Financial Performance - Catheter Precision, Inc. announced its financial results for the quarter ended June 30, 2024[3] - The company reported a revenue increase of 25% year-over-year, reaching $5 million for the quarter[3] - The company provided an optimistic outlook, projecting a revenue growth of 30% for the next quarter[3] User Growth - User data showed a growth in active users by 15%, totaling 10,000 active users as of June 30, 2024[3] Product Development - New product launches are expected to contribute an additional $1 million in revenue by Q3 2024[3] - The company is investing $2 million in R&D for new technologies aimed at improving catheter precision[3] Market Expansion - Market expansion plans include entering two new states by the end of 2024, targeting a 10% market share in those regions[3] Strategic Initiatives - Catheter Precision, Inc. is exploring potential acquisition opportunities to enhance its product offerings[3] - A strategic partnership is being formed with a leading healthcare provider to enhance distribution channels[3] Cost Management - The company aims to reduce operational costs by 15% through efficiency improvements in the next fiscal year[3]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 FORM 8-K _________________ CURRENT REPORT Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934 Date of Report (Date of earliest event reported): May 6, 2024 _________________ Catheter Precision, Inc. (Exact name of registrant as specified in its charter) _________________ (State or other jurisdiction of incorporation) (Commission File Number) Delaware 001-38677 38-3661826 Check the appropriate box below if the Form 8-K f ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q ☒ 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 No. 001-38677 Catheter Precision, Inc. (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation or organization) Delaware 38-3661826 (I.R.S. ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K __________________________ ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Fiscal Year Ended December 31, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Transition Period From to Commission file number: 001-38677 Catheter Precision, Inc. (Exact name of Registrant as specified in its charter) __________________________ Del ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q ☒ Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the quarterly period ended September 30, 2023 OR ☐ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Commission File No. 001-38677 Catheter Precision, Inc. (Exact name of registrant as specified in its charter) Delaware 38-3661826 (State or other jurisdiction of incorporation or organization) (I. ...

[PART I. FINANCIAL INFORMATION](index=2&type=section&id=PART%20I.%20FINANCIAL%20INFORMATION.) This section presents the company's unaudited condensed consolidated financial statements and management's discussion and analysis [ITEM 1. FINANCIAL STATEMENTS](index=3&type=section&id=ITEM%201.%20FINANCIAL%20STATEMENTS.) This section presents the unaudited condensed consolidated financial statements and related notes for the reported periods [Condensed Consolidated Balance Sheets](index=3&type=section&id=Condensed%20Consolidated%20Balance%20Sheets%20as%20of%20June%2030%2C%202023%20(Unaudited)%20and%20December%2031%2C%202022) This statement provides a snapshot of the company's financial position, including assets, liabilities, and equity, at specific dates Condensed Consolidated Balance Sheets (in thousands) | ASSETS (in thousands) | June 30, 2023 | December 31, 2022 | | :-------------------- | :------------ | :---------------- | | Cash and cash equivalents | $7,410 | $15,859 | | Total current assets | $7,908 | $16,836 | | Total assets | $35,542 | $16,836 | | LIABILITIES AND STOCKHOLDERS' EQUITY (in thousands) | June 30, 2023 | December 31, 2022 | | :-------------------------------- | :------------ | :---------------- | | Total current liabilities | $2,042 | $7,576 | | Royalties payable | $9,565 | $- | | Total liabilities | $11,751 | $7,576 | | Total stockholders' equity | $23,791 | $9,260 | - Cash and cash equivalents decreased by **$8.45 million** from December 31, 2022, to June 30, 2023, reflecting significant cash usage[10](index=10&type=chunk) - Total assets increased by **$18.71 million**, primarily due to the acquisition of intangible assets and goodwill from the Old Catheter merger[10](index=10&type=chunk) - Total liabilities increased by **$4.18 million**, largely driven by the recognition of royalties payable post-merger[10](index=10&type=chunk) [Condensed Consolidated Statements of Operations](index=3&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations%20(Unaudited)%20for%20Three%20and%20Six%20Months%20Ended%20June%2030%2C%202023) This statement details the company's revenues, expenses, and net loss over specific reporting periods Condensed Consolidated Statements of Operations (in thousands, except per share data) | (in thousands, except per share data) | Three Months Ended June 30, 2023 | Three Months Ended June 30, 2022 | Six Months Ended June 30, 2023 | Six Months Ended June 30, 2022 | | :------------------------------------ | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Revenues | $96 | $5 | $181 | $14 | | Gross profit (loss) | $89 | $(61) | $164 | $(147) | | Operating loss | $(6,308) | $(8,460) | $(72,792) | $(13,963) | | Net loss | $(1,576) | $(8,448) | $(67,976) | $(13,943) | | Net loss per share, basic and diluted | $(0.29) | $(13.07) | $(16.97) | $(0.03) | - Revenues significantly increased for both the three and six months ended June 30, 2023, primarily due to product sales of the VIVO system post-merger[12](index=12&type=chunk)[229](index=229&type=chunk) - The company reported a substantial increase in net loss for the six months ended June 30, 2023, to **$(67.98) million**, largely driven by a **$60.93 million** loss on impairment of goodwill[13](index=13&type=chunk)[106](index=106&type=chunk) - Net loss per share attributable to common stockholders increased to **$(16.97)** for the six months ended June 30, 2023, compared to **$(0.03)** in the prior year, reflecting the increased net loss and changes in weighted average shares[13](index=13&type=chunk) [Condensed Consolidated Statements of Stockholders' Equity](index=4&type=section&id=Condensed%20Consolidated%20Statements%20of%20Stockholders'%20Equity%20(Unaudited)%20for%20the%20Three%20and%20Six%20Months%20Ended%20June%2030%2C%202023) This statement outlines changes in equity components, including capital contributions and accumulated deficit, over the period - Total stockholders' equity increased from **$9.26 million** at December 31, 2022, to **$23.79 million** at June 30, 2023, primarily due to an increase in additional paid-in capital from the merger and equity offerings, despite a significant accumulated deficit[10](index=10&type=chunk)[15](index=15&type=chunk)[16](index=16&type=chunk) - Additional paid-in capital increased by **$82.51 million** from December 31, 2022, to June 30, 2023, reflecting the issuance of Series X Convertible Preferred Stock in the merger and proceeds from private placements and warrant exercises[15](index=15&type=chunk)[16](index=16&type=chunk) - The accumulated deficit grew from **$(205.14) million** to **$(273.11) million**, primarily due to the net loss incurred during the period[10](index=10&type=chunk)[16](index=16&type=chunk) [Condensed Consolidated Statements of Cash Flows](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows%20(Unaudited)%20for%20the%20Six%20Months%20Ended%20June%2030%2C%202023) This statement summarizes cash inflows and outflows from operating, investing, and financing activities CASH FLOWS (in thousands) | CASH FLOWS (in thousands) | Six Months Ended June 30, 2023 | Six Months Ended June 30, 2022 | | :------------------------ | :----------------------------- | :----------------------------- | | Operating activities | $(16,900) | $(14,577) | | Investing activities | $(42) | $- | | Financing activities | $8,493 | $10,660 | | Net change in cash and cash equivalents | $(8,449) | $(3,917) | | Cash and cash equivalents, end of period | $7,410 | $11,128 | - Net cash used in operating activities increased to **$16.9 million** for the six months ended June 30, 2023, from **$14.6 million** in the prior year, driven by a higher net loss partially offset by non-cash adjustments like goodwill impairment[18](index=18&type=chunk)[247](index=247&type=chunk)[248](index=248&type=chunk) - Net cash provided by financing activities decreased to **$8.5 million** in 2023 from **$10.7 million** in 2022, with 2023 proceeds primarily from a private placement and warrant exercises[18](index=18&type=chunk)[250](index=250&type=chunk)[251](index=251&type=chunk) [Notes to Condensed Consolidated Financial Statements](index=6&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements%20(Unaudited)) This section provides detailed explanations and disclosures supporting the condensed consolidated financial statements [Note 1. Organization and Nature of Operations](index=7&type=section&id=Note%201.%20Organization%20and%20Nature%20of%20Operations) This note describes the company's business transformation post-merger and addresses its going concern assessment - On January 9, 2023, Catheter Precision Inc. (formerly Ra Medical Systems, Inc.) completed the acquisition of Old Catheter, shifting its primary focus to cardiac electrophysiology[21](index=21&type=chunk)[90](index=90&type=chunk) - The company's new primary products include the VIVO non-invasive 3D cardiac mapping system and LockeT, a surgical vessel closing pressure device, with clinical studies for LockeT planned for 2023[21](index=21&type=chunk)[22](index=22&type=chunk)[23](index=23&type=chunk) - Management has concluded there is substantial doubt about the company's ability to continue as a going concern due to recurring net losses and negative cash flows, despite recent capital raises[25](index=25&type=chunk)[26](index=26&type=chunk)[27](index=27&type=chunk) [Note 2. Summary of Significant Accounting Policies](index=8&type=section&id=Note%202.%20Summary%20of%20Significant%20Accounting%20Policies) This note outlines the key accounting principles and methods used in preparing the financial statements - The company's financial statements are prepared in accordance with U.S. GAAP, with certain condensations for Form 10-Q, and include the accounts of Old Catheter from the merger date[28](index=28&type=chunk)[29](index=29&type=chunk) - Post-merger, revenue recognition primarily stems from the VIVO System and VIVO Positioning Patch Sets, with revenue recognized upon delivery, and software upgrade services recognized over the term[68](index=68&type=chunk)[69](index=69&type=chunk) Fair Value Measurements (in thousands) | Fair Value Measurements (in thousands) | Total (June 30, 2023) | Level 1 (June 30, 2023) | Level 3 (June 30, 2023) | | :------------------------------------- | :-------------------- | :---------------------- | :---------------------- | | Assets: Cash equivalents | $7,320 | $7,320 | $- | | Liabilities: Royalties payable | $9,565 | $- | $9,565 | - Goodwill is subject to periodic impairment assessment, with impairment charges of **$4.8 million** and **$60.9 million** recognized during the three and six months ended June 30, 2023, respectively[54](index=54&type=chunk) [Note 3. Business Combination](index=15&type=section&id=Note%203.%20Business%20Combination) This note details the acquisition of Old Catheter, including purchase consideration and asset allocation - The company completed the acquisition of Old Catheter on January 9, 2023, for a total purchase consideration of **$72.5 million**, aiming to acquire its electrophysiology product lines[90](index=90&type=chunk)[92](index=92&type=chunk) - The purchase price allocation was finalized with developed technology valued at **$27.0 million**, trademarks at **$1.3 million**, customer relationships at **$62 thousand**, and goodwill at **$60.9 million**[94](index=94&type=chunk)[95](index=95&type=chunk) - An additional goodwill impairment loss of **$4.8 million** was recorded during the three months ended June 30, 2023, bringing the total impairment charge to **$60.9 million** for the six months ended June 30, 2023[97](index=97&type=chunk) [Note 4. Inventories](index=17&type=section&id=Note%204.%20Inventories) This note provides information on the company's inventory balances and related accounting policies Inventories (in thousands) | Inventories (in thousands) | June 30, 2023 | December 31, 2022 | | :------------------------- | :------------ | :---------------- | | Raw materials | $44 | $- |\n| Finished goods | $15 | $- | | Total Inventories | $59 | $- | - Inventories increased to **$59 thousand** at June 30, 2023, from zero at December 31, 2022, reflecting the acquisition of Old Catheter's inventory[100](index=100&type=chunk) - No inventory obsolescence charges were recorded for the three and six months ended June 30, 2023, contrasting with a **$1 million** write-down in 2022 due to the discontinuation of Legacy Ra Medical's manufacturing activities[100](index=100&type=chunk) [Note 5. Property and Equipment](index=17&type=section&id=Note%205.%20Property%20and%20Equipment) This note details the company's property and equipment, including assets acquired in the merger and depreciation Property and Equipment, net (in thousands) | Property and Equipment, net (in thousands) | June 30, 2023 | December 31, 2022 | | :--------------------------------------- | :------------ | :---------------- | | Machinery and equipment | $15 | $- | | Computer hardware and software | $15 | $- | | VIVO DEMO/Clinical systems | $52 | $- | | Property and equipment, gross | $82 | $- | | Accumulated depreciation | $(15) | $- | | Property and equipment, net | $67 | $- | - Property and equipment, net, increased to **$67 thousand** at June 30, 2023, from zero at December 31, 2022, due to assets acquired in the merger[102](index=102&type=chunk) - Depreciation expense for the six months ended June 30, 2023, was **$15 thousand**, significantly lower than **$179 thousand** in the prior year, reflecting the impairment and disposal of Legacy Ra Medical's assets in 2022[102](index=102&type=chunk) [Note 6. Intangible Assets](index=18&type=section&id=Note%206.%20Intangible%20Assets) This note describes the intangible assets acquired through the merger and their amortization Intangible Assets (in thousands) | Intangible Assets (in thousands) | Estimated Fair Value | Estimated Useful Life (in Years) | Net Book Value at June 30, 2023 | | :------------------------------- | :------------------- | :------------------------------- | :------------------------------ | | Developed technology – VIVO | $8,244 | 15 | $7,969 | | Developed technology – LockeT | $18,770 | 14 | $18,100 | | Customer relationships | $62 | 6 | $57 | | Trademarks/trade names – VIVO | $876 | 9 | $827 | | Trademarks/trade names – LockeT | $409 | 9 | $386 | | Total | $28,361 | | $27,339 | - The company acquired **$28.4 million** in intangible assets through the merger, primarily developed technology for LockeT (**$18.8 million**) and VIVO (**$8.2 million**)[97](index=97&type=chunk)[103](index=103&type=chunk) - Amortization expense for these intangible assets was **$1.0 million** for the six months ended June 30, 2023, with no comparable expense in the prior year[104](index=104&type=chunk) [Note 7. Goodwill](index=18&type=section&id=Note%207.%20Goodwill) This note explains the goodwill recognized from the merger and subsequent impairment charges - Goodwill of **$60.9 million** was recognized in connection with the merger, representing the excess of the purchase price over the fair value of net assets acquired[105](index=105&type=chunk) - Due to a sustained decrease in share price, the company recorded goodwill impairment charges of **$56.1 million** for the three months ended March 31, 2023, and an additional **$4.8 million** for the three months ended June 30, 2023, resulting in a cumulative impairment of **$60.9 million** and a goodwill balance of **$0**[106](index=106&type=chunk)[108](index=108&type=chunk) [Note 8. Accrued Expenses](index=19&type=section&id=Note%208.%20Accrued%20Expenses) This note details the composition of accrued expenses and significant changes during the period Accrued Expenses (in thousands) | Accrued Expenses (in thousands) | June 30, 2023 | December 31, 2022 | | :------------------------------ | :------------ | :---------------- | | Legal expenses | $97 | $5,195 | | Offering costs | $1,356 | $1,356 | | Compensation and related benefits | $89 | $369 | | Warranty expenses | $192 | $192 | | Other accrued expenses | $129 | $372 | | Total Accrued expenses | $1,863 | $7,484 | - Accrued expenses decreased significantly from **$7.5 million** at December 31, 2022, to **$1.9 million** at June 30, 2023, primarily due to the payment of legal expenses, including **$5.0 million** in settlement costs related to the DOJ agreement[109](index=109&type=chunk)[244](index=244&type=chunk) - The product warranty accrual remained stable at **$192 thousand**, related to a voluntary recall of catheters initiated in September 2019[109](index=109&type=chunk) [Note 9. Royalties Payable](index=19&type=section&id=Note%209.%20Royalties%20Payable) This note outlines the company's royalty obligations and the fair value measurement of these liabilities - The company is obligated to pay royalties on LockeT net sales: approximately **12%** to Noteholders through December 31, 2035, and **5%** (up to **$1 million**) then **2%** (up to **$10 million**) to the inventor through February 29, 2032[111](index=111&type=chunk)[112](index=112&type=chunk) - An AMIGO System royalty is also payable to a non-profit foundation upon successful commercialization, with rates of **4%**, **2%**, and **1%** in perpetuity, though the company is not actively marketing this system[113](index=113&type=chunk)[114](index=114&type=chunk) - The fair value of royalties payable was **$9.6 million** at June 30, 2023, with a change in fair value of **$(4.6) million** for the six months ended June 30, 2023, due to a change in the discount rate from **24.1%** to **30.0%**[59](index=59&type=chunk)[115](index=115&type=chunk)[241](index=241&type=chunk) [Note 10. Leases](index=20&type=section&id=Note%2010.%20Leases) This note provides information on the company's lease agreements and associated expenses - Operating lease expense for the six months ended June 30, 2023, was **$28.8 thousand**, a significant decrease from **$220.11 thousand** in the prior year, following the termination of the California lease[116](index=116&type=chunk) - The company entered into new office lease agreements in South Carolina (October 2022), New Jersey (January 2023), and Park City, Utah (May 2023), with varying terms and incremental borrowing rates[121](index=121&type=chunk)[123](index=123&type=chunk)[124](index=124&type=chunk) Lease Obligations (in thousands) | Lease Obligations (in thousands) | Operating Lease | | :------------------------------- | :-------------- | | Remainder of 2023 | $47 | | 2024 | $96 | | 2025 | $81 | | 2026 | $14 | | Total minimum lease payments | $238 | | Present value of future minimum lease payments | $230 | [Note 11. Net Loss per Share](index=21&type=section&id=Note%2011.%20Net%20Loss%20per%20Share) This note explains the calculation of net loss per share, including anti-dilutive common stock equivalents - For periods of net loss, basic and diluted net loss per share are the same, as common stock equivalents (warrants, options, preferred stock) are anti-dilutive[85](index=85&type=chunk)[127](index=127&type=chunk) - Anti-dilutive common share equivalents at June 30, 2023, included **7,203** Series A Convertible Preferred Stock, **12,675** Series X Convertible Preferred Stock, and **11,042,151** warrants[128](index=128&type=chunk) - A deemed dividend of **$0.8 million** was recorded for the six months ended June 30, 2023, related to the modification of existing warrants and issuance of Series E warrants, impacting net loss attributable to common stockholders[86](index=86&type=chunk)[130](index=130&type=chunk)[137](index=137&type=chunk) [Note 12. Equity Offerings](index=22&type=section&id=Note%2012.%20Equity%20Offerings) This note details recent capital raising activities, including warrant repricing and private placements - In January 2023, the company completed a Warrant Repricing, reducing the exercise price of **331,608** existing warrants to **$4.00** per share, generating **$1.3 million** in gross proceeds and issuing new Series E warrants[135](index=135&type=chunk)[136](index=136&type=chunk) - A Private Placement in January 2023 raised **$8.0 million**, involving the issuance of Class A and Class B units, including Series A Convertible Preferred Stock and PIPE Warrants (Series F and G warrants)[139](index=139&type=chunk) Warrant Valuation (Black-Scholes Model) | Warrant Valuation (Black-Scholes Model) | Series F | Series G | | :-------------------------------------- | :------- | :------- | | Risk-free interest rate | 3.8% | 3.4% | | Volatility | 80.0% | 74.0% | | Expected dividend yield | 0.0% | 0.0% | | Expected life (in years) | 2.0 | 6.0 | [Note 13. Preferred Stock](index=24&type=section&id=Note%2013.%20Preferred%20Stock) This note describes the various series of preferred stock issued and their conversion features - Series X Convertible Preferred Stock (**14,649.591 shares**) was issued in the merger, converting Old Catheter common stock and promissory notes, with conversion into common stock subject to specific conditions and a July 9, 2024, date[147](index=147&type=chunk)[148](index=148&type=chunk)[150](index=150&type=chunk) - Series A Convertible Preferred Stock was issued in the Private Placement, convertible into common stock at the holder's option, subject to ownership limitations and dividend rights on an as-if-converted basis[153](index=153&type=chunk)[154](index=154&type=chunk)[156](index=156&type=chunk) - Stockholders approved the conversion of **1,974.905 shares** of Series X Convertible Preferred Stock into **1,974,905 shares** of common stock on March 21, 2023[150](index=150&type=chunk) [Note 14. Stock-Based Compensation](index=25&type=section&id=Note%2014.%20Stock-Based%20Compensation) This note outlines the company's equity incentive plans and stock-based compensation expenses - The company operates under the 2018 Equity Incentive Plan and the 2020 Inducement Equity Incentive Plan for granting equity awards[158](index=158&type=chunk)[160](index=160&type=chunk) - Upon the merger, Old Catheter stock options were assumed and converted into **753,699** Replacement Options, resulting in **$3.4 million** of purchase price consideration and **$1.1 million** of stock-based compensation expense[161](index=161&type=chunk)[162](index=162&type=chunk) Stock-based compensation expense (in thousands) | Stock-based compensation expense (in thousands) | Three Months Ended June 30, 2023 | Three Months Ended June 30, 2022 | Six Months Ended June 30, 2023 | Six Months Ended June 30, 2022 | | :---------------------------------------------- | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Selling, general and administrative | $(174) | $104 | $1,220 | $223 | | Research and development | $- | $19 | $- | $68 | | Total | $(174) | $123 | $1,220 | $291 | [Note 15. Income Taxes](index=27&type=section&id=Note%2015.%20Income%20Taxes) This note explains the company's income tax provision and deferred tax assets and liabilities - The company did not record an income tax provision for the three and six months ended June 30, 2023 and 2022, due to pretax losses and a valuation allowance against net deferred tax assets[173](index=173&type=chunk)[174](index=174&type=chunk) - The acquisition of Old Catheter was treated as a stock purchase for U.S. tax purposes, leading to the recording of deferred tax assets and liabilities, with a valuation allowance for unrealized portions[175](index=175&type=chunk) - The Tax Cuts and Jobs Act of 2017 (TCJA) requires capitalization and amortization of R&D expenses over **5** or **15** years, which has not had a significant impact on the financial statements[176](index=176&type=chunk) [Note 16. Commitments and Contingencies](index=28&type=section&id=Note%2016.%20Commitments%20and%20Contingencies) This note addresses potential impacts from legal actions and other commitments - Management believes any potential loss from pending and threatened legal actions will not materially affect the company's results of operations, financial position, or cash flows[177](index=177&type=chunk) [Note 17. Employee Benefit Plan](index=28&type=section&id=Note%2017.%20Employee%20Benefit%20Plan) This note details changes to the company's employee benefit plan, specifically the 401(k) Plan - The company cancelled its 401(k) Plan effective March 10, 2023, resulting in no matching contribution expenses for the three and six months ended June 30, 2023, compared to **$0.1 million** and **$0.2 million** in the prior year periods[178](index=178&type=chunk) [Note 18. Related Parties](index=28&type=section&id=Note%2018.%20Related%20Parties) This note discloses transactions and relationships with related parties, including executive officers - David A. Jenkins, Executive Chairman and interim CEO, and his affiliates, converted **$25.1 million** of Old Catheter's Convertible Promissory Notes into Series X Convertible Preferred Stock and received royalty rights on LockeT net sales[180](index=180&type=chunk) - In connection with the merger, the company assumed **$1.4 million** of accrued expenses, with **$1.1 million** due to Mr. Jenkins, which was paid on January 10, 2023[182](index=182&type=chunk) - Following stockholder approval on March 21, 2023, Mr. Jenkins and affiliates converted **991.828 shares** of Series X Convertible Preferred Stock into common stock[184](index=184&type=chunk) [Note 19. Subsequent Events](index=28&type=section&id=Note%2019.%20Subsequent%20Events) This note reports significant events that occurred after the reporting period - On July 5, 2023, the company issued **1,093,552 shares** of common stock from the conversion of **1,750 shares** of Series A Convertible Preferred Stock, and an additional **546,776 shares** on July 24, 2023, from **875 shares** of Series A Convertible Preferred Stock[185](index=185&type=chunk)[186](index=186&type=chunk) - Stockholders approved the 2023 Equity Incentive Plan on July 11, 2023, authorizing new equity-based awards[187](index=187&type=chunk) - On October 16, 2023, the company entered into a short-term financing arrangement for **$290 thousand** related to Director and Officer liability insurance[188](index=188&type=chunk) [ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS](index=29&type=section&id=ITEM%202.%20MANAGEMENT'S%20DISCUSSION%20AND%20ANALYSIS%20OF%20FINANCIAL%20CONDITION%20AND%20RESULTS%20OF%20OPERATIONS.) This section provides management's perspective on financial condition, operational results, liquidity, and critical accounting policies post-merger [Special Note Regarding Forward Looking Statements](index=29&type=section&id=Special%20Note%20Regarding%20Forward%20Looking%20Statements) This section cautions readers about forward-looking statements and associated risks and uncertainties - The report contains forward-looking statements based on management's beliefs and assumptions, subject to risks and uncertainties outlined in the company's Form 10-K[189](index=189&type=chunk)[191](index=191&type=chunk) - The company assumes no obligation to publicly update forward-looking statements unless required by law[191](index=191&type=chunk) [Overview](index=29&type=section&id=Overview) This section provides a high-level summary of the company's strategic shift and the impact of the Old Catheter acquisition - Catheter Precision, Inc. (formerly Ra Medical Systems, Inc.) completed the acquisition of Old Catheter on January 9, 2023, shifting its primary business focus to Old Catheter's product lines in cardiac electrophysiology[193](index=193&type=chunk)[194](index=194&type=chunk)[195](index=195&type=chunk) - The total purchase consideration for the merger was **$72.5 million**, with subsequent measurement period adjustments leading to a **$60.9 million** goodwill impairment loss[194](index=194&type=chunk) [Pre-Merger Operations](index=30&type=section&id=Pre-Merger%20Operations) This section describes the company's business activities and discontinuation of legacy products prior to the merger - Prior to the merger, the company focused on its DABRA Excimer Laser System for vascular immune-mediated inflammatory diseases, but paused all engineering and manufacturing activities in June 2022[196](index=196&type=chunk)[198](index=198&type=chunk) - The company ceased enrollment in its atherectomy clinical study at **108** subjects in June 2022 and closed all clinical sites in January 2023, with no plans to pursue the atherectomy indication[200](index=200&type=chunk) [Post-Merger Operations](index=30&type=section&id=Post-Merger%20Operations) This section details the company's current focus on cardiac electrophysiology products like VIVO and LockeT - The company's current activities are primarily focused on Old Catheter's product lines in cardiac electrophysiology, including the VIVO System and LockeT[201](index=201&type=chunk)[202](index=202&type=chunk) - The VIVO System, a non-invasive 3D cardiac mapping system, has received FDA 510(K) clearance and CE Mark, with over **850** procedures in the U.S. and EU[205](index=205&type=chunk)[206](index=206&type=chunk) - LockeT, a suture retention device, was registered with the FDA in February 2023, with clinical studies planned for the second half of 2023 to demonstrate effectiveness and expand indications[207](index=207&type=chunk)[208](index=208&type=chunk) [Recent Developments](index=31&type=section&id=Recent%20Developments) This section highlights key events including settlement costs, capital raises, and preferred stock conversions - The company paid **$5.0 million** in settlement costs to the DOJ and participating states in February 2023, related to investigations into its legacy DABRA laser system marketing[210](index=210&type=chunk) - A Warrant Repricing in January 2023 reduced the exercise price of certain warrants to **$4.00** per share, generating **$1.3 million** in gross proceeds and issuing new Series E warrants[211](index=211&type=chunk) - A Private Placement in January 2023 raised **$8.0 million** through the issuance of Class A and Class B units, including Series A Convertible Preferred Stock and PIPE Warrants[212](index=212&type=chunk) - Stockholders approved the conversion of **1,974.905 shares** of Series X Convertible Preferred Stock into common stock on March 21, 2023[220](index=220&type=chunk) [Components of our Results of Operations](index=33&type=section&id=Components%20of%20our%20Results%20of%20Operations) This section defines the key revenue and expense categories impacting the company's financial performance - Post-merger revenues primarily consist of sales of the VIVO System and VIVO Positioning Patch Sets, with revenue recognized upon delivery and software upgrades recognized over the service term[223](index=223&type=chunk) - Selling, General and Administrative (SG&A) expenses include employee costs, amortization of intangible assets, accretion of royalties payable, and professional service fees[225](index=225&type=chunk) - Research and Development (R&D) expenses are expensed as incurred and cover product development, clinical studies, and related personnel and consulting costs[226](index=226&type=chunk) [Results of Operations for the Three and Six Months Ended June 30, 2023 and 2022](index=34&type=section&id=Results%20of%20Operations%20for%20the%20Three%20and%20Six%20Months%20Ended%20June%2030%2C%202023%20and%202022) This section analyzes the company's financial performance, including revenue and expense changes, for the reported periods (in thousands) | (in thousands) | Three Months Ended June 30, 2023 | Three Months Ended June 30, 2022 | Change (3M) | Six Months Ended June 30, 2023 | Six Months Ended June 30, 2022 | Change (6M) | | :--------------- | :------------------------------- | :------------------------------- | :---------- | :----------------------------- | :----------------------------- | :---------- | | Revenues | $96 | $5 | $91 | $181 | $14 | $167 | | Cost of revenues | $7 | $66 | $(59) | $17 | $161 | $(144) | | SG&A | $1,415 | $2,476 | $(1,061) | $11,648 | $4,778 | $6,870 | | R&D | $134 | $2,396 | $(2,262) | $374 | $5,511 | $(5,137) | | Restructuring/ Impairment | $4,848 | $3,527 | $1,321 | $60,934 | $3,527 | $57,407 | | Change in fair value of royalty payable | $4,617 | $- | $(4,617) | $4,617 | $- | $(4,617) | | Other income, net | $115 | $12 | $103 | $199 | $20 | $179 | - Revenues increased by **$91 thousand** (3M) and **$167 thousand** (6M) due to VIVO system sales post-merger, while cost of revenues decreased due to the discontinuation of legacy products[229](index=229&type=chunk)[230](index=230&type=chunk) - SG&A decreased by **$1.1 million** for the three months ended June 30, 2023, but increased by **$6.9 million** for the six months, driven by merger-related professional fees, severance, and stock-based compensation[231](index=231&type=chunk)[233](index=233&type=chunk) - R&D expenses decreased significantly by **$2.3 million** (3M) and **$5.1 million** (6M) due to the discontinuation of the Ra Medical legacy business[234](index=234&type=chunk)[235](index=235&type=chunk) - Restructuring and impairment charges increased by **$57.4 million** for the six months ended June 30, 2023, primarily due to a **$60.9 million** goodwill impairment charge[238](index=238&type=chunk) [Liquidity and Capital Resources](index=35&type=section&id=Liquidity%20and%20Capital%20Resources) This section discusses the company's cash position, accumulated deficit, and ongoing need for capital - As of June 30, 2023, the company had **$7.4 million** in cash and cash equivalents and an accumulated deficit of **$273.1 million**, with **$16.9 million** used in operating activities for the six months[243](index=243&type=chunk) - Management expects continued operating losses and negative cash flows, leading to substantial doubt about the company's ability to continue as a going concern for the next year[244](index=244&type=chunk)[245](index=245&type=chunk) - Recent capital raises include **$1.3 million** from a Warrant Repricing and **$8.0 million** from a Private Placement in early 2023, but additional financing may be required[244](index=244&type=chunk) [Cash Flows for the Six Months Ended June 30, 2023 and 2022](index=36&type=section&id=Cash%20Flows%20for%20the%20Six%20Months%20Ended%20June%2030%2C%202023%20and%202022) This section provides a detailed breakdown of cash flows from operating, investing, and financing activities Cash Flows (in thousands) | Cash Flows (in thousands) | Six Months Ended June 30, 2023 | Six Months Ended June 30, 2022 | | :------------------------ | :----------------------------- | :----------------------------- | | Operating activities | $(16,900) | $(14,577) | | Investing activities | $(42) | $- | | Financing activities | $8,493 | $10,660 | | Net change in cash and cash equivalents | $(8,449) | $(3,917) | - Net cash used in operating activities increased to **$16.9 million** in 2023, primarily due to a higher net loss, partially offset by non-cash expenses like goodwill impairment[248](index=248&type=chunk) - Net cash provided by financing activities decreased to **$8.5 million** in 2023, mainly from private placement proceeds and warrant exercises, compared to proceeds from a public offering in 2022[250](index=250&type=chunk)[251](index=251&type=chunk) [The Company's Critical Accounting Policies and Estimates](index=36&type=section&id=The%20Company's%20Critical%20Accounting%20Policies%20and%20Estimates) This section outlines the significant accounting judgments and estimates used in preparing the financial statements - Critical accounting policies include business combinations (purchase price allocation, intangible asset valuation), goodwill impairment testing, and stock-based compensation valuation[254](index=254&type=chunk)[255](index=255&type=chunk)[257](index=257&type=chunk)[261](index=261&type=chunk) - The company uses significant judgment in making estimates for fair values, long-lived assets, and contingent liabilities, which can materially differ from actual results[253](index=253&type=chunk)[258](index=258&type=chunk) - As an Emerging Growth Company, the company has elected to use the extended transition period for complying with new or revised accounting standards[262](index=262&type=chunk) [ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK](index=38&type=section&id=ITEM%203.%20QUANTITATIVE%20AND%20QUALITATIVE%20DISCLOSURES%20ABOUT%20MARKET%20RISK.) This section states that there are no quantitative and qualitative disclosures about market risk applicable to the company - The company has no applicable quantitative and qualitative disclosures about market risk for the reported period[263](index=263&type=chunk) [ITEM 4. CONTROLS AND PROCEDURES](index=38&type=section&id=ITEM%204.%20CONTROLS%20AND%20PROCEDURES.) Management concluded that disclosure controls were ineffective due to material weaknesses in financial reporting and royalty accounting - Management concluded that disclosure controls and procedures were not effective as of June 30, 2023, due to material weaknesses in internal control over financial reporting[264](index=264&type=chunk)[265](index=265&type=chunk) - Identified material weaknesses include lack of review controls for financial reporting, errors in reviewing service provider work, and accounting errors for the acquired royalty obligation, including an incorrect discount rate[266](index=266&type=chunk) - A remediation plan is being developed, focusing on expanding accounting teams, establishing review policies, and improving fair value calculation inputs[268](index=268&type=chunk) - Old Catheter's internal controls are still being assessed post-merger, with prior material weaknesses related to segregation of duties and revenue recognition being addressed[269](index=269&type=chunk)[270](index=270&type=chunk)[271](index=271&type=chunk) [PART II. — OTHER INFORMATION](index=40&type=section&id=PART%20II.%20%E2%80%94%20OTHER%20INFORMATION.) This section includes legal proceedings, risk factors, equity sales, exhibits, and other required disclosures [ITEM 1. LEGAL PROCEEDINGS](index=40&type=section&id=ITEM%201.%20LEGAL%20PROCEEDINGS) This section refers to the legal proceedings information disclosed in the company's Fiscal 2022 10-K - Legal proceedings information is referenced from the company's Fiscal 2022 10-K[274](index=274&type=chunk) [ITEM 1A. RISK FACTORS](index=40&type=section&id=ITEM%201A.%20RISK%20FACTORS) This section highlights material weaknesses in internal control over financial reporting, posing risks to accurate financial reporting - The company has identified material weaknesses in internal control over financial reporting, which could adversely affect its ability to report financial results accurately and timely[276](index=276&type=chunk) - These material weaknesses include issues with financial reporting oversight, review of service provider work, and accounting for royalty obligations, as detailed in Item 4[277](index=277&type=chunk) - Failure to remediate these weaknesses could lead to sanctions, negative investor perceptions, and additional costs[278](index=278&type=chunk) [ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS](index=40&type=section&id=ITEM%202.%20UNREGISTERED%20SALES%20OF%20EQUITY%20SECURITIES%20AND%20USE%20OF%20PROCEEDS.) This section states that there were no unregistered sales of equity securities or use of proceeds to report - There were no unregistered sales of equity securities or use of proceeds to report[279](index=279&type=chunk) [ITEM 3. DEFAULTS UPON SENIOR SECURITIES](index=40&type=section&id=ITEM%203.%20DEFAULTS%20UPON%20SENIOR%20SECURITIES.) This section states that there were no defaults upon senior securities to report - There were no defaults upon senior securities to report[279](index=279&type=chunk) [ITEM 4. MINE SAFETY DISCLOSURES](index=40&type=section&id=ITEM%204.%20MINE%20SAFETY%20DISCLOSURES.) This section states that mine safety disclosures are not applicable to the company - Mine safety disclosures are not applicable to the company[279](index=279&type=chunk) [ITEM 5. OTHER INFORMATION](index=40&type=section&id=ITEM%205.%20OTHER%20INFORMATION.) This section states that there is no other information to report - There is no other information to report[280](index=280&type=chunk) [ITEM 6. EXHIBITS](index=41&type=section&id=ITEM%206.%20EXHIBITS.) This section lists all exhibits filed with the Form 10-Q, including corporate governance documents and certifications - The exhibits include various corporate documents such as Amended and Restated Certificate of Incorporation, Bylaws, Certificates of Designation for Series X and Series A Preferred Stock[281](index=281&type=chunk) - Forms of warrants issued in different offerings (May 2020, July 2020, February 2022, January 2023) are also included[281](index=281&type=chunk)[282](index=282&type=chunk)[284](index=284&type=chunk) - Certifications of Principal Executive Officer and Principal Financial Officer pursuant to the Exchange Act and Sarbanes-Oxley Act are filed herewith[285](index=285&type=chunk) [SIGNATURES](index=43&type=section&id=SIGNATURES) This section contains the signatures of the company's authorized officers, certifying the report - The report is signed by David A. Jenkins, Executive Chairman of the Board and Interim Chief Executive Officer, and Steve K. Passey, Chief Financial Officer, on December 15, 2023[287](index=287&type=chunk)

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q ☒ Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the quarterly period ended March 31, 2023 OR ☐ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Commission File No. 001-38677 Ra Medical Systems, Inc. (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation or 1670 Highway 160 West, Suite 205 Fort Mil ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Fiscal Year Ended December 31, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Transition Period From to Commission file number: 001-38677 Ra Medical Systems, Inc. (Exact name of Registrant as specified in its charter) Delaware 38-3661826 (State or other jurisdiction of incor ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Quarterly Period Ended September 30, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Transition Period From to Commission file number: 001-38677 Ra Medical Systems, Inc. (Exact name of Registrant as specified in its charter) (State or other jurisdiction of incorporation or ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Quarterly Period Ended June 30, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Transition Period From to Commission file number: 001-38677 Ra Medical Systems, Inc. (Exact name of Registrant as specified in its charter) (State or other jurisdiction of incorporation or orga ...