Forensic Analysis · Healthcare / Pharmaceuticals / Biotech · as of Aug 11, 2026

Pulse Biosciences, Inc. (PLSE)

A forensic read on Pulse Biosciences, Inc. built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.

D · Weak — demands caution

Forensic grade

Grey Zone

Financial health

210.3

Distress distance

Clean

Earnings quality

Forensic signals

-35.2

P / E (ttm)

-90.2%

ROE

$3.0B

Market cap

0.00%

Dividend yield

0.0%

Revenue growth

This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (red flags, auditor quality, say on pay, board independence). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.

Pulse Biosciences, Inc. earns a D (Weak — demands caution) forensic quality grade, and its balance-sheet distress test reads 210.3, placing it in the Grey zone. 3 forensic signals were flagged in its latest SEC filings, led by receivables vs revenue.

What the filings flag

286d DSO

FY2022→FY2025

Receivables vs revenue. Days sales outstanding moved from 0 to 286 days FY2022→FY2025. Receivables are outrunning sales — a flag for aggressive revenue recognition or slipping collections. FY2022 and FY2025 aren't consecutive filed years here, so FY2025's opening balance can't be taken from FY2022 — both figures are measured on period-end balances rather than the beginning-plus-ending average, which keeps the two endpoints comparable to each other.

+25.7%/yr

FY2022–FY2025

Share-count dilution. Diluted share count changed +99% over the last 3 years to FY2025 (+25.7%/yr). The count is growing: more stock was issued than repurchased over this window, so aggregate results grew faster than their per-share equivalents. That's ~25.7% shaved off per-share growth every year — total profit has to grow that much just to keep earnings-per-share flat, and a stake held since FY2022 has been diluted ~50%.

6131% of rev

FY2025

Stock-based comp load. Stock-based compensation ran 6131% of revenue in FY2025 — about $0.32 per diluted share. The cost of it is not in the cash flow — no cash left the business — it is in the count, and there it has run at about 26.5% a year and is falling.

Key fundamentals

Latest Revenue$350,000.00

Net Margin-20794.6%

Free Cash Flow-$54.4M

Return on Equity-90.2%

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Data from SEC EDGAR public filings · metrics as of Aug 11, 2026. Forensic signals flag probability, not certainty.