Anteris 2025 loss widens as cash burn rises
Anteris Technologies Global Corp. reported weaker 2025 financial results alongside a strategic update on its DurAVR® transcatheter heart valve program.
Rhea-AI Filing Summary
Anteris Technologies Global Corp. reported weaker 2025 financial results alongside a strategic update on its DurAVR® transcatheter heart valve program. Revenue from ordinary activities was US$1.9 million in 2025, down from US$2.7 million in 2024, a 29% decline as the company focused on clinical development.
The loss from ordinary activities after tax increased to US$94.2 million from US$76.0 million, and loss attributable to members rose to US$94.1 million. Net tangible asset backing per share deteriorated from US$1.74 to (US$0.01) as of December 31, 2025, reflecting accumulated losses. Net operating cash outflows were US$77.8 million, in line with higher clinical, regulatory and manufacturing spend to support its pivotal Trial. The company confirmed that all US$80.0 million of net IPO proceeds raised in December 2024 have been fully used, paid no dividends, and saw no material impact from deregistering two Australian subsidiaries. The Trial has begun enrolling and implanting patients, targeting about 1,000 participants in a head‑to‑head study versus existing TAVR valves.
Positive
- DurAVR® pivotal Trial actively recruiting: The company has begun enrolling and implanting patients in a prospective randomized controlled Trial targeting approximately 1,000 participants, a critical step toward demonstrating safety and effectiveness versus commercially available TAVR valves.
- IPO proceeds successfully deployed into development: Anteris raised net US$80.0 million in its December 2024 IPO and reports that all funds have been fully used by December 31, 2025, primarily to advance clinical, regulatory, and manufacturing capabilities for its lead structural heart program.
Negative
- Revenue decline and widening losses: Revenues from ordinary activities fell 29% to US$1.9 million in 2025, while loss from ordinary activities after tax increased to US$94.2 million from US$76.0 million, indicating higher operating strain without offsetting top‑line growth.
- Deterioration in net tangible asset backing: Net tangible asset backing per share declined sharply from US$1.74 to (US$0.01) as of December 31, 2025, reflecting substantial accumulated losses and reducing balance sheet support on a per‑share basis.
- High cash burn relative to prior IPO: Net operating cash outflows were US$77.8 million for 2025, and the company confirms that all US$80.0 million in net IPO proceeds raised in December 2024 have been fully used within roughly one year, increasing dependence on future financing.
Insights
2025 shows deeper losses and cash burn as Anteris scales its pivotal heart valve trial.
Anteris delivered lower 2025 revenue of US$1.9 million versus US$2.7 million in 2024 while significantly increasing investment in its DurAVR® program. Loss from ordinary activities after tax widened to US$94.2 million, highlighting a capital‑intensive growth phase without commercial scale yet.
Net tangible asset backing per share fell from US$1.74 to (US$0.01), and net operating cash outflows reached US$77.8 million. The company states all US$80.0 million in net IPO proceeds from December 2024 have been fully used, underscoring reliance on external funding to support development.
Strategically, the Trial has started enrolling and implanting patients in a randomized head‑to‑head design targeting about 1,000 participants, which is key for future regulatory and commercial prospects. Future company filings and updates on enrollment progress, safety, and one‑year composite outcomes will be important to understand how clinical results align with the elevated spending and cash consumption in the period.
8-K Event Classification
2 items: 2.02, 9.01
2 items
Item 2.02
Results of Operations and Financial Condition
Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 9.01
Financial Statements and Exhibits
Exhibits
Financial statements, pro forma financial information, or exhibit attachments filed with this report.
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
How did Anteris Technologies Global Corp. (AVR) perform financially in 2025?
Anteris reported 2025 revenue from ordinary activities of US$1.9 million, down from US$2.7 million in 2024. Loss from ordinary activities after tax widened to US$94.2 million, reflecting increased spending on clinical, regulatory, and manufacturing activities for its DurAVR® heart valve program.
What happened to Anteris Technologies (AVR) net tangible asset backing in 2025?
Net tangible asset backing per share declined from US$1.74 to (US$0.01) as of December 31, 2025. This shift into negative territory reflects accumulated losses and the heavy investment required to advance Anteris’ DurAVR® Trial and broader structural heart development efforts.
How much cash did Anteris Technologies (AVR) use in 2025 operations?
Net operating cash outflows for 2025 were US$77.8 million. The company links this cash usage to higher clinical, regulatory, and manufacturing requirements needed to support its DurAVR® Trial, indicating a capital‑intensive development stage without significant commercial revenue yet.
How did Anteris Technologies (AVR) use its December 2024 IPO proceeds?
Anteris’ December 2024 IPO raised net proceeds of US$80.0 million from issuing 14,878,481 shares of common stock. As of December 31, 2025, the company reports that all funds have been fully used, primarily to finance operating expenditures tied to clinical and regulatory initiatives.
Did Anteris Technologies (AVR) pay any dividends for 2025?
No. Anteris states that no dividends were proposed, declared, or issued during the year ended December 31, 2025. This aligns with its focus on reinvesting available capital into clinical development, regulatory activities, and manufacturing capabilities for its DurAVR® structural heart valve program.
What are the key features of Anteris Technologies (AVR) DurAVR Trial?
The Trial is a prospective randomized controlled study enrolling about 1,000 patients to compare DurAVR® THV with commercially available TAVR valves. It assesses non‑inferiority on a composite endpoint of all‑cause mortality, stroke, and cardiovascular hospitalization at one year post‑procedure.
AI-generated analysis. How Rhea-AI works. Not financial advice.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 OR 15(d)
of The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): February 26, 2026
(Exact name of registrant as specified in its charter)
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(State or Other Jurisdiction of Incorporation)
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(Commission File Number)
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(I.R.S. Employer Identification No.)
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(Address of Principal Executive Offices)
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(Zip Code)
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Registrant’s telephone number, including area code: +61 7 3152 3200
Not Applicable
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of
the following provisions:
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Securities registered pursuant to Section 12(b) of the Act:
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Title of each class
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Trading
Symbol(s)
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Name of each exchange
on which registered
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this
chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☒
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any
new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
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Results of Operations and Financial Condition.
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On February 26, 2026 USA ET (February 27, 2026 AEST), Anteris Technologies Global Corp. (the “Company”) (i) filed the Form 10-K for
the fiscal year ended December 31, 2025 with a cover page (the “Results Announcement”) with the Australian Securities Exchange (“ASX”); and (ii) issued an ASX Announcement regarding the Company’s financial results for the fiscal year ended December
31, 2025, both of which include audited and other historical financial information for the fiscal year ended December 31, 2025. The Results Announcement has been prepared for the purpose of complying with the reporting requirements of the ASX. Copies
of the Results Announcement and the ASX Announcement are attached as Exhibits 99.1 and 99.2, respectively, to this Current Report on Form 8-K.
The information in this Item 2.02, including Exhibits 99.1 and 99.2 attached hereto, is being furnished and shall not be deemed
to be filed for the purposes of Section 18 of the Securities Exchange Act of 1934 (the “Exchange Act”), or incorporated by reference into any filing under the Securities Act of 1933 or the Exchange Act, unless such subsequent filing specifically
references this Current Report on Form 8-K.
| Item 9.01. |
Financial Statements and Exhibits.
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(d) Exhibits.
The following exhibits are filed with this Current Report on Form 8-K:
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Exhibit
No.
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Description
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99.1
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Results Announcement, as filed with the ASX, for the fiscal year ended December 31, 2025
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99.2
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ASX Announcement regarding financial results for the fiscal year ended December 31, 2025
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104
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Cover Page Interactive Data File (embedded within the Inline XBRL document)
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on
its behalf by the undersigned hereunto duly authorized.
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Anteris Technologies Global Corp.
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Date: February 26, 2026
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By:
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/s/ Wayne Paterson
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Name:
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Wayne Paterson
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Title:
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Vice Chairman and Chief Executive Officer
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Exhibit 99.1
Results for announcement to the market
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Name of entity:
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Anteris Technologies Global Corp. (“ATGC”)
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ARBN:
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677 960 235
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Reporting period:
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For the year ended 31 December 2025
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The attached Form 10-K Annual Report for the year ended 31 December 2025 has been filed with
the U.S. Securities and Exchange Commission. It includes the consolidated financial statements which have been prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”) and are denominated in
U.S. dollars.
The following supplementary information is provided in connection with the Company’s Form 10-K for the purposes of complying with the waiver conditions relating to ASX
Listing Rule 4.3A (Preliminary final report) and Listing Rule 4.7C (Quarterly activity report). This information should be read in conjunction with the Form 10-K and is provided to satisfy the Company’s ongoing disclosure obligations under the ASX
Listing Rules.
The Company’s results for announcement to the market are as follows:
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2025
US$ ’000
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2024
US$’000
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Change
US$’000
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Change
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Revenues from ordinary activities
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1,913
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2,703
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(790
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(29%)
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Loss from ordinary activities after tax
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(94,225
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(75,967
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(18,258
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24%
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Loss for the year attributable to members
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(94,144
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(76,291
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(17,853
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23%
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Details of business activities during the quarter:
Refer to the Form 10-K and the “Anteris Reports 2025 Financial Results and Provides Corporate Update” announcement lodged with the ASX on 27 February 2026.
Net Tangible Asset Backing:
Net tangible assets are calculated as net assets (including right-of-use assets) less intangible assets. The net tangible asset backing per share was ($0.01) and $1.74
as of 31 December 2025 and 31 December 2024, respectively.
Dividends:
No dividends were proposed, declared, or issued during the year ended 31 December 2025.
Annual financial statements:
The consolidated annual financial statements on which this report is based have been audited by KPMG. The Independent Auditor’s opinion is
not modified.
Changes in control over entities:
Admedus Biomanufacturing Pty Ltd and Admedus (Australia) Pty Ltd were deregistered by ASIC on 16 July 2025. The deregistrations had no material impact on the Group.
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Anteris Technologies Global Corp.
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860 Blue Gentian Road,
Suite 340
Eagan, MN, 55121 United States
T: +1 651 493 0606
info.us@anteristech.com
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BRISBANE | MINNEAPOLIS | GENEVA | MALAGA
 anteristech.com
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Toowong Tower, Level 3, Suite 302
9 Sherwood Road, Toowong
QLD 4066, Australia T: +61 1300 550 310
info.au@anteristech.com ARBN: 677 960 235 |
Details of associates or joint ventures:
The Group does not have any associates or joint ventures.
The Group holds 30% of the shares of v2vmedtech, inc., and the entity is treated as a controlled entity. Accordingly, it is therefore consolidated rather than accounted
for as an associate.
Use of funds:
On December 12, 2024, our registration statement on Form S-1 relating to our initial public offering became effective pursuant to which we issued and sold 14,878,481
shares of Common Stock. We received net proceeds of US$80.0 million, after deducting the underwriting discounts, commissions and offering expenses and giving effect to the exercise of the underwriters’ option to purchase additional shares.
As of 31 December 2025, all funds raised have been fully used. The actual use of proceeds was as follows:
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US$59.5 million for the ongoing development of DurAVR® THV and the preparation and enrolment of the Pivotal Trial of DurAVR® THV for treating severe aortic stenosis; and
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US$20.5 million net, comprising the repayment of US$7.1 million of debt (including the Obsidian convertible notes and options), net working capital, v2v expenditures and other general corporate
purposes, offset by receipts from tax incentives.
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Aggregate amount of payments to related parties and their associates:
During the fourth quarter of 2025, the aggregate amount of payments to related parties and their associates (which includes director fees, Company secretarial fees, CEO,
President and CFO remuneration) was US$460 thousand. These payments were included in cash flows from operating activities.
There were no payments to related parties or their associates included in cash flows from investing activities.
Details of audit disputes or audit qualification:
None.
Other:
Additional 4E disclosure requirements and commentary on these results are contained in the Form 10-K Annual Report for the year ended 31 December 2025.
ENDS
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About Anteris
Anteris Technologies Global Corp. (NASDAQ: AVR, ASX: AVR) is a global structural heart company committed to designing, developing, and commercializing cutting-edge
medical devices to restore healthy heart function. Founded in Australia, with a significant presence in Minneapolis, USA, Anteris is a science-driven company with an experienced team of multidisciplinary professionals delivering restorative solutions
to structural heart disease patients.
Anteris’ lead product, the DurAVR® Transcatheter Heart Valve (“THV”), was designed in collaboration with the world’s leading interventional cardiologists and
cardiac surgeons to treat aortic stenosis – a potentially life-threatening condition resulting from the narrowing of the aortic valve. The balloon-expandable DurAVR® THV is the first
biomimetic valve, which is shaped to mimic the performance of a healthy human aortic valve and aims to replicate normal aortic blood flow. DurAVR® THV is made using a single piece of molded ADAPT® tissue, Anteris’ patented
anti-calcification tissue technology. ADAPT® tissue, which is FDA-cleared, has been used clinically for over 10 years and distributed for use in over 55,000 patients worldwide. The DurAVR® THV System is comprised of the DurAVR®
valve, the ADAPT® tissue, and the balloon-expandable ComASUR® Delivery System.
Forward-Looking Statements
This announcement contains forward-looking statements. Forward-looking statements include all statements that are not historical facts. Forward-looking statements
generally are identified by the words “believe,” “project,” “expect,” “anticipate,” “estimate,” “intend,” “budget,” “target,” “aim,” “strategy,” “plan,” “guidance,” “outlook,” “may,” “should,” “could,” “will,” “would,” “will be,” “will continue,”
“will likely result” and similar expressions, although not all forward-looking statements contain these identifying words. These forward-looking statements are subject to a number of risks, uncertainties, and assumptions, including those described
under “Risk Factors” in Anteris’ Annual Report on Form 10-K for the fiscal period ended December 31, 2025 that was filed with the Securities and Exchange Commission and ASX. Readers are cautioned not to put undue reliance on forward-looking
statements, and except as required by law, Anteris does not assume any obligation to update any of these forward-looking statements to conform these statements to actual results or revised expectations.
Authorisation and Additional information
This announcement was authorised for release on the ASX by the Board of Directors.
For more information:
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Global Investor Relations
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Investor Relations (US)
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investor@anteristech.com
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mchatterjee@bplifescience.com
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Debbie Ormsby
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Malini Chatterjee, Ph.D.
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Anteris Technologies Global Corp.
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Blueprint Life Science Group
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+61 1300 550 310 | +61 7 3152 3200
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+1 917 330 4269
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Website
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www.anteristech.com
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X
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@AnterisTech
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LinkedIn
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https://www.linkedin.com/company/anteristech
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Exhibit 99.2
Anteris Reports 2025 Financial Results and Provides Corporate Update
MINNEAPOLIS, United States and BRISBANE, Australia 27 February 2026: Anteris Technologies Global Corp. (“Anteris” or the “Company”)
(NASDAQ: AVR, ASX: AVR) a global structural heart company committed to designing, developing, and commercializing cutting-edge medical devices to restore healthy heart function, today reported financial results for the
full year ended 31 December 2025, and provided a corporate update.
2025 Full Year Highlights & Recent Developments
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Initiated the global pivotal PARADIGM Trial, building on experience from successfully treating 130 patients with the DurAVR® THV, including de novo (first time) aortic stenosis cases,
complex anatomies and valve-in-valve patients
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Received FDA Investigational Device Exemption (“IDE”) approval in the fourth quarter of 2025 to initiate the PARADIGM Trial in the United States
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Reported favourable 30-day (100 patients) and 1-year (65 patients) DurAVR® THV clinical outcomes from rolling cohorts of small annuli, symptomatic severe aortic stenosis patients
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Completed the first “double DurAVR®” implant in a patient receiving a valve-in-valve replacement in both the mitral and aortic valve positions
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Strengthened operational infrastructure and advanced quality management system buildout while advancing manufacturing scale-up to support clinical activities, including ISO 13485 certification for
DurAVR® THV production
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Appointed David Roberts and Gregory Moss to serve as two new independent directors on the Board of Directors
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Received approval from the Company’s stockholders for ASX Limited’s grant to the Company of a waiver from ASX Listing Rule 7.1
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Completed aggregate capital raises totalling US$320 million in early 2026, including a strategic investment from Medtronic, plc to support execution of the PARADIGM Trial and advance the Company
toward global commercialization of the DurAVR® THV System
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“2025 was a pivotal year for Anteris, advancing DurAVR® with disciplined execution, strengthening our clinical foundation, and positioning the
company for long term leadership in structural heart. We converted strategy into measurable progress, reinforcing our competitive position and accelerating our path toward commercial readiness. The progress achieved in 2025 has strengthened our
foundation and sharpened our trajectory toward becoming a leader in next-generation TAVR. We remained focused on what matters most; advancing clinical evidence, strengthening our balance sheet, and building sustainable long-term value,” said Wayne
Paterson, Vice Chairman and Chief Executive Officer of Anteris.
2025 Financial Results
The financial results for Anteris for the year ended 31 December 2025, are presented below.
The Company’s net operating cash outflows for the year ended 31 December 2025, were US$77.8 million, in line with the increase in clinical, regulatory and manufacturing
requirements to support the PARADIGM Trial. Reflecting this clinical focus, the key areas of the Company’s operating expenditures for the year ended 31 December 2025, were as follows:
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R&D expenses were US$69.1 million and included the upscaling of manufacturing and quality capabilities, including process design and validation activities, an increase in R&D headcount,
PARADIGM Trial preparatory activities, including clinical costs associated with the enrolment of additional patients and the scaling of our field-based clinical team, and expansion of our medical affairs activities, partially offset by lower
DurAVR® THV product research costs as we shifted our focus to clinical, regulatory and manufacturing activities ahead of the PARADIGM Trial.
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Selling, general and administrative expenses were US$26.1 million.
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Anteris refers to the detailed financial information contained in its Annual Report on Form 10-K for the fiscal year ended 31 December 2025 including the discussion under the headings “Item 1A. Risk Factors” and “Item 7.
Management’s Discussion & Analysis of Financial Condition and Results of Operations.”
ENDS
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Anteris Technologies Global Corp.
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860 Blue Gentian Road,
Suite 340
Eagan, MN, 55121 United States
T: +1 651 493 0606
info.us@anteristech.com
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BRISBANE | MINNEAPOLIS | GENEVA | MALAGA
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Toowong Tower, Level 3, Suite 302
9 Sherwood Road, Toowong
QLD 4066, Australia T: +61 1300 550 310
info.au@anteristech.com
ARBN: 677 960 235 |
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anteristech.com
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About the PARADIGM Trial
The PARADIGM Trial is a prospective randomized controlled trial which will evaluate the safety and effectiveness of the DurAVR® THV compared to commercially
available transcatheter aortic valve replacements (“TAVRs”).
This head-to-head study will enroll approximately 1,000 patients in the ‘All Comers Randomized Cohort' with 1:1 randomization of patients who will receive either the
DurAVR® THV or TAVR using commercially available and approved THVs. The PARADIGM Trial will assess non-inferiority on a primary composite endpoint of all-cause mortality, all stroke and cardiovascular hospitalization at one year post
procedure.
The PARADIGM Trial is actively recruiting with the first patients enrolled and implanted during the fourth quarter of 2025. For further information, please refer to
ClinicalTrials.gov NCT07194265.
About Anteris
Anteris Technologies Global Corp. (NASDAQ: AVR, ASX: AVR) is a global structural heart company committed to designing, developing, and commercializing cutting-edge
medical devices to restore healthy heart function. Founded in Australia, with a significant presence in Minneapolis, USA, Anteris is a science-driven company with an experienced team of multidisciplinary professionals delivering restorative solutions
to structural heart disease patients.
Anteris’ lead product, the DurAVR® Transcatheter Heart Valve (“THV”), was designed in collaboration with the world’s leading interventional cardiologists and
cardiac surgeons to treat aortic stenosis – a potentially life-threatening condition resulting from the narrowing of the aortic valve. The balloon-expandable DurAVR® THV is the first
biomimetic valve, which is shaped to mimic the performance of a healthy human aortic valve and aims to replicate normal aortic blood flow. DurAVR® THV is made using a single piece of molded ADAPT® tissue, Anteris’ patented
anti-calcification tissue technology. ADAPT® tissue, which is FDA-cleared, has been used clinically for over 10 years and distributed for use in over 55,000 patients worldwide. The DurAVR® THV System is comprised of the DurAVR®
valve, the ADAPT® tissue, and the balloon-expandable ComASUR® Delivery System.
Forward-Looking Statements
This announcement contains forward-looking statements. Forward-looking statements include all statements that are not historical facts. Forward-looking statements
generally are identified by the words “believe,” “project,” “expect,” “anticipate,” “estimate,” “intend,” “budget,” “target,” “aim,” “strategy,” “plan,” “guidance,” “outlook,” “may,” “should,” “could,” “will,” “would,” “will be,” “will continue,”
“will likely result” and similar expressions, although not all forward-looking statements contain these identifying words. These forward-looking statements are subject to a number of risks, uncertainties, and assumptions, including those described
under “Risk Factors” in Anteris’ Annual Report on Form 10-K for the fiscal period ended December 31, 2025 that was filed with the Securities and Exchange Commission and ASX. Readers are cautioned
not to put undue reliance on forward-looking statements, and except as required by law, Anteris does not assume any obligation to update any of these forward-looking statements to conform these statements to actual results or revised expectations.
Authorisation and Additional information
This announcement was authorised for release on the ASX by the Board of Directors.
For more information:
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Global Investor Relations
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Investor Relations (US)
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investors@anteristech.com
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mchatterjee@bplifescience.com
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Debbie Ormsby
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Malini Chatterjee, Ph.D.
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Anteris Technologies Global Corp.
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Blueprint Life Science Group
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+61 1300 550 310 | +61 7 3152 3200
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+1 917 330 4269
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Website
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www.anteristech.com
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X
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@AnterisTech
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LinkedIn
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https://www.linkedin.com/company/anteristech
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