EBR Systems, Inc.
For the period ended Dec 31, 2025. Filed Mar 18, 2026.
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FY2025 · Filed Mar 18, 2026
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Item 8. Consolidated Statements of Cash Flows
Consolidated Statements of Cash Flows
(In thousands)
| Year Ended December 31, | ||||
|---|---|---|---|---|
| 2025 · 2024 | ||||
| Cash flows from operating activities: | ||||
| Net loss | $(48,758) | $(40,799) | ||
| Adjustment to reconcile net loss to cash used in operating activities: | ||||
| Depreciation and amortization | 403 | 587 | ||
| Amortization of deferred loan costs and discount on notes payable | 622 | 617 | ||
| Lease amortization | 1,153 | 380 | ||
| Stock-based compensation | 3,051 | 1,742 | ||
| Loss on disposal of assets | 38 | - | ||
| Allowance for credit losses | - | 5 | ||
| Accretion of discount on marketable securities | (828) | (1,621) | ||
| Changes in operating assets and liabilities: | ||||
| Accounts and other receivables | (1,879) | (215) | ||
| Inventory | (12,807) | (2,843) | ||
| Prepaid expenses | (501) | (248) | ||
| Other assets | (770) | 57 | ||
| Accounts payable | 2,240 | 1,349 | ||
| Accrued expenses and other liabilities | 1,090 | 171 | ||
| Interest payable | (13) | 1 | ||
| Operating lease liability | 3,767 | (413) | ||
| Net cash used in operating activities | (53,192) | (41,230) | ||
| Cash flows from investing activities: | ||||
| Purchase of property and equipment | (3,683) | (273) | ||
| Purchase of marketable securities | (54,700) | (65,515) | ||
| Maturities of marketable securities | 57,607 | 65,776 | ||
| Sales of marketable securities | 8,612 | 1,126 | ||
| Net cash provided by investing activities | 7,836 | 1,114 | ||
| Cash flows from financing activities: | ||||
| Repayment of notes payable | (37) | (45) | ||
| Proceeds from notes payable | - | 82 | ||
| Proceeds from common stock offering | 48,828 | 34,022 | ||
| Payment of common stock offering costs | (2,609) | (2,061) | ||
| Proceeds from exercise of stock options and warrants | 647 | 486 | ||
| Net cash provided by financing activities | 46,829 | 32,484 | ||
| Effect of exchange rate change on cash | 7 | (29) | ||
| Net change in cash, cash equivalents, and restricted cash | 1,480 | (7,661) | ||
| Cash, cash equivalents, and restricted cash, beginning of the period | 6,918 | 14,579 | ||
| Cash, cash equivalents, and restricted cash, end of the period | $8,398 | $6,918 | ||
| Supplemental disclosure of cash flow information | ||||
| Cash paid for interest expense | $5,035 | $5,412 | ||
| Cash paid for income taxes | $2 | $2 | ||
| Supplemental disclosure of non-cash investing and financing activities: | ||||
| Remeasurement of lease liabilities | $ | - | $411 | |
| Purchases of property and equipment not yet paid | $1,934 | $48 | ||
| Initial recognition of ROU asset and operating lease liability | $12,838 | $ | - | |
| Accrued common stock offering costs | $ | - | $2 | |
| Purchases of property and equipment with note payable | $ | - | $82 | |
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