Oppenheimer has raised its price target for Pulse Biosciences (NASDAQ: PLSE) to $30 from $22 and left its rating at Outperform, citing the company’s recent commercial progress and clinical updates. The firm’s revision accompanies fourth-quarter financials and developments around the company’s soft-tissue and cardiac device programs.
Quarterly results and expenses
Pulse reported fourth-quarter 2025 revenues of $0.3 million, which matched Oppenheimer’s estimate. The company’s operating expenses for the quarter totaled approximately $18.3 million, of which $10.9 million was allocated to research and development and $7.3 million to selling, general and administrative costs. Those figures reflect continued investment behind product development and commercialization initiatives following last year’s soft-tissue ablation platform launch.
Balance sheet and liquidity
At the end of the reporting period Pulse held $80.7 million in cash and cash equivalents. Management continues to use these resources to support ongoing investigational device exemption (IDE) trials and to advance objectives tied to the soft-tissue product launch. The company reported a current ratio of 10.02, indicating substantial short-term liquidity despite persistent operating losses.
Clinical and regulatory progress
Pulse has received FDA clearance to initiate a pivotal IDE study of its nPulse Cardiac Catheter aimed at treating paroxysmal atrial fibrillation. Management expects enrollment to start in the coming months, with study completion anticipated in the fourth quarter of 2026. The company previously presented first-in-human feasibility data for the nPulse Cardiac Catheter System at the AF Symposium, reporting procedural success rates of 100% at six months and 96% at 12 months in a 150-patient cohort.
The FDA has also approved Pulse’s NANOPULSE-AF clinical study, which is structured as a single-arm, multicenter trial that may enroll up to 145 patients across approximately 30 sites, including international locations. Separately, Pulse is planning a research collaboration with The University of Texas MD Anderson Cancer Center to evaluate its nPulse Vybrance Percutaneous Electrode System for thyroid cancer treatment; the FDA has granted an IDE for that study, which is expected to commence in early 2026.
Commercial outlook and reimbursement
Regarding Vybrance, company management expects clarity on labeling and reimbursement within the next four to eight quarters. Oppenheimer noted that feasibility study outcomes require confirmation in larger trials before definitive conclusions about performance and adoption can be drawn.
Other analyst activity
In addition to Oppenheimer’s move, Mizuho has initiated coverage on Pulse Biosciences with an Outperform rating and a $25 price target. Mizuho’s initiation referenced positive physician feedback and anticipated rapid adoption of the company’s technology following FDA clearance.
Valuation context
The stock has gained significant ground this year, rising roughly 83% year-to-date and trading near its 52-week high of $26.30. At the same time, InvestingPro analysis indicates the shares are trading above Fair Value estimates, suggesting that some market participants view the current price as rich relative to quantified valuation benchmarks.
Research access
For investors seeking a deeper dive, a comprehensive Pro Research Report covering Pulse Biosciences is available alongside coverage of more than 1,400 other U.S. equities.
Bottom line
Oppenheimer’s revised target and continued Outperform rating reflect the broker’s assessment of the company’s recent milestones and the prospects for commercialization and clinical validation. Pulse’s cash position and liquidity metrics provide runway for planned trials and early market activities, but the company remains in an investment phase with operating losses and data confirmation needed from larger studies.