Pulse Biosciences, Inc. has entered into a new equity distribution agreement with Mizuho Securities USA LLC. The agreement, dated September 15, 2026, allows the company to offer and sell shares of its common stock, par value $0.001 per share, through Mizuho. The total amount of shares offered under this new agreement has an aggregate offering price of up to $85,000,000.
Under the terms of the Sales Agreement, Mizuho is not obligated to sell any shares and will use commercially reasonable efforts to sell the shares based on the company's instructions. Mizuho may sell the shares in various transactions, including at-the-market offerings, direct sales on the Nasdaq Capital Market, block trades, and negotiated transactions. The company will pay Mizuho a commission rate of up to 3.0% of the gross sales price of any shares sold.
The issuance of shares under this agreement is made pursuant to the company’s effective registration statement on Form S-3 (File No. 333-293596), which was declared effective on February 27, 2026. A prospectus supplement was filed with the SEC on September 15, 2026, in connection with this offering.
Pulse Biosciences also reported the termination of its prior equity distribution agreement with TD Securities (USA) LLC, dated February 19, 2026. As of the termination date on September 14, 2026, there remained shares with an aggregate offering price of up to $1.0 million that were unsold under that prior agreement.
The company previously disclosed that it entered into an equity distribution agreement with Mizuho on August 6, 2026. As of September 14, 2026, 1,379,925 shares of common stock had been issued and sold pursuant to that August agreement, at an aggregate offering price of approximately $68.8 million.
