ClearPoint Neuro, Inc. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>ClearPoint Neuro, Inc. has filed its quarterly report (10-Q) for the period ending March 31, 2024, detailing its financial and operational status.</b>

AI Summary

ClearPoint Neuro, Inc. (CLPT) filed a Quarterly Report (10-Q) with the SEC on May 7, 2024. ClearPoint Neuro, Inc. filed a 10-Q report for the period ending March 31, 2024. The company was formerly known as MRI Interventions, Inc. and Surgivision Inc. The filing covers the fiscal quarter from January 1, 2024, to March 31, 2024. The company's business address is 120 S. Sierra Avenue, Suite 100, Solana Beach, CA 92075. The SIC code for ClearPoint Neuro, Inc. is 3841 (Surgical & Medical Instruments & Apparatus).

Why It Matters

For investors and stakeholders tracking ClearPoint Neuro, Inc., this filing contains several important signals. This filing provides investors and analysts with the latest financial performance and business updates for ClearPoint Neuro, Inc. for the first quarter of 2024. Understanding the details within this 10-Q is crucial for assessing the company's current financial health, strategic direction, and potential risks moving forward.

Risk Assessment

Risk Level: low — ClearPoint Neuro, Inc. shows low risk based on this filing. The risk is low as this is a standard quarterly filing (10-Q) providing routine financial information and does not indicate any immediate or significant adverse events.

Analyst Insight

Monitor future filings for revenue growth, net income trends, and any updates on product development or market expansion.

Key Numbers

• 2024-03-31 — Reporting Period End Date (10-Q filing)
• 2024-05-07 — Filing Date (10-Q filing)
• 2024-01-01 — Quarter Start Date (10-Q filing)
• 2023-12-31 — Previous Year End Date (Financial data reference)

Key Players & Entities

• ClearPoint Neuro, Inc. (company) — Filer name
• 2024-03-31 (date) — Conformed period of report
• 2024-05-07 (date) — Filed as of date
• MRI Interventions, Inc. (company) — Former company name
• Surgivision Inc (company) — Former company name
• 120 S. Sierra Avenue, Suite 100, Solana Beach, CA 92075 (address) — Business address
• 3841 (industry_code) — Standard Industrial Classification
• CLPT (ticker) — Ticker symbol

FAQ

Industry Context

ClearPoint Neuro operates in the surgical and medical instruments and apparatus industry, focusing on technologies for minimally invasive procedures.

Regulatory Implications

As a publicly traded company, ClearPoint Neuro is subject to SEC regulations, including the requirement to file quarterly reports (10-Q) under the Securities Exchange Act of 1934.

What Investors Should Do

1. Review the full 10-Q filing for detailed financial statements, including revenue, expenses, and balance sheet information.
2. Analyze management's discussion and analysis (MD&A) section for qualitative insights into performance drivers and future outlook.
3. Compare the financial results in this filing to previous periods and industry benchmarks to identify trends and assess performance.

Key Dates

• 2024-03-31: Quarterly Period End — End of the reporting period for the 10-Q filing.
• 2024-05-07: Filing Date — Date the 10-Q report was officially submitted to the SEC.

Year-Over-Year Comparison

This filing represents the quarterly update for the period ending March 31, 2024, compared to the previous fiscal year's reporting periods.

Key Financial Figures

• $0.01 — ange on which registered Common Stock, $0.01 par value per share CLPT Nasdaq Capital

Filing Documents

• clpt-20240331.htm (10-Q) — 584KB
• clpt-20240331xex311.htm (EX-31.1) — 10KB
• clpt-20240331xex312.htm (EX-31.2) — 10KB
• clpt-20240331xex32.htm (EX-32) — 5KB
• 0001285550-24-000051.txt (&nbsp;) — 4035KB
• clpt-20240331.xsd (EX-101.SCH) — 28KB
• clpt-20240331_cal.xml (EX-101.CAL) — 41KB
• clpt-20240331_def.xml (EX-101.DEF) — 150KB
• clpt-20240331_lab.xml (EX-101.LAB) — 452KB
• clpt-20240331_pre.xml (EX-101.PRE) — 305KB
• clpt-20240331_htm.xml (XML) — 417KB

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION 1 Item 1.

Financial Statements (unaudited)

Financial Statements (unaudited) 1 Condensed Consolidated Balance Sheets as of March 3 1 , 202 4 and December 31, 2023 1 Condensed Consolidated Statements of Operations for the three months ended March 3 1 , 202 4 and 202 3 2 Condensed Consolidated Statements of Stockholders' Equity for the three months ended March 3 1 , 202 4 and 202 3 3 Condensed Consolidated Statements of Cash Flows for the three months ended March 3 1 , 202 4 and 202 3 4 Notes to Condensed Consolidated Financial Statements 5 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 17 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 23 Item 4.

Controls and Procedures

Controls and Procedures 23

– OTHER INFORMATION

PART II – OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 24 Item 1A.

Risk Factors

Risk Factors 24 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 24 Item 3. Defaults Upon Senior Securities 24 Item 4. Mine Safety Disclosures 24 Item 5. Other Information 24 Item 6. Exhibits 25

SIGNATURES

SIGNATURES 26 Trademarks, Trade Names and Service Marks ClearPoint Neuro , ClearPoint , SmartFlow , SmartFrame , SmartGrid , Inflexion , SmartTwist , SmartTip , ClearPoint Maestro , SmartFrame Array , SmartFrame OR , ClearPoint Neuro Orchestra , ClearPoint Prism , SmartFlow Flex , ClearPointer , When Your Path is Unclear, We Point The Way , and MRI Interventions are all trademarks of ClearPoint Neuro, Inc. Any other trademarks, trade names or service marks referred to in this Quarterly Report on Form 10-Q (this "Quarterly Report") are the property of their respective owners. SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS This Quarterly Report contains "forward-looking statements" as defined under the U.S. federal securities laws. The forward-looking statements relate to our expectations for performance, revenues and costs, and the adequacy of cash and cash equivalent balances and short-term investments to support operations and meet future obligations. These statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements, expressed or implied by the forward-looking statements. In some cases, you can identify forward-looking statements by terms such as "anticipates," "believes," "could," "estimates," "expects," "intends," "may," "plans," "potential," "predicts," "projects," "should," "will," "would," and similar expressions intended to identify forward-looking statements, although not all forward-looking statements contain these words. Although we believe that we have a reasonable basis for each forward-looking statement contained in this Quarterly Report, we caution you that these statements are based on a combination of facts and factors currently known by us and our projections of the future, about which we cannot be certain. In evaluating forward-looking statements, you should refer to (i) the secti

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS CLEARPOINT NEURO, INC. Condensed Consolidated Balance Sheets (in thousands, except for share and per share data) March 31, 2024 December 31, 2023 (Unaudited) ASSETS Current assets: Cash and cash equivalents $ 35,353 $ 23,140 Accounts receivable, net 2,511 3,211 Inventory, net 7,960 7,911 Prepaid expenses and other current assets 1,746 1,910 Total current assets 47,570 36,172 Property and equipment, net 1,347 1,389 Operating lease, right-of-use assets 3,447 3,564 Software license inventory 237 386 Licensing rights 887 1,041 Other assets 149 109 Total assets $ 53,637 $ 42,661 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $ 844 $ 393 Accrued compensation 1,634 2,947 Other accrued liabilities 986 1,053 Operating lease liabilities, current portion 497 424 Deferred product and service revenue, current portion 1,232 2,613 2020 senior secured convertible note payable, net 9,964 — Total current liabilities 15,157 7,430 Operating lease liabilities, net of current portion 3,438 3,568 Deferred product and service revenue, net of current portion 458 541 2020 senior secured convertible note payable, net — 9,949 Total liabilities 19,053 21,488 Commitments and contingencies Stockholders' equity: Preferred stock, $ 0.01 par value; 25,000,000 shares authorized; none issued and outstanding at March 31, 2024 and December 31, 2023 — — Common stock, $ 0.01 par value; 90,000,000 shares authorized at March 31, 2024 and December 31, 2023; 27,416,345 shares issued and outstanding at March 31, 2024; and 24,652,729 issued and outstanding at December 31, 2023 274 247 Additional paid-in capital 210,912 193,382 Accumulated deficit ( 176,602 ) ( 172,456 ) Total stockholders' equity 34,584 21,173 Total liabilities and stockholders' equity $ 53,637 $ 42,661 See accompanying notes to Condensed Consolidated Financial Statements. 1 CLEARPOINT NEURO, INC. Condensed Consolidated Statements of Opera

View Full Filing

View this 10-Q filing on SEC EDGAR