Pulse Biosciences, Inc
PLSE
Health Care
2
exclusion reasons
1 theme
Pulse Biosciences, Inc is screened out under 2 exclusion reasons spanning 1 issue category.
This page is part of our public exclusion list — a transparency tool that shows which companies we screen out and why. It is not investment advice, and it is not an accusation. It is a statement of values.
Pulse Biosciences develops and commercializes medical devices using its proprietary CellFX Nanosecond Pulsed Field Ablation (nsPFA) technology. The company’s primary product, the CellFX System, is designed for dermatological procedures and has been the subject of multiple animal studies to support its development and regulatory submissions. Published research, including studies cited by the company, demonstrates the use of live animals to test the system’s efficacy and safety parameters.
The company’s reliance on animal testing is integral to its regulatory pathway. For instance, data from animal studies were part of the submission package for the CellFX System’s FDA 510(k) clearance process. This commercial exploitation of animals for product development and validation places the company within the scope of the animal exploitation exclusion.
Pulse Biosciences is a clinical-stage medical technology company developing its proprietary Nano-Pulse Stimulation (NPS) platform. The company’s development strategy relies on animal testing to generate preclinical data. In its 2025 Form 10-K, the company explicitly states, “the vast majority of our in vivo data has been a result of animal testing.” This reliance on animal models is a foundational component of its regulatory submissions to the U.S. Food and Drug Administration, as demonstrated by its 510(k) submission process for its PulseTx System. The company’s risk disclosures confirm that its product development and clinical pathway are dependent on data from animal tests.
Research Sources
1 organization
Related Exclusions
Wondering what we do invest in?
The Naughty List
A digest of changes to our exclusion list — new additions, removals, and the evidence behind them. We review the list continuously as new evidence surfaces.
Companies appear on our exclusion list based on our investment judgment — not because they've done anything illegal. This is a difference of values and opinion, not an accusation of wrongdoing. Exclusion does not constitute a recommendation against investing in any company, and absence from the list does not constitute a recommendation to invest.
This information is provided for educational and transparency purposes only and should not be relied upon as investment advice. Data is drawn from independent watchdogs, NGOs, government registries, and Ethical Capital's ongoing research — see Research Sources for the full list.
Ethical Capital LLC is a state-registered investment adviser in Utah (CRD #316032). Registration does not imply a certain level of skill or training.