Anteris Technologies Global Corp. reported net sales of $1.9 million for the year ended December 31, 2025, a decrease of 29% compared to $2.7 million in 2024, primarily due to decreased sales of CardioCel™ and VascuCel™ products following the expiration of the LeMaitre Transition Services Agreement in January 2025, partially offset by increased demand for other higher-yielding tissue products. The company's cost of products sold also decreased by 60% to $0.6 million in 2025, compared to $1.4 million in 2024, reflecting the lower sales volume. Research and development expenses increased by 34% to $69.1 million in 2025, compared to $51.5 million in 2024, driven by upscaling manufacturing and quality capabilities, PARADIGM Trial preparatory activities, and an expansion of medical affairs activities, partially offset by lower DurAVR® THV product research costs. Selling, general, and administrative expenses decreased by 7% to $26.1 million in 2025, compared to $28.2 million in 2024, primarily due to lower stock-based payment expenses, travel and entertainment costs, and a settled claim in 2024.
The company's operating loss for 2025 was $93.9 million, a 20% increase from $78.4 million in 2024, reflecting the increased R&D spending. Other non-operating income, net, decreased by 81% to $0.5 million in 2025, compared to $2.4 million in 2024, primarily due to the recognition of holdback income in 2024 related to a transaction with LeMaitre in 2019 and government grants relating to the Australian R&D Tax Incentive. Net foreign exchange losses were $0.7 million in 2025, compared to net foreign exchange gains of $1.4 million in 2024, due to changes in foreign exchange rates on intercompany and cash balances. The net loss attributable to stockholders of the company was $94.1 million in 2025, compared to $76.3 million in 2024.
Key operational developments in 2025 included advancing regulatory activities in Europe, securing the first European regulatory approval in Denmark, initiating the PARADIGM Trial, and receiving Investigational Device Exemption approval from the FDA for the PARADIGM Trial. As of December 31, 2025, the company had approximately 174 full-time equivalent employees. The company also completed a private placement offering, generating gross proceeds of approximately $25.2 million.
Looking ahead, Anteris Technologies expects expenses for research, clinical validation, development, design, manufacturing, and marketing to increase, requiring additional capital to fund operations. Subsequent to year-end, the company completed a public offering of 40 million shares of Common Stock for gross proceeds of $230 million and a private placement to Medtronic plc of 15.7 million shares of Common Stock for gross proceeds of $90 million. Based on the resulting increase in available liquidity, the company expects its current cash on hand to be sufficient to fund its operations for at least 12 months following December 31, 2025. The company's future capital requirements will depend on factors such as the scope, timing, and costs of clinical trials, regulatory review, manufacturing, and commercialization activities.
About Anteris Technologies Global Corp.
Anteris Technologies is a medical device company specializing in innovative transcatheter aortic valve replacement (TAVR) systems. Its flagship product, DurAVR, features a biomimetic, single-piece design with proprietary ADAPT tissue technology for enhanced durability and hemodynamics. The company targets the global cardiovascular market, focusing on treating aortic stenosis with minimally invasive solutions that aim to improve patient outcomes and valve longevity.
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