On August 10, 2022 Pulse Biosciences, Inc. (Nasdaq: PLSE), a novel bioelectric medicine company commercializing the CellFX System powered by Nano-Pulse Stimulation (NPS) technology, reported financial results for the second quarter ended June 30, 2022 (Press release, Pulse Biosciences, AUG 10, 2022, View Source [SID1234618047]).
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Company Updates
Continued active engagement and collaboration with the nine commercial clinics participating in the CellFX System utilization program.
Received FDA 510(k) clearance of expanded energy settings for use with the family of CellFX System treatment tips in dermatology.
Generated second quarter 2022 revenue of $265 thousand.
Completed two commercial sales of CellFX Systems in the second quarter of 2022.
Transitioned four Controlled Launch Program participants to commercial use, totaling 43 commercial conversions with 12 clinics remaining in the Controlled Launch program, after a total of 15 clinics opted out, as of the end of Q2.
Reduced Q2 GAAP operating expenses by $3.9 million, or 23%, and Non-GAAP operating expenses by $2.9 million, or 21%, compared to the prior quarter.
Completed a rights offering in June, raising $15.0 million in gross proceeds with the potential to raise additional gross proceeds of up to $15.0 million through the exercise of accompanying warrants.
"In the second quarter, we transitioned our commercial focus toward driving utilization of CellFX Systems in a select group of our dermatology clinics. The development and implementation of best practices for clinic integration is demonstrating more clearly the novel value proposition of our NPS technology for patients and clinicians. Looking forward, we will continue to work closely with this subset of clinics to develop a deep understanding of the factors that drive consistent utilization and adoption of the CellFX System," commented Darrin Uecker, President and CEO of Pulse Biosciences. "At the same time, we continue to work towards expanding indications for the CellFX System to support treatments across specific patient populations and in other medical specialties."
Second Quarter 2022 Results
Revenue for the three months ended June 30, 2022 was $265 thousand, including System revenue of $209 thousand and Cycle Units revenue of $56 thousand. Total revenues of $118 thousand were recognized on a non-cash basis resulting from the Controlled Launch Participants opting to acquire CellFX Systems during the quarter.
Total GAAP cost and expenses representing cost of revenues, research and development, sales and marketing, and general and administrative expenses for the three months ended June 30, 2022 were $14.3 million, compared to $14.8 million for the prior year period. Non-GAAP cost and expenses for the three months ended June 30, 2022 were $12.2 million, compared to $12.1 million for the prior year period. While there were no direct restructuring charges incurred during the quarter, $195 thousand remains in accrued expenses as of June 30, 2022 that will be paid over the remainder of the year.
GAAP net loss for the three months ended June 30, 2022 was ($14.0) million compared to ($15.3) million for the three months ended June 30, 2021. Non-GAAP net loss for the three months ended June 30, 2022 was ($11.9) million compared to ($12.6) million for the three months ended June 30, 2021.
Cash and cash equivalents totaled $14.8 million as of June 30, 2022 compared to $47.4 million as of June 30, 2021 and $12.7 million as of March 31, 2022. Cash used in the second quarter of 2022 totaled $12.8 million excluding net proceeds received in the Company’s June 2022 rights offering. This compares to $15.0 million used in the same period in the prior year and $15.9 million used in the first quarter of 2022.
Reconciliations of GAAP to non-GAAP cost and expenses and net loss have been provided in the tables following the financial statements in this press release. An explanation of these measures is also included below under the heading "Non-GAAP Financial Measures."
Webcast and Conference Call Information
Pulse Biosciences’ management will host a conference call today, August 10, 2022, beginning at 1:30pm PT. Investors interested in listening to the conference call may do so by dialing 1-877-704-4453 for domestic callers or 1-201-389-0920 for international callers. A live and recorded webcast of the event will be available at View Source