Pulse Biosciences reported its financial results for the fourth quarter and full year ended December 31, 2024, on March 27, 2025. For Q4 2024, total GAAP costs and expenses were $20.3 million, an increase of $7.7 million from $12.5 million in Q4 2023. The GAAP net loss for the quarter was ($19.4) million, compared to ($11.9) million in the prior year period.
For the full year 2024, total GAAP costs and expenses were $56.3 million, an increase of $12.7 million from $43.6 million in 2023. The full year GAAP net loss was ($53.6) million, compared to ($42.2) million in 2023. These increases were primarily driven by stock-based compensation, other compensation, administrative expenses, severance, and legal settlement expenses.
As of December 31, 2024, cash and cash equivalents totaled $118.0 million, significantly up from $44.4 million at the end of 2023. This cash balance included $47.9 million in net proceeds from warrant exercises during Q4 2024, bringing the total warrant exercises through 2024 to $49.4 million out of a potential $65.8 million. The company also announced the introduction of its first direct commercial team to launch soft tissue ablation in the United States, with 2025 objectives focused on commercializing thyroid ablation and initiating IDE clinical trials for its cardiac devices.
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