--- title: "enVVeno Medical | 10-K: FY2025 Revenue: USD 0" type: "News" locale: "en" url: "https://longbridge.com/en/news/280684103.md" datetime: "2026-03-26T20:26:44.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/280684103.md) - [en](https://longbridge.com/en/news/280684103.md) - [zh-HK](https://longbridge.com/zh-HK/news/280684103.md) generator: "portal-rs" --- # enVVeno Medical | 10-K: FY2025 Revenue: USD 0 Revenue: As of FY2025, the actual value is USD 0. EPS: As of FY2025, the actual value is USD -33.06. EBIT: As of FY2025, the actual value is USD -21.59 M. enVVeno Medical Corporation operates as a single segment focused on Medical Device development in the United States, and therefore, segment-specific revenue is not applicable as the company is not currently generating revenue and does not expect significant revenue until its product candidates receive FDA approval. #### Net Loss Net loss was - $19.5 million for the year ended December 31, 2025, representing an 11% decrease from - $21.8 million for the year ended December 31, 2024. #### Operating Expenses Loss from operations was - $20.9 million for the year ended December 31, 2025, compared to - $23.8 million for the year ended December 31, 2024. ##### Research and Development Expenses Research and development expenses decreased by $2.2 million, or 19%, to $10.0 million for the year ended December 31, 2025, from $12.2 million for the year ended December 31, 2024. Employee expense: $5,339 thousand in 2025, $4,984 thousand in 2024. Clinical costs: $3,216 thousand in 2025, $5,345 thousand in 2024. Product costs: $840 thousand in 2025, $1,147 thousand in 2024. Other R&D costs: $586 thousand in 2025, $773 thousand in 2024. ##### Selling, General and Administrative Expenses Selling, general and administrative expenses decreased by $0.7 million, or 6%, to $10.9 million for the year ended December 31, 2025, from $11.6 million for the year ended December 31, 2024. Employee expense: $6,147 thousand in 2025, $6,285 thousand in 2024. Professional fees: $1,558 thousand in 2025, $2,451 thousand in 2024. Occupancy: $597 thousand in 2025, $626 thousand in 2024. Insurance: $610 thousand in 2025, $655 thousand in 2024. Other SG&A costs: $2,006 thousand in 2025, $1,560 thousand in 2024. #### Other Income Total other income decreased by $0.6 million to $1.4 million for the year ended December 31, 2025, from $2.0 million for the year ended December 31, 2024. Realized gain from sales of trading securities: $1,126 thousand in 2025, $1,640 thousand in 2024. Unrealized loss from trading securities: - $391 thousand in 2025, - $22 thousand in 2024. Interest income: $692 thousand in 2025, $389 thousand in 2024. #### Cash Flow Net cash used in operating activities was - $15.6 million for the year ended December 31, 2025, a decrease of $1.2 million from - $16.8 million for the year ended December 31, 2024. Net cash provided by investing activities was $15.9 million for the year ended December 31, 2025, compared to $1.3 million for the year ended December 31, 2024. Maturities of investments: $61,879 thousand in 2025, $56,939 thousand in 2024. Purchase of investments: - $46,018 thousand in 2025, - $55,567 thousand in 2024. Purchases of property and equipment: - $5 thousand in 2025, - $37 thousand in 2024. Net cash provided by financing activities was $1.0 million for the year ended December 31, 2025, compared to $13.6 million for the year ended December 31, 2024. Proceeds from sale of common stock in At-the-Market offering, net of fees: $782 thousand in 2025, - $0 thousand in 2024. Proceeds from the sale of common stock and pre-funded warrants in public offering, net of fees: - $0 thousand in 2025, $13,591 thousand in 2024. Proceeds from exercise of warrants: $241 thousand in 2025, - $0 thousand in 2024. Proceeds from exercise of stock options: - $0 thousand in 2025, $46 thousand in 2024. Cash and cash equivalents were $3.1 million as of December 31, 2025, compared to $1.8 million as of December 31, 2024. #### Other Key Metrics Total cash and investments were $28.2 million as of December 31, 2025. Working capital was $26.7 million as of December 31, 2025. Unrecognized stock-based compensation expense was $3.2 million as of December 31, 2025, to be recognized over a weighted average remaining vesting period of 1.6 years. Federal net operating loss (NOL) carryforwards were approximately $95.6 million as of December 31, 2025, with $12.0 million pre-2018 NOLs expiring in 2029 and $83.6 million post-2018 NOLs carrying forward indefinitely. State NOL carryforwards were approximately $114.0 million as of December 31, 2025, which begin to expire in 2029. Federal research and development tax credit carryforwards were approximately $0.2 million, beginning to expire in 2027. #### Outlook / Guidance enVVeno Medical Corporation anticipates its cash burn rate may increase from approximately $4 million per quarter to between $4 million and $5 million per quarter in 2026. Despite this increase, the company expects to have sufficient cash to fund operations through mid-2027. 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