EBR Systems, Inc. reported its financial results for the three and nine months ended September 30, 2024, revealing significant changes in revenue, expenses, and overall financial health compared to the previous fiscal period. The company, which specializes in developing the WiSE CRT System, an innovative leadless cardiac pacing system, continues to face challenges in profitability.

For the three months ended September 30, 2024, EBR Systems recorded a net loss of $10.1 million, an increase of 10.1% from a net loss of $9.2 million in the same period of 2023. Total operating expenses rose to $9.2 million, up 4.4% from $8.8 million year-over-year. The increase in net loss was primarily attributed to higher general and administrative expenses, which surged by 56.6% due to increased professional fees and personnel-related costs. Conversely, research and development expenses decreased by 9.5%, reflecting a reduction in contract manufacturing and clinical trial costs.

For the nine months ended September 30, 2024, the net loss expanded to $30.7 million, a 24.2% increase from $24.7 million in the prior year. This increase was driven by a rise in both research and development and general administrative expenses, with the latter seeing a 61.9% increase. The company’s total operating expenses for this period reached $28.5 million, compared to $24.4 million in 2023.

EBR Systems' cash and cash equivalents as of September 30, 2024, stood at $36.4 million, a decrease from $44.1 million a year earlier. The company raised approximately $29.5 million through the issuance of 55.9 million shares of common stock in September 2024, and an additional $2.6 million from a subsequent issuance in October 2024. These capital raises were essential for maintaining liquidity amid ongoing operational losses.

The accumulated deficit increased to $343.4 million as of September 30, 2024, compared to $312.7 million at the end of 2023. The company’s working capital was reported at $67.9 million, with current assets of $74.6 million and current liabilities of $6.7 million.

EBR Systems continues to navigate its premarket review with the FDA for the WiSE CRT System, with plans for commercialization pending regulatory approval. The company operates with a focus on advancing its leadless cardiac pacing technology while managing increased operational costs associated with its growth strategy.