022-12-31 · accession 0001437749-24-009815 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K filed 2025-03-31 · period ending 2023-12-31 · accession 0001437749-25-009932 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K filed 2026-02-19 · periods ending 2024-12-31, 2025-12-31 · accession 0001437749-26-004724 (RevenueFromContractWithCustomerExcludingAssessedTax)
  5. 10-K filed 2023-03-31 · period ending 2021-12-31 · accession 0001437749-23-008846 (NetIncomeLoss)
  6. 10-K filed 2024-03-28 · period ending 2022-12-31 · accession 0001437749-24-009815 (NetIncomeLoss)
  7. 10-K filed 2025-03-31 · period ending 2023-12-31 · accession 0001437749-25-009932 (NetIncomeLoss)
  8. 10-K filed 2026-02-19 · periods ending 2024-12-31, 2025-12-31 · accession 0001437749-26-004724 (NetIncomeLoss)
  9. 10-K filed 2023-03-31 · period ending 2021-12-31 · accession 0001437749-23-008846 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K filed 2024-03-28 · period ending 2022-12-31 · accession 0001437749-24-009815 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K filed 2025-03-31 · period ending 2023-12-31 · accession 0001437749-25-009932 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K filed 2026-02-19 · periods ending 2024-12-31, 2025-12-31 · accession 0001437749-26-004724 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K filed 2023-03-31 · period ending 2021-12-31 · accession 0001437749-23-008846 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K filed 2024-03-28 · period ending 2022-12-31 · accession 0001437749-24-009815 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K filed 2025-03-31 · period ending 2023-12-31 · accession 0001437749-25-009932 (PaymentsToAcquirePropertyPlantAndEquipment)
  16. 10-K filed 2026-02-19 · periods ending 2024-12-31, 2025-12-31 · accession 0001437749-26-004724 (PaymentsToAcquirePropertyPlantAndEquipment)
  17. 10-K filed 2023-03-31 · period ending 2021-12-31 · accession 0001437749-23-008846 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K filed 2024-03-28 · period ending 2022-12-31 · accession 0001437749-24-009815 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K filed 2025-03-31 · period ending 2023-12-31 · accession 0001437749-25-009932 (CashAndCashEquivalentsAtCarryingValue)
  20. 10-K filed 2026-02-19 · periods ending 2024-12-31, 2025-12-31 · accession 0001437749-26-004724 (CashAndCashEquivalentsAtCarryingValue)