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Corporate Overview January 2026 ©2026 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 Nanosecond Pulsed Field Ablation (nsPFA) technology and nPulse 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 any nsPFA technologies 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 nsPFA Cardiac Surgery System or the nsPFA Percutaneous Electrode System, Pulse Biosciences’ expectations, whether stated or implied, regarding whether the Company’s nsPFA technology will become a disruptive, superior and durable treatment option for treating benign thyroid nodules, 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 U.S. Securities and Exchange Commission. Pulse Biosciences undertakes no obligation to revise or update information in this presentation 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 ©2026 Pulse Biosciences, Inc. All rights reserved. 2
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To build a thriving viable company by providing revolutionary and life-changing therapy for multiple diseases deploying our next-generation Nanosecond Pulsed Field Ablation technology. Our Mission Each segment will deliver optimized development time and patient-first solutions through either direct to consumer or partnership structures, enhancing speed to market and capital efficiency. Our Strategy ©2026 Pulse Biosciences, Inc. All rights reserved. 3
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Experienced Technologists, Operators and Clinicians From Proven Leadership Team Established Board of Directors Robert (Bob) W. Duggan Co-Chairman of the Board of Directors 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 Renowned Scientific Expertise Darrin Uecker Chief Technology Officer Director Kevin Danahy Chief Commercial Officer Paul LaViolette Chief Executive Officer Co-Chairman of the Board Jon Skinner Chief Financial Officer ©2026 Pulse Biosciences, Inc. All rights reserved. 4 Maria Sainz Director Mahkam "Maky" Zanganeh, DDS Director
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Financial Snapshot ©2026 Pulse Biosciences, Inc. All rights reserved. 5 • Strong balance sheet as of 12/31/2025 – Cash and cash equivalents balance of ~$81 mm (unaudited) – No debt – Cash burn of approximately $36mm in 2024 – Cash burn increasing: Strategic Capital to support significant expansion opportunities ($13.0mm of cash used in operating activities in 3Q25) • Generated initial revenue from Vybrance limited market release – 3Q25 revenue totaled $86k +80% Insider Ownership
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Pulse will create, expand, and upend these respective markets with therapy innovation, market penetration and global expansion *based on reimbursement updates and asp assumptions Pulse Biosciences’ nPulse Platform Unlocks >$6B in first 3 target markets to >$16B global including Cardiac Surgery EP Catheter $3.0B 8 $1.8B 6,7 Thyroid Application in Soft Tissue Ablation $1.3B 1,2,3,4,5* $2.8B 1,2,3,4,5* $6.0B 6,7 $8.0B 9 U.S. Addressable Annual Market Global Potential Market
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The Nanosecond PFA Advantage – A Novel Ablation Mechanism ©2026 Pulse Biosciences, Inc. All rights reserved. 7 A more energy-efficient ablation mechanism, enabling larger, faster, and safer ablations • Long-duration weak pulses physically destroy cell membranes • Thermal risk is mitigated with small electrodes and irrigation • Stacking and rotating techniques required due to thermal risk and shallow lesions • Ultrashort strong pulses penetrate cells triggering regulated cell death • Large footprint electrodes create circumferential, deep ablations • No stacking required due to no thermal risk First Gen PFA nsPFA Thermal • High Thermal Energy • Point to point ablation • Destroys all tissue • Thermal spread risk
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+180 Pending patent applications +250 Issued patents globally owned & licensed PATENT PORTFOLIO Pioneering nPulse Technology Creating wide and deep IP portfolio to own the Nanosecond PFA space Covering nPulse energy, systems, applications, and methods ©2026 Pulse Biosciences, Inc. All rights reserved. 8 TOTAL: 144 NEW ISSUED AND PENDING PATENTS IN 2025: +67 Issued patents globally owned & licensed +77 Pending patent applications
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EP Market Opportunity AF Ablation ©2026 Pulse Biosciences, Inc. All rights reserved. 9 ©2025 Pulse Biosciences, Inc. All rights reserved. Market growing at 10–15% CAGR 8 ~1.9M 10 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 + efficiency over 1st gen PFA devices • Enhanced lesion quality • Elevated safety nPulse technology upends the EP market with a differentiated energy and novel design $3.0B 8 U.S. Addressable Annual Market
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nsPFA Unlocks New Potential in EP ©2026 Pulse Biosciences, Inc. All rights reserved. 10 • NANOPULSE-AF IDE approval • Expect to commence IDE enrollment in Q1 2026 • 150+ patient EU multi- center feasibility study SPEED • Fewer, faster applications • Total PVI speed • Total procedure time • No ablation stacking WORKFLOW • Map and ablate – single catheter • Conscious sedation potential; reduced muscle stimulation • ASC site-of-care LESION QUALITY • Single circumferential lesion – no rotation • Lesion depth • Transmurality • True non- thermal MOA EFFICACY Durability • 3-month • 12-month Expect to report 6-month and 12-month follow-up data in February at AF Symposium
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Surgical Cardiac Ablation Market Opportunity Drivers for Pulse in the Surgical Cardiac Ablation Market • 80,000+ annual U.S. patients with pre-operative AF – ~30% treated • Pulse expects to be first PFA solution to market • Existing market is RF technology – Obvious limitations nPulse technology expands the market Annual open-heart procedures in U.S. 300K7 216k Annual U.S. Patients 72% Patients at high risk of developing post-op AF12 28% Patients have pre-operative AF11 Future Potential Prophylactic AF ©2026 Pulse Biosciences, Inc. All rights reserved. 11 $1.8B 6,7 U.S. Addressable Annual Market
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SPEED • Application speed • Total PVI/PWI speed • Reduced pump time WORKFLOW • Seamless transition to nPulse design • Two curve styles for versatility LESION QUALITY • Transmural treatment zone • True non- thermal mechanism of action EFFICACY • Durability • 3-month EP mapping data FDA approved IDE pivotal study underway nsPFA Unlocks New Potential in Surgical AF Ablation ©2026 Pulse Biosciences, Inc. All rights reserved. 12 • NANOCLAMP AF Pivotal Study approved and enrolling • Treated 44 patients in EU feasibility study • Presented late-breaking data at the 39th EACTS Annual Meeting (October 2025) – Durable, consistent pulmonary vein and posterior box isolation achieved in the first 24 patients
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Benign Thyroid Market Opportunity 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 $1.3B+ Annual U.S. TAM1,2,3,4,5* nPulse technology is a new paradigm for surgical patients and watchful waiters Newly created untapped market ©2026 Pulse Biosciences, Inc. All rights reserved. 13 U.S. Addressable Annual Market
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SPEED • 8 sec. ablation • Average <7 minutes of energy delivery WORKFLOW • Safe, fast and efficient OR procedure • Conscious Sedation for maximum patient comfort LESION QUALITY • True non- thermal MOA • Rapid, natural clearing process EFFICACY • 0 SAEs • High tumor Volume Reduction Rate • Durable reduction at 15+ months FDA 510(k) approved and commercial launch underway nsPFA Unlocks New Potential in Soft Tissue Ablation ©2026 Pulse Biosciences, Inc. All rights reserved. 14 • Multi-center clinical study (PRECISE-BTN) treating benign thyroid nodules – Nearing completion • Increasing procedure volumes – Pilot program converting to 100% commercial focus – Focused commercial market release
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Rapid Progress: 2025 Achievements and 2026 Plans ©2026 Pulse Biosciences, Inc. All rights reserved. 15 2025 Plans and Accomplishments Electrophysiology Cardiac Surgery Percutaneous Thyroid • Generating Data • IDE Approval • Pilot Launch • Initiating Pivotal • Generating Data • IDE Approval 2026 Momentum and Intentions • Clear safety, speed and workflow evidence • Efficacy evidence — Presenting at AF Symposium • IDE approved — enroll in 2026 • Pilot converted to commercial • Completed over 275 cases • Compelling outcomes data NASIT, March 2026 • Pivotal enrollment to be completed Q1 ‘26 • Significant safety and efficacy data • IDE enrolling
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Summary Clinical evidence • Mounting and superior • Paradigm shifting care Expanding commercialization • Initiated nPulse Vybrance limited market release Portfolio of future indications • Multiple clinical programs activated • MIS and Int. Oncology IP +250 Issued +180 Pending • Pulse owns the Nanosecond PFA Space Novel nPulse Energy • Unique MOA • Patent protected • Nonthermal U.S. clinical studies • 2 pivotal IDE studies underway • Measurable milestones Strong balance sheet • Cash balance of ~$81mm as of 12/31/2025 Target Market Values • +$6B U.S. annual addressable market • Create, expand, upend ©2026 Pulse Biosciences, Inc. All rights reserved. 16
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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) Cardiac Surgery at Mayo Clinic—A 70th Anniversary Celebration - https://www.mayoclinicproceedings.org/article/S0025-6196(25)00560-9/fulltext 8) Clarivate – US EP Market Report. Data on File. 9) Company filings, BofA Global Research. Revenue is BofA estimate from BofA Global Research Market Report. Data on File. 10) 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 ) 11) 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. 12) 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 ©2026 Pulse Biosciences, Inc. All rights reserved. 17