Pulse Biosciences, Inc. (PLSE) Balance Sheet
PLSE balance sheet, 2025
December 31, 2025 · U.S. dollars$96.1M assets = $15.5M liabilities + $80.7M equity
Both columns are drawn to the same scale: what PLSE owns equals what it owes plus shareholders’ equity. Hover a block for its value.
PLSE financial health
Descriptive bands, not a rating. Fiscal 2025.
PLSE balance sheet trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $26.3M2016 | $96.1M2025 | +15.5%/yr | |
| Total liabilities | $1.0M2016 | $15.5M2025 | +35.3%/yr | |
| Shareholders’ equity | $25.3M2016 | $80.7M2025 | +13.7%/yr | |
| Cash & short-term investments | $16.4M2016 | $80.7M2025 | +19.4%/yr | |
| Total debt | $6.7M2019 | $7.5M2025 | +1.9%/yr | |
| Net cash (debt) | $18.7M2019 | $73.2M2025 | +$54.5M | |
| Working capital | $15.6M2016 | $75.5M2025 | +$59.9M | |
| Book value per share | $3.122017 | $1.202025 | −11.3%/yr | |
| Debt / equity | 0.222019 | 0.092025 | −0.13 | |
| Shares outstanding | 14.8M2017 | 67.4M2025 | +20.9%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
PLSE assets
PLSE liabilities and equity
PLSE debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
PLSE balance sheet
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||
| Cash & short-term investments | $80.7M | $118.0M | $44.4M | $61.1M | $28.6M | $20.5M | $25.4M | $59.6M | $38.1M | $16.4M |
| Cash & equivalents | $80.7M | $118.0M | $44.4M | $61.1M | $28.6M | $12.5M | $6.9M | $51.1M | $3.4M | $2.1M |
| Short-term investments | — | — | — | — | $0 | $8.0M | $18.5M | $8.5M | $34.7M | $14.3M |
| Receivables | $274,000 | $0 | $0 | $0 | $61,000 | $0 | $0 | $0 | $0 | $0 |
| Inventory | $136,000 | $0 | $0 | $0 | $5.8M | $0 | $0 | $0 | $0 | $0 |
| Other current assets | $2.3M | $1.4M | $963,000 | $1.0M | $2.1M | $1.9M | $1.0M | $779,000 | $412,000 | $268,000 |
| Total current assets | $83.4M | $119.4M | $45.3M | $62.1M | $36.6M | $22.3M | $26.4M | $60.4M | $38.5M | $16.7M |
| Property, plant & equipment (net) | $7.1M | $8.3M | $8.8M | $10.0M | $11.2M | $11.9M | $7.7M | $2.2M | $2.6M | $317,000 |
| Goodwill & intangible assets | $3.4M | $4.0M | $4.7M | $5.3M | $6.0M | $6.7M | $7.3M | $8.0M | $8.7M | $9.3M |
| Long-term investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other non-current assets | $2.3M | $677,000 | $365,000 | $365,000 | $365,000 | $365,000 | $494,000 | $101,000 | $101,000 | $0 |
| Total assets | $96.1M | $132.5M | $59.2M | $77.9M | $54.2M | $41.3M | $41.9M | $70.6M | $49.8M | $26.3M |
| Liabilities | ||||||||||
| Accounts payable | $2.8M | $1.7M | $1.8M | $1.6M | $2.9M | $1.7M | $2.0M | $1.3M | $782,000 | $265,000 |
| Short-term debt | $1.6M | $1.4M | $1.1M | $1.8M | $1.2M | $542,000 | — | — | — | — |
| Deferred revenue | — | — | — | — | $16,000 | — | — | — | — | — |
| Total current liabilities | $7.9M | $10.1M | $6.7M | $6.0M | $8.5M | $7.6M | $4.5M | $3.1M | $2.2M | $1.0M |
| Long-term debt | $0 | $0 | $0 | $65.0M | $0 | $0 | $0 | $0 | $0 | $0 |
| Lease obligations | $7.5M | $8.9M | $9.1M | $10.0M | $10.8M | $11.4M | $6.7M | — | — | — |
| Other long-term liabilities | $7.5M | $7.5M | $8.1M | $9.1M | $10.0M | $10.8M | $6.7M | $1.2M | $1.6M | $265,000 |
| Total liabilities | $15.5M | $17.6M | $14.8M | $80.1M | $18.6M | $18.4M | $11.2M | $4.3M | $3.8M | $1.0M |
| Shareholders' equity | ||||||||||
| Common stock & paid-in capital | $68,000 | $66,000 | $55,000 | $37,000 | $29,000 | $25,000 | $21,000 | $142.1M | $84.2M | $13,000 |
| Retained earnings (deficit) | −$463.3M | −$390.5M | −$336.9M | −$294.7M | −$236.2M | −$172.5M | −$122.7M | −$75.7M | −$38.2M | −$12.6M |
| Treasury stock | — | — | — | — | — | — | — | — | $0 | $0 |
| Accumulated other comprehensive income | — | — | — | $0 | — | −$1,000 | $4,000 | −$1,000 | −$51,000 | −$7,000 |
| Minority interest | — | — | — | — | — | — | — | — | $0 | $0 |
| Total shareholders' equity | $80.7M | $114.9M | $44.4M | −$2.2M | $35.7M | $22.9M | $30.7M | $66.3M | $46.0M | $25.3M |
| Key figures | ||||||||||
| Total debt | $7.5M | $8.9M | $9.1M | $76.0M | $11.2M | $11.4M | $6.7M | — | — | — |
| Net cash (debt) | $73.2M | $109.1M | $35.2M | −$14.8M | $17.4M | $9.1M | $18.7M | — | — | — |
| Working capital | $75.5M | $109.4M | $38.6M | $56.2M | $28.1M | $14.8M | $21.9M | $57.3M | $36.3M | $15.6M |
| Tangible book value | $77.3M | $110.9M | $39.7M | −$7.6M | $29.7M | $16.2M | $23.4M | $58.3M | $37.3M | $16.0M |
| Book value per share | $1.20 | $1.97 | $0.92 | −$0.07 | $1.28 | $0.98 | $1.48 | $3.88 | $3.12 | — |
| Shares outstanding | 67.4M | 58.4M | 48.0M | 33.9M | 28.0M | 23.2M | 20.7M | 17.1M | 14.8M | — |
| Current ratio | 10.53 | 11.88 | 6.76 | 10.39 | 4.30 | 2.95 | 5.92 | 19.42 | 17.39 | 16.40 |
| Quick ratio | 10.22 | 11.74 | 6.61 | 10.22 | 3.37 | 2.70 | 5.70 | 19.17 | 17.20 | 16.14 |
| Debt / equity | 0.09 | 0.08 | 0.21 | — | 0.32 | 0.50 | 0.22 | — | — | — |
| Equity / assets | 83.9% | 86.7% | 75.0% | −2.9% | 65.8% | 55.4% | 73.3% | 93.9% | 92.3% | 96.1% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $101.6M | $68.3M | $80.7M | $95.2M | $106.3M | $119.3M | $118.0M | $79.0M | $26.2M | $34.9M | $44.4M | $50.4M |
| Cash & equivalents | $101.6M | $68.3M | $80.7M | $95.2M | $106.3M | $119.3M | $118.0M | $79.0M | $26.2M | $34.9M | $44.4M | $50.4M |
| Receivables | $122,000 | $157,000 | $274,000 | $15,000 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Inventory | $236,000 | $206,000 | $136,000 | $57,000 | $51,000 | $30,000 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other current assets | $3.7M | $2.4M | $2.3M | $1.9M | $1.8M | $1.6M | $1.4M | $1.4M | $1.0M | $964,000 | $963,000 | $1.2M |
| Total current assets | $105.7M | $71.1M | $83.4M | $97.2M | $108.2M | $120.9M | $119.4M | $80.4M | $27.2M | $35.8M | $45.3M | $51.6M |
| Property, plant & equipment (net) | $6.4M | $6.7M | $7.1M | $7.4M | $7.7M | $8.0M | $8.3M | $7.8M | $8.1M | $8.4M | $8.8M | $9.1M |
| Goodwill & intangible assets | $3.0M | $3.2M | $3.4M | $3.5M | $3.7M | $3.8M | $4.0M | $4.2M | $4.3M | $4.5M | $4.7M | $4.8M |
| Long-term investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other non-current assets | $403,000 | $575,000 | $2.3M | $705,000 | $677,000 | $678,000 | $677,000 | $646,000 | $714,000 | $365,000 | $365,000 | $365,000 |
| Total assets | $115.6M | $81.6M | $96.1M | $108.8M | $120.3M | $133.4M | $132.5M | $93.0M | $40.4M | $49.2M | $59.2M | $65.9M |
| Liabilities | ||||||||||||
| Accounts payable | $2.8M | $2.8M | $2.8M | $3.0M | $2.7M | $2.4M | $1.7M | $1.7M | $1.6M | $1.7M | $1.8M | $1.4M |
| Short-term debt | $1.7M | $1.6M | $1.6M | $1.5M | $1.5M | $1.4M | $1.4M | $1.2M | $1.1M | $1.1M | $1.1M | $1.0M |
| Deferred revenue | — | — | — | — | — | — | — | — | $1 | — | — | — |
| Total current liabilities | $11.0M | $9.8M | $7.9M | $9.7M | $9.0M | $7.8M | $10.1M | $6.7M | $6.0M | $5.1M | $6.7M | $5.4M |
| Long-term debt | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Lease obligations | $6.8M | $7.2M | $7.5M | $7.9M | $8.2M | $8.6M | $8.9M | $8.4M | $8.6M | $8.9M | $9.1M | $9.4M |
| Other long-term liabilities | $5.1M | $5.5M | $7.5M | $6.4M | $6.8M | $7.2M | $7.5M | $7.2M | $7.5M | $7.8M | $8.1M | $8.4M |
| Total liabilities | $16.1M | $15.3M | $15.5M | $16.1M | $15.8M | $14.9M | $17.6M | $13.9M | $13.5M | $12.9M | $14.8M | $13.8M |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $71,000 | $68,000 | $68,000 | $68,000 | $67,000 | $67,000 | $66,000 | $62,000 | $55,000 | $55,000 | $55,000 | $55,000 |
| Retained earnings (deficit) | −$506.5M | −$481.9M | −$463.3M | −$445.8M | −$426.5M | −$407.3M | −$390.5M | −$371.1M | −$358.4M | −$347.1M | −$336.9M | −$325.0M |
| Accumulated other comprehensive income | — | — | — | $0 | — | — | — | — | — | — | — | $0 |
| Total shareholders' equity | $99.5M | $66.3M | $80.7M | $92.7M | $104.5M | $118.5M | $114.9M | $79.1M | $27.0M | $36.3M | $44.4M | $52.1M |
| Key figures | ||||||||||||
| Total debt | $6.8M | $7.2M | $7.5M | $7.9M | $8.2M | $8.6M | $8.9M | $8.4M | $8.6M | $8.9M | $9.1M | $9.4M |
| Net cash (debt) | $94.8M | $61.2M | $73.2M | $87.3M | $98.1M | $110.7M | $109.1M | $70.7M | $17.6M | $26.0M | $35.2M | $41.0M |
| Working capital | $94.7M | $61.3M | $75.5M | $87.5M | $99.2M | $113.1M | $109.4M | $73.7M | $21.3M | $30.8M | $38.6M | $46.2M |
| Tangible book value | $96.5M | $63.1M | $77.3M | $89.2M | $100.8M | $114.6M | $110.9M | $75.0M | $22.6M | $31.8M | $39.7M | $47.3M |
| Book value per share | $1.44 | $0.98 | $1.20 | $1.38 | $1.55 | $1.76 | $1.97 | $1.30 | $0.47 | $0.66 | $0.81 | $0.95 |
| Shares outstanding | 69.2M | 67.8M | 67.4M | 67.4M | 67.3M | 67.1M | 58.4M | 61.1M | 57.2M | 55.2M | 55.1M | 54.9M |
| Current ratio | 9.63 | 7.26 | 10.53 | 10.02 | 12.05 | 15.58 | 11.88 | 11.93 | 4.57 | 7.06 | 6.76 | 9.50 |
| Quick ratio | 9.27 | 6.99 | 10.22 | 9.82 | 11.85 | 15.37 | 11.74 | 11.72 | 4.39 | 6.87 | 6.61 | 9.28 |
| Debt / equity | 0.07 | 0.11 | 0.09 | 0.09 | 0.08 | 0.07 | 0.08 | 0.11 | 0.32 | 0.25 | 0.21 | 0.18 |
| Equity / assets | 86.1% | 81.2% | 83.9% | 85.2% | 86.9% | 88.8% | 86.7% | 85.0% | 66.7% | 73.8% | 75.0% | 79.1% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed February 19, 2026); data from EODHD.
PLSE financial position
At the end of fiscal 2025 (December 31, 2025), Pulse Biosciences had total assets of $96.1 million (down 27.4% from a year earlier), total liabilities of $15.5 million and shareholders' equity of $80.7 million. It held $80.7 million in cash and short-term investments against $7.5 million of debt, a net cash position of $73.2 million. Its current ratio was 10.53. In the latest quarter (ended June 30, 2026) total assets were $115.6 million and equity $99.5 million.
Related: PLSE income statement, PLSE cash flow statement, PLSE key metrics. See the PLSE stock overview for the latest quote and news.
PLSE balance sheet FAQ
What are Pulse Biosciences's total assets?
Pulse Biosciences reported total assets of $96.1 million at the end of fiscal 2025 (December 31, 2025), compared with $132.5 million a year earlier.
How much debt does Pulse Biosciences have?
Pulse Biosciences had $7.5 million of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was 0.09.
How much cash does Pulse Biosciences have?
Pulse Biosciences held $80.7 million in cash and short-term investments at the end of fiscal 2025; with $7.5 million of debt that is net cash of $73.2 million.
What is Pulse Biosciences's book value?
Pulse Biosciences's shareholders' equity (book value) was $80.7 million at the end of fiscal 2025, or $1.20 per share.
What is Pulse Biosciences's current ratio?
Pulse Biosciences had current assets of $83.4 million and current liabilities of $7.9 million, a current ratio of 10.53 (it can cover its short-term obligations).
How much goodwill does Pulse Biosciences have?
Pulse Biosciences carried $3.4 million of goodwill and intangible assets, 3.5% of total assets, at the end of fiscal 2025.