What changed in this filing

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Item 1. Financial Statements

2024-07-31 compared with 2024-05-08 · 73 added, 65 removed, 162 unchanged (46% of the section changed)

2 unchanged sentences

BALANCE SHEETS

March 31, 2024

June 30, 2024

December 31, 2023

19 unchanged sentences

no shares issued or outstanding

Common stock, par value $ 0.00001 , 250,000 shares authorized, 13,330 and 13,317 shares issued and outstanding as of March 31, 2024 and December 31, 2023, respectively

Common stock, par value $ 0.00001 , 250,000 shares authorized, 13,330 and 13,317 shares issued and outstanding as of June 30, 2024 and December 31, 2023, respectively

Additional paid-in capital

5 unchanged sentences

STATEMENTS OF OPERATIONS

For the Three Months Ended

For the Three Months Ended June 30,

For the Six Months Ended June 30,

(In thousands, except per share data)

Operating Expenses:

Research and development expenses

Selling, general and administrative expenses

Research and development expenses

Loss from Operations

Other Income:

Realized gain from sales of trading securities

Unrealized gain from trading securities

Realized gains from sales of trading securities

Unrealized gains from of trading securities

Interest income, net

7 unchanged sentences

thousands, unless otherwise indicated)

Three Months Ended June 30, 2024

Stockholders’

Balance at April 1, 2024

$ ( 135,028 )

Shared-Based Compensation

Balance at June 30, 2024

$ ( 139,984 )

Three Months 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, 2024

Additional Paid-in

Stockholders’

Balance at January 1, 2024

$ ( 130,036 )

Stock-based compensation

Shared-Based Compensation

Options exercised

Balance at March 31, 2024

Balance at June 30, 2024

$ ( 139,984 )

Six Months Ended June 30, 2023

Additional Paid-in

Stockholders’

2 unchanged sentences

$ ( 106,520 )

Stock-based compensation

Balance at March 31, 2023

Shared-Based Compensation

Balance at June 30, 2023

$ ( 119,386 )

4 unchanged sentences

thousands, unless otherwise indicated)

For the Three Months Ended

For the Six Months Ended June 30,

Cash Flows from Operating Activities

Adjustments to reconcile net loss to net cash used in operating activities:

Stock-based compensation

Share-based compensation

Depreciation and amortization

Amortization of right of use assets

Unrealized gain from Investments

Unrealized (gain) loss from investments

Changes in operating assets and liabilities:

Prepaid expenses and other current assets

Accounts payable, accrued expenses and other current liabilities

Accounts payable

Accrued expenses and other current liabilities

Operating lease liabilities

2 unchanged sentences

Maturities of investments

Purchase of investments

Purchase of property and equipment

Purchases of investments

Net Cash Provided by Investing Activities

2 unchanged sentences

Net Cash Provided by Financing Activities

Net Decrease in Cash

Net (Decrease) Increase in Cash

Cash, cash equivalents - Beginning of period

8 unchanged sentences

venous valves for patients suffering from severe Chronic Venous Insufficiency (“CVI”) of the deep venous system of the leg.

Company’s lead product is the VenoValve®, which is a potential first-in-class surgical replacement venous valve that is

currently being evaluated in a U.S.

Company’s lead product is the VenoValve®, which is a potential first-in-class surgical replacement venous valve that is currently

being evaluated in a U.S.

pivotal study.

The Company is also developing a second product called enVVe®, which is a

potential first-in-class, non-surgical, transcatheter based replacement venous valve system consisting of the enVVe valve, the enVVe delivery system, and the delivery system accessories.

The Company is currently

conducting pre-clinical testing on enVVe.

Both the VenoValve and enVVe are designed to act as one-way valves, to help assist in

propelling blood up the veins of the leg, and back to the heart and lungs.

The Company is also developing a second product called enVVe®, which is a potential first-in-class,

non-surgical, transcatheter based replacement venous valve system consisting of the enVVe valve, the enVVe delivery system, and the delivery

system accessories.

The Company is currently conducting pre-clinical testing on enVVe.

Both the VenoValve and enVVe are designed to act

as one-way valves, to help assist in propelling blood up the veins of the leg, and back to the heart and lungs.

VenoValve and enVVe are being developed first for approval by the U.S.

5 unchanged sentences

2 – Management’s Liquidity Plan

of March 31, 2024, the Company had a cash and investment balance of $ 42.9 million and working capital of $ 41.8 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 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, 2024, the Company had a cash and investment balance of $ 39.1 million and working capital of $ 37.8 million.

Although the 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

are sufficient to meet our obligations as they become due within one year after the date of this Quarterly Report, and sustain operations.

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, 2024 and December 31, 2023, and for the three months ended March 31, 2024 and 2023.

results of operations for the three months ended March 31, 2024 are not necessarily indicative of the operating results for the full

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

the year ended December 31, 2023 included in the Company’s Annual Report on Form 10-K filed with the SEC on February 29, 2024.

The accompanying condensed balance sheet as of December 31, 2023 has been derived from the Company’s audited financial statements.

the Company as of June 30, 2024 and December 31, 2023, and for the three and six months ended June 30, 2024 and 2023.

results of operations for the three and six months ended June 30, 2024 are not necessarily indicative of the operating results for

the full year.

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

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

February 29, 2024.

The accompanying condensed balance sheet as of December 31, 2023 has been derived from the Company’s

audited financial statements.

MEDICAL CORPORATION

1 unchanged sentence

4 – Investments

components of investments were as follows at March 31, 2024 and December 31, 2023:

components of investments at June 30, 2024 and December 31, 2023 were as follows:

Schedule of Components of Investments

March 31, 2024

June 30, 2024

December 31, 2023

11 unchanged sentences

There were aggregate uninsured cash balances of

$ 2.1 million and $ 3.4 million as of March 31, 2024 and December 31, 2023, respectively.

6 – Property and Equipment

of March 31, 2024 and December 31, 2023, property and equipment consist of the following:

of Property and Equipment

(In thousands)

March 31, 2024

December 31, 2023

Laboratory equipment

Computer equipment and software

Leasehold improvements, furniture and fixtures

Total property and equipment

accumulated depreciation

Property and equipment, net

expense amounted to $ 0.1 million for the three months ended March 31, 2024 and 2023.

Depreciation expense is reflected in general and

administrative expenses in the accompanying statements of operations.

$ 0.9 million and $ 3.4 million as of June 30, 2024 and December 31, 2023, respectively.

MEDICAL CORPORATION

1 unchanged sentence

6 – Accounts Payable Accrued Expenses and Other Current Liabilities

of March 31, 2024, and December 31, 2023, accounts payable, accrued expenses and other current liabilities consist of the following:

of June 30, 2024, and December 31, 2023, accounts payable, accrued expenses and other current liabilities consist of the following:

of Accounts Payable Accrued Expenses and Other Current Liabilities

(In thousands)

March 31, 2024

June 30, 2024

December 31, 2023

21 unchanged sentences

30-2020-01157857 and was filed on August

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

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

Rankin’s accrued and unused

2 unchanged sentences

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 July 22, 2024.

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 and fiduciary duty to the Company’s damage.

The Company continues to

believe it has meritorious defenses to both matters which are currently set for trial on August 12, 2024.

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, 2024.

Accordingly, no amounts related to these complaints are accrued as of June 30, 2024.

MEDICAL CORPORATION

2 unchanged sentences

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

million and $ 1.8

million during the three months ended March 31, 2024 and 2023, respectively.

As of March 31, 2024, there was $ 5.9

million of unrecognized stock-based compensation

expense related to outstanding stock options that will be recognized over the weighted average remaining vesting period of 1.9

was $ 1.0 million and $ 1.2 million during the three months ended June 30, 2024 and 2023, respectively, and $ 2.1 million and $ 3.0 million

during the six months ended June 30, 2024 and 2023.

As of June 30, 2024, there was $ 5.3 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, 2024 and 2023:

per common share as of June 30, 2024 and 2023:

Schedule of Dilutive Net Loss Per Common Share

4 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