$COCHW

Envoy Medical, Inc.

CIK:0001840877|SEC Filings

Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Income Statement [Abstract]
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	(7,272)	(6,942)	(12,973)	(13,178)
Net loss attributable to common stockholders, diluted	$ (7,272)	$ (6,942)	$ (12,973)	$ (13,178)
Net loss per share attributable to common stockholders, basic	$ (0.07)	$ (0.32)	$ (0.15)	$ (0.62)
Net loss per share attributable to common stockholders, diluted	$ (0.07)	$ (0.32)	$ (0.15)	$ (0.62)
Weighted-average Class A Common Stock and pre-funded warrants outstanding, basic (in Shares)	104,039,109	21,383,852	86,584,007	21,355,388
Weighted-average Class A Common Stock and pre-funded warrants outstanding, diluted (in Shares)	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 Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash flows from operating activities
Net loss	$ (10,333)	$ (10,688)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation	147	146
Interest expense and amortization of debt discount on Term Loans (related party)		1,118
Stock-based compensation for services	76
Amortization of prepaid insurance	463	493
Stock-based compensation	453	306
Loss on offering and change in fair value of private warrant liability	(1,167)
Change in fair value of publicly traded warrant liability	154	(162)
Change in fair value of forward purchase agreement warrant liability	(10)	(458)
Net change in operating lease (related party)	111	51
Change in inventory reserve	26	10
Changes in operating assets and liabilities:
Accounts receivable, net	(15)	(5)
Other receivable	2	760
Inventories	(59)	111
Prepaid expenses and other assets	40	(42)
Accounts payable	(912)	(33)
Operating lease liability (related party)	(152)	(44)
Accrued expenses	(247)	312
Product warranty liability	(94)	(60)
Net cash used in operating activities	(11,517)	(8,185)
Cash flows from investing activities
Purchases of property and equipment	(6)	(7)
Net cash used in investing activities	(6)	(7)
Cash flows from financing activities
Payments on insurance financing loans	(421)	(469)
Proceeds from the issuance of Term Loans (related party)		10,000
Dividends paid to stockholders of Series A Preferred Stock		(1,820)
Proceeds from the issuance of Class A Common Stock from ATM offering		204
Proceeds from issuance of Class A Common Stock under employee stock purchase plan	104	77
Proceeds from the issuance of Class A Common Stock, Issued Pre-Funded Warrants, and Series A Warrants	29,997
Offering costs from the issuance of Class A Common Stock, Issued Pre-Funded Warrants, and Series A Warrants	(2,215)
Net cash provided by financing activities	27,465	7,992
Effect of exchange rate changes on cash	(2)	4
Net increase (decrease) in cash	15,940	(196)
Cash, beginning of period	3,739	5,483
Cash, end of period	19,679	5,287
Supplemental disclosures of cash flow information:
Cash paid for interest	17	20
Non-cash investing and financing activities:
Accrued and unpaid dividends on Series A Preferred Stock	2,640	670
Financing of prepaid insurance	69	75
Issuance of Term Loan Warrants (related party)		1,570
Accrued interest capitalized into term loans payable (related party)		600
Property and equipment purchased on account	27
Issuance of Placement Agent Warrants	$ 678

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
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
Prepaid expenses and other assets	293	358
Total assets	23,949	8,558
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
Other current liabilities	166	518
Total current liabilities	12,634	11,562
Product warranty liability, net of current portion	1,543	1,605
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
Related Party
Current assets:
Operating lease right-of-use asset (related party)	818	886
Current liabilities:
Operating lease liability, current portion (related party)	132	174
Operating lease liability, net of current portion (related party)	$ 678	$ 745