Envoy Medical, Inc.

For the period ended Mar 31, 2026. Filed May 11, 2026.

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.

Mar 31, 2026 · Filed May 11, 2026

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

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Contents

Item 1. Condensed Consolidated Balance Sheets as of March 31, 2026 (Unaudited) and December 31, 2025

CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands, except share and per share amounts)

	March 31,	December 31,
	2026	2025
(unaudited)
Current assets:
Cash	$25,251	$3,739
Accounts receivable, net	31	34
Other receivable	17	19
Inventories	1,490	1,546
Prepaid expenses and other current assets	893	941
Total current assets	27,682	6,279
Property and equipment, net	962	1,035
Operating lease right-of-use asset (related party)	853	886
Prepaid expenses and other assets	325	358
Total assets	$29,822	$8,558
Liabilities, mezzanine equity, and stockholders’ equity (deficit)
Current liabilities:
Accounts payable	$1,700	$2,920
Accrued expenses	9,653	7,639
Forward purchase agreement warrant liability	37	24
Product warranty liability, current portion	264	287
Operating lease liability, current portion (related party)	178	174
Other current liabilities	379	518
Total current liabilities	12,211	11,562
Product warranty liability, net of current portion	1,550	1,605
Operating lease liability, net of current portion (related party)	711	745
Private warrant liability	3,830	5,835
Publicly traded warrant liability	941	551
Other liability	27	27
Total liabilities	19,270	20,325
Commitments and contingencies (see Note 13)
Mezzanine equity
Warrants issued to placement agent as part of the 2025 Offerings (see Note 9)	391	391
Stockholders’ equity (deficit)
Series A Preferred Stock, $0.0001 par value; 100,000,000 shares authorized and 10,000,000 shares designated as of March 31, 2026 and December 31, 2025; 4,126,667 shares issued and outstanding as of March 31, 2026 and December 31, 2025	-	-
Class A Common Stock, $0.0001 par value; 400,000,000 shares authorized as of March 31, 2026 and December 31, 2025; 76,881,110 shares issued and outstanding as of March 31, 2026 and 28,934,960 shares issued and outstanding as of December 31, 2025	8	3
Additional paid-in capital	329,371	301,355
Accumulated deficit	(319,097)	(313,396)
Accumulated other comprehensive loss	(121)	(120)
Total stockholders’ equity (deficit)	10,161	(12,158)
Total liabilities, mezzanine equity, and stockholders’ equity (deficit)	$29,822	$8,558

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS

(In thousands, except share and per share amounts)

	Three Months Ended
	March 31,
	2026	2025
Net revenues	$39	$46
Costs and operating expenses:
Cost of goods sold	313	226
Research and development	3,642	2,748
Sales and marketing	164	358
General and administrative	1,879	1,821
Total costs and operating expenses	5,998	5,153
Operating loss	(5,959)	(5,107)
Other income (expense):
Change in fair value of forward purchase agreement warrant liability	(13)	421
Loss on offering and change in fair value of private warrant liability	2,005	-
Change in fair value of publicly traded warrant liability	(390)	194
Interest expense (related party)	-	(495)
Other income (expense), net	6	(11)
Total other income (expense), net	1,608	109
Net loss	(4,351)	(4,998)
Cumulative preferred dividends	(1,350)	(1,238)
Net loss attributable to common stockholders, basic and diluted	$(5,701)	$(6,236)
Net loss per share attributable to common stockholders, basic and diluted	$(0.08)	$(0.29)
Weighted-average Class A Common Stock and pre-funded warrants outstanding, basic and diluted	68,934,960	21,326,609
Other comprehensive (loss) income:
Foreign currency translation adjustment	(1)	6
Other comprehensive (loss) income	(1)	6
Comprehensive loss	$(4,352)	$(4,992)

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN MEZZANINE EQUITY AND STOCKHOLDERS’ EQUITY (DEFICIT)

(In thousands, except share amounts)

Mezzanine Equity · Permanent Equity
Accumulated · Total
Series A · Class A · Additional · Other · Stockholders'
Number of · Preferred Stock · Common Stock · Paid-in · Accumulated · Comprehensive · Equity
Warrants · Amount · Shares · Amount · Shares · Amount · Capital · Deficit · Loss · (Deficit)
Balance at December 31, 2025	368,694	$391	4,126,667	$	-	28,934,960	$3	$301,355	$(313,396)	$(120)	$(12,158)
Dividends on the Series A Preferred Stock	-	-	-		-	-	-	-	(1,350)	-	(1,350)
Stock-based compensation	-	-	-		-	-	-	239	-	-	239
Net proceeds from issuance of Class A Common Stock, Issued Pre-Funded Warrants, and Series A Warrants in February 2026 Offering	-	-	-		-	47,946,150	5	27,777	-	-	27,782
Foreign currency translation adjustment	-	-	-		-	-	-	-		(1)	(1)
Net loss	-	-	-		-	-	-	-	(4,351)		(4,351)
Balance at March 31, 2026	368,694	$391	4,126,667	$	-	76,881,110	$8	$329,371	$(319,097)	$(121)	$10,161

	Permanent Equity
Accumulated · Total
Series A · Class A · Additional · Other · Stockholders'
Preferred Stock · Common Stock · Paid-in · Accumulated · Comprehensive · Equity
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 the 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)

ContentsView on SEC.gov

The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.