Vault-13

PULSE BIOSCIENCES INC PLSE

COM · Common Stock · CUSIP 74587B101

106 institutional holders +10 vs Q1 2026
10,710,62510.7m shares reported held*
15.0% of all shares outstanding*
$296.9mreported value*
19 new 43 added 23 reduced 10 sold out net bought ≈ $78.8m (+2.8m shares)

* Summed across managers. Shares that two managers' reports both contain – a subsidiary's holdings that its parent's report includes too, or a sub-adviser's in its client's – are counted once ($58.6k this quarter). Holder counts are more reliable. Shares outstanding: 71.3m as of 2026-07-31, from the company's own SEC filing; the percentage can still exceed 100%: lent-out shares are counted by the lender and the buyer, and some reports overlap without saying so. Implied quarter-end price ≈ $27.72. Options: 4 managers hold calls ($1.6m notional), 2 hold puts ($493.6k).

Trends to Q2 2026

Institutional holders

Managers reporting a position, each quarter

050100150Q3 22: 31Q4 22: 30Q1 23: 28Q2 23: 46Q3 23: 44Q4 23: 51Q1 24: 62Q2 24: 58Q3 24: 73Q4 24: 74Q1 25: 85Q2 25: 87Q3 25: 84Q4 25: 82Q1 26: 96Q2 26: 106106Q3 22Q3 23Q3 24Q3 25Q2 26
Numbers
QuarterHolders
Q3 202231
Q4 202230
Q1 202328
Q2 202346
Q3 202344
Q4 202351
Q1 202462
Q2 202458
Q3 202473
Q4 202474
Q1 202585
Q2 202587
Q3 202584
Q4 202582
Q1 202696
Q2 2026106

Buyers vs sellers

Managers adding to or starting a position, vs cutting or selling out

Bought or addedCut or sold out
1000100Q3 24: 40 bought or addedQ3 24: 20 cut or sold outQ4 24: 38 bought or addedQ4 24: 29 cut or sold outQ4 24Q1 25: 39 bought or addedQ1 25: 34 cut or sold outQ2 25: 41 bought or addedQ2 25: 37 cut or sold outQ2 25Q3 25: 35 bought or addedQ3 25: 38 cut or sold outQ4 25: 32 bought or addedQ4 25: 40 cut or sold outQ4 25Q1 26: 53 bought or addedQ1 26: 38 cut or sold outQ2 26: 62 bought or addedQ2 26: 33 cut or sold outQ2 26
Numbers
QuarterBought or addedCut or sold out
Q3 20244020
Q4 20243829
Q1 20253934
Q2 20254137
Q3 20253538
Q4 20253240
Q1 20265338
Q2 20266233

Calls vs puts

Options held, notional value, last 4 quarters. P/C = puts ÷ calls

CallsPuts
$0$500k$1m$1.5m$2mQ3 25 calls: $704.1kQ3 25 puts: $427.8kQ3 25P/C 0.61Q4 25 calls: $499.8kQ4 25 puts: $258.1kQ4 25P/C 0.52Q1 26 calls: $1.5mQ1 26 puts: $265.6kQ1 26P/C 0.18Q2 26 calls: $1.6mQ2 26 puts: $493.6kQ2 26P/C 0.32
Numbers
QuarterCallsPutsP/C
Q3 2025$704.1k$427.8k0.61
Q4 2025$499.8k$258.1k0.52
Q1 2026$1.5m$265.6k0.18
Q2 2026$1.6m$493.6k0.32

Biggest buyers

PRICE T ROWE ASSOCIATES INC /MD/ Added +733,779+733.8k
BANK OF AMERICA CORP /DE/ Added +580,550+580.5k
CITADEL ADVISORS LLC Added +484,364+484.4k
Balyasny Asset Management L.P. Added +452,939+452.9k
UBS Group AG Added +241,715+241.7k
BlackRock, Inc. Added +126,924+126.9k
Point72 Asset Management, L.P. New +106,457+106.5k
STATE STREET CORP Added +72,697+72.7k
D. E. Shaw & Co., Inc. Added +68,092+68.1k
SECTORAL ASSET MANAGEMENT INC New +67,895+67.9k

Biggest sellers

LMR Partners LLP Sold out -213,137-213.1k
Parkman Healthcare Partners LLC Sold out -50,125-50.1k
MILLENNIUM MANAGEMENT LLC Reduced -32,329-32.3k
VANGUARD CAPITAL MANAGEMENT LLC Reduced -27,212-27.2k
XTX Topco Ltd Sold out -23,841-23.8k
NORTHERN TRUST CORP Reduced -13,682-13.7k
SUSQUEHANNA INTERNATIONAL GROUP, LLP Sold out -13,411-13.4k
BENDER ROBERT & ASSOCIATES Sold out -12,190-12.2k
Brevan Howard Capital Management LP Sold out -12,164-12.2k
MORGAN STANLEY Reduced -11,170-11.2k

Biggest calls

SUSQUEHANNA INTERNATIONAL GROUP, LLP Reduced $987.2k35.6k shares
CITADEL ADVISORS LLC Added $532.4k19.2k shares
SIMPLEX TRADING, LLC Reduced $27.7k1.0k shares
GROUP ONE TRADING LLC Reduced $8.3k300 shares

Biggest puts

CITADEL ADVISORS LLC Added $463.1k16.7k shares
SIMPLEX TRADING, LLC Added $30.5k1.1k shares

Options at notional value: the value of the shares the contracts control, as filers report them, not what the options cost. Not included in the holders, shares or buying above.

Major shareholders (over 5%)

Anyone who owns more than 5% of a class of the company's shares has to say so: on Schedule 13D if they may try to influence or control the company, on 13G if they're a passive investor, and update it as the stake changes. Each holder's latest filing, from 19 Dec 2024 on; percentages are of the share class, as the holder worked them out.

HolderStakeChangeShares Last filed
DUGGAN ROBERT W 13D · may seek influence +1.3 pts · filed 2026-05-13 71.9% +1.3 pts 49.7m≈ $1.4bn 2026-05-13

Insider purchases and sales since 1 Apr 2026

Shares bought or sold by the company's own officers, directors and 10% owners, in the open market or privately, as they reported to the SEC on Form 4 (due within two business days of the trade). Grants, option exercises, shares withheld for tax and gifts aren't included.

Officers and directors buying vs selling

Number of people, by quarter (10% owners not included)

BuyingSelling
202Q4 24: 1 buyingQ4 24: 0 sellingQ1 25: 0 buyingQ1 25: 0 sellingQ1 25Q2 25: 0 buyingQ2 25: 1 sellingQ3 25: 1 buyingQ3 25: 2 sellingQ3 25Q4 25: 0 buyingQ4 25: 1 sellingQ1 26: 0 buyingQ1 26: 1 sellingQ1 26Q2 26: 2 buyingQ2 26: 0 sellingQ3 26: 1 buyingQ3 26: 0 sellingQ3 26
Numbers
QuarterBuyingBoughtSellingSoldSold under a plan
Q4 20241$2.7m0——
Q1 20250—0——
Q2 20250—1$485.7k—
Q3 20251$508.1k2$2.2m$2.2m
Q4 20250—1$85.2k$85.2k
Q1 20260—1$2.9m$2.9m
Q2 20262$13.3m0——
Q3 20261$199.9k0——
DateInsiderTradeSharesPrice ValueTheir holding
2026-09-01 Teplitsky Liane Rae Chief Operating Officer Bought 1,001 $49.95 $50.0k1.0k shares +32%
2026-08-31 Teplitsky Liane Rae Chief Operating Officer Bought 1,024 $48.80 $50.0k1.0k shares +50%
2026-08-28 Teplitsky Liane Rae Chief Operating Officer Bought 1,034 $48.35 $50.0k1.0k shares +100%
2026-08-26 Teplitsky Liane Rae Chief Operating Officer Bought 1,036 $48.24 $50.0k1.0k shares new
2026-05-11 DUGGAN ROBERT W Director Bought 660,233 $19.69 $13.0m660.2k shares +1%
2026-05-11 LAVIOLETTE PAUL A Chief Executive Officer, director Bought 15,000 $19.69 $295.4k15.0k shares +1773%

Their holding: how much the trade added to or took from the insider's holding (direct, or the trust or fund named). The same trade is sometimes reported by more than one insider, such as a fund and the director who represents it; totals count it once. A value is left blank where the reported price is far from the market price (usually a typo).

Holders, Q2 2026

#ManagerLocationShares Value% of their portfolioChangeShares change
1 BlackRock, Inc. 0.00% of their portfolio New York, NY 1,466,7021.5m $40.7m $40.7m 0.00% Added +126.9k +126,924
2 BANK OF AMERICA CORP /DE/ 0.00% of their portfolio CHARLOTTE, NC 1,446,6111.4m $40.1m $40.1m 0.00% Added +580.5k +580,550
3 VANGUARD CAPITAL MANAGEMENT LLC 0.00% of their portfolio MALVERN, PA 788,640788.6k $21.9m $21.9m 0.00% Reduced -27.2k -27,212
4 Portolan Capital Management, LLC 0.78% of their portfolio BOSTON, MA 753,333753.3k $20.9m $20.9m 0.78% Added +20.0k +19,961
5 PRICE T ROWE ASSOCIATES INC /MD/ 0.00% of their portfolio BALTIMORE, MD 748,638748.6k $20.8m $20.8m 0.00% Added +733.8k +733,779
6 Balyasny Asset Management L.P. 0.04% of their portfolio Chicago, IL 718,103718.1k $19.9m $19.9m 0.04% Added +452.9k +452,939
7 CITADEL ADVISORS LLC 0.01% of their portfolio MIAMI, FL 626,514626.5k $17.4m $17.4m 0.01% Added +484.4k +484,364
8 GEODE CAPITAL MANAGEMENT, LLC 0.00% of their portfolio BOSTON, MA 536,276536.3k $14.9m $14.9m 0.00% Added +44.3k +44,330
9 STATE STREET CORP 0.00% of their portfolio BOSTON, MA 529,624529.6k $14.7m $14.7m 0.00% Added +72.7k +72,697
10 MASSACHUSETTS FINANCIAL SERVICES CO /MA/ 0.00% of their portfolio Boston, MA 462,734462.7k $12.8m $12.8m 0.00% Reduced -165 -165
11 UBS Group AG 0.00% of their portfolio ZURICH, V8 275,669275.7k $7.6m $7.6m 0.00% Added +241.7k +241,715
12 GRIFFIN ASSET MANAGEMENT, INC. 0.66% of their portfolio New York, NY 227,285227.3k $6.3m $6.3m 0.66% Added +2.1k +2,108
13 VANGUARD PORTFOLIO MANAGEMENT LLC 0.00% of their portfolio MALVERN, PA 179,497179.5k $5.0m $5.0m 0.00% Added +14.3k +14,296
14 NORTHERN TRUST CORP 0.00% of their portfolio CHICAGO, IL 173,590173.6k $4.8m $4.8m 0.00% Reduced -13.7k -13,682
15 CHARLES SCHWAB INVESTMENT MANAGEMENT INC 0.00% of their portfolio SAN FRANCISCO, CA 151,991152.0k $4.2m $4.2m 0.00% Added +4.2k +4,223
16 VANGUARD FIDUCIARY TRUST CO 0.00% of their portfolio MALVERN, PA 131,253131.3k $3.6m $3.6m 0.00% Added +647 +647
17 Point72 Asset Management, L.P. 0.00% of their portfolio STAMFORD, CT 106,457106.5k $3.0m $3.0m 0.00% New
18 NORGES BANK 0.00% of their portfolio OSLO, Q8 105,647105.6k $2.9m $2.9m 0.00% Not comparable
19 Nuveen, LLC 0.00% of their portfolio CHARLOTTE, NC 101,683101.7k $2.8m $2.8m 0.00% Added +56.2k +56,248
20 Panoramic Capital, LLC 1.17% of their portfolio LARKSPUR, CA 98,05498.1k $2.7m $2.7m 1.17% Added +40.0k +40,000
21 D. E. Shaw & Co., Inc. 0.00% of their portfolio New York, NY 81,81881.8k $2.3m $2.3m 0.00% Added +68.1k +68,092
22 Westside Investment Management, Inc. 0.28% of their portfolio SANTA MONICA, CA 77,76877.8k $2.2m $2.2m 0.28% Added +7.3k +7,276
23 WELLINGTON MANAGEMENT GROUP LLP 0.00% of their portfolio Boston, MA 74,71674.7k $2.1m $2.1m 0.00% Reduced -6.5k -6,536
24 SECTORAL ASSET MANAGEMENT INC 1.31% of their portfolio MONTREAL, A8 67,89567.9k $1.9m $1.9m 1.31% New
25 Bank of New York Mellon Corp 0.00% of their portfolio NEW YORK, NY 43,11443.1k $1.2m $1.2m 0.00% Added +4.6k +4,637
26 GOLDMAN SACHS GROUP INC 0.00% of their portfolio NEW YORK, NY 34,37934.4k $953.3k $953.3k 0.00% Added +5.7k +5,668
27 Swiss National Bank 0.00% of their portfolio ZURICH, V8 34,10034.1k $945.6k $945.6k 0.00% Reduced -5.0k -5,000
28 MORGAN STANLEY 0.00% of their portfolio NEW YORK, NY 31,99532.0k $887.2k $887.2k 0.00% Reduced -11.2k -11,170
29 UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC 0.00% of their portfolio NEW YORK, NY 30,81730.8k $854.6k $854.6k 0.00% Reduced -1.0k -1,003
30 MANGROVE PARTNERS IM, LLC 0.06% of their portfolio Greenwich, CT 30,61230.6k $848.9k $848.9k 0.06% New
31 FORMULA GROWTH LTD 0.29% of their portfolio MONTREAL, A8 30,00030.0k $831.9k $831.9k 0.29% Unchanged
32 Argo Wealth Advisory, LLC 0.43% of their portfolio MCLEAN, VA 28,15628.2k $780.8k $780.8k 0.43% Unchanged
33 TIAA-CREF INDIVIDUAL & INSTITUTIONAL SERVICES, LLC 0.00% of their portfolio CHARLOTTE, NC 27,29827.3k $757.0k $757.0k 0.00% Unchanged
34 DEUTSCHE BANK AG\ 0.00% of their portfolio FRANKFURT AM MAIN, 2M 24,78624.8k $687.3k $687.3k 0.00% Added +160 +160
35 Inspire Investing, LLC 0.03% of their portfolio MERIDIAN, ID 24,01924.0k $666.0k $666.0k 0.03% Reduced -255 -255
36 RHUMBLINE ADVISERS 0.00% of their portfolio BOSTON, MA 23,74323.7k $658.4k $658.4k 0.00% Added +841 +841
37 ALLSTATE CORP 0.01% of their portfolio NORTHBROOK, IL 23,52923.5k $652.5k $652.5k 0.01% Added +61 +61
38 MILLENNIUM MANAGEMENT LLC 0.00% of their portfolio NEW YORK, NY 23,48823.5k $651.3k $651.3k 0.00% Reduced -32.3k -32,329
39 WELLS FARGO & COMPANY/MN 0.00% of their portfolio SAN FRANCISCO, CA 21,58021.6k $598.4k $598.4k 0.00% Added +12.4k +12,385
40 WealthTrust Axiom LLC 0.13% of their portfolio WAYNE, PA 21,50021.5k $596.2k $596.2k 0.13% Unchanged
41 Creative Planning 0.00% of their portfolio OVERLAND PARK, KS 21,04021.0k $583.4k $583.4k 0.00% Added +4.6k +4,627
42 ALLIANCEBERNSTEIN L.P. 0.00% of their portfolio NASHVILLE, TN 20,80020.8k $449.1k $449.1k 0.00% Added +7.9k +7,900
43 CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM 0.00% of their portfolio WEST SACRAMENTO, CA 20,47920.5k $567.9k $567.9k 0.00% Reduced -554 -554
44 DIKER MANAGEMENT LLC 0.41% of their portfolio New York, NY 19,00019.0k $527.0k $527.0k 0.41% Unchanged
45 Cetera Investment Advisers 0.00% of their portfolio SCHAUMBURG, IL 17,91417.9k $496.8k $496.8k 0.00% Reduced -14 -14
46 RAYMOND JAMES FINANCIAL INC 0.00% of their portfolio ST. PETERSBURG, FL 15,28015.3k $423.7k $423.7k 0.00% New
47 Legal & General Group Plc 0.00% of their portfolio London, X0 14,24014.2k $394.7k $394.7k 0.00% Added +248 +248
48 FMR LLC 0.00% of their portfolio BOSTON, MA 13,94813.9k $386.8k $386.8k 0.00% Reduced -202 -202
49 Vanguard Global Advisers, LLC 0.00% of their portfolio MALVERN, PA 13,19813.2k $366.0k $366.0k 0.00% Added +2.3k +2,339
50 Farther Finance Advisors, LLC 0.00% of their portfolio SAN FRANCISCO, CA 13,09413.1k $363.2k $363.2k 0.00% Added +934 +934
51 VANGUARD ASSET MANAGEMENT, Ltd 0.00% of their portfolio London, EC4N 8AF, X0 11,60211.6k $321.7k $321.7k 0.00% Unchanged
52 Quantinno Capital Management LP 0.00% of their portfolio NEW YORK, NY 10,51810.5k $291.7k $291.7k 0.00% New
53 GSA CAPITAL PARTNERS LLP 0.02% of their portfolio LONDON, X0 10,46810.5k $290.0k $290.0k 0.02% New
54 MetLife Investment Management, LLC 0.00% of their portfolio Whippany, NJ 10,43810.4k $289.4k $289.4k 0.00% Added +644 +644
55 Invesco Ltd. 0.00% of their portfolio ATLANTA, GA 10,25810.3k $284.5k $284.5k 0.00% New
56 LPL Financial LLC 0.00% of their portfolio FORT MILL, SC 9,8519.9k $273.2k $273.2k 0.00% Unchanged
57 CITIGROUP INC 0.00% of their portfolio NEW YORK, NY 9,3109.3k $258.2k $258.2k 0.00% Added +7.7k +7,679
58 Jupiter Topco LLC 0.00% of their portfolio NEW YORK, NY 8,7008.7k $241.1k $241.1k 0.00% First filing
59 AQR CAPITAL MANAGEMENT LLC 0.00% of their portfolio Greenwich, CT 8,5668.6k $237.5k $237.5k 0.00% New
60 MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. 0.00% of their portfolio CAUSEWAY BAY, K3 8,5448.5k $236.9k $236.9k 0.00% Added +116 +116
61 JPMORGAN CHASE & CO 0.00% of their portfolio NEW YORK, NY 8,3888.4k $245.3k $245.3k 0.00% Added +189 +189
62 Russell Investments Group, Ltd. 0.00% of their portfolio Seattle, WA 8,3608.4k $231.8k $231.8k 0.00% Added +3.7k +3,696
63 NEW YORK STATE COMMON RETIREMENT FUND 0.00% of their portfolio ALBANY, NY 8,3528.4k $231.6k $231.6k 0.00% Added +3.7k +3,700
64 Police & Firemen's Retirement System of New Jersey 0.00% of their portfolio TRENTON, NJ 4,6434.6k $128.8k $128.8k 0.00% Unchanged
65 KLP KAPITALFORVALTNING AS 0.00% of their portfolio OSLO, Q8 4,3004.3k $119.2k $119.2k 0.00% Unchanged
66 Vanguard Investments Australia, Ltd. 0.00% of their portfolio Victoria, C3 3,9954.0k $110.8k $110.8k 0.00% Unchanged
67 STRS OHIO 0.00% of their portfolio COLUMBUS, OH 3,5003.5k $97.1k $97.1k 0.00% New
68 BARCLAYS PLC 0.00% of their portfolio LONDON, X0 3,1683.2k $87.8k $87.8k 0.00% Reduced -171 -171
69 BNP PARIBAS FINANCIAL MARKETS 0.00% of their portfolio PARIS, I0 2,2302.2k $61.8k $61.8k 0.00% Reduced -1.5k -1,548
70 US BANCORP \DE\ 0.00% of their portfolio MINNEAPOLIS, MN 2,0002.0k $55.5k $55.5k 0.00% New
71 OSAIC HOLDINGS, INC. 0.00% of their portfolio SCOTTSDALE, AZ 1,9361.9k $53.7k $53.7k 0.00% Reduced -6 -6
72 ROYAL BANK OF CANADA 0.00% of their portfolio TORONTO, A6 1,6301.6k $46.0k $46.0k 0.00% Added +551 +551
73 Tower Research Capital LLC (TRC) 0.00% of their portfolio NEW YORK, NY 1,5611.6k $43.3k $43.3k 0.00% Reduced -855 -855
74 Ameritas Investment Partners, Inc. 0.00% of their portfolio LINCOLN, NE 1,4691.5k $40.7k $40.7k 0.00% Unchanged
75 PNC Financial Services Group, Inc. 0.00% of their portfolio Pittsburgh, PA 1,3981.4k $38.8k $38.8k 0.00% Reduced -4.2k -4,187
76 Arax Advisory Partners 0.00% of their portfolio NEW YORK, NY 1,0201.0k $28.3k $28.3k 0.00% Added +767 +767
77 OSTERWEIS CAPITAL MANAGEMENT INC 0.00% of their portfolio SAN FRANCISCO, CA 1,0001.0k $27.7k $27.7k 0.00% Unchanged
78 NATIONAL BANK OF CANADA /FI/ 0.00% of their portfolio MONTREAL, A8 508508 $14.1k $14.1k 0.00% Added +15 +15
79 GAMMA Investing LLC 0.00% of their portfolio FOSTER CITY, CA 441441 $12.2k $12.2k 0.00% Added +125 +125
80 SIMPLEX TRADING, LLC 0.00% of their portfolio CHICAGO, IL 420420 $11.6k $11.6k 0.00% New
81 SIGNATUREFD, LLC 0.00% of their portfolio ATLANTA, GA 254254 $7.0k $7.0k 0.00% Unchanged
82 Steward Partners Investment Advisory, LLC 0.00% of their portfolio STAMFORD, CT 178178 $4.9k $4.9k 0.00% Unchanged
83 Larson Financial Group LLC 0.00% of their portfolio ST LOUIS, MO 158158 $4.4k $4.4k 0.00% Added +21 +21
84 SALEM INVESTMENT COUNSELORS INC 0.00% of their portfolio WINSTON-SALEM, NC 150150 $4.2k $4.2k 0.00% Unchanged
85 CGC Financial Services, LLC 0.00% of their portfolio LAKE OSWEGO, OR 133133 $3.7k $3.7k 0.00% Unchanged
86 Optiver Holding B.V. 0.00% of their portfolio AMSTERDAM, P7 102102 $2.8k $2.8k 0.00% Reduced -58 -58
87 JONES FINANCIAL COMPANIES LLLP 0.00% of their portfolio DES PERES, MO 100100 $2.8k $2.8k 0.00% New
88 Sterling Capital Management LLC 0.00% of their portfolio CHARLOTTE, NC 6565 $1.8k $1.8k 0.00% Reduced -50 -50
89 Allworth Financial LP 0.00% of their portfolio FOLSOM, CA 5858 $1.6k $1.6k 0.00% Added +14 +14
90 EverSource Wealth Advisors, LLC 0.00% of their portfolio BIRMINGHAM, AL 5858 $1.6k $1.6k 0.00% Reduced -291 -291
91 Global Retirement Partners, LLC 0.00% of their portfolio San Rafael, CA 5454 $1.5k $1.5k 0.00% First filing
92 Parallel Advisors, LLC 0.00% of their portfolio SAN FRANCISCO, CA 5050 $1.4k $1.4k 0.00% New
93 Stone House Investment Management, LLC 0.00% of their portfolio TUNKHANNOCK, PA 3838 $1.1k $1.1k 0.00% Added +6 +6
94 Caitong International Asset Management Co., Ltd 0.00% of their portfolio HONG KONG, K3 3636 $998 $998 0.00% Reduced -17 -17
95 SJS Investment Consulting Inc. 0.00% of their portfolio SYLVANIA, OH 3232 $888 $888 0.00% New
96 NISA INVESTMENT ADVISORS, LLC 0.00% of their portfolio ST. LOUIS, MO 2626 $721 $721 0.00% Reduced -26 -26
97 Covestor Ltd 0.00% of their portfolio LONDON, X0 2020 $1.0k $1.0k 0.00% Added +14 +14
98 Quarry LP 0.00% of their portfolio NEW YORK, NY 1414 $388 $388 0.00% New
99 SBI Securities Co., Ltd. 0.00% of their portfolio TOKYO, M0 1111 $305 $305 0.00% Added +1 +1
100 Integrated Wealth Concepts LLC 0.00% of their portfolio WALTHAM, MA 66 $166 $166 0.00% New