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Movano Inc. (MOVE+2.79%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing revenue of $50,000, up from $0 in the same quarter the previous year. This revenue was generated from the sale of the Evie Ring Elements.
Cost of revenue for the quarter was $845,000, resulting in a loss from operations of $7,379,000, compared to a loss of $9,079,000 in the same quarter of the previous year.
Research and development expenses decreased to $3,404,000 from $5,636,000, while sales, general, and administrative expenses decreased to $3,180,000 from $3,443,000.
Net loss for the quarter was $7,201,000, compared to $8,962,000 in the previous year. The decrease in net loss is attributed to lower operating expenses.
Cash and cash equivalents at the end of the period were $11,272,000, up from $6,118,000 at the end of the previous year.
The company completed a private placement in April 2024, raising approximately $24.1 million before deducting offering fees and expenses.
Movano continues to focus on the development and commercialization of its Evie Ring and other healthcare solutions, with ongoing efforts to obtain FDA clearances for its medical device, EvieMED.
The company acknowledges its dependence on additional financing to support future operations and development activities.
Movano identified a material weakness in its internal controls over financial reporting, specifically related to the design and operation of financial close and reporting controls.
The filing also details the company's efforts to address the Nasdaq (NDAQ-1.24%) minimum bid price requirement through a 1-for-15 reverse stock split completed on October 29, 2024.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Movano Inc. quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.