Movano(US:MOVE)2023-11-14 21:01Financial Performance - The company reported a net loss of $9.0 million for the three months ended September 30, 2023, compared to a net loss of $8.6 million for the same period in 2022, representing a 4% increase in loss [138]. - The company incurred a net loss of $23.3 million during the nine months ended September 30, 2023, compared to a net loss of $22.4 million in the same period of 2022 [145][146]. - Cash used in operating activities increased to $20.9 million for the nine months ended September 30, 2023, from $18.6 million in the prior year, reflecting a year-over-year increase of approximately 7% [144][145]. - The company expects to continue incurring significant expenses and increasing operating losses for at least the next several years [141]. - There is substantial doubt about the company's ability to continue as a going concern within one year after the issuance of the financial statements [142]. Research and Development - Research and development expenses for the three months ended September 30, 2023, totaled $5.6 million, a 10% increase from $5.1 million in the same period in 2022 [132]. - Research and development expenses for the nine months ended September 30, 2023, were $13.7 million, a slight decrease of 1% from $13.8 million in the same period in 2022 [133]. - The company is developing a patented System-on-a-Chip (SoC) for non-invasive glucose and cuffless blood pressure monitoring, with clinical trials currently underway [127]. - The Evie Ring is expected to launch as a general wellness device without FDA premarket clearances, with plans to seek FDA clearances for its vital signs monitoring capabilities [126]. - The company plans to advance the engineering design and development of the Evie Ring and other potential products [148]. Expenses and Cash Flow - Sales, general and administrative expenses for the nine months ended September 30, 2023, were $10.0 million, a 16% increase from $8.6 million in the same period in 2022 [135]. - The total operating expenses for the three months ended September 30, 2023, were $9.1 million, a 5% increase from $8.7 million in the same period in 2022 [131]. - Other income for the nine months ended September 30, 2023, was $341,000, a significant increase of 774% from $39,000 in the same period in 2022 [137]. - Cash provided by investing activities was $14.9 million in the nine months ended September 30, 2022, compared to a cash outflow of $51,000 in the same period of 2023 [147]. - The company has approximately $10,000 in non-cancelable contractual commitments as of September 30, 2023, primarily related to vendor arrangements [153]. Financing Activities - The company sold 2,360,036 shares of common stock through an at-the-market issuance program for proceeds of approximately $3.1 million during the nine months ended September 30, 2023 [140]. - The company raised $17.9 million in financing activities during the nine months ended September 30, 2023, primarily from public offerings and an ATM equity offering program [150]. - Future cash needs may be financed through public or private equity offerings, debt financings, or corporate collaborations and licensing arrangements [141]. - The company does not have any off-balance sheet transactions as of September 30, 2023 [152].