Envoy Medical, Inc. reported a net revenue of $46,000 for the first quarter of 2025, a decrease of 22% from $59,000 in the same period of 2024. The company experienced an operating loss of $5.1 million, slightly higher than the $4.9 million loss reported in the prior year. The accumulated deficit increased to $291.0 million as of March 31, 2025, compared to $284.7 million at the end of 2024. The decline in revenue was attributed primarily to a decrease in battery replacement sales, which were impacted by supply chain limitations.
In terms of operational expenses, total costs rose to $5.2 million, up from $4.9 million year-over-year. Research and development expenses increased by 16.4% to $2.7 million, reflecting the company's ongoing investment in the development of its Acclaim® cochlear implant. Sales and marketing expenses also rose by 10.2% to $358,000, driven by increased headcount and the introduction of a patient engagement program. Conversely, general and administrative expenses decreased by 13.5% to $1.8 million, primarily due to reduced legal and professional service costs.
Envoy Medical has made significant strategic moves, including the completion of a merger with Anzu Special Acquisition Corp I in September 2023, which allowed the company to trade publicly on the Nasdaq under the symbols "COCH" and "COCHW." The company is focused on advancing its Acclaim CI, which received FDA Breakthrough Device Designation in 2019. The pivotal clinical study for the Acclaim CI began in February 2025, with the company targeting FDA approval by 2027.
As of March 31, 2025, Envoy Medical had cash reserves of $5.3 million, down from $5.5 million at the end of 2024. The company has funded its operations through equity securities, term loans, and proceeds from the business combination. It anticipates continued net losses as it invests in research and development and prepares for commercialization of the Acclaim CI. The company is actively seeking additional capital through various means, including public or private equity offerings and debt financing, to support its ongoing operations and growth initiatives.
About Envoy Medical, Inc.
Envoy Medical, Inc. is a pioneering hearing health company dedicated to transforming the treatment of hearing loss through innovative medical technologies. Its flagship product, the Acclaim CI, is a fully implanted cochlear implant designed to enhance the quality of life for individuals with severe to profound hearing loss. Targeting a significant market opportunity of over $80 billion, Envoy is focused on improving patient access and outcomes while navigating regulatory pathways for FDA approval.
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