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Revenue grew 105% year-over-year to $2.2 million, driven by expanded adoption of the first-generation LungFit PH system across more than 45 hospitals.<\/p>\n<\/li>\n
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Customer retention exceeds 90% with over half of the current customer base secured under multiyear agreements, providing a stable foundation for future Gen II conversion.<\/p>\n<\/li>\n
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The commercial strategy has shifted toward high-priority hospitals that are likely to adopt Gen I immediately and expand usage once the transport-compatible Gen II system is approved.<\/p>\n<\/li>\n
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The divestiture of the NeuroNOS subsidiary to XTL Biopharmaceuticals allows the company to focus resources on core commercial operations while retaining a 19.9% equity stake and up to $31.5 million in milestones.<\/p>\n<\/li>\n
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Operating expenses were reduced by 36% year-over-year, reflecting disciplined cost-cutting in SG&A and the completion of major R&D spending for the Gen II regulatory filing.<\/p>\n<\/li>\n
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International expansion reached 40 countries, with management noting a transition from initial device placement to recurring revenue from accessory reorders.<\/p>\n<\/li>\n<\/ul>\n
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FDA decision for the second-generation LungFit PH system is expected before the end of calendar 2026, subject to regulatory review and contract manufacturer inspections.<\/p>\n<\/li>\n
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The Gen II system is designed to expand the addressable market by introducing compatibility with air and ground transport, a key feature requested by clinicians.<\/p>\n<\/li>\n
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Management anticipates that overall cash burn will continue to decline as revenue grows, though inventory building for the Gen II launch may temporarily impact cash flow.<\/p>\n<\/li>\n
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Current capital resources, including recent equity financing and credit lines, are projected to provide a cash runway into calendar year 2027 and potentially to profitability.<\/p>\n<\/li>\n
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Phase Ib oncology studies for Beyond Cancer remain a strategic priority, but full funding commitment is contingent on reaching a more comfortable path to profitability.<\/p>\n<\/li>\n<\/ul>\n
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Completed a $5 million financing in January 2026 and secured a $32 million equity line of credit to support commercial readiness.<\/p>\n<\/li>\n
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Achieved the first commercial sale to a VA Medical Center via partner TrillaMed, establishing a foothold in the largest U.S. healthcare network.<\/p>\n<\/li>\n
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Gen II system reliability testing has surpassed the 3,000-hour mark, which is expected to triple the service interval compared to Gen I and improve long-term gross margins.<\/p>\n<\/li>\n
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The 1-for-20 reverse stock split effective July 14, 2025, is reflected in the reported net loss of $0.85 per share.<\/p>\n<\/li>\n<\/ul><\/div>\n
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