10-K - Movano Inc. (0001734750) (Filer)

Wed, Apr 9, 9:10 PM (17 days ago)

### Summary of Movano Inc. (MOVE) Annual Report (2024) **Company Overview:** Movano Inc., operating as Movano Health, is a technology company developing a platform to deliver purpose-driven healthcare solutions. Their initial commercial product is the Evie Ring, a wearable designed specifically for women, launched in November 2023. The Evie Ring combines various health and wellness metrics to provide continuous health data, aiming to help users make manageable lifestyle changes and take a more proactive approach to mitigating the risks of chronic disease. **Financial Performance (in thousands):** - **Revenue:** $1,013 (2024) vs. $0 (2023) - **Operating Expenses:** $25,235 (2024) vs. $29,690 (2023) - **Cost of Revenue:** $3,007 (2024) vs. $0 (2023) - **Research and Development:** $11,195 (2024) vs. $16,893 (2023) - **Sales, General, and Administrative:** $11,033 (2024) vs. $12,797 (2023) - **Net Loss:** $23,727 (2024) vs. $29,283 (2023) - **Cash and Cash Equivalents:** $7,902 (2024) vs. $6,118 (2023) **Earnings per Share:** - **Basic and Diluted Net Loss per Share:** $3.94 (2024) vs. $9.51 (2023) **Strategic Overview:** Movano Health aims to provide medical-grade diagnostics in addition to lifestyle fitness monitoring. Their technology focuses on non-invasive and cuffless blood pressure monitoring and continuous glucose monitoring (CGM). The company has received FDA 510(k) clearance for the pulse oximetry feature in their EvieMED Ring, making it a medical device. **Future Outlook:** Movano Health plans to continue developing their Evie Ring and EvieMED Ring, as well as other products in development. They aim to bring a Class II FDA-cleared device to the market that includes CGM and cuffless blood pressure monitoring capabilities. The company is exploring various financing options to support their current business and growth plan. **Risk Factors:** - **Operational Risks:** Dependence on the success of initial products, competition, and the ability to attract and retain highly qualified personnel. - **Financial Risks:** Need for additional capital, potential delays in obtaining regulatory clearances, and the impact of macroeconomic conditions. - **Regulatory Risks:** Compliance with FDA regulations, potential product recalls, and the impact of healthcare reform measures. **Financial Condition:** Movano Health has an accumulated deficit of $148.1 million as of December 31, 2024. The company expects to continue incurring losses until it can generate significant sales. The financial condition is dependent on the ability to raise additional capital and obtain regulatory approvals. **Market Position Changes:** Movano Health faces competition from established companies in the general wellness, continuous glucose, and blood pressure monitoring markets. The company aims to differentiate itself through non-invasive and cuffless monitoring technologies. **Note:** The company's financial condition and operations are subject to significant risks and uncertainties, including the need for additional capital, regulatory approvals, and market competition.