ENvue Medical, Inc.

• Return on equity is about -56.8%.
• Debt to equity is about 0.0x.
• [TRIGGER] 8-K: 8-K (sec_8k_material) on FEED — filing_type=8-K; max_severity=critical; ignored_items=['9.01']; material_items=['3.01']; all_items_found=['3.01', '9.01']; severity_per_code={'3.01': 'critical'}; contributing_watchers=sec_8k_material (source=sec_8k_material; url=0001493152-26-032830)
• Interim Condensed Consolidated Balance Sheets (Amounts in thousands except share and per share data) March 31, 2026 December 31, 2025 (Unaudited) ASSETS: Current assets: Cash and cash equivalents $ 2,235 $ 4,224 Restricted cash 30 30 Trade receivables 332 289 Prepaid expenses and other accounts receivable 1,334 391 Inventory 2,266 2,337 Total current assets 6,197 7,271 Non-current assets: Property and equipment, net 127 119 Severance pay fund 125 125 Operating lease right-of-use assets 148 127 Long-term trade receivables 20 20 Intangible assets, net 4,172 4,380 Goodwill 29,082 29,082 Total non-current assets 33,674 33,853 Total assets $ 39,871 $ 41,124 LIABILITIES AND STOCKHOLDERS’ EQUITY: Current liabilities: Trade payables $ 706 $ 719 Arbitration liability 2,285 2,252 Other accounts payable and accrued expenses 2,699 2,345 Loan 1,080 1,080 Deferred revenue - 175 Operating lease liabilities - current 95 89 Total current liabilities 6,865 6,660 Non-current liabilities: Warrant liability 824 807 Accrued severance pay 132 132 Operating lease liabilities, non-current 35 28 Total liabilities $ 7,856 $ 7,627 Commitments and contingencies - - Stockholders’ equity [*] : Series G Preferred stock of $ 0.001 par value - Authorized: 500,000 shares at March 31, 2026, and December 31, 2025; Issued and outstanding: $ 820 shares at March 31, 2026 and December 31, 2025 [*] - - Series X Preferred stock of $ 0.001 par value - Authorized: 62,220 shares at March 31, 2026, and December 31, 2025; Issued and outstanding: 50,527 and 53,100 shares at March 31, 2026 and December 31, 2025, respectively [*] - - Series H Preferred stock of $ 0.001 par value - Authorized: 55,111 shares at March 31, 2026, and December 31, 2025; Issued and outstanding: 10,209 and 11,111 shares at March 31, 2026 and December 31, 2025, respectively [*] - - Preferred stock value - - Common stock of $ 0.001 par value - Authorized: 40,000,000 shares at March 31, 2026, and December 31, 2025; Issued and outstanding: 3,700,908 and 1,100,413 shares at March 31, 2026 and December 31, 2025, respectively [*] 4 1 Additional paid in capital [*] 144,227 124,057 Accumulated other comprehensive income [*] ( 80 ) ( 80 ) Accumulated deficit [*] ( 112,136 ) ( 90,481 ) Total stockholders’ equity [*] 32,015 33,497 Total liabilities and stockholders’ equity $ 39,871 $ 41,124 [*] Adjusted to reflect the reverse stock splits, see Note 7.
• Interim Condensed Consolidated Statements of Cash Flows (Unaudited) (Amounts in thousands except share and per share data) Three Months Ended March 31, 2026 2025 Cash flows from operating activities: Net loss $ ( 3,822 ) $ ( 1,872 ) Adjustments to reconcile net loss to net cash used in operating activities: Depreciation and amortization 217 18 Noncash interest expense 30 13 Change in fair value of warrant liability 17 - Change in fair value of note payable - ( 58 ) Changes in operating assets and liabilities: Trade receivable ( 43 ) ( 228 ) Prepaid expenses and other accounts receivable ( 943 ) ( 336 ) Inventory 71 567 Trade payables ( 13 ) ( 21 ) Other accounts payable and accrued expenses 357 586 Deferred revenue ( 175 ) ( 11 ) Operating right-of-use asset 11 - Operating lease liabilities ( 19 ) - Accrued severance pay, net - ( 1 ) Net cash used in operating activities ( 4,312 ) ( 1,343 ) Cash flows from investing activities: Cash acquired in ENvue Merger - 148 Purchase of property and equipment ( 17 ) ( 5 ) Net cash (used in) provided by investing activities ( 17 ) 143 Cash flows from financing activities: Proceeds from the issuance of common stock, preferred stock and warrants, net 3,900 - Repurchase of Series X Preferred Stock ( 1,560 ) - Proceeds from issuance of notes payable to related party - 1,050 Net cash provided by financing activities 2,340 1,050 Effects of currency translation on cash and cash equivalents - ( 1 ) Net decrease in cash, cash equivalents and restricted cash ( 1,989 ) ( 151 ) Cash, cash equivalents and restricted cash at beginning of period 4,254 752 Cash, cash equivalents and restricted cash at end of period $ 2,265 $ 601 Reconciliation of cash, cash equivalents and restricted cash: Cash and cash equivalents 2,235 571 Restricted cash at end of period 30 30 Total cash, cash equivalents and restricted cash $ 2,265 $ 601 Supplemental disclosures of cash flow information: Cash paid for interest $ - $ - Cash paid for taxes $ 1 $ - The accompanying notes are an integral part of these interim condensed consolidated financial statements 4 ENVUE MEDICAL, INC.

Bull / Bear case

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