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Pulse Biosciences Quarterly Investor Conference Call

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Conference call today at 1:30 p.m. PDT / 4:30 p.m. EDT

Pulse Biosciences, Inc. (NASDAQ:PLSE), a clinical stage electroceutical
company developing a proprietary therapeutic tissue treatment based on
its Nano-Pulse Stimulation (NPS) platform, today reported recent
corporate developments and financial results for the three- and
six-month periods ended June 30, 2018.

Recent Developments

  • Announced treatment of first subjects in a study to evaluate the
    safety and efficacy of novel Nano-Pulse Stimulation for the treatment
    of Sebaceous Hyperplasia (SH), a common but difficult-to-treat facial
    lesion.
    • A multicenter study of NPS in the treatment of SH expected to
      enroll up to sixty patients at five leading medical centers
      across the U.S. The study's primary success measurement is the
      degree of SH lesion clearance, as rated by the investigator at the
      final study visit. Study completion is expected by the end of 2018.
  • Announced the treatment of the first patient in a clinical study to
    evaluate NPS in Basal Cell Carcinoma (BCC).
    • A multi-center NPS & resect study evaluating immune and lesion
      response to NPS expected to enroll seventy-five patients with BCC
      at four leading skin cancer surgery centers in the U.S. The study
      will assess through histological and biomarker evaluation NPS'
      impact on the primary BCC and changes elicited in the immune
      response to the BCC as a result of NPS. Study completion expected
      during the first quarter of 2019.
  • Abstract titled, Nanosecond Pulsed Stimulation study of
    intracellular organelle changes in liver tumor cells in vivo using
    electron microscopy,
    presented from the podium at The Joint Annual
    Meeting of the Bioelectromagnetics Society and the European
    Bioelectromagnetics Association.
    • Chief Science Officer Richard Nuccitelli, Ph.D., presented the
      results of a study of the intracellular effects of NPS on rat
      liver tumor cells as observed by electron microscopy. The study
      indicates that NPS treatment results in disruption of key
      intracellular organelles shortly after treatment and initiate
      cellular changes that present in the hours following treatment.

"Our progress in developing clinical applications for Nano-Pulse
Stimulation continues to accelerate through 2018 as we move additional
projects into the clinic and further build the portfolio of scientific
evidence of our mechanism of action," stated Darrin Uecker, President
and Chief Executive Officer. "We are mid-way through 2018 and are
excited not only as to the progress made so far but the opportunity for
additional advancements during the remainder of 2018."

Financial Highlights

Cash, cash equivalents, and investments totaled $27.5 million at
June 30, 2018, compared to $38.1 million at December 31, 2017. Cash use
totaled $5.9 million for the second quarter of 2018 compared to cash use
of $3.9 million for the fourth quarter of 2017. Cash use for 2018 is
currently anticipated to total approximately $24 million.

Operating expenses for the three-month period ended June 30, 2018
totaled $9.3 million, compared to $6.2 million for the three-month
period ended June 30, 2017. Operating expenses for the three-month
period ended June 30, 2018 included non-cash stock-based compensation of
$3.2 million, compared to non-cash stock-based compensation of
$2.8 million for the three-month period ended June 30, 2017.

Operating expenses for the six-month period ended June 30, 2018
totaled $18.0 million, compared to $9.5 million for the six-month period
ended June 30, 2017. Operating expenses for the six-month period ended
June 30, 2018 included non-cash stock-based compensation of
$6.6 million, compared to non-cash stock-based compensation of
$3.1 million for the six-month period ended June 30, 2017.

Conference Call Details

Pulse Biosciences will host an investor call on July 31, 2018, at 1:30
p.m. PDT / 4:30 p.m. EDT. The telephone dial-in number for the call is
(844) 494-0190 (U.S. toll-free) or (508) 637-5580 (international) using
Conference ID 3295809. Listeners will also be able to access the call
via webcast available on the Investors section of the Company's website
at www.pulsebiosciences.com.

About Pulse Biosciences

Pulse Biosciences is a publicly listed clinical stage electroceutical
company pursuing multiple clinical applications of its proprietary
Nano-Pulse Stimulation technology. Nano-Pulse Stimulation (NPS) is a
non-thermal, precise, focal tissue treatment technology comprised of
nanosecond (billionth of a second) range pulsed electric fields that
directly affect the cell membrane and intracellular structures and
initiates cell death in treated cells. The initiation of cell death by
NPS results in a minimal inflammatory response, which improves healing
outcomes and supports the replacement of treated tissue cells with
healthy tissue cells. NPS' unique mechanism of action to initiate cell
death has the potential to significantly benefit patients for multiple
medical applications in dermatology, immune-oncology, and in other
unique tissue targets. In cancerous lesions, NPS has been shown in
preclinical models to induce immunogenic cell death (ICD), which exposes
the unique antigens of the treated cells to the immune system and
enrolls immune system cells, such as cytotoxic T-cells to mount an
adaptive immune response. More information is available at www.pulsebiosciences.com.

Forward-Looking Statements

All statements in this press release that are not historical are
forward-looking statements, including, among other things, statements
relating to Pulse Biosciences' expectations regarding regulatory
clearance and the timing of FDA filings or approvals, the mechanism of
action of NPS treatments, current and planned future clinical studies,
other matters related to its pipeline of product candidates, future
financial performance, anticipated cash use and other future events.
These statements are not historical facts but rather are based on Pulse
Biosciences' current expectations, estimates, and projections regarding
Pulse Biosciences' business, operations and other similar or related
factors. Words such as "may," "will," "could," "would," "should,"
"anticipate," "predict," "potential," "continue," "expects," "intends,"
"plans," "projects," "believes," "estimates," and other similar or
related expressions are used to identify these forward-looking
statements, although not all forward-looking statements contain these
words. You should not place undue reliance on forward-looking statements
because they involve known and unknown risks, uncertainties, and
assumptions that are difficult or impossible to predict and, in some
cases, beyond Pulse Biosciences' control. Actual results may differ
materially from those in the forward-looking statements as a result of a
number of factors, including those described in Pulse Biosciences'
filings with the Securities and Exchange Commission. Pulse Biosciences
undertakes no obligation to revise or update information in this release
to reflect events or circumstances in the future, even if new
information becomes available.

 
PULSE BIOSCIENCES, INC.
Condensed Consolidated Balance Sheets
(Unaudited)
       
June 30, December 31,

(in thousands)

2018 2017
ASSETS
Current assets:
Cash and investments $ 27,499 $ 38,069
Prepaid expenses and other current assets   1,161     412  
Total current assets 28,660 38,481
Leasehold improvements and equipment, net of
Accumulated depreciation 2,432 2,570
Intangible assets, net of accumulated amortization 5,545 5,878
Goodwill 2,791 2,791
Other assets   101     101  
Total assets $ 39,529   $ 49,821  
 
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 1,502 $ 782
Accrued expenses 1,164 1,034
Deferred rent, current   406     397  
Total current liabilities 3,072 2,213
Long term liabilities:
Deferred rent   1,410     1,613  
Total liabilities   4,482     3,826  
Stockholders' equity:
Common stock 91,051 84,219
Accumulated other comprehensive loss - (51 )
Accumulated deficit   (56,004 )   (38,173 )
Total stockholders' equity   35,047     45,995  
Total liabilities and stockholders' equity $ 39,529   $ 49,821  
 
       
PULSE BIOSCIENCES, INC.
Condensed Consolidated Statements of Operations
(Unaudited)

 

Three-Month Periods Ended
June 30, June 30,

(in thousands, except per share amounts)

2018 2017
Revenue $   $  
Operating expenses:
General and administrative

5,173

3,924
Research and development 3,960 2,130
Amortization of intangible assets   167     167  
Total operating expenses   9,300     6,221  
Other income:
Interest income   137     41  
Total other income   137     41  
Net loss $ (9,163 ) $ (6,180 )
Net loss per share:
Basic and diluted net loss per share $ (0.54 ) $ (0.43 )
Weighted average shares used to compute net loss per common share —
basic and diluted
  16,881     14,233  
 
 
PULSE BIOSCIENCES, INC.
Condensed Consolidated Statements of Operations
(Unaudited)

 

       
Six-Month Periods Ended
June 30, June 30,

(in thousands, except per share amounts)

2018 2017
Revenue $   $  
Operating expenses:
General and administrative 10,555 5,268
Research and development 7,136 3,857
Amortization of intangible assets   333     333  
Total operating expenses   18,024     9,458  
Other income:
Interest income   193     80  
Total other income   193     80  
Net loss $ (17,831 ) $ (9,378 )
Net loss per share:
Basic and diluted net loss per share $ (1.06 ) $ (0.67 )
Weighted average shares used to compute net loss per common share —
basic and diluted
  16,861     14,019  
 

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