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Envoy Med Inc Cl A (COCH+1.43%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing details financial statements for the quarter, indicating net revenues of $56,000, a decrease from $80,000 in the same quarter of the previous year. This decrease is attributed to a reduction in battery replacements due to supply chain issues.
Cost of goods sold for the quarter was $187,000, slightly down from $189,000 in the same quarter of the previous year. This decrease is due to reductions in normal operating costs.
Research and development expenses increased to $2,757,000 from $1,850,000, driven by increased headcount and contractors in engineering and clinical departments.
Sales and marketing expenses were $394,000, nearly unchanged from $399,000 in the previous year, while general and administrative expenses rose to $1,692,000 from $1,027,000, primarily due to increased professional fees and personnel-related costs.
The company reported an operating loss of $4,974,000 for the quarter, compared to a loss of $3,385,000 in the same period last year.
Other expenses included a loss of $426,000 from changes in the fair value of publicly traded warrant liability, compared to no such expenses in the previous year.
Net loss for the quarter was $5,960,000, compared to a net income of $1,563,000 in the same quarter of the previous year.
Envoy Med reported cash and cash equivalents of $4,424,000 as of September 30, 2024. The company continues to focus on developing its Acclaim CI product and securing regulatory approval.
The filing also notes that Envoy Med is addressing material weaknesses in its internal control over financial reporting, including hiring additional personnel and improving processes.
Envoy Med acknowledges the ongoing litigation with Atlas Merchant Capital SPAC Fund I LP and states it is defending the matter vigorously.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Envoy Med Inc Cl A quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.