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| Delaware | 001-42705 | 20-3369494 | ||||||||||||
| (State or other jurisdiction of incorporation) |
(Commission File Number) |
(IRS Employer Identification Number) |
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|
18805 Cox Avenue, Suite 250
Saratoga, California
|
95070 | |||||||
| (Address of Principal Executive Offices) | (Zip Code) | |||||||
| o | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | ||||
| o | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | ||||
| o | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | ||||
| o | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) | ||||
| Title of each class | Trading Symbol |
Name of each exchange on which registered |
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| common stock, $0.001 par value per share | CV | The Nasdaq Stock Market LLC | ||||||||||||
| Exhibit No. |
Description | |||||||
| 99.1 | ||||||||
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) | |||||||
| CAPSOVISION, INC. | ||||||||
| Date: August 14, 2025 | By: | /s/ Kevin Lundquist | ||||||
| Name: | Kevin Lundquist | |||||||
| Title | Chief Financial Officer | |||||||
Three Months Ended June 30, |
Six Months Ended June 30, | ||||||||||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||||||||||
| Net revenue | $ | 3,315 | $ | 2,843 | $ | 6,098 | $ | 5,338 | |||||||||||||||
| Costs of revenue | 1,504 | 1,251 | 2,793 | $ | 2,352 | ||||||||||||||||||
| Gross profit | 1,811 | 1,592 | 3,305 | 2,986 | |||||||||||||||||||
| OPERATING EXPENSES | |||||||||||||||||||||||
| Selling and marketing | 1,847 | 1,784 | 3,808 | 3,423 | |||||||||||||||||||
| Research and development | 3,392 | 4,222 | 6,499 | 7,482 | |||||||||||||||||||
| General and administrative | 1,223 | 857 | 3,031 | 1,561 | |||||||||||||||||||
| Total operating expenses | 6,462 | 6,863 | 13,338 | 12,466 | |||||||||||||||||||
| Operating loss | (4,651) | (5,271) | (10,033) | (9,480) | |||||||||||||||||||
| NON-OPERATING INCOME | |||||||||||||||||||||||
| Interest income, net | 37 | 5 | 43 | 14 | |||||||||||||||||||
| Other non-operating income/(expense), net | (11) | — | (10) | 1 | |||||||||||||||||||
| Total non-operating income, net | 26 | 5 | 33 | 15 | |||||||||||||||||||
| Loss before income taxes | (4,625) | (5,266) | (10,000) | (9,465) | |||||||||||||||||||
| Provision for income taxes | — | — | — | — | |||||||||||||||||||
| Net loss and comprehensive loss | $ | (4,625) | $ | (5,266) | $ | (10,000) | $ | (9,465) | |||||||||||||||
| Net loss per share – basic and diluted | $ | (2.02) | $ | (2.58) | $ | (4.49) | $ | (4.84) | |||||||||||||||
| Weighted average common shares outstanding – basic and diluted | 2,292,230 | 2,042,111 | 2,225,301 | 1,956,169 | |||||||||||||||||||
| June 30, 2025 | December 31, 2024 | ||||||||||
| ASSETS | |||||||||||
| Current Assets | |||||||||||
| Cash | $ | 1,066 | $ | 9,319 | |||||||
| Accounts receivable, net | 1,854 | 2,001 | |||||||||
| Inventory | 3,042 | 2,629 | |||||||||
| Prepaid expenses and other current assets | 1,837 | 898 | |||||||||
| Total current assets | 7,799 | 14,847 | |||||||||
| Property and equipment, net | 683 | 720 | |||||||||
| Operating lease right-of-use assets | 1,024 | 1,195 | |||||||||
| Other long-term assets | 41 | 41 | |||||||||
| TOTAL ASSETS | $ | 9,547 | $ | 16,803 | |||||||
| LIABILITIES, CONVERTIBLE PREFERRED STOCK, AND STOCKHOLDERS’ DEFICIT | |||||||||||
| Current Liabilities | |||||||||||
| Accounts payable | $ | 1,157 | $ | 749 | |||||||
| Accrued expenses and other current liabilities | 1,588 | 569 | |||||||||
| Deferred revenue | 97 | 132 | |||||||||
| Note payable, current | 1,000 | — | |||||||||
| Operating lease liabilities – current | 379 | 351 | |||||||||
| Total current liabilities | 4,221 | 1,801 | |||||||||
| Operating lease liabilities – long-term | 687 | 887 | |||||||||
| Total liabilities | 4,908 | 2,688 | |||||||||
| Commitments and contingencies - Note 9 | |||||||||||
| Convertible Preferred Stock (each Series: $0.001 par value) | |||||||||||
Series A: 17,962,675 shares authorized, 5,394,197 issued and outstanding, and liquidation preference of $4,850 |
4,850 | 4,850 | |||||||||
Series B: 6,000,000 shares authorized, 1,801,802 issued and outstanding, and liquidation preference of $4,319 |
4,319 | 4,319 | |||||||||
Series C: 5,747,127 shares authorized, 880,187 issued and outstanding, and liquidation preference of $2,550 |
2,550 | 2,550 | |||||||||
Series C-1: 3,876,405 shares authorized, 848,599 issued and outstanding, and liquidation preference of $2,515 |
2,515 | 2,515 | |||||||||
| June 30, 2025 | December 31, 2024 | ||||||||||
| Convertible Preferred Stock (each Series: $0.001 par value) (continued) | |||||||||||
Series D: 2,222,222 shares authorized, 520,519 issued and outstanding, and liquidation preference of $1,560 |
$ | 1,560 | $ | 1,560 | |||||||
Series D-1: 6,766,666 shares authorized, 166,833 issued and outstanding, and liquidation preference of $500 |
500 | 500 | |||||||||
Series D-2: 11,083,333 shares authorized, 2,920,649 issued and outstanding, and liquidation preference of $17,506 |
8,753 | 8,753 | |||||||||
Series E: 14,000,000 shares authorized, 4,151,977 issued and outstanding, and liquidation preference of $15,900 |
15,900 | 15,900 | |||||||||
Series F-1: 13,043,479 shares authorized, 1,201,203 issued and outstanding, and liquidation preference of $4,600 |
4,600 | 4,600 | |||||||||
Series F-2: 12,000,000 shares authorized, 2,498,498 issued and outstanding, and liquidation preference of $10,400 |
10,400 | 10,400 | |||||||||
Series G: 5,926,000 shares authorized, 1,779,559 issued and outstanding, and liquidation preference of $8,000 |
8,000 | 8,000 | |||||||||
Series G-1: 6,896,552 shares authorized, 2,039,756 issued and outstanding, and liquidation preference of $9,849 |
9,849 | 9,849 | |||||||||
Series H: 48,157,821 shares authorized, 14,461,804 issued and outstanding, and liquidation preference of $69,829 |
69,829 | 69,829 | |||||||||
| Total convertible preferred stock | 143,625 | 143,625 | |||||||||
| Stockholders’ Deficit | |||||||||||
Common stock, $0.001 par value: 190,000,000 and 190,000,000 shares authorized; 2,459,183 and 2,090,945 issued and outstanding as of June 30, 2025 and December 31, 2024, respectively |
2 | 2 | |||||||||
| Additional paid-in capital | 1,362 | 838 | |||||||||
| Accumulated deficit | (140,350) | (130,350) | |||||||||
| Total stockholders’ deficit | (138,986) | (129,510) | |||||||||
| TOTAL LIABILITIES, CONVERTIBLE PREFERRED STOCK, AND STOCKHOLDERS’ DEFICIT | $ | 9,547 | $ | 16,803 | |||||||
Six months ended June 30, |
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| 2025 | 2024 | ||||||||||
| CASH FLOWS FROM OPERATING ACTIVITIES | |||||||||||
| Net loss | $ | (10,000) | $ | (9,465) | |||||||
| Adjustments to reconcile net loss to net cash used in operating activities: | |||||||||||
| Depreciation and amortization | 107 | 103 | |||||||||
| Amortization of operating lease right-of-use assets | 171 | 155 | |||||||||
| Unrealized foreign exchange (gains) losses | (158) | 12 | |||||||||
| Stock-based compensation | 322 | 28 | |||||||||
| Bad debt expense | 11 | — | |||||||||
| Changes in operating assets and liabilities: | |||||||||||
| Accounts receivable | 167 | 236 | |||||||||
| Inventory | (413) | (165) | |||||||||
| Prepaid expenses and other current assets | (939) | (106) | |||||||||
| Other long-term assets | — | 3 | |||||||||
| Accounts payable | 408 | 369 | |||||||||
| Accrued expenses and other current liabilities | 1,019 | 1,309 | |||||||||
| Deferred revenue | (35) | 8 | |||||||||
| Operating lease liabilities | (172) | (123) | |||||||||
| Net cash used in operating activities | $ | (9,512) | $ | (7,636) | |||||||
| CASH FLOWS FROM INVESTING ACTIVITIES | |||||||||||
| Purchases of property and equipment | (70) | (149) | |||||||||
| Net cash used in investing activities | $ | (70) | $ | (149) | |||||||
| CASH FLOWS FROM FINANCING ACTIVITIES | |||||||||||
| Proceeds from promissory note issuance | 1,000 | — | |||||||||
| Proceeds from exercises of options on common stock and warrants | 202 | 72 | |||||||||
| Net cash provided by financing activities | $ | 1,202 | $ | 72 | |||||||
| Effect of exchange rate changes on cash | 127 | (27) | |||||||||
| Net decrease in cash | (8,380) | (7,713) | |||||||||
| Cash at beginning of period | 9,319 | 14,559 | |||||||||
| Cash at end of period | $ | 1,066 | $ | 6,819 | |||||||
| SUPPLEMENTAL CASH FLOW DISCLOSURES | |||||||||||
| Cash paid for income taxes | $ | 7 | $ | 6 | |||||||