Movano(US:MOVE)2025-11-14 21:20Revenue Performance - Revenue for the three months ended September 30, 2025, was $80,000, a 60% increase from $50,000 in the same period of 2024[162] - Revenue for the nine months ended September 30, 2025, totaled $0.4 million, a decrease of 57% from $0.9 million in the same period of 2024[163] Net Loss and Improvement - Net loss for the three months ended September 30, 2025, was $4.0 million, a 44% improvement compared to a net loss of $7.2 million in the same period of 2024[161] - Net loss for the nine months ended September 30, 2025, was $12.4 million, a 35% improvement from a net loss of $19.1 million in the same period of 2024[161] Operating Expenses - Total operating expenses for the three months ended September 30, 2025, were $2.7 million, a 64% decrease from $7.4 million in the same period of 2024[161] - Total operating expenses for the nine months ended September 30, 2025, were $11.5 million, a 44% decrease from $20.4 million in the same period of 2024[161] Product Launch and Development - The Evie Ring was launched in November 2023, generating all revenues from sales in the United States[148] - The FDA 510(k) clearance for the pulse oximetry feature in the EvieMED Ring was received in November 2024, enabling its use as a medical device[150] - The company is developing a patented System-on-a-Chip (SoC) for non-invasive glucose and cuffless blood pressure monitoring[151] Cost of Revenue and Expenses - Cost of revenue decreased by $1.1 million to $1.3 million for the nine months ended September 30, 2025, compared to $2.4 million for the same period in 2024[165] - Research and development expenses totaled $5.0 million for the nine months ended September 30, 2025, down from $9.2 million in 2024, a decrease of $4.2 million[167] - Sales, general and administrative expenses were $5.2 million for the nine months ended September 30, 2025, compared to $8.8 million in 2024, reflecting a decrease of $3.6 million[169] Cash Flow and Financing - Cash and cash equivalents totaled $2.0 million as of September 30, 2025, with $9.0 million used in operating activities during the same period[174] - The company incurred a net other expense of $1.3 million for the nine months ended September 30, 2025, compared to a net other income of $0.4 million in 2024[172] - The company expects to continue incurring significant expenses related to the planned merger with Corvex, impacting future cash needs[175] - The company has entered into a Bridge Loan agreement for $1.5 million, with an extension of the maturity date to March 31, 2026[176] - The company used no cash in investing activities during the nine months ended September 30, 2025, compared to $3,000 in 2024[185]