electroCore(ECOR) - 2025 Q2 - Quarterly Report

PART I. FINANCIAL INFORMATION](index=3&type=section&id=PART%20I.%20FINANCIAL%20INFORMATION) This section presents the company's unaudited condensed consolidated financial statements, management's discussion and analysis, and disclosures on market risk and controls Cautionary Note Regarding Forward-Looking Statements This section advises readers that the report contains forward-looking statements subject to risks and uncertainties, which could cause actual results to differ materially from projections - Forward-looking statements are subject to risks and uncertainties, and actual results may differ materially[10] - Statements are based on management's beliefs and assumptions, and the company does not undertake to update them[10] Item 1. Financial Statements This section presents the unaudited condensed consolidated financial statements for electroCore, Inc. and its subsidiaries, including balance sheets, statements of operations, comprehensive loss, equity, and cash flows, along with accompanying notes - The financial statements are unaudited and prepared in conformity with U.S. GAAP and SEC regulations for interim reporting[28] Condensed Consolidated Balance Sheets Condensed Consolidated Balance Sheets (in thousands) | (in thousands) | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Assets | | | | Cash and cash equivalents | $3,373 | $3,450 | | Restricted cash | $250 | $250 | | Marketable securities | $3,772 | $8,519 | | Accounts receivable, net | $813 | $1,367 | | Inventories | $1,427 | $1,676 | | Prepaid expenses and other current assets | $922 | $1,038 | | Total current assets | $10,557 | $16,300 | | Property and equipment, net | $197 | $158 | | Operating lease right of use assets, net | $3,663 | $3,739 | | Other assets, net | $142 | $274 | | Total assets | $14,559 | $20,471 | | Liabilities and Stockholders' Equity | | | | Accounts payable | $2,567 | $1,827 | | Accrued expenses and other current liabilities | $6,646 | $6,964 | | Current portion of operating lease liabilities | $405 | $361 | | Total current liabilities | $9,618 | $9,152 | | Noncurrent operating lease liabilities | $3,828 | $3,775 | | Total liabilities | $13,446 | $12,927 | | Common Stock, par value $0.001 per share | $7 | $7 | | Additional paid-in capital | $185,741 | $184,513 | | Accumulated deficit | $(184,616) | $(177,090) | | Accumulated other comprehensive income | $(19) | $114 | | Total stockholders' equity | $1,113 | $7,544 | | Total liabilities and stockholders' equity | $14,559 | $20,471 | Condensed Consolidated Statements of Operations Condensed Consolidated Statements of Operations (in thousands, except per share data) | (in thousands, except per share data) | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--- | :--- | :--- | :--- | :--- | | Net sales | $7,381 | $6,139 | $14,100 | $11,582 | | Cost of goods sold | $939 | $838 | $1,952 | $1,726 | | Gross profit | $6,442 | $5,301 | $12,148 | $9,856 | | Operating expenses: | | | | | | Research and development | $511 | $635 | $1,153 | $1,034 | | Selling, general and administrative | $9,437 | $7,257 | $18,323 | $15,262 | | Total operating expenses | $9,948 | $7,892 | $19,476 | $16,296 | | Loss from operations | $(3,506) | $(2,591) | $(7,328) | $(6,440) | | Total other expense (income) | $165 | $64 | $246 | $(157) | | Loss before income taxes | $(3,671) | $(2,655) | $(7,574) | $(6,283) | | Benefit from income taxes | $- | $- | $48 | $122 | | Net loss | $(3,671) | $(2,655) | $(7,526) | $(6,161) | | Net loss per share – Basic and Diluted | $(0.44) | $(0.38) | $(0.91) | $(0.90) | | Weighted average common shares outstanding – Basic and Diluted | 8,316 | 7,046 | 8,302 | 6,831 | Condensed Consolidated Statements of Comprehensive Loss Condensed Consolidated Statements of Comprehensive Loss (in thousands) | (in thousands) | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--- | :--- | :--- | :--- | :--- | | Net loss | $(3,671) | $(2,655) | $(7,526) | $(6,161) | | Other comprehensive (loss) income: | | | | | | Foreign currency translation adjustment | $(89) | $33 | $(133) | $109 | | Other comprehensive (loss) income | $(89) | $33 | $(133) | $109 | | Comprehensive loss | $(3,760) | $(2,622) | $(7,659) | $(6,052) | Condensed Consolidated Statements of Equity Condensed Consolidated Statements of Equity (in thousands) | (in thousands) | Common Stock Shares | Common Stock Amount | Additional Paid-in Capital | Accumulated Deficit | Accumulated Other Comprehensive Income (Loss) | Total Stockholders' Equity | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Balances as of January 1, 2025 | 6,651 | $7 | $184,513 | $(177,090) | $114 | $7,544 | | Net loss | — | — | — | $(3,855) | — | $(3,855) | | Other comprehensive income | — | — | — | — | $(44) | $(44) | | Sale of common stock | 14 | — | 217 | — | — | 217 | | Financing fees | — | — | (38) | — | — | (38) | | Proceeds from the exercise of warrants | 725 | — | 1 | — | — | 1 | | Issuance of stock related to employee compensation, net | 30 | — | — | — | — | — | | Share based compensation | — | — | 540 | — | — | 540 | | Balances as of March 31, 2025 | 7,420 | $7 | $185,233 | $(180,945) | $70 | $4,365 | | Net loss | — | — | — | $(3,671) | — | $(3,671) | | Other comprehensive income | — | — | — | — | $(89) | $(89) | | Options exercised | 10 | — | 45 | — | — | 45 | | Financing fees | — | — | (42) | — | — | (42) | | Issuance of stock related to employee compensation, net | 36 | — | — | — | — | — | | Share based compensation | — | — | 505 | — | — | 505 | | Balances as of June 30, 2025 | 7,466 | $7 | $185,741 | $(184,616) | $(19) | $1,113 | | Balances as of January 1, 2024 | 6,003 | $6 | $172,704 | $(165,204) | $(64) | $7,442 | | Net loss | — | — | — | $(3,506) | — | $(3,506) | | Other comprehensive income | — | — | — | — | 76 | 76 | | Issuance of stock related to employee compensation plan, net of forfeitures | 3 | — | — | — | — | — | | Share based compensation | — | — | 484 |