EBR Systems, Inc.
For the period ended Dec 31, 2024. Filed Mar 24, 2025.
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FY2024 · Filed Mar 24, 2025
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Item 8. Consolidated Statements of Cash Flows
Consolidated Statements of Cash Flows
| Year Ended December 31, | |||
|---|---|---|---|
| 2024 · 2023 | |||
| Cash flows from operating activities: | |||
| Net loss | $(40,798,272) | $(35,036,888) | |
| Adjustment to reconcile net loss to cash used in operating activities: | |||
| Depreciation and amortization | 587,485 | 752,257 | |
| Amortization of deferred loan costs and discount on notes payable | 616,918 | 476,037 | |
| Lease amortization | 379,550 | 413,517 | |
| Stock-based compensation | 1,742,279 | 1,305,811 | |
| Allowance for credit losses | 4,520 | 40,485 | |
| Accretion of discount on marketable securities | (1,620,509) | (1,344,781) | |
| Changes in operating assets and liabilities: | |||
| Non-trade receivables and unbilled reimbursements | (214,842) | 86,837 | |
| Pre-launch inventory | (2,842,540) | - | |
| Prepaid expenses | (247,712) | 556,143 | |
| Other assets | 57,253 | 206,424 | |
| Accounts payable | 1,347,741 | (86,347) | |
| Accrued expenses and other liabilities | 170,736 | 215,483 | |
| Interest payable | 580 | 126,294 | |
| Operating lease liability | (413,007) | (408,786) | |
| Net cash used in operating activities | (41,229,820) | (32,697,514) | |
| Cash flows from investing activities: | |||
| Purchase of property and equipment | (273,437) | (354,054) | |
| Purchase of marketable securities | (65,515,010) | (77,461,260) | |
| Maturities of marketable securities | 65,776,000 | 67,400,000 | |
| Sales of marketable securities | 1,125,676 | 1,774,324 | |
| Net cash provided by (used in) investing activities | 1,113,229 | (8,640,990) | |
| Cash flows from financing activities: | |||
| Repayment of notes payable | (44,743) | - | |
| Proceeds from notes payable | 82,029 | 20,000,000 | |
| Payments of deferred loan costs | - | (204,075) | |
| Proceeds from common stock offering | 34,021,550 | 21,615,076 | |
| Payment of common stock offering costs | (2,060,823) | (999,949) | |
| Proceeds from exercise of stock options | 486,033 | 54,872 | |
| Net cash provided by financing activities | 32,484,046 | 40,465,924 | |
| Effect of exchange rate change on cash | (28,661) | (5,006) | |
| Net change in cash and cash equivalents | (7,661,206) | (877,586) | |
| Cash and cash equivalents, beginning of the period | 14,578,752 | 15,456,338 | |
| Cash and cash equivalents, end of the period | $6,917,546 | $14,578,752 | |
| Supplemental disclosure of cash flow information | |||
| Cash paid for interest expense | $5,412,170 | $3,881,400 | |
| Cash paid for income taxes | $1,625 | $775 | |
| Supplemental disclosure of non-cash investing and financing activities: | |||
| Remeasurement of lease liabilities | $410,797 | $ | - |
| Purchases of property and equipment not yet paid | $47,868 | $ | - |
| Accrued common stock offering costs | $1,938 | $ | - |
| Purchases of property and equipment with note payable | $82,029 | $ | - |
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