Financial Performance - Net revenues increased by $10 thousand for the three months ended June 30, 2025, compared to the same period in 2024[7] - Net revenues for Q2 2025 were $78 million, an increase from $68 million in Q2 2024, while net revenues for the first half of 2025 were $124 million, down from $127 million in the same period of 2024[25] - The operating loss for Q2 2025 was $(5,070) million, compared to $(4,852) million in Q2 2024, indicating a worsening financial performance[25] - The net loss attributable to common stockholders for Q2 2025 was $(6,942) million, compared to $(5,312) million in Q2 2024, reflecting a decline in profitability[25] Expenses - R&D expenses decreased by $0.1 million to $2.485 million for the three months ended June 30, 2025, compared to the same period in 2024[8] - General and administrative expenses increased by $0.5 million for the three months ended June 30, 2025, primarily due to a $0.3 million severance accrual[9] - Total costs and operating expenses for Q2 2025 were $5,148 million, compared to $4,920 million in Q2 2024, with a significant increase in research and development costs to $2,485 million from $2,591 million[25] - Stock-based compensation increased to $306 million in the first half of 2025 from $265 million in the same period of 2024, indicating a focus on employee incentives[27] Cash Flow and Assets - Cash as of June 30, 2025, was approximately $5.3 million[9] - Cash flows from operating activities resulted in a net cash used of $(8,185) million for the first half of 2025, an improvement from $(10,235) million in the same period of 2024[27] - The company reported cash and cash equivalents of $5,287 million at the end of Q2 2025, compared to $1,746 million at the end of Q2 2024[27] - Total current assets decreased from $8.896 million as of December 31, 2024, to $7.513 million as of June 30, 2025[23] Liabilities - Total liabilities increased from $30.380 million as of December 31, 2024, to $39.759 million as of June 30, 2025[23] Research and Development - All 10 study participants in the Acclaim® trial successfully completed their one-month follow-up visits with zero reported serious adverse events[5] - The company anticipates that study participants will complete their three-month follow-up visits in the coming weeks[5] Intellectual Property and Market Adoption - Five Category III CPT codes for fully implantable active middle ear implants were approved and became effective on July 1, 2025, potentially enhancing market adoption[5] - Two new patents in the US and three in Australia were issued to Envoy Medical, strengthening its intellectual property portfolio[5] Financing Activities - The company raised $10 million from the issuance of term loans payable (related party) during the first half of 2025, compared to $7.5 million in the same period of 2024[27] - The company paid $1,820 million in dividends to stockholders of Series A Preferred Stock during the first half of 2025, reflecting ongoing commitments to preferred shareholders[27] - The company experienced a change in fair value of publicly traded warrant liability, resulting in a loss of $(162) million in the first half of 2025, compared to a gain of $376 million in the same period of 2024[27]
ANZU SPECIAL(ANZU) - 2025 Q2 - Quarterly Results