M
Corvex, Inc.
MOVECIK 0001734750NasdaqEmerging GrowthServices-Computer Processing & Data PreparationDelawareCHFY ends Dec 31
Period
FY 2025
Revenue
$433.0K
Net Income
$-18.29M
Total Assets
—
Equity
—
Shares Out
1.98M
Op. Cash Flow
$-11.27M
Business
Movano Inc. is developing a platform that brings medical-grade, high-quality biometric data to consumer health devices to enable preventative care and clinical monitoring. It offers wearable products including the Evie Ring (consumer wellness) and the FDA-cleared EvieMED Ring (prescription medical device), a mobile app, cloud analytics, and a patented RF-enabled System-on-a-Chip designed for non-invasive continuous glucose and cuffless blood pressure monitoring. Its activities span product development, clinical studies, regulatory submissions, intellectual property and manufacturing partnerships. It sells direct-to-consumer online, via prescription to healthcare providers and payors, and pursues OEM, VAR and clinical trial channels domestically and internationally.
Summary from filing dated 2025-04-09
Financials
Consolidated Statement of Income
Year Ended · In millions, except per-share amounts
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 | FY 2022 2022-12-31 | FY 2021 2021-12-31 |
|---|---|---|---|---|---|---|
| Revenue | 433,000 | 1 | — | — | — | |
| Cost of revenue | 2 | 3 | — | — | — | |
| Research and development | 6 | 11 | 17 | 19 | 13 | |
| Sales, general and administrative | 8 | 11 | 13 | 11 | 6 | |
| Total costs and expenses | 16 | 25 | 30 | — | — | |
| Loss from operations | −16 | −24 | −30 | −30 | −20 | |
| Interest expense (related party) | −3 | — | — | — | — | |
| Interest and other income, net | 183,000 | 495,000 | 407,000 | — | — | |
| Other income (expense), net | −3 | 495,000 | 407,000 | 133,000 | — | |
| Net loss and total comprehensive loss | −18 | −24 | −29 | −30 | −22 | |
| Cumulative dividends on Series A preferred stock | −37,000 | — | — | — | — | |
| Net loss - attributed to common stockholders | −18 | −24 | — | −30 | −24 | |
| Net loss per share, basic (in Dollars per share) | −21.79 | −39.39 | −9.51 | −0.92 | −0.92 | |
| Net loss per share, diluted (in Dollars per share) | −21.79 | −39.39 | −9.51 | −0.92 | −0.92 | |
| Weighted average shares used in computing net loss per share, basic (in Shares) | 840,720 | 602,333 | 3 | 33 | 26 | |
| Weighted average shares used in computing net loss per share, diluted (in Shares) | 840,720 | 602,333 | 3 | 33 | 26 |
Consolidated Balance Sheet
As of · In millions, except per-share amounts
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 | FY 2022 2022-12-31 | FY 2021 2021-12-31 |
|---|---|---|---|---|---|---|
| Cash and cash equivalents | 3 | 8 | 6 | 11 | 18 | |
| Payroll tax credit, current portion | 107,000 | 52,000 | 450,000 | 379,000 | 166,000 | |
| Vendor deposits | 44,000 | 28,000 | 399,000 | 103,000 | — | |
| Inventory | 2 | 2 | 1 | — | — | |
| Prepaid expenses and other current assets | 243,000 | 362,000 | 442,000 | 405,000 | 1 | |
| Total current assets | 5 | 10 | 9 | 12 | 35 | |
| Property and equipment, net | 101,000 | 213,000 | 342,000 | 443,000 | 529,000 | |
| Right-of-use asset | 415,000 | 600,000 | — | — | — | |
| Other assets | 97,000 | 117,000 | 387,000 | 487,000 | 48,000 | |
| Total assets | 6 | 11 | 9 | 13 | 36 | |
| Accounts payable | 3 | 2 | 3 | 557,000 | 311,000 | |
| Deferred revenue | 12,000 | 36,000 | 1 | — | — | |
| Other current liabilities | 936,000 | 1 | 2 | 4 | 3 | |
| Total current liabilities | 9 | 3 | 6 | 5 | 3 | |
| Other noncurrent liabilities | 267,000 | 520,000 | 50,000 | 214,000 | 36,000 | |
| Total noncurrent liabilities | 267,000 | 520,000 | 73,000 | 350,000 | 317,000 | |
| Total liabilities | 9 | 4 | 6 | 5 | 4 | |
| Commitments and contingencies (Note 12) | — | — | — | — | — | |
| Preferred stock, $0.0001 par value, 5,000,000 shares authorized at December 31, 2025 and 2024; 3,000 and no shares issued and outstanding at December 31, 2025 and 2024, respectively | — | — | — | — | — | |
| Common stock, $0.0001 par value, 500,000,000 shares authorized at December 31, 2025 and 2024; 904,486 and 684,029 shares issued and outstanding at December 31, 2025 and 2024, respectively | 10,000 | 10,000 | 6,000 | 3,000 | 3,000 | |
| Additional paid-in capital | 163 | 155 | 128 | 103 | 98 | |
| Accumulated deficit | −166 | −148 | −124 | −95 | −65 | |
| Total stockholders' equity (deficit) | −3 | 7 | 3 | 8 | 33 | |
| Total liabilities and stockholders' equity (deficit) | 6 | 11 | 9 | 13 | 36 |
Consolidated Statement of Cash Flows
Year Ended · In millions, except per-share amounts
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 | FY 2022 2022-12-31 | FY 2021 2021-12-31 |
|---|---|---|---|---|---|---|
| Depreciation and amortization | 149,000 | 166,000 | 158,000 | 147,000 | 74,000 | |
| Stock-based compensation | 3 | 3 | 3 | 3 | 2 | |
| Noncash lease expense | −1,000 | 246,000 | 224,000 | −13,000 | — | |
| Write-down of inventory to net realizable value | 785,000 | — | — | — | — | |
| Amortization of debt discount (related party) | 3 | — | — | — | 772,000 | |
| Interest expense on bridge loan (related party) | 82,000 | — | — | — | — | |
| Non-cash compensation related to common stock warrants issued to strategic advisory group | — | 60,000 | — | — | — | |
| Loss on disposal of property and equipment | — | 2,000 | 13,000 | 44,000 | — | |
| Payroll tax credit | −55,000 | 567,000 | 427,000 | −250,000 | — | |
| Inventory | −505,000 | −932,000 | −1 | — | — | |
| Prepaid expenses, vendor deposits and other current assets | 103,000 | 451,000 | −209,000 | 788,000 | — | |
| Other assets | −17,000 | −14,000 | — | −50,000 | −38,000 | |
| Accounts payable | 1 | −1 | 3 | 246,000 | 65,000 | |
| Deferred revenue | −24,000 | −1 | 1 | — | — | |
| Other current and noncurrent liabilities | −596,000 | −265,000 | −3 | 1 | — | |
| Net cash used in operating activities | −11 | −23 | −26 | −25 | −16 | |
| Purchases of property and equipment | — | −8,000 | −64,000 | −105,000 | −565,000 | |
| Net cash used in investing activities | — | −8,000 | −64,000 | 16 | −17 | |
| Proceeds from bridge loan (related party) | 2 | — | — | — | — | |
| Proceeds from sale of Series A preferred stock | 3 | — | — | — | — | |
| Issuance of common stock, pre-funded warrants and common stock warrants in April 2024 sale, net of issuance costs | — | 23 | 7 | — | — | |
| Issuance of common stock, net of issuance costs | 2 | 2 | 3 | 2 | 76,000 | |
| Issuance of common stock upon exercise of stock options | 87,000 | 15,000 | 109,000 | 31,000 | — | |
| Net cash provided by financing activities | 6 | 24 | 22 | 2 | 45 | |
| Net increase/(decrease) in cash and cash equivalents | −5 | 2 | −5 | −7 | 12 | |
| Cash paid for interest | 4,000 | — | — | — | — | |
| Cash paid for taxes | — | — | — | — | — | |
| Vesting of common stock issued upon early exercise | — | 23,000 | 113,000 | 145,000 | 136,000 | |
| Issuance of common stock warrants in April 2024 sale | — | 9 | — | — | — | |
| Right of use asset recorded for operating lease liability | — | 544,000 | 50,000 | — | — | |
| Original issue discount on bridge loan | 3 | — | — | — | — | |
| Issuance costs on bridge loan (related party) recorded in accounts payable | 10,000 | — | — | — | — | |
| Accrued interest on bridge loan (related party) in other current liabilities | 72,000 | — | — | — | — | |
| Amortization of original issue discount on bridge loan (related party) | 3 | — | — | — | — | |
| Costs (in equity) related to sale of Series A preferred stock recorded in accounts payable | 150,000 | — | — | — | — |
Filings
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