Material Agreement (Form 8-K)

Item 1.01 Entry into a Material Definitive Agreement.

On September 15, 2026, Pulse Biosciences, Inc. (the "Company") entered into an equity distribution agreement (the "Sales Agreement") with Mizuho Securities USA LLC ("Mizuho") as sales agent, pursuant to which the Company may offer and sell, from time to time, through Mizuho, shares of the Company's common stock, par value $0.001 per share (the "Common Stock"), having an aggregate offering price of up to $85,000,000 (the "Shares").

The Company is not obligated to sell any Shares under the Sales Agreement. Subject to the terms and conditions of the Sales Agreement, Mizuho will use commercially reasonable efforts, consistent with its normal trading and sales practices, to sell Shares from time to time based upon the Company's instructions, including any price, time or size limits or other customary parameters or conditions specified by the Company. Under the Sales Agreement, Mizuho may sell Shares in transactions that are deemed to be "at the market" offerings as defined in Rule 415 under the Securities Act of 1933, as amended, including sales made by means of ordinary brokers' transactions, including directly on The Nasdaq Capital Market or into any other existing trading market for the Shares, or sales made to or through a market maker, including block trades or block sales, or by any other method permitted by law, including negotiated transactions. Sales may be made at market prices prevailing at the time of a sale or at prices related to prevailing market prices or at negotiated prices. The Company will pay Mizuho compensation at a commission rate of up to 3.0% of the gross sales price of any Shares sold under the Sales Agreement. The Company also will reimburse Mizuho for certain specified expenses in connection with entering into the Sales Agreement. The Company has no obligation to sell any of the Shares under the Sales Agreement and may at any time suspend solicitations and offers under the Sales Agreement.

The issuance and sale, if any, of the Shares by the Company under the Sales Agreement will be made pursuant to the Company's effective registration statement on Form S-3 (File No. 333-293596) filed with the U.S. Securities and Exchange Commission (the "SEC") on February 19, 2026, and declared effective as of February 27, 2026. The Company filed a prospectus supplement with the SEC on September 15, 2026 in connection with the offer and sale of the Shares pursuant to the Sales Agreement.

As previously disclosed, the Company previously entered into an equity distribution agreement, dated August 6, 2026 (the "August 2026 Sales Agreement"), with Mizuho. At the time of the August 2026 Sales Agreement, the Company filed a prospectus supplement with the SEC in connection with the offer and sale of shares of Common Stock in an aggregate amount of up to $75,000,000. As of September 14, 2026, 1,379,925 shares of Common Stock have been issued and sold pursuant to the August 2026 Sales Agreement, an aggregate offering price of approximately $68.8 million.

The foregoing description of the Sales Agreement does not purport to be complete and is qualified in its entirety by reference to the full text of the Sales Agreement, a copy of which is filed as Exhibit 1.1 to this Current Report on Form 8-K and is incorporated herein by reference. The legal opinion of Baker & Hostetler LLP, counsel to the Company, relating to the validity of the issuance and sale of the Shares being offered pursuant to the Sales Agreement, is filed as Exhibit 5.1 to this Current Report on Form 8-K and is incorporated herein by reference.

This Current Report on Form 8-K shall not constitute an offer to sell or the solicitation of an offer to buy any Shares under the Sales Agreement nor shall there be any sale of such Shares in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state.