PR Newswire
PLEASANTON, Calif., Aug. 15, 2022
Conference call begins at 2:00 p.m. Pacific time today
PLEASANTON, Calif., Aug. 15, 2022 /PRNewswire/ -- Today, Movano Inc. (NASDAQ:MOVE), a purpose-driven healthcare solutions company at the intersection of medtech and consumer devices, reported financial results for the three months ending June 30, 2022 and provided a business update.
Highlights from the second quarter and recent weeks include the following:
"It's an exciting time for our emerging company as we're working toward commercialization of the Movano Ring, a smart ring designed for women. Our team has accomplished several significant milestones over a short period of time, including the development of multiple beta test programs in partnership with leaders in the healthcare space and a highly encouraging hypoxia pilot study. In parallel, we successfully completed testing of our proprietary and patented system-on-a-chip, the smallest custom mmWave integrated sensor for cuffless blood pressure and non-invasive glucose monitoring, and are now integrating it into a prototype platform for clinical evaluations," said Dr. John Mastrototaro, CEO of Movano Inc. "We aim to move healthcare technology in a direction that's more accessible, both in price and in experience, arming consumers with medically validated data and key insights they can trust, and packaging it into a solution that looks great and provides real value, so it becomes a seamless part of their everyday routine and helps them achieve a more well balanced and healthier life."
Second Quarter 2022 Financial Results
Conference Call and Webcast
Management will host a conference call and live audio webcast to discuss these results and provide a business update today at 2:00 p.m. PDT (5:00 p.m. EDT).
Attendees can access the live webcast here or on the investors section of Movano's website at https://ir.movano.com. The conference call can be accessed by dialing 1-877-407-0989 (domestic) or 1-201-389-0921 (international). Attendees can also use the Call Me link, in which they will be dialed in to the conference call instantly on the number provided with no hold time. An archived webcast will be available on Movano's website approximately one hour after the completion of the event and for two years thereafter.
To learn more about Movano Inc., please visit www.movano.com
About Movano
Founded in 2018, Movano Inc. (NASDAQ:MOVE) is developing a suite of purpose-driven healthcare solutions to bring medical-grade, high-quality data to the forefront of consumer health devices. Featuring modern form factors, Movano's wearables capture a comprehensive picture of a person's vital health information and uniquely translate the data into personalized and intelligent insights that empower consumers to live healthier and more balanced lives. Movano's end-to-end solutions will soon enable a world where consumers, caretakers and healthcare professionals can utilize daily health data as a tool to proactively monitor and manage their health. For more information, visit www.movano.com.
Forward Looking Statements
This press release contains forward-looking statements concerning our expectations, anticipations, intentions, beliefs or strategies regarding the future. These forward-looking statements are based on assumptions that we have made as of the date hereof and are subject to known and unknown risks and uncertainties that could cause actual results, conditions and events to differ materially from those anticipated. Therefore, you should not place undue reliance on forward-looking statements. Examples of forward-looking statements include, among others, statements we make regarding expected future operating results; product development efforts and product releases; clinical trial and regulatory initiatives; commercial partner activities; as well as our strategies, positioning and expectations for future events or performance. Important factors that could cause actual results to differ materially from those in the forward-looking statements are set forth in our most recent Annual Report on Form 10-K and any subsequent Quarterly Reports on Form 10-Q, and in our other reports filed with the Securities and Exchange Commission, including under the caption "Risk Factors." Any forward-looking statement in this release speaks only as of the date of this release. We undertake no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise.
Movano Inc. | ||||||||
June 30, | December 31, | |||||||
2022 | 2021 | |||||||
ASSETS | ||||||||
Current assets: | ||||||||
Cash and cash equivalents | $ | 17,089 | $ | 17,675 | ||||
Short-term investments | 4,214 | 15,921 | ||||||
Payroll tax credit, current portion | 379 | 166 | ||||||
Prepaid expenses and other current assets | 1,289 | 1,296 | ||||||
Total current assets | 22,971 | 35,058 | ||||||
Property and equipment, net | 474 | 529 | ||||||
Payroll tax credit, noncurrent portion | 417 | 630 | ||||||
Other assets | 530 | 48 | ||||||
Total assets | $ | 24,392 | $ | 36,265 | ||||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||
Current liabilities: | ||||||||
Accounts payable | $ | 753 | $ | 311 | ||||
Other current liabilities | 2,635 | 2,907 | ||||||
Total current liabilities | 3,388 | 3,218 | ||||||
Noncurrent liabilities: | ||||||||
Early exercised stock option liability | 205 | 281 | ||||||
Other noncurrent liabilities | 302 | 36 | ||||||
Total noncurrent liabilities | 507 | 317 | ||||||
Total liabilities | 3,895 | 3,535 | ||||||
Commitments and contingencies (Note 12) | ||||||||
Stockholders' equity: | ||||||||
Preferred stock, $0.0001 par value, 5,000,000 shares authorized at June 30, 2022 | — | — | ||||||
Common stock, $0.0001 par value, 75,000,000 shares authorized at June 30, 2022 | 3 | 3 | ||||||
Additional paid-in capital | 99,077 | 97,506 | ||||||
Accumulated other comprehensive loss | (15) | (11) | ||||||
Accumulated deficit | (78,568) | (64,768) | ||||||
Total stockholders' equity | 20,497 | 32,730 | ||||||
Total liabilities and stockholders' equity | $ | 24,392 | $ | 36,265 |
Movano Inc. | ||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||
OPERATING EXPENSES: | ||||||||||||||||
Research and development | $ | 4,112 | $ | 3,183 | $ | 8,703 | $ | 5,125 | ||||||||
General and administrative | 2,734 | 1,863 | 5,081 | 3,187 | ||||||||||||
Total operating expenses | 6,846 | 5,046 | 13,784 | 8,312 | ||||||||||||
Loss from operations | (6,846) | (5,046) | (13,784) | (8,312) | ||||||||||||
Other income (expense), net: | ||||||||||||||||
Interest expense | — | — | — | (883) | ||||||||||||
Change in fair value of warrant liability | — | — | — | (1,581) | ||||||||||||
Change in fair value of derivative liability | — | — | — | 121 | ||||||||||||
Forgiveness of Paycheck Protection Program Loan | — | 351 | — | 351 | ||||||||||||
Interest and other income (expense), net | (22) | 8 | (16) | 9 | ||||||||||||
Other income (expense), net | (22) | 359 | (16) | (1,983) | ||||||||||||
Net loss | (6,868) | (4,687) | (13,800) | (10,295) | ||||||||||||
Accretion and dividends on redeemable convertible preferred stock | — | — | — | (2,489) | ||||||||||||
Net loss attributable to common stockholders | $ | (6,868) | $ | (4,687) | $ | (13,800) | $ | (12,784) | ||||||||
Net loss | $ | (6,868) | $ | (4,687) | $ | (13,800) | $ | (10,295) | ||||||||
Other comprehensive loss: | ||||||||||||||||
Change in unrealized gain (loss) on available-for-sale | 15 | (1) | (4) | (1) | ||||||||||||
Total comprehensive loss | $ | (6,853) | $ | (4,688) | $ | (13,804) | $ | (10,296) | ||||||||
Net loss per share attributable to common stockholders, basic and diluted | $ | (0.21) | $ | (0.15) | $ | (0.42) | $ | (0.64) | ||||||||
Weighted average shares used in computing net loss per share attributable to common stockholders, basic and diluted | 32,793,907 | 32,017,335 | 32,769,093 | 20,099,402 |
View original content to download multimedia:https://www.prnewswire.com/news-releases/movano-inc-provides-business-update-and-reports-second-quarter-2022-financial-results-301605271.html
SOURCE Movano
We use cookies to tailor your experience, measure site performance and present relevant offers and advertisements. By clicking ‘Accept’ or any content on this site, you agree that cookies can be placed on your browser. You can view our privacy policy to learn more.
If you would like to get more data, alerts and access to Real Vision videos, join us as an Insider Tracking Advantage Ultra member