Financial Data and Key Metrics Changes - The company reported an operating loss of $7.4 million in Q3 2024, an improvement from an operating loss of $9.1 million in the same period last year [34] - Cash and cash equivalents stood at $11.3 million as of September 30, 2024, with a cash burn of approximately $5.6 million for the quarter [34] - A 1-for-15 reverse stock split was implemented to increase the bid price of the company's common shares, successfully regaining compliance with Nasdaq listing requirements [35][36] Business Line Data and Key Metrics Changes - The company shipped 339 Evie Rings during the third quarter following a successful back-in-stock announcement on September 17 [32] - The EvieMED Ring is in the final stages of the FDA 510(k) review process, with expectations for clearance to drive higher sales volumes in both B2B and D2C markets [34][17] Market Data and Key Metrics Changes - The wearables industry is rapidly growing, with smart rings becoming increasingly popular; however, only about 1 million smart rings are expected to be sold in 2024 compared to over 100 million wellness devices sold globally [10] - The leading competitor in the smart ring market is projected to generate approximately $500 million in revenue in 2024 [10] Company Strategy and Development Direction - The company is focused on expanding its D2C business and exploring B2B opportunities, particularly with the EvieMED Ring [38] - Movano Health aims to differentiate itself by combining consumer device features with medical device accuracy, positioning itself as a valuable asset in the emerging smart ring sector [12][62] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the upcoming FDA clearance for the EvieMED Ring and the potential for significant growth in both consumer and healthcare markets [38][17] - The company is committed to improving health monitoring through a broad suite of analyte sensors, including blood pressure and glucose monitoring [31] Other Important Information - The company is investigating stock manipulation related to the reverse stock split, having uncovered suspicious trading activity prior to the split [36] - Movano Health is planning two third-party studies around sleep and menstrual cycle tracking to enhance its product offerings [19] Q&A Session Summary Question: What are the next steps for the cuffless blood pressure measurement program? - Management is excited about the recent study results and is currently merging data to evaluate accuracy, with more trials planned for the year [40][41][44] Question: Will the Android app have the same functionality as the iOS app? - Yes, the Android app will have all the same features as the iOS app, with approximately 40% of the market being Android users [45][46] Question: How will operating expenses unfold in Q4? - The company will continue to manage spending judiciously while preparing for increased marketing efforts during the holiday season [48][51] Question: What types of questions are remaining with the FDA for the EvieMED? - The remaining questions primarily relate to labeling and other medical device aspects, with management feeling confident about their responses [52][56] Question: How does the company plan to address its valuation discrepancy? - Management acknowledges the challenges in capital markets but remains focused on executing their strategy and increasing visibility to improve valuation [75][80]

Financial Performance - The company reported an operating loss of $7.4 million in Q3 2024, an improvement from an operating loss of $9.1 million in Q3 2023, indicating a 19.0% reduction in losses year-over-year[9] - The net loss for Q3 2024 was $7.2 million, compared to a net loss of $9.0 million in Q3 2023, representing a 19.9% improvement in net loss year-over-year[17] - Research and development expenses for Q3 2024 were $3.4 million, down from $5.6 million in Q3 2023, indicating a 39.0% decrease in R&D spending year-over-year[17] - Total cash and cash equivalents as of September 30, 2024, were $11.3 million, up from $6.1 million at the end of 2023, reflecting a significant increase in liquidity[15] Product Development and Regulatory Progress - Movano Health is in the final stage of the FDA 510(k) application review process for the EvieMED Ring, which is expected to enhance its product offerings in the healthcare sector[6] - The company is advancing clinical studies for cuffless blood pressure and noninvasive glucose monitoring using its proprietary System-on-a-Chip technology[3] - Movano Health has entered the agreement phase with a large healthcare company for a pilot program in Q1 2025, utilizing the EvieMED Ring as part of a metabolic solution for chronic disease management[7] Sales and Marketing Strategy - In Q3 2024, Movano Health shipped 339 Evie Rings, showing a focus on direct-to-consumer sales following the successful back-in-stock launch on September 17, 2024[9] - Movano Health is focused on enhancing the consumer experience with the upcoming launch of an Android app to maximize sales potential during the holiday period[4] Corporate Actions - The company implemented a 1-for-15 reverse stock split on October 29, 2024, to increase the bid price of its common stock and regain compliance with Nasdaq listing requirements[10]

Company remains optimistic on the potential for this pioneering healthcare solutionPLEASANTON, Calif., Nov. 4, 2024 /PRNewswire/ -- Movano Health (NASDAQ: MOVE) announced today that it has submitted a complete response package to the FDA as part of the final phase of the Company's 510(k) application review of the EvieMED Ring. The Company remains optimistic on EvieMED's potential for 510(k) clearance."Our team has worked diligently to provide a thorough response to the Agency's questions," said John Mastrot ...

Financial Performance - Movano Health reported an operating loss of $6.4 million in Q2 2024, an improvement from a loss of $7.4 million in Q2 2023[6]. - Movano Health's net loss for Q2 2024 was $6.19 million, compared to a net loss of $7.27 million in Q2 2023[12]. - Total cash and cash equivalents as of June 30, 2024, were $16.9 million, up from $6.1 million at the end of 2023[10]. Product Development and Launch - The company shipped 1,837 Evie Rings in Q2 2024, but did not report revenue due to previously deferred revenue being offset by customer refunds[6]. - Movano Health is preparing for the Evie Ring to be back in stock on September 17, 2024, with enhancements in product experience and customer service[1]. - The company is pursuing FDA 510(k) clearance for the EvieMED Ring and plans to meet with FDA representatives in mid-August[2]. - Movano Health is focused on launching EvieMED and securing B2B opportunities across the healthcare sector[1]. Partnerships and Studies - Movano Health is in the agreement phase with a global pharmaceutical company for a B2B program expected to start in late 2024, potentially expanding in 2025[5]. - A clinical study partnership with MIT is underway to study the long-term effects of Chronic Lyme and Long Covid using the Evie Ring[4]. - The company completed a cuffless blood pressure clinical study in June 2024 and plans another study in Q4 2024[5].

Revenue and Financial Performance - Revenue for the six months ended June 30, 2024, totaled $0.9 million, an increase of $0.9 million compared to $0 for the same period in 2023, due to the recognition of revenue from the Evie Ring Elements[104]. - The company incurred net losses of $11.9 million and $14.4 million for the six months ended June 30, 2024, and 2023, respectively, reflecting a decrease in losses of $2.5 million or 17%[98]. - Loss from operations improved to $6.5 million for the three months ended June 30, 2024, compared to $7.4 million for the same period in 2023[111]. - Net loss for the three months ended June 30, 2024, was $6.2 million, an improvement from $7.3 million in the prior year[114]. - The company used $12.3 million in operating activities for the six months ended June 30, 2024, compared to $14.0 million in the same period of 2023[121]. Expenses - Research and development expenses decreased by 30% to $2.9 million for the three months ended June 30, 2024, compared to $4.2 million for the same period in 2023[107]. - Research and development expenses decreased to $5.8 million for the six months ended June 30, 2024, down from $8.1 million in 2023, primarily due to lower research and laboratory expenses[108]. - Sales, general and administrative expenses totaled $3.1 million for the three months ended June 30, 2024, a slight decrease from $3.2 million in 2023, attributed to lower headcount and decreased marketing costs[109]. - The company expects to incur significant expenses and increasing operating losses as it advances the engineering design and development of new products[117]. Cash and Financing - The company had $16.9 million in available cash and cash equivalents as of June 30, 2024[98]. - Cash and cash equivalents totaled $16.9 million as of June 30, 2024, with $12.3 million used in operating activities during the same period[115]. - The company raised approximately $24.1 million from a private placement transaction that closed on April 5, 2024, after deducting offering fees[117]. - The company anticipates financing future cash needs through public or private equity offerings, debt financings, or corporate collaborations[118]. Product Development and Research - The Evie Ring, launched in November 2023, is designed to provide women with continuous health data and insights[94]. - The company plans to seek FDA clearance for the EvieMED Ring, which aims to be one of the first patient wearables with comprehensive FDA approval[95]. - A longitudinal study is being conducted to assess the effects of stress on blood pressure, with results pending[96]. - The company is developing a patented System-on-a-Chip for non-invasive glucose and blood pressure monitoring, with clinical trials currently underway[96]. - The company has established Movano Ireland Limited as a wholly owned subsidiary to support its operations[97]. Other Financial Information - Cost of revenue for the six months ended June 30, 2024, was $1.6 million, attributed to direct costs related to the Evie Ring Elements and shipping[105]. - The company reported no off-balance sheet transactions or non-cancelable obligations as of June 30, 2024[124][125].

Core Insights - Movano Health is preparing for the restock of the Evie Ring on September 17, 2024, and has announced a brand partnership with digital creator Heidi D'Amelio [1] - The company is focused on launching the EvieMED and securing B2B opportunities, including obtaining FDA 510(k) clearance [1][2] - Movano Health reported an operating loss of $6.4 million in Q2 2024, an improvement from a loss of $7.4 million in Q2 2023 [3] Business Initiatives - The company successfully closed a $24.1 million private placement in April 2024, which included investments from a tier-one multi-billion dollar medical device company [2] - Movano Health is advancing clinical studies for cuffless blood pressure and noninvasive glucose monitoring using its proprietary System-on-a-Chip (SoC) technology [1][2] - The company is in the agreement phase with a global pharmaceutical company for a potential program starting in late 2024, with further evaluations planned for EvieMED [2] Financial Performance - In Q2 2024, Movano Health shipped 1,837 Evie Rings but did not report revenue due to customer refunds offsetting previously deferred revenue [3] - Total cash and cash equivalents as of June 30, 2024, were $16.9 million, an increase from $6.1 million at the end of 2023 [3][6] - The company reported a net loss of $6.19 million for Q2 2024, compared to a net loss of $7.27 million in Q2 2023 [7]

Company Overview - Movano Inc. (Nasdaq: MOVE), founded in 2018, is focused on developing healthcare solutions that provide medical-grade data through wearable technology, aiming to deliver personalized health insights [2][8] - The company is set to showcase its Evie enterprise solutions at an upcoming virtual event, highlighting the potential for B2B applications in healthcare [4][10] Event Details - Movano Health will host a virtual event titled "B2B: The Next Wearables Boom" on July 11, featuring expert participants including Dr. Fatima Rodriguez and Matt Hughes [10] - The event aims to discuss the enterprise needs in wearables and the innovative possibilities that Movano's solutions can offer [4][10] Expert Participants - Dr. Fatima Rodriguez, an Associate Professor in Cardiovascular Medicine at Stanford University, specializes in cardiovascular disease prevention and the use of technology to enhance health equity [11] - Matt Hughes, Managing Partner at Allele Capital, brings 15 years of experience in the financial industry, particularly in biotechnology and specialty pharmaceuticals [7]

Enhancements address significant clinical enterprise need in wearables for a variety of healthcare applications "Utilizing deep learning is significantly better than standard techniques as it is the optimal solution for removing the effects of motion, eliminating the noise and motion artifacts in the optical signal," said Leabman. "We believe that this is a first of its kind implementation and an innovation that has the potential to enhance the reliability of wearable health monitors, providing users with m ...

could cause actual results to differ materially from those in the forward-looking statements are set forth in our most recent Annual Report on Form 10-K and any subsequent Quarterly Reports on Form 10-Q, and in our other reports filed with the Securities and Exchange Commission, including under the caption "Risk Factors." Any forward-looking statement in this release speaks only as of the date of this release. We undertake no obligation to publicly update any forward-looking statement, whether written or or ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED MARCH 31, 2024 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 COMMISSION FILE NUMBER: 001-40254 MOVANO INC. (Exact name of registrant as specified in its charter) (State of incorporation) (I.R.S. Employer Delaware 82-4233771 Identification No.) 6800 K ...