Envoy Medical(COCH) - 2025 Q4 - Annual Results

Revenue and Growth - Net revenue for the year ended December 31, 2025, was $241,000, an increase of $16,000 compared to $225,000 for the year ended December 31, 2024[8] - Net revenues for the year ended December 31, 2025, increased to $241,000 from $225,000 in 2024, representing a growth of 7.1%[24] Expenses - Cost of goods sold increased by $132, primarily due to an increase in scrap and non-recurring expenses of $190, partially offset by lower third-party fees of $77[9] - R&D expenses rose by $2,307, reflecting additional clinical trial expenses during enrollment for the Acclaim pivotal clinical trial[10] - Sales and marketing expenses decreased by $514 to $1,220, primarily due to reduced legal fees associated with reimbursement work[11] - General and administrative expenses increased by $1,105 to $7,931, mainly due to severance costs and increased consulting expenses[12] - Total costs and operating expenses rose to $22,511,000 in 2025, up from $19,481,000 in 2024, marking an increase of 15.5%[24] - Research and development expenses increased to $12,486,000 in 2025 from $10,179,000 in 2024, representing a growth of 22.7%[24] Losses - The operating loss widened to $22,270,000 in 2025 compared to $19,256,000 in 2024, reflecting a 15.7% increase in losses[24] - Net loss attributable to common stockholders was $28,662,000 in 2025, compared to $27,973,000 in 2024, indicating a 2.5% increase in losses[24] - Net loss per share attributable to common stockholders decreased to $1.23 in 2025 from $1.49 in 2024, a reduction of 17.4%[24] Cash Flow - As of December 31, 2025, cash was approximately $3.7 million, down from $5.5 million in 2024[23] - Cash used in operating activities was $18,201,000 for the year ended December 31, 2025, compared to $17,949,000 in 2024, an increase of 1.4%[25] - Cash provided by financing activities was $16,633,000 in 2025, down from $20,198,000 in 2024, a decrease of 17.6%[25] - The company ended the year with cash of $3,739,000, a decrease from $5,483,000 at the end of 2024, reflecting a decline of 31.7%[25] Debt and Financing - The company extinguished over $32 million in debt, significantly strengthening its balance sheet[5] - The company closed a transformational capital raise, including $30 million received and $48 million potential from warrants[7] Clinical Trials and Intellectual Property - Completed enrollment of a 56-patient U.S. pivotal trial for the fully implanted Acclaim® Cochlear Implant[7] - Expanded intellectual property portfolio to 47 patents across North America, Europe, Asia, and Australia as of February 20, 2026[7] Fair Value Changes - The company reported a change in fair value of forward purchase agreement warrant liability of $534,000 in 2025, compared to $411,000 in 2024, an increase of 30%[24]