Thank you for standing by. My name is Louella, and I will be your conference operator today. At this time, I would like to welcome everyone to the Pulse Biosciences’ Fourth Quarter 2024 Earnings Conference Call. All lines have been placed on mute to prevent any background noise. After the speakers’ remarks, there will be a question-and-answer session. [Operator Instructions] Thank you. Please be advised that today’s conference is being recorded. I would now like to turn the conference over to Trip Taylor, Investor Relations. Please go ahead, sir.

Thank you, operator. Before we begin, I’d like to inform you that comments and responses to your questions during today’s call reflect management’s views as of today, March 27, 2025, only and will include forward-looking statements and opinion statements, including predictions, estimates, plans, expectations and other similar information. Actual results may differ materially from those expressed or implied as a result of certain risks and uncertainties. These risks and uncertainties are more fully described in our press release issued earlier today and in our filings with the U.S. Securities and Exchange Commission. Our SEC filings can be found on our website or on the SEC’s website. Investors are cautioned not to place undue reliance on forward-looking statements. We disclaim any obligation to update or revise these forward-looking statements. We will also discuss certain non-GAAP financial measures. Disclosures regarding these non-GAAP financial measures, including reconciliations with the most comparable GAAP measures, can be found in the press release. Please note that this conference call will be available for audio replay on our website at pulsebiosciences.com in the News and Events section on our Investor Relations page. With that, I would now like to turn the call over to Co-Chair of the Board and Chief Executive Officer, Paul LaViolette.

Thank you, and good afternoon. Thank you all for joining. I’m Paul LaViolette, and I’m very pleased to be hosting my first earnings call as Pulse Biosciences’ CEO. I’ll start by introducing myself and providing updates on our progress with each of our market programs before introducing our new CFO, Jon Skinner, who will review the fourth quarter 2024 financial results. We will then be joined by Bob Duggan, Co-Chair of the Board for a question-and-answer session. I’d like to begin with my reasons for accepting the role as CEO at Pulse Biosciences and in this context, frame for investors the incredible opportunities ahead for the company. I have been a builder and operator and investor in the MedTech space for the past 45 years and have had the rare opportunity to work directly on a long list of exciting technologies, new therapies and large market opportunities. More recently, as a venture capitalist in MedTech, I have led investments and participated as a Director or Board Chairman of numerous innovative MedTech portfolio companies. Prior to my decade and a half as a venture investor, I was Chief Operating Officer of Boston Scientific and committed 15 years to helping build that market-leading company. As I became aware of Pulse Biosciences and its unique nanosecond PFA technology, I quickly concluded that I rarely, if ever, seen such a strong combination of proprietary technology, clinical potential and market opportunities converging into a single-focused MedTech company. As a result of this assessment, my decision to join the Board was natural, and when the Board asked me to become CEO, I found the opportunity irresistible. I feel my decades of highly relevant experience and my passion for building great teams and important new therapies will help propel Pulse in its current mission as a clinical…

Thank you, Paul. I’m extremely excited to join Pulse Biosciences and contribute to the development and commercialization of our nanosecond PFA devices to advance the treatment of several disease states. It is clear the team and the technology are world class and the opportunity set ahead is quite unique. We are establishing the foundation from which we can drive disciplined growth and operational excellence as we scale this business. Now I will highlight our GAAP and non-GAAP financial results. I encourage listeners to review today’s earnings release for a detailed reconciliation of non-GAAP measures to the most comparable GAAP measures. In the fourth quarter of 2024, total GAAP costs and expenses increased by $7.7 million to $20.3 million compared to a $12.5 million in the prior year period. The increase in GAAP costs and expenses was primarily driven by an increase in non-cash stock based compensation, which was $6.8 million in the fourth quarter of 2024, compared to $3.3 million in the prior year period, along with other compensation and administrative expenses to support the expanding organization and advancement of our nsPFA devices, along with severance and legal settlement expenses. To remind everyone, non-GAAP costs and expenses exclude stock based compensation, depreciation and amortization, restructuring, severance and legal settlement expenses. Total non-GAAP costs and expenses in the fourth quarter of 2024 increased by $2.4 million to $11.3 million compared with $8.9 million in the prior year period. GAAP net loss in the fourth quarter of 2024 was $19.4 million compared to $11.9 million in the prior year period. Non-GAAP net loss in the fourth quarter of 2024 was $10.4 million compared to $8.3 million in the prior year period. In the fourth quarter, we strengthened our balance sheet considerably through the exercise of warrants related to the rights offering that was completed in July of 2024, raising an additional $47.9 million in net proceeds. Through the end of 2024, $49.4 million of warrants have been exercised. As of December 31, 2024, cash and cash equivalents totalled $118 million compared to $44.4 million as of December 31, 2023. Cash used in the fourth quarter of 2024, excluding net proceeds from financings, totalled $9.3 million compared to $6.9 million used in the prior year period and compared to $8.5 million used in the third quarter of 2024. Now joining us for the question-and-answer session is Bob Duggan, Co-Chairman of the Board. Operator, please open the call for questions.

Seeing as we do not have any questions at this time, I will now turn the call back over to Paul LaViolette for closing remarks.

Well, thank you all for joining. We’re proud of our accomplishments, and we look forward to providing you an update on our first quarter performance at a call to be scheduled in early May. Thank you very much.

Ladies and gentlemen, that concludes today’s call. Thank you all for joining. You may now disconnect.