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Midas Edge

Envoy Medical, Inc.

For the period ended Sep 30, 2026. Filed Nov 5, 2026.

View on SEC.gov

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.

Sep 30, 2026 · Filed Nov 5, 2026

COCH$7.15+0.7%Stored close · as of Nov 6, 2026
See the whole filing, with its images and exhibits
Contents

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

CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands, except share and per share amounts)

September 30,December 31,
20262025
(unaudited)
Current assets:
Cash$14,570$3,739
Accounts receivable, net5134
Other receivable1719
Inventories1,5101,546
Prepaid expenses and other current assets1,114941
Total current assets17,2626,279
Property and equipment, net8541,035
Operating lease right-of-use asset (related party)782886
Prepaid expenses and other assets260358
Total assets$19,158$8,558
Liabilities, mezzanine equity, and stockholders’ deficit
Current liabilities:
Accounts payable$1,583$2,920
Accrued expenses11,6007,639
Forward purchase agreement warrant liability-24
Product warranty liability, current portion252287
Operating lease liability, current portion (related party)185174
Other current liabilities650518
Total current liabilities14,27011,562
Product warranty liability, net of current portion1,4961,605
Operating lease liability, net of current portion (related party)592745
Private warrant liability3,4675,835
Publicly traded warrant liability446551
Other liability2727
Total liabilities20,29820,325
Commitments and contingencies (see Note 14)
Mezzanine equity
Warrants issued to placement agent as part of the 2025 Offerings (see Note 9)391391
Stockholders’ deficit
Series A Preferred Stock, $0.0001 par value; 100,000,000 shares authorized and 10,000,000 shares designated as of September 30, 2026 and December 31, 2025; 4,126,667 shares issued and outstanding as of September 30, 2026 and December 31, 2025--
Class A Common Stock, $0.0001 par value; 400,000,000 shares authorized as of September 30, 2026 and December 31, 2025; 7,744,488 shares issued and outstanding as of September 30, 2026 and 2,893,495 shares issued and outstanding as of December 31, 202583
Additional paid-in capital330,193301,355
Accumulated deficit(331,609)(313,396)
Accumulated other comprehensive loss(123)(120)
Total stockholders’ deficit(1,531)(12,158)
Total liabilities, mezzanine equity, and stockholders’ deficit$19,158$8,558

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS

(In thousands, except share and per share amounts)

Three Months Ended · Nine Months Ended
September 30,September 30,
2026202520262025
Net revenues$66$42$156$166
Costs and operating expenses:
Cost of goods sold244203835663
Research and development3,0772,7009,8517,933
Sales and marketing1574055021,124
General and administrative2,1251,9996,0335,888
Total costs and operating expenses5,6035,30717,22115,608
Operating loss(5,537)(5,265)(17,065)(15,442)
Other income (expense):
Change in fair value of forward purchase agreement warrant liability146424522
Loss on offering and change in fair value of private warrant liability1,201(782)2,368(782)
Change in fair value of publicly traded warrant liability259(33)105129
Interest expense (related party)-(471)-(1,590)
Other income (expense), net1315303(7)
Total other income (expense), net1,605(1,217)2,800(1,728)
Net loss(3,932)(6,482)(14,265)(17,170)
Cumulative preferred dividends(1,308)(1,265)(3,948)(3,755)
Net loss attributable to common stockholders, basic and diluted$(5,240)$(7,747)$(18,213)$(20,925)
Net loss per share attributable to common stockholders, basic and diluted$(0.50)$(3.55)$(1.97)$(9.72)
Weighted-average Class A Common Stock and pre-funded warrants outstanding, basic and diluted10,434,4662,185,1619,256,9282,152,262
Other comprehensive (loss) income:
Foreign currency translation adjustment(1)(1)(3)3
Other comprehensive (loss) income(1)(1)(3)3
Comprehensive loss$(3,933)$(6,483)$(14,268)$(17,167)

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

(In thousands, except share amounts)

Mezzanine Equity · Permanent Equity
Number of · Series A Preferred Stock · Class A Common Stock · Additional Paid-in · Accumulated · Accumulated Other Comprehensive · Total Stockholders' Equity
Warrants · Amount · Shares · Amount · Shares · Amount · Capital · Deficit · Loss · (Deficit)
Balance at December 31, 2025368,694$3914,126,667$-2,893,495$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----4,794,615527,777--27,782
Foreign currency translation adjustment-------(1)(1)
Net loss-------(4,351)-(4,351)
Balance at March 31, 2026368,694$3914,126,667$-7,688,110$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----17,349-104--104
Issuance of Class A Common Stock for services----14,000-97--97
Foreign currency translation adjustment--------(1)(1)
Net loss-------(5,982)-(5,982)
Balance at June 30, 2026368,694$3914,126,667$-7,719,459$8$329,786$(326,369)$(122)$3,303
Dividends on the Series A Preferred Stock-------(1,308)-(1,308)
Stock-based compensation----5,139-307--307
Issuance of Class A Common Stock upon exercise of warrants----20,000-100--100
Reverse Stock Split fractional share adjustment----(110)-----
Foreign currency translation adjustment--------(1)(1)
Net loss-------(3,932)-(3,932)
Balance at September 30, 2026368,694$3914,126,667$-7,744,488$8$330,193$(331,609)$(123)$(1,531)

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

(In thousands, except share amounts)

Mezzanine Equity · Permanent Equity
Number of · Series A Preferred Stock · Class A Common Stock · Additional Paid-in · Accumulated · Accumulated Other Comprehensive · Total Stockholders’ Equity
Warrants · Amount · Shares · Amount · Shares · Amount · Capital · Deficit · Loss · (Deficit)
Balance at December 31, 2024-$-4,126,667$-2,132,661$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--------66
Net loss-------(4,998)-(4,998)
Balance at March 31, 2025-$-4,126,667$-2,132,661$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----13,477-204--204
Issuance of Common Stock under employee stock purchase plan----5,955-77--77
Foreign currency translation adjustment--------(2)(2)
Net loss-------(5,690)-(5,690)
Balance at June 30, 2025-$-4,126,667$-2,152,093$2$268,170$(297,912)$(119)$(29,859)
Dividends on the Series A Preferred Stock-------(1,265)-(1,265)
Stock-based compensation------172--172
Issuance of Common Stock from ATM offering----16,597-210--210
Modification of forward purchase agreement warrant------(62)--(62)
Exercise of forward purchase agreement warrant----10,500-158--158
Issuance of Common Stock from registered direct offering----190,840-----
Issuance of Placement Agent Warrants143,130130--------
Issuance of Common Stock for services----10,967-134--134
Modification of Term Loan Warrants------1,455--1,455
Extinguishment of Term Loans------27,879--27,879
Foreign currency translation adjustment--------(1)(1)
Net loss-------(6,482)-(6,482)
Balance at September 30, 2025143,130$1304,126,667$-2,380,997$2$298,116$(305,659)$(120)$(7,661)
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.