Financial Performance - Net revenues for the first quarter of 2025 decreased by $13 thousand to $46 thousand compared to $59 thousand in the same period of 2024, primarily due to a decrease in battery replacement sales caused by supply chain limitations[5] - The operating loss for the first quarter of 2025 was $5.107 million, compared to an operating loss of $4.884 million in the same period of 2024[21] - The net loss attributable to common stockholders for the first quarter of 2025 was $6.236 million, or $0.29 per share, compared to a net loss of $7.635 million, or $0.41 per share, in the same period of 2024[21] - Net loss for the three months ended March 31, 2025, was $4.998 million, an improvement from a net loss of $6.270 million in the same period of 2024[24] Cash Flow and Liquidity - Cash and cash equivalents as of March 31, 2025, were approximately $5.3 million, down from $5.5 million as of December 31, 2024[9] - Net cash used in operating activities decreased to $3.725 million from $5.589 million year-over-year[24] - Cash provided by financing activities was $3.554 million, down from $6.426 million in the previous year[24] - Cash at the end of the period was $5.312 million, compared to $4.945 million at the end of the same period last year[24] Expenses - Research and development expenses increased by $400 thousand to $2.748 million for the first quarter of 2025, compared to $2.360 million in the same period of 2024, driven by increased headcount and contractor costs[7] - General and administrative expenses decreased by $284 thousand to $1.821 million for the first quarter of 2025, compared to $2.105 million in the same period of 2024, mainly due to reduced legal fees[9] - Depreciation increased to $61,000 from $34,000 year-over-year[24] - Stock-based compensation rose to $160,000 from $123,000 in the prior year[24] Liabilities - Total liabilities increased to $34.609 million as of March 31, 2025, compared to $30.380 million as of December 31, 2024[20] - Accrued and unpaid dividends on Series A Preferred Stock amounted to $25,000, a significant decrease from $1.365 million in the same period last year[24] Clinical Trial Progress - The company secured an additional $10 million in funding to advance its pivotal clinical trial for the fully implanted Acclaim cochlear implant[6] - The company completed enrollment of 10 participants in the first stage of the pivotal clinical trial, with six participants activated and two completing one-month follow-up visits[6] - The company reported no serious adverse events or unanticipated adverse device effects during the clinical trial activations[6] Other Financial Metrics - The company recorded a change in fair value of publicly traded warrant liability of $(194,000), compared to $1.177 million in the previous year[24] - Payments on insurance financing loans were $233,000, slightly down from $257,000 year-over-year[24] - The company issued warrants with term loans (related party) valued at $688,000, with no similar issuance in the previous year[24]
ANZU SPECIAL(ANZU) - 2025 Q1 - Quarterly Results