Envoy Medical (NASDAQ: COCH) raises cash, advances fully implanted cochlear implant

Rhea-AI Filing Summary

Envoy Medical, Inc. reported second-quarter 2026 results and highlighted progress toward commercializing its fully implanted Acclaim cochlear implant. The company submitted the first of four modules of its modular PMA application to the FDA and plans to submit remaining modules on a rolling basis, with the fourth targeted in the second quarter of 2027. Subsequent to quarter end, Envoy reported positive 12‑month data for the first 10 Stage 1 trial participants and noted that the pivotal trial has surpassed the three‑month follow-up mark.

For the quarter ended June 30, 2026, net revenue was $51,000. Net loss attributable to common stockholders was $7.3 million, or $0.07 per share. As of June 30, 2026, cash was $19.7 million, supported by $30.0 million of proceeds from an issuance of Class A common stock, pre‑funded warrants and Series A warrants during the first half of 2026. Total assets were $23.9 million and stockholders’ equity was $3.3 million.

Positive

• Cash increased to $19.7 million at June 30, 2026 from $3.7 million at December 31, 2025, supported by $30.0 million of equity and warrant financing in the first half of 2026.
• Regulatory and clinical progress continued, including submission of the first module of the modular PMA application for the fully implanted Acclaim cochlear implant and positive 12‑month Stage 1 clinical data for the first 10 participants.

Negative

• The business remains early-stage with minimal quarterly net revenue of $51,000 and a net loss attributable to common stockholders of $7.3 million in Q2 2026.
• Operating cash burn was significant, with net cash used in operating activities of $11.5 million for the six months ended June 30, 2026.
• The accumulated deficit reached $326.4 million as of June 30, 2026, reflecting sustained historical losses.

Filing Explained

By June 30, 2026, cash was $19,679,000 and shares outstanding were 77,194,595, versus 28,934,960 at year-end.

The filing reports that Class A common shares issued and outstanding were 77,194,595 at June 30, 2026, versus 28,934,960 at December 31, 2025. The increase changes the ownership denominator; under the dilution definition, issuing additional shares reduces an existing holder’s percentage ownership absent offsetting changes.

The first-half cash-flow statement reports $29,997 thousand of proceeds from issuing Class A common stock, pre-funded warrants, and Series A warrants, alongside $2,215 thousand of offering costs.

Using cash of $19,679,000 at June 30, 2026 and second-quarter operating cash outflow of $5,456,000, cash equals 324.6 days of the last reported operating cash use; this is a historical comparison, not a forecast.

Sources and calculations

• Envoy Medical Form 8-K and Exhibit 99.1 (2026-08-10)
• Dilution definition (2026-07-17)
• Envoy Medical second-quarter 2026 fundamentals (2026-06-30)

• Cash and equivalents vs quarterly operating cash outflow, in days of cash use $19,679,000 / ($5,456,000 / 90) = [object Object]

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, and exhibit attachments filed with this report.

Key Figures

Net revenue Q2 2026: $51,000 Net loss to common Q2 2026: $7,272,000 Net loss per share Q2 2026: $0.07 +5 more

8 metrics

Net revenue Q2 2026 $51,000 Net revenues for the three months ended June 30, 2026

Net loss to common Q2 2026 $7,272,000 Net loss attributable to common stockholders for the three months ended June 30, 2026

Net loss per share Q2 2026 $0.07 Net loss per share attributable to common stockholders, basic and diluted, Q2 2026

Cash balance $19,679,000 Cash as of June 30, 2026

Equity financing proceeds $29,997,000 Proceeds from issuance of Class A Common Stock, pre-funded warrants, and Series A Warrants in six months ended June 30, 2026

Net cash used in operations $11,517,000 Net cash used in operating activities for the six months ended June 30, 2026

Total assets $23,949,000 Total assets as of June 30, 2026

Accumulated deficit $326,369,000 Accumulated deficit as of June 30, 2026

Key Terms

modular PMA application, Breakthrough Device Designation, fully implanted cochlear implant, forward purchase agreement warrant liability, +2 more

6 terms

modular PMA application regulatory

"We submitted the first of four modules of our modular PMA application"

Breakthrough Device Designation regulatory

"The Acclaim Cochlear Implant received the Breakthrough Device Designation from the U.S. Food and Drug Administration"

A breakthrough device designation is a regulatory program that gives promising medical devices for serious or life‑threatening conditions priority support and faster review from a health authority (e.g., the U.S. FDA). Think of it as a “fast lane” or VIP pass through development and review: it can shorten time to market, lower regulatory uncertainty, and boost a company’s commercial prospects — but it is not an approval by itself.

fully implanted cochlear implant medical

"bringing our fully implanted cochlear implant to market"

A fully implanted cochlear implant is a hearing device whose entire system — microphone, processor, battery and electrodes — sits under the skin so nothing is worn externally. For investors, it matters because this design can boost patient convenience, adoption and long‑term service or replacement revenue, while also raising development, regulatory and reimbursement considerations that affect manufacturing costs and market potential.

forward purchase agreement warrant liability financial

"Change in fair value of forward purchase agreement warrant liability"

mezzanine equity financial

"Liabilities, mezzanine equity, and stockholders’ equity (deficit)"

Mezzanine equity is a layer of financing that sits between bank loans and full ownership, combining elements of borrowed money and equity. It often gives lenders higher potential returns in exchange for taking more risk, sometimes with the option to convert into ownership or receive extra payments; think of it as a middle seat that pays more because it’s less secure than front-row debt. Investors watch it because it affects a company’s debt risk, potential dilution of ownership, and expected returns.

accumulated other comprehensive loss financial

"Accumulated other comprehensive loss"

Accumulated other comprehensive loss is the running negative total of certain gains and losses that companies record outside their regular profit-and-loss statement, such as changes in the value of some investments, pension adjustments, or currency translation effects. It matters to investors because it reduces shareholders’ equity and reveals economic swings that haven’t affected reported net income yet — like a side ledger showing pending ups and downs that could influence future cash flow or balance-sheet strength.

Earnings Snapshot

Net revenues Q2 2026: $51,000

Quarter and six months ended June 30, 2026

Net revenues Q2 2026 $51,000 vs $78,000 in Q2 2025

Net loss to common Q2 2026 $7,272,000 vs $6,942,000 in Q2 2025

Net cash used in operations H1 2026 $11,517,000 vs $8,185,000 in H1 2025

Cash balance $19,679,000 vs $3,739,000 at December 31, 2025

AI-generated analysis. How Rhea-AI works. Not financial advice.

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FAQ

What were Envoy Medical (COCH) revenues and losses for Q2 2026?

Envoy Medical reported net revenue of $51,000 for Q2 2026 and a net loss attributable to common stockholders of $7.3 million, or $0.07 per share. Operating loss was $5.6 million for the quarter, reflecting ongoing development and overhead costs.

How much cash did Envoy Medical (COCH) have as of June 30, 2026?

As of June 30, 2026, Envoy Medical held $19.7 million in cash. This compares with $3.7 million at December 31, 2025, after raising $30.0 million via Class A common stock, pre‑funded warrants, and Series A warrants in the first half of 2026.

What regulatory progress did Envoy Medical (COCH) make on the Acclaim cochlear implant?

Envoy Medical submitted the first of four modules of its modular PMA application for the fully implanted Acclaim cochlear implant to the FDA. The company targets submission of the fourth and final module during the second quarter of 2027, with modules submitted on a rolling basis.

What clinical trial milestones did Envoy Medical (COCH) report for the Acclaim CI?

Envoy reported positive 12‑month data for the first 10 participants in Stage 1 of its pivotal trial and stated that the full trial has surpassed the three‑month follow-up mark, indicating continued advancement of the Acclaim cochlear implant clinical program.

How have Envoy Medical’s (COCH) operating expenses trended in Q2 2026?

In Q2 2026, research and development expenses were $3.1 million versus $2.5 million a year earlier, mainly from fully enrolled clinical trial follow-up and PMA-related fees. Sales and marketing expenses fell to $181,000, while general and administrative expenses were $2.0 million.

What is Envoy Medical’s (COCH) capital structure and equity position as of June 30, 2026?

As of June 30, 2026, Envoy Medical had 77,194,595 Class A common shares outstanding and 4,126,667 Series A preferred shares outstanding. Total stockholders’ equity was $3.3 million, compared with a stockholders’ deficit of $12.2 million at December 31, 2025.

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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): August 10, 2026

ENVOY MEDICAL, INC.

(Exact name of registrant as specified in its charter)

Delaware		001-40133		86-1369123
(State or other jurisdiction of incorporation)		(Commission File Number)		(IRS Employer Identification No.)

4875 White Bear Parkway White Bear Lake, MN		55110
(Address of principal executive offices)		(Zip Code)

Registrant’s telephone number, including area code: (877) 900-3277

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:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class		Trading Symbol(s)		Name of each exchange on which registered
Class A Common Stock, par value $0.0001 per share		COCH		The Nasdaq Stock Market LLC
Redeemable Warrants, each whole Warrant exercisable for one share of Class A Common Stock at an exercise price of $11.50 per share		COCHW		The Nasdaq Stock Market LLC

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. ☐

Item 2.02. Results of Operations and Financial Condition.

On August 10, 2026, Envoy Medical, Inc. (the “Company”), issued a press release regarding the Company’s financial results for its fiscal quarter ended June 30, 2026. A copy of the Company’s press release is attached hereto as Exhibit 99.1.

The information in this Item 2.02, including the accompanying exhibit, is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that Section. The information in this Item 2.02 shall not be incorporated into any filing pursuant to the Securities Act of 1933, as amended, or the Exchange Act, regardless of any general incorporation language in such filing.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits

Exhibit Number		Description
99.1		Press Release dated August 10, 2026.
104		Cover Page Interactive Data File (embedded within the Inline XBRL document).

1

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.

	ENVOY MEDICAL, INC.
August 10, 2026	By:	/s/ Robert Potashnick
		Robert Potashnick
		Interim Chief Financial Officer

2

Exhibit 99.1

Envoy Medical Reports Second Quarter 2026 Results and Achieves Key Regulatory and Clinical Milestones

Submitted First Module of Modular PMA Application to FDA

Subsequent to Quarter End, the Company Reported Positive 12-Month Stage 1 Data Showing Continued Improvement in Speech Perception

White Bear Lake, Minnesota--(Newsfile Corp. – August 10, 2026) - Envoy Medical® Inc. (NASDAQ: COCH) (“Envoy Medical” or the “Company”), a hearing health company pioneering fully implanted hearing solutions, today reported financial results for the second quarter ended June 30, 2026, and provided a business update, highlighting continued execution on its corporate initiatives.

“The second quarter moved us measurably closer to bringing our fully implanted cochlear implant to market,” said Brent Lucas, Chief Executive Officer of Envoy Medical. “We submitted the first of four modules of our modular PMA application and our pivotal clinical trial continued to advance. We expect to submit the remaining modules on a rolling basis, with the fourth and final module targeted during the second quarter of 2027. Since quarter end, we reported 12-month data on the first 10 participants in Stage 1 and the full trial surpassed the three-month follow-up mark. We remain focused on the successful and timely execution of our clinical trial but continue to lay the operational groundwork for an exciting future with tremendous value creation potential. Should we receive approval to market our device, we believe that the demand will be substantial and we want to be prepared to support that demand quickly and with tremendous success.”

Corporate and Financial Highlights for Q2 2026:

● First Module of Modular PMA Application Submitted to the FDA. The Company submitted the first module of its Modular Premarket Approval (“PMA”) application to the U.S. Food and Drug Administration (“FDA”) for its Breakthrough Device-designated investigational Acclaim® cochlear implant. Unlike a traditional PMA, the modular pathway allows the Company to submit completed sections for review as they become available, enabling earlier FDA engagement, iterative feedback, and a defined cadence of milestones. The Company expects to submit a total of four modules, with the final module containing final clinical trial data targeted for submission in the second quarter of 2027.

● Expanded Intellectual Property Portfolio. The Australian and European patent offices granted the Company four patents relating to important innovations in implantable system design, signal analysis, and battery recharge safety, further strengthening the Company’s intellectual property position in the implantable medical device and cochlear implant industries.

● At-the-Market (ATM) Equity Facility Terminated. The Company terminated its ATM equity offering program, under which it was previously authorized to offer and sell up to $15 million of its common stock.

Highlights Subsequent to Q2 2026:

● Positive 12-Month Data Showed Continued Improvement in Speech Perception. The Company reported positive 12-month data from the first 10 participants in Stage 1 of its pivotal clinical trial of the investigational fully implanted Acclaim® cochlear implant. These participants achieved a mean Consonant-Nucleus-Consonant (“CNC”) word recognition score of 53.2% at their 12-month visits, compared to a pre-implantation baseline of 15.2%, a 38.0 percentage point improvement and continued gains from the 24.0 percentage point improvement reported at six months. The trial’s primary efficacy endpoint will be evaluated based on 12-month data.

● Three-Month Follow-Up Window Completed for Full Cohort. The Company announced that its pivotal clinical trial evaluating the investigational fully implanted Acclaim® cochlear implant passed the three-month follow-up window, marking another key clinical milestone as the Company advances the study toward its primary efficacy endpoint, which will be evaluated on 12-month data.

Financial Results for the Quarter Ended June 30, 2026 (dollars in thousands):

Net revenue was $51 for the three months ended June 30, 2026.

Cost of goods sold for the three months ended June 30, 2026, was $278, compared to $234 for the three months ended June 30, 2025.

R&D expenses for the three months ended June 30, 2026, were $3,132 compared to $2,485 for the three months ended June 30, 2025. This increase of $647 mainly reflects additional clinical trial follow-up activity as a result of the clinical trial being fully enrolled, fees related to the submission of the first module of the Company’s PMA application, and personnel costs related to the clinical trial.

Sales and marketing expenses for the three months ended June 30, 2026, were $181 compared to $361 for the three months ended June 30, 2025. The decrease of $180 is primarily due to the reallocation of resources to research and development activities in support of the clinical trial.

General and administrative expenses were $2,029 for the three months ended June 30, 2026, compared to $2,068 for the three months ended June 30, 2025. The decrease of $39 was primarily due to a severance accrual in the prior-year period, partially offset by higher consulting and professional service fees.

Net loss attributable to common stockholders was $7,272, or $0.07 per basic and diluted share for the three months ended June 30, 2026, compared to net loss attributable to common stockholders of $6,942, or $0.32 per basic and diluted share for the three months ended June 30, 2025.

As of June 30, 2026, cash was approximately $19,679.

For more information about Envoy Medical’s innovation pipeline and intellectual property portfolio, visit EnvoyMedical.com.

To be added to the Envoy Medical email distribution list, please email Envoy@kcsa.com with COCH in the subject line.

About Envoy Medical, Inc.

Envoy Medical (NASDAQ: COCH) is a hearing health company focused on providing innovative technologies across the hearing loss spectrum. Envoy Medical has pioneered one-of-a-kind, fully implanted devices for hearing loss, including its fully implanted Esteem® active middle ear implant, commercially available in the U.S. since 2010, and the fully implanted Acclaim® cochlear implant, an investigational device. Envoy Medical is dedicated to pushing hearing technology beyond the status quo to improve access, usability, compliance, and ultimately quality of life.

About the Fully Implanted Acclaim® Cochlear Implant

We believe the fully implanted Acclaim Cochlear Implant (“Acclaim CI”) is a first-of-its-kind hearing device. Envoy Medical’s fully implanted technology includes a sensor designed to leverage the natural anatomy of the ear instead of a microphone to capture sound. The Acclaim CI is designed to address severe to profound sensorineural hearing loss that is not adequately addressed by hearing aids. The Acclaim CI is expected to be indicated for adults who have been deemed adequate candidates by a qualified physician.

The Acclaim Cochlear Implant received the Breakthrough Device Designation from the U.S. Food and Drug Administration (FDA) in 2019.

CAUTION The fully implanted Acclaim Cochlear Implant is an investigational device. Limited by Federal (or United States) law to investigational use.

About the Esteem® Fully Implanted Active Middle Ear Implant (FI-AMEI)

The Esteem fully implanted active middle ear implant (FI-AMEI) is the only FDA-approved, fully implanted* hearing device for adults diagnosed with moderate to severe sensorineural hearing loss allowing for 24/7 hearing capability using the ear’s natural anatomy. The Esteem FI-AMEI hearing implant is invisible and requires no externally worn components and nothing is placed in the ear canal for it to function. Unlike hearing aids, you never put it on or take it off. You can’t lose it. You don’t clean it. The Esteem FI-AMEI hearing implant offers true 24/7 hearing.

* Once activated, the external Esteem FI-AMEI Personal Programmer is not required for daily use.

Important safety information for the Esteem FI-AMEI can be found at: https://www.envoymedical.com/safety-information.

Additional Information and Where to Find It

Copies of the documents filed by Envoy Medical with the SEC may be obtained free of charge at the SEC’s website at www.sec.gov.

2

Forward-Looking Statements

This press release includes “forward-looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words such as “estimate,” “plan,” “project,” “forecast,” “intend,” “will,” “expect,” “anticipate,” “believe,” “seek,” “target” or other similar expressions that predict or indicate future events or trends or that are not statements of historical matters, but the absence of these words does not mean that a statement is not forward-looking. Such statements may include, but are not limited to, statements regarding the expectations of Envoy Medical concerning the outlook for its business, productivity, plans and goals for future operational improvements and capital investments; the ability to obtain additional patents and develop future products or product improvements; the Acclaim CI being the first to market fully implanted cochlear implant; the timing, content, and results of the Company’s modular PMA submissions to the FDA, including the number and timing of modules and the timing of any approval decision; the timing and results of approvals, site documents, logistics, activations, enrollments, follow-up visits, data, and clinical trials of the Acclaim CI, including data from Stage 2 (which may differ from Stage 1); the results of the safety and efficacy data from Stage 2 participants and the effect on its pooling with Stage 1 data; performance of the Acclaim CI during clinical trials, including improvement of patient outcomes over time after implant; and the participation or any changes in participation of any subjects, institutions, or healthcare professionals in such trials; the safety, performance, and market acceptance of the Acclaim CI; changes in reimbursement for the Esteem FI-AMEI device or other changes in reimbursement policies or coverage decisions, changes in the hearing health market, and further development of the Esteem FI-AMEI device; the sufficiency of the Company’s capital resources; the size of Envoy Medical’s addressable market, operational performance, future market conditions or economic performance and developments in the capital and credit markets and any information concerning possible or assumed future operations of Envoy Medical. The forward-looking statements contained in this press release reflect Envoy Medical’s current views about future events and are subject to numerous known and unknown risks, uncertainties, assumptions and changes in circumstances that may cause its actual results to differ significantly from those expressed in any forward-looking statement. Envoy Medical does not guarantee that the events described will happen as described (or that they will happen at all). These forward-looking statements are subject to a number of risks and uncertainties, including, but not limited to, changes in the market price of shares of Envoy Medical’s Class A Common Stock; changes in or removal of Envoy Medical’s shares inclusion in any index; Envoy Medical’s success in retaining or recruiting, or changes required in, its officers, key employees or directors; unpredictability in the medical device industry, the regulatory process to approve medical devices, and the clinical development process of Envoy Medical products; competition in the medical device industry, and the failure to introduce new products and services in a timely manner or at competitive prices to compete successfully against competitors; disruptions in relationships with Envoy Medical’s suppliers, or disruptions in Envoy Medical’s own production capabilities for some of the key components and materials of its products; changes in the need for capital and the availability of financing and capital to fund these needs; changes in interest rates or rates of inflation; legal, regulatory and other proceedings could be costly and time-consuming to defend; changes in applicable laws or regulations, or the application thereof on Envoy Medical; a loss of any of Envoy Medical’s key intellectual property rights or failure to adequately protect intellectual property rights; the effects of catastrophic events, including war, terrorism and other international conflicts; and other risks and uncertainties set forth in the section entitled “Risk Factors” and “Cautionary Note Regarding Forward-Looking Statements” in the Annual Report on Form 10-K filed by Envoy Medical on March 23, 2026, and in other reports Envoy Medical files with the SEC. If any of these risks materialize or Envoy Medical’s assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. While forward-looking statements reflect Envoy Medical’s good faith beliefs, they are not guarantees of future performance. Envoy Medical disclaims any obligation to publicly update or revise any forward-looking statement to reflect changes in underlying assumptions or factors, new information, data or methods, future events or other changes after the date of this press release, except as required by applicable law. You should not place undue reliance on any forward-looking statements, which are based only on information currently available to Envoy Medical.

Investor Contact:

Phil Carlson

KCSA Strategic Communications

O: 212.896.1233

E: envoy@kcsa.com

3

ENVOY MEDICAL, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(UNAUDITED)

(In thousands, except share and per share amounts)

		June 30,				December 31,
		2026				2025
		(unaudited)
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
Operating lease right-of-use asset (related party)			818				886
Prepaid expenses and other assets			293				358
Total assets		$	23,949			$	8,558
Liabilities, mezzanine equity, and stockholders’ equity (deficit)
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
Operating lease liability, current portion (related party)			132				174
Other current liabilities			166				518
Total current liabilities			12,634				11,562
Product warranty liability, net of current portion			1,543				1,605
Operating lease liability, net of current portion (related party)			678				745
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

4

ENVOY MEDICAL, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS

(UNAUDITED)

(In thousands, except share and per share amounts)

		Three Months Ended June 30,								Six Months Ended June 30,
		2026				2025				2026				2025
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 and diluted		$	(7,272	)		$	(6,942	)		$	(12,973	)		$	(13,178	)
Net loss per share attributable to common stockholders, basic and diluted		$	(0.07	)		$	(0.32	)		$	(0.15	)		$	(0.62	)
Weighted-average Class A Common Stock and pre-funded warrants outstanding, basic and diluted			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	)

5

ENVOY MEDICAL, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(UNAUDITED)

(Dollars in thousands)

		Six Months Ended June 30,
		2026				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			$	-

6

Filing Exhibits & Attachments

5 documents

Press Releases

• EX-99.1 PRESS RELEASE DATED AUGUST 10, 2026 105.9 KB

Other Documents

• EX-101 XBRL SCHEMA FILE 3.7 KB
• EX-101 XBRL DEFINITION FILE 26.0 KB
• EX-101 XBRL LABEL FILE 35.8 KB
• EX-101 XBRL PRESENTATION FILE 24.7 KB