# EDGAR Filing Document

**Accession Number:** 0001625101
**File Stem:** 0001437749-26-014203
**Filing Date:** 2026-4
**Character Count:** 155027
**Document Hash:** 5a5e5fc46d071cae25c5a831e863c287
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001437749-26-014203.hdr.sgml**: 20260430

**ACCESSION NUMBER**: 0001437749-26-014203

**CONFORMED SUBMISSION TYPE**: 10-K/A

**PUBLIC DOCUMENT COUNT**: 16

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260430

**DATE AS OF CHANGE**: 20260430

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** PULSE BIOSCIENCES, INC.
- **CENTRAL INDEX KEY:** 0001625101
- **STANDARD INDUSTRIAL CLASSIFICATION:** SURGICAL & MEDICAL INSTRUMENTS & APPARATUS [3841]
- **ORGANIZATION NAME:** 08 Industrial Applications and Services
- **EIN:** 465696597
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 10-K/A
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-37744
- **FILM NUMBER:** 26925412

**BUSINESS ADDRESS:**
- **STREET 1:** 3957 POINT EDEN WAY
- **CITY:** HAYWARD
- **STATE:** CA
- **ZIP:** 94545
- **BUSINESS PHONE:** 510-906-4600

**MAIL ADDRESS:**
- **STREET 1:** 3957 POINT EDEN WAY
- **CITY:** HAYWARD
- **STATE:** CA
- **ZIP:** 94545

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Pulse Biosciences, Inc.
- **DATE OF NAME CHANGE:** 20151210

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Electroblate, Inc.
- **DATE OF NAME CHANGE:** 20141113

?xml version='1.0' encoding='ASCII'? plse20260427_10ka.htm

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**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

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**Form 10-K/A**

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**(Mark One)**

**☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**

**For the fiscal year ended December 31, 2025**

**Or**

**☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**

**For the transition period from**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **to**

**Commission File Number 001-34899**

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**Pulse Biosciences, Inc.**

**(Exact name of registrant as specified in its charter)**

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| | |
|:---|:---|
| **Delaware** | **46-5696597** |
| **(State or other jurisdiction of incorporation or organization)** | **(I.R.S. Employer Identification No.)** |
| **601 Brickell Key Drive, Suite 1080**<br> **Miami, FL** | **33131** |
| **(Address of principal executive offices)** | **(Zip Code)** |

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**Registrant**'**s telephone number, including area code: (510) 906-4600**

**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** |
| **Common Stock, par value $0.001 per share** | **PLSE** | **The Nasdaq Stock Market LLC** |

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**Securities registered pursuant to Section 12(g) of the Act: None**

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ☐ No ☒

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Act. Yes ☐ No ☒

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, 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 | ☐ | Accelerated filer | ☐ |
| Non-accelerated filer | ☒ | Smaller reporting company | ☒ |
|  |  | Emerging growth company | ☐ |

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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 has filed a report on and attestation to its management's assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. ☐

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. ☐

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant's executive officers during the relevant recovery period pursuant to §240.10D-1(b). ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

Aggregate market value of registrant's common stock held by non-affiliates of the registrant on March 31, 2026, the last business day of the registrant's most recently completed first fiscal quarter, based upon the closing price of the registrant's common stock on such date as reported by Nasdaq Capital Market, was approximately $394,339,817. Shares of voting stock held by each officer and director have been excluded in that such persons may be deemed to be affiliates. This assumption regarding affiliate status is not necessarily a conclusive determination for other purposes.

Number of shares outstanding of the registrant's common stock as of March 31, 2026: 68,225,067

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| | | |
|:---|:---|:---|
| Auditor Name | Auditor Location | Auditor Firm ID |
| Deloitte & Touche LLP | San Francisco, California | PCAOB ID 34 |

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**DOCUMENTS INCORPORATED BY REFERENCE:**

None.

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[**Table of Contents**](#toc)

**EXPLANATORY NOTE**

The Company is filing this Amendment No. 1 ("Amendment") to its Annual Report on Form 10-K for the fiscal year ended December 31, 2025, originally filed with the Securities and Exchange Commission (the "SEC") on February 19, 2026 (the "Original Filing"), for the purpose of providing the information required by Items 10, 11, 12, 13, and 14 of Part III of Form 10-K. This information was previously omitted from the Original Filing in reliance on General Instruction G(3) to the Annual Report on Form 10-K, which permits the above-referenced Items to be incorporated in the Annual Report on Form 10-K by reference from a definitive proxy statement, if such definitive proxy statement is filed no later than 120 days after December 31, 2025.

Pursuant to the rules of the SEC, we have also included as exhibits currently dated certifications required under Section 302 of The Sarbanes-Oxley Act of 2002. Because no financial statements are contained within this Amendment, we are not including certifications pursuant to Section 906 of The Sarbanes-Oxley Act of 2002. We are amending and refiling Part IV to reflect the inclusion of those certifications, along with any changes to Part IV that occurred after the date of the Original Filing.

In addition, we made certain revisions to the cover page, including the deletion of the reference to our proxy statement.

Except as described above, no other changes have been made to the Original Filing. Except as otherwise indicated herein, this Amendment continues to speak as of the date of the Original Filing, and the Company has not updated the disclosures contained therein to reflect any events that occurred subsequent to the date of the Original Filing.

**SPECIAL NOTE ABOUT FORWARD-LOOKING STATEMENTS**

This Amendment contains certain "forward-looking statements" that involve substantial risks and uncertainties. In some cases, you can identify forward-looking statements by the following words: "may," "will," "could," "would," "should," "expect," "intend," "plan," "anticipate," "believe," "estimate," "predict," "project," "potential," "continue," "ongoing" or the negative of these terms or other comparable terminology, although not all forward-looking statements contain these words. These statements relate to future events or our future financial performance or condition and involve known and unknown risks, uncertainties and other factors that could cause our actual results, levels of activity, performance or achievement to differ materially from those expressed or implied by these forward-looking statements.

You should read this Amendment and the documents that we reference elsewhere in this Amendment completely and with the understanding that our actual results may differ materially from what we expect as expressed or implied by our forward-looking statements. In light of the significant risks and uncertainties to which our forward-looking statements are subject, you should not place undue reliance on or regard these statements as a representation or warranty by us or any other person that we will achieve our objectives and plans in any specified timeframe, or at all. We discuss many of these risks and uncertainties in greater detail in the Original Filing, particularly in Part I. Item 1A. "Risk Factors." These forward-looking statements represent our estimates and assumptions only as of the date of this Amendment regardless of the time of delivery of this Amendment. Except as required by law, we undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise after the date of this Amendment.

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[**Table of Contents**](#toc)

**TABLE OF CONTENTS**

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| | | |
|:---|:---|:---|
|  | [PART III](#PART_III) | <u>**Page**</u> |
| [Item 10.](#Item_10) | [<u>Directors, Executive Officers, and Corporate Governance</u>](#Item_10) | [4](#Item_10) |
| [Item 11.](#Item_11) | [Executive Compensation](#Item_11) | [12](#Item_11) |
| [Item 12.](#Item_12) | [<u>Securi</u>ty <u>Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters</u>](#Item_12) | [20](#Item_12) |
| [Item 13.](#Item_13) | [Certain Relationships and Related Transactions, and Director Independence](#Item_13) | [21](#Item_13) |
| [Item 14.](#Item_14) | [<u>Principal Accounting</u> <u>Fees and Services</u>](#Item_14) | [22](#Item_14) |
|  | [PART IV](#Part_IV) |  |
| [Item 15.](#Item_15) | [<u>Exhibits, Financial Statement Schedules</u>](#Item_15) | [23](#Item_15) |

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[**Table of Contents**](#toc)

**PART III**

**Item 10. Directors, Executive Officers, and Corporate Governance.**

**BOARD OF DIRECTORS AND COMMITTEES OF THE BOARD**

**Board and Committee Meetings**

Our Board of Directors and its committees meet throughout the year on a set schedule, hold special meetings as needed, and act by written consent from time to time. During fiscal year 2025, our Board of Directors held five (5) meetings, and each director attended at least 75% of the aggregate of (i) the total number of meetings of our Board of Directors held during the period for which he or she has been a director and (ii) the total number of meetings held by all committees of our Board of Directors on which he or she served during the periods that he or she served.

The names of our directors, their ages as of March 31, 2026 and certain other information about them are set forth below:

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| | | |
|:---|:---|:---|
| **Name** | **Age** | **Position** |
| Paul A. LaViolette | 68 | Co-Chairman of the Board of Directors, Chief Executive Officer and President |
| Robert W. Duggan | 81 | Co-Chairman of the Board of Directors |
| Maria Sainz | 60 | Director |
| Manmeet S. Soni | 48 | Director and Lead Independent Director |
| Darrin R. Uecker | 60 | Director and Chief Technology Officer |
| Richard A. van den Broek | 60 | Director |
| Mahkam Zanganeh, D.D.S. | 55 | Director |

---

The principal occupations and positions and directorships for at least the past five years of our directors, as well as certain information regarding their individual experience, qualifications, attributes and skills that led our Board of Directors to conclude that they should serve on the Board of Directors, are described below. Mr. Duggan and Dr. Zanganeh were married in December 2024. Otherwise, there are no family relationships among any of our directors or executive officers.

**Paul A. LaViolette** was appointed to our Board of Directors, as its Co-Chairman, in August 2024 and as our President and Chief Executive Officer in January 2025. Mr. LaViolette brings over forty years of experience in global medical technology, operating leadership and investing. Since December 2008, he has served as the Managing Partner and Chief Operating Officer of SV Health Investors LLC, a specialist healthcare fund management company. Previously, Mr. LaViolette held various positions during his fifteen years with Boston Scientific Corporation ("BSC"), including Chief Operating Officer, President, Cardiology and President, international. While at BSC, he integrated dozens of acquisitions and led extensive product development, operations, and worldwide commercial organizations. Before BSC, Mr. LaViolette held marketing and general management positions at C.R. Bard Inc. and various marketing roles at Kendall, Inc. Since July 2020, Mr. LaViolette has served on the board of directors of Edwards Lifesciences, a publicly traded global leader of patient-focused innovations for structural heart disease and critical care monitoring. He served as the chairman of the board for Asensus Surgical, Inc., from September 2013 to October 2021, Misonix, Inc., from September 2019 to October 2021, and Thoratec Corporation, from May 2009 until its acquisition by St. Jude Medical in October 2015, each a public company, and on the boards of several other early and growth stage private medical companies. Mr. LaViolette has also served as the Chairman of the Innovation Advisory Board of Mass General Brigham since 2015. Additionally, Mr. LaViolette served on the board and was the chairman of the Medical Device Manufacturers Association and on the board and executive committee of the Advanced Medical Technology Association. Mr. LaViolette received his bachelor's degree in Psychology from Fairfield University and earned his MBA from Boston College.

Mr. LaViolette was appointed as a director because of his significant combined service as chief executive officer or senior executive officer of multiple innovative health care companies and for his career spanning over thirty years as a venture investor and advisor for a broad range of companies, and extensive expertise in vision, strategic development, planning, finance, and management.

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[**Table of Contents**](#toc)

**Robert W. Duggan** was appointed to our Board of Directors, as its Chairman, in November 2017, and he served as the Executive Chairman of our Board of Directors from September 2022 to August 2024 when he was appointed Co-Chairman. Mr. Duggan is currently co-Chief Executive Officer of Summit Therapeutics Inc., a company developing Ivonescimab for the treatment of lung cancer and other medicinal therapies intended to improve quality of life, increase potential duration of life, and resolve serious unmet medical needs, as well as its Executive Chairman, a position he has held since February 2020, and its majority stockholder. Since 2016, Mr. Duggan has also been Chief Executive Officer of Duggan Investments, Inc., a venture capital and public equity investment firm primarily focused on patient-friendly breakthrough solutions to complex diseases of aging. From September 2007 through its acquisition by AbbVie Inc. in May 2015, Mr. Duggan was a member of the board of directors of Pharmacyclics, Inc., a developer of small-molecule medicines for the treatment of cancers. Mr. Duggan was also the Chairman and Chief Executive Officer of Pharmacyclics, from September 2008 to May 2015, as well as its largest investor. From 1990 to 2003, Mr. Duggan was Chairman of the Board of Directors of Computer Motion, Inc. and, from 1997 to 2003, he served as its Chief Executive Officer. In June 2003, Computer Motion merged with Intuitive Surgical Inc. After Intuitive Surgical's acquisition of Computer Motion, from 2003 to 2011, Mr. Duggan served on the board of directors of Intuitive Surgical. Mr. Duggan received a U.S. Congressman's Medal of Merit from Ron Paul in 1985 and in 2000 he was named a Knight of the Legion D'Honor by President Jacques Chirac of France. He is a member of the University of California at Santa Barbara Foundation board of trustees.

Mr. Duggan was appointed as a director because of his significant combined service as chief executive officer and director of multiple innovative health care companies and for his career spanning over forty years as a venture investor and advisor for a broad range of companies, and extensive expertise in vision, strategic development, planning, finance, and management.

**Manmeet S. Soni** was appointed to our Board of Directors in November 2017 and has served as its Lead Independent Director since March 2023. Since October 2023, Mr. Soni has been the Chief Operating Officer of Summit Therapeutics, Inc. Prior to this, Mr. Soni was the President, Chief Operating Officer, and Chief Financial Officer of Reata Pharmaceuticals, Inc., a pharmaceutical company focused on developing small molecule therapeutics for the treatment of severe life-threatening diseases. Mr. Soni joined Reata in August 2019, as Chief Financial Officer, Executive Vice President and was promoted in June 2020 to Chief Operating Officer and Chief Financial Officer, Executive Vice President of Reata. Prior to joining Reata Pharmaceuticals, Mr. Soni was the Senior Vice President and Chief Financial Officer of Alnylam Pharmaceuticals Inc. from May 2017 to August 2019. From March 2016 to February 2017, Mr. Soni served as Executive Vice President, Chief Financial Officer and Treasurer of ARIAD Pharmaceuticals, Inc., a biopharmaceutical company, when ARIAD was acquired by Takeda Pharmaceutical Company Limited. Mr. Soni continued as an employee of ARIAD through May 2017. Previously, he served as Chief Financial Officer of Pharmacyclics, Inc., a biopharmaceutical company, until its acquisition by AbbVie in May 2015, after which he supported AbbVie during the post-acquisition transition through September 2015. Prior to joining Pharmacyclics, Mr. Soni worked at Zeltiq Aesthetics Inc., a publicly held medical technology company as Corporate Controller. Prior to Zeltiq, Mr. Soni worked at PricewaterhouseCoopers in the life science and venture capital group. Prior to that, he worked at PricewaterhouseCoopers India providing audit and assurance services. Mr. Soni has served as a member of the board of directors of Summit Therapeutics Inc., since December 2019. Mr. Soni has also served as a member of the board of directors of Arena Pharmaceuticals, Inc. from December 2018 to June 2021. Mr. Soni is a Certified Public Accountant and Chartered Accountant from India.

Mr. Soni was appointed as a director because of his extensive experience in the life sciences industry and his financial and accounting expertise.

**Maria Sainz** was appointed to our Board of Directors on January 8, 2026. Ms. Sainz currently serves as the President and Chief Executive Officer of Hyperfine, Inc., a commercial-stage medical device company delivering an AI-powered portable MRI machine, positions she has held since October 2022. Ms. Sainz has over 30 years of operating experience in healthtech. At the executive level, she has served as President and Chief Executive Officer at each of AEGEA Medical (acquired by CooperSurgical), where she negotiated and structured its acquisition in addition to leading launch-ready efforts, from May 2018 to February 2021; CardioKinetix Inc., a VC-backed medical device company building an interventional heart failure therapy, where she led significant clinical/regulatory and financing milestones, from April 2012 to June 2017; and Concentric Medical (acquired by Stryker Corporation), a VC-backed company pioneering stroke thrombectomy, where she negotiated the acquisition and drove commercial revenue to $36M, from April 2008 to April 2012. Prior to this, Ms. Sainz served in various leadership roles at Guidant Corporation and Boston Scientific, from November 1991 to March 2008, including Strategic Advisor to the COO, President of the Cardiac Surgery Division, Vice President of Global Marketing for Vascular Intervention, and Vice President for CRM and Cardiac Surgery in EMEA. In addition, Ms. Sainz has served on the boards of numerous companies, including Shockwave Medical (NASDAQ: SWAV), Spectranetics Corp (NASDAQ: SPNC), Avanos Medical (NASDAQ: AVNS), and Orthofix Medical Inc (NASDAQ: OFIX). Ms. Sainz received her Masters in English at University Complutense University of Madrid and her Masters in International Management from the Thunderbird School of Global Management at Arizona State University.

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Ms. Sainz was appointed as a director because of her exceptionally strong track record of guiding both public and private medical device companies through growth, commercialization, viability, and scale.

**Darrin R. Uecker** has been a director of Pulse Biosciences since September 2015 and our Chief Technology Officer since September 2022. Previously, he served as our Chief Executive Officer for seven years, as the Company developed and launched its first product, the CellFX System. Mr. Uecker has over 25 years of experience in the medical device field. From January 2014 to September 2015, Mr. Uecker was the President and Chief Operating Officer of Progyny, Inc., a company that developed Eeva™, the world's first automated time-lapse system for embryo selection during in-vitro fertilization. From June 2009 to January 2014, Mr. Uecker was the Chief Executive Officer and President as well as a Director of Gynesonics, Inc., a company that developed a novel medical device for the treatment of symptomatic uterine fibroids using ultrasound guided radiofrequency ablation. Prior to that, Mr. Uecker served in a variety of executive level roles, including as a Senior Vice President at CyperHeart, Inc. (June 2008 to June 2009), a company that developed an external beam radiation platform for the treatment of heart arrhythmias, a Senior Vice President at Conceptus, Inc. (May 2007 to June 2008), and as Chief Technology Officer at RITA Medical Systems, Inc. (January 2004 to January 2007), a medical device oncology company focused on ablative therapies. Mr. Uecker holds an M.S. degree in Electrical and Computer Engineering from the University of California at Santa Barbara.

Mr. Uecker was appointed as a director because of his practical experience leading the technical, research, development, and other mission-critical functions at various life science companies developing innovative technologies.

**Richard A. van den Broek** was appointed to our Board of Directors in August 2020. Mr. van den Broek currently serves as managing partner of HSMR Advisors, LLC, a position he has held since February 2004, and has served as a director of PhaseBio Pharmaceuticals, Inc. since February 2019 and Cogstate Ltd since 2009. Mr. van den Broek previously served on the boards of directors of Pharmacyclics, Inc. from December 2009 to April 2015, Response Genetics, Inc., from December 2010 to September 2015, Special Diversified Opportunities, Inc., from March 2008 to October 2015, and Celldex Therapeutics, Inc., from December 2014 to December 2016. Mr. van den Broek also received an A.B. from Harvard University and is a Chartered Financial Analyst.

Mr. van den Broek was appointed as a director because of his extensive experience in the biotechnology sector and deep understanding of the global pharmaceutical market.

**Mahkam** "**Maky**" **Zanganeh, D.D.S.** was appointed to our Board of Directors in February 2017. Dr. Zanganehserves as a director and co-Chief Executive Officer of Summit Therapeutics Inc. as well as the Founder/CEO of Maky Zanganeh and Associates, which provides consulting and executive management services to businesses in the areas of product development, research, transactions, and commercialization. Previously, from August 2012 to September 2015, she served as the Chief Operating Officer of Pharmacyclics Inc. She also served as Chief of Staff and Chief Business Officer of Pharmacyclics from December 2011 to July 2012 and Vice President, Business Development, from August 2008 to November 2011. Prior to joining Pharmacyclics, Dr. Zanganeh served as President Director General (2007-2008) for the French government bio-cluster project initiative in France, establishing alliances and developing small life science businesses regionally. From September 2003 to August 2008, Dr. Zanganeh served as Vice President of Business Development for Robert W. Duggan & Associates. Dr. Zanganeh also served as worldwide Vice President of Training & Education (2002-2003) and President Director General for Europe, Middle East and Africa (1998-2002) for Computer Motion Inc. Dr. Zanganeh received a DDS degree from Louis Pasteur University in Strasbourg, France and an MBA from Schiller International University in France.

Dr. Zanganeh was appointed as a director because of her years of executive and operational experience in the life sciences industry.

**Board Committees**

Our Board of Directors has an Audit Committee, a Compensation Committee, a Nominating and Corporate Governance Committee, and a Strategic Advisory Committee, each of which has the composition and the responsibilities described below. These committees all operate under charters approved by our Board of Directors, which charters are available on the Investors page of our website at *www.pulsebiosciences.com* under "Corporate Governance." Our Board of Directors from time to time establishes additional committees to address specific needs.

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[**Table of Contents**](#toc)

The following table sets forth (i) the four standing committees of the Board of Directors, (ii) the current members of each committee, except as stated below, and (iii) the number of meetings held by each committee in fiscal year 2025:

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| | | | | |
|:---|:---|:---|:---|:---|
| **Name** | **Audit** | **Compensation** | **Nominating and**<br> **Corporate**<br> **Governance** | **Strategic**<br> **Advisory**<br> **Committee** |
| Robert W. Duggan |  | X | X |  |
| Paul A. LaViolette<sup>(1)</sup> | X |  | X | X\* |
| Maria Sainz | X |  |  |  |
| Manmeet S. Soni | X\* | X\* | X\* | X |
| Richard A. van den Broek | X | X |  |  |
| Mahkam Zanganeh |  |  |  | X |
| Number of meetings held during 2025 | 4 | 2 | 1 | 4 |

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\* Chair of committee.

(1) Mr. LaViolette was elected to our board of directors as of August 9, 2024. He was appointed as a member of our Audit Committee, Corporate Governance and Nominating Committee, and Strategic Advisory Committee in connection with his election. However, upon his appointment as our Chief Executive Officer and President on January 9, 2025, Mr. LaViolette resigned from his position as a member of these committees other than remaining as an *ex officio* member of the Strategic Advisory Committee as our Chief Executive Officer.

Our Corporate Governance Guidelines set out that all directors are expected to attend our annual meeting of stockholders. All of the current Board members who were members of the Board at our 2025 annual stockholder meeting attended such meeting.

**Audit Committee**

Our Audit Committee oversees our corporate accounting and financial reporting process and assists the Board of Directors in monitoring our financial systems and our legal and regulatory compliance. Our Audit Committee is responsible for, among other things:

● reviewing and monitoring our corporate financial reporting and the external audit;

● providing to our Board of Directors the results of its observations and recommendations derived therefrom;

● outlining to our Board of Directors improvements made, or to be made, in internal accounting controls;

● selecting and supervising the independent auditors;

● preparing the Audit Committee's report required by the SEC rules to be included herein; and

● providing to our Board of Directors such additional information and materials as the Audit Committee may deem necessary to make our Board of Directors aware of significant financial, reporting and compliance matters that require the attention of our Board of Directors.

The members of our Audit Committee are Ms. Sainz, Mr. Soni and Mr. van den Broek. Mr. Soni serves as our Audit Committee chair. Our Board of Directors has determined that each member of our Audit Committee is independent within the meaning of the independent director guidelines of The Nasdaq Stock Market. We believe that the composition of our Audit Committee meets the requirements for independence under, and the functioning of our Audit Committee complies with, all applicable requirements of The Nasdaq Stock Market and SEC rules and regulations. In addition, our Board of Directors has determined that Ms. Sainz and Messrs. Soni and van den Broek meet the financial literacy requirements under the rules of The Nasdaq Stock Market and the SEC and that Mr. Soni qualifies as Audit Committee financial expert as defined under SEC rules and regulations.

**Compensation Committee**

Our Compensation Committee oversees our corporate compensation policies, plans and programs. Our Compensation Committee is responsible for, among other things:

● reviewing and approving, or recommending to our Board of Directors for approval, corporate goals and objectives relevant to the compensation of our executive officers, evaluating their performance in light of those goals and objectives, and determining and approving, or recommending to our Board of Directors for approval, their compensation based on this evaluation and such other factors as the Compensation Committee or our Board of Directors, as applicable, deem appropriate;

● reviewing and approving, or making recommendations to our Board of Directors with respect to, the compensation of certain Company executives other than our executive officers, and incentive-compensation and equity-based plans that are subject to our Board of Director's approval;

● providing oversight of our compensation policies and plans and benefits programs, and overall compensation philosophy;

● administering our equity compensation plans for its executive officers and employees and the granting of equity awards pursuant to such plans or outside of such plans; and

● preparing the report of the Compensation Committee required by the rules and regulations of the SEC.

The members of our Compensation Committee are Messrs. Soni, Duggan, and van den Broek. Mr. Soni serves as the chair of our Compensation Committee. Our Board of Directors has determined that each member of our Compensation Committee is independent within the meaning of the independent director guidelines of The Nasdaq Stock Market. We believe that the composition of our Compensation Committee meets the requirements for independence under, and the functioning of our Compensation Committee complies with, all applicable requirements of The Nasdaq Stock Market and SEC rules and regulations.

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**Nominating and Corporate Governance Committee**

Our Nominating and Corporate Governance Committee oversees and assists our Board of Directors in reviewing and recommending corporate governance policies and nominees for election to our Board of Directors. Our Nominating and Corporate Governance Committee is responsible for, among other things:

● reviewing and making recommendations to our Board of Directors on matters concerning corporate governance;

● reviewing and making recommendations to our Board of Directors on matters regarding the composition of our Board of Directors;

● identifying, evaluating and nominating candidates for our Board of Directors;

● recommending appointments to committees of our Board of Directors and chairpersons for such committees.

The members of our Nominating and Corporate Governance Committee are Messrs. LaViolette, Duggan, and Soni. Mr. Soni serves as chair of our Nominating and Corporate Governance Committee. Our Board of Directors has determined that each member of our Nominating and Corporate Governance Committee is independent within the meaning of the independent director guidelines of The Nasdaq Stock Market.

**Strategic Advisory Committee**

The purpose of the Board's Strategic Advisory Committee (the "Advisory Committee") is to (i) assist our Board of Directors in carrying out its responsibility of overseeing the Company's business strategy, (ii) make recommendations to the Board of Directors and management concerning the Company's strategic direction and objectives, and (iii) serve as a liaison between the Board of Directors and management. While it is the responsibility of the Board of Directors to set Company business strategy, strategic plans and initiatives and the responsibility of Company management to implement and execute the Company's strategic plans and initiatives, including day-to-day operational and organizational decisions related thereto, the Advisory Committee has been formed to foster a cooperative, interactive, strategic planning process between the Board of Directors and Company management that appropriately leverages Board member experience and expertise to develop those strategic plans and initiatives.

In discharging its role, the Advisory Committee is empowered to inquire into any matter it considers appropriate to carry out its responsibilities, with access to all books, records, facilities, and personnel of the Company, and, subject to Board of Directors direction, the Advisory Committee is authorized and delegated the authority to act on behalf of the Board with respect to any matter necessary or appropriate to the accomplishment of its purposes. The Advisory Committee has the power to retain outside counsel or other advisors to help it carry out its activities.

The members of our Advisory Committee are Messrs. Soni and Dr. Zanganeh, and Mr. LaViolette serves in an *ex officio* capacity as our Chief Executive Officer.

**Director Compensation**

Employee directors are not compensated except for their regular employee compensation for serving on the Company's Board of Directors. For 2025, the Company's non-employee members of the Board have been compensated as follows:

*Cash Compensation*. Non-employee members of the Board have received the following retainer cash compensation (the "Retainer Cash Payments"), in each case payable on a quarterly basis consistent with the Company's revised practices:

● each non-employee director is eligible to receive an annual retainer of $55,000;

● the non-Chair members of the Strategic Advisory Committee, Audit Committee, Compensation Committee, and Nominating and Corporate Governance Committee are eligible to receive an additional annual retainer of $75,000, $13,000, $7,500, and $5,500, respectively, for their service on each of these committees, as applicable;

● the Chair of the Audit Committee, Compensation Committee, and Nominating and Corporate Governance Committee are eligible to receive an additional annual retainer of $26,000, $15,300, and $11,000, respectively, for their leadership on each of these committees, as applicable;

● the co-Chairman of the Board is eligible to receive an additional annual retainer of $44,000; and

● the Lead Independent Director of the Board is eligible to receive an additional annual retainer of $80,000.

We have also reimbursed our non-employee directors for all reasonable out-of-pocket expenses incurred in the performance of their duties as directors.

Pursuant to our Amended Compensation Policy each non-employee director may elect, and still can elect, to convert all or a portion of his or her Retainer Cash Payments into a number of options (the "Retainer Option," and such election, a "Retainer Option Election"). The number of shares subject to a Retainer Option will be equal to (i) the product of (A) the dollar value of the aggregate Retainer Cash Payments that the non-employee director elects to forego over the course of a specified period covered by a Retainer Option Election in favor of receiving a Retainer Option multiplied by (B) three, divided by (ii) the fair market value of a share on the date of grant of the Retainer Option, provided that the number of shares covered by such Retainer Option shall be rounded to the nearest whole share.

*Equity Compensation*: Pursuant to our Amended Compensation Policy for independent directors, each new non-employee director receives a stock option grant to purchase 50,000 shares of our common stock under the terms of the then in effect equity compensation plan. These initial awards vest over three years, with one-third of the shares subject to the option vesting on the one-year anniversary of the date of grant, and the remaining shares vesting monthly over the following two years, provided such non-employee director continues to serve as a director through each vesting date. In addition, each newly appointed member of the Strategic Advisory Committee receives a stock option grant to purchase 200,000 shares of our common stock under the terms of the then in effect equity compensation plan. These initial awards vest over four years, with one-quarter of the shares subject to the option vesting on the date of the next annual meeting of Company stockholders, and the remaining shares vesting monthly over the following three years, provided such non-employee director continues to serve as a member of the Strategic Advisory Committee through each vesting date. In addition, each non-employee director is eligible to automatically received an annual stock option grant to purchase 20,000 shares of our common stock on the date of the annual meeting beginning on the date of the first annual meeting that is held after such non-employee director receives his or her initial award, provided such non-employee director continues to serve as a director through such date. Such annual awards vest monthly over one year, provided such non-employee director continues to serve as a director through each vesting date.

In the event of a "change in control," the participant non-employee director will fully vest in and have the right to exercise awards as to all shares underlying such awards and all restrictions on awards will lapse, and all performance goals or other vesting criteria will be deemed achieved at 100% of target level and all other terms and conditions met, provided the non-employee director remains a director through the date of such change in control.

In January 2025, the Board amended the stock option Mr. LaViolette received in 2024 upon his appointment to the Advisory Committee, so that it would continue to vest for so long as he remains a Service Provider, as defined by our equity compensation plans, and continues to serve on the Advisory Committee in an *ex officio* capacity.

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The following table sets forth information concerning compensation paid or earned for services rendered to us by the non-employee members of our Board of Directors for the fiscal year ended December 31, 2025. Compensation paid to Mr. Uecker is included below in the section entitled, "Executive Compensation" and excluded from the table below:

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| | | | |
|:---|:---|:---|:---|
| **Name** | **Fees Earned or Paid<br> in Cash<br> ($)** | **Option Awards<br> ($)<sup>(1)</sup>** | **Total<br> ($)** |
| Robert W. Duggan | 18252 | 614888 | 633140 |
| Paul A. LaViolette<sup>(2)</sup> | 39541 | 6717960 | 6757501 |
| Manmeet S. Soni | 267255 | 364548 | 631803 |
| Richard A. van den Broek | 48196 | 364548 | 412744 |
| Mahkam Zanganeh | 49479 | 655126 | 704605 |

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(1) Amounts shown represent the aggregate grant date fair value of the option awards computed in accordance with FASB ASC Topic 718. These amounts do not correspond to the actual value that will be realized. The assumptions used in the valuation of these awards are consistent with the valuation methodologies specified in the notes to our financial statements. During fiscal year 2025, Mr. LaViolette was granted option awards with market-based and performance-based vesting conditions. The maximum potential value of Mr. LaViolette's option awards was $16,239,000, at the time of grant, assuming the highest level of performance achieved.

(2) Mr. LaViolette was elected to our board of directors as of August 9, 2024. As previously disclosed, Mr. LaViolette was appointed as our President and Chief Executive Officer as of January 9, 2025.

The aggregate number of shares subject to stock options, warrants or other rights to acquire stock, both outstanding and exercisable at December 31, 2025, for each of our non-employee directors, as of December 31, 2025, was as follows:

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| | | |
|:---|:---|:---|
| **Name** | **Aggregate Number of Stock<br> Options, Warrants or Rights Outstanding as of<br> December 31, 2025** | **Aggregate Number of Stock<br> Options, Warrants or Rights Exercisable as of<br> December 31, 2025** |
| Robert W. Duggan | 261078 | 230682 |
| Paul A. LaViolette<sup>(1)(2)</sup> | 1750000 | 93750 |
| Manmeet S. Soni<sup>(2)</sup> | 558885 | 413885 |
| Richard A. van den Broek | 270911 | 250911 |
| Mahkam Zanganeh<sup>(2)</sup> | 506220 | 349153 |

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(1) Mr. LaViolette was elected to our board of directors, effective as of August 9, 2024. As previously disclosed, Mr. LaViolette was appointed as our President and Chief Executive Officer, effective as of January 9, 2025.

(2) Messrs. LaViolette and Soni and Dr. Zanganeh were each granted an option to purchase up to 200,000 shares of common stock for their service on the Strategic Advisory Committee of our Board of Directors, with each grant subject to future stockholder approval of an increase in the number of shares available to grant under the Company's Equity Incentive Plan.

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**EXECUTIVE OFFICERS**

Biographical data for our current executive officers, including their ages as of December 31, 2025, is set forth below. For biographical data for Messrs. LaViolette and Uecker, see "*Board of Directors and Committees of the Board,"* above.

**Jon Skinner**, age 40, has served as our Chief Financial Officer since February 2025. Mr. Skinner most recently served as Vice President, FP&A and Investor Relations at Copeland, a private equity backed industrial company, from January 2024 to January 2025. From December 2021 to January 2024, Mr. Skinner was Vice President, Finance and Corporate Development at Imperative Care, a venture backed medical technology company. There, he spearheaded M&A, strategy, partnerships, and sales operations along with providing financial and strategic support for all development stage business units. While at Imperative Care, he also served as the interim CFO of Kandu Health during its spin-out and fundraising process. Prior to his time at Imperative Care, from August 2016 to December 2021, Mr. Skinner served in various roles at Teleflex (NYSE: TFX), a global medical technology company, including, most recently, Vice President, Finance – Interventional Urology (June 2021 to December 2021), Senior Director, Corporate Development (April 2020 to May 2021), and Director, Corporate Development (January 2018 to March 2020). There he led accounting, FP&A, customer service, and sales operations for the Interventional Urology Business Unit, following his role as Senior Director, Corporate Development, where he helped close 25 M&A transactions. Mr. Skinner holds a Bachelor of Science and a Master of Business Administration from The Ohio State University.

**Liane Teplitsky**, age 49, has served as our Chief Operating Officer since April 2026. Ms. Teplitsky most recently served as Chief Executive Officer of Artedrone, where she led the strategy and development of an autonomous robotic technology for stroke treatment. Previously, Ms. Teplitsky held senior marketing and commercial leadership roles at Abbott Laboratories and St. Jude Medical, contributing to the development, clinical validation, and global commercialization of cardiovascular and electrophysiology (EP) therapies. She also served as President of Robotics, Technology and Data Solutions at Zimmer Biomet, where she led global strategy and commercialization for robotics and digital health technologies. Ms. Teplitsky holds a Master of Science in Biomedical Engineering from Duke University and Bachelor of Science degrees in Electrical Engineering and Physiology from the University of Saskatchewan. Ms. Teplitsky currently serves as Chairman of the Board of Carvolix (Paris-EUR) and will remain in this role as she joins Pulse Biosciences.

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**CORPORATE GOVERNANCE**

**Overview**

**The Board of Director**'**s Role in Risk Oversight**

Our management has day-to-day responsibility for identifying risks facing us, including implementing suitable mitigating processes and controls, assessing risks in relation to Company strategies and objectives, and appropriately managing risks in a manner that serves the best interests of the Company, our stockholders, and other stakeholders. Our Board of Directors is responsible for ensuring that an appropriate culture of risk management exists within the Company and for setting the right "tone at the top," overseeing our aggregate risk profile, and assisting management in addressing specific risks.

Generally, various committees of our Board of Directors oversee risks associated with their respective areas of responsibility and expertise. For example, our Audit Committee oversees, reviews and discusses with management and the independent auditor risks associated with our internal controls and procedures for financial reporting and the steps management has taken to monitor and mitigate those exposures; our Audit Committee also oversees the management of other risks, including those associated with credit risk. Our Compensation Committee oversees the management of risks associated with our compensation policies, plans and practices. Our Nominating and Corporate Governance Committee oversees the management of risks associated with director independence and the composition and organization of the Board of Directors. Management and other employees report to the Board of Directors and/or to the relevant committees from time to time on risk-related issues.

**Director Independence**

Based upon information requested from and provided by each director concerning his or her background, employment and affiliations, including family relationships, our Board of Directors has determined that each of Ms. Sainz, Dr. Zanganeh and Messrs. Duggan, Soni and van den Broek, representing four of our seven directors, is "independent" as that term is defined under the rules of The Nasdaq Stock Market and none of these directors has or has had a relationship that would interfere with the exercise of independent judgment in carrying out the responsibilities of a director.

Our Board of Directors also determined that Ms. Sainz and Messrs. Soni and van den Broek, who comprise our Audit Committee, Messrs. Soni, Duggan, and van den Broek, who comprise our Compensation Committee, and Messrs. Soni, and Duggan, who comprise our Nominating and Corporate Governance Committee, satisfy the independence standards for those committees established by applicable SEC rules*,* including Rule 10A-3 of the Exchange Act, and the rules of The Nasdaq Stock Market. In making these determinations, our Board of Directors considered the relationships that each non-employee director has or has had with our Company and all other facts and circumstances that our Board of Directors deemed relevant in determining their independence, including the beneficial ownership of our capital stock by each non-employee director.

The Board has concluded that Messrs. LaViolette and Uecker are presently not independent directors as they hold executive officer positions at the Company. The Board of Directors believes that the independence of the members of the Board of Directors satisfies the independence standards established by applicable SEC rules and the rules of The Nasdaq Stock Market.

**Director Nominations**

Candidates for nomination to our Board of Directors are selected by the Nominating and Corporate Governance Committee in accordance with the committee's charter, and our Certificate of Incorporation and Bylaws. The Nominating and Corporate Governance Committee evaluates all candidates in the same manner and using the same criteria, regardless of the source of the recommendation.

The Nominating and Corporate Governance Committee may retain recruiting professionals to assist in identifying and evaluating candidates for director nominees. Our Board of Directors has adopted Corporate Governance Guidelines and the Nominating and Corporate Governance Committee has adopted Policies and Procedures for Director Candidates which sets out, among other things, that the Nominating and Corporate Governance Committee considers factors such as character, integrity, judgment, diversity of experience (including age, gender, international background, race and professional experience), independence, area of expertise, length of service, potential conflicts of interest, other commitments and the like. The Nominating and Corporate Governance Committee considers the following minimum qualifications to be satisfied by any nominee to the Board of Directors: the highest personal and professional ethics and integrity; proven achievement and competence in the nominee's field and the ability to exercise sound business judgment; skills that are complementary to those of the existing Board of Directors; the ability to assist and support management and make significant contributions to the Company's success; and an understanding of the fiduciary responsibilities that is required of a member of the Board of Directors and the commitment of time and energy necessary to diligently carry out those responsibilities.

Based on the Nominating and Corporate Governance Committee's recommendation, the Board of Directors selects director nominees and recommends them for election by our stockholders, and also fills any vacancies that may arise between annual meetings of stockholders.

As a publicly held corporation listed on The Nasdaq Stock Market with operations in California, the Company is subject to certain laws and listing requirements that mandate gender and other diversity on its board of directors, such as requirements to have a minimum number of directors from underrepresented communities. These requirements can be found at Nasdaq Listing Rule 5605(f)(4) and California Corporations Code sections 301.3 and 301.4. Currently, the Company is not in compliance with all of these requirements. However, the Nominating and Corporate Governance Committee considers director candidates with these requirements in mind and director recruitment efforts are continuing.

Moreover, the Nominating and Corporate Governance Committee will consider director candidates who are proposed by our stockholders in accordance with our Bylaws, our Nominating and Corporate Governance Committee's Policies and Procedures for Director Candidates and other procedures established from time to time by the Nominating and Corporate Governance Committee.

**Code of Business Conduct and Ethics**

We have adopted a code of business conduct that is applicable to all of our employees, officers, and directors. Our code of business conduct is available on the Investors page of our website at www.pulsebiosciences.com under "Corporate Governance." We will post amendments to, or waivers of, our code of business conduct on the same website.

**Insider Trading Policy**

We have adopted an insider trading policy that governs the purchase, sale and/or disposition of our securities by our directors, officers, employees, and consultants. In the first quarter of 2026, we amended and restated our insider trading policy to (i) require all members of the Company's "Senior Leadership" to obtain Audit Committee approval to adopt any securities trading plan pursuant to Rule 10b5-1 of the U.S. Securities and Exchange Act, and (ii) lengthen our quarterly open trading window under the policy. We believe the insider trading policy is reasonably designed to promote compliance with insider trading laws, rules and regulations, and applicable Nasdaq listing standards. A copy of our amended and restated insider trading policy is filed as Exhibit 19.1 to this report on Form 10-K.

**Communication with the Board of Directors**

Any stockholder communication with our Board of Directors or individual directors should be directed to Pulse Biosciences, Inc., c/o Corporate Secretary, 3957 Point Eden Way, Hayward, CA 94545. The Corporate Secretary will forward these communications, as appropriate, directly to the director(s). The independent directors of the Board of Directors review and approve the stockholder communication process periodically in an effort to enable an effective method by which stockholders can communicate with the Board of Directors.

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**Item 11. Executive Compensation.** 

**Compensation Committee Report**

*The following report of the Compensation Committee shall not be deemed to be* "*soliciting material*" *or to otherwise be considered* "*filed*" *with the SEC, nor shall such information be incorporated by reference into any future filing under the Securities Act of 1933 (the* "*Securities Act*"*) or the Exchange Act except to the extent that the Company specifically incorporates it by reference into such filing.*

**Members of the Compensation Committee**

Manmeet S. Soni (Chair)

Robert W. Duggan

Richard A. van den Broek

**Executive Compensation**

The following is a discussion and analysis of compensation arrangements of our named executive officers (NEOs). This discussion contains forward looking statements that are based on our current plans, considerations, expectations, and determinations regarding future compensation programs. Actual compensation programs that we adopt may differ materially from currently planned programs as summarized in this discussion. As a "smaller reporting company" as defined under Rule 405 of the Securities Act, we are not required to include a Compensation Discussion and Analysis section and have elected to comply with the scaled disclosure requirements applicable to smaller reporting companies.

We seek to ensure that the total compensation paid to our executive officers is reasonable and competitive. Compensation of our executives is structured around the achievement of individual performance and near-term corporate targets as well as long-term business objectives.

Our named executive officers for fiscal year 2025 were our principal executive officer, our principal financial officer and our next two most highly compensated executive officers who were serving as executive officers as of December 31, 2025, namely: (i) Paul A. LaViolette, our Co-Chairman of the Board of Directors and our current Chief Executive Officer, (ii) Jon Skinner, our Chief Financial Officer, (iii) Darrin R. Uecker, our Chief Technology Officer and a member of our Board of Directors, and (iv) Kevin P. Danahy, our former Chief Commercial Officer. Ms. Liane Teplitsky, our Chief Operating Officer, joined the Company in April 2026, so she is not included in the summary compensation table for fiscal year 2025, below. Mr. Danahy resigned from the Company in February 2026, and no cash severance was owed under his employment agreement.

In February 2025, the Compensation Committee concluded that 88.88% of the Company's 2024 corporate objectives had been achieved and decided to award 2024 cash bonuses equal to 88.88% of each employee's target bonus amount, which bonuses were paid in early 2025.

In February 2026, the Compensation Committee concluded that the Company's 2025 corporate objectives had not been achieved and decided not to award 2025 cash bonuses.

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**Summary Compensation Table**

The following table provides information regarding the compensation of our principal executive officer as well as our next two most highly compensated executive officers who were serving as executive officers as of December 31, 2025, as well as our principal executive officer in 2025, and additional corrected information for certain of our former named executive officers.

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Name and Principal Position** | **Year** | **Salary<br> ($)** | **Bonus<br> ($)** | **Option** <br> **Awards<br> ($)(1)** | **All Other<br> Compensation<br> ($)** | **Total<br> ($)** |
| Paul A. LaViolette<sup>(2)</sup> | 2025 | 708523 |  | 6717960 | 1416 | 7427899 |
| Chief Executive Officer and Co-Chairman | 2024 |  |  |  |  |  |
|  | 2023 |  |  |  |  |  |
|  | 2022 |  |  |  |  |  |
| Jon Skinner<sup>(3)</sup> | 2025 | 366667 | 56000 | 2419035 | 1298 | 2843000 |
| Chief Financial Officer | 2024 |  |  |  |  |  |
|  | 2023 |  |  |  |  |  |
|  | 2022 |  |  |  |  |  |
| Darrin R. Uecker | 2025 | 540312 | 328161 |  | 1416 | 869889 |
| Chief Technology Officer and Director | 2024 | 512500 | 102473 |  | 1437 | 616410 |
|  | 2023 | 433333 | 399973<sup>(4)</sup> | 4556552 | 1420 | 5391278 |
|  | 2022 | 485909 |  |  | 1326 | 487235 |
| Kevin P. Danahy<sup>(5)</sup> | 2025 | 525000 | 328161 |  | 1416 | 854577 |
| Former Chief Commercial Officer | 2024 | 512500 | 102473 | 1955188 | 1437 | 2571598 |
|  | 2023 | 433332 | 399973<sup>(4)</sup> | 5030974 | 1420 | 5865699 |
|  | 2022 | 350038 |  | 1215760 | 1203 | 1567001 |
| Burke T. Barrett<sup>(6)</sup> | 2025 |  |  |  |  |  |
| Former Chief Executive Officer and Former Director | 2024 | 327318<sup>(8)</sup> | 108510 | 8700311 | 1437 | 9137576 |
|  | 2023 |  |  |  |  |  |
|  | 2022 |  |  |  |  |  |
| Mitchell E. Levinson<sup>(7)</sup> | 2025 |  |  |  |  |  |
| Former Chief Strategy Officer and Former Director | 2024 |  |  |  |  |  |
|  | 2023 | 369563 | 213582 | 1061568 | 1420 | 1646133 |
|  | 2022 | 360000 |  |  | 1338 | 361338 |

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(1) Amounts shown represent the aggregate grant date fair value of the option awards computed in accordance with FASB ASC Topic 718. These amounts do not correspond to the actual value that will be realized by our named executive officers. The assumptions used in the valuation of these awards are consistent with the valuation methodologies specified in the notes to our financial statements. During fiscal year 2025, Messrs. LaViolette and Skinner were each granted option awards with market-based and performance-based vesting conditions. The maximum potential value of their option awards were $16,239,000 and $2,625,375, respectively, at the time of their grant, assuming the highest level of performance achieved. The potential value of each of these awards is not reflected in the table above.

(2) Mr. LaViolette was appointed as our President and Chief Executive Officer as of January 9, 2025. He did not receive any employment compensation from us during fiscal year 2024, 2023 or 2022.

(3) Mr. Skinner joined the Company in February 2025. He did not receive any employment compensation for fiscal year 2024, 2023 or 2022.

(4) Reflects prepayment of the 2023 bonus potential by the Company's Board of Directors.

(5) Mr. Danahy served as our Chief Commercial Officer from February 2022 to October 2022 and again from January 2025 to February 2026. He served as our Chief Executive Officer from October 2022 to May 2024 and again from December 2024 to January 2025.

(6) Mr. Barrett served as our Chief Executive Officer from May 2024 to December 2024. He did not receive any compensation for fiscal years 2022 and 2023. He only received continuing severance payments in fiscal year 2025.

(7) Mr. Levinson's status as a named executive officer ended in 2024 and his employment ended in 2026. Accordingly, we are only reporting the compensation he received in 2022 and 2023 in the above table.

(8) Reflects a severance payment of $21,875.

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**Outstanding Equity Awards at Fiscal Year-End**

The following table presents certain information concerning equity awards held by our Named Executive Officers, as of December 31, 2025. The Company had no outstanding stock awards, other than stock options, as of December 31, 2025.

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Option Awards** | **Option Awards** | **Option Awards** | **Option Awards** |
| **Name** | **Number of Securities Underlying Outstanding Options<br> (#)** | **Number of Securities Underlying Outstanding Options<br> (#)** | **Option Exercise Price<br> ($/sh)** | **Option Expiration Date** |
|  | **Exercisable** | **Unexercisable and Unearned** |  |  |
| Paul A. LaViolette | 75000 | 125000<sup>(1)</sup> | 15.65 | 08/09/2034 |
|  | 18750 | 31250<sup>(2)</sup> | 15.65 | 08/09/2034 |
|  |  | 5425<sup>(3)</sup> | 18.43 | 01/09/2035 |
|  |  | 107075<sup>(3)</sup> | 18.43 | 01/09/2035 |
|  |  | 5425<sup>(3)</sup> | 18.43 | 01/09/2035 |
|  |  | 332075<sup>(3)</sup> | 18.43 | 01/09/2035 |
|  |  | 600000<sup>(5)</sup> | 18.43 | 01/09/2035 |
|  |  | 450000<sup>(5)</sup> | 18.43 | 01/09/2035 |
| Kevin P. Danahy<sup>(6)</sup> | 75000 | 25000<sup>(3)</sup> | 6.41 | 02/14/2032 |
|  | 25000 | 25000<sup>(3)</sup> | 6.41 | 02/14/2032 |
|  | 312500 | 112500<sup>(3)</sup> | 1.53 | 09/23/2032 |
|  | 100000 | 25000<sup>(4)</sup> | 6.41 | 02/14/2032 |
|  |  | 25000<sup>(5)</sup> | 6.41 | 02/14/2032 |
|  |  | 500000<sup>(5)</sup> | 6.44 | 04/29/2033 |
|  |  | 200000<sup>(5)</sup> | 7.08 | 07/12/2033 |
|  |  | 460000<sup>(7)</sup> | 4.38 | 11/01/2033 |
| Darrin R. Uecker | 195000<sup>(8)</sup> |  | 30.99 | 06/07/2027 |
|  | 187286<sup>(8)</sup> |  | 30.99 | 06/07/2027 |
|  | 54750<sup>(4)</sup> |  | 24.03 | 03/22/2031 |
|  | 37500<sup>(8)</sup> |  | 10.66 | 05/18/2030 |
|  |  | 500000<sup>(5)</sup> | 6.44 | 04/29/2033 |
|  |  | 200000<sup>(5)</sup> | 7.08 | 07/12/2033 |
|  |  | 330000<sup>(7)</sup> | 4.38 | 11/01/2033 |
| Jon Skinner |  | 19616<sup>(3)</sup> | 20.93 | 02/03/2035 |
|  |  | 130384<sup>(3)</sup> | 20.93 | 02/03/2035 |
|  |  | 150000<sup>(5)</sup> | 20.93 | 02/03/2035 |

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(1) Granted subject to future stockholder approval of an increase in the number of shares available to grant under the Company's Equity Incentive Plan.

(2) Board service grant pursuant to the Company's Amended and Restated Outside Director Compensation Policy.

(3) Grant consisting of 100% time-based vesting option grants.

(4) Performance-based vesting stock option grants of which a portion of the performance criteria have been achieved.

(5) Performance-based vesting stock option grants of which no performance criteria have been achieved.

(6) Mr. Danahy served as our Chief Commercial Officer from January 2025 to February 2026.

(7) Stock options will vest in full automatically upon the earlier to occur of (i) the six (6) year anniversary of the grant date, and (ii) the 1-year anniversary of a Change in Control, as defined by the Company's 2017 Equity Incentive Plan; provided, however, that no Change in Control shall be found to exist for purposes of vesting of the Awards if the primary purpose of the persons investing in the Company is principally to provide working capital financing, and not to acquire a controlling interest in the Company, notwithstanding whether the sum of such investment, after the financing, equals or exceeds 50% of the ownership of the Company.

(8) Fully-vested stock option grants.

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**Employment Agreement with Paul A. LaViolette (Chief Executive Officer)**

We entered into an employment agreement with Mr. LaViolette on January 9, 2025, when he joined the Company as our President and Chief Executive Officer. Mr. LaViolette's employment agreement has no specific term and constitutes at-will employment. His current annual base salary is $725,000. Presently, Mr. LaViolette is eligible for an annual target bonus equal to 70% of his annual base salary, subject to achievement of performance objectives. Mr. LaViolette is also eligible to participate in employee benefit plans maintained from time to time by us of general applicability to other senior executives.

Mr. LaViolette's employment agreement provided him the right to receive an option to purchase up to 1,500,000 shares of our common stock (the "LaViolette Start Date Option"). Under Mr. LaViolette's employment agreement, the LaViolette Start Date Option will vest according to the following schedule provided he continues to provides services to the Company as a Service Provider, as defined by the Company's equity plans, through each such vesting date:

(i) 7.5% of the option shares subject to the LaViolette Start Date Option (equal to 112,500 option shares) will vest on the third anniversary of January 9, 2025; (ii) 22.5% of the option shares subject to the LaViolette Start Date Option (equal to 337,500 option shares) will vest on the fourth anniversary of January 9, 2025; (iii) 30% of the option shares subject to the LaViolette Start Date Option (equal to 450,000 options shares) will vest based upon the achievement of the following performance objectives:

a. One-third of the 30% (equal to 150,000 option shares) would vest when the Company has had a market capitalization of not less than three billion ($3.0B) for 270 consecutive calendar days and the Company has generated not less than $48 million of GAAP product revenue over twelve months;

b. One-third of the 30% (equal to 150,000 option shares) would vest when the Company has had a market capitalization of not less than four billion ($4.0B) for 270 consecutive calendar days and the Company has generated not less than $115 million of GAAP product revenue over twelve months with 10% GAAP operating margin;

c. One-third of the 30% (equal to 150,000 option shares) would vest when the Company has had a market capitalization of not less than five billion ($5.0B) for 270 consecutive calendar days and the Company has generated not less than $175 million of GAAP product revenue over twelve months with 15% GAAP operating margin; and

(iv) 40% of the options shares subject to the LaViolette Start Date Option (600,000 option shares) will vest based upon the achievement of the following performance objectives:

a. 50% of the 40% (equal to 300,000 option shares) would vest when the Company has a market capitalization of not less than six billion ($6.0B) for 270 consecutive calendar days and the Company has generated not less than $300 million of GAAP product revenue over twelve months with 70% GAAP gross margin and 20% GAAP operating margin; and

b. 50% of the 40% (equal to 300,000 option shares) would vest when the Company has a market capitalization of not less than nine billion ($9.0B) for 270 consecutive calendar days and the Company has generated not less than $500 million of GAAP product revenue over twelve months with 75% GAAP gross margin and 30% GAAP operating margin.

However, pursuant to his employment agreement, if Mr. LaViolette's employment is involuntary terminated within twelve months following a Company "change of control," as such term is defined in his applicable option agreements, 100% of his unvested equity awards then outstanding will fully vest and become exercisable. If his employment is involuntarily terminated not in connection with a Company change of control, then the vesting of his outstanding equity awards that would normally vest over the following twelve-month period will immediately accelerate and fully vest prior to his termination.

If we terminate Mr. LaViolette's employment other than for "cause," death, or disability or if he resigns for "good reason," as defined in his employment agreement, then, subject to his execution of a release of claims in our favor and Mr. LaViolette's compliance with certain restrictive covenants set forth in his employment agreement, Mr. LaViolette is entitled to receive (i) continuing payments of his then-current base salary for a period of three months following his termination of employment or for a period of twelve months if occuring within twelve months of a change of control, less applicable withholdings, and (ii) reimbursement of premiums to maintain group health insurance continuation benefits pursuant to "COBRA" for Mr. LaViolette and his respective dependents until the earlier of (A) Mr. LaViolette or his eligible dependents become covered under similar plans, or (B) the date upon which Mr. LaViolette ceases to be eligible for coverage under COBRA, or (C) the twelve month anniversary of the termination of his employment.

As defined in Mr. LaViolette's employment agreement, as amended, "cause" means Mr. LaViolette's (i) conviction of, or plea of nolo contendere to, a felony or any crime involving fraud, embezzlement or any other act of moral turpitude, (ii) gross misconduct, (iii) unauthorized use or disclosure of any proprietary information or trade secrets of the Company or any other party to whom Mr. LaViolette owes an obligation of nondisclosure as a result of Mr. LaViolette relationship with the Company; (iv) willful breach of any obligations under any written agreement or covenant with the Company that is injurious to the Company; or (v) continued failure to perform his employment duties after Mr. LaViolette has received a written demand of performance from the Company which specifically sets forth the factual basis for the Company's belief that Mr. LaViolette has not substantially performed his duties and has failed to cure such non-performance to the Company's satisfaction within 30 business days after receiving such notice.

As defined in Mr. LaViolette's employment agreement, as amended, "good reason" means Mr. LaViolette's resignation within 30 days following the expiration of any Company cure period (discussed below) following the occurrence of one or more of the following, without Mr. LaViolette's express written consent: (i) the assignment to Mr. LaViolette of any duties beyond the generally recognized scope of employment of a company chief executive officer or the reduction of Mr. LaViolette's duties or the removal of Mr. LaViolette from his position and responsibilities as chief executive officer, either of which must result in a material diminution of Mr. LaViolette's authority, duties, or responsibilities with the Company in effect immediately prior to such assignment; provided, however, if Mr. LaViolette is provided with an alternative executive type position within the Company or its subsidiaries at the same or better compensation as proved herein or that a reduction in duties, position or responsibilities solely by virtue of the Company being acquired and made part of a larger entity will not constitute "good reason"; or (ii) a material reduction in Mr. LaViolette's base salary (except where there is a reduction applicable to the management team generally of not more than 10% of Mr. LaViolette's base salary). Mr. LaViolette will not resign for good reason without first providing the Company with written notice of the acts or omissions constituting the grounds for "good reason" within 90 days of the initial existence of the grounds for "good reason" and a reasonable cure period of not less than 30 days following the date of such notice and such grounds for "good reason" have not been cured during such cure period.

In the event any payment to Mr. LaViolette pursuant to his employment agreement would be subject to the excise tax imposed by Section 4999 of the Internal Revenue Code (the "Code") as a result of a payment being classified as a parachute payment under Section 280G of the Code, Mr. LaViolette will receive such payment as would entitle him to receive the greatest after-tax benefit, even if it means that we pay him a lower aggregate payment so as to eliminate the potential excise tax imposed by Section 4999 of the Code.

Mr. LaViolette has also entered into our standard inventions assignment, confidentiality and non-competition agreement and our standard indemnification agreement for officers and directors.

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**Employment Agreement with Jon Skinner (Chief Financial Officer)**

We entered into an employment agreement with Mr. Skinner on January 31, 2025, when he joined the Company as our Chief Financial Officer. Mr. Skinner's employment agreement has no specific term and constitutes at-will employment. His current annual base salary is $400,000. Presently, Mr. Skinner is eligible for an annual target bonus equal to 50% of his annual base salary, subject to achievement of performance objectives. Mr. Skinner is also eligible to participate in employee benefit plans maintained from time to time by us of general applicability to other senior executives.

Mr. Skinner's employment agreement provided him the right to receive an option to purchase up to 300,000 shares of our common stock (the "Skinner Start Date Option"). Under Mr. Skinner's employment agreement, the Skinner Start Date Option will vest according to the following schedule provided he continues to provides services to the Company as a Service Provider, as defined by the Company's equity plans, through each such vesting date:

i. Time Based Vesting: up to 50% of the Start Date Option (equal to 150,000 option shares) will vest as follows: 12.5% will vest (equal to 37,500 option shares) on the first Anniversary of the Start Date and thereafter 12.5% (equal to 37,500 option shares per year) will vest in equal amounts on an annual basis over the three year period starting with the first anniversary of the Start Date, and

ii. Performance Based Vesting: up to the remaining 50% of the option shares subject to the Start Date Option (equal to 150,000 options shares) will vest based upon the achievement of the following performance objectives:

a. 25% of the 50% (equal to 37,500 option shares) would vest when the Company has had a market capitalization of not less than two billion ($2.0B) for 270 consecutive calendar days and the Company has generated not less than $8 million of GAAP product revenue over twelve months

b. 25% of the 50% (equal to 37,500 option shares) would vest when the Company has had a market capitalization of not less than three billion ($3.0B) for 270 consecutive calendar days and the Company has generated not less than $48 million of GAAP product revenue over twelve months

c. 25% of the 50% (equal to 37,500 option shares) would vest when the Company has had a market capitalization of not less than four billion ($4.0B) for 270 consecutive calendar days and the Company has generated not less than $115 million of GAAP product revenue over twelve months

d. 25% of the 50% (equal to 37,500 option shares) would vest when the Company has had a market capitalization of not less than five billion ($5.0B) for 270 consecutive calendar days and the Company has generated not less than $175 million of GAAP product revenue over twelve months.

However, pursuant to his employment agreement, if Mr. Skinner's employment is involuntary terminated within twelve months following a Company "change of control," as such term is defined by his employment agreement, either 100% of his unvested equity awards then outstanding will fully vest and become exercisable, or 50% of his unvested equity awards will fully vest and become exercisable if his involuntary termination occurs before January 31, 2026. If his employment is involuntarily terminated not in connection with a Company change of control, then the vesting of his outstanding equity awards that would normally vest over the following twelve-month period will immediately accelerate and fully vest prior to his termination.

If we terminate Mr. Skinner's employment other than for "cause," death, or disability or if he resigns for "good reason," as defined in his employment agreement, then, subject to his execution of a release of claims in our favor and Mr. Skinner's compliance with certain restrictive covenants set forth in his employment agreement Mr. Skinner is entitled to receive (i) continuing payments of his then-current base salary for a period of twelve months following his termination of employment, less applicable withholdings, and (ii) reimbursement of premiums to maintain group health insurance continuation benefits pursuant to "COBRA" for Mr. Skinner and his respective dependents until the earlier of (A) Mr. Skinner or his eligible dependents become covered under similar plans, (B) the date upon which Mr. Skinner ceases to be eligible for coverage under COBRA, or (C) the date on which he is no longer eligible to continue receiving severance payments from the Company.

As defined in Mr. Skinner's employment agreement, "cause" means Mr. Skinner's (i) conviction of, or plea of nolo contendere to, a felony or any crime involving fraud, embezzlement or any other act of moral turpitude, (ii) gross misconduct, (iii) unauthorized use or disclosure of any proprietary information or trade secrets of the Company or any other party to whom Mr. Skinner owes an obligation of nondisclosure as a result of Mr. Skinner relationship with the Company; (iv) willful breach of any obligations under any written agreement or covenant with the Company that is injurious to the Company; or (v) continued failure to perform his employment duties after Mr. Skinner has received a written demand of performance from the Company which specifically sets forth the factual basis for the Company's belief that Mr. Skinner has not substantially performed his duties and has failed to cure such non-performance to the Company's satisfaction within 30 business days after receiving such notice.

As defined in Mr. Skinner's employment agreement, "good reason" means Mr. Skinner's resignation within 30 days following the expiration of any Company cure period (discussed below) following the occurrence of one or more of the following, without Mr. Skinner's express written consent: (i) the assignment to Mr. Skinner of any duties beyond the generally recognized scope of employment of a company chief financial officer or the reduction of Mr. Skinner's duties or the removal of Mr. Skinner from his position and responsibilities as chief financial officer, either of which must result in a material diminution of Mr. Skinner's authority, duties, or responsibilities with the Company in effect immediately prior to such assignment; provided, however, if Mr. Skinner's is provided with an alternative executive type position within the Company or its subsidiaries at the same or better compensation as proved herein or that a reduction in duties, position or responsibilities solely by virtue of the Company being acquired and made part of a larger entity will not constitute "good reason"; (ii) a material reduction in Mr. Skinner's base salary (except where there is a reduction applicable to the management team generally of not more than 10% of Mr. Skinner's base salary); or (iii) a material change in the geographic location of Mr. Skinner's primary work facility or location; provided, that a relocation of less than 50 miles from Mr. Skinner's then present work location will not be considered a material change in geographic location. Mr. Skinner will not resign for good reason without first providing the Company with written notice of the acts or omissions constituting the grounds for "good reason" within 90 days of the initial existence of the grounds for "good reason" and a reasonable cure period of not less than 30 days following the date of such notice and such grounds for "good reason" have not been cured during such cure period.

In the event any payment to Mr. Skinner pursuant to his employment agreement would be subject to the excise tax imposed by Section 4999 of the Code as a result of a payment being classified as a parachute payment under Section 280G of the Code, Mr. Skinner will receive such payment as would entitle him to receive the greatest after-tax benefit, even if it means that we pay him a lower aggregate payment so as to eliminate the potential excise tax imposed by Section 4999 of the Code.

Mr. Skinner has also entered into our standard inventions assignment, confidentiality and non-competition agreement and our standard indemnification agreement for officers and directors.

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**Employment Agreement with Darrin R. Uecker (Chief Technology Officer)**

We entered into an employment agreement with Mr. Uecker on September 8, 2015, when he joined the Company as our President and Chief Executive Officer. We then amended Mr. Uecker's employment agreement on October 5, 2016, in advance of our initial public offering of shares. We again amended Mr. Uecker's employment agreement on September 20, 2022, when the Board appointed him as our Chief Technology Officer, so that he could focus his efforts on new product development in cardiology. We have amended Mr. Uecker's employment agreement since September 2022 to change certain provisions, such as his base salary and bonus target. Mr. Uecker's employment agreement, as amended, has no specific term and constitutes at-will employment. His current annual base salary is $525,000. Presently, Mr. Uecker is eligible for an annual target bonus equal to 70% of his annual base salary, subject to achievement of performance objectives. Mr. Uecker is also eligible to participate in employee benefit plans maintained from time to time by us of general applicability to other senior executives.

Mr. Uecker's employment agreement provided him the right to receive an option to purchase shares of our common stock equal to 3% of our fully diluted equity as of September 8, 2015 (the "Uecker Start Date Option"), and the right to receive an option to purchase shares of our common stock subsequent to the completion of the then planned IPO such that, including the Uecker Start Date Option, Mr. Uecker would hold options to purchase shares equal to 3% of our post-IPO fully diluted equity (the "IPO Option"). On October 5, 2016, Mr. Uecker and our Company entered into an amendment agreement (the "Uecker Amendment"), pursuant to which Mr. Uecker agreed to forgo receipt of the IPO Option until our stockholders approve a new equity incentive plan or an increase in the number of shares available under our 2015 Equity Incentive Plan. Pursuant to the Uecker Amendment, in exchange for Mr. Uecker forgoing receipt of the IPO Option, Mr. Uecker received (i) an option grant to purchase 187,286 shares of our common stock, which is a number of shares equal to the number of shares he would have been entitled to receive upon completion of the IPO, and (ii) a restricted stock grant with a grant date fair value equal to the product of (A) (i) the exercise price per share of the deferral grant, less (ii) $4.00 per share, multiplied by (B) 187,286. In the event of a change in control that precedes the aforementioned option grant while Mr. Uecker is still an employee of our Company, Mr. Uecker would be entitled to receive a cash bonus equal to the consideration he would have received as a holder of a vested option to purchase 187,286 shares of our common stock at an exercise price of $4.00 per share. Pursuant to Mr. Uecker's employment agreement, if we experience a change of control, as such term is defined in Mr. Uecker's applicable option agreement, and Mr. Uecker remains an employee through the date of such change of control, the Uecker Start Date Option and IPO Option, to the extent outstanding and unvested, will fully vest and become exercisable. The Uecker Start Date Option and IPO Option will be exercisable for a 10-year period after the start date of employment.

If we terminate Mr. Uecker's employment other than for "cause," death, or disability or if he resigns for "good reason," as defined in his employment agreement, then, subject to his execution of a release of claims in our favor and Mr. Uecker's compliance with certain restrictive covenants set forth in his employment agreement Mr. Uecker is entitled to receive (i) continuing payments of Mr. Uecker's then-current base salary for a period of three months following his termination of employment or for a period of twelve months if occurring within twelve months of a change of control, less applicable withholdings, (ii) accelerated vesting as to that portion of Mr. Uecker's then outstanding and unvested options that would have vested had Mr. Uecker remained an employee for twelve months following his termination date, and (iii) reimbursement of premiums to maintain group health insurance continuation benefits pursuant to "COBRA" for Mr. Uecker and his respective dependents until the earlier of (A) Mr. Uecker or his eligible dependents become covered under similar plans, or (B) the date upon which Mr. Uecker ceases to be eligible for coverage under COBRA.

As defined in Mr. Uecker's employment agreement, as amended, "cause" means Mr. Uecker's (i) conviction of, or plea of nolo contendere to, a felony or any crime involving fraud, embezzlement or any other act of moral turpitude, (ii) gross misconduct, (iii) unauthorized use or disclosure of any proprietary information or trade secrets of the Company or any other party to whom Mr. Uecker owes an obligation of nondisclosure as a result of Mr. Uecker relationship with the Company; (iv) willful breach of any obligations under any written agreement or covenant with the Company that is injurious to the Company; or (v) continued failure to perform his employment duties after Mr. Uecker has received a written demand of performance from the Company which specifically sets forth the factual basis for the Company's belief that Mr. Uecker has not substantially performed his duties and has failed to cure such non-performance to the Company's satisfaction within 30 business days after receiving such notice.

As defined in Mr. Uecker's employment agreement, as amended, "good reason" means Mr. Uecker's resignation within 30 days following the expiration of any Company cure period (discussed below) following the occurrence of one or more of the following, without Mr. Uecker's express written consent: (i) the assignment to Mr. Uecker of any duties beyond the generally recognized scope of employment of a company chief technology officer or the reduction of Mr. Uecker's duties or the removal of Mr. Uecker from his position and responsibilities as chief technology officer, either of which must result in a material diminution of Mr. Uecker's authority, duties, or responsibilities with the Company in effect immediately prior to such assignment; provided, however, if Mr. Uecker is provided with an alternative executive type position within the Company or its subsidiaries at the same or better compensation as proved herein or that a reduction in duties, position or responsibilities solely by virtue of the Company being acquired and made part of a larger entity will not constitute "good reason"; (ii) a reduction in Mr. Uecker's base salary (except where there is a reduction applicable to the management team generally of not more than 10% of Mr., Uecker's base salary); or (iii) a material change in the geographic location of Mr. Uecker's primary work facility or location; provided, that a relocation of less than 50 miles from Mr. Uecker's then present work location will not be considered a material change in geographic location. Mr. Uecker will not resign for good reason without first providing the Company with written notice of the acts or omissions constituting the grounds for "good reason" within 90 days of the initial existence of the grounds for "good reason" and a reasonable cure period of not less than 30 days following the date of such notice and such grounds for "good reason" have not been cured during such cure period.

In the event any payment to Mr. Uecker pursuant to his employment agreement would be subject to the excise tax imposed by Section 4999 of the Code as a result of a payment being classified as a parachute payment under Section 280G of the Code, Mr. Uecker will receive such payment as would entitle him to receive the greatest after-tax benefit, even if it means that we pay him a lower aggregate payment so as to eliminate the potential excise tax imposed by Section 4999 of the Code.

Mr. Uecker has also entered into our standard inventions assignment, confidentiality and non-competition agreement and our standard indemnification agreement for officers and directors.

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**Employment Agreement with Liane Teplitsky (Chief Operating Officer)**

We entered into an Employment Agreement with Ms. Teplitsky on April 8, 2026, when she joined the Company as our Chief Operating Officer. Ms. Teplitsky's employment agreement has no specific term and constitutes at-will employment. Her current annual base salary is $525,000 and she is eligible for an annual target bonus equal to 70% of her annual base salary, subject to achievement of performance objectives set by the Company. Ms. Teplitsky is also eligible to participate in employee benefit plans maintained from time to time by the Company of general applicability to other senior executives.

In connection with her appointment, the Company awarded Ms. Teplitsky a stock option (the "Teplitsky Start Date Option") to purchase up to 700,000 shares of the Company's common stock, with an exercise price of $19.06 per share, the closing price of the Company's common stock on April 8, 2026, Ms. Teplitsky's employment start date and date of grant. The award was made pursuant to the terms and conditions of the Company's Amended and Restated 2017 Inducement Equity Incentive Plan (the "Plan"). The Teplitsky Start Date Option has a ten-year term and will vest as follows: Subject to certain accelerated vesting provisions as described in the employment agreement, (A) up to 2/7 of the Teplitsky Start Date Option (equal to 200,000 option shares) will vest as follows: 1/14 will vest (equal to 50,000 option shares) on the first Anniversary of the Start Date and thereafter 1/14 (equal to 50,000 option shares per year) will vest in equal amounts on an annual basis over the three year period starting with the first anniversary of the Start Date, and (B) up to the remaining 5/7 of the option shares subject to the Teplitsky Start Date Option (equal to 500,000 options shares) will vest based upon the achievement of the following performance objectives:

1. approximately 2/10.5 of which (equal to 133,333 option shares) would vest when the Company has had a market capitalization of not less than two billion ($2.0B) for 270 consecutive calendar days and the Company has generated not less than $100 million of GAAP product revenue over twelve months;

2. approximately 1/3 of which (equal to 233,334 option shares) would vest when the Company has had a market capitalization of not less than three billion ($3.0B) for 270 consecutive calendar days and the Company has generated not less than $200 million of GAAP product revenue over twelve months; and

3. approximately 2/10.5 of which (equal to 133,333 option shares) would vest when the Company has had a market capitalization of not less than five billion ($5.0B) for 270 consecutive calendar days and the Company has generated not less than $330 million of GAAP product revenue over twelve months.

In addition, the Company awarded Ms. Teplitsky 200,000 restricted stock units under the Plan (the "Teplitsky Start Date RSUs"). Subject to certain accelerated vesting provisions as described in the Employment Agreement, the Teplitsky Start Date RSUs will vest based upon the achievement of the following performance objectives:

1. 1/4 of the Teplitsky Start Date RSUs (equal to 50,000 restricted stock units) would vest when the Company has generated not less than $100 million of GAAP product revenue over twelve months;

2. 1/2 of the Teplitsky Start Date RSUs (equal to 100,000 restricted stock units) would vest when the Company has generated not less than $200 million of GAAP product revenue over twelve months; and

3. 1/4 of the Teplitsky Start Date RSUs (equal to 50,000 restricted stock units) would vest when the Company has generated not less than $300 million of GAAP product revenue over twelve months.

Ms. Teplitsky has also entered into the Company's standard inventions assignment, confidentiality and non-competition agreement and its standard indemnification agreement for officers and directors.

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**Employment Agreements with Former Executive Officers**

*Employment Agreement with Kevin P. Danahy (Former Chief Commercial Officer)*

We entered into an employment agreement with Mr. Danahy on February 9, 2022, when he joined the Company as our Chief Commercial Officer, and it was amended several times during his employment with us to change certain provisions, such as his base compensation, target bonus and potential severance benefits. His employment agreement, as amended, had no specific term and constituted at-will employment. At the time of his resignation in February 2026, Mr. Danahy's annual base salary was $525,000 and his annual target bonus equaled 70% of his annual base salary, subject to achievement of performance objectives set by the Company's Board of Directors. During his employment, Mr. Danahy was also eligible to participate in employee benefit plans maintained from time to time by us of general applicability to other senior executives.

Mr. Danahy's original employment agreement provided him the right to receive an option to purchase up to 300,000 shares of our common stock (the "Danahy Option"). On September 20, 2022, Mr. Danahy and the Company entered into an amendment agreement, pursuant to which he received an additional option to purchase up to 450,000 shares of our common stock (the "Additional Option"). Under Mr. Danahy's employment agreement, as amended, the Danahy Option was to have vested according to the following schedule had he continued to provide services to the Company as a Service Provider, as defined by the Company's equity plans, through each such vesting date: (a) 1/3 of the option shares granted (100,000 option shares) were to vest in four equal installments on each of the first four annual anniversaries of his Start Date, *i.e.*, February 9, 2022, (b) 1/3 of the option shares (100,000 option shares) were to vest upon the achievement of performance objectives established in good faith by the Compensation Committee, with vesting targets set at 25% (*i.e.*, 25,000 option shares each) on each of the first four annual anniversaries of the Start Date, (c) 1/6 of the option shares (50,000 option shares) were to vest in two equal installments on each of the third and fourth annual anniversaries of the Start Date, and (d) 1/6 of the option shares (50,000 option shares) were to vest upon in two equal installments on each of the third and fourth annual anniversaries of the Start Date upon the achievement of performance objectives established in good faith by the Compensation Committee. In contrast, the Additional Option had time-based vesting provisions, vesting in equal installments over four years on each anniversary of the amendment date, subject to his continuing service to the Company. Throughout his service as our Chief Commercial Officer and Chief Executive Officer, in addition to the Danahy Option and the Additional Option, Mr. Danahy was awarded additional common stock awards totaling 1,160,000 shares, subject to vesting criteria.

*Employment Agreement with Burke T. Barrett (Former Chief Executive Officer)*

We entered into an employment agreement with Mr. Barrett on May 12, 2024, when he joined the Company as our President and Chief Executive Officer. His employment agreement had no specific term and constituted at-will employment. At the time of his resignation in December 2024, Mr. Barrett's annual base salary was $525,000 and he was eligible for an annual target bonus equal to 70% of his annual base salary, subject to achievement of performance objectives set by the Company's Board of Directors. During his employment. Mr. Barrett was also eligible to participate in employee benefit plans maintained from time to time by the Company of general applicability to other senior executives.

Mr. Barrett's employment agreement provided him the right to receive an option to purchase up to 1,400,000 shares of our common stock (the "Barrett Option"). The Barrett Option would have vested as follows had he continued to provide services to the Company as a Service Provider, as defined by the Company's equity plans, through each such vesting date: (i) up to 50% of the option shares subject to the Barrett Option (equal to 700,000 option shares) would have vested over four years as follows: 25% (equal to 175,000 option shares) would have vested on the first anniversary of the May 12, 2024 and the remaining 525,000 option shares would have vested in equal amounts on an annual basis over the three-year period starting with the first anniversary of the May 12, 2024; and (ii) up to 50% of the option shares subject to the Barrett Option (equal to 700,000 option shares) would have vested based upon the achievement of the following performance objectives: (i) 20% of the 50% (equal to 140,000 shares) would have vested when the Company had a market capitalization of not less than one billion dollars ($1.0B) for 270 consecutive days; (ii) 20% of the 50% (equal to 140,000 shares) would have vested when the Company had a market capitalization of not less than one billion five hundred million dollars ($1.5B) for 270 consecutive days; (iii) 20% of the 50% (equal to 140,000 shares) would have vested when the Company had a market capitalization of not less than two billion two hundred fifty million dollars ($2.25B) for 270 consecutive days; (iv) 20% of the 50% (equal to 140,000 shares) would have vested when the Company had a market capitalization of not less than three billion dollars ($3.0B) for 270 consecutive days; and (v) 20% of the 50% (equal to 140,000 shares) would have vested when the Company had a market capitalization of not less than four billion dollars ($4.0B) for 270 consecutive days.

In exchange for a signed release of claims, Mr. Barrett was entitled to receive (i) severance payments of his base annual salary plus $106,009.61; (ii) partial acceleration of certain stock options allowing him to purchase up to 101,000 shares of Company common stock; and (iii) continuation of Company-paid health insurance benefits under COBRA for up to twelve months.

*Mitchell E. Levinson (Former Chief Strategy Officer)*

We entered into an employment agreement with Mr. Levinson on August 19, 2021, when he joined the Company as our Chief Strategy Officer. The employment agreement had no specific term and constituted at-will employment. At the time of his appointment as our Chief Strategy Officer, in August 2021, Mr. Levinson's annual base salary was $360,000 and his annual target bonus equaled 50% of his annual base salary, subject to achievement of performance objectives set by the Company's Board of Directors. During his employment, Mr. Levinson was also eligible to participate in employee benefit plans maintained from time to time by us of general applicability to other senior executives.

Mr. Levinson's employment agreement provided him the right to receive an option to purchase up to 65,510 shares of our Common Stock (the "Levinson Option"). The Levinson Option would have vested as follows had he continued to provide services to the Company as a Service Provider, as defined by the Company's equity plans, through each such vesting date: (a) 50% of the option shares granted (32,755 option shares) will vest in three equal installments (10,918 option shares) on the second, third and fourth anniversary of the start date and (b) 50% of the option shares (32,755 option shares) will vest upon the achievement of performance objectives established in good faith by the Compensation Committee of the board of directors, with vesting targets set at 25% (8,188 option shares) on each annual anniversary of the Start Date. Throughout his service as our Chief Strategy Officer, in addition to the Levinson Option, Mr. Levinson was awarded additional common stock awards totaling 386,197 shares, subject to vesting criteria.

In exchange for a signed release of claims, Mr. Levinson was entitled to receive (i) severance payments of half of his base annual salary; (ii) partial acceleration of certain stock options allowing him to purchase up to 6,587 shares of Company common stock; and (iii) continuation of Company-paid health insurance benefits under COBRA for up to eighteen months.

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**Item 12. Security Ownership of Certain Beneficial Owners and Management, and Related Stockholder Matters.**

**SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT**

The following table sets forth certain information as of March 31, 2026, with respect to the beneficial ownership of our common stock by (i) each person we believe beneficially holds more than 5% of the outstanding shares of our common stock based solely on our review of SEC filings or information provided to us by such person; (ii) each director of our Company; (iii) each named executive officer listed in the table entitled, "Summary Compensation Table" under the section entitled, "Executive Compensation"; and (iv) all directors and executive officers as a group. As of March 31, 2026, there were 68,225,067 shares of our common stock issued and outstanding. Unless otherwise indicated, all persons named as beneficial owners of our common stock have sole voting power and sole investment power with respect to the shares indicated as beneficially owned. Unless otherwise noted below, the address of each stockholder listed on the table is c/o Pulse Biosciences, Inc., 601 Brickell Key Drive, Suite 1080, Miami, FL 33131.

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| | | | | |
|:---|:---|:---|:---|:---|
| **Name and Address of Beneficial Owner** | **Number of<br> Shares<br> Owned<sup>(1)</sup>** | **Right to<br> Acquire<br> Shares<sup>(2)</sup>** | **Total<br> Beneficial** <br> **Ownership** | **Percent of<br> Class<sup>(3)</sup>** |
| **5% Stockholders:** |  |  |  |  |
| Robert W. Duggan<sup>(4)</sup> | 48789438 | 248380 | 49037818 | 71.6% |
| **Named executive officers and directors:** |  |  |  |  |
| Robert W. Duggan<sup>(4)</sup> | 48789438 | 248380 | 49037818 | 71.6% |
| Paul A. LaViolette | 846 | 122395 | 123241 | \* |
| Jon Skinner | 1556 | 37500 | 39056 | \* |
| Manmeet S. Soni |  | 447218 | 447218 | \* |
| Liane Teplitsky |  |  |  |  |
| Darrin R. Uecker | 284829 | 474536 | 759365 | 1.1% |
| Richard A. van den Broek |  | 263411 | 263411 | \* |
| Mahkam Zanganeh, D.D.S.<sup>(5)</sup> | 873469 | 388519 | 1261988 | 1.8% |
| All executive officers and directors as a group (8 people)  | 49950138 | 1981959 | 51932097 | 74.7% |

---

------

\* Represents beneficial ownership of less than one percent.

(1) Excludes shares that may be acquired through the exercise of outstanding stock options or the vesting of restricted stock units or other equity awards.

(2) Represents shares issuable within 60 days after March 31, 2026 upon exercise of exercisable options or exercisable warrants to purchase common stock issued in the Company's 2024 rights offering; however, unless otherwise indicated, these shares do not include any equity awards awarded after March 31, 2026.

(3) For purposes of calculating the Percent of Class, shares that the person or entity had a right to acquire are deemed to be outstanding when calculating the Percent of Class of such person or entity.

(4) Based on information obtained from Mr. Duggan. Includes shares owned by Genius Inc. and shares owned by Blazon Corporation, both of which Mr. Duggan is the sole stockholder. The number of shares of common stock beneficially owned by Mr. Duggan reported in the table above does not include the 1,094,826 shares of common stock which are beneficially owned by Mr. Duggan's spouse, Dr. Zanganeh, and which are described in footnote 5 below. As spouses, Mr. Duggan and Dr. Zanganeh may be deemed to have acquired beneficial ownership of the securities held by the other spouse upon their marriage on December 18, 2024. Mr. Duggan does not hold any voting or investment power over such securities held by Dr. Zanganeh. Mr. Duggan disclaims beneficial ownership of such securities, except to the extent of his pecuniary interest therein.

(5) Includes (a) shares owned by Mahin Zanganeh, Dr. Zanganeh's mother, (b) shares are owned by Mahshad Zanganeh, Dr. Zanganeh's sister, and (c) shares held in trust for the benefit of an immediate family member. The number of shares of common stock beneficially owned by Dr. Zanganeh as reported in the table above does not include the 48,801,396 shares of common stock which are beneficially owned by Dr. Zanganeh's spouse, Mr. Duggan, and which are described in footnote 4 above. As spouses, Dr. Zanganeh and Mr. Duggan may be deemed to have acquired beneficial ownership of the securities held by the other spouse upon their marriage on December 18, 2024. Dr. Zanganeh does not hold any voting or investment power over such securities held by Mr. Duggan. Dr. Zanganeh disclaims beneficial ownership of all such securities, except to the extent of her pecuniary interest therein.

**Equity Compensation Plan Information**

The following table presents information about our equity compensation plans as of December 31, 2025:

---

| | | | |
|:---|:---|:---|:---|
| **Plan category** | **Number of securities to be**<br> **issued upon exercise of**<br> **outstanding options,**<br> **warrants and rights (a)** | **Weighted average exercise**<br> **price of outstanding**<br> **options, warrants and**<br> **rights**<br> **($)** | **Number of securities**<br> **remaining available for**<br> **future issuance under**<br> **equity compensation plans**<br> **excluding securities**<br> **reflected in column (a)** |
| Equity compensation plans approved by security holders<sup>(1)</sup> | 11561228 | 11.44 | 2067021 |
| Equity compensation plans not approved by security holders<sup>(2)</sup> | 1525060 | 15.12 | 2304109 |

---

------

(1) Includes the following plans: the 2017 Equity Incentive Plan (the "Equity Incentive Plan") and the 2017 Employee Stock Purchase Plan (the "ESPP"). Our Equity Incentive Plan provides that the number of shares available for issuance thereunder will be increased on the first day of each fiscal year beginning with the 2018 fiscal year in an amount equal to the least of (i) 1,200,000 shares, (ii) 4% of the outstanding shares of our common stock as of December 31 of the immediately preceding year, or (iii) such number of shares as determined by our Board of Directors. On January 1, 2024, the number of shares available for issuance under the Equity Incentive Plan increased by 1,200,000 shares pursuant to these provisions. On January 1, 2025, the number of shares available for issuance under the Equity Incentive Plan increased by an additional 1,200,000 shares pursuant to the Equity Incentive Plan's provisions. On September 30, 2025, the number of shares available for issuance under the Equity Incentive Plan increased by 2,000,000 additional shares pursuant to an amendment to the Incentive Plan, which the Company's stockholders approved at a special meeting. Excluded from the table above is an increase of 1,200,000 additional shares on January 1, 2026, pursuant to the Equity Incentive Plan's provisions. Our ESPP provides that the number of shares available for issuance thereunder will be increased on the first day of each fiscal year beginning with the 2018 fiscal year in an amount equal to the least of (i) 450,000 shares, (ii) 1.5% of the outstanding shares of our common stock as of December 31 of the immediately preceding year, or (iii) such number of shares as determined by our Board of Directors. In December 2022, our Board of Directors elected not to permit an increase to the number of shares available for issuance under our ESPP. However, on January 1, 2024, the number of shares available for issuance under the ESPP increased by 450,000 shares pursuant to the ESPP's provisions. On January 1, 2025, the number of shares available for issuance under the ESPP increased by an additional 450,000 shares pursuant to the ESPP's provisions. These increases are reflected in the table above. Excluded from the table above is an increase of 450,000 additional shares on January 1, 2026, pursuant to the ESPP's provisions.

(2) Consists of the Company's 2017 Inducement Equity Incentive Plan (the "Inducement Plan"), which was adopted by our Board of Directors. We initially reserved 1,000,000 shares of our common stock for issuance pursuant to equity awards granted under the Inducement Plan. On May 20, 2021, the Board approved an amendment to the Inducement Plan to increase the number of shares reserved for issuance by an additional 1,000,000 shares. This increase is reflected in the table above. In March 2024, the Board approved a second amendment to the Inducement Plan to reserve an additional 2,000,000 shares of the Company's common stock for issuance pursuant to the Inducement Plan. This increase is also reflected in the table above.

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[**Table of Contents**](#toc)

**Item 13. Certain Relationships and Related Transactions, and Director Independence.** 

**Policies and Procedures for Related Party Transactions**

We have adopted a formal written policy that our executive officers, directors, nominees for election as directors, beneficial owners of more than 5% of any class of our common stock, and any member of the immediate family of any of the foregoing persons are not permitted to enter into a related party transaction with us, where the aggregate amount involved will or may be expected to exceed $120,000 in any calendar year, without the prior consent of our Audit Committee, subject to the pre-approval exceptions described below. If advance approval is not feasible, then the related party transaction will be considered at the Audit Committee's next regularly scheduled meeting. In approving or rejecting any such proposal, our Audit Committee considers the facts and circumstances available and deemed relevant by our Audit Committee, including, but not limited to, whether the transaction is on terms no less favorable than terms generally available to an unaffiliated third party under the same or similar circumstances and the extent of the related party's interest in the transaction. Our Audit Committee has reviewed certain types of related party transactions that it has deemed pre-approved even if the aggregate amount involved will exceed $120,000, including employment of executive officers, director compensation, certain transactions with other organizations at which a related party's only relationship is as a non-executive employee, director or beneficial owner of less than 10% of that organization's shares, transactions where all stockholders receive proportional benefits, transactions involving competitive bids, regulated transactions, and certain banking-related services.

**Related Party Transactions**

In addition to the compensation arrangements, including employment, termination of employment and change in control arrangements discussed above in the sections titled "Director Compensation" and "Executive Compensation," we describe below transactions and series of similar transactions, since the beginning of our 2024 fiscal year, to which we were a party or will be a party, in which:

● the amounts involved exceeded or will exceed $120,000; and

● any of our directors, nominees for director, executive officers, or holders of more than 5% of our outstanding capital stock, or any immediate family member of, or person sharing the household with, any of these individuals or entities, had or will have a direct or indirect material interest.

**D&O Insurance** 

In May 2024 and May 2025, the Company secured director and officer liability insurance from third-party insurance carriers through brokered transactions.

**Financings**

On July 3, 2024, we announced the closing of our 2024 Rights Offering. The 2024 Rights Offering resulted in the sale of six million 2024 Units, at a price of $10.00 per 2024 Unit. Each 2024 Unit consisted of one share of our common stock, par value $0.001 per share, and two warrants, each being a warrant to purchase one-half of one share of common stock. The common stock and warrants comprising the 2024 Units separated upon the closing of the 2024 Rights Offering and were issued individually. Upon the closing of the offering, we issued a total of 5,999,998 shares of common stock and warrants to acquire up to approximately an additional six million shares of common stock, at an exercise price of $11 per whole share, and we received aggregate gross proceeds of $60 million. Robert W. Duggan, the Company's majority stockholder and Co-Chairman, purchased approximately 88% of the units offered through the 2024 Rights Offering. Dr. Zanganeh also participated in the 2024 Rights Offering. Half of the warrants issued in the rights offering were redeemable by us if our volume-weighted average price ("VWAP") exceeded 150% of the exercise price, or $16.50, for twenty consecutive trading days. In December 2024, we delivered an irrevocable notice of redemption to redeem this first tranche of common stock warrants because the VWAP of our common stock over the twenty consecutive trading days before the notice was $18.85. Then, in February 2025, we redeemed 18,221 warrants, specifically the ones subject to the 150% redemption feature, on the announced redemption date. The other half of the warrants issued in the 2024 Rights Offering are redeemable by us if our VWAP exceeds 200% of the exercise price, or $22.00, for twenty consecutive trading days. As of December 31, 2025, there were no outstanding 2024 Rights Offering Warrants subject to the 150% redemption feature and there were 405,624 2024 Rights Offering Warrants outstanding which were subject to the 200% redemption feature. As of December 31, 2025, we have received $63.6 million in gross proceeds from exercises of the 2024 Rights Offering Warrants.

As of March 1, 2026, Mr. Duggan is the beneficial owner of approximately 71.6% of our outstanding common stock.

**Registration Rights Agreements**

We are party to registration rights agreements and securities purchase agreements which provide, among other things, that certain holders of our outstanding common stock, including Robert W. Duggan and Mahkam Zanganeh, have the right to demand that we file a registration statement or request that their shares of our common stock be covered by a registration statement that we are otherwise filing.

**Other Transactions**

We have granted stock options to our named executive officers and our directors. See the sections titled "Director Compensation" and "Executive Compensation," for a description of these stock options. In the ordinary course of business, we enter into offer letters and employment agreements with our executive officers. We have also entered into indemnification agreements with each of our directors and officers. The indemnification agreements and our certificate of incorporation and bylaws require us to indemnify our directors and officers to the fullest extent permitted by Delaware law.

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[**Table of Contents**](#toc)

**Item 14. Principal Accounting Fees and Services. Auditor Fees**

The following table sets forth the approximate aggregate fees billed to the Company by Deloitte & Touche LLP in fiscal years 2025 and 2024 (in thousands):

---

| | | |
|:---|:---|:---|
| **Fee Category** | **2025** | **2024** |
| Audit Fees | $860 | $700 |
| Audit-related Fees | 205 | 252 |
| Tax Fees |  | 33 |
| All Other Fees | 64 | 56 |
| Total | $1129 | $1041 |

---

**Audit Fees** consisted of professional services rendered in connection with the audit of our annual financial statements included in our Annual Report on Form 10-K and quarterly review of our financial statements included in our Quarterly Reports on Form 10-Q. This category also includes advice on accounting matters that arose during the audit or the review of interim financial statement.

**Audit-Related Fees** consisted of professional services for assurance and related services that are reasonably related to the performance of the audit or review of our financial statements and are not reported under "Audit Fees." These include services rendered in connection with comfort letters related to our ATM offering and consents related to registration statements.

**Tax Fees** may consist of fees for professional services, including tax consulting and compliance performed by an independent registered public accounting firm.

**All Other Fees** consisted of expense reimbursements and the subscription to an online technical tool.

The Audit Committee has concluded that the provision of the non-audit services listed above was compatible with maintaining the independence of Deloitte & Touche LLP.

**Policy on Audit Committee**'**s Pre-Approval of Audit and Permissible Non-Audit Services of Independent Registered Public Accounting Firm**

The Audit Committee reviews and pre-approves all audit and permissible non-audit services provided by the independent registered public accounting firm. These services may include audit services, audit-related services and tax services, as well as specifically designated non-audit services which, in the opinion of the Audit Committee, will not impair the independence of the independent registered public accounting firm. Pre-approval generally is provided for up to one year, and any pre-approval is detailed as to the particular service or category of services and generally is subject to a specific budget. The independent registered public accounting firm and the Company's management are required to periodically report to the Audit Committee regarding the extent of services provided by the independent registered public accounting firm in accordance with this pre-approval, including the fees for the services performed to date. In addition, the Audit Committee also may pre-approve particular services on a case-by-case basis, as necessary or appropriate.

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[**Table of Contents**](#toc)

**PART IV**

**Item 15. Exhibits, Financial Statement Schedules.**

a. The following documents are filed as part of, or incorporated by reference into, this Amendment on Form 10-K/A:

1. *Financial Statements*: No financial statements are filed with this Amendment on Form 10-K/A.

2. *Financial Statement Schedules*: No financial statement schedules are filed with this Amendment on Form 10-K/A.

b. The following exhibits are filed as part of, or incorporated by reference into, this Amendment on Form 10-K/A:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Exhibit** |  | **Incorporation by Reference** | **Incorporation by Reference** | **Incorporation by Reference** | **Incorporation by Reference** |
| **Number** | **Exhibit Description** | **Form** | **File No.** | **Exhibit(s)** | **Filing Date** |
| [2.1](http://www.sec.gov/Archives/edgar/data/1625101/000162510118000036/plse-20180618xex2_1.htm) | Plan of Conversion of Pulse Biosciences, Inc. | 8-K12B | 001-37744 | 2.1 | June 18, 2018 |
| [3.1](http://www.sec.gov/Archives/edgar/data/1625101/000162510118000036/plse-20180618xex3_1.htm) | Articles of Conversion | 8-K12B | 001-37744 | 3.1 | June 18, 2018 |
| [3.2](http://www.sec.gov/Archives/edgar/data/1625101/000162510118000036/plse-20180618xex3_2.htm) | Certificate of Conversion | 8-K12B | 001-37744 | 3.2 | June 18, 2018 |
| [3.3](http://www.sec.gov/Archives/edgar/data/1625101/000162510118000036/plse-20180618xex3_3.htm) | Certificate of Incorporation of Pulse Biosciences, Inc. | 8-K12B | 001-37744 | 3.3 | June 18, 2018 |
| [3.4](http://www.sec.gov/Archives/edgar/data/1625101/000162510118000036/plse-20180618xex3_4.htm) | Bylaws of Pulse Biosciences, Inc. | 8-K12B | 001-37744 | 3.4 | June 18, 2018 |
| [4.1](http://www.sec.gov/Archives/edgar/data/1625101/000162510118000036/plse-20180618xex4_1.htm) | Specimen Common Stock Certificate | 8-K12B | 001-37744 | 4.1 | June 18, 2018 |
| [4.2](http://www.sec.gov/Archives/edgar/data/1625101/000143774924010918/ex_649528.htm) | Form of Warrant  | S-3 | 333-278494 | 4.3 | April 3, 2024 |
| [4.3](http://www.sec.gov/Archives/edgar/data/1625101/000143774924010918/ex_649529.htm) | Form of Warrant Agent Agreement | S-3 | 333-278494 | 4.4 | April 3, 2024 |
| [10.1](http://www.sec.gov/Archives/edgar/data/1625101/000162510117000011/plse-20161231xex10_1.htm) | Lease for facilities at 3955 Point Eden Way, Hayward, California, dated January 26, 2017 | 10-K | 001-37744 | 10.1 | March 20, 2017 |
| [10.2+](http://www.sec.gov/Archives/edgar/data/1625101/000162510122000016/plse-20211231xex10_4.htm) | Employment Agreement between Mitchell E. Levinson and the Registrant | 10-K | 001-37744 | 10.4 | March 31, 2022 |
| [10.3+](http://www.sec.gov/Archives/edgar/data/1625101/000162510122000016/plse-20211231xex10_5.htm) | Employment Agreement between Kevin Danahy and the Registrant | 10-K | 001-37744 | 10.5 | March 31, 2022 |
| [10.4](http://www.sec.gov/Archives/edgar/data/1625101/000156276217000015/plse-20170210xex10_1.htm) | Securities Purchase Agreement, dated February 7, 2017, by and between Pulse Biosciences, Inc. and certain purchasers | 8-K | 001-37744 | 10.1 | February 10, 2017 |
| [10.5](http://www.sec.gov/Archives/edgar/data/1625101/000162510117000030/plse-20170925xex10_1.htm) | Securities Purchase Agreement, dated September 24, 2017, by and between Pulse Biosciences, Inc. and certain purchaser | 8-K | 001-37744 | 10.1 | September 25, 2017 |
| [10.6+](http://www.sec.gov/Archives/edgar/data/1625101/000119312515410608/d11949dex102.htm) | 2015 Stock Incentive Plan | S-1 | 333-208694 | 10.2 | December 22, 2015 |
| [10.7+](http://www.sec.gov/Archives/edgar/data/1625101/000162510117000044/plse-20171128xex10_1.htm) | 2017 Inducement Equity Incentive Plan and forms of agreements thereunder | 8-K | 001-37744 | 10.1 | November 28, 2017 |
| [10.8+](http://www.sec.gov/Archives/edgar/data/1625101/000162510121000014/plse-20201231xex10_10.htm) | 2017 Equity Incentive Plan and forms of agreements thereunder | 10-K | 001-37744 | 10.10 | March 12, 2021 |
| [10.9+](http://www.sec.gov/Archives/edgar/data/1625101/000156276217000071/plse-20170519xex10_2.htm) | 2017 Employee Stock Purchase Plan and forms of agreements thereunder | 8-K | 001-37744 | 10.2 | May 19, 2017 |
| [10.10+](http://www.sec.gov/Archives/edgar/data/1625101/000119312515410608/d11949dex109.htm) | Executive Employment Agreement between Darrin R. Uecker and the Registrant | S-1 | 333-208694 | 10.9 | December 22, 2015 |
| [10.11+](http://www.sec.gov/Archives/edgar/data/1625101/000156276216000431/plse-20161011xex10_1.htm) | Amendment to Employment Agreement between Darrin R. Uecker and Pulse Biosciences, Inc. dated October 5, 2016 | 8-K | 001-37744 | 10.1 | October 11, 2016 |
| [10.12+](http://www.sec.gov/Archives/edgar/data/1625101/000119312515410608/d11949dex1010.htm) | Form of At-Will Employment, Confidential Information, Invention Assignment, and Arbitration Agreement for Employees | S-1 | 333-208694 | 10.10 | December 22, 2015 |
| [10.13+](http://www.sec.gov/Archives/edgar/data/1625101/000162510118000036/plse-20180618xex10_1.htm) | Form of Indemnification Agreement | 8-K12B | 001-37744 | 10.1 | June 18, 2018 |
| [10.14](http://www.sec.gov/Archives/edgar/data/1625101/000162510119000025/plse-20190531xex10_19.htm) | First Amendment to the lease for facilities at 3955 Point Eden Way , Hayward, California, dated May 28, 2019 | 8-K | 001-37744 | 10.19 | May 31, 2019 |
| [10.15](http://www.sec.gov/Archives/edgar/data/1625101/000162510121000037/plse-20210630xex10_1.htm) | Securities Purchase Agreement, dated June 30, 2021, by and between Pulse Biosciences, Inc. and Robert W. Duggan | 8-K | 001-37744 | 10.1 | July 1, 2021 |
| [10.16+](http://www.sec.gov/Archives/edgar/data/1625101/000138713122009977/ex10-2.htm) | Amendment to Employment Agreement, between Darrin Uecker and Pulse Biosciences, Inc., dated September 20, 2022 | 8-K | 001-37744 | 10.2 | September 23, 2022 |
| [10.17+](http://www.sec.gov/Archives/edgar/data/1625101/000138713122010041/ex10-1.htm) | Amendment to Employment Agreement, between Kevin Danahy and Pulse Biosciences, Inc., dated September 23, 2022 | 8-K | 001-37744 | 10.1 | September 28, 2022 |
| [10.18+](http://www.sec.gov/Archives/edgar/data/1625101/000143774923012849/ex_514882.htm) | Amendment to Employment Agreement, between Kevin Danahy and Pulse Biosciences, Inc., dated May 4, 2023 | 8-K | 001-37744 | 10.1 | May 5, 2023 |
| [10.19+](http://www.sec.gov/Archives/edgar/data/1625101/000143774923012849/ex_514883.htm) | Amendment to Employment Agreement, between Darrin Uecker and Pulse Biosciences, Inc., dated May 5, 2023 | 8-K | 001-37744 | 10.2 | May 5, 2023 |
| [10.20+](http://www.sec.gov/Archives/edgar/data/1625101/000143774924009815/ex_646101.htm) | Third Amendment to Employment Agreement, between Kevin Danahy and Pulse Biosciences, Inc., dated March 2024 | 10-K | 001-37744 | 10.26 | March 28, 2024 |
| [10.21+](http://www.sec.gov/Archives/edgar/data/1625101/000143774924009815/ex_646102.htm) | Fourth Amendment to Employment Agreement, between Darrin Uecker and Pulse Biosciences, Inc., dated March 2024 | 10-K | 001-37744 | 10.27 | March 28, 2024 |
| [10.22+](http://www.sec.gov/Archives/edgar/data/1625101/000143774925001006/ex_764902.htm) | Employment Agreement between Paul A. LaViolette and the Registrant | 8-K | 001-37744 | 10.1 | January 13, 2025 |
| [10.23+](http://www.sec.gov/Archives/edgar/data/1625101/000143774925002664/ex_773340.htm) | Employment Agreement between Jon Skinner and the Registrant | 8-K | 001-37744 | 10.1 | February 4, 2025 |
| [10.24+](http://www.sec.gov/Archives/edgar/data/1625101/000143774926004726/ex_922005.htm) | Equity Distribution Agreement, dated February 19, 2026, by and between Pulse Biosciences, Inc. and TD Securities (USA) LLC. | 8-K | 001-37744 | 1.1 | February 19, 2026 |
| [19.1\*](ex_951906.htm) | Insider Trading Policy |  |  |  |  |
| [21.1](http://www.sec.gov/Archives/edgar/data/1625101/000143774925009932/ex_727167.htm) | List of Subsidiaries | 10-K | 001-37744 | 21.1 | March 31, 2025 |
| [23.1](http://www.sec.gov/Archives/edgar/data/1625101/000143774925009932/ex_727168.htm) | Consent of Independent Registered Public Accounting Firm | 10-K | 001-37744 | 23.1 | March 31, 2025 |
| [31.1\*](ex_951907.htm) | Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 |  |  |  |  |
| [31.2\*](ex_951908.htm) | Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 |  |  |  |  |
| [32.1](http://www.sec.gov/Archives/edgar/data/1625101/000143774925009932/ex_727170.htm) | Certification of the Chief Executive Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (18 U.S.C. Section 1350). | 10-K | 001-37744 | 32.1 | March 31, 2025 |
| [32.2](http://www.sec.gov/Archives/edgar/data/1625101/000143774925009932/ex_795964.htm) | Certification of the Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (18 U.S.C. Section 1350). | 10-K | 001-37744 | 32.2 | March 31, 2025 |
| [97.1+](http://www.sec.gov/Archives/edgar/data/1625101/000143774924009815/ex_645622.htm) | Section 10D Clawback Policy | 10-K | 001-37744 | 97.1 | March 28, 2024 |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |  |  |  |  |
|  | \* Filed herewith |  |  |  |  |
|  | + Indicates a management contract or compensatory plan or arrangement. |  |  |  |  |
|  | # Portions of this exhibit (indicated by asterisks) have been omitted pursuant to a grant of confidential treatment. |  |  |  |  |

---

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[**Table of Contents**](#toc)

**Signatures**

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | | |
|:---|:---|:---|
|  | **PULSE BIOSCIENCES, INC.** | **PULSE BIOSCIENCES, INC.** |
|  | By: | /s/&nbsp;&nbsp;&nbsp;&nbsp;Jon Skinner |
| Date: April 30, 2026 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jon Skinner, Chief Financial Officer |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Principal Financial Officer) |

---

## Exhibit 19.1

**Exhibit 19.1**

**INSIDER TRADING POLICY**

**As Amended and Approved by the Board of Directors**

**Effective March 11, 2026**

Federal and state securities laws prohibit any person who is aware of material nonpublic information about a company from trading in securities of that company. These laws also prohibit a person from disclosing material nonpublic information to other persons who may trade on the basis of that information.

The Board of Directors of Pulse Biosciences, Inc. (together with its subsidiaries, collectively the "**Company**") has adopted this policy to promote compliance with these laws and to protect our Company from the serious liabilities and penalties that can result from violations of these laws. Insider trading is illegal and a violation of this policy.

It is your responsibility to comply with the securities laws and this policy. If you have questions about this policy, please contact our General Counsel and Corporate Secretary.

We have designated the General Counsel and Corporate Secretary as the Compliance Officer in respect of issues under this policy. The Compliance Officer may be changed from time to time by our Board of Directors or Chief Executive Officer and any change will be communicated to you. The Compliance Officer may designate others, from time to time, to assist with the execution of his or her duties under this policy.

**I. PERSONS SUBJECT TO THIS POLICY**

If you are an employee, officer, director, consultant, contractor, agent, or other service provider of the Company or any of its subsidiaries both inside and outside of the United States (each a "**Covered Person**"), then this policy applies to you.

This policy also applies to your immediate family members, persons who share a household with you, persons who are your economic dependents, and any other person or entity whose transactions in securities are directed by you or are subject to your influence or control. You are responsible for making sure that these other persons and entities comply with this policy.

In addition to this policy, our directors, executive officers and certain other designated persons who have access to material nonpublic information about us are subject to a supplemental policy that imposes additional restrictions on their trading in Company securities.

**II. CORE TRADING AND DISCLOSURE RESTRICTIONS**

The following trading and disclosure restrictions apply under this policy:

● If you have material nonpublic information regarding us, you must not trade or advise anyone else to trade in our securities.

● If you have material nonpublic information regarding any other company that you obtained from your employment or relationship with us, you must not trade or advise anyone else to trade in the securities of that other company until such information has been publicly disclosed.

● Do not share material nonpublic information with people in our company whose jobs do not require them to have the information.

● Do not disclose any nonpublic information, material or otherwise, concerning the Company to anyone outside the Company without the prior authorization of the Compliance Officer.

● Do not use any material nonpublic information to express an opinion or make a recommendation about trading in our securities.

**III. TRANSACTIONS COVERED BY THIS POLICY**

This policy applies to any purchase, sale, loan or other transfer or disposition of Company securities, including our common stock, options to purchase our common stock, restricted stock units, any other type of securities that we may issue, such as preferred stock, convertible debentures and warrants, as well as any other arrangement that generates gains or losses from or based on changes in the prices of such securities including derivative securities (such as exchange-traded put or call options, swaps, caps and collars, hedging and pledging transactions, and short sales involving Company securities, as well as any offer to engage in the transactions discussed above.

Notwithstanding this general rule, certain transactions under Company benefit plans are not prohibited by this policy. These transactions are discussed in this policy under the heading "Exceptions to this policy for certain transactions under Company benefit plans."

**IV. DEFINITION OF MATERIAL NONPUBLIC INFORMATION**

***Material information.*** Information about our company is "material" if there is a substantial likelihood that a reasonable shareholder or investor would consider it important in making a decision to buy, sell or hold our securities, or if the disclosure of the information would be expected to significantly alter the total mix of the information in the marketplace about us. In simple terms, material information is any type of information that could reasonably be expected to affect the market price of our securities. Both positive and negative information may be material. It is not possible to define all categories of "material" information; however, some examples include, but are not limited to:

● financial results and earnings estimates (including changes of previously announced estimates);

● regulatory approvals for our products;

● or business plans or budgets, as well as a significant change in our operations, projections or strategic plans;

● a potential merger or acquisition;

● a potential sale of significant assets or subsidiaries;

● the gain or loss of a major supplier or customer;

● a new product or discovery;

● a significant pricing change in our products or services;

● a declaration of a stock split, a public or private securities offering by us or a change in our dividend policies or amounts;

● a change in senior management;

● a data breach or cybersecurity event; and

● an actual or threatened major lawsuit.

***Nonpublic information.*** Nonpublic information is information that is not generally available to the investing public. If you are aware of material nonpublic information, subject to the trading window periods describe in Section VI below, you may not trade until the information has been widely disclosed to the public (for example, through a press release or an SEC filing) and the market has had sufficient time to absorb the information. For purposes of this policy, information will generally be considered public after the second full trading day following the Company's public release of the information. For example, if we issued a press release after the market opens on a Tuesday, the first day that trading could occur would be on Friday.

If you are not sure whether information is material or nonpublic, consult with the Compliance Officer for guidance before engaging in any transaction in Company securities.

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**V. UNAUTHORIZED DISCLOSURE OF INFORMATION**

You are prohibited from disclosing to anyone inside or outside the Company any nonpublic information obtained at or through the Company, except when such disclosure is part of your regular duties and is needed to enable the Company to carry out its business properly and effectively.

We are subject to laws that govern the timing of our disclosures of material information to the public and others. Our Company's policy is that only certain designated employees may discuss the Company with the news media, securities analysts and investors. All inquiries from outsiders regarding material nonpublic information about the Company should be forwarded to the Company's Chief Executive Officer. Accordingly, when an inquiry is made by an outsider, the following response will generally be appropriate:

*"As to these types of matters, the Company*'*s spokesperson is its Chief Executive Officer. If there is any comment, he (or she) would be the one to contact.*"

The following procedures are appropriate in protecting the confidentiality of Company information: (i) avoid discussions of confidential matters in places where they might be overheard or otherwise disseminated; (ii) mark sensitive documents "confidential" and use sealed envelopes marked "confidential"; (iii) secure confidential documents and restrict the copying of sensitive documents; (iv) provide instructions to receptionists regarding outside inquiries; (v) use code names for sensitive projects; (vi) use passwords to restrict computer access; and (vii) do not use any Internet message boards or similar medium available to the public to post any unauthorized messages regarding the Company or our business, financial condition, employees, clients or other matters related to us.

**VI. ADDITIONAL TRADING POLICY**

***You may not trade in Company securities outside of a trading window.*** For purposes of this policy, a "trading window" will commence at the close of business on the second full trading day following the day of public disclosure of the Company's financial results for a particular fiscal quarter or year and will terminate at the end of the 10th calendar day after the last day of the quarter in which the information was disclosed. For example, with respect to the release of financial results for the Company's second fiscal quarter, the trading window would start at the close of business on the second full trading day following the day of public release of the Company's second quarter financial results and end on the close of business on October 10. For the Company's fiscal year end release of financial results, the trading window would start at the close of business on the second trading day following the release of the Company's fiscal year financial results and end on the close of business on April 10. For purposes of clarity, in the event that the Company releases its financial results for a particular fiscal quarter or year prior to the opening of trading on the morning of a particular trading day, that day shall be deemed the first trading day for purposes of this policy. For example, if the Company releases its financial results for a particular fiscal quarter or year prior to the opening of trading on a Tuesday morning that is otherwise a normal trading day (i.e., not a federal holiday), the trading window would start at the close of business on the following trading day, Wednesday.

***Even during a trading window, you may not trade during a special blackout period.*** The Company always retains the right to impose additional or longer trading blackout periods at any time. You may not trade in Company securities during any special blackout periods that the Company may designate with the prior written approval of the Chief Executive Officer (or the Chief Financial Officer, if the Chief Executive Officer is unavailable). The Chief Executive Officer, Chief Financial Officer or Compliance Officer of the Company will advise you in writing of when a special blackout period commences and ends. You may not disclose to any outside third party that a special blackout period has been designated.

***You may not trade during a trading window without prior notice and approval****.* During a trading window, you may trade in Company securities only after notifying and obtaining the approval of the Compliance Officer. If you decide to engage in a transaction involving Company securities during a trading window, you must notify the Compliance Officer in writing of the amount and nature of the proposed trade(s) at least two business days prior to the proposed transaction, and certify in writing that you are not in possession of material nonpublic information concerning the Company. You must not engage in the transaction unless and until the Compliance Officer provides his or her approval in writing. Any determination by the Compliance Officer to disapprove a proposed trade will require the concurrence of the Chief Executive Officer (or the Compensation Committee of the Board, if the Chief Executive Officer is unavailable). Proposed trades by the Chief Financial Officer will require approval by any of (i) the Chief Executive Officer; or (ii) the Compensation Committee of the Board. The Compliance Officer (or the Chief Executive Officer or Compensation Committee of the Board, as applicable) must consult with the Company's outside securities counsel prior to approving any transaction in the Company's securities. The existence of these approval procedures does not in any way obligate the Compliance Officer to approve any transaction.

***Except as permitted by SEC rules, you may not trade in Company equity securities during a pension plan blackout period****.* If you are an executive officer or director, you may not trade or transfer during any pension fund blackout period any equity security of the Company that you acquired in connection with your service as an officer or director, except to the extent such trade or transfer is permitted by SEC rules. A pension plan blackout period is generally any period of more than three consecutive business days under an individual account plan during which purchases or sales of Company equity securities are prohibited under the plan (whether by us or a fiduciary of the plan), excluding certain regularly scheduled blackouts and blackouts imposed solely in connection with certain corporate transactions such as mergers. Any profits made by you in violation of this proscription are recoverable by us. We will notify plan participants, directors, officers and the SEC in advance of any pension plan blackout period.

***You may not trade in puts or calls or engage in short sales with respect to Company securities.*** Trading in "puts" and "calls" (publicly traded options to sell or buy stock) and engaging in short sales are often perceived as involving insider trading and they may focus your attention on the Company's short-term performance rather than its long -term objectives. In addition, Section 16(c) of the Securities Exchange Act of 1934 prohibits officers and directors from engaging in short sales. Therefore, transactions in puts, calls and other derivative securities with respect to Company securities on an exchange or in any other organized market are prohibited by this policy, as are short sales of Company securities.

**VII. CONSEQUENCES OF VIOLATING SECURITIES LAWS OR THIS POLICY**

The consequences of violating the securities laws or this policy can be severe. They include the following:

***Civil and criminal penalties.*** If you violate the insider trading or tipping laws, you may be required to:

● pay civil penalties up to three times the profit made or loss avoided

● pay a criminal penalty of up to $5 million

● serve a jail term of up to 20 years.

In addition, the Company and/or the supervisors of a person who violates these laws may also be subject to civil or criminal penalties if they did not take appropriate steps to prevent illegal trading.

***Company Discipline.*** If you violate this policy or insider trading or tipping laws, you may be subject to disciplinary action by the Company, up to and including termination for cause. A violation of our Company policy is not necessarily the same as a violation of law and we may determine that specific conduct violates its policy, whether or not the conduct also violates the law. We are not required to await the filing or conclusion of a civil or criminal action against an alleged violator before taking disciplinary action.

***Reporting of Violations.*** Any employee, officer, director, consultant, contractor, agent, or other service provider who violates this policy or any federal or state laws governing insider trading or tipping, or knows of any such violation by any other employee, officer or director, must report the violation immediately to the Chief Executive Offer.

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**VIII. EXCEPTIONS TO THIS POLICY FOR CERTAIN TRANSACTIONS UNDER COMPANY BENEFIT PLANS**

Certain transactions in Company securities under Company benefit plans are not prohibited by this policy. These are:

***Stock Option Exercises.*** This policy does not apply to your exercise of a stock option where the purchase of stock options is paid in cash and the shares continue to be held by you following such exercise. It also does not apply to your election to have the Company withhold shares subject to an option to satisfy tax withholding requirements. This policy does apply, however, to sales of shares received upon exercise of an option.

***Receipt and Vesting of Equity Awards.*** This policy does not apply to your receipt upon vesting of equity awards, including stock options, restricted stock units, restricted stock, or other equity compensation awards, provided that the shares continue to be held by you following such vesting. It also does not apply to your election to have the Company withhold shares subject to vesting to satisfy tax withholding requirements. This policy does apply, however, to sales of shares received upon such vesting.

***ESPP Purchases.*** This policy does not apply to purchases from the Company's employee

stock purchase plan. This policy does apply, however, to subsequent sales of such shares.

***Sell to Cover Transactions.*** This policy does not apply to sell to cover transactions, to the extent approved and implemented by the Company, where shares are withheld by the Company upon vesting of equity awards and sold in order to satisfy tax withholding requirements; however, this exception does not apply to any other sale or trade.

***Changes in Form of Ownership.*** This policy does not apply to changes in form of ownership, for example, a transfer from your individual ownership to a trust for which you are the trustee; provided that you continue to retain ownership of the shares following such change in the form of ownership.

***401(k) Plan.*** This policy does not apply to purchases of Company stock in our 401(k) plan resulting from your periodic contribution of money to the plan through a payroll deduction election. This policy does apply, however, to certain elections you may make under our 401(k) plan, including (a) an election to increase or decrease the percentage of your periodic contributions that will be allocated to the Company stock fund, (b) an election to make an intra- plan transfer of an existing account balance into or out of the Company stock fund, (c) an election to borrow money against your 401(k) plan account if the loan will result in a liquidation of some or all of your Company stock fund balance, and (d) your election to pre-pay a plan loan if the pre-payment will result in allocation of loan proceeds to the Company stock fund.

**IX. EXCEPTIONS TO THIS POLICY FOR TRANSACTIONS UNDER SEC RULE 10B5-1 TRADING PLANS**

Rule 10b5-1 under the Securities Exchange Act of 1934 provides an affirmative defense against insider trading liability for transactions made pursuant to a qualifying written trading plan (a "**Trading Plan**"). Transactions under a pre-approved Trading Plan that complies with this Section IX are not prohibited by this policy, even if they occur during a blackout period or while the Covered Person possesses material nonpublic information.

To be eligible to enter into, modify, or terminate a Trading Plan, you must pre-clear its adoption, modification or termination, as applicable, with the Compliance Officer, who will consult with the Company's outside securities counsel, as appropriate, prior to pre-clearing any plan or approving any change to any plan; *provided*, *however*, that the Company's Senior Leadership (defined below) must obtain advance written approval from the Audit Committee of the Board of Directors, acting in consultation with the Compliance Officer, before entering into any 10b5-1 plan or changing or terminating any 10b5-1 plan already in place. The Audit Committee and Compliance Officer, together with the Company's outside securities counsel, are responsible for ensuring that each proposed Trading Plan satisfies all applicable requirements of Rule 10b5-1, as amended from time to time, including those relating to cooling-off periods, limits on the number and type of plans, required certifications by directors and officers, and the good-faith adoption and operation of such plans. The Compliance Officer shall maintain a complete record of all Trading Plans approved, modified, or terminated, and shall coordinate all related Section 16 and other securities law filings. For purposes hereof, the Company's "**Senior Leadership**" consists of (i) each of the Company's executive officers, as defined by Rule 3b-7 of the Securities Exchange Act of 1934 (17 C.F.R. § 240.3b-7), as well as (ii) each of the current Company employees who report directly to any Company executive officer provided they have day-to-day managerial responsibility for a principal business unit, division, or corporate function of the Company.

Without limiting the foregoing, approval of a Trading Plan requires, at a minimum, that:

● The Covered Person is not in possession of material nonpublic information at the time of plan adoption;

● The plan is entered into in good faith, during an open trading window, and not as part of any scheme to evade the prohibitions of Rule 10b-5; and

● For directors and officers, the plan includes the written certifications required by Rule 10b5-1, as in effect at the time of adoption.

**The Audit Committee and Compliance Officer are not obligated to approve any proposed Trading Plan. Covered Persons who wish to establish a Trading Plan should contact the Compliance Officer well in advance of the desired adoption date to allow adequate time for review by the Audit Committee and outside securities counsel.**

**X. OTHER EXCEPTIONS TO THIS POLICY**

Nothing about this Policy limits anyone's participation in an offering of Company securities by the Company, such as a rights offering financing offered to existing Company stockholders, or limits any related party transaction approved by our Board of Directors.

**XI. PROTECTED ACTIVITY NOT PROHIBITED**

Nothing in this policy, or any related guidelines or other documents or information provided in connection with this policy, shall in any way limit or prohibit you from engaging in any of the protected activities set forth in the Company's Whistleblower Policy, as amended from time to time.

**XII. AMENDMENTS**

The Company reserves the right to amend or waive this policy at any time, for any reason, subject to applicable laws, rules and regulations, and with or without notice, although it will attempt to provide notice in advance of any change. Unless otherwise permitted by this policy, any amendments or waivers of this policy must be approved by the Board of Directors of the Company.

**XIII. COMPANY ASSISTANCE**

If you have a question about this policy or whether it applies to a particular transaction, contact our Compliance Officer for additional guidance. The Compliance Officer will regularly consult with the Company's outside securities counsel with respect to transactions and other matters covered by this policy.

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**ACKNOWLEDGEMENT OF RECEIPT OF INSIDER TRADING POLICY**

I have received and read the Pulse Biosciences, Inc. Insider Trading Policy ("**Insider Trading Policy**"). I understand the standards and policies contained in the Insider Trading Policy and agree to comply with its terms and conditions.

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|:---|
| Print Name |
| Signature |
| Date |

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## Exhibit 31.1

**Exhibit 31.1**

**CERTIFICATION OF CHIEF EXECUTIVE OFFICER PURSUANT TO SECURITIES EXCHANGE ACT RULES 13a-14(a) and 15d-14(a), AS ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002**

I, Paul LaViolette, certify that:

1. I have reviewed this Amendment No. 1 to the Annual Report on Form 10-K/A of Pulse Biosciences, Inc.; and

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report.

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| | | |
|:---|:---|:---|
| Date: April 30, 2026 | By: | /s/ Paul LaViolette |
|  |  | President and Chief Executive Officer |
|  |  | (Principal Executive Officer) |

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## Exhibit 31.2

**Exhibit 31.2**

**CERTIFICATION OF CHIEF EXECUTIVE OFFICER PURSUANT TO SECURITIES EXCHANGE ACT RULES 13a-14(a) and 15d-14(a), AS ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002**

I, Jon Skinner, certify that:

1. I have reviewed this Amendment No. 1 to the Annual Report on Form 10-K/A of Pulse Biosciences, Inc.; and

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report.

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| | | |
|:---|:---|:---|
| Date: April 30, 2026 | By: | /s/ Jon Skinner |
|  |  | Chief Financial Officer |
|  |  | (Principal Financial Officer) |

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