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Corporate Overview January 2025 ©2025 Pulse Biosciences, Inc. All rights reserved. 1
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All statements in this presentation that are not historical are forward-looking statements, including, among other things, statements relating to the effectiveness of the Company’s CellFX nsPFA technology and CellFX System to non-thermally clear cells while sparing adjacent non- cellular tissue, statements concerning the Company’s expected product development efforts and future clinical studies and regulatory submissions, whether with the U.S. FDA or otherwise, statements concerning whether any clinical study will show that the Company’s novel nsPFA mechanism of action will deliver fast and precise ablations in cardiac tissue, statements concerning market opportunities, customer adoption and future use of the CellFX System to address a range of conditions such as atrial fibrillation, statements concerning early clinical successes and whether they are predictive of the safety and efficacy of any medical device such as the CellFX nsPFA Cardiac Surgery System, Pulse Biosciences’ expectations, whether stated or implied, regarding whether the Company’s CellFX nsPFA technology will become a disruptive, superior and durable treatment option for treating atrial fibrillation or any other medical condition, and other future events. These statements are not historical facts but rather are based on Pulse Biosciences’ current expectations, estimates, and projections regarding Pulse Biosciences’ business, operations and other similar or related factors. Words such as “may, ” “will, ” “could, ” “would, ” “should, ” “anticipate, ” “predict, ” “potential, ” “continue, ” “expects, ” “intends, ” “plans, ” “projects, ” “believes, ” “estimates, ” and other similar or related expressions are used to identify these forward-looking statements, although not all forward-looking statements contain these words. You should not place undue reliance on forward-looking statements because they involve known and unknown risks, uncertainties, and assumptions that are difficult or impossible to predict and, in some cases, beyond Pulse Biosciences’ control. Actual results may differ materially from those in the forward-looking statements as a result of a number of factors, including those described in Pulse Biosciences’ filings with the Securities and Exchange Commission. Pulse Biosciences undertakes no obligation to revise or update information in this release to reflect events or circumstances in the future, even if new information becomes available. This presentation and any documents incorporated by reference may contain market data that we obtain from industry sources. These sources do not guarantee the accuracy or completeness of the information. Although we believe that our industry sources are reliable, we do not independently verify the information. The market data may also include projections that are based on other projections. While we believe these assumptions and projections are reasonable and sound, as of the date hereof, actual results may differ from these projections. Forward Looking Statements ©2025 Pulse Biosciences, Inc. All rights reserved. 2
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KEEP RED LINE OFF SLIDE ©2025 Pulse Biosciences, Inc. All rights reserved. Our Mission To build a thriving, viable company by providing revolutionary and life-changing therapy for multiple diseases with next-generation Nanosecond Pulsed Field technology. ©2025 Pulse Biosciences, Inc. All rights reserved. 3
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that nanosecond pulsed field ablation (nsPFA) has the potential to not only replace all other energy modalities in cardiac ablation, including radiofrequency and cryo, but due to the speed, safety, and ablation performance of the system, it also has the potential to significantly expand the number of patients we treat.” – Dr. Niv Ad, One of the most published cardiac surgeons in the world ©2025 Pulse Biosciences, Inc. All rights reserved. 4
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Financial Snapshot Strong balance sheet as of 12/31/2024 • Cash and cash equivalents balance $118mm [unaudited] as of December 31st • Pro forma cash and cash equivalents of $130mm including receipts from rights offering • No debt ~2-Year cash runway • Cash burn of approximately $36mm in 2024 • Cash burn increasing in 2025 to support commercialization and multiple IDEs +80% Insider Ownership ©2025 Pulse Biosciences, Inc. All rights reserved. 5
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Experienced Technologists, Operators and Clinicians Form Proven Leadership Team Established Board of Directors Robert (Bob) W. Duggan Co-Chairman of the Board of Directors Mahkam "Maky" Zanganeh, DDS Director Manmeet S. Soni Director Richard van den Broek Director Dr. Gan Dunnington Chief Medical Officer, Cardiac Surgery Dr. Niv Ad Chief Science Officer, Cardiac Surgery Dr. David Kenigsberg Chief Medical Officer, Electrophysiology ©2025 Pulse Biosciences, Inc. All rights reserved. Darrin Uecker Chief Technology Officer Director Kevin Danahy Chief Commercial Officer Mitch Levinson Chief Strategy Officer Paul LaViolette Chief Executive Officer Co-Chairman of the Board 6
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Proprietary Design and Engineering ©2025 Pulse Biosciences, Inc. All rights reserved. Powering the next generation in bioelectric medicine with Nanosecond Pulsed Field Ablation (nsPFA ) Technology Robust Market Entry Initiating 3 IDEs in 2025 and creating a commercial market in Thyroid 183 Issued Patents globally owned & licensed Robust Patent Portfolio Surrounding the technology, devices, and use of nsPFA +103 Patent Pending Applications Proprietary Technology Only company bringing novel Nanosecond Pulsed Field Ablation (nsPFA) technology to patient care Proprietary Treatments nsPFA enabled applicators deliver highly differentiated value in their markets 7
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Pulse Biosciences’ nsPFA Platform Unlocks >$6B in first 3 target markets to >$16B in global including U.S. markets CellFX nsPFA Platform Cardiac Surgery Application Endocardial Application (EP) $3.0B U.S. Addressable Annual Market8 $1.8B U.S. Addressable Annual Market6,7 Thyroid Application $1.3B U.S. Addressable Annual Market1,2,3,4,5, * Pulse will create, expand, and upend these markets with penetration and global expansion ©2025 Pulse Biosciences, Inc. All rights reserved. $2.8B Global Potential Market1,2,3,4,5, * $6.0B Global Potential Market6,7 $8.0B Global Potential Market9 *based on reimbursement updates and asp assumptions8
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©2025 Pulse Biosciences, Inc. All rights reserved. PFA is currently drastically affecting the EP market Existing ablative therapies have limitations RF / Heat CRYO / Cold A new treatment paradigm that allows for: A fast, efficient treatment Increased throughput Increased predictability for scheduling and treatment Safer treatment profile over RF and CRYO Less worry about the esophagus With such marked improvements, What gaps remain? 9
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# Configurations Energy deliveries per target Device rotations to “connect the dots” Average ablation time Patient paralytics Pulse duration Micro-PFA Compared to nsPFA for Electrophysiology Current workflow and case time R E Q U I R E D 30 minutes R E Q U I R E D Microsecond 8 2 ©2025 Pulse Biosciences, Inc. All rights reserved. Lesion quality/depth4–6mm N O N E R E Q U I R E D 10 minutes N O N E R E Q U I R E D Nanosecond 1 1 Nanosecond technology can revolutionize EP and multiple markets 6–9mm10 1. Koruth et al. Circ Arrhythm Electrophysiol. 2024;17:e012854. DOI: 10.1161/CIRCEP.124.012854 10
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The nsPFA Difference for EPEnergy + Design Matters High amplitude → Deep ablations Short duration → Low energy • Much reduced nerve stimulation • No cardiac synch or paralytics Design Implications • Thin, flexible electrode for versatility • Full ring—no connecting dots ©2025 Pulse Biosciences, Inc. All rights reserved. Nanosecond PFA High Amplitude, Short Duration Billionth (.000000001 sec) Microsecond PFA Low Amplitude, Long Duration Millionth (.000001 sec) nsPFA 360 CatheterMicrosecond PFA Catheters Low amplitude → Shallow ablations Long duration → High energy • Significant nerve stimulation • Cardiac synch and paralytics required Design Implications • Design constrained to small focal ablations • Rotations and multiple shots to connect the dots 11
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Nanosecond PFA Advantage ✓ Product designs are purpose built for the application ✓ Much lower energy reduces electrode design constraints of standard PFA ✓ Reduces stimulation to nerves and muscle ✓ Nonthermal: no thermal damage or spread beyond the electrical field ✓ Faster, deep ablations with single energy delivery ✓ Selectively treats only organelle- bearing structures – spares nerves, vessels, structural tissue nsPFA technology’s novel mechanism activates the body’s natural healing process ©2025 Pulse Biosciences, Inc. All rights reserved. 12
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Inventing and harnessing nsPFA technology dates back two decades • Differentiated approach focused on novel therapy development • 10+ years in development at Pulse Biosciences • $300mm Development Investment to date • >1,100 industry-wide publications to date • Multiple FDA Clearances • Breakthrough Designation 103 Pending patent applications 183 Issued patents globally owned & licensed Patent Portfolio 2025 History of Leading Nanosecond PFA Development ©2025 Pulse Biosciences, Inc. All rights reserved. Creating wide and deep IP portfolio covering nsPFA energy and system Continued development and patent filings covering systems, applications, and methods Pulse Biosciences is the leader in designing and engineering nsPFA technology 13
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FACTORS INFLUENCING THE STRATEGY INCLUDE: Collapse time to access patients • New or established market • Presence of direct competition • Efficiency of launch investment • Scale and simplicity of platforms • Therapy synergies • Enabling differentiation for a strategic partner Direct Candidate Markets Partnership Candidate Markets >$6B to start Business Model ©2025 Pulse Biosciences, Inc. All rights reserved. Direct and Partnership approaches will be determined for each market based on the opportunity to enter or upend markets with capital efficiency 14
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Market Entry Strategy Cardiac Surgery $1.8B Addressable Market* Expand usage in the Cardiac Surgery market ©2025 Pulse Biosciences, Inc. All rights reserved. Thyroid Market $1.3B Addressable Market* Create an untapped market in Thyroid AF Ablation $3.0B Addressable Market* Upend the EP market *U.S. Addressable Annual Market Thyroid: First use case for percutaneous soft tissue ablation electrode 15
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Create an Untapped Market in Thyroid Opening a new era in therapy for soft tissue ablation such as benign thyroid nodules Thyroid Therapy | Surgical Ablation | AF Ablation ©2025 Pulse Biosciences, Inc. All rights reserved. March 2024 16
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Benign Thyroid Market Opportunity ©2025 Pulse Biosciences, Inc. All rights reserved. Drivers for Pulse in the Benign Thyroid Market • Thyroid-sparing procedure • Nonsurgical intervention • Potential to eliminate up to ~150k thyroidectomies yearly ~100k Enter “Watchful Waiting” ~150k Benign thyroidectomies BTN patients diagnosed in U.S. ~250k3,4,5 $1B+ Annual U.S. TAM nsPFA technology is a new paradigm for surgical patients and watchful waiters ©2025 Pulse Biosciences, Inc. All rights reserved. Thyroid Therapy | Surgical Ablation | AF Ablation Newly created, untapped market 17
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Create an Untapped Market in Thyroid nsPFA provides significant therapeutic benefits for physicians and patients ©2025 Pulse Biosciences, Inc. All rights reserved. Thyroid Therapy | Surgical Ablation | AF Ablation • Spares nerves, vessels, critical structures • Nonthermal - does not cause fibrosis or RF scar ball formation • Significant volume reduction and symptomatic relief at 1 month • Excellent safety profile • Treated area feels soft, natural • High patient satisfaction – Improved cosmesis Baseline 1 month post 12 months post Prof. Stefano Spiezia – ATA 2024 Presentation 18
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• Soft Tissue Ablation – FDA Cleared • 510(k) Pilot launch underway • Launch led by 10 KOL sites to drive adoption • Initiating investigator-sponsored research to add clinical data and experience Thyroid Market Development Status ©2025 Pulse Biosciences, Inc. All rights reserved. Initiating a pivotal clinical trial for benign thyroid nodule ablation indication in mid-2025 Thyroid Therapy | Surgical Ablation | AF Ablation 19
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Expanding Usage in the Surgical Cardiac Ablation Market nsPFA for Surgical AF ©2025 Pulse Biosciences, Inc. All rights reserved. Thyroid Therapy | Surgical Ablation | AF Ablation 20
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Surgical Cardiac Ablation Market Opportunity ©2025 Pulse Biosciences, Inc. All rights reserved. Thyroid Therapy | Surgical Ablation | AF Ablation Drivers for Pulse in the Surgical Cardiac Ablation Market • 84,000 U.S. patients per year with pre-operative AF • Only ~30% being treated with RF technology • Pulse will be first to market with a PFA solution • RF technology: safety and efficacy concerns nsPFA technology expands the market Annual open-heart procedures in U.S. 300K11 216k Annual U.S. Patients 72% Patients at high risk of developing post-op AF13 28% Patients have pre-operative AF12 Future Potential Prophylactic AF 21
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Expanding Usage in the Surgical Cardiac Ablation Market Speed and Versatility for Cardiac Surgical Applications • Speed, ease of use and safety of nsPFA address key physician concerns limiting adoption of thermal modalities – Capable of transmural ablations in seconds – Fully automated ablation independent of tissue thickness or type – Nonthermal, eliminating risk of damage to surrounding critical structures, e.g. esophagus – Ability to perform ablation off cardiopulmonary bypass ©2025 Pulse Biosciences, Inc. All rights reserved. Bipolar Clamp Thyroid Therapy | Surgical Ablation | AF Ablation 22
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Surgical Cardiac Ablation Status • Received FDA Breakthrough Device Designation in July 2024 • Enrolled in the FDA’s Total Product Life Cycle (TPLC) Advisory Program (TAP) • 30 patient multi-center feasibility study underway, expect enrollment completion in Q1 ‘25 • Recent publication in The Journal of Thoracic and Cardiovascular Surgery Initiating a pivotal clinical trial for AF mid 2025 ©2025 Pulse Biosciences, Inc. All rights reserved. Thyroid Therapy | Surgical Ablation | AF Ablation 23
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Upending AF Ablation in the EP Market nsPFA for AF ©2025 Pulse Biosciences, Inc. All rights reserved. Thyroid Therapy | Surgical Ablation | AF Ablation 24
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EP Market Opportunity AF Ablation ©2025 Pulse Biosciences, Inc. All rights reserved. ©2025 Pulse Biosciences, Inc. All rights reserved. Thyroid Therapy | Surgical Ablation | AF Ablation Market growing at 10–15% CAGR 14 ~1.9M 15 U.S. patients diagnosed with AF annually Global Atrial Fibrillation (AF) Disease State: >$8B 9 Electrophysiology Market Drivers for Pulse in the EP AF Ablation Market • Drop-in workflow replacement • Speed = Improved efficiency over 1st gen PFA devices • Less configurations, rotations, applications • Enhanced lesion quality through nsPFA nsPFA technology upends the EP market with a novel and differentiated energy 25
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Customized nsPFA Electrode Design 360 Catheter for Pulmonary Vein Isolation Achieves circumferential lesions with continuous ring electrodes for TRUE “single-shot” Pulmonary Vein Isolation (PVI) ablation • “Drop in” workflow for speed and ease of use • Eliminates need to rotate device to “connect the dots” • Deeper lesions than micro PFA = improved transmurality • Less dependent on tissue contact • More rapid isolation of vein • Nonthermal • Design allows for versatility in left atrial utilization 2-Day Endocardial Surface ~5cm Diameter (Porcine) ©2025 Pulse Biosciences, Inc. All rights reserved. Thyroid Therapy | Surgical Ablation | AF Ablation 26
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Pulsed Field Ablation Using a Compliant Circular Catheter Delivering Nanosecond Pulses to Treat Atrial Fibrillation 360 Cardiac Catheter Status AF Symposium Boston, MA, January 16–18, 2025 Initiating a pivotal clinical trial for Paroxysmal AF mid 2025 ©2025 Pulse Biosciences, Inc. All rights reserved. Saturday, January 18th Friday, January 17th Thyroid Therapy | Surgical Ablation | AF Ablation Program Updates: • Data read-out of initial 30 treated patients • Enrollment ongoing in multiple centers • 3rd site starting in January – Dr. Natale, Rome, IT Nanosecond Pulsed Field Ablation for Atrial Fibrillation 5:30–7:00pm ET, Vivek Reddy, MD – Late Breaking Clinical Science Session 7:30–9:30am ET, Petr Neuzil, MD, PhD – Live Case Transmission from Homolka Hospital, Prague, Czech Republic 27
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©2025 Pulse Biosciences, Inc. All rights reserved. Summary Clinical evidence • Mounting and superior • Paradigm shifting care Initializing commercialization • Launch underway Portfolio of markets and pipeline of future indications • Multiple clinical or commercial programs activated IP – 183 + 103 • Pulse will own the Nanosecond PFA Space Novel Energy • Unique MOA • Patent Protected • Nonthermal 3 IDEs in 2025 • Funded • Advancing • Measurable Milestones Strong balance sheet • Multi-year cash runway Target Market Values • $6B U.S. Annual Addressable Mkt • Create, Expand, Upend 28
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360 Cardiac Catheter Feasibility Study Progress nsPFA 360 Cardiac Catheter Value Proposition in Action • 1st clinical case with the 360 • Ablation Time PVI : 10 min • First-pass isolation of all pulmonary veins • Low to no learning curve ©2025 Pulse Biosciences, Inc. All rights reserved. Dr. Johan Vijgen Jessa Hasselt Hospital Post map after Jessa Hasselt’s first case Thyroid Therapy | Surgical Ablation | AF Ablation 29
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©2025 Pulse Biosciences, Inc. All rights reserved. 30
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Citations 1) Data on file. Thyroidectomy WW Procedure Data provided by iData 2) https://www.ncbi.nlm.nih.gov/pmc/articles/PMC8215427/ 3) Fine-Needle Aspiration of the Thyroid Gland https://www.ncbi.nlm.nih.gov/books/NBK285544/ 4) CMS - https://www.cms.gov/medicare-coverage-database/view/lcd.aspx?lcdid=38968&ver=4 5) CDC - https://seer.cancer.gov/statfacts/html/thyro.html 6) Global Cardiac Surgical Volume and Gaps: Trends, Targets, and Way Forward. Annals of Thoracic Surgery. 2023, ISSN 2772-9931, https://doi.org/10.1016/j.atssr.2023.11.019. 7) Market size for 2023. 1% CAGR for Surgical Volume 8) Clarivate – US EP Market Report 9) Company filings, BofA Global Research. Revenue is BofA estimate 10) Neis et al. Circ Arrhythm Electrophysiol. 2024;17:e012854. DOI: 10.1161/CIRCEP.124.012854 11) Wyler von Ballmoos, Moritz C. et al.The Annals of Thoracic Surgery, Volume 117, Issue 2, 260 – 270 12) McCarthy, P. M. et al. Prevalence of atrial fibrillation before cardiac surgery and factors associated with concomitant ablation. J. Thorac. Cardiovasc. Surg. 159, 2245-2253.e15. 13) Burrage, P.S., Low, Y.H., Campbell, N.G. et al. New-Onset Atrial Fibrillation in Adult Patients After Cardiac Surgery. Curr Anesthesiol Rep 9, 174–193 (2019). https://doi.org/10.1007/s40140-019-00321-4 14) Wong CX, Brown A, Tse HF, et al. Epidemiology of Atrial Fibrillation: The Australian and Asia-Pacific Perspective. Heart Lung Circ. 2017;26(9):807-879 15) Joglar et al J.A.C.C. V O L . 8 3 , N O . 1 , 2 0 2 42023 Guideline for the Diagnosis and Management of Atrial Fibrillation J A N U A R Y 2 / 9 , 2 0 2 4 : 1 0 9 – 2 7 9116 ( Linear Interpolation ) ©2025 Pulse Biosciences, Inc. All rights reserved. 31