Chief Commercial Officer Kevin Patrick Danahy of Pulse Biosciences (NASDAQ: PLSE) disposed of 5,000 shares of the company’s common stock on February 18, 2026, realizing proceeds of $118,200. The sale was executed at an average price of $23.64 per share, with reported execution prices ranging from $22.40 to $24.40.
The transaction was reported on a Form 4 filed with the Securities and Exchange Commission and was carried out pursuant to a pre-arranged Rule 10b5-1 trading plan adopted on May 14, 2025. The sale followed a period in which the stock had posted a 47% year-to-date gain; the share price has since moved down to $20.19.
On the same date as the sale, Danahy exercised outstanding options to acquire 5,000 shares of Pulse Biosciences common stock at an exercise price of $1.53 per share, for an aggregate exercise cost of $7,650. Those options trace back to an award granted on September 23, 2022, and the award schedule vests at a rate of 25% annually. After completing these transactions, Danahy is recorded as the direct owner of 43,298 shares of Pulse Biosciences common stock.
An analysis from InvestingPro cited in company-related reporting indicates the stock is trading above its Fair Value estimate, and the platform noted that price movements have been notably volatile. The referenced Invest ingPro materials point to additional paid analysis and tips available on that platform.
Recent company developments
Pulse Biosciences reported fourth-quarter 2025 revenues of $0.3 million, a figure that matched Oppenheimer’s estimates. For the same quarter the company recorded operating expenses of approximately $18.3 million, driven in part by investments in research and development as well as selling, general, and administrative expenses.
Analyst activity has included Oppenheimer raising its price target on Pulse Biosciences to $30 while maintaining an Outperform rating, and Mizuho initiating coverage with an Outperform rating and a $25 price target. Mizuho cited favorable physician feedback and what it described as rapid adoption of the company’s nanosecond pulsed field ablation (PFA) technology.
On the regulatory and clinical front, Pulse Biosciences announced that the FDA granted an Investigational Device Exemption (IDE) allowing the start of the NANOPULSE-AF clinical study targeting paroxysmal atrial fibrillation. The trial will employ the nPulse Cardiac Catheter System and is planned to enroll up to 145 patients. Earlier first-in-human feasibility data for the nPulse Cardiac Catheter System reportedly demonstrated high procedural success rates in treating atrial fibrillation.
Pulse Biosciences also disclosed a planned collaboration with The University of Texas MD Anderson Cancer Center on a study of the company’s technology for thyroid cancer treatment, slated to begin in 2026.
Context and implications
The insider sale occurred alongside option exercises and amid active analyst coverage and clinical milestones. The transactions and public updates provide a snapshot of insider liquidity events coupled with continued company investment in R&D and clinical development. Observers should note the company’s small reported quarterly revenue and materially larger operating expense base while tracking the progress of ongoing clinical programs and analyst expectations.