Envoy Medical(US:COCH)2025-11-10 13:30Financial Performance - Third quarter net revenue was $42,000 for the three months ended September 30, 2025 [10]. - Net revenues for the three months ended September 30, 2025, were $42,000, a decrease of 25% compared to $56,000 for the same period in 2024 [20]. - The operating loss for the three months ended September 30, 2025, was $(5,708,000), compared to $(4,972,000) for the same period in 2024, reflecting a 14.7% increase in losses [20]. - Net loss attributable to common stockholders for the nine months ended September 30, 2025, was $(20,925,000), compared to $(20,287,000) in 2024, indicating a 3.2% increase in losses [20]. - Cash flows from operating activities resulted in a net cash used of $(12,516,000) for the nine months ended September 30, 2025, slightly improved from $(12,858,000) in 2024 [21]. - The company reported cash and cash equivalents of $3,556,000 at the end of the period, down from $4,424,000 at the end of September 2024 [21]. - The net loss per share attributable to common stockholders for the nine months ended September 30, 2025, was $(0.97), an improvement from $(1.09) in 2024 [20]. Expenses - R&D expenses decreased by $57,000 to $2.7 million compared to the same period in 2024, as the company transitioned from development to clinical trial phase [10]. - General and administrative expenses increased by $752,000 primarily due to public company costs and expenses related to a September 2025 offering [10]. - Total costs and operating expenses for the nine months ended September 30, 2025, increased to $16,051,000, up 7.8% from $14,890,000 in 2024 [20]. - Research and development expenses for the nine months ended September 30, 2025, were $7,933,000, an increase of 2.9% from $7,708,000 in 2024 [20]. - The company issued $10,000,000 in Term Loans (related party) during the nine months ended September 30, 2025, compared to $15,000,000 in 2024 [21]. Debt and Liabilities - Envoy Medical extinguished over $32 million in debt, significantly improving its balance sheet and stockholder's equity [4]. - Total liabilities decreased from $30.38 million in December 2024 to $15.71 million as of September 30, 2025 [19]. Clinical and Regulatory Developments - The company received FDA approval to expand its pivotal clinical trial to the final stage based on promising three-month data [5]. - The first three patients were enrolled in the final stage of the pivotal clinical trial for the fully implanted Acclaim cochlear implant [5]. - The company marked the three-year anniversary of the first successful implantation of its fully implanted cochlear implant [5]. - Envoy Medical secured four new global patents and expanded its patent portfolio with additional patents in the U.S., Europe, and Australia [5].