enVVeno Medical Corporation Reports Q3 2024 Financial Results, Cash Position and Operational Updates

enVVeno Medical Corporation reported its financial results for the third quarter and the nine months ended September 30, 2024, highlighting significant developments in its operations and financial position. The company focuses on developing innovative bioprosthetic solutions for chronic venous disease, with its lead product, VenoValve®, currently in a pivotal study.

As of September 30, 2024, enVVeno's cash and cash equivalents increased to $17.9 million, up from $3.6 million at the end of 2023. Total current assets rose to $49.1 million, compared to $46.9 million at the end of the previous fiscal year. Total assets also increased to $50.4 million from $48.6 million. Current liabilities grew to $2.2 million from $1.4 million, while total liabilities rose to $3.0 million from $2.4 million. Stockholders’ equity increased to $47.4 million from $46.2 million, reflecting a rise in additional paid-in capital to $193.0 million from $176.2 million.

For the third quarter of 2024, enVVeno reported a net loss of $5.6 million, compared to a net loss of $5.0 million in the same period of 2023, marking a 12% increase in losses. Operating expenses rose by $0.8 million, with research and development expenses slightly increasing to $2.9 million from $2.8 million. Selling, general, and administrative expenses surged by 27% to $3.3 million, up from $2.6 million. Other income for the quarter was $0.5 million, a 52% increase from $0.3 million in Q3 2023.

For the nine months ended September 30, 2024, the net loss decreased to $15.6 million from $17.9 million in the same period of 2023, a reduction of 13%. Cash used in operating activities also decreased to $11.7 million from $13.9 million. Research and development expenses for the nine months fell by 18% to $8.7 million, primarily due to reduced costs associated with the SAVVE study, which reached full enrollment in 2023.

In a strategic move, enVVeno completed a public offering on September 30, 2024, raising approximately $13.6 million in net cash proceeds, which is expected to support operations through significant milestones. The company anticipates continued losses and may require additional capital for future operations and product development.

The VenoValve is expected to be eligible for FDA approval in Q4 2024, with the enVVe® transcatheter valve anticipated to follow in approximately three years. The company maintains a strong cash position, with cash and investments totaling $48.4 million as of September 30, 2024, and $47.1 million as of October 28, 2024.