Movano(MOVE) - 2024 Q2 - Quarterly Report

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].