Movano(MOVE) - 2024 Q3 - Quarterly Report

Revenue Performance - Revenue for the three months ended September 30, 2024, was $50,000, compared to$ 0 for the same period in 2023, marking a significant increase due to the transfer of control of the Evie Ring Elements[139]. - Revenue for the nine months ended September 30, 2024, totaled $0.9 million, an increase from$ 0 in the same period in 2023, attributed to the recognition of revenue from the Evie Ring Elements[140]. Cost and Expenses - Cost of revenue for the three months ended September 30, 2024, was $0.8 million, with direct costs related to the Evie Ring Elements contributing to this increase[141]. - Cost of revenue increased to$ 2.4 million for the nine months ended September 30, 2024, compared to $0 for the same period in 2023[142]. - Total operating expenses for the three months ended September 30, 2024, were$ 7.4 million, down 18% from $9.1 million in the same period in 2023[138]. - Research and development expenses decreased by 40% to$ 3.4 million for the three months ended September 30, 2024, compared to $5.6 million in the same period in 2023[138]. - Research and development expenses decreased to$ 9.2 million for the nine months ended September 30, 2024, down from $13.7 million in 2023, a reduction of 32.1%[143]. - Sales, general and administrative expenses totaled$ 8.8 million for the nine months ended September 30, 2024, a decrease of 12% from $10.0 million in 2023[145]. Net Loss and Financial Position - The company incurred net losses of$ 19.1 million and $23.3 million for the nine months ended September 30, 2024, and 2023, respectively, indicating a reduction in losses of approximately 18%[129]. - Loss from operations was$ 19.5 million for the nine months ended September 30, 2024, compared to $23.7 million for the same period in 2023, reflecting a 17.8% improvement[146]. - Net loss for the nine months ended September 30, 2024, was$ 19.1 million, down from $23.3 million in 2023, indicating an 18% reduction[148]. - Cash and cash equivalents totaled$ 11.3 million as of September 30, 2024, with $18.0 million used in operating activities during the same period[149]. Funding and Future Outlook - The company raised approximately$ 24.1 million from a private placement transaction that closed on April 5, 2024[152]. - The company expects to continue incurring significant expenses and increasing operating losses for at least the next several years[152]. Product Development - The Evie Ring, launched in November 2023, is designed to provide women with comprehensive health metrics, including heart rate and menstrual tracking[124]. - The company is developing a System-on-a-Chip (SoC) for non-invasive glucose monitoring and cuffless blood pressure monitoring, with clinical trials currently underway[126]. Stock and Transactions - The company completed a 1-for-15 reverse stock split on October 29, 2024, which did not change the par value of the common stock or the authorized number of shares[130]. - The company had no off-balance sheet transactions or non-cancelable obligations as of September 30, 2024[163][164]. Investment Activities - The company used $3,000 in investing activities during the nine months ended September 30, 2024, compared to$ 51,000 in 2023[160].