Financial Performance - Net revenues for the year ended December 31, 2024, decreased by $91 thousand to $225 thousand compared to $316 thousand in 2023, primarily due to a reduction in battery replacement sales caused by supply chain limitations [4]. - The company reported a net loss of $20.8 million for the year ended December 31, 2024, compared to a net loss of $29.9 million in 2023, with a net loss per share attributable to common stockholders of $1.49 [17]. - Net loss for the year ended December 31, 2024, was $20,795,000, a decrease from a net loss of $29,922,000 in 2023, representing a 30% improvement [19]. Cash and Liquidity - As of December 31, 2024, cash and cash equivalents were approximately $5.5 million, an increase from $4.2 million in 2023 [7]. - The company ended the year with cash of $5,483,000, up from $4,218,000 at the beginning of the year, reflecting a net increase of $1,265,000 [19]. - Cash provided by financing activities totaled $20,198,000 in 2024, compared to $21,282,000 in 2023, showing a decrease of approximately 5% [19]. - Net cash used in operating activities increased to $17,949,000 in 2024 from $17,091,000 in 2023, indicating a slight rise in cash outflow [19]. Expenses - Research and development expenses increased by $1.2 million to $10.2 million for the year ended December 31, 2024, primarily due to increased headcount in preparation for the pivotal clinical study for the Acclaim cochlear implant [5]. - General and administrative expenses decreased by $438 thousand to $6.8 million for the year ended December 31, 2024, primarily due to reduced professional service costs compared to 2023 [7]. - Depreciation expenses rose to $173,000 in 2024 from $133,000 in 2023, indicating a 30% increase [19]. - Stock-based compensation decreased significantly to $562,000 in 2024 from $1,575,000 in 2023, a reduction of about 64% [19]. Clinical Trials and Product Development - The company has enrolled six out of ten planned participants in the first stage of the pivotal clinical trial for the Acclaim cochlear implant, with two participants activated [3]. - The company has selected seven top-tier cochlear implant programs as investigational sites for the pivotal clinical trial of the Acclaim cochlear implant [3]. - The American Medical Association approved new CPT codes for totally implantable active middle ear hearing implants, which could enhance reimbursement opportunities for the Esteem device [3]. - The company continues to advocate for the Hearing Device Coverage Classification Act, which aims to clarify that implanted active middle ear implants are prosthetics eligible for Medicare coverage [3]. Assets and Liabilities - Total assets increased to $11.5 million as of December 31, 2024, compared to $8.3 million in 2023 [15]. - The company recorded a change in fair value of convertible notes payable of $13,332,000 in 2023, which was not present in 2024 [19]. - Proceeds from the issuance of term loans (related party) amounted to $20,000,000 in 2024, with no such proceeds reported in 2023 [19]. - The company incurred cash paid for interest of $41,000 in 2024, up from $26,000 in 2023, representing a 58% increase [19]. Non-Cash Activities - Non-cash investing activities included property and equipment purchased on account totaling $117,000 in 2024, with no such purchases reported in 2023 [20].
ANZU SPECIAL(ANZU) - 2024 Q4 - Annual Results