UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 10-Q

 

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the quarterly period ended March 31, 2026

 

OR

 

☐ TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the transition period from to ___________________

 

Commission file number: 001-38325

 

enVVeno Medical Corporation

(Exact name of registrant as specified in its charter)

 

Delaware		33-0936180
(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification No.)

 

70 Doppler

Irvine, California 92618

(Address of principal executive offices)

 

(949) 261-2900

(Registrant’s telephone number, including area code)

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of Each Class:		Name of Each Exchange on Which Registered:		Ticker Symbol
Common Stock, $0.00001 par value		The NASDAQ Stock Market LLC		NVNO

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

	Large accelerated filer	☐		Accelerated filer	☐
	Non-accelerated filer	☒		Smaller reporting company	☒
				Emerging growth company	☐

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

 

As of May 1, 2026, there were 667,669 shares of common stock outstanding.

 

 

 

ENVVENO MEDICAL CORPORATION

TABLE OF CONTENTS

 

PART I
FINANCIAL INFORMATION
ITEM 1. Financial Statements (unaudited)	1
Condensed Balance Sheets as of March 31, 2026 and December 31, 2025	1
Condensed Statements of Operations for the three months ended March 31, 2026 and 2025	2
Condensed Statements of Changes in Stockholders’ Equity for the three months ended March 31, 2026 and 2025	3
Condensed Statements of Cash Flows for the three months ended March 31, 2026 and 2025	4
Notes to Condensed Financial Statements	5
ITEM 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations	8
ITEM 3. Quantitative and Qualitative Disclosures About Market Risk	12
ITEM 4. Controls and Procedures	12
PART II
OTHER INFORMATION	13
ITEM 1. Legal Proceedings	13
ITEM 1A. Risk Factors	13
ITEM 2. Unregistered Sales of Equity Securities and Use of Proceeds	13
ITEM 3. Defaults Upon Senior Securities	13
ITEM 4. Mine Safety Disclosures	13
ITEM 5. Other Information	13
ITEM 6. Exhibits	14
Signatures	15

 

 

PART I – FINANCIAL INFORMATION

 

ITEM 1 – Financial Statements

 

ENVVENO MEDICAL CORPORATION

CONDENSED BALANCE SHEETS

(In thousands except par values, unless otherwise indicated)

(Unaudited)

 

		March 31, 2026				December 31, 2025
Assets
Current assets:
Cash and cash equivalents		$	2,597			$	3,065
Short-term investments			22,333				25,147
Prepaid expenses and other current assets			559				614
Total current assets			25,489				28,826
Property and equipment, net			16				51
Operating lease right-of-use assets, net			561				654
Security deposits and other assets			31				31
Total assets		$	26,097			$	29,562
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable, accrued expenses and other current liabilities		$	1,747			$	1,732
Current portion of operating lease liabilities			396				390
Total current liabilities			2,143				2,122
Long-term operating lease liabilities			207				310
Total liabilities			2,350				2,432
Commitments and Contingencies – Note 7			-				-
Stockholders’ Equity:
Preferred stock, par value $0.00001, 10,000 shares authorized, no shares issued or outstanding			-				-
Common stock, par value $0.00001, 250,000 shares authorized, 656 shares issued and outstanding as of March 31, 2026 and December 31, 2025			-				-
Additional paid-in capital			198,923				198,457
Accumulated deficit			(175,176	)			(171,327	)
Total stockholders’ equity			23,747				27,130
Total liabilities and stockholders’ equity		$	26,097			$	29,562

 

See accompanying notes to unaudited condensed financial statements.

 

 

ENVVENO MEDICAL CORPORATION

CONDENSED STATEMENTS OF OPERATIONS

(In thousands, except per share data)

(Unaudited)

 

		For the Three Months Ended
		March 31,
		2026				2025
(In thousands, except per share data)
Operating expenses:
Research and development expenses		$	2,111			$	2,557
Selling, general and administrative expenses			1,951				2,397
Loss from operations			(4,062	)			(4,954	)
Other income:
Realized gain from sales of trading securities			238				426
Unrealized loss from trading securities			(43	)			(194	)
Interest income			22				219
Loss from disposition of property and equipment			(4	)			-
Total other income			213				451
Net loss		$	(3,849	)		$	(4,503	)
Net loss per basic and diluted common share:		$	(5.89	)		$	(7.75	)
Weighted average number of common shares outstanding:
Basic and diluted			654				581

 

See accompanying notes to unaudited condensed financial statements.

 

 

ENVVENO MEDICAL CORPORATION

CONDENSED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY

(In thousands, unless otherwise indicated)

(Unaudited)

 

		Three Months Ended March 31, 2026
		Common Stock								Additional Paid-in				Accumulated				Total Stockholders’
		Shares				Amount				Capital				Deficit				Equity
Balance, January 1, 2026			656			$	-			$	198,457			$	(171,327	)		$	27,130
Effect of reverse stock split			-				-				(1	)			-				(1	)
Stock-based compensation			-				-				467				-				467
Net loss			-				-				-				(3,849	)			(3,849	)
Balance, March 31, 2026			656			$	-			$	198,923			$	(175,176	)		$	23,747

 

		Three Months Ended March 31, 2025
		Common Stock								Additional Paid-in				Accumulated				Total Stockholders’
		Shares				Amount				Capital				Deficit				Equity
Balance, January 1, 2025			501			$	-			$	194,014			$	(151,855	)		$	42,159
Balance			501			$	-			$	194,014			$	(151,855	)		$	42,159
Stock-based compensation			-				-				651				-				651
Net loss			-				-				-				(4,503	)			(4,503	)
Balance, March 31, 2025			501			$	-			$	194,665			$	(156,358	)		$	38,307
Balance			501			$	-			$	194,665			$	(156,358	)		$	38,307

 

See accompanying notes to unaudited condensed financial statements.

 

 

ENVVENO MEDICAL CORPORATION

CONDENSED STATEMENTS OF CASH FLOWS

(In thousands, unless otherwise indicated)

(Unaudited)

 

		For the Three Months Ended March 31,
		2026				2025
Cash Flows from Operating Activities
Net loss		$	(3,849	)		$	(4,503	)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock-based compensation			467				651
Depreciation and amortization			31				40
Loss on disposition of property and equipment			4				-
Amortization of right-of-use assets			93				82
Unrealized loss from investments			43				194
Changes in operating assets and liabilities:
Prepaid expenses and other current assets			55				43
Accounts payable, accrued expenses and other current liabilities			15				(440	)
Operating lease liabilities			(97	)			(85	)
Net cash used in operating activities			(3,238	)			(4,018	)
Cash Flows from Investing Activities
Maturities of investments			25,012				14,075
Purchases of investments			(22,242	)			(8,874	)
Net cash provided by investing activities			2,770				5,201
Net (decrease) increase in cash and cash equivalents			(468	)			1,183
Cash and cash equivalents, beginning of period			3,065				1,754
Cash and cash equivalents, end of period		$	2,597			$	2,937

 

See accompanying notes to unaudited condensed financial statements.

 

 

ENVVENO MEDICAL CORPORATION

NOTES TO CONDENSED FINANCIAL STATEMENTS

(unaudited)

 

Note 1 – Business Organization and Nature of Operations

 

The Company

 

enVVeno Medical Corporation (the “Company”) is a medical device company focused on the advancement of innovative bioprosthetic (tissue-based) solutions to improve the standard of care for the treatment of venous disease. The Company is developing a replacement venous valve for patients suffering from severe Chronic Venous Insufficiency (“CVI”) of the deep venous system of the leg.

 

The Company first developed the VenoValve®, which was a potential first-in-class surgical replacement venous valve (the Company received a not-approvable letter from the U.S. Food and Drug Administration (“FDA”) in response to its PMA application for the VenoValve in August 2025). The Company is now focused on its next-generation, non-surgical venous valve product, called the enVVe® System. The enVVe System consists of the enVVe Valve, enVVe Delivery System, enVVe Nose Cone, the enVVe Delivery System Accessories, and the enVVe Crimping System. The enVVe Valve is a first-in-class, non-surgical, transcatheter based replacement venous valve being developed for the treatment of severe CVI. The enVVe Valve is designed to act as a one-way valve, to help assist in propelling blood up the veins of the leg, and back to the heart and lungs. The Company has completed pre-clinical testing on the enVVe System.

 

The Company’s Investigational Device Exemption (“IDE”) application was approved by the FDA authorizing the Company to commence a study of a non-surgical replacement venous valve. The Transcatheter Venous Valve Endoprosthesis (“TAVVE”) pivotal study will evaluate the Company’s minimally invasive enVVe System for patients with severe deep CVI. The first stage of the TAVVE study, which is expected to commence later this year, will consist of 10 patients, whose 30-day safety results will be submitted to the FDA for review. This group of 10 patients will continue to be followed as a separate cohort throughout the study, and their safety and efficacy data will be reported publicly from time to time. The second stage of the study, which will begin immediately after the 30-day safety results for the first group are reported to the FDA, will enroll 220 patients, with 165 patients receiving the enVVe valve, and 55 patients randomized into a control arm who will receive standard of care treatment. The results from the patients who receive the enVVe valve will be compared to the results from the patients in the control arm of the study. The TAVVE study will enroll patients at up to 40 U.S. clinical sites and will include vascular surgeons, interventional radiologists and interventional cardiologists. One year after the 220th patient is enrolled in the second stage of the study, the Company would be eligible to file for FDA post-marketing approval.

 

2026 Reverse Stock Split

 

On January 2, 2026, the Company’s board of directors (the “Board”) approved a one-for-thirty-five (1:35) reverse stock split of the outstanding shares of our common stock (the “Reverse Stock Split”). On January 16, 2026, the Company filed an amendment to the Restated Certificate of Incorporation with the Secretary of State of the State of Delaware to effect the Reverse Stock Split, which became effective on January 20, 2026. The amendment did not change the number of authorized shares of our common stock.

 

Except as the context otherwise requires, all common stock share numbers, share price amounts (including exercise prices, conversion prices, and closing market prices) and shares issued upon the exercise of warrants contained in the unaudited condensed financial statements and notes hereto have been retroactively adjusted to reflect the Reverse Stock Split.

 

Note 2 – Management’s Liquidity Plan

 

As of March 31, 2026, the Company had a cash and investment balance of $24.9 million and working capital of $23.3 million. Although the Company expects to continue incurring losses for the foreseeable future and may need to raise additional capital to sustain its operations, pursue its product development initiatives and penetrate markets for the sale of its products, management believes that the Company’s capital resources are sufficient to meet its obligations as they become due within one year after the date of this Quarterly Report, and sustain operations.

 

Note 3 – Significant Accounting Policies

 

Basis of Presentation

 

The accompanying unaudited condensed financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and Article 8 of Regulation S-X. Accordingly, they do not include all of the information and disclosures required by accounting principles generally accepted in the United States of America for complete financial statements. In the opinion of management, such statements include all adjustments (consisting of normal recurring items) which are considered necessary for a fair presentation of the Company’s unaudited condensed financial statements of the Company as of and for the three months ended March 31, 2026 and 2025, and as of December 31, 2025.

 

 

The results of operations for the three months ended March 31, 2026 are not necessarily indicative of the operating results for the full year. These unaudited condensed financial statements should be read in conjunction with the financial statements and notes thereto for the year ended December 31, 2025 included in the Company’s Annual Report on Form 10-K filed with the SEC on March 26, 2026. The accompanying condensed balance sheet as of December 31, 2025 has been derived from the Company’s audited financial statements.

 

Note 4 – Investments

 

The components of investments were as follows:

 Schedule of Components of Investments

 

		March 31, 2026								December 31, 2025
(In thousands)		Cash Equivalents				Short-Term Investments				Cash Equivalents				Short-Term Investments
Fair Value Level 1
U.S. Government securities		$	2,179			$	22,333			$	2,339			$	25,147
Total debt investments		$	2,179			$	22,333			$	2,339			$	25,147

 

Unrealized losses of $43,000 and $0.2 million for the three months ended March 31, 2026 and 2025, respectively, from fixed-income securities and are primarily attributable to changes in interest rates.

 

Note 5 – Concentrations

 

The Company maintains cash with major financial institutions. Cash held in United States bank institutions is currently insured by the Federal Deposit Insurance Corporation (“FDIC”) up to $250,000 at each institution. There were aggregate uninsured cash balances of $1.6 million and $1.1 million as of March 31, 2026 and December 31, 2025, respectively.

 

Note 6 – Accounts Payable Accrued Expenses and Other Current Liabilities

 

Accounts payable, accrued expenses and other current liabilities consist of the following:

Schedule of Accounts Payable, Accrued Expenses and Other Current Liabilities

 

(In thousands)		March 31, 2026				December 31, 2025
Accounts payable		$	813			$	358
Accrued compensation costs			382				679
Accrued clinical costs			415				445
Accrued severance			56				116
Other accrued expenses			81				134
Total accounts payable, accrued expenses and other current liabilities		$	1,747			$	1,732

 

Note 7 – Commitments and Contingencies

 

Litigations Claims and Assessments

 

In the normal course of business, the Company may be involved in legal proceedings, claims and assessments arising in the ordinary course of business. The Company records legal costs associated with loss contingencies as incurred and accrues for all probable and estimable settlements.

 

 

Note 8 –Stockholders’ Equity

 

Omnibus Incentive Plan

 

Stock Options

 

Stock-based compensation expense is reflected in selling, general and administrative expenses in the accompanying condensed statements of operations and was $0.5 million and $0.7 million during the three months ended March 31, 2026 and 2025, respectively. As of March 31, 2026, there was $2.2 million of unrecognized stock-based compensation expense related to outstanding stock options that will be recognized over the weighted average remaining vesting period of 1.51 years.

 

There were no options granted or exercised during the three months ended March 31, 2026 and 2025.

 

There were 4,476 option grants forfeited during the three months ended March 31, 2026 and no option grants were forfeited during the three months ended March 31, 2025.

 

Warrants

 

There were no warrants issued or exercised during the three months ended March 31, 2026 and 2025.

 

There were 85,219 and 262 warrants that expired during the three months ended March 31, 2026 and 2025, respectively.

 

Note 9 – Net Loss per Share

 

The following table summarizes the number of potentially dilutive common stock equivalents excluded from the calculation of diluted net loss per common share:

Schedule of Dilutive Net Loss Per Common Share

 

(In thousands)		March 31,
		2026				2025
Shares of common stock issuable upon exercise of warrants			172				281
Shares of common stock issuable upon exercise of options			182				180
Potentially dilutive common stock equivalents excluded from diluted net loss per share			354				461

 

Note 10 – Segment Reporting

 

The Company has determined that it currently operates in a 1single segment, Medical Device development, located in a single geographic location, the United States. The accounting policies of the segment are the same as those described in the summary of significant accounting policies set forth in the Company’s Form 10-K, filed with the SEC on March 26, 2026. Since the Company operates in a single segment, the measure of segment total assets and loss from operations is the same as that reported on the accompanying balance sheets as total assets, and the accompanying statement of operations as loss from operations, respectively.

 

The Company’s chief operating decision maker (“CODM”) is the chief executive officer. The CODM uses operating expenses to measure performance against progress in its clinical trials and its product development. The following table sets forth segment expenses.

 

Schedule of Segment Expenses

		For the Three Months Ended March 31,
(In thousands)		2026				2025
Research and development:
Employee expense		$	1,136			$	1,369
Clinical			844				872
Product			78				146
Other			53				170
Total research and development			2,111				2,557
Selling, general and administrative expense
Employee expense			1,063				1,234
Professional fees			386				580
Occupancy			161				164
Insurance			144				163
Other			197				256
Total selling, general and administrative expense			1,951				2,397
Loss from operations			4,062				4,954
Adjustments and reconciling Items			(213	)			(451	)
Net loss		$	3,849			$	4,503

 

Adjustments and reconciling items between loss from operations and net loss consist of interest income and realized and unrealized gains and losses related to the Company’s investments in U.S. Treasury securities.

 

Note 11 – Subsequent Events

 

On April 29, 2026, the Company announced that the FDA had approved the Company’s IDE application, authorizing the Company to commence a study of a non-surgical replacement venous valve. The TAVVE pivotal study will evaluate the Company’s minimally invasive enVVe System for patients with severe deep CVI. The first stage of the TAVVE study, which is expected to commence later this year, will consist of 10 patients, whose 30-day safety results will be submitted to the FDA for review. This group of 10 patients will continue to be followed as a separate cohort throughout the study, and their safety and efficacy data will be reported publicly from time to time. The second stage of the study, which will begin immediately after the 30-day safety results for the first group are reported to the FDA, will enroll 220 patients, with 165 patients receiving the enVVe valve, and 55 patients randomized into a control arm who will receive standard of care treatment. The results from the patients who receive the enVVe valve will be compared to the results from the patients in the control arm of the study. The TAVVE study will enroll patients at up to 40 U.S. clinical sites and will include vascular surgeons, interventional radiologists and interventional cardiologists. One year after the 220th patient is enrolled in the second stage of the study, the Company would be eligible to file for FDA post-marketing approval.

 

During April 2026, we raised approximately $0.1 million, net of expenses, through an at-the-market equity offering of 12,148 shares of common stock. Under our at-the-market equity program, which is currently effective and may remain available for us to use in the future, as of the date hereof, we may sell approximately an additional $48.8 million of common stock.

 

 

Item 2: MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

 

The following discussion should be read in conjunction with our unaudited condensed financial statements and notes thereto included herein. In connection with, and because we desire to take advantage of, the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, we caution readers regarding certain forward-looking statements in the following discussion and elsewhere in this Quarterly Report and in any other statement made by, or on our behalf, whether or not in future filings with the Securities and Exchange Commission. Forward-looking statements are statements not based on historical information and which relate to future operations, strategies, financial results or other developments. Such forward-looking statements involve significant risks and uncertainties. Forward looking statements are necessarily based upon estimates and assumptions that are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are beyond our control and many of which, with respect to future business decisions, are subject to change. These uncertainties and contingencies can affect actual results and could cause actual results to differ materially from those expressed in any forward-looking statements made by, or on our behalf. Words such as “anticipate,” “estimate,” “plan,” “continuing,” “ongoing,” “expect,” “believe,” “intend,” “may,” “will,” “should,” “could,” and similar expressions are used to identify forward-looking statements. Such forward-looking statements also involve other factors which may cause our actual results, performance or achievements to materially differ from any future results, performance, or achievements expressed or implied by such forward-looking statements and to vary significantly from reporting period to reporting period. Although management believes that the assumptions made and expectations reflected in the forward-looking statements are reasonable, there is no assurance that the underlying assumptions will, in fact, prove to be correct or that actual future results will not be different from the expectations expressed in this Quarterly Report. We undertake no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law.

 

Unless the context requires otherwise, references in this document to “NVNO”, “we”, “our”, “us” or the “Company” are to enVVeno Medical Corporation

 

Overview

 

enVVeno Medical Corporation is a medical device company focused on the advancement of innovative bioprosthetic (tissue-based) solutions to improve the standard of care for the treatment of venous disease. Chronic Venous Disease (“CVD”) is the world’s most prevalent chronic disease, impacting approximately 70% of the adult population of the U.S. Chronic Venous Insufficiency (“CVI”), is a large subset of CVD, which most often occurs when valves inside of the veins of the leg become damaged, resulting in the backwards flow of blood (reflux), blood pooling in the lower leg, increased pressure in the veins of the leg (venous hypertension) and in severe cases, venous ulcers that are difficult to heal. The Company is developing a replacement venous valve for patients suffering from severe CVI of the deep venous system of the leg.

 

The Company first developed the VenoValve®, which was a first-in-class surgical replacement venous valve (the Company received a not-approvable letter from the FDA in response to its PMA application for the VenoValve in August 2025). The Company is now focused on its next-generation, non-surgical venous valve product, called the enVVe® System. The enVVe System consists of the enVVe Valve, enVVe Delivery System, enVVe Nose Cone, the enVVe Delivery System Accessories, and the enVVe Crimping System. The enVVe Valve is a first-in-class, non-surgical, transcatheter based replacement venous valve being developed for the treatment of severe CVI. The enVVe Valve is designed to act as a one-way valve, to help assist in propelling blood up the veins of the leg, and back to the heart and lungs. The Company has completed pre-clinical testing on the enVVe System.

 

On April 29, 2026, the Company announced that the FDA had approved the Company’s Investigational Device Exemption (“IDE”) application, authorizing the Company to commence a study of a non-surgical replacement venous valve. The Transcatheter Venous Valve Endoprosthesis (“TAVVE®”) pivotal study will evaluate the Company’s minimally invasive enVVe System for patients with severe deep CVI. The first stage of the TAVVE study, which is expected to commence later this year, will consist of 10 patients, whose 30-day safety results will be submitted to the FDA for review. This group of 10 patients will continue to be followed as a separate cohort throughout the study, and their safety and efficacy data will be reported publicly from time to time. The second stage of the study, which will begin immediately after the 30-day safety results for the first group are reported to the FDA, will enroll 220 patients, with 165 patients receiving the enVVe valve, and 55 patients randomized into a control arm who will receive standard of care treatment. The results from the patients who receive the enVVe valve will be compared to the results from the patients in the control arm of the study. The TAVVE study will enroll patients at up to 40 U.S. clinical sites and will include vascular surgeons, interventional radiologists and interventional cardiologists. One year after the 220th patient is enrolled in the second stage of the study, the Company would be eligible to file for FDA post-marketing approval.

 

We cannot provide any assurance that the enVVe System will receive pre-market approval from the FDA to be marketed and sold in the U.S. (see the section entitled “Risk Factors” in our Annual Report on Form 10-K filed with the SEC on March 26, 2026). There are currently no devices approved as surgical or non-surgical replacement venous valves, and there are currently no effective treatments for deep venous CVI caused by incompetent valves.

 

We develop and manufacture our products in a 14,507 sq. ft. leased manufacturing facility in Irvine, California, which has been ISO 13485-2016 certified for the design, development and manufacturing of tissue based implantable medical devices.

 

 

CVI Background

 

Chronic venous disease (“CVD”) is the world’s most prevalent chronic disease. CVD is clinically classified using a standardized system known as CEAP (clinical, etiological, anatomical, and pathophysiological). The CEAP system consists of seven clinical classifications (C0 to C6) with C4, C5 and C6 being the most severe categories of CVD.

 

Chronic Venous Insufficiency (“CVI”) is a large subset of CVD and is generally used to describe patients with C4 to C6 CVD. CVI is a debilitating condition that affects the venous system of the leg causing pain, swelling, edema, skin changes, and ulcerations.

 

The human leg contains three vein systems: the deep vein system, the superficial vein system, and the perforator vein system which connects the deep system to the superficial system. The deep venous system is located below the muscle and facia in the center portion of the leg and is responsible for approximately 90% of the blood flow. In order for blood to return to the heart from the foot, ankle, and lower leg, the calf muscle serves as a pump and pushes the blood up the veins of the leg against gravity and through a series of one-way valves. Each valve is supposed to open as blood passes through, and then close as blood progresses up the veins of the leg to the next valve. CVI occurs when the one-way valves in the veins of the leg fail and become incompetent. When the valves fail, gravity causes the blood to flow backwards and in the wrong direction (reflux). As blood pools in the lower leg, pressure inside the veins increases (venous hypertension). Reflux, and the resulting venous hypertension, causes the leg to swell, resulting in debilitating pain, and in the most severe cases, venous ulcers.

 

Severe CVI sufferers experience a significantly reduced quality of life. Daily activities such as preparing meals, housework, and personal hygiene (washing and bathing) become difficult due to reduced mobility. For many severe CVI sufferers, intense pain, which frequently occurs at night, prevents them from getting adequate sleep. Severe CVI sufferers are known to miss approximately 40% more workdays than the average worker. A high percentage of venous ulcer patients also experience severe itching, leg swelling, and an odorous discharge. Wound dressing changes, which occur several times a week, can be extremely painful. Venous ulcers from deep venous CVI are very difficult to heal, and a significant percentage of venous ulcers remain unhealed for more than a year. Even if healed, recurrence rates for venous ulcers are known to be high (20% to 40%) within the first year and as high as 60% after five years. Patients with severe CVI often become housebound and experience social isolation due to difficulty with ambulation. As a result, studies have shown that patients with active venous ulcers experience higher rates of anxiety and depression, with reported rates of anxiety of up to 30% and depression up to 40%. Rates of depression caused by venous ulcers among the elderly are even higher, with 48% of elderly venous ulcer patients having severe depressive symptoms.

 

We estimate that there are approximately 3 million patients with severe deep venous CVI in the U.S. including approximately 1.5 million patients that develop venous leg ulcers (C6 patients). The average patient seeking treatment of a venous ulcer spends as much as $30,000 a year on wound care, and the total direct medical costs from venous ulcer sufferers in the U.S. has been estimated to exceed $20 billion a year.

 

enVVe System

 

The enVVe System is designed to treat severe deep CVI through a minimally invasive, catheter-based approach. The procedure is performed without the need for open surgery or an overnight hospital stay. Built on the clinical foundation of the VenoValve program, the enVVe Valve incorporates design enhancements intended to improve performance, strength and long-term durability. The enVVe System seeks to address prior FDA concerns discerned in the clinical trial process for the VenoValve related to venous valves implanted via open surgical procedures. In addition to eliminating open surgical complications, its transcatheter approach is expected to broaden adoption by appealing to a wider range of implanting physicians including vascular surgeons, interventional radiologists, and interventional cardiologists.

 

The Company has completed pre-clinical testing on the enVVe System and, on April 29, 2026, the Company announced that the FDA had approved the Company’s IDE application, authorizing the Company to commence a study of a non-surgical replacement venous valve. The TAVVE pivotal study will evaluate the Company’s minimally invasive enVVe System for patients with severe deep CVI. The first stage of the TAVVE study, which is expected to commence later this year, will consist of 10 patients, whose 30-day safety results will be submitted to the FDA for review. This group of 10 patients will continue to be followed as a separate cohort throughout the study, and their safety and efficacy data will be reported publicly from time to time. The second stage of the study, which will begin immediately after the 30-day safety results for the first group are reported to the FDA, will enroll 220 patients, with 165 patients receiving the enVVe valve, and 55 patients randomized into a control arm who will receive standard of care treatment. The results from the patients who receive the enVVe valve will be compared to the results from the patients in the control arm of the study. The TAVVE study will enroll patients at up to 40 U.S. clinical sites and will include vascular surgeons, interventional radiologists and interventional cardiologists. One year after the 220th patient is enrolled in the second stage of the study, the Company would be eligible to file for FDA post-marketing approval.

 

Key features of the enVVe System include:

 

	●	Minimally invasive procedure requiring no general anesthesia or overnight hospital stay;
	●	Self-expanding frame made from a specially formulated biocompatible nickel and titanium alloy;
	●	Frame geometry that accommodates the natural dilation and contraction of the vein;
	●	3 enVVe valve sizes to ensure a proper fit across a broad range of vein sizes;
	●	Unique, mono-cusp leaflet design that is laser cut from porcine pericardium tissue;
	●	Delivery profile of only 13 Fr (4.3 mm) when crimped, giving it the smallest profile of any replacement valve currently in use for the cardiovascular system; and
	●	Delivery via an over-the-wire, coaxial, single-stage pull system for ease of use.

 

 

VenoValve

 

In March 2021, the Company received IDE approval from the FDA to initiate the Surgical Anti-reflux Venous Valve Endoprosthesis (“SAVVE®”) U.S. pivotal clinical study evaluating the VenoValve. The prospective, multi-center, single-arm study enrolled 75 patients with severe CVI. An application seeking pre-market approval for the VenoValve was filed in November 2024. In August 2025, the Company received a non-approvable letter from the FDA for the VenoValve and a subsequent appeal was unsuccessful.

 

Most medical devices start out as surgical iterations and transition to less invasive, trans-catheter delivered versions over time. The Company’s strategy was to first develop the VenoValve, and then to transition to enVVe. That strategy remains intact. The enVVe System could not have been developed without the experience gained from the VenoValve. Because the VenoValve was not approved by the FDA, the Company has elected to forego any potential approval and commercialization efforts outside of the U.S. for the VenoValve and to instead focus its resources on bringing the enVVe System to market.

 

Data from the SAVVE pivotal study has been presented at vascular conferences throughout the world and has been very well received. Clinicians recognize the need for a replacement venous valve for patients suffering from deep venous CVI and we believe that both the short-term and long-term VenoValve efficacy data has been extremely promising for this difficult to treat patient population. Although interest in a surgical replacement venous valve has been strong, clinicians recognize that long-term the large potential market is best served via a trans-catheter delivered iteration of the device. There continues to be significant interest from clinicians wanting to participate in the TAVVE pivotal study.

 

Capital

 

We finished 2025 with approximately $28.2 million of cash and investments and had approximately $24.9 million of cash and investments as of March 31, 2026. Our future capital requirements will remain dependent upon a variety of factors, especially including the success of our clinical trials, related product development costs, and our ability to successfully bring products to market. We anticipate that our cash burn rate may increase from current levels of approximately $3 million to $4 million per quarter to between $4 million and $5 million per quarter in 2026. Even after considering this increase, we should have sufficient cash and investments to fund operations into the third quarter of 2027.

 

We have historically funded our operations through financing activities such as the capital raises. We will need to raise additional capital in the future. Any inability to raise additional financing would have a material adverse effect on us.

 

Based upon our cash and working capital as of March 31, 2026, we have sufficient capital resources to meet our obligations as they become due within at least one year after the date of this Quarterly Report and sustain operations.

 

Results of Operations

 

Comparison of the three months ended March 31, 2026 and 2025

 

Overview

 

We reported net losses of $3.8 million and $4.5 million for the three months ended March 31, 2026 and 2025, respectively, representing a decrease in net loss of $0.7 million, or 15%, due to a decrease in operating expenses of $0.9 million, partially offset by a decrease in other income of $0.2 million, as described in further detail below.

 

 

Revenues

 

As a developmental stage Company, our revenue, if any, is expected to be diminutive and dependent on our ability to commercialize our product candidates. We are not currently generating revenue and do not expect significant revenue until we successfully commercialize our lead product candidate after receiving FDA approval, if ever.

 

Research and Development Expenses

 

For the three months ended March 31, 2026, research and development expenses decreased by $0.5 million or 17%, to $2.1 million from $2.6 million for the three months ended March 31, 2025. This decrease primarily resulted from $0.7 million in lower costs related the VenoValve pivotal study as the amount of follow-up for each participant decreases over time and our focus has shifted to the development of the enVVe System, as well as a net decrease of $0.2 million in various other expenses. These decreases were partially offset by an increase of $0.4 million in product development, testing and other expenses related to the enVVe System being developed for approval by the FDA.

 

Selling, General and Administrative Expenses

 

For the three months ended March 31, 2026, selling, general and administrative expenses decreased by $0.4 million or 19%, to $2.0 million from $2.4 million for the three months ended March 31, 2025. The decrease was due to the net effect of lower stock-based compensation cost incurred as option grants are issued and vest, as well as a net decrease in various other expenses.

 

Other Income

 

For the three months ended March 31, 2026, other income decreased $0.3 million or 53% to $0.2 million from $0.5 million for the three months ended March 31, 2025. Other income in both periods reflects realized gains, interest, and unrealized gains or losses from our program to invest excess cash in U.S. Treasury securities.

 

Liquidity and Capital Resources

 

For the three months ended March 31, 2026, the Company incurred losses from operations of $4.1 million and used $3.2 million cash in operating activities. The net cash used in operating activities during the 2026 period decreased by $0.8 million from $4.0 million for the three months ended March 31, 2025 primarily due to the decrease in research and development expenses from 2025 to 2026. Our cash balance as of March 31, 2026, is $2.6 million. In addition, we have $22.3 million in investments, for total cash and investments of $24.9 million.

 

The operating losses and the uses of cash are primarily due to the Company’s product research and development and administrative activities. Administrative functions relate to costs to support the Company’s public reporting and investor relations activities as well as internal administrative functions. Research and development activities were for product development and clinical trials for the VenoValve and for the enVVe System. The Company will continue to incur these costs to complete its clinical trials for the VenoValve and the enVVe System, enhance products, develop new products, and operate as a public company for the foreseeable future as we seek to obtain regulatory approval for our studies and product candidates.

 

We do not currently have material commitments for capital expenditures or other expenditures with the exception of our facility lease commitment of $0.4 million per year. We expect a nominal increase in purchases of property and equipment and in facility lease costs as we commence the enVVe System pivotal study.

 

Our future capital requirements will remain dependent upon a variety of factors, especially including the success of our clinical trials and related product development costs and our ability to successfully bring products to market. We anticipate that our cash burn rate may increase from current levels of approximately $3 million to $4 million per quarter to between $4 million and $5 million per quarter in 2026. Even after considering this increase, we should have sufficient cash and investments to fund operations into the third quarter of 2027.

 

We have historically funded our operations through financing activities such as the capital raises. We will need to raise additional capital in the future. Any inability to raise additional financing would have a material adverse effect on us.

 

Based upon our cash and working capital as of March 31, 2026, we have sufficient capital resources to meet our obligations as they become due within at least one year after the date of this Quarterly Report and sustain operations.

 

 

Critical Accounting Estimates

 

The preparation of our condensed financial statements requires management to make judgments, estimates and assumptions that affect the reported amounts of expenses, assets and liabilities, and the accompanying disclosures, and the disclosure of contingent liabilities, if any. Critical accounting estimates are those for which uncertainty about the assumptions and estimates could result in outcomes that require a material adjustment to the carrying amount of assets or liabilities in future periods if the actual outcomes differ from estimates.

 

We do not have any matters that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next fiscal year.

 

Off-Balance Sheet Arrangements

 

None.

 

Contractual Obligations

 

As a smaller reporting company, we are not required to provide the information requested by paragraph (a)(5) of this Item.

 

Item 3. Quantitative and Qualitative Disclosure About Market Risk

 

As a “smaller reporting company” as defined by Item 10 of Regulation S-K, we are not required to provide information required by this Item.

 

Item 4: Controls and Procedures

 

Disclosure Controls and Procedures

 

Our management carried out an evaluation, under the supervision and with the participation of our Chief Executive Officer (who is our Principal Executive Officer) and our Chief Financial Officer (who is our Principal Financial Officer and Principal Accounting Officer), of the effectiveness of the design of our disclosure controls and procedures (as defined by Exchange Act Rules 13a-15(e) or 15d-15(e)) as of March 31, 2026, pursuant to Exchange Act Rule 13a-15(b). Based upon that evaluation, our Principal Executive Officer and Principal Financial Officer concluded that our disclosure controls and procedures were effective as of March 31, 2026.

 

Changes in Internal Control over Financial Reporting

 

During the three months ended March 31, 2026, there were no changes in our internal controls over financial reporting, or in other factors that could significantly affect these controls, that materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

 

Inherent Limitations of Controls

 

Management does not expect that our disclosure controls and procedures or our internal control over financial reporting will prevent or detect all error and all fraud. Controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving their objectives and management necessarily applies its judgment in evaluating the cost-benefit relationship of possible controls and procedures. Because of the inherent limitations in all control systems, no evaluation of controls can provide absolute assurance that all control issues and instances of fraud, if any, within the Company have been detected. These inherent limitations include the realities that judgments in decision-making can be faulty, and that breakdowns can occur because of a simple error or mistake. Additionally, controls can be circumvented by the individual acts of some persons, by collusion of two or more people, or by management override of the controls. The design of any system of controls also is based in part upon certain assumptions about the likelihood of future events, and there can be no assurance that any design will succeed in achieving its stated goals under all potential future conditions. Over time, controls may become inadequate because of changes in conditions, or deterioration in the degree of compliance with the policies or procedures. Because of the inherent limitations in a cost-effective control system, misstatements due to error or fraud may occur and not be detected.

 

 

PART II - OTHER INFORMATION

 

Item 1. Legal Proceedings

 

None.

 

Item 1A. Risk Factors

 

As a “smaller reporting company” as defined by Item 10 of Regulation S-K, we are not required to provide information required by this Item. Our current risk factors are set forth in our Form 10-K, filed with the SEC on March 26, 2026.

 

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

 

None.

 

Item 3. Defaults upon Senior Securities

 

None.

 

Item 4. Mine and Safety Disclosure

 

Not applicable.

 

Item 5. Other Information

 

None.

 

 

Item 6. Exhibits

 

The following is a complete list of exhibits filed as part of this Form 10-Q. Exhibit numbers correspond to the numbers in the Exhibit Table of Item 601 of Regulation S-K.

 

Exhibit		Description
31.1		Certification of Chief Executive Officer pursuant to Rule 13a-14(a) or Rule 15d-14(a) of the Exchange Act*
31.2		Certification of Chief Financial Officer pursuant to Rule 13a-14(a) or Rule 15d-14(a) of the Sarbanes-Oxley Act*
32		Certification of Chief Executive Officer and Chief Financial Officer pursuant to Rule 13a-14(a) or Rule 15d-14(a) of the Exchange Act**
101.INS		Inline XBRL Instance Document*
101.SCH		Inline XBRL Taxonomy Extension Schema Document*
101.CAL		Inline XBRL Taxonomy Extension Calculation Linkbase Document*
101.DEF		Inline XBRL Taxonomy Extension Definition Linkbase Document*
101.LAB		Inline XBRL Taxonomy Extension Label Linkbase Document*
101.PRE		Inline XBRL Taxonomy Extension Presentation Linkbase Document*
104		Cover Page Interactive Data File (embedded within the Inline XBRL document)

 

*	Filed herewith.
**	These certifications are furnished to the SEC pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and are deemed not filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, nor shall they be deemed incorporated by reference in any filing under the Securities Act of 1933, except as shall be expressly set forth by specific reference in such filing.

 

 

SIGNATURES

 

Pursuant to the requirements of Section 12 of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

Date: May 6, 2026	ENVVENO MEDICAL CORPORATION
	By:	/s/ Robert Berman
		Robert Berman
		Chief Executive Officer
		(Principal Executive Officer)
	By:	/s/ Jennifer Bright
		Jennifer Bright
		Chief Financial Officer
		(Principal Financial and Accounting Officer)