Envoy Medical, Inc.

For the period ended Jun 30, 2026. Filed Aug 10, 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.

Jun 30, 2026 · Filed Aug 10, 2026

COCH$7.10-0.7%Stored close · as of Nov 9, 2026

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Contents

Item 1. Condensed Consolidated Balance Sheets as of June 30, 2026 (Unaudited) and December 31, 2025

CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands, except share and per share amounts)

	June 30,	December 31,
	2026	2025
(unaudited)
Current assets:
Cash	$19,679	$3,739
Accounts receivable, net	49	34
Other receivable	17	19
Inventories	1,579	1,546
Prepaid expenses and other current assets	593	941
Total current assets	21,917	6,279
Property and equipment, net	921	1,035
Operating lease right-of-use asset (related party)	818	886
Prepaid expenses and other assets	293	358
Total assets	$23,949	$8,558
Liabilities, mezzanine equity, and stockholders’ equity (deficit)
Current liabilities:
Accounts payable	$2,035	$2,920
Accrued expenses	10,032	7,639
Forward purchase agreement warrant liability	14	24
Product warranty liability, current portion	255	287
Operating lease liability, current portion (related party)	132	174
Other current liabilities	166	518
Total current liabilities	12,634	11,562
Product warranty liability, net of current portion	1,543	1,605
Operating lease liability, net of current portion (related party)	678	745
Private warrant liability	4,668	5,835
Publicly traded warrant liability	705	551
Other liability	27	27
Total liabilities	20,255	20,325
Commitments and contingencies (see Note 14)
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 June 30, 2026 and December 31, 2025; 4,126,667 shares issued and outstanding as of June 30, 2026 and December 31, 2025	-	-
Class A Common Stock, $0.0001 par value; 400,000,000 shares authorized as of June 30, 2026 and December 31, 2025; 77,194,595 shares issued and outstanding as of June 30, 2026 and 28,934,960 shares issued and outstanding as of December 31, 2025	8	3
Additional paid-in capital	329,786	301,355
Accumulated deficit	(326,369)	(313,396)
Accumulated other comprehensive loss	(122)	(120)
Total stockholders’ equity (deficit)	3,303	(12,158)
Total liabilities, mezzanine equity, and stockholders’ equity (deficit)	$23,949	$8,558

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,
	2026	2025	2026	2025
Net revenues	$51	$78	$90	$124
Costs and operating expenses:
Cost of goods sold	278	234	591	460
Research and development	3,132	2,485	6,774	5,233
Sales and marketing	181	361	345	719
General and administrative	2,029	2,068	3,908	3,889
Total costs and operating expenses	5,620	5,148	11,618	10,301
Operating loss	(5,569)	(5,070)	(11,528)	(10,177)
Other income (expense):
Change in fair value of forward purchase agreement warrant liability	23	37	10	458
Loss on offering and change in fair value of private warrant liability	(838)	-	1,167	-
Change in fair value of publicly traded warrant liability	236	(32)	(154)	162
Interest expense (related party)	-	(624)	-	(1,119)
Other income (expense), net	166	(1)	172	(12)
Total other income (expense), net	(413)	(620)	1,195	(511)
Net loss	(5,982)	(5,690)	(10,333)	(10,688)
Cumulative preferred dividends	(1,290)	(1,252)	(2,640)	(2,490)
Net loss attributable to common stockholders, basic and diluted	$(7,272)	$(6,942)	$(12,973)	$(13,178)
Net loss per share attributable to common stockholders, basic and diluted	$(0.07)	$(0.32)	$(0.15)	$(0.62)
Weighted-average Class A Common Stock and pre-funded warrants outstanding, basic and diluted	104,039,109	21,383,852	86,584,007	21,355,388
Other comprehensive (loss) income:
Foreign currency translation adjustment	(1)	(2)	(2)	4
Other comprehensive (loss) income	(1)	(2)	(2)	4
Comprehensive loss	$(5,983)	$(5,692)	$(10,335)	$(10,684)

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
Dividends on the Series A Preferred Stock	-	-	-		-	-	-	-	(1,290)	-	(1,290)
Stock-based compensation	-	-	-		-	-	-	214	-	-	214
Issuance of Common Stock under employee stock purchase plan	-	-	-		-	173,485	-	104	-	-	104
Issuance of Class A Common Stock for services	-	-	-		-	140,000	-	97	-	-	97
Foreign currency translation adjustment	-	-	-		-	-	-	-	-	(1)	(1)
Net loss	-	-	-		-	-	-	-	(5,982)	-	(5,982)
Balance at June 30, 2026	368,694	$391	4,126,667	$	-	77,194,595	$8	$329,786	$(326,369)	$(122)	$3,303

	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)
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
Issuance 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)

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