$PLSE
Pulse Biosciences Inc

2020 Q3 Form 10-Q Financial Statement

#000162510120000041 Filed on August 10, 2020

View on sec.gov

Income Statement

Concept 2020 Q3 2020 Q2 2019 Q2
Revenue $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $5.770M $5.320M $5.150M
YoY Change 2.85% 3.3% -0.39%
% of Gross Profit
Research & Development $6.968M $5.870M $6.337M
YoY Change 12.53% -7.37% 60.03%
% of Gross Profit
Depreciation & Amortization $100.0K $100.0K $100.0K
YoY Change 0.0% 0.0% -50.0%
% of Gross Profit
Operating Expenses $12.91M $11.35M $11.65M
YoY Change 7.87% -2.53% 25.26%
Operating Profit -$12.91M -$11.36M
YoY Change 9.87% 23.97%
Interest Expense $9.000K $20.00K $290.0K
YoY Change -95.91% -93.1% 107.14%
% of Operating Profit
Other Income/Expense, Net $9.000K
YoY Change
Pretax Income -$12.90M -$11.33M -$11.36M
YoY Change 9.79% -0.26% 24.02%
Income Tax
% Of Pretax Income
Net Earnings -$12.90M -$11.33M -$11.36M
YoY Change 9.79% -0.23% 23.97%
Net Earnings / Revenue
Basic Earnings Per Share
Diluted Earnings Per Share -$511.5K -$526.2K -$548.0K
COMMON SHARES
Basic Shares Outstanding 25.21M 20.87M 20.71M
Diluted Shares Outstanding

Balance Sheet

Concept 2020 Q3 2020 Q2 2019 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $29.59M $37.77M $42.64M
YoY Change -14.23% -11.42% 55.05%
Cash & Equivalents $7.070M $37.77M $10.78M
Short-Term Investments $22.52M $0.00 $31.86M
Other Short-Term Assets $750.0K $910.0K $1.910M
YoY Change -47.92% -52.36% 64.66%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $30.33M $38.67M $44.55M
YoY Change -15.59% -13.19% 55.44%
LONG-TERM ASSETS
Property, Plant & Equipment $2.562M $2.591M $1.985M
YoY Change 5.52% 30.53% -18.31%
Goodwill $2.791M $2.791M $2.791M
YoY Change 0.0% 0.0%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $365.0K $365.0K $1.645M
YoY Change -77.81% -77.81% 1545.0%
Total Long-Term Assets $19.36M $19.71M $12.48M
YoY Change 51.65% 57.89% 14.84%
TOTAL ASSETS
Total Short-Term Assets $30.33M $38.67M $44.55M
Total Long-Term Assets $19.36M $19.71M $12.48M
Total Assets $49.70M $58.38M $57.03M
YoY Change 2.04% 2.37% 44.28%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.432M $1.489M $1.577M
YoY Change -21.15% -5.58% 5.13%
Accrued Expenses $4.111M $3.123M $1.703M
YoY Change 100.15% 83.38% 46.81%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $6.000M $4.890M $3.448M
YoY Change 48.26% 41.82% 12.31%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $10.99M $11.16M $3.720M
YoY Change 199.46% 200.0% 163.83%
Total Long-Term Liabilities $10.99M $11.16M $3.720M
YoY Change 199.46% 200.0% 163.83%
TOTAL LIABILITIES
Total Short-Term Liabilities $6.000M $4.890M $3.448M
Total Long-Term Liabilities $10.99M $11.16M $3.720M
Total Liabilities $16.99M $16.05M $7.172M
YoY Change 120.06% 123.84% 60.09%
SHAREHOLDERS EQUITY
Retained Earnings -$158.8M -$145.9M -$97.16M
YoY Change 45.82% 50.17%
Common Stock $191.5M $188.2M $147.0M
YoY Change 27.77% 28.05%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $32.70M $42.33M $49.86M
YoY Change
Total Liabilities & Shareholders Equity $49.70M $58.38M $57.03M
YoY Change 2.04% 2.37% 44.28%

Cashflow Statement

Concept 2020 Q3 2020 Q2 2019 Q2
OPERATING ACTIVITIES
Net Income -$12.90M -$11.33M -$11.36M
YoY Change 9.79% -0.23% 23.97%
Depreciation, Depletion And Amortization $100.0K $100.0K $100.0K
YoY Change 0.0% 0.0% -50.0%
Cash From Operating Activities -$8.550M -$7.940M -$9.690M
YoY Change 7.28% -18.06% 69.41%
INVESTING ACTIVITIES
Capital Expenditures -$60.00K $70.00K -$60.00K
YoY Change -88.89% -216.67% -57.14%
Acquisitions
YoY Change
Other Investing Activities -$22.51M $8.010M $12.62M
YoY Change -417.49% -36.53% 515.61%
Cash From Investing Activities -$22.57M $8.080M $12.55M
YoY Change -444.58% -35.62% 557.07%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 430.0K 29.76M -610.0K
YoY Change 115.0% -4978.69% 916.67%
NET CHANGE
Cash From Operating Activities -8.550M -7.940M -9.690M
Cash From Investing Activities -22.57M 8.080M 12.55M
Cash From Financing Activities 430.0K 29.76M -610.0K
Net Change In Cash -30.69M 29.90M 2.250M
YoY Change 2415.57% 1228.89% -158.14%
FREE CASH FLOW
Cash From Operating Activities -$8.550M -$7.940M -$9.690M
Capital Expenditures -$60.00K $70.00K -$60.00K
Free Cash Flow -$8.490M -$8.010M -$9.630M
YoY Change 14.27% -16.82% 72.58%

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plse Stock Issued During Period Value Rights Offering
StockIssuedDuringPeriodValueRightsOffering
29498000
us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
5038000
us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
-4000
us-gaap Net Income Loss
NetIncomeLoss
-23205000
CY2020Q2 us-gaap Stockholders Equity
StockholdersEquity
42328000
CY2019Q1 us-gaap Stockholders Equity
StockholdersEquity
59114000
CY2019Q2 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
2699000
CY2019Q2 plse Tax Payments Related To Shares Withheld For Vested Restricted Stock
TaxPaymentsRelatedToSharesWithheldForVestedRestrictedStock
-613000
CY2019Q2 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
20000
CY2019Q2 us-gaap Net Income Loss
NetIncomeLoss
-11359000
CY2019Q2 us-gaap Stockholders Equity
StockholdersEquity
49861000
CY2018Q4 us-gaap Stockholders Equity
StockholdersEquity
66334000
us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
272000
us-gaap Stock Issued During Period Value Employee Stock Purchase Plan
StockIssuedDuringPeriodValueEmployeeStockPurchasePlan
222000
us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
5060000
plse Tax Payments Related To Shares Withheld For Vested Restricted Stock
TaxPaymentsRelatedToSharesWithheldForVestedRestrictedStock
-613000
us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
23000
us-gaap Net Income Loss
NetIncomeLoss
-21437000
CY2019Q2 us-gaap Stockholders Equity
StockholdersEquity
49861000
us-gaap Use Of Estimates
UseOfEstimates
<span style="white-space:pre-wrap; font-family: 'Times New Roman', 'serif';font-size: 10pt;font-style: italic;font-weight: bold;margin: 0;padding: 0;">Use of Estimates</span><p dir="ltr" style="font-family: 'Times New Roman', 'serif';font-size: 10pt;line-height: 108%;margin-bottom: 0;margin-left: 0;margin-right: 0;margin-top: 0;text-align: justify;"><span style="white-space:pre-wrap; font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;"> </span></p><p dir="ltr" style="font-family: 'Times New Roman', 'serif';font-size: 10pt;line-height: 108%;margin-bottom: 0;margin-left: 0;margin-right: 0;margin-top: 0;text-align: justify;text-indent: 0.34in;"><span style="white-space:pre-wrap; font-family: 'Times New Roman', 'serif';font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;">The preparation of financial statements in conformity with U.S. GAAP requires the Company to make estimates and assumptions that affect the amounts reported in the Financial Statements and accompanying notes to the condensed </span></p><p dir="ltr" style="font-family: 'Times New Roman', 'serif';font-size: 10pt;line-height: 108%;margin-bottom: 0;margin-left: 0;margin-right: 0;margin-top: 0;text-align: justify;"><span style="white-space:pre-wrap; font-family: 'Times New Roman', 'serif';font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;">consolidated financial statements. Estimates include, but are not limited to, the valuation of cash equivalents and investments, the valuation and recognition of share-based compensation and the useful lives assigned to long-lived assets. The Company evaluates its estimates and assumptions based on historical experience and other factors and adjusts those estimates and assumptions when facts and circumstances dictate. Actual results could differ materially from these estimates. </span></p>
CY2020Q2 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
628000
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
6060320
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
3497093
CY2020Q2 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
4290000
CY2019Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
4052000
CY2020Q2 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
1699000
CY2019Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
1486000
CY2020Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
2591000
CY2019Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
2566000
CY2019Q2 us-gaap Depreciation
Depreciation
100000
CY2020Q2 us-gaap Depreciation
Depreciation
100000
us-gaap Depreciation
Depreciation
200000
us-gaap Depreciation
Depreciation
300000
us-gaap Finite Lived Intangible Asset Useful Life
FiniteLivedIntangibleAssetUsefulLife
P12Y
CY2020Q2 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
3771000
CY2019Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
3438000
CY2020Q2 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
4214000
CY2019Q4 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
4547000
CY2020Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Remainder Of Fiscal Year
FiniteLivedIntangibleAssetsAmortizationExpenseRemainderOfFiscalYear
332000
CY2020Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Next Twelve Months
FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths
665000
CY2020Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo
665000
CY2020Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Year Three
FiniteLivedIntangibleAssetsAmortizationExpenseYearThree
665000
CY2020Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Year Four
FiniteLivedIntangibleAssetsAmortizationExpenseYearFour
665000
CY2020Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Year Five
FiniteLivedIntangibleAssetsAmortizationExpenseYearFive
665000
CY2020Q2 us-gaap Finite Lived Intangible Assets Amortization Expense After Year Five
FiniteLivedIntangibleAssetsAmortizationExpenseAfterYearFive
557000
CY2020Q2 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
4214000
CY2020Q2 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
1917000
CY2019Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
1699000
CY2020Q2 plse Accrued Clinical Trials Current
AccruedClinicalTrialsCurrent
282000
CY2019Q4 plse Accrued Clinical Trials Current
AccruedClinicalTrialsCurrent
262000
CY2020Q2 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
62000
CY2019Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
51000
CY2020Q2 plse Accrued Property And Equipment
AccruedPropertyAndEquipment
234000
CY2019Q4 plse Accrued Property And Equipment
AccruedPropertyAndEquipment
234000
CY2019Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
250000
CY2020Q2 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
3123000
CY2019Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
2496000
CY2014Q4 us-gaap Goodwill
Goodwill
2800000
CY2019 us-gaap Goodwill Impairment Loss
GoodwillImpairmentLoss
0
us-gaap Goodwill Impairment Loss
GoodwillImpairmentLoss
0
CY2020Q2 plse Private Placement Warrants Issued In Exchange For Common Stock Price Per Share
PrivatePlacementWarrantsIssuedInExchangeForCommonStockPricePerShare
0.15
CY2020Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
2412000
CY2019Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
2699000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
5038000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
5060000
CY2020Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
1910000
CY2020Q2 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
653000
CY2020Q2 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
1643000
CY2020Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
1806000
CY2020Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
1845000
CY2020Q2 us-gaap Operating Leases Future Minimum Payments Due In Five Years
OperatingLeasesFutureMinimumPaymentsDueInFiveYears
1977000
CY2020Q2 us-gaap Operating Leases Future Minimum Payments Due Thereafter
OperatingLeasesFutureMinimumPaymentsDueThereafter
8237000
CY2020Q2 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
18071000
CY2020Q2 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
6629000
CY2020Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
11442000
us-gaap Operating Lease Payments
OperatingLeasePayments
392000
plse Operating Lease Liabilities Arising From Rou Assets Including Impact Of Adopting Asc842
OperatingLeaseLiabilitiesArisingFromRouAssetsIncludingImpactOfAdoptingAsc842
4833000
CY2020Q2 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
278000
CY2020Q2 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
11164000
CY2020Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
11442000
CY2020Q2 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P9Y4M2D
CY2020Q2 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.10
CY2020Q2 us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
500000
CY2019Q2 us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
65000
us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
700000
us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
100000
CY2020Q2 us-gaap Security Deposit Liability
SecurityDepositLiability
30000000

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