Pulse Biosciences, Inc. Equity Distribution Agreement

Pulse Biosciences, Inc. has entered into an equity distribution agreement with Mizuho Securities USA LLC to offer and sell up to $85,000,000 of its common stock. The company is not obligated to sell any shares and can suspend sales at any time. The shares will be sold through Mizuho Securities USA LLC, acting as a sales agent, in "at the market" offerings, which include ordinary brokers' transactions, sales on the Nasdaq Capital Market, or through market makers. The company will pay Mizuho Securities USA LLC a commission of up to 3.0% of the gross sales price, plus reimbursement for certain expenses. This new agreement replaces a previous one dated August 6, 2026, under which approximately $68.8 million of stock had been sold. The company also terminated its at-the-market offering program with TD Securities (USA) LLC, under which approximately $1.0 million of stock remained unsold.