Revenue: As of FY2025, the actual value is USD 2.038 M.

EPS: As of FY2025, the actual value is USD -0.26.

EBIT: As of FY2025, the actual value is USD -99.47 M.

Segment Revenue

• Product Revenue, Net: Product revenue, net, was $1,389 thousand for the year ended December 31, 2025, a 100% increase from $0 for the year ended December 31, 2024.
• Contract Revenue: Contract revenue was $649 thousand for the year ended December 31, 2025, a 100% increase from $0 for the year ended December 31, 2024.
• Total Revenue: Total revenue reached $2,038 thousand for the year ended December 31, 2025, increasing 100% from $0 for the year ended December 31, 2024.

Operational Metrics

• Net Loss: The net loss for the year ended December 31, 2025, was -$40.8 million, a -73% change compared to -$148.7 million for the year ended December 31, 2024.
• Accumulated Deficit: The accumulated deficit was -$726.8 million as of December 31, 2025, compared to -$686.0 million as of December 31, 2024.
• Operating Loss: The operating loss was -$108.1 million for the year ended December 31, 2025, representing a -5% change from -$114.4 million for the year ended December 31, 2024.
• Cost of Goods Sold: Cost of goods sold increased to $9.7 million for the year ended December 31, 2025, from $0 in the prior year, primarily due to an $8.9 million inventory reserve and $0.8 million from commercial sales of Symvess.
• Research and Development Expenses: Research and development expenses decreased by -$19.3 million or -22% to $69.3 million for the year ended December 31, 2025, from $88.6 million in 2024, reflecting the transition to commercial operations and reduced spending on vascular trauma trials.
  • Direct Expenses (Vascular Trauma): Direct expenses for vascular trauma were $892 thousand in 2025, a decrease of -$1,289 thousand or -59% from $2,181 thousand in 2024.
  • Direct Expenses (AV Access): Direct expenses for AV Access were $5,944 thousand in 2025, a decrease of -$676 thousand or -10% from $6,620 thousand in 2024.
  • Direct Expenses (PAD): Direct expenses for PAD were $0 in 2025, a decrease of -$143 thousand or -100% from $143 thousand in 2024.
  • Unallocated External Services: Unallocated external services were $5,241 thousand in 2025, a decrease of -$1,830 thousand or -26% from $7,071 thousand in 2024.
  • Unallocated Materials and Supplies: Unallocated materials and supplies were $16,173 thousand in 2025, a decrease of -$5,592 thousand or -26% from $21,765 thousand in 2024.
  • Unallocated Payroll and Personnel Expenses: Unallocated payroll and personnel expenses were $33,380 thousand in 2025, a decrease of -$3,157 thousand or -9% from $36,537 thousand in 2024.
  • Other Unallocated Research and Development Expenses: Other unallocated research and development expenses were $7,672 thousand in 2025, a decrease of -$6,610 thousand or -46% from $14,282 thousand in 2024.
• General and Administrative Expenses: General and administrative expenses increased by $5.4 million or 21% to $31.2 million for the year ended December 31, 2025, from $25.8 million in 2024, primarily due to the commercial launch of Symvess.

Cash Flow

• Net Cash Flows Used in Operating Activities: Net cash flows used in operating activities were -$105.0 million for the year ended December 31, 2025, compared to -$98.1 million for the year ended December 31, 2024.
• Cash and Cash Equivalents: Cash and cash equivalents were $50.5 million as of December 31, 2025, compared to $44.9 million as of December 31, 2024.
• Restricted Cash: Restricted cash was $0.4 million as of December 31, 2025, a decrease from $50.4 million as of December 31, 2024.

Unique Metrics

• Total Other Income (Expense), Net: Total other income (expense), net, was an income of $67.3 million for the year ended December 31, 2025, an increase of $101.6 million from an expense of -$34.3 million for the year ended December 31, 2024.
• Change in Fair Value of Contingent Earnout Liability: There was a $59.5 million gain from the change in fair value of contingent earnout liability for 2025, compared to a -$33.0 million loss for 2024.
• Interest Expense: Interest expense was -$11.3 million for 2025, compared to -$9.3 million for 2024.
• Change in Fair Value of Derivatives: A $38.8 million gain was reported from the change in fair value of derivatives for 2025, compared to a $3.9 million gain for 2024.
• Loss on Extinguishment of Debt: A loss on extinguishment of debt of -$22.3 million was recorded for 2025, with no comparable amount in 2024.

Outlook / Guidance

The company anticipates continued substantial operating losses and negative cash flows as it scales Symvess commercialization and advances product candidates. A supplemental BLA for ATEV in AV access for hemodialysis is planned for submission in the second half of 2026, contingent on interim results from the V012 Phase 3 trial, with top-line interim results expected in Q2 2026. The company also plans to commence the first human clinical testing of CTEV in CABG in the second half of 2026, subject to FDA IND clearance, and will require additional funding to support these activities.