Envoy Medical (COCH) Q4 2025 earnings summary

Executive summary

• Received FDA approval to expand pivotal clinical trial for fully implanted Acclaim cochlear implant based on promising data.

• Extinguished over $32 million in debt, significantly strengthening the balance sheet.

• Completed first set of activations and achieved six-month milestone with first 10 patients in Acclaim clinical trial.

• Completed enrollment of 56-patient U.S. pivotal trial for Acclaim cochlear implant after year-end.

• Closed a major capital raise with $30M received and up to $48M potential from warrants.

Financial highlights

• Net revenue for 2025 was $241,000, up from $225,000 in 2024, driven by Esteem FI-AMEI implant sales.

• Cost of goods sold increased by $132,000, mainly due to higher scrap and non-recurring expenses.

• R&D expenses rose by $2.3 million year-over-year, reflecting increased clinical trial activity.

• Sales and marketing expenses decreased by $514,000 due to lower legal fees.

• General and administrative expenses increased by $1.1 million, primarily from severance and consulting costs.

• Net loss attributable to common stockholders was $28.7 million for 2025, compared to $28.0 million in 2024.

Outlook and guidance

• Plans to submit PMA application to FDA for Acclaim cochlear implant following completion of pivotal trial enrollment.

• Positioned to leverage expanded IP portfolio and strengthened balance sheet for future growth.