Pulse Biosciences Enters $85M At-the-Market Equity Sales Agreement with Mizuho

What Happened

• Pulse Biosciences, Inc. announced on September 15, 2026 that it entered into an equity distribution agreement with Mizuho Securities USA LLC to sell up to $85.0 million of its common stock through an at-the-market (ATM) program. The sales will be made under the company’s Form S-3 registration statement and a prospectus supplement filed September 15, 2026.
• The filing also notes the company terminated its prior ATM program with TD Securities (USA) LLC effective September 14, 2026; about $1.0 million of capacity remained unsold under that prior agreement at termination. Separately, under a previous Mizuho agreement dated August 6, 2026, Pulse sold 1,379,925 shares for approximately $68.8 million as of September 14, 2026.

Key Details

• New Sales Agreement date: September 15, 2026; aggregate offering size: up to $85,000,000 of common stock.
• Sales method: “at-the-market” offerings (sales on Nasdaq, to market makers, block trades, or other permitted methods).
• Fees: Mizuho may receive commissions up to 3.0% of gross sales; the company will also reimburse certain transaction-related expenses.
• Prior activity: Under the August 6, 2026 Mizuho agreement, 1,379,925 shares were sold for ~ $68.8M through September 14, 2026; TD Cowen program terminated with ~$1.0M unsold capacity.

Why It Matters

• This ATM facility gives Pulse a flexible way to raise capital opportunistically by selling shares into the market when management deems conditions favorable, without a firm commitment to issue shares.
• The arrangement may dilute existing shareholders if and when shares are sold, and the company will incur selling commissions (up to 3%). Investors should watch future 8-Ks or 424 filings for actual issuance amounts and timing, which will show how much capital is raised and any dilution impact.