$PLSE
PULSE BIOSCIENCES, INC.

2021 Q1 Form 10-Q Financial Statement

#000162510121000023 Filed on May 10, 2021

View on sec.gov

Income Statement

Concept 2021 Q1 2020 Q1
Revenue $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $8.960M $5.600M
YoY Change 60.0% 27.27%
% of Gross Profit
Research & Development $9.063M $6.181M
YoY Change 46.63% 5.8%
% of Gross Profit
Depreciation & Amortization $100.0K $100.0K
YoY Change 0.0% -38.27%
% of Gross Profit
Operating Expenses $18.53M $11.95M
YoY Change 55.02% 14.79%
Operating Profit -$18.53M
YoY Change
Interest Expense $114.0K $80.00K
YoY Change 42.5% -75.76%
% of Operating Profit
Other Income/Expense, Net -$114.0K
YoY Change
Pretax Income -$18.64M -$11.87M
YoY Change 57.03% 17.76%
Income Tax
% Of Pretax Income
Net Earnings -$18.64M -$11.87M
YoY Change 57.0% 17.8%
Net Earnings / Revenue
Basic Earnings Per Share
Diluted Earnings Per Share -$715.0K -$569.6K
COMMON SHARES
Basic Shares Outstanding 26.09M 20.83M
Diluted Shares Outstanding

Balance Sheet

Concept 2021 Q1 2020 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $59.88M $15.89M
YoY Change 276.84% -69.91%
Cash & Equivalents $59.88M $7.864M
Short-Term Investments $0.00 $8.020M
Other Short-Term Assets $960.0K $550.0K
YoY Change 74.55% 0.0%
Inventory $1.135M
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $61.98M $16.43M
YoY Change 277.19% -69.2%
LONG-TERM ASSETS
Property, Plant & Equipment $2.430M $2.633M
YoY Change -7.71% 28.06%
Goodwill $2.791M $2.791M
YoY Change 0.0%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $365.0K $562.0K
YoY Change -35.05% 170.19%
Total Long-Term Assets $18.58M $15.41M
YoY Change 20.58% 52.57%
TOTAL ASSETS
Total Short-Term Assets $61.98M $16.43M
Total Long-Term Assets $18.58M $15.41M
Total Assets $80.56M $31.84M
YoY Change 153.0% -49.82%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.164M $1.214M
YoY Change 78.25% 1.17%
Accrued Expenses $5.617M $2.071M
YoY Change 171.22% 7.86%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $120.0K
YoY Change
Total Short-Term Liabilities $8.528M $3.383M
YoY Change 152.08% 8.6%
LONG-TERM LIABILITIES
Long-Term Debt $41.00M $0.00
YoY Change
Other Long-Term Liabilities $10.63M $6.690M
YoY Change 58.89% 448.36%
Total Long-Term Liabilities $51.63M $6.690M
YoY Change 671.75% 448.36%
TOTAL LIABILITIES
Total Short-Term Liabilities $8.528M $3.383M
Total Long-Term Liabilities $51.63M $6.690M
Total Liabilities $60.16M $10.07M
YoY Change 497.24% 132.2%
SHAREHOLDERS EQUITY
Retained Earnings -$191.2M -$134.6M
YoY Change 42.08% 56.84%
Common Stock $211.6M $156.3M
YoY Change 35.35%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $20.40M $21.77M
YoY Change
Total Liabilities & Shareholders Equity $80.56M $31.84M
YoY Change 153.0% -49.82%

Cashflow Statement

Concept 2021 Q1 2020 Q1
OPERATING ACTIVITIES
Net Income -$18.64M -$11.87M
YoY Change 57.0% 17.8%
Depreciation, Depletion And Amortization $100.0K $100.0K
YoY Change 0.0% -38.27%
Cash From Operating Activities -$11.69M -$9.622M
YoY Change 21.46% 31.27%
INVESTING ACTIVITIES
Capital Expenditures $51.00K $171.0K
YoY Change -70.18% 280.0%
Acquisitions
YoY Change
Other Investing Activities $8.000M $10.49M
YoY Change -23.74% -129.39%
Cash From Investing Activities $7.949M $10.32M
YoY Change -23.0% -128.89%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $4.892M $255.0K
YoY Change 1818.43% -6.25%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 51.16M 264.0K
YoY Change 19278.03% -46.56%
NET CHANGE
Cash From Operating Activities -11.69M -9.622M
Cash From Investing Activities 7.949M 10.32M
Cash From Financing Activities 51.16M 264.0K
Net Change In Cash 47.42M 965.0K
YoY Change 4813.99% -102.27%
FREE CASH FLOW
Cash From Operating Activities -$11.69M -$9.622M
Capital Expenditures $51.00K $171.0K
Free Cash Flow -$11.74M -$9.793M
YoY Change 19.86% 32.79%

Facts In Submission

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CY2021Q1 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>
CY2020Q4 us-gaap Liabilities Fair Value Disclosure
LiabilitiesFairValueDisclosure
0
CY2021Q1 us-gaap Liabilities Fair Value Disclosure
LiabilitiesFairValueDisclosure
0
CY2021Q1 plse Fair Value Equity Level12 And3 Transfers Amount
FairValueEquityLevel12And3TransfersAmount
0
CY2021Q1 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
4459000
CY2020Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
4394000
CY2021Q1 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
2029000
CY2020Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
1916000
CY2021Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
2430000
CY2020Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
2478000
CY2020Q1 us-gaap Depreciation
Depreciation
100000
CY2021Q1 us-gaap Depreciation
Depreciation
100000
CY2021Q1 us-gaap Finite Lived Intangible Asset Useful Life
FiniteLivedIntangibleAssetUsefulLife
P12Y
CY2021Q1 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
7985000
CY2020Q4 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
7985000
CY2021Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Next Twelve Months
FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths
665000
CY2021Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo
665000
CY2021Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Remainder Of Fiscal Year
FiniteLivedIntangibleAssetsAmortizationExpenseRemainderOfFiscalYear
499000
CY2021Q1 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
4270000
CY2020Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
4103000
CY2021Q1 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
3715000
CY2020Q4 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
3882000
CY2021Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Year Three
FiniteLivedIntangibleAssetsAmortizationExpenseYearThree
665000
CY2021Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Year Four
FiniteLivedIntangibleAssetsAmortizationExpenseYearFour
665000
CY2021Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Year Five
FiniteLivedIntangibleAssetsAmortizationExpenseYearFive
556000
CY2021Q1 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
3715000
CY2021Q1 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
2718000
CY2020Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
3324000
CY2021Q1 us-gaap Accrued Insurance Current
AccruedInsuranceCurrent
2188000
CY2020Q4 us-gaap Accrued Insurance Current
AccruedInsuranceCurrent
1563000
CY2021Q1 plse Accrued Clinical Trials Current
AccruedClinicalTrialsCurrent
223000
CY2020Q4 plse Accrued Clinical Trials Current
AccruedClinicalTrialsCurrent
188000
CY2021Q1 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
106000
CY2020Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
87000
CY2021Q1 plse Controlled Launch
ControlledLaunch
135000
CY2021Q1 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
247000
CY2020Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
164000
CY2021Q1 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
5617000
CY2020Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
5326000
CY2014Q4 us-gaap Goodwill
Goodwill
2800000
CY2020 us-gaap Goodwill Impairment Loss
GoodwillImpairmentLoss
0
CY2021Q1 us-gaap Goodwill Impairment Loss
GoodwillImpairmentLoss
0
CY2020Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
5039194
CY2020Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
14.26
CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
608815
CY2021Q1 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
39981
CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
68654
CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExpirationsInPeriod
62738
CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
5476636
CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
15.47
CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
2905929
CY2021Q1 us-gaap Sharebased Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Exercisable Options Weighted Average Exercise Price1
SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeExercisableOptionsWeightedAverageExercisePrice1
16.13
CY2021Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
6965000
CY2020Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
2626000
CY2021Q1 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
1268000
CY2021Q1 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
1806000
CY2021Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
1845000
CY2021Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
1910000
CY2021Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
1977000
CY2021Q1 us-gaap Operating Leases Future Minimum Payments Due In Five Years
OperatingLeasesFutureMinimumPaymentsDueInFiveYears
2046000
CY2021Q1 us-gaap Operating Leases Future Minimum Payments Due Thereafter
OperatingLeasesFutureMinimumPaymentsDueThereafter
6191000
CY2021Q1 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
17043000
CY2021Q1 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
5782000
CY2021Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
11261000
CY2021Q1 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
629000
CY2021Q1 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
10632000
CY2021Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
11261000
CY2021Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
375000
CY2021Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P8Y7M2D
CY2021Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.10
CY2021Q1 us-gaap Operating Lease Expense
OperatingLeaseExpense
500000
CY2020Q1 us-gaap Operating Lease Expense
OperatingLeaseExpense
200000
CY2021Q1 plse Number Of Kols
NumberOfKols
75
CY2021Q1 plse Number Of Patients Participating In Procedure
NumberOfPatientsParticipatingInProcedure
40
CY2021Q1 plse Number Of Patients Participating In Procedure
NumberOfPatientsParticipatingInProcedure
40
CY2021Q1 plse Number Of Patients Participating In Procedure
NumberOfPatientsParticipatingInProcedure
40
CY2021Q1 plse Program Expenses
ProgramExpenses
100000

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