Envoy Medical, Inc.

For the period ended Jun 30, 2025. Filed Jul 31, 2025.

About this filing

A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.

Jun 30, 2025 · Filed Jul 31, 2025

COCH$7.15+0.7%Stored close · as of Nov 6, 2026

Extracted filing text, with the paragraph anchors used by the comparison.

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Contents

Financial Statements

ITEM 1. FINANCIAL STATEMENTS

	June 30, 2025	December 31, 2024
Assets
Current assets:
Cash	$5,287	$5,483
Accounts receivable, net	43	38
Other receivable	20	780
Inventories	1,587	1,708
Prepaid expenses and other assets, current	576	887
Total current assets	7,513	8,896
Property and equipment, net	1,136	1,275
Operating lease right-of-use asset (related party)	828	879
Prepaid expenses and other assets	423	488
Total assets	$9,900	$11,538
Liabilities and stockholders’ deficit
Current liabilities:
Accounts payable	$1,619	$1,652
Accrued expenses	4,696	3,713
Accrued interest (related party)	1,034	703
Other current liabilities	179	573
Forward purchase agreement warrant liability	14	472
Product warranty liability, current portion	260	282
Operating lease liability, current portion (related party)	198	143
Total current liabilities	8,000	7,538
Term loans payable (related party)	27,932	18,716
Product warranty liability, net of current portion	1,733	1,771
Operating lease liability, net of current portion (related party)	703	802
Publicly traded warrant liability	500	662
Other liability	891	891
Total liabilities	39,759	30,380
Commitments and contingencies (see Note 13)
Stockholders’ deficit
Series A Preferred Stock, $0.0001 par value; 100,000,000 shares authorized and 10,000,000 shares designated as of June 30, 2025 and December 31, 2024; 4,126,667 shares issued and outstanding as of June 30, 2025 and December 31, 2024	—	—
Class A Common Stock, $0.0001 par value; 400,000,000 shares authorized as of June 30, 2025 and December 31, 2024; 21,520,932 and 21,326,609 shares issued and outstanding as of June 30, 2025 and December 31, 2024, respectively	2	2
Additional paid-in capital	268,170	266,013
Accumulated deficit	(297,912)	(284,734)
Accumulated other comprehensive loss	(119)	(123)
Total stockholders’ deficit	(29,859)	(18,842)
Total liabilities and stockholders’ deficit	$9,900	$11,538

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS

(In thousands, except share and per share amounts)

	Three Months Ended June 30,		Six Months Ended June 30,
	2025	2024	2025	2024
Net revenues	$78	$68	$124	$127
Costs and operating expenses:
Cost of goods sold	234	245	460	398
Research and development	2,485	2,591	5,233	4,951
Sales and marketing	361	497	719	822
General and administrative	2,068	1,587	3,889	3,691
Total costs and operating expenses	5,148	4,920	10,301	9,862
Operating loss	(5,070)	(4,852)	(10,177)	(9,735)
Other income (expense):
Change in fair value of forward purchase agreement put option liability	—	—	—	103
Change in fair value of forward purchase agreement warrant liability	37	244	458	(18)
Change in fair value of publicly traded warrant liability	(32)	801	162	(376)
Interest expense, related party	(624)	(132)	(1,119)	(168)
Other expense, net	(1)	(8)	(12)	(23)
Total other income (expense), net	(620)	905	(511)	(482)
Net loss	(5,690)	(3,947)	(10,688)	(10,217)
Cumulative preferred dividends	(1,252)	(1,365)	(2,490)	(2,730)
Net loss attributable to common stockholders, basic and diluted	$(6,942)	$(5,312)	$(13,178)	$(12,947)
Net loss per share attributable to common stockholders, basic and diluted	$(0.32)	$(0.29)	$(0.62)	$(0.70)
Weighted-average Class A Common Stock outstanding, basic and diluted	21,383,852	18,599,982	21,355,388	18,599,982
Other comprehensive income (loss):
Foreign currency translation adjustment	(2)	(1)	4	(2)
Other comprehensive income (loss)	(2)	(1)	4	(2)
Comprehensive loss	$(5,692)	$(3,948)	$(10,684)	$(10,219)

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ DEFICIT

(In thousands, except share amounts)

Series A Preferred Stock · Class A Common Stock · Additional Paid-in · Accumulated · Accumulated Other Comprehensive · Total Stockholders’
	Shares	Amount	Shares	Amount	Capital	Deficit	Loss	Deficit
Balance at December 31, 2024	4,126,667	$—	21,326,609	$2	$266,013	$(284,734)	$(123)	$(18,842)
Dividends on the Series A Preferred Stock	—	—	—	—	—	(1,238)	—	(1,238)
Stock-based compensation	—	—	—	—	160	—	—	160
Issuance of warrants associated with Term Loans	—	—	—	—	688	—	—	688
Foreign currency translation adjustment	—	—	—	—	—	—	6	6
Net loss	—	—	—	—	—	(4,998)	—	(4,998)
Balance at March 31, 2025	4,126,667	$—	21,326,609	$2	$266,861	$(290,970)	$(117)	(24,224)
Dividends on the Series A Preferred Stock	—	—	—	—	—	(1,252)	—	(1,252)
Stock-based compensation	—	—	—	—	146	—	—	146
Issuance of warrants associated with Term Loans	—	—	—	—	882	—	—	882
Proceeds from sale of Common Stock from at-the-market (“ATM”) offering	—	—	134,771	—	204	—	—	204
Issuance of Common Stock under employee stock purchase plan	—	—	59,552	—	77	—	—	77
Foreign currency translation adjustment	—	—	—	—	—	—	(2)	(2)
Net loss	—	—	—	—	—	(5,690)	—	(5,690)
Balance at June 30, 2025	4,126,667	$—	21,520,932	$2	$268,170	$(297,912)	$(119)	$(29,859)
Series A Preferred Stock · Class A Common Stock · Additional Paid-in · Accumulated · Accumulated Other Comprehensive · Total Stockholders’
	Shares	Amount	Shares	Amount	Capital	Deficit	Loss	Deficit
Balance at December 31, 2023	4,500,000	$—	18,599,982	$2	$255,596	$(257,256)	$(118)	$(1,776)
Dividends on the Series A Preferred Stock	—	—	—	—	—	(1,365)	—	(1,365)
Sale of Common Stock through forward purchase agreement	—	—	—	—	1,683	—	—	1,683
Stock-based compensation	—	—	—	—	123	—	—	123
Issuance of warrants associated with Term Loans	—	—	—	—	179	—	—	179
Foreign currency translation adjustment	—	—	—	—	—	—	(1)	(1)
Net loss	—	—	—	—	—	(6,270)	—	(6,270)
Balance at March 31, 2024	4,500,000	$—	18,599,982	$2	$257,581	$(264,891)	$(119)	(7,427)
Dividends on the Series A Preferred Stock	—	—	—	—	—	(1,365)	—	(1,365)
Stock-based compensation	—	—	—	—	142	—	—	142
Issuance of warrants associated with Term Loans	—	—	—	—	197	—	—	197
Foreign currency translation adjustment	—	—	—	—	—	—	(1)	(1)
Net loss	—	—	—	—	—	(3,947)	—	(3,947)
Balance at June 30, 2024	4,500,000	$—	18,599,982	$2	$257,920	$(270,203)	$(120)	$(12,401)

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