{
  "docId": "019dd923-622c-750b-8b9a-cb61f3b5c0ba",
  "docSlug": "bb36c74f657a",
  "documentTitle": "Pulse Biosciences (PLSE)",
  "authorId": "61_White_Diamond_Research",
  "authorName": "White Diamond Research",
  "documentKindSlug": "research-note",
  "documentKindLabel": "Research note",
  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2025-05-03 00:00:00",
  "orientation": "portrait",
  "aspectRatio": 0.77272725,
  "pageNumber": 1,
  "pageCount": 13,
  "prevPage": null,
  "nextPage": 2,
  "slideType": "executive_summary",
  "function": "diagnose_problem",
  "density": "overcrowded",
  "nDataPoints": 0,
  "notes": "The slide uses a skeptical, investigative tone to frame the company's history as a series of failures.",
  "elementsJson": [
    "headline_text",
    "bullet_list",
    "paragraph",
    "logo_grid"
  ],
  "metadataConfidence": 1,
  "imagePath": "https://imgproxy.kitesheet.com/wN3kwbFD-kmjFgPpHReuvukEViBBLIM1sQABJ6egqQg/rs:fit:1200:1200:0/q:82/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy9iYjM2Yzc0ZjY1N2EvcDAwMS5wbmc",
  "slideHref": "/slides/019dd923-622c-750b-8b9a-cb61f3b5c0ba/1",
  "deckHref": "/decks/019dd923-622c-750b-8b9a-cb61f3b5c0ba",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b9a-cb61f3b5c0ba.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b9a-cb61f3b5c0ba#slide-1",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "Pulse Biosciences History Of Failure Will Likely Continue",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-70fa-7556-8662-e22d08858c24",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.9,
        "x": 0.05,
        "y": 0.45
      },
      "kind": "list",
      "text": "PLSE’s own paid consultant and investigator of trials, Dr. Vivek Reddy, who owns stock/options in PLSE, has stated that there’s likely no benefit with nano-pulse PFA over micro-pulse PFA. And if there is any benefit, it would be a niche one but that “still remains to be proven”.",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "0db01b7c-1e7a-458b-b584-604753fcb45a",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.04,
        "w": 0.9,
        "x": 0.05,
        "y": 0.54
      },
      "kind": "list",
      "text": "Early PLSE clinical data on thyroids are of poor quality and the outcomes suggest inferior performance vs the competition.",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "69e3025b-4caa-42c8-8c3a-8521526bb1b7",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.06,
        "w": 0.9,
        "x": 0.05,
        "y": 0.38
      },
      "kind": "list",
      "text": "Today, 3-years later, the company has made little progress in developing its technology for the PFA market and is making another transition to Benign Thyroid Ablation. This market is small, and looks to be another dead end for PLSE.",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "a0ee7087-50b5-4718-bc9f-7f38c5d8f59d",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.9,
        "x": 0.05,
        "y": 0.29
      },
      "kind": "list",
      "text": "Pulse Biosciences (PLSE) started in 2004 with its Nano-Pulse Stimulation (NPS) technology, and hasn’t found any success in over 20 years. It failed its dermatology application in 2021, then abandoned it and went into the Pulsed Field Ablation (PFA) cardiac market in 2022.",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "cb592be2-3777-42ee-8be7-07e7f627b93e",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.04,
        "w": 0.9,
        "x": 0.05,
        "y": 0.59
      },
      "kind": "list",
      "text": "PLSE has lost three CEOs over the past three years, and the company doesn’t say why. We logically speculate the reasons.",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "de4cffd1-6185-4a8c-aa56-ae7df2e61bf2",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.06,
        "w": 0.9,
        "x": 0.05,
        "y": 0.71
      },
      "kind": "paragraph",
      "text": "Pulse Biosciences (PLSE) is a speculative MedTech company that has not made any material revenue over the past 20 years with their Nano-Pulse Stimulation (NPS) technology. They started in the oncology field, then pivoted to dermatology. As stated from a Google search:",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "6535c858-cb70-422f-8398-178815fdbafc",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.1,
        "w": 0.9,
        "x": 0.05,
        "y": 0.79
      },
      "kind": "paragraph",
      "text": "In 2004, Pulse Biosciences was focused on developing and commercializing medical devices for ablative treatments, particularly in the oncology field. The company was developing its proprietary Nano-Pulse Stimulation (NPS) technology, which would later become the foundation for its CellFX System. The CellFX System is used for dermatologic conditions, leveraging the non-thermal nature of NPS to address areas where traditional solutions are limited.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "b3cfeef3-3e84-4272-970e-fd478f6cac7d",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "quote",
      "text": "“still remains to be proven” — Dr. Vivek Reddy",
      "attrs": null,
      "subkind": null,
      "toolName": "Authority citation",
      "toolSlug": "authority-citation",
      "confidence": null,
      "componentId": "019dd953-70fa-7556-8662-e7df21191d03",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.02,
        "w": 0.1,
        "x": 0.05,
        "y": 0.92
      },
      "kind": "source-note",
      "text": "Source: Google",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "d2c64303-c64f-4dba-99f0-ad54c6469b98",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.9,
        "x": 0.05,
        "y": 0.66
      },
      "kind": "title",
      "text": "Pulse Biosciences History Of Failure Will Likely Continue",
      "attrs": null,
      "subkind": "action-title",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "c8e9c886-c831-4f5a-a78a-65722698f9d8",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.9,
        "x": 0.05,
        "y": 0.21
      },
      "kind": "title",
      "text": "An Industry Expert’s Analysis of Pulse Biosciences Suggests That Its Pivot Into Benign Thyroid Ablation Will Be Another Dead End",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "b2df435d-c50b-4945-b7cf-14a3163a5a32",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [
    {
      "name": "Executive summary",
      "slug": "executive-summary",
      "agent": null,
      "layer": "slide",
      "matchId": "1f72ff98-4d69-40db-a75e-ec2cfaf61217",
      "evidence": "This slide provides a summary of Pulse Biosciences' history of failure.",
      "confidence": 0.9
    }
  ],
  "frameworks": [],
  "arcBeats": [],
  "loops": [],
  "imagePathAlt": "https://imgproxy.kitesheet.com/vnMmu5GaFNK4y_MhI8uf3EEGvQz4FpGdYyLPTgQDQLw/rs:fit:1200:1200:0/q:82/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy9iYjM2Yzc0ZjY1N2EvcDAwMS5qcGc",
  "thumbSrc": "https://imgproxy.kitesheet.com/_i_yJJ5AMGqwuK3bg_lwu-Zl9ezvuT0S5ODNpxQx8F0/rs:fit:480:480:0/q:78/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy9iYjM2Yzc0ZjY1N2EvcDAwMS5wbmc",
  "thumbSrcAlt": "https://imgproxy.kitesheet.com/GjVi5QycQWlGckJ9zJaMSJYUNNJMJg5n4qP5DaRtWG0/rs:fit:480:480:0/q:78/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy9iYjM2Yzc0ZjY1N2EvcDAwMS5qcGc"
}