ADDED
Financial Statements (Unaudited) 1 Condensed Balance Sheets as of September 30, 2025 and December 31, 2024 1 Condensed Statements of Operations and Comprehensive Loss for the Three and Nine Months ended September 30, 2025 and 2024 2 Condensed Statements of Convertible Preferred Stock and Stockholders' Equity (Deficit) for the Three and Nine Months Ended September 30, 2025 and 2024 3 Condensed Statements of Cash Flows for the Nine Months Ended September 30, 2025 and 2024 5 Notes to Condensed Financial Statements 7 Item 2.
Food and Drug Administration ( FDA ) cleared the aprevo interbody implants through its 510(k) regulatory pathway for the correction of adult lumbar spinal deformity in December 2020 and several degenerative conditions of the lumbar spine in August 2022.
The Company commenced its limited clinical release with its first U.S.
patient implant in February 2021, and in October 2021, the Company commenced its U.S.
Immediately prior to the closing of the IPO on July 24, 2025, all shares of the Company s convertible preferred stock converted into shares of the Company s common stock.
Liquidity and Capital Resources As of September 30, 2025, the Company had $ 115.4 million of cash and cash equivalents, $ 15.6 million debt outstanding under its loan and security agreement with Customers Bank (the Customers Loan Agreement ), and an accumulated deficit of $ 92.2 million .
On July 24, 2025, the Company completed the IPO and received net proceeds of $ 93.5 million , after deducting underwriting discounts and commissions and before additional offering expenses paid by the Company of $ 5.4 million .
The Company maintained an allowance for credit losses accounts of $ 1.6 million and $ 1.2 million as of September 30, 2025 and December 31, 2024 , respectively.
The Company recorded a provision for credit losses of less than $ 0.1 million and $ 0.1 million for the three months ended September 30, 2025 and 2024, respectively, and $ 0.4 million and $ 0.3 million for the nine months ended September 30, 2025 and 2024 , respectively.
8 As of September 30, 2025 , the Company had one customer that accounted for 11 % of the Company s total accounts receivable balance.
REMOVED
Financial Statements (Unaudited) 1 Condensed Balance Sheets as of June 30, 2025 and December 31, 2024 1 Condensed Statements of Operations and Comprehensive Loss for the Three and Six Months ended June 30, 2025 and 2024 2 Condensed Statements of Convertible Preferred Stock and Stockholders' Deficit for the Three and Six Months Ended June 30, 2025 and 2024 3 Condensed Statements of Cash Flows for the Six Months Ended June 30, 2025 and 2024 4 Notes to Condensed Financial Statements 6 Item 2.
Food and Drug Administration ( FDA ) cleared the aprevo interbody implants for the correction of adult lumbar spinal deformity through its 510(k) regulatory clearance pathway in December 2020.
After FDA clearance, the Company commenced its limited clinical release, with its first U.S.
Initial Public Offering Immediately prior to the closing of the Company s initial public offering on July 24, 2025, all shares of the Company s convertible preferred stock converted into shares of the Company s common stock.
The shares and proceeds from the IPO are not reflected in the condensed financial statements as of and for the three and six months ended June 30, 2025.
Liquidity and Capital Resources The Company has raised aggregate gross equity proceeds of $ 105.1 million through June 30, 2025, from the issuance of common stock and convertible preferred stock.
As of June 30, 2025, the Company had $ 33.5 million of cash and cash equivalents, $ 15.6 million debt outstanding under its loan and security agreement with Customers Bank (the Customers Loan Agreement ), and an accumulated deficit of $ 83.7 million .
On July 24, 2025, the Company completed the IPO and received net proceeds of $ 93.5 million , after deducting underwriting discounts and commissions and before additional offering expenses payable by the Company.
The Company maintained an allowance for credit losses accounts of $ 1.6 million and $ 1.2 million as of June 30, 2025 and December 31, 2024, respectively.
The Company recorded a provision for credit losses of $ 0.3 million and $ 0.1 million for the three months ended June 30, 2025 and 2024, respectively, and $ 0.3 million and $ 0.2 million for the six months ended June 30, 2025 and 2024 , respectively.