What changed in this filing

/stocks — the workspaceLOADING

Item 1. Financial Statements

2023-07-31 compared with 2023-04-28 · 93 added, 69 removed, 145 unchanged (53% of the section changed)

22 unchanged sentences

no shares issued or outstanding

Common stock, par value $ 0.00001 , 250,000 shares authorized, 9,472 shares issued and outstanding as of March 31, 2023 and December 31, 2022

Common stock, par value $ 0.00001 , 250,000 shares authorized, 9,472 shares issued and outstanding as of June 30, 2023 and December 31, 2022

Additional paid-in capital

6 unchanged sentences

For the Three Months Ended

For the Six Months Ended

(In thousands, except per share data)

3 unchanged sentences

Loss from Operations

Other Income:

Other (Income) Expense:

Realized gain from sales of trading securities

Unrealized gain from trading securities

Unrealized (gain) loss from of trading securities

Interest income, net

Total Other Income

Total Other (Income) Expense

Net Loss Per Basic and Diluted Common Share:

3 unchanged sentences

MEDICAL CORPORATION

STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY (DEFICIENCY)

STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY

thousands, unless otherwise indicated)

Three M onths Ended June 30, 2023

Stockholders’

Balance at April 1, 2023

$ ( 112,912 )

Shared-Based Compensation

Balance at June 30, 2023

$ ( 119,386 )

Six Months Ended June 30, 2023

Additional Paid-in

Stockholders’

Balance at January 1, 2023

1 unchanged sentence

Shared-Based Compensation

Balance at March 31, 2023

Balance at June 30, 2023

$ ( 119,386 )

See Notes to these Unaudited Condensed Financial Statements

ENVVENO MEDICAL CORPORATION

CONDENSED STATEMENTS OF CHANGES IN STOCKHOLDERS’

(In thousands, unless otherwise indicated)

Three Months Ended June 30, 2022

Additional Paid-in

Stockholders’

Balance at April 1, 2022

Shared-Based Compensation

Balance at June 30, 2022

Six Months Ended June 30, 2022

Additional Paid-in

Stockholders’

Balance at January 1, 2022

Shared-Based Compensation

Balance at March 31, 2022

Balance at June 30, 2022

Notes to these Unaudited Condensed Financial Statements

2 unchanged sentences

thousands, unless otherwise indicated)

For the Three Months Ended

For the Six Months Ended

Cash Flows from Operating Activities

3 unchanged sentences

Amortization of right of use assets

Unrealized gain from Investments

Deposit applied to consulting services

Unrealized (gain) loss from investments

Changes in operating assets and liabilities:

3 unchanged sentences

Operating lease liabilities

Total adjustments

Net Cash Used in Operating Activities

2 unchanged sentences

Purchase of property and equipment

Purchase of investments

Purchases of investments

Net Cash Provided by (Used in) Investing Activities

Net Decrease in Cash

Net (Decrease) Increase in Cash

Cash, cash equivalents - Beginning of period

Cash, cash equivalents - End of period

For the Three Months Ended

Supplemental Disclosures of Cash Flow Information:

1 unchanged sentence

Interest, net

Non-Cash Financing Activities

Fair value of warrants issued in satisfaction of trade payables and accrued expenses

Notes to these Unaudited Condensed Financial Statements

2 unchanged sentences

1 – Business Organization and Nature of Operations

Medical Corporation is a late clinical-stage med-tech company focused on the advancement of innovative bioprosthetic (tissue-based)

solutions to improve the standard of care for the treatment of venous disease.

Medical Corporation is a late clinical-stage med-tech company focused on the advancement of innovative bioprosthetic (tissue-based) solutions

to improve the standard of care for the treatment of venous disease.

The Company is developing surgical and non-surgical replacement

10 unchanged sentences

and that have been commercially successful.

We develop and manufacture our products in a 14,507

leased manufacturing facility in Irvine,

California, which has been ISO 13485-2020 certified for the design, development and manufacturing of tissue based implantable medical

Company develops and manufactures its products in a 14,507

leased manufacturing facility in Irvine, California, which has been ISO 13485-2016 certified for the design, development and

manufacturing of tissue based implantable medical devices.

2 – Management’s Liquidity Plan

of March 31, 2023, the Company had a cash and investment balance of $ 34.2 million and working capital of $ 33.4 million.

Company expects to continue incurring losses for the foreseeable future and may need to raise additional capital to sustain its operations,

pursue its product development initiatives and penetrate markets for the sale of its products, Management believes that our capital resources

at March 31, 2023 are sufficient to meet our obligations as they become due within one year after the date of this Quarterly Report,

and sustain operations.

of June 30, 2023, the Company had a cash balance of $ 4.7 million, investments of $ 25.0 million and working capital of $ 28.0 million.

Although the Company expects to continue incurring losses and may need to raise additional capital to sustain

its operations, pursue its product development initiatives and penetrate markets for the sale of its products, Management believes that

our capital resources at June 30, 2023 are sufficient to meet our obligations as they become due within one year after the date of this

Quarterly Report.

3 – Significant Accounting Policies

6 unchanged sentences

of normal recurring items) which are considered necessary for a fair presentation of the unaudited condensed financial statements of

the Company as of March 31, 2023 and December 31, 2022, and for the three months ended March 31, 2023 and 2022.

results of operations for the three months ended March 31, 2023 are not necessarily indicative of the operating results for the full

the Company as of June 30, 2023 and December 31, 2022, and for the three and six months ended June 30, 2023 and 2022.

results of operations for the three and six months ended June 30, 2023 are not necessarily indicative of the operating results for the

These unaudited condensed financial statements should be read in conjunction with the financial statements and notes thereto

for the year ended December 31, 2022 included in the Company’s Annual Report on Form 10-K filed with the SEC on March 2, 2023.

The accompanying condensed balance sheet as of December 31, 2022 has been derived from the Company’s audited financial

The accompanying condensed balance sheet as of December 31, 2022 has been derived from the Company’s audited financial statements.

MEDICAL CORPORATION

TO CONDENSED FINANCIAL STATEMENTS

4 – Investments

components of investments were as follows at June 30, 2023 and December 31, 2022:

of Components of Investments

(In thousands)

June 30, 2023

December 31, 2022

Cash Equivalents

Short-Term Investment

Cash Equivalents

Short-Term Investments

Fair Value Level 1

Government securities

Total debt investments

and realized gains and losses on the accompanying statement of operations result from fixed-income securities and primarily

attributable to changes in interest rates.

Management does not believe any remaining unrealized losses represent impairments based

on our evaluation of available evidence.

5 – Concentrations

2 unchanged sentences

Federal Deposit Insurance Corporation (“FDIC”) up to $ 0.25

at each institution.

million at each institution.

There were aggregate uninsured cash balances of $ 4.5

million and $ 4.3

million as of March 31, 2023 and December 31, 2022, respectively.

5 – Property and Equipment

of March 31, 2023 and December 31, 2022, property and equipment consist of the following:

of Property and Equipment

(In thousands)

Laboratory equipment

Furniture and fixtures

Computer equipment

Leasehold improvements

Total property and equipment

accumulated depreciation

Property and equipment, net

expense amounted to $ 0.1 million for the three months ended March 31, 2023 and 2022.

Depreciation expense is reflected in general and

administrative expenses in the accompanying statements of operations.

and $ 4.3 million as

of June 30, 2023 and December 31, 2022, respectively.

MEDICAL CORPORATION

1 unchanged sentence

6 – Accounts Payable Accrued Expenses and Other Current Liabilities

of March 31, 2023, and December 31, 2022, accounts payable, accrued expenses and other current liabilities consist of the

of Accrued Expenses and Other Current Liabilities

of June 30, 2023, and December 31, 2022, accrued expenses and other current liabilities consist of the following:

Schedule of Accrued Expenses and Other Current Liabilities

(In thousands)

2 unchanged sentences

Accrued professional fees

Accrued research and development

Other accrued expenses

18 unchanged sentences

30-2020-01157857 and was filed on August

The complaints assert several causes of action including a cause of action for failure to timely pay Mr.

Rankin’s accrued

and unused vacation and three months’ severance under his July 16, 2018 employment agreement, defamation, unlawful labor code violations,

sex-based discrimination, and unfair competition, and seeks damages for lost wages, emotional and mental distress, consequential damages,

punitive damages and attorney’s fees and costs.

Company has denied all claims in both matters (which have now been consolidated) and has filed a counterclaim asserting that Rankin

has breached his employment agreement with the Company to the Company’s damage.

The Company continues to believe it has

meritorious defenses to both matters which are currently set for trial on October 30, 2023.

As of the date of these financial statements, the amount of loss associated with these

complaints, if any, cannot be reasonably estimated.

Accordingly, no amounts related to these complaints are accrued as of March 31,

complaints assert several causes of action including a cause of action alleging failure to timely pay Mr.

Rankin’s accrued and

unused vacation and three months’ severance under his July 16, 2018 employment agreement, defamation, unlawful Labor Code

violations, sex-based discrimination, and unfair competition, and seeks damages for lost wages, emotional and mental distress,

consequential damages, punitive damages and attorney’s fees and costs.

Company has denied all claims in both matters (which have now been consolidated) and has filed a counterclaim asserting that Rankin has

breached his employment agreement with the Company to the Company’s damage.

The Company continues to believe it has meritorious

defenses to both matters which are currently set for trial on October 30, 2023.

of the date of these financial statements, the amount of loss associated with these complaints, if any, cannot be reasonably estimated.

Accordingly, no amounts related to these complaints are accrued as of June 30, 2023.

MEDICAL CORPORATION

NOTES TO CONDENSED FINANCIAL STATEMENTS

TO CONDENSED FINANCIAL STATEMENTS

8 – Stockholders’ Equity

time to time, the Company issues options for the purchase of its common stock to employees and others.

The Company recognized $ 1.8

million and $ 2.2

million of share-based compensation related to stock options during the three months ended March 31, 2023 and 2022, respectively.

of March 31, 2023, there was $ 6.6

million of unrecognized share-based compensation expense related to outstanding stock options that will be recognized over the

weighted average remaining vesting period of 1.7 years.

Share-based compensation is reflected in selling, general and administrative expenses in the accompanying condensed statements of operations.

During the six-months ended June

30, 2023, the Company granted options to employees for the purchase of 95,000 shares with a weighted average exercise price

of $ 6.70 per share.

The Company recognized $ 2.9 million and $ 4.5 million of share-based compensation related to stock options during

the six months ended June 30, 2023 and 2022, respectively.

As of June 30, 2023, there was $ 5.6 million of unrecognized stock-based compensation

expense related to outstanding stock options that will be recognized over the weighted average remaining vesting period of 1.5 years.

9 – Net Loss per Share

following table summarizes the number of potentially dilutive common stock equivalents excluded from the calculation of diluted net loss

per common share as of March 31, 2023 and 2022:

of Dilutive Net Loss Per Common Share

per common share as of June 30, 2023 and 2022:

Schedule of Dilutive Net Loss Per Common Share

(In thousands)

Shares of common stock issuable upon exercise of warrants

2 unchanged sentences

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-Q

Item 1. Financial Statements