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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 8-K

 

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

 

Date of Report (date of earliest event reported)

August 6, 2025

 

electroCore, Inc.

(Exact name of registrant as specified in its charter)

 

Delaware   001-38538   20-3454976

(State or other jurisdiction of

incorporation or organization)

 

(Commission

File Number)

 

(I.R.S. Employer

Identification Number)

 

200 Forge Way, Suite 205

Rockaway, NJ 07866

(Address of principal executive offices and zip code)

 

(973) 290-0097

(Registrant’s telephone number, including area code)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
   
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
   
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
   
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

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

 

Title of each class   Trading symbol(s)   Name of each exchange on which registered
Common Stock, Par Value $0.001 Per Share   ECOR   NASDAQ Capital Market

 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

 

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. ☐

 

 

 

 

 

Item 2.02 Results of Operations and Financial Condition.

 

On August 6, 2025, electroCore, Inc. (the “Company”) issued a press release (i) announcing its financial results for the quarter ended June 30, 2025, and (ii) providing updated guidance for the full 2025 fiscal year. A copy of the press release is furnished herewith as Exhibit 99.1 and incorporated by reference.

 

Except for information relating to Adjusted EBITDA net loss from operations and its reconciliation to generally accepted accounting principles (GAAP), the information contained in this Item 2.02 and Item 9.01 in this Current Report on Form 8-K, including the accompanying Exhibit 99.1 hereto, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that Section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, regardless of any general incorporation language in such filings, unless expressly incorporated by specific reference in such filing.

 

Item 9.01 Financial Statements and Exhibits.

 

(d) Exhibits.

 

Exhibit No.

 

Description of Exhibit

99.1   Press release dated August 6, 2025.
104   Cover Page Interactive Data File (embedded within the Inline XBRL document).

 

 

 

SIGNATURES

 

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

 

  electroCore, Inc.
   
August 6, 2025 /s/ Joshua S. Lev
  Joshua S. Lev
  Chief Financial Officer

 

 

 

EX-99.1 2 ex99-1.htm EX-99.1

 

Exhibit 99.1

 

electroCore Announces Second Quarter 2025 Financial Results

 

Net sales of $7.4 million increased 20% vs. Q2’2024; YTD net sales of $14.1 million increased 22% vs. first half of 2024

 

Cash, cash equivalents, restricted cash, and marketable securities of $7.4 million as of June 30, 2025

 

Company to host a conference call and webcast today, August 6, 2025 at 4:30 p.m. EDT

 

ROCKAWAY, NJ, August 6, 2025 (GLOBE NEWSWIRE) – electroCore, Inc. (Nasdaq: ECOR) (“electroCore” or the “Company”), a commercial-stage bioelectronic technology company, today announced financial results for the three and six months ended June 30, 2025.

 

Recent Highlights

 

  Record revenue for Q2’2025 of $7.4 million, a 20% increase over Q2’2024
  Year-to-Date revenue of $14.1 million, a 22% increase compared to the first half of 2024
  Cash, cash equivalents, restricted cash, and marketable securities of $7.4 million as of June 30, 2025
  Raised net proceeds of approximately $7.2 million through a term debt facility

 

“The Veterans Administration market returned to normalized growth in the second quarter, validating our confidence in the long-term relevance of our solutions for the VA market and enabling a record revenue quarter and 20% growth” commented Dan Goldberger, CEO of electroCore, Inc. “We significantly reduced our cash used to approximately $614,000 in the second quarter of 2025 and successfully closed the NeuroMetrix, Inc. (“NURO) acquisition with the NURO integration completed ahead of schedule.”

 

Second Quarter 2025 Financial Results and Select Guidance

 

For the three months ended June 30, 2025, electroCore’s net sales totaled $7.4 million compared to $6.1 million in the same period of 2024, a 20% year-over-year increase. The $1.2 million increase was driven primarily by higher sales of prescription (Rx) products sold into the United States Department of Veterans Affairs (VA), and growth in the Company’s nonprescription general wellness products, TruvagaTM and TAC-STIM.

 

(in thousands)  

Three months ended

June 30,

    % Change    

Six months ended

June 30,

    % Change  
Channel   2025     2024           2025     2024        
Rx gammaCore – VA   $ 5,185     $ 4,572       13 %   $ 9,906     $ 8,447       17 %
Rx gammaCore – U.S. Commercial     394       476       -17 %     683       909       -25 %
Rx Quell – VA     114       -       NA       114       -       NA  
Quell – Commercial     48       -       NA       48       -       NA  
Outside the United States     465       464       -       978       913       7 %
Truvaga™     994       572       74 %     2,100       957       120 %
Total Before TAC-STIM™     7,200       6,084       18 %     13,829       11,226       23 %
TAC-STIM     181       55       229 %     271       356       -24 %
Total Net Sales   $ 7,381     $ 6,139       20 %   $ 14,100     $ 11,582       22 %

 

 

 

Gross profit in the three months ended June 30, 2025 was $6.4 million, or 87% gross margin, as compared to $5.3 million, or 86% gross margin for the three months ended June 30, 2024.

 

Total operating expenses in the three months ended June 30, 2025 were approximately $9.9 million as compared to $7.9 million in the three months ended June 30, 2024.

 

Research and development expense in the second quarter of 2025 was $511,000, as compared to $635,000 in the second quarter of 2024. This decrease was primarily due to reduced development costs in the three months ended June 30, 2025, as compared to the three months ended June 30, 2024. For the remainder of 2025, the Company expects its research and development expense to be higher than the comparable periods in 2024.

 

Selling, general and administrative expense was $9.4 million in the three months ended June 30, 2025 as compared to $7.3 million in the three months ended June 30, 2024. This increase was primarily due to the greater investment in selling and marketing costs consistent with the increase in sales, $548,000 of bad debt expense associated with a TAC-STIM receivable, increased expenses associated with professional fees, and increased rent expense associated with a lease expansion. For the remainder of 2025, the Company plans on continuing to make targeted investments in sales and marketing to support its commercial efforts, particularly around sales and marketing efforts across all major U.S. channels.

 

Total other expense was $165,000 for the three months ended June 30, 2025, which consisted primarily of non-recurring expenses, including professional fees in connection with the NURO acquisition, as compared to total other expense of $64,000 for the three months ended June 30, 2024, which consisted primarily of a one-time expense associated with termination of an agreement.

 

GAAP net loss in the second quarter of 2025 was $3.7 million, or a loss of $0.44 per share, as compared to GAAP net loss of $2.7 million net loss, or a loss of $0.38 per share, in the second quarter of 2024. The increase in GAAP net loss is primarily attributable to an increase in selling, general and administrative expense, offset by an increase in gross profit.

 

Adjusted EBITDA net loss in the second quarter of 2025 was $2.4 million as compared to adjusted EBITDA net loss of $1.9 million in the second quarter of 2024.

 

The Company defines adjusted EBITDA net loss as GAAP net loss, adjusting to exclude non-operating gains/losses, depreciation and amortization, stock-compensation expense, inventory reserve charges, accounts receivable reserve charges, non-recurring recruiting fees, severance and other related charges, legal fees associated with stockholders’ litigation, benefit from income taxes, and non-recurring transaction charges associated with the acquisition of NURO, or other one-time charges. A reconciliation of GAAP net loss to non-GAAP adjusted EBITDA net loss is provided in the financial statement table below.

 

Cash, cash equivalents, restricted cash and marketable securities at June 30, 2025 totaled approximately $7.4 million, as compared to approximately $12.2 million as of December 31, 2024. On August 4, 2025, the Company raised net proceeds of approximately $7.2 million through a term debt facility.

 

Full Year 2025 Outlook

 

For the full year of 2025, the Company expects total revenue to be approximately $30.0 million and net cash usage for the remainder of the year to be between approximately $3.9 and $4.4 million.

 

 

 

Webcast and Conference Call Information

 

electroCore’s management team will host a conference call today, August 6, 2025, beginning at 4:30 PM EDT. Investors must register at the following link to receive login credentials and be able to ask questions on the call: Q2 2025 Financial Results Weblink.

 

Attendees who prefer to participate in “Listen Only” mode may dial in as follows:

Dial In: +1 646 931-3860

Webinar ID: 843 8084 9004

Passcode: 049555

 

Additional dial-in numbers can be found here: Additional ECOR Q2 2025 Dial In Numbers

 

An archived webcast of the event will be available on the “Investors” section of the company’s website at: www.electrocore.com.

 

About electroCore, Inc.

 

electroCore, Inc. and its subsidiaries (“electroCore” or the “Company”) is a commercial stage bioelectronic technology company whose mission is to improve health and quality of life through innovative non-invasive bioelectronic technologies. The Company’s two leading prescription products to treat chronic pain syndromes through non-invasive neuromodulation technology are gammaCore non-invasive vagus nerve stimulation, or nVNS, and the Quell® neurostimulator. Additionally, the Company commercializes its TruvagaTM products, handheld, and personal use nVNS products utilizing bioelectronic technologies, to promote general wellness and human performance.

 

For more information, visit www.electrocore.com.

 

 

 

Forward-Looking Statements

 

This press release and other written and oral statements made by representatives of electroCore may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements include, but are not limited to, statements about, electroCore’s business prospects and clinical and product development plans; its pipeline or potential markets for its technologies; the timing, outcome and impact of regulatory, clinical and commercial developments; business prospects around its prescription gammaCore product, general wellness Truvaga and TAC-STIM products, Quell products, and other potential new products and markets, revenue and net cash usage guidance for the full year 2025, and other statements that are not historical in nature, particularly those that utilize terminology such as “anticipates,” “will,” “expects,” “believes,” “intends,” and other words of similar meaning, derivations of such words and the use of future dates. Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, the ability to raise the additional funding needed to continue to pursue electroCore’s business and product development plans, the inherent uncertainties associated with developing new products or technologies, the ability to commercialize gammaCore, TAC-STIM, and Truvaga, Quell, electroCore’s results of operations and financial performance, inflation and currency fluctuations, and any expectations electroCore may have with respect thereto, competition in the industry in which electroCore operates and overall economic and market conditions. Any forward-looking statements are made as of the date of this press release, and electroCore assumes no obligation to update the forward-looking statements or to update the reasons why actual results could differ from those projected in the forward-looking statements, except as required by law. Investors should consult all of the information set forth herein and should also refer to the risk factor disclosure set forth in the reports and other documents electroCore files with the SEC available at www.sec.gov.

 

Contact:

ECOR Investor Relations

(973) 302-9253

investors@electrocore.com

 

 

 

electroCore, Inc.

Condensed Consolidated Statements of Operations

(unaudited)

(in thousands, except per share data)

 

   

Three Months Ended

June 30,

   

Six Months Ended

June 30,

 
    2025     2024     2025     2024  
Net sales   $ 7,381     $ 6,139     $ 14,100     $ 11,582  
Cost of goods sold     939       838       1,952       1,726  
Gross profit     6,442       5,301       12,148       9,856  
Operating expenses                                
Research and development     511       635       1,153       1,034  
Selling, general and administrative     9,437       7,257       18,323       15,262  
Total operating expenses     9,948       7,892       19,476       16,296  
Loss from operations     (3,506 )     (2,591 )     (7,328 )     (6,440 )
Other (income) expense                                
Interest and other income     (68 )     (55 )     (151 )     (280 )
Other expense     233       119       397       123  
Total other expense (income)     165       64       246       (157 )
Loss before income taxes     (3,671 )     (2,655 )     (7,574 )     (6,283 )
Benefit from income taxes     -       -       48       122  
Net loss   $ (3,671 )   $ (2,655 )   $ (7,526 )   $ (6,161 )
Net loss per share of common stock – Basic and Diluted     (0.44 )     (0.38 )     (0.91 )     (0.90 )
Weighted average common shares outstanding – Basic and Diluted (see Note 12)     8,316       7,046       8,302       6,831  

 

 

 

electroCore, Inc.

Condensed Consolidated Balance Sheet Information

(unaudited)

(in thousands)

 

   

June 30, 2025

    December 31, 2024  
Cash and cash equivalents   $ 3,373     $ 3,450  
Restricted cash   $ 250     $ 250  
Marketable securities   $ 3,772     $ 8,519  
Total assets   $ 14,559     $ 20,471  
Current liabilities   $ 9,618     $ 9,152  
Total liabilities   $ 13,446     $ 12,927  
Total equity   $ 1,113     $ 7,544  

 

 

 

(Unaudited) Use of Non-GAAP Financial Measure

 

The Company is presenting adjusted EBITDA net loss because it believes this measure is a useful indicator of its operating performance. Management uses this non-GAAP measure principally as a measure of the Company’s core operating performance and believes that this measure is useful to investors because it is frequently used by the financial community, investors, and other interested parties to evaluate companies in the Company’s industry. The Company also believes that this measure is useful to its management and investors as a measure of comparative operating performance from period to period. Additionally, the Company believes its use of non-GAAP adjusted EBITDA net loss from operations facilitates management’s internal comparisons to historical operating results by factoring out potential differences caused by gains and charges not related to its regular, ongoing business, including, without limitation, non-cash charges and certain large and unpredictable charges such as restructuring expenses.

 

The Company defines adjusted EBITDA net loss as GAAP net loss, adjusting to exclude non-operating gains/losses, depreciation and amortization, stock-compensation expense, inventory reserve charges, accounts receivable reserve charges, non-recurring recruiting fees, severance and other related charges, legal fees associated with stockholders’ litigation, benefit from income taxes, and non-recurring transaction charges associated with the acquisition of NeuroMetrix, or other one-time charges. A reconciliation of GAAP net loss to non-GAAP adjusted EBITDA net loss is provided in the financial statement table below.

 

    Three months ended     Six months ended  
    June 30,     June 30,  
(in thousands)   2025     2024     2025     2024  
GAAP net loss   $ (3,671 )   $ (2,655 )   $ (7,526 )   $ (6,161 )
Depreciation and amortization     124       201       276       407  
Stock-based compensation     506       472       1,045       956  
Inventory reserve change     (55 )     -       (143 )     -  
Severance and other related charges     -       -       180       -  
Reserve for Bad Debt charge     548       -       548       -  
Interest and other (income) expense     (62 )     66       (145 )     (86 )
Benefit/expense from income taxes     -       -       (48 )     (122 )
Non-recurring one-time charges     232       -       377       -  
Adjusted EBITDA net loss   $ (2,378 )   $ (1,916 )   $ (5,436 )   $ (5,006 )

 

The Company’s use of a non-GAAP measure has limitations as an analytical tool, and you should not consider it in isolation or as a substitute for analysis of its results as reported under GAAP. Some of these limitations are: (i) the non-GAAP measure does not reflect interest or tax payments that may represent a reduction in cash available; (ii) although depreciation and amortization are non-cash charges, the assets being depreciated and amortized may have to be replaced in the future, and the non-GAAP measure does not reflect cash capital expenditure requirements for such replacements or for new capital expenditure requirements; (iii) the non-GAAP measure does not reflect the potentially dilutive impact of equity-based compensation; and (iv) the non-GAAP measure does not reflect changes in, or cash requirements for working capital needs; other companies, including companies in electroCore’s industry, may calculate adjusted EBITDA net loss differently, effectively reducing its usefulness as a comparative measure.

 

Because of these and other limitations, you should consider the non-GAAP measure together with other GAAP-based financial performance measures, including various cash flow metrics, net loss, and other GAAP results. A reconciliation of GAAP net loss to non-GAAP adjusted EBITDA net loss has been provided in the preceding financial statements table of this press release.