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 3 Condensed Statements of Convertible Preferred Stock and Stockholders Equity (Deficit) for the three and nine months ended September 30, 2025 and 2024 4 Condensed Statements of Cash Flows for the nine months ended September 30, 2025 and 2024 6 Notes to Condensed Financial Statements 7 Item 2.
Management's Discussion and Analysis of Financial Condition and Results of Operations 33 Item 3.
UNAUDITED CONDENSED STATEMENTS OF CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS' EQUITY (DEFICIT) (CONTINUED) (in thousands, except share amounts) Issuance of common stock upon promissory note repayment 7,508 31 31 Reverse stock split rounddown and cash in lieu payment ( 108 ) ( 1 ) ( 1 ) Issuance of common stock upon exercises of stock options 36,757 14 14 Stock-based compensation 307 307 Net loss ( 7,921 ) ( 7,921 ) September 30, 2025 $ 46,798,901 $ 47 $ 168,666 $ ( 148,271 ) $ 20,442 The accompanying notes are an integral part of these condensed financial statements.
CONDENSED STATEMENTS OF CASH FLOWS (UNAUDITED) (in thousands) NON-CASH FINANCING AND INVESTING ACTIVITIES Underwriters warrants issued in connection with the IPO $ 519 Conversion of convertible preferred stock into common stock upon initial public offering $ 143,625 The accompanying notes are an integral part of these condensed financial statements.
CapsoColon 3D is completing the second arm of our pivotal clinical study with planned submission for regulatory clearance, starting with the FDA, and we anticipate filing with the FDA in the second quarter of 2026.
Initial Public Offering On July 3, 2025 , the Company completed its initial public offering ("IPO") of 5,500,000 shares of its common stock, that was followed by the issuance of 129,978 shares of common stock on July 18, 2025 in connection with the partial exercise by the underwriters of their option to purchase up to an additional 825,000 shares (the Over-allotment Exercise ) as further described in Note 11.
COMMON STOCK), each at a price to the public of $ 5.00 per share.
The Company received net proceeds of approximately $ 23.37 million after deducting underwriting discounts and commissions of approximately $ 1.59 million and offering expenses of approximately $ 3.18 million which were recognized in additional paid-in capital as a reduction of the proceeds generated from the offering.
In connection to the IPO, the Company amended and restated its certificate of incorporation (the Restated Certificate ), under which authorized capital stock consists of 300,000,000 and 190,000,000 shares of common stock as of September 30, 2025 and December 31, 2024, respectively.
On July 2, 2025 , immediately prior to the completion of the Company s IPO and upon the receipt by the Company of a written request consented to by holders of a majority of the Preferred Stock, all shares of the Company s convertible preferred stock converted into shares of the Company s common stock .
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 six months ended June 30, 2025 and 2024 3 Condensed Statements of Convertible Preferred Stock and Stockholders Deficit for the six months ended June 30, 2025 and 2024 4 Condensed Statements of Cash Flows for the six months ended June 30, 2025 and 2024 5 Notes to Condensed Financial Statements 6 Item 2.
Management's Discussion and Analysis of Financial Condition and Results of Operations 28 Item 3.
CapsoColon 3D is completing the second arm of their pivotal clinical study with planned submission for regulatory clearance, starting with the FDA, we anticipate filing with the FDA in early 2026.
Initial Public Offering In July 2025, the Company completed its initial public offering ("IPO") of 5,629,978 shares of its common stock (including 129,978 shares of common stock issued in connection with the partial exercise by the underwriters of their option to purchase up to an additional 825,000 shares (the Over-allotment Exercise )), each at a price to the public of $ 5.00 per share.
However, the Company has continued to incur operating losses, net losses, and negative operating cash flows and has a stockholders deficit.
As of June 30, 2025, the Company had cash of $ 1,066 and a stockholders deficit of $ 138,986 .
For the the six months ended June 30, 2025, the Company had an operating loss of $ 10,033 , a net loss and comprehensive loss of $ 10,000 , and net cash used in operating activities of $ 9,512 .
Reverse Stock Split On July 2, 2025, the Company amended and restated its amended and restated certificate of incorporation to effect a 1-for-3.33 reverse stock split of the Company's common stock, which automatically resulted in reciprocal adjustments (reductions) to the conversion ratios of each of the Company's series of convertible preferred stock (the "Reverse Stock Split").
For the three months ended June 30, 2025 and 2024, the Company recorded $ 177 and $ 1 , respectively, and, for the six months ended June 30, 2025 and 2024, the Company recorded $ 171 and $( 6 ), respectively, of net foreign exchange gains (losses) as components of general and administrative expenses.
With respect to customers, for the three and six months ended, and as of June 30, 2025, the same single customer represented 11 % and 10 % of revenue and 16 % of accounts receivable, respectively.