UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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Form
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(Mark One)
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x | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the quarterly period ended
Or
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¨ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the transition period from to
Commission File Number:
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(Exact name of registrant as specified in its charter)
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(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |
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(Address of principal executive offices) | (Zip Code) |
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(Registrant’s telephone number, including area code)
___________________________________
Securities registered pursuant to Section 12(b) of the Act:
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Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
The |
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes No ¨
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes No ¨
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
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Large accelerated filer | ¨ | x | |
Non-accelerated filer | ¨ | Smaller reporting company | |
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| Emerging growth company |
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ¨ No
The number of shares outstanding of the registrant’s common stock as of November 2, 2020:
TABLE OF CONTENTS
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements
PULSE BIOSCIENCES, INC.
Condensed Consolidated Balance Sheets
(In thousands, except per share amounts)
(Unaudited)
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| September 30, |
| December 31, | ||
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| 2019 | ||
ASSETS |
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Current assets: |
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Cash and cash equivalents |
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Investments |
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Prepaid expenses and other current assets |
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Total current assets |
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Property and equipment, net |
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Intangible assets, net |
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Goodwill |
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Right-of-use assets |
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Other assets |
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Total assets |
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LIABILITIES AND STOCKHOLDERS’ EQUITY |
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Current liabilities: |
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Accounts payable |
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Accrued expenses |
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Lease liability, current |
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Total current liabilities |
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Lease liability, less current |
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Total liabilities |
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Commitments and contingencies (Note 8) |
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Stockholders’ equity: |
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Preferred stock, $ |
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Common stock, $ authorized – |
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Additional paid-in capital |
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Accumulated other comprehensive income |
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Accumulated deficit |
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Total stockholders’ equity |
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Total liabilities and stockholders’ equity |
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| $ | |
See accompanying notes to the condensed consolidated financial statements.
PULSE BIOSCIENCES, INC.
Condensed Consolidated Statements of Operations and Comprehensive Loss
(In thousands, except per share amounts)
(Unaudited)
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| Three-Month Periods Ended |
| Nine-Month Periods Ended | ||||||||
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| September 30, | ||||||||
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Revenue |
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| $ | — |
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| $ | — |
Operating expenses: |
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General and administrative |
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Research and development |
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Amortization of intangible assets |
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Total operating expenses |
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Other income: |
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Interest income |
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Total other income |
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Net loss |
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Other comprehensive loss: |
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Unrealized gain (loss) on available-for-sale securities |
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Comprehensive loss |
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Net loss per share: |
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Basic and diluted net loss per share |
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Weighted average shares used to compute net loss per common share — basic and diluted |
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See accompanying notes to the condensed consolidated financial statements.
PULSE BIOSCIENCES, INC.
Condensed Consolidated Statements of Cash Flows
(In thousands)
(Unaudited)
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| Nine-Month Periods Ended | ||||
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Cash flows from operating activities: |
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Net loss |
| $ | ( |
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Adjustments to reconcile net loss to net cash used in operating activities: |
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Depreciation |
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Amortization of intangible assets |
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Stock-based compensation |
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Net premium amortization and discount on available-for-sale securities |
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Loss on disposal of fixed assets |
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Gain on U.S. Treasury securities |
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Changes in operating assets and liabilities: |
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Prepaid expenses and other current assets |
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Right-of-use assets |
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Other long-term assets |
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Accounts payable |
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Accrued expenses |
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Lease liabilities |
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Other assets |
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Other current and long-term liabilities |
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Net cash used in operating activities |
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Cash flows from investing activities: |
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Purchases of property and equipment |
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Purchases of investments |
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Maturities of investments |
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Sales of investments |
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Net cash used in investing activities |
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Cash flows from financing activities: |
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Proceeds from issuance of common stock under employee stock purchase plan |
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Proceeds from exercises of warrants |
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Proceeds from exercises of stock options |
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Proceeds from issuance of common stock, net of issuance cost of $ |
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Tax payments related to shares withheld for vested restricted stock units |
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Net cash provided by financing activities |
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Net increase (decrease) in cash |
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Cash and cash equivalents at beginning of period |
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Cash and cash equivalents at end of period |
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Supplemental disclosure of noncash investing and financing activities: |
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Change in unrealized gains on available-for-sale securities |
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Unpaid property and equipment included in accounts payable and accrued expenses |
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Issuance costs for rights offering in accounts payable |
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See accompanying notes to the condensed consolidated financial statements.
PULSE BIOSCIENCES, INC.
Condensed Consolidated Statements of Stockholders’ Equity
(In thousands)
(Unaudited)
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| Additional |
| Accumulated Other |
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| Total | |||
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| Common Stock |
| Paid-in |
| Comprehensive |
| Accumulated |
| Stockholders’ | |||||||
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| Shares |
| Amount |
| Capital |
| Income (Loss) |
| Deficit |
| Equity | |||||
Balance, June 30, 2020 |
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Issuance of shares upon exercise of stock options |
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Issuance of shares under employee stock purchase plan |
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Issuance of shares upon exercise of warrants |
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Stock-based compensation expense |
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Rights offering, additional issuance costs |
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Unrealized gain on available-for-sale securities |
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Net loss |
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Balance, September 30, 2020 |
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| Additional |
| Accumulated Other |
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| Total | |||
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| Common Stock |
| Paid-in |
| Comprehensive |
| Accumulated |
| Stockholders’ | |||||||
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| Shares |
| Amount |
| Capital |
| Income (Loss) |
| Deficit |
| Equity | |||||
Balance, December 31, 2019 |
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Issuance of shares upon exercise of stock options |
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Issuance of shares under employee stock purchase plan |
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Issuance of common stock and warrants in connection with rights offering, net of issuance cost of $ |
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Issuance of shares upon exercise of warrants |
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Stock-based compensation expense |
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Unrealized gain on available-for-sale securities |
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