Q2 2024 Pulse Biosciences Inc Earnings Call Transcript
Key Points
- Pulse Biosciences Inc (PLSE) received FDA breakthrough device designation for their cardiac surgical system, emphasizing the unique potential benefits of their technology.
- The company successfully completed its first U.S. soft tissue ablation cases following FDA clearance, marking significant progress in their clinical applications.
- PLSE expanded its leadership team and moved its headquarters to Miami, Florida, while maintaining its Hayward office, indicating strategic growth and operational expansion.
- The company significantly strengthened its balance sheet through a successful rights offering, raising $60 million with the potential to raise an additional $66 million upon warrant exercise.
- PLSE's Nanot PFA technology shows great promise in multiple clinical applications, including soft tissue ablation, epicardial ablation, and endocardial catheter ablation, potentially improving patient outcomes across various disease states.
- Cash and cash equivalents decreased to $26.2 million as of June 30, 2024, compared to $58.7 million the previous year, indicating a significant cash burn.
- Total GAAP costs and expenses increased by $1.5 million to $11.7 million in Q2 2024, primarily driven by an increase in non-cash stock-based compensation expense.
- The company anticipates an increase in cash burn as they enter the active phases of their three different studies, which could strain financial resources.
- PLSE's pathway to market for their cardiac surgical system will require a PMA application, which is a more rigorous and time-consuming process compared to a 510(k) submission.
- The company has not yet provided detailed information about the anticipated cash burn for future studies, creating uncertainty about the financial impact of their ongoing clinical trials.
Yes, greetings, and welcome to the Second Quarter 2023 financial results conference call. And at this time, all participants are in a listen-only mode. And a question and answer session will follow the formal presentation. If anyone should require operator, assistance during the conference, please press star zero on your telephone keypad.
As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Taylor of Investor Relations. Thank you. You may begin.
Thank you, operator. Before we begin, I would like to inform you that comments and responses to your questions during today's call reflect management's views as of today, August 12th, 2024 only, and we'll include forward-looking statements and opinions. Statements, including predictions, estimates, plans, expectations and other similar information. Actual results may differ materially from those expressed or implied as a result of certain risks and uncertainties. These risks and uncertainties are more fully
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