COCHHIGH SIGNALFINANCIAL10-K

COCH underwent a business combination with Envoy Medical while experiencing severe financial deterioration including a massive 260% increase in outstanding shares and substantial increases in operating expenses.

The dramatic increase from 21.3M to 76.9M shares outstanding represents massive dilution for existing shareholders, while the company continues burning cash with significantly higher SG&A expenses (+181%) despite declining assets. The improved cash position appears insufficient given the elevated expense run rate and deteriorating balance sheet fundamentals.

Comparing 2026-03-23 vs 2025-03-31View on EDGAR →
FINANCIAL ANALYSIS

COCH shows a company in financial distress despite improved cash levels, with current liabilities growing 53% to $11.6M while current assets declined 33% to $6.3M, creating a dangerous liquidity gap. Operating expenses surged dramatically with SG&A costs nearly tripling to $7.3M and R&D rising 23% to $12.5M, while capital expenditures were slashed 82%, suggesting the company is cutting investment to preserve cash. The combination of massive share dilution, deteriorating working capital position, and unsustainable expense growth signals significant financial stress despite the business combination.

FINANCIAL STATEMENT CHANGES
Cash & Equivalents
Balance Sheet
+3813.8%
$108K→$4.2M

Cash position surged 3813.8% — strong cash generation or capital raise providing significant financial cushion.

SG&A Expense
P&L
+181.5%
$2.6M→$7.3M

SG&A up 181.5% — significant increase in sales or administrative costs, monitor impact on operating leverage.

Capital Expenditure
Cash Flow
-81.7%
$980K→$179K

Capex reduced 81.7% — investment cycle winding down or capital discipline; may improve near-term free cash flow.

Current Liabilities
Balance Sheet
+53.4%
$7.5M→$11.6M

Current liabilities surged 53.4% — significant near-term obligations; verify ability to meet short-term debt.

Stockholders Equity
Balance Sheet
+35.5%
-$18.8M→-$12.2M

Equity base grew 35.5% — retained earnings accumulation or equity issuance strengthening the balance sheet.

Total Liabilities
Balance Sheet
-33.1%
$30.4M→$20.3M

Liabilities reduced 33.1% — deleveraging improves balance sheet strength and financial flexibility.

Current Assets
Balance Sheet
-33.1%
$9.4M→$6.3M

Current assets declined 33.1% — monitor working capital adequacy and short-term liquidity.

Total Assets
Balance Sheet
-25.8%
$11.5M→$8.6M

Total assets contracted 25.8% — asset sales, write-downs, or balance sheet optimization underway.

Dividends Paid
Cash Flow
-25.7%
$2.4M→$1.8M

Dividend reduced 25.7% — monitor management commentary on capital allocation priorities.

R&D Expense
P&L
+22.7%
$10.2M→$12.5M

R&D investment increased 22.7% — signals commitment to future product development, though near-term margin impact.

LANGUAGE CHANGES
NEW — 2026-03-23
PRIOR — 2025-03-31
ADDED
There were 76,881,110 shares of the registrant s Class A common stock, par value $0.0001 per share, outstanding as of March 20, 2026.
upon the closing of the Business Combination; Board means the board of directors of the Company; Business Combination means the merger and the other transactions contemplated by the Business Combination Agreement; Business Combination Agreement means the Business Combination Agreement, dated as of April 17, 2023, as amended by Amendment No.
1 to the Forward Purchase Agreement, entered into on May 5, 2023, Amendment No.
Business Unless otherwise noted or the context otherwise requires, all references in this section to Envoy Medical, we, us or our refer to Envoy Medical, Inc.
following the Business Combination, other than certain historical information which refers to the business of Legacy Envoy prior to the consummation of the Business Combination.
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REMOVED
There were 21,326,619 shares of the registrant s Class A common stock, par value $0.0001 per share, outstanding as of March 24, 2025.
upon the closing of the Business Combination; Anzu Class A Common Stock means Anzu s Class A common stock, par value $0.0001 per share, prior to the closing of the Business Combination; Anzu Class B Common Stock means Anzu s Class B common stock, par value $0.0001 per share; Board means the board of directors of the Company; Business Combination means the merger and the other transactions contemplated by the Business Combination Agreement; Business Combination Agreement means the Business Combination Agreement, dated as of April 17, 2023, as amended by Amendment No.
1 to the Forward Purchase Agreement, dated as of May 25, 2023, and Amendment No.
1 to the Subscription Agreement, dated as of May 12, 2023, and Amendment No.
2 to the Subscription Agreement, dated as of August 23, 2023, by and between Anzu and the Sponsor; and Warrants means the Public Warrants, Shortfall Warrants, and Private Warrants.
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