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electroCore, Inc.
ECORCIK 0001560258NasdaqNon-AcceleratedSmaller ReportingElectromedical & Electrotherapeutic ApparatusDelawareGBFY ends Dec 31
Period
FY 2025
Revenue
$32.03M
Net Income
$-14.00M
Total Assets
$18.67M
Equity
$-1.71M
Shares Out
8.08M
Op. Cash Flow
$-8.19M
Business
electroCore, Inc. develops and commercializes bioelectronic medicine and general wellness products based on a proprietary non-invasive vagus nerve stimulation (nVNS) technology platform. It offers prescription handheld medical devices for treatment of primary headache conditions and consumer handheld products for general wellness and human performance, including gammaCore, Truvaga and TAC‑STIM. The company operates capabilities across product development, regulatory affairs, manufacturing, sales, marketing, fulfillment and customer support. It sells products in the United States and selected international markets through specialty pharmacies, government procurement channels, direct‑to‑consumer online retail and distribution partners.
Summary from filing dated 2025-03-12
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 |
|---|---|---|---|---|---|---|
| Net sales | 32 | 25 | 16 | 9 | 5 | |
| Cost of goods sold | 4 | 4 | 3 | 2 | 1 | |
| Gross profit | 28 | 21 | 13 | 7 | 4 | |
| Research and development | 3 | 2 | — | — | — | |
| Selling, general and administrative | 38 | 31 | 27 | 24 | 22 | |
| Total operating expenses | 41 | 34 | 32 | 30 | 24 | |
| Loss from operations | −13 | −12 | −19 | −23 | −20 | |
| Interest and other income | −298,000 | −572,000 | −433,000 | −287,000 | −11,000 | |
| Interest expense | 590,000 | 389,000 | — | — | — | |
| Other expense | 518,000 | — | 184,000 | 6,000 | 8,000 | |
| Total other expense (income) | 810,000 | −183,000 | — | — | — | |
| Loss before income taxes | −14 | −12 | −19 | −23 | −18 | |
| (Provision) benefit from income taxes | −3,000 | 93,000 | 186,000 | 431,000 | 851,000 | |
| Net loss | −14 | −12 | −19 | −22 | −17 | |
| Net loss per share of common stock - Basic | −1.65 | −1.59 | −3.42 | −4.69 | −4.36 | |
| Net loss per share of common stock - Diluted | −1.65 | −1.59 | −3.42 | −4.69 | −4.36 | |
| Weighted average common shares outstanding - Basic | 8,483 | 7,483 | 6 | 4,729 | 3,945 | |
| Weighted average common shares outstanding - Diluted | 8,483 | 7,483 | 6 | 4,729 | 3,945 |
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 | 7 | 4 | 10 | 18 | 35 | |
| Marketable securities | 5 | 9 | — | — | — | |
| Accounts receivable, net | 1 | 1 | 717,000 | 401,000 | 438,000 | |
| Inventories | 2 | 2 | 2 | 2 | 1 | |
| Prepaid expenses and other current assets | 1 | 1 | 836,000 | 828,000 | 1 | |
| Total current assets | 16 | 16 | 14 | 21 | 38 | |
| Property and equipment, net | 382,000 | 158,000 | 204,000 | 50,000 | 147,000 | |
| Operating lease right-of-use assets, net | 3 | 4 | 502,000 | 565,000 | 613,000 | |
| Other assets, net | 54,000 | 274,000 | 495,000 | 774,000 | 591,000 | |
| Total assets | 19 | 20 | 16 | 25 | 43 | |
| Accounts payable | 3 | 2 | 2 | 2 | 938,000 | |
| Accrued expenses and other current liabilities | 8 | 7 | 6 | 5 | 4 | |
| Current portion of operating lease liabilities | 375,000 | 361,000 | 89,000 | 74,000 | 61,000 | |
| Total current liabilities | 11 | 9 | 8 | 7 | 5 | |
| Operating lease liabilities, noncurrent | 2 | 4 | 537,000 | 625,000 | 700,000 | |
| Long-term debt | 7 | — | — | — | — | |
| Total liabilities | 20 | 13 | 9 | 8 | 6 | |
| Commitments and contingencies (see Note 16) | — | — | — | — | — | |
| Common Stock, par value $0.001 per share; 500,000,000 shares authorized as of December 31, 2025 and 2024; 8,004,416 shares issued and outstanding at December 31, 2025, and 6,650,854 shares issued and outstanding at December 31, 2024 | 8,000 | 7,000 | 6,000 | 5,000 | 5,000 | |
| Additional paid-in capital | 189 | 185 | 173 | 164 | 161 | |
| Accumulated deficit | −191 | −177 | −165 | −146 | −124 | |
| Accumulated other comprehensive loss | 99,000 | 114,000 | −64,000 | −69,000 | 13,000 | |
| Total stockholders equity (deficit) | −2 | 8 | 7 | 17 | 37 | |
| Total liabilities and stockholders equity (deficit) | 19 | 20 | 16 | 25 | 43 |
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 |
|---|---|---|---|---|---|---|
| Stock based compensation | 2 | 2 | 2 | 3 | 3 | |
| Depreciation and amortization | 501,000 | 760,000 | — | — | — | |
| Amortization of right of use assets | 1 | 498,000 | 63,000 | 48,000 | — | |
| Amortization of debt discount | 135,000 | — | — | — | — | |
| Write-down of licensed devices | 150,000 | — | — | — | — | |
| Inventory reserve charge | 41,000 | — | 682,000 | 200,000 | 70,000 | |
| Increase in provision for credit losses | 523,000 | 51,000 | −54,000 | — | 49,000 | |
| Accounts receivable | −142,000 | −710,000 | −262,000 | 37,000 | −217,000 | |
| Inventories | 16,000 | 713,000 | 96,000 | 296,000 | 371,000 | |
| Prepaid expenses and other assets | −294,000 | 102,000 | −8,000 | 225,000 | 716,000 | |
| Accounts payable | 2 | 1 | 35,000 | 1 | 464,000 | |
| Accrued expense and other current liabilities | 635,000 | 831,000 | 1 | 356,000 | 425,000 | |
| Operating lease liabilities | −1 | −225,000 | −73,000 | −62,000 | 20,000 | |
| Net cash used in operating activities | −8 | −7 | −15 | −17 | −14 | |
| Purchase of property and equipment | −66,000 | — | −206,000 | — | — | |
| Sale (purchase) of marketable securities | 4 | −9 | — | — | — | |
| Net cash provided by (used in) investing activities | 4 | −9 | −206,000 | — | 18 | |
| Sale of common stock and warrants | 217,000 | 8 | 8 | — | 26 | |
| Issuance of long-term debt | 8 | — | — | — | — | |
| Debt issuance costs | −95,000 | — | — | — | — | |
| Equity issuance costs | −94,000 | −232,000 | — | — | — | |
| Proceeds from exercise of options | 98,000 | — | — | — | — | |
| Proceeds from exercise of warrants | 1,000 | 371,000 | — | — | — | |
| Net cash provided by financing activities | 8 | 8 | 7 | — | 26 | |
| Effect of changes in exchange rates on cash and cash equivalents | 18,000 | 147,000 | — | — | — | |
| Net decrease in cash and cash equivalents | 3 | −7 | — | — | — | |
| Proceeds from sale of state net operating losses | 48,000 | 122,000 | — | 445,000 | 877,000 | |
| Interest paid | 397,000 | 13,000 | 13,000 | 6,000 | 10,000 | |
| Insurance premium financing | 452,000 | 359,000 | 361,000 | 522,000 | 874,000 | |
| Accounts payable settled through common stock and warrants | 2 | 1 | — | — | — | |
| Accounts payable settled through the exercise of warrants | 495,000 | 495,000 | — | — | — | |
| Non-cash debt issuance costs | 213,000 | — | — | — | — | |
| Shares issued in connection with Avenue loan | 720,000 | — | — | — | — | |
| Accrued purchases of property and equipment | 203,000 | — | — | — | — | |
| Right-of-use asset and operating lease liability | — | 3 | — | — | — |
Filings
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