Revenue Dependence and Financial Obligations - Company is entirely dependent on Medtronic for revenue, with no sales or marketing capabilities of its own, and will rely on potential earnout payments until 2027[77] - Company anticipates no further demand for its products from Medtronic after June 30, 2025, following operational downsizing[78] - Company may face significant risks if Medtronic fails to market and sell the products, which would adversely affect potential earnout payments[81] - Company’s ability to service its debt and meet financial obligations depends on generating sufficient cash flow from operations and future earnouts[86] - Company may need to refinance debt or seek waivers if unable to service its obligations, which may not be available on acceptable terms[87] - The company amended its 2022 Credit Agreement to decrease minimum liquidity requirements to $5 million for 18 months, increasing to $20 million thereafter[98] - As of June 30, 2022, the company had a senior term loan facility of $35 million under the 2022 Credit Agreement[97] - The company is required to maintain a minimum liquidity of $10 million at all times as per the latest amendment to the 2022 Credit Agreement[99] - The company has $32.5 million remaining in aggregate principal amount of outstanding long-term debt under its 2022 Credit Agreement[155] Restructuring and Operational Changes - Company has recognized $27.1 million in pre-tax restructuring and exit-related charges, with total estimated charges ranging from $22.4 million to $33.8 million[82] - Company has incurred $0.3 million in downsizing and exit-related charges, with total estimated charges of $1.8 million[82] - The strategic restructuring completed in Q1 2024 focused on manufacturing and distributing Medtronic's left-heart access products, winding down previous mapping and ablation businesses[331] - The company reduced its workforce and operational scale in November 2024 to align with its focus on Medtronic's product portfolio[332] Legal and Regulatory Risks - Company faces potential product liability claims that could result in substantial liabilities and affect its financial condition[91] - Company is required to file adverse event reports with the FDA, which could lead to negative publicity and harm its reputation[93] - Failure to comply with obligations to Medtronic could result in breach of agreements and negatively impact the company's financial position[94] - Non-compliance with regulatory requirements could lead to significant enforcement actions, including product recalls, fines, and operational shutdowns, adversely affecting financial performance[119] - The company is subject to extensive FDA regulations, which include compliance with Good Manufacturing Practices and reporting adverse events, impacting operational costs and efficiency[120] - The medical device industry is facing increased scrutiny and regulatory reviews, which may result in civil and criminal proceedings and substantial fines[123] - The company is involved in legal proceedings that may adversely affect its business and financial condition[168] Financial Performance and Losses - Acutus Medical reported revenue of $20.157 million for the year ended December 31, 2024, a significant increase from $7.164 million in 2023, representing a growth of approximately 181%[320] - The company incurred a net loss of $9.547 million in 2024, compared to a net loss of $81.663 million in 2023, indicating a reduction in losses by approximately 88%[320] - The company reported a gross profit of $1.013 million in 2024, compared to a gross loss of $3.137 million in 2023, marking a turnaround in gross profitability[320] - Acutus Medical's accumulated deficit increased to $609.524 million in 2024 from $599.977 million in 2023, reflecting ongoing financial challenges despite reduced losses[318] - For the year ended December 31, 2024, the net loss from continuing operations was $4.5 million, compared to a net loss of $11.9 million in 2023, indicating a 62.3% improvement[334] - The net cash used in operating activities for continuing operations was $17.2 million in 2024, a decrease from $19.9 million in 2023, reflecting a 13.6% reduction[334] Stock and Market Implications - The company's common stock was delisted from Nasdaq on May 26, 2024, due to noncompliance with listing rules, and began trading over-the-counter on the OTC Pink Market under the symbol "AFIB" [148] - The delisting and trading as a penny stock may negatively impact the market price of the shares and increase transaction costs for selling those shares [150] - The overall price of the stock may be significantly reduced due to limited publicly available information and potential liquidity issues [150] - The company will have decreased ability to access public capital markets or use public securities for attracting and retaining executives and employees [150] Intellectual Property and Compliance - The company lacks meaningful registered intellectual property, relying solely on manufacturing processes, increasing vulnerability to competitive pressures[132] - Under the Asset Purchase Agreement with Medtronic, the company is required to indemnify Medtronic against intellectual property claims, potentially leading to costly litigation[135] - The company relies on Medtronic for the maintenance and enforcement of patents, and any failure in this regard could adversely affect its business operations [142] - The company may face claims regarding the wrongful use or misappropriation of third-party intellectual property, which could lead to litigation and associated costs [145] Cash Flow and Asset Management - Total current assets decreased from $46.252 million in 2023 to $25.578 million in 2024, a decline of approximately 45%[318] - Cash and cash equivalents decreased from $19.170 million in 2023 to $14.019 million in 2024, a reduction of about 27%[318] - The company maintains cash balances that are not insured or exceed FDIC insurance limits, which could impair its ability to pay key vendors[167] - The company recorded write-downs for excess and obsolete inventory of $1.1 million in 2024, down from $3.2 million in 2023, reflecting a decrease of approximately 66%[370] Strategic Partnerships and Agreements - The company entered into bi-lateral distribution agreements with Biotronik, allowing for the distribution of products in multiple regions, including the U.S., Canada, and Europe[366] - The company has entered into a Settlement Agreement with Biotronik, involving an initial payment of approximately $2.5 million and contingent payments based on future events[171]

Revenue and Financial Performance - Revenue from Continuing Operations for 2024 was $20.2 million, an increase of 181% compared to $7.2 million in 2023[3]. - Net loss from continuing operations was $4.6 million for 2024, with a net loss per share of $0.16, compared to a net loss of $11.9 million and $0.40 per share in 2023[5]. - Acutus recorded a gain on the sale of business amounting to $10.8 million, a 19% increase compared to the previous year[11]. Cost and Expense Management - Gross margin on a GAAP basis improved to 5% for 2024 from negative 44% in 2023, driven by higher production volumes and reduced manufacturing overhead[3]. - Operating expenses for continuing operations decreased to $1.1 million in 2024 from $8.6 million in 2023, reflecting reduced discretionary spending[4]. - Loss on discontinued operations was $5.0 million for 2024, significantly reduced from $69.7 million in the previous year[7]. Asset and Liability Changes - Cash, cash equivalents, marketable securities, and restricted cash totaled $14.0 million as of December 31, 2024, down from $26.2 million at the beginning of the period[6][20]. - Total current assets decreased to $25.6 million in 2024 from $46.3 million in 2023[15]. - Total liabilities decreased to $40.2 million in 2024 from $54.8 million in 2023[15]. Strategic Decisions - The company will no longer provide financial guidance due to a realignment of resources to support the left-heart access distribution business[8].

Core Viewpoint - Acutus Medical, Inc. reported significant financial improvements for the full year of 2024, including a substantial increase in revenue and a reduction in operating losses, while also announcing a strategic shift in business focus [1][3][7]. Financial Performance - Revenue from Continuing Operations reached $20.2 million in 2024, marking a 181% increase from $7.2 million in 2023 [3][11]. - Gross margin for continuing operations improved to 5% in 2024 from a negative 44% in 2023, attributed to higher production volumes and reduced manufacturing overhead [3]. - Operating expenses for continuing operations decreased to $1.1 million in 2024 from $8.6 million in the previous year, reflecting a new business model with reduced discretionary spending [4]. - The net loss from continuing operations was $4.6 million in 2024, with a net loss per share of $0.16, compared to a net loss of $11.9 million and a net loss per share of $0.40 in 2023 [5][11]. Discontinued Operations - Loss on discontinued operations was $5.0 million in 2024, a significant reduction from $69.7 million in 2023 [6][16]. Strategic Outlook - The company announced a plan to realign resources to support the left-heart access distribution business and exit the electrophysiology mapping and ablation businesses, leading to the decision to no longer provide financial guidance [7]. Company Overview - Acutus Medical focuses on the production of left-heart access products under a distribution agreement with Medtronic, Inc. The company was founded in 2011 and is based in Carlsbad, California [8].

Core Viewpoint - Acutus Medical, Inc. is undergoing a significant operational downsizing to align resources and fulfill obligations to Medtronic, resulting in a workforce reduction of approximately 70% [2][4]. Operational Downsizing - The downsizing is aimed at scaling operations to support the manufacturing and distribution of left-heart access products for Medtronic, as per agreements made in April and June 2022 [3][4]. - The company will continue contract manufacturing for Medtronic until all obligations under the Asset Purchase Agreement and Distribution Agreement are met [5]. Financial Impact - Acutus estimates pre-tax downsizing and exit-related charges between $1.4 million and $1.8 million, with a significant portion expected to be incurred in the first quarter of 2025 [6]. - The company anticipates that cash on hand, distribution revenue, and future earn-outs will be sufficient to manage outstanding debt and fund remaining operations [9]. Revenue Sources - The exclusive revenue source will be from the sale of left-heart access products at transfer prices specified in the Distribution Agreement with Medtronic, along with any fee-bearing transition services [7]. - Acutus is eligible for additional net sales earnouts from Medtronic based on a percentage of total net end-user sales of these products until January 2027 [8]. Compliance and Notifications - The company has complied with the WARN Act by notifying affected employees and relevant government authorities regarding the mass layoff [10].

Revenue and Sales Performance - The company generated revenue of $13.0 million for the nine months ended September 30, 2024, compared to $4.8 million for the same period in 2023, indicating a significant increase [187]. - Revenue for the three months ended September 30, 2024, was $5.3 million, a 156% increase from $2.1 million in the same period of 2023, primarily due to increased sales volume of left-heart access products through Medtronic [217]. - Revenue for the nine months ended September 30, 2024, was $13.0 million, an increase of $8.2 million, or 170%, compared to $4.8 million for the same period in 2023, driven by increased sales volumes of left-heart access products through Medtronic [230]. - For the nine months ended September 30, 2024, revenue from continuing operations was entirely U.S.-based [200]. Financial Losses and Gains - The net loss from continuing operations was $3.2 million for the nine months ended September 30, 2024, compared to a net loss of $9.9 million for the same period in 2023 [187]. - Net loss on discontinued operations was $4.9 million for the nine months ended September 30, 2024, a significant decrease of $33.1 million compared to a net loss of $38.0 million for the same period in 2023 [239]. - For the nine months ended September 30, 2024, net losses from continuing operations were $3.2 million, compared to $9.9 million for the same period in 2023, indicating a reduction in losses [240]. Costs and Expenses - Cost of products sold for the three months ended September 30, 2024, was $4.9 million, up 55% from $3.1 million in the same period of 2023, attributed to increased sales volumes and improved manufacturing efficiencies [218]. - Cost of products sold was $13.0 million for the nine months ended September 30, 2024, an increase of $5.2 million, or 66%, compared to $7.8 million for the same period in 2023 [231]. - Selling, general, and administrative expenses for the three months ended September 30, 2024, were $2.3 million, a slight decrease from $2.4 million in the same period of 2023 [214]. - Selling, general and administrative expenses were $7.9 million for the nine months ended September 30, 2024, a decrease of $1.6 million, or 17%, compared to $9.5 million for the same period in 2023 [233]. - The company expects costs of products sold to increase in absolute dollars as revenue grows in future periods [201]. Restructuring and Workforce Changes - The company recognized $24.1 million of estimated pre-tax restructuring and exit-related charges, with $19.0 million attributed to non-cash impairment charges [186]. - The company has reduced its workforce by approximately 65% as part of its restructuring efforts [185]. - The restructuring included workforce reductions and is expected to lead to decreased SG&A expenses in the upcoming years [204]. - The restructuring is expected to incur total costs between $7.0 million and $12.0 million, of which $5.1 million has already been paid [250]. Cash and Liquidity - The company has a working capital of $12.5 million as of September 30, 2024, down from $27.3 million as of December 31, 2023 [187]. - As of September 30, 2024, the company had cash, cash equivalents, restricted cash, and marketable securities totaling $12.6 million, down from $29.4 million as of December 31, 2023 [240]. - The company has an obligation to maintain a minimum liquidity of $10 million at all times as per the recent amendments to the 2022 Credit Agreement [256]. Asset Sales and Earnouts - The company recognized a gain of $79.5 million from the sale of certain assets to Medtronic in 2022, along with potential earnouts totaling $37 million [207]. - The company achieved net sales earnout payments of $13.2 million during the nine months ended September 30, 2024, as part of its agreement with Medtronic [243]. - The quarterly measurement period for Net Sales Earnouts began on January 30, 2023, with $17.7 million earned from inception to September 30, 2024 [184]. Research and Development - The company has no research and development expenses following the restructuring, which aligns with its new business model [204]. - Research and development expenses were $0.0 million for the nine months ended September 30, 2024, a decrease of $2.8 million, or 100%, compared to $2.8 million for the same period in 2023 [232]. Other Financial Metrics - The company has an accumulated deficit of $608.1 million as of September 30, 2024, compared to $600.0 million as of December 31, 2023 [187]. - Interest income decreased by $1.6 million for the nine months ended September 30, 2024, compared to the same period in 2023, due to decreased cash and marketable securities balances [237]. - The change in fair value of warrant liability decreased by $0.1 million for the nine months ended September 30, 2024, compared to the same period in 2023, primarily due to a decline in the company's stock price [236]. - The company has recorded no impairments to or write-offs of accounts receivable since inception, with total accounts receivable of $9.97 million as of September 30, 2024 [244]. - There have been no material changes to critical accounting policies and estimates from those disclosed in the previous annual report [274].

Financial Performance - Third quarter revenue from Continuing Operations was $5.3 million, a 156% increase year-over-year from $2.1 million in the same quarter last year[2] - Operating income for continuing operations was $0.1 million, an improvement of 119% compared to the same period last year[3] - Gross margin on a GAAP basis for continuing operations improved to 7% for the third quarter of 2024 from negative 53% for the same quarter last year[4] - Net loss for the third quarter of 2024 was $5.6 million, compared to a net loss of $13.2 million for the same period last year[13] - Net loss for 2024 was $8,141, significantly improved from a loss of $47,898 in 2023[14] Discontinued Operations - Loss on discontinued operations was $4.8 million for the third quarter of 2024, compared to $13.2 million for the same period last year[7] Cash and Assets - Cash, cash equivalents, marketable securities, and restricted cash totaled $12.6 million as of September 30, 2024[3] - Total current assets decreased to $27.2 million in 2024 from $46.3 million in 2023[10] - Cash, cash equivalents, and restricted cash at the end of the period were $12,595, down from $31,115 in 2023[14] - Accounts receivable from the sale of business was $4,478, compared to $6,111 in 2023[15] Liabilities - Total liabilities decreased to $42.5 million in 2024 from $54.8 million in 2023[11] Cash Flow - Net cash used in operating activities totaled $27,602, a decrease from $45,105 in the previous year[14] - Cash provided by investing activities was $16,676, compared to $47,335 in 2023[14] - Proceeds from the sale of business amounted to $13,235, down from $17,000 in the previous year[14] Expenses - Depreciation expense for 2024 was $235, down from $384 in 2023[14] - Non-cash stock-based compensation expense decreased to $459 from $1,272 in the previous year[14] Other Financial Metrics - The company reported a change in fair value of warrant liability of $(107), an improvement from $(1,478) in 2023[14] - The effect of exchange rate changes on cash was $(13), compared to $(294) in the previous year[14] Guidance - The company will no longer provide financial guidance due to the announced plan to realign resources to support the left-heart access distribution business[8]

Core Insights - Acutus Medical, Inc. reported significant growth in revenue and improvements in operating income for the third quarter of 2024 compared to the same period last year [2][3][4]. Financial Performance - Revenue from Continuing Operations reached $5.3 million, a 156% increase from $2.1 million in Q3 2023 [2][3]. - Operating income for continuing operations was $0.1 million, reflecting a 119% improvement compared to an operating loss of $0.6 million in the same period last year [4]. - Gross margin on a GAAP basis improved to 7% from negative 53% year-over-year, driven by higher production volumes and reduced manufacturing overhead [3]. Losses and Discontinued Operations - The net loss on continuing operations was $0.8 million, with a net loss per share of $0.03, compared to a net loss of $1.9 million and a net loss per share of $0.07 in Q3 2023 [5][14]. - Loss on discontinued operations decreased to $4.8 million from $13.2 million in the same quarter last year [6]. Cash Position - As of September 30, 2024, the company had cash, cash equivalents, marketable securities, and restricted cash totaling $12.6 million [2][5]. Strategic Outlook - The company announced a plan to realign resources to focus on the left-heart access distribution business and exit from the electrophysiology mapping and ablation businesses, leading to the decision to no longer provide financial guidance [7]. Company Overview - Acutus Medical, Inc. specializes in the production of left-heart access products and operates under a distribution agreement with Medtronic, Inc. The company was founded in 2011 and is based in Carlsbad, California [8].

Financial Performance - The company generated revenue of $7.8 million for the six months ended June 30, 2024, compared to $2.8 million for the same period in 2023, indicating a significant increase[184]. - Revenue for the three months ended June 30, 2024, was $4.1 million, a 172% increase from $1.5 million in the same period of 2023, primarily due to increased sales volume of left-heart access products through Medtronic[216]. - Revenue from continuing operations was $7.8 million for the six months ended June 30, 2024, compared to $2.8 million for the same period in 2023, representing an increase of $5.0 million or 181%[229]. - Total net loss for the three months ended June 30, 2024, was $914,000, significantly reduced from a net loss of $18.3 million in the same period of 2023, indicating improved financial performance[214]. - Net loss from continuing operations was $2.4 million for the six months ended June 30, 2024, compared to a net loss of $8.5 million for the same period in 2023, a reduction of $6.1 million or 72%[240]. Cost and Expenses - Cost of products sold for the three months ended June 30, 2024, was $4.5 million, up 77% from $2.5 million in the same period of 2023, attributed to increased sales volumes despite improvements in manufacturing efficiencies[217]. - Cost of products sold was $8.1 million for the six months ended June 30, 2024, compared to $4.6 million for the same period in 2023, an increase of $3.5 million or 75%[230]. - Selling, general and administrative expenses decreased by 32% to $2.2 million for the three months ended June 30, 2024, compared to $3.3 million in the same period of 2023, primarily due to workforce reductions and lower insurance premiums[219]. - Selling, general and administrative expenses decreased to $5.6 million for the six months ended June 30, 2024, from $7.8 million for the same period in 2023, a decrease of $2.2 million or 28%[232]. - Research and development expenses were $0.0 million for the three months ended June 30, 2024, a 100% decrease from $0.9 million in the same period of 2023, due to the company's restructuring efforts[218]. - Research and development expenses were $0.0 million for the six months ended June 30, 2024, a decrease of $1.9 million or 100% compared to $1.9 million for the same period in 2023[231]. Restructuring and Workforce - The company underwent a restructuring that resulted in a workforce reduction of approximately 65%[182]. - As of June 30, 2024, the company recognized $24.1 million of estimated pre-tax restructuring and exit-related charges, with a significant portion attributed to non-cash impairment charges[183]. - The restructuring aims to reduce operating expenses and focus on manufacturing and distributing left-heart access products to Medtronic[242]. - The company incurred $5.1 million of the anticipated $7.0 million to $12.0 million in restructuring costs, with the restructuring believed to be substantially complete[250]. - The restructuring efforts are expected to lead to a decrease in selling, general and administrative expenses in upcoming years[204]. Cash and Liquidity - The company had cash, cash equivalents, restricted cash, and marketable securities of $13.3 million as of June 30, 2024, down from $29.4 million as of December 31, 2023[240]. - The company believes its current cash, cash equivalents, and anticipated cash earnouts are sufficient to fund operations for at least the next 12 months[251]. - The company has a minimum liquidity requirement of $10,000,000 at all times as per the amended 2022 Credit Agreement[256]. Partnerships and Agreements - The company relies solely on its strategic partnership with Medtronic for revenue generation, focusing on manufacturing left-heart access products[187]. - The company achieved the Transfer Earnout on December 31, 2022, receiving $17.0 million from Medtronic on January 14, 2023[180]. - The quarterly measurement period for Net Sales Earnouts began on January 30, 2023, with $15.2 million earned from inception to June 30, 2024[181]. - The earnout period for Rhythm Xience ended in June 2023, with a final payment of $1.9 million made in July 2023[267]. - Biotronik has been issued $5.0 million in Series D convertible preferred stock and may receive up to $10.0 million based on regulatory and sales milestones, with $2.0 million paid as of December 31, 2023[268]. Stock and Market Activity - Nasdaq suspended trading of the company's common stock on May 9, 2024, leading to formal delisting on May 26, 2024, with trading now occurring on the OTC Pink Market[185]. - As of June 30, 2024, the company has no off-balance sheet arrangements[270]. Accounting and Compliance - There have been no material changes to critical accounting policies and estimates since the annual report for the year ended December 31, 2023[272]. - Significant accounting policies are detailed in Note 2 of the condensed consolidated financial statements[273]. - The company is classified as a "smaller reporting company" and is not required to provide certain market risk disclosures[275].

Core Insights - Acutus Medical reported a significant revenue increase of 172% year-over-year for Q2 2024, reaching $4.1 million compared to $1.5 million in Q2 2023 [2][3] - The company achieved a reduction in operating expenses by 47%, totaling $2.2 million for Q2 2024, down from $4.2 million in the same period last year [2][3] - Acutus recorded a gain of $2.9 million from the sale of a business, marking a 38% increase compared to the previous year [2] Financial Performance - Revenue from Continuing Operations for Q2 2024 was $4.1 million, a 172% increase from $1.5 million in Q2 2023 [3] - Gross margin improved to negative 8% for Q2 2024 from negative 67% in Q2 2023, attributed to higher production volumes and reduced manufacturing overhead [3] - Net loss from continuing operations was $0.4 million for Q2 2024, with a net loss per share of $0.01, compared to a net loss of $4.2 million and a net loss per share of $0.15 in Q2 2023 [4] Discontinued Operations - Loss on discontinued operations decreased significantly to $0.6 million in Q2 2024 from $26.1 million in the same quarter last year [5] Cash Position - As of June 30, 2024, the company had cash, cash equivalents, marketable securities, and restricted cash totaling $13.3 million [4][10] Strategic Outlook - The company announced a plan to realign resources to focus on the left-heart access distribution business and will no longer provide financial guidance [6]

Financial Performance - In Q1 2024, the company generated revenue of $3.6 million, up from $1.2 million in Q1 2023, indicating a 200% year-over-year increase[178]. - The company reported net losses from continuing operations of $2.1 million for Q1 2024, compared to $4.3 million for Q1 2023, reflecting a 51.2% improvement[178]. - Revenue for the three months ended March 31, 2024, was $3.6 million, a 192% increase from $1.2 million in the same period of 2023, driven by increased sales volume of left-heart access products through Medtronic[213]. - The company experienced a net loss of $1.6 million for the three months ended March 31, 2024, significantly improved from a net loss of $16.3 million in the same period of 2023[211]. - Net income from discontinued operations was $0.4 million for the three months ended March 31, 2024, compared to a net loss of $12.0 million for the same period in 2023, a change of $12.5 million[222]. Cash Flow and Financial Position - As of March 31, 2024, the company had cash, cash equivalents, restricted cash, and marketable securities of $20.0 million, down from $29.4 million as of December 31, 2023[223]. - Net cash provided by operating activities from continuing operations was $7.0 million for the three months ended March 31, 2024, compared to net cash used of $5.3 million for the same period in 2023[223]. - For the three months ended March 31, 2024, net cash used in operating activities from continuing operations was $6.95 million, an increase of 32.3% from $5.30 million in the same period of 2023[242]. - The company experienced a net change in cash, cash equivalents, and restricted cash of $(7.74) million for the three months ended March 31, 2024, compared to $(1.47) million in the same period of 2023[242]. Restructuring and Operational Changes - A strategic restructuring in November 2023 led to a workforce reduction of approximately 65%[176]. - The company recognized $23.1 million of estimated pre-tax restructuring charges, with $1.6 million for severance and $2.9 million for retention bonuses[177]. - The company has transitioned to solely manufacturing left-heart access products for Medtronic under a Distribution Agreement, eliminating its mapping and ablation business[169][176]. - The company anticipates a significant decrease in research and development expenses in the upcoming years due to the shift in its business model following the restructuring[200]. Sales and Earnings - The company earned $9.4 million related to Net Sales Earnouts in 2023, with $7.3 million paid in January 2024[175]. - For the three months ended March 31, 2024, the company recognized an estimated gain of $2.8 million related to net sales earnouts from Medtronic[206]. - The company recognized an estimated gain on sale of $2.8 million related to Medtronic's left-heart access net sales earn-outs, an increase of $1.6 million compared to the same period in 2023[219]. - The company expects to receive a percentage of Medtronic's quarterly commercial sales of the products, starting at 100% in the first year and decreasing to 50% in the fourth year[206]. Inventory and Accounts Receivable - The company reported an increase in inventory of $1.4 million and accounts receivable of $0.4 million during the three months ended March 31, 2024[243]. Legal and Compliance - Biotronik has alleged a breach of contractual obligations, with the company intending to defend itself vigorously[252]. - The company is currently trading on the OTC Pink Sheets after being suspended from trading on The Nasdaq Capital Market due to non-compliance with listing requirements[182]. Debt and Financing - The 2022 Credit Agreement provides a term loan facility of $35.0 million, with interest rates tied to the one-month adjusted term Secured Overnight Financing Rate plus 9.0% per annum[234]. - The company has incurred significant operating losses and negative cash flows from operations since inception, anticipating continued losses for at least the next several years[223].