Detailed financial statements for enVVeno Medical Corporation (NVNO): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year with up to 20 years of history.
enVVeno Medical Corporation, based in Irvine, California, is a medical device firm founded in 1999 that is currently in its clinical development phase. The company's primary objective is to pioneer advanced bioprosthetic, tissue-engineered solutions intended to significantly elevate the existing standards of care for patients suffering from venous conditions.
Analysis Summary
Balance sheet quality for NVNO: current ratio of 13.6, net cash position of $27.5M. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Revenue | $785912 | $422111 | $186552 | $31243 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cost of Revenue | $961468 | $558872 | 0 | 0 | $383972 | $452909 | $525000 | $546000 | $528000 | 0 |
| Gross Profit | -$175556 | -$136761 | $186552 | $31243 | -$383972 | -$452909 | -$525000 | -$546000 | -$528000 | 0 |
| Research & Development | 0 | $649736 | $1.2M | $2.2M | $4.3M | $5.7M | $9.9M | $13.6M | $12.2M | $10.0M |
| Selling, General & Admin | $4.5M | $5.3M | $6.3M | $4.5M | $4.5M | $10.7M | $14.5M | $11.1M | $11.0M | $10.9M |
| Operating Expenses | $4.5M | $6.0M | $8.0M | $7.7M | $8.8M | $16.4M | $24.4M | $24.7M | $23.3M | $20.9M |
| Operating Income | -$4.7M | -$6.1M | -$7.9M | -$7.7M | -$9.1M | -$16.9M | -$24.9M | -$25.2M | -$23.8M | -$20.9M |
| EBITDA | -$5.4M | -$5.7M | -$6.0M | -$7.2M | -$8.8M | -$16.1M | -$24.1M | -$23.0M | -$21.3M | -$19.0M |
| Interest Expense | $57890 | $1.9M | $6.9M | $933 | -$3739 | 0 | 0 | 0 | 0 | 0 |
| Pre-tax Income | -$5.6M | -$7.8M | -$13.0M | -$7.6M | -$9.1M | -$16.5M | -$24.7M | -$23.5M | -$21.8M | -$19.5M |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Income | -$5.9M | -$7.8M | -$13.0M | -$7.6M | -$9.1M | -$16.5M | -$24.7M | -$23.5M | -$21.8M | -$19.5M |
| EPS | $-10412.50 | $-26068.00 | $-53495.75 | $-14822.50 | $-9236.50 | $-2327.50 | $-2695.00 | $-2339.75 | $-1555.75 | $-33.06 |
| EPS (Diluted) | $-10412.50 | $-26068.00 | $-53495.75 | $-14822.50 | $-9236.50 | $-2327.50 | $-2695.00 | $-2339.75 | $-1555.75 | $-33.06 |
| Shares Outstanding (Diluted) | $358 | $316 | $306 | $515 | $1054 | $7086 | $9167 | $10042 | $13993 | $589000 |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Revenue | 0 | 0 | 0 | 0 |
| Gross Profit | -$120000 | -$117000 | 0 | 0 |
| Operating Income | -$4.9M | -$4.0M | -$4.1M | -$3.8M |
| EBITDA | -$4.4M | -$3.6M | -$3.9M | -$3.6M |
| Net Income | -$4.5M | -$3.7M | -$3.8M | -$3.6M |
| EPS | $-281.75 | $-227.07 | $-5.89 | $-5.37 |
| EPS (Diluted) | $-281.75 | $-227.07 | $-5.89 | $-5.37 |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Cash & Equivalents | $56514 | $77688 | $2.7M | $1.3M | $9.3M | $54.7M | $4.6M | $3.6M | $1.8M | $3.1M |
| Short-term Investments | 0 | 0 | 0 | 0 | 0 | 0 | $34.5M | $42.8M | $41.4M | $25.1M |
| Receivables | $199750 | $35181 | $32022 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Inventory | $90908 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | $393221 | $170413 | $2.8M | $1.4M | $9.6M | $55.0M | $39.4M | $46.9M | $43.7M | $28.8M |
| Property, Plant & Equipment | $28810 | $23843 | $26153 | $1.2M | $938941 | $2.6M | $2.2M | $1.7M | $1.2M | $705000 |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | $1.2M | $1.1M | $666467 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Assets | $1.8M | $2.2M | $3.6M | $3.4M | $10.5M | $57.7M | $41.7M | $48.6M | $45.0M | $29.6M |
| Accounts Payable | $541957 | $1.5M | $1.1M | $1.2M | $1.4M | $560083 | $648000 | $427000 | $1.0M | $358000 |
| Short-term Debt | $632772 | $2.6M | 0 | 0 | $312700 | 0 | 0 | 0 | $364000 | 0 |
| Total Current Liabilities | $2.1M | $8.2M | $1.5M | $1.9M | $3.2M | $1.6M | $1.5M | $1.4M | $2.1M | $2.1M |
| Long-term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Liabilities | $2.1M | $8.2M | $1.5M | $2.4M | $3.4M | $3.3M | $2.9M | $2.4M | $2.8M | $2.4M |
| Retained Earnings | -$27.7M | -$35.5M | -$48.6M | -$56.2M | -$65.3M | -$81.9M | -$106.5M | -$130.0M | -$151.9M | -$171.3M |
| Total Equity | -$4.2M | -$11.1M | $2.0M | $989940 | $7.1M | $54.4M | $38.7M | $46.2M | $42.2M | $27.1M |
| Total Debt | $632772 | $2.6M | 0 | $856633 | $880648 | $2.0M | $1.7M | $1.4M | $1.1M | $700000 |
| Net Debt | $576258 | $2.5M | -$2.7M | -$450598 | -$8.5M | -$52.7M | -$37.3M | -$45.0M | -$42.1M | -$27.5M |
| Working Capital | -$1.7M | -$8.0M | $1.3M | -$452434 | $6.4M | $53.5M | $37.9M | $45.6M | $41.6M | $26.7M |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Cash & Equivalents | $1.5M | $3.1M | $2.6M | $2.8M |
| Total Assets | $32.4M | $29.6M | $26.1M | $22.7M |
| Total Liabilities | $2.9M | $2.4M | $2.4M | $2.0M |
| Total Equity | $29.4M | $27.1M | $23.7M | $20.7M |
| Total Debt | $791000 | $700000 | $603000 | $505000 |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Net Income | -$3.4M | -$7.8M | -$13.0M | -$7.6M | -$9.1M | -$16.5M | -$24.7M | -$23.5M | -$21.8M | -$19.5M |
| Depreciation & Amortization | $151174 | $139213 | $133419 | $396663 | $383972 | $453000 | $525000 | $546000 | $528000 | $489000 |
| Stock-based Compensation | $1.5M | $878404 | $1.9M | $941964 | $881213 | $6.0M | $9.0M | $5.2M | $4.1M | $3.4M |
| Change in Working Capital | -$63191 | $1.1M | -$578401 | $66788 | $665781 | -$1.1M | -$420000 | -$616000 | $290000 | -$396000 |
| Operating Cash Flow | -$3.4M | -$4.2M | -$6.4M | -$5.9M | -$7.7M | -$11.8M | -$15.6M | -$18.9M | -$16.8M | -$15.6M |
| Capital Expenditure | -$373616 | -$10938 | -$12422 | -$363891 | -$180291 | -$368000 | -$115000 | -$33000 | -$37000 | -$5000 |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Stock Repurchased | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | -$3.8M | -$4.2M | -$6.4M | -$6.3M | -$7.9M | -$12.2M | -$15.7M | -$18.9M | -$16.9M | -$15.6M |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Operating Cash Flow | -$4.4M | -$3.4M | -$3.2M | -$3.5M |
| Capital Expenditure | 0 | 0 | 0 | 0 |
| Free Cash Flow | -$4.4M | -$3.4M | -$3.2M | -$3.5M |
| Dividends Paid | 0 | 0 | 0 | 0 |
| Stock-based Compensation | $688000 | $637000 | $467000 | $397000 |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Revenue Growth (YoY) | | -46.3% | -55.8% | -83.3% | -100.0% | | | | | |
| Net Income Growth (YoY) | | -32.4% | -67.4% | +41.5% | -19.8% | -80.9% | -49.3% | +4.7% | +7.2% | +10.8% |
| EPS Growth (YoY) | | -150.4% | -105.2% | +72.3% | +37.7% | +74.8% | -15.8% | +13.2% | +33.5% | +97.9% |
| Shares Change (YoY) | | -11.7% | -3.2% | +68.3% | +104.7% | +572.3% | +29.4% | +9.5% | +39.3% | +4109.2% |
| FCF Growth (YoY) | | -11.1% | -51.2% | +1.7% | -25.5% | -55.5% | -28.8% | -20.1% | +10.7% | +7.7% |
| Gross Margin | -22.3% | -32.4% | 100.0% | 100.0% | | | | | | |
| Operating Margin | -592.8% | -1445.9% | -4210.5% | -24566.5% | | | | | | |
| EBITDA Margin | -684.5% | -1358.1% | -3242.2% | -23134.1% | | | | | | |
| Net Margin | -749.0% | -1845.8% | -6991.5% | -24406.7% | | | | | | |
| FCF Margin | -482.3% | -998.1% | -3413.7% | -20037.4% | | | | | | |
| Effective Tax Rate | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| FCF Per Share | $-10588.75 | $-13332.84 | $-20811.31 | $-12155.90 | $-7454.93 | $-1723.96 | $-1716.37 | $-1881.20 | $-1205.96 | $-26.44 |
| Dividends Per Share | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Shares Outstanding (Basic) | $358 | $316 | $306 | $515 | $1054 | $7086 | $9167 | $10042 | $13993 | $589000 |
What to look at in Healthcare / Pharma
The R&D pipeline is the invisible asset. Patents expiring = revenues evaporating. Look at innovation and cash flow.
- R&D / Revenue — Shows investment in future pipeline. Serious pharma reinvests 15-20%
- 5y EPS growth — After patent expirations, are they still growing?
- Gross margin — Branded pharma >70%. Generics much lower — defines the business type
- FCF / Net Income — Earnings quality — big pharma should convert >90%
- ROIC — Capital reinvested efficiently — key in pharma due to long R&D cycles
- Net debt / EBITDA — Pharma acquisitions pile up debt — watch the post-M&A picture
- P/E vs own 10y history — The best comparison is with its own history, not with peers
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| P/E | -0.45 | -0.18 | -0.02 | -0.03 | -0.03 | -0.10 | -0.07 | -0.08 | -0.07 | -0.34 |
| P/B | -0.39 | -0.13 | 0.20 | 0.25 | 0.05 | 0.03 | 0.04 | 0.04 | 0.04 | 0.25 |
| P/S | 2.12 | 3.48 | 2.15 | 8.05 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Gross Margin | -22.3% | -32.4% | 100.0% | 100.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Operating Margin | -592.8% | -1445.9% | -4210.5% | -24566.5% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Net Margin | -749.0% | -1845.8% | -6991.5% | -24406.7% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |