Envoy Medical, Inc.

Envoy Medical, Inc. (COCH) reported net revenues of $241K for FY 2025, up 7.1% YoY from $225K in FY 2024, driven by nominal sales of Esteem FI-AMEI implants and components. However, the company posted an operating loss of $22.3M, widening 15.7% YoY from $19.3M, due to elevated R&D expenses of $12.5M (up 22.7%) from Acclaim CI clinical trials, including full enrollment of 56 patients. Total operating expenses rose 15.6% to $22.5M, with G&A up 16.2% amid severance and consulting costs. Net loss expanded to $23.8M (14.2% YoY worse) from $20.8M, reflecting $1.5M other expenses including related-party interest. Net loss per share remained at -$1 on 23.3M weighted shares. Balance sheet shows $8.6M total assets, $3.7M cash, but $20.3M liabilities exceed $12.2M stockholders' deficit. Cash used in operations was $18.2M, offset by $16.6M financing inflows from $10.0M related-party Term Loans and $6.5M offerings. Forward-looking, FDA PMA submission targeted post-12-month trial data, eyeing approval in late 2027/early 2028, with liquidity into Q2 2027 barring warrant exercises.

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