$PLSE
Pulse Biosciences Inc

2020 Q4 Form 10-Q Financial Statement

#000162510120000050 Filed on November 09, 2020

View on sec.gov

Income Statement

Concept 2020 Q4 2020 Q3 2019 Q3
Revenue $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $6.170M $5.770M $5.610M
YoY Change -13.95% 2.85% -1.23%
% of Gross Profit
Research & Development $7.430M $6.968M $6.192M
YoY Change 12.75% 12.53% 22.91%
% of Gross Profit
Depreciation & Amortization $290.0K $100.0K $100.0K
YoY Change 7.41% 0.0% -50.0%
% of Gross Profit
Operating Expenses $13.76M $12.91M $11.96M
YoY Change -1.23% 7.87% 9.97%
Operating Profit -$12.91M -$11.75M
YoY Change 9.87% 9.15%
Interest Expense $10.00K $9.000K $220.0K
YoY Change -92.86% -95.91% 83.33%
% of Operating Profit
Other Income/Expense, Net $9.000K
YoY Change
Pretax Income -$13.75M -$12.90M -$11.75M
YoY Change -0.29% 9.79% 9.2%
Income Tax
% Of Pretax Income
Net Earnings -$13.75M -$12.90M -$11.75M
YoY Change -0.28% 9.79% 9.15%
Net Earnings / Revenue
Basic Earnings Per Share
Diluted Earnings Per Share -$542.0K -$511.5K -$565.7K
COMMON SHARES
Basic Shares Outstanding 25.34M 25.21M 20.77M
Diluted Shares Outstanding

Balance Sheet

Concept 2020 Q4 2020 Q3 2019 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $20.48M $29.59M $34.50M
YoY Change -19.39% -14.23% 64.13%
Cash & Equivalents $12.46M $7.070M $9.570M
Short-Term Investments $8.012M $22.52M $24.93M
Other Short-Term Assets $1.860M $750.0K $1.440M
YoY Change 84.16% -47.92% 30.91%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $22.34M $30.33M $35.94M
YoY Change -15.39% -15.59% 62.48%
LONG-TERM ASSETS
Property, Plant & Equipment $2.478M $2.562M $2.428M
YoY Change -3.43% 5.52% 3.81%
Goodwill $2.791M $2.791M $2.791M
YoY Change 0.0% 0.0% 0.0%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $365.0K $365.0K $1.645M
YoY Change -26.11% -77.81% 1528.71%
Total Long-Term Assets $18.95M $19.36M $12.77M
YoY Change 22.19% 51.65% 20.33%
TOTAL ASSETS
Total Short-Term Assets $22.34M $30.33M $35.94M
Total Long-Term Assets $18.95M $19.36M $12.77M
Total Assets $41.29M $49.70M $48.70M
YoY Change -1.48% 2.04% 48.82%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.717M $1.432M $1.816M
YoY Change -12.53% -21.15% 41.76%
Accrued Expenses $5.326M $4.111M $2.054M
YoY Change 113.38% 100.15% 23.96%
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 $7.585M $6.000M $4.047M
YoY Change 70.11% 48.26% 20.88%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $10.81M $10.99M $3.670M
YoY Change 60.86% 199.46% 182.31%
Total Long-Term Liabilities $10.81M $10.99M $3.670M
YoY Change 60.86% 199.46% 182.31%
TOTAL LIABILITIES
Total Short-Term Liabilities $7.585M $6.000M $4.047M
Total Long-Term Liabilities $10.81M $10.99M $3.670M
Total Liabilities $18.40M $16.99M $7.721M
YoY Change 64.6% 120.06% 65.97%
SHAREHOLDERS EQUITY
Retained Earnings -$172.5M -$158.8M -$108.9M
YoY Change 40.63% 45.82% 63.11%
Common Stock $195.4M $191.5M $149.9M
YoY Change 27.38% 27.77% 58.02%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $22.89M $32.70M $40.98M
YoY Change
Total Liabilities & Shareholders Equity $41.29M $49.70M $48.70M
YoY Change -1.48% 2.04% 48.82%

Cashflow Statement

Concept 2020 Q4 2020 Q3 2019 Q3
OPERATING ACTIVITIES
Net Income -$13.75M -$12.90M -$11.75M
YoY Change -0.28% 9.79% 9.15%
Depreciation, Depletion And Amortization $290.0K $100.0K $100.0K
YoY Change 7.41% 0.0% -50.0%
Cash From Operating Activities -$9.260M -$8.550M -$7.970M
YoY Change 0.65% 7.28% 16.35%
INVESTING ACTIVITIES
Capital Expenditures -$280.0K -$60.00K -$540.0K
YoY Change -800.0% -88.89% 671.43%
Acquisitions
YoY Change
Other Investing Activities $14.50M -$22.51M $7.090M
YoY Change 123.42% -417.49% 17.0%
Cash From Investing Activities $14.21M -$22.57M $6.550M
YoY Change 117.61% -444.58% 9.35%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 440.0K 430.0K 200.0K
YoY Change 115.0% -50.0%
NET CHANGE
Cash From Operating Activities -9.260M -8.550M -7.970M
Cash From Investing Activities 14.21M -22.57M 6.550M
Cash From Financing Activities 440.0K 430.0K 200.0K
Net Change In Cash 5.390M -30.69M -1.220M
YoY Change -301.87% 2415.57% 165.22%
FREE CASH FLOW
Cash From Operating Activities -$9.260M -$8.550M -$7.970M
Capital Expenditures -$280.0K -$60.00K -$540.0K
Free Cash Flow -$8.980M -$8.490M -$7.430M
YoY Change -2.81% 14.27% 9.59%

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OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
1000
CY2020Q3 us-gaap Net Income Loss
NetIncomeLoss
-12896000
CY2020Q3 us-gaap Stockholders Equity
StockholdersEquity
32704000
CY2019Q4 us-gaap Stockholders Equity
StockholdersEquity
30737000
us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
349000
us-gaap Stock Issued During Period Value Employee Stock Purchase Plan
StockIssuedDuringPeriodValueEmployeeStockPurchasePlan
490000
us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
565000
plse Stock Issued During Period Value Rights Offering
StockIssuedDuringPeriodValueRightsOffering
29434000
plse Issuance Of Shares Upon Exercise Of Warrants
IssuanceOfSharesUponExerciseOfWarrants
112000
us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
7686000
us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
-3000
us-gaap Net Income Loss
NetIncomeLoss
-36101000
CY2019Q2 us-gaap Stockholders Equity
StockholdersEquity
49861000
CY2019Q3 us-gaap Stock Issued During Period Value Employee Stock Purchase Plan
StockIssuedDuringPeriodValueEmployeeStockPurchasePlan
201000
CY2019Q3 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
2679000
CY2019Q3 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
-14000
CY2019Q3 us-gaap Net Income Loss
NetIncomeLoss
-11746000
CY2019Q3 us-gaap Stockholders Equity
StockholdersEquity
40981000
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
423000
us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
7739000
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
9000
us-gaap Net Income Loss
NetIncomeLoss
-33183000
CY2019Q3 us-gaap Stockholders Equity
StockholdersEquity
40981000
CY2020Q3 us-gaap Finite Lived Intangible Assets Amortization Expense After Year Five
FiniteLivedIntangibleAssetsAmortizationExpenseAfterYearFive
557000
CY2020Q3 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
4048000
CY2020Q3 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-158800000
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-26100000
CY2020Q3 us-gaap Cash Cash Equivalents And Short Term Investments
CashCashEquivalentsAndShortTermInvestments
29600000
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 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>
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
6035192
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
3870281
CY2020Q3 us-gaap Assets Fair Value Disclosure
AssetsFairValueDisclosure
28114000
CY2019Q4 us-gaap Assets Fair Value Disclosure
AssetsFairValueDisclosure
24928000
CY2019Q4 us-gaap Liabilities Fair Value Disclosure
LiabilitiesFairValueDisclosure
0
CY2020Q3 us-gaap Liabilities Fair Value Disclosure
LiabilitiesFairValueDisclosure
0
CY2020Q3 plse Fair Value Equity Level12 And3 Transfers Amount
FairValueEquityLevel12And3TransfersAmount
0
CY2020Q3 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
4358000
CY2019Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
4052000
CY2020Q3 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
1796000
CY2019Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
1486000
CY2020Q3 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
2562000
CY2019Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
2566000
CY2019Q3 us-gaap Depreciation
Depreciation
100000
CY2020Q3 us-gaap Depreciation
Depreciation
100000
us-gaap Depreciation
Depreciation
300000
us-gaap Finite Lived Intangible Asset Useful Life
FiniteLivedIntangibleAssetUsefulLife
P12Y
CY2020Q3 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
3937000
CY2019Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
3438000
CY2020Q3 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
4048000
CY2019Q4 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
4547000
CY2020Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Remainder Of Fiscal Year
FiniteLivedIntangibleAssetsAmortizationExpenseRemainderOfFiscalYear
166000
CY2020Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Next Twelve Months
FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths
665000
CY2020Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo
665000
CY2020Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Year Three
FiniteLivedIntangibleAssetsAmortizationExpenseYearThree
665000
CY2020Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Year Four
FiniteLivedIntangibleAssetsAmortizationExpenseYearFour
665000
CY2020Q3 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
2276000
CY2019Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
1699000
CY2020Q3 plse Accrued Clinical Trials Current
AccruedClinicalTrialsCurrent
268000
CY2019Q4 plse Accrued Clinical Trials Current
AccruedClinicalTrialsCurrent
262000
CY2020Q3 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
8000
CY2019Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
51000
CY2020Q3 plse Accrued Property And Equipment
AccruedPropertyAndEquipment
262000
CY2019Q4 plse Accrued Property And Equipment
AccruedPropertyAndEquipment
234000
CY2020Q3 us-gaap Accrued Insurance Current
AccruedInsuranceCurrent
938000
CY2020Q3 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
359000
CY2019Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
250000
CY2020Q3 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
4111000
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
CY2019Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
3749186
CY2019Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
16.18
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
1933560
us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
85750
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
324584
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExpirationsInPeriod
65086
CY2020Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
5207326
CY2020Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
14.30
CY2020Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
2519812
CY2020Q3 us-gaap Sharebased Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Exercisable Options Weighted Average Exercise Price1
SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeExercisableOptionsWeightedAverageExercisePrice1
17.08
CY2020Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
2648000
CY2019Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
2679000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
7686000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
7739000
CY2020Q3 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
374000
CY2020Q3 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
1643000
CY2020Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
1806000
CY2020Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
1845000
CY2020Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
1910000
CY2020Q3 us-gaap Operating Leases Future Minimum Payments Due In Five Years
OperatingLeasesFutureMinimumPaymentsDueInFiveYears
1977000
CY2020Q3 us-gaap Operating Leases Future Minimum Payments Due Thereafter
OperatingLeasesFutureMinimumPaymentsDueThereafter
8237000
CY2020Q3 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
17792000
CY2020Q3 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
6344000
CY2020Q3 us-gaap Operating Lease Liability
OperatingLeaseLiability
11448000
us-gaap Operating Lease Payments
OperatingLeasePayments
671000
plse Operating Lease Liabilities Arising From Rou Assets Including Impact Of Adopting Asc842
OperatingLeaseLiabilitiesArisingFromRouAssetsIncludingImpactOfAdoptingAsc842
4833000
CY2020Q3 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
457000
CY2020Q3 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
10991000
CY2020Q3 us-gaap Operating Lease Liability
OperatingLeaseLiability
11448000
CY2020Q3 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P9Y29D
CY2020Q3 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.10
CY2020Q3 us-gaap Operating Lease Expense
OperatingLeaseExpense
500000
CY2019Q3 us-gaap Operating Lease Expense
OperatingLeaseExpense
100000
us-gaap Operating Lease Expense
OperatingLeaseExpense
1200000
us-gaap Operating Lease Expense
OperatingLeaseExpense
200000
CY2020Q3 us-gaap Security Deposit Liability
SecurityDepositLiability
30000000

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