electroCore, Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>electroCore, Inc. has filed its 2023 10-K report detailing financial performance and corporate information.</b>

AI Summary

electroCore, Inc. (ECOR) filed a Annual Report (10-K) with the SEC on March 13, 2024. Filed its 2023 Form 10-K on March 13, 2024, reporting for the fiscal year ending December 31, 2023. The company is incorporated in Delaware (DE) and headquartered in Rockaway, New Jersey (NJ). The filing includes data related to various financial statement items for the fiscal years 2023 and 2022. Specific dates mentioned include 2023-12-31 for fiscal year end and 2024-03-13 for the filing date. The SIC code for electroCore, Inc. is 3845, Electromedical & Electrotherapeutic Apparatus.

Why It Matters

For investors and stakeholders tracking electroCore, Inc., this filing contains several important signals. This 10-K filing provides a comprehensive overview of electroCore's financial health, operational activities, and strategic positioning for the fiscal year 2023. Investors and stakeholders can use this report to assess the company's performance, identify potential risks, and make informed investment decisions.

Risk Assessment

Risk Level: medium — electroCore, Inc. shows moderate risk based on this filing. The company's financial performance and future prospects are subject to market conditions and regulatory approvals, as indicated by the detailed financial data and risk factors typically found in a 10-K filing.

Analyst Insight

Review the detailed financial statements and risk factors within the 10-K to understand electroCore's current financial standing and future outlook.

Key Numbers

• 2023-12-31 — Fiscal Year End (Reporting period)
• 2024-03-13 — Filing Date (Date of submission)
• 001-38538 — SEC File Number (SEC registration number)
• 24746762 — Film Number (SEC film identifier)

Key Players & Entities

• electroCore, Inc. (company) — Filer name
• ECOR (company) — Ticker symbol
• 2023-12-31 (date) — Fiscal year end
• 2024-03-13 (date) — Filing date
• Rockaway, NJ (location) — Business address
• 3845 (industry_code) — Standard Industrial Classification

FAQ

Industry Context

electroCore, Inc. operates in the Electromedical & Electrotherapeutic Apparatus industry, focusing on medical devices.

Regulatory Implications

The filing is a standard 10-K report under the Securities Exchange Act of 1934, requiring public companies to provide comprehensive financial and operational disclosures.

What Investors Should Do

1. Analyze the financial statements for revenue, net income, and other key performance indicators for FY 2023.
2. Review the risk factors section to understand potential challenges and uncertainties facing the company.
3. Examine any disclosures related to executive compensation and corporate governance.

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K.
• 2024-03-13: Filing Date — Date electroCore, Inc. submitted its 10-K report.

Year-Over-Year Comparison

This filing represents the annual report for the fiscal year ending December 31, 2023, providing updated financial and operational data compared to previous filings.

Key Financial Figures

• $0.001 — ch registered Common Stock, Par Value $0.001 Per Share ECOR Nasdaq Capital Marke
• $78 billion — e in the United States is approximately $78 billion. Further, it is estimated that the annu
• $8,500 — ine-related health services are between $8,500 and $9,500 for an individual patient wi
• $9,500 — health services are between $8,500 and $9,500 for an individual patient with chronic
• $1.5 — general wellness market to be more than $1.5 trillion with annual growth of 5-10%, w
• $450 billion — ition, and mindfulness, to be more than $450 billion and growing at greater than 5% annually
• $20 billion — rket is expected to reach approximately $20 billion by 2024, with the US stress management
• $2.4 billion — stress management market size valued at $2.4 billion in 2022 and expected to grow at a compo

Filing Documents

• ecor-20231231.htm (10-K) — 3412KB
• ex41_1.htm (EX-4.1) — 52KB
• ex211_2.htm (EX-21.1) — 11KB
• ex231_3.htm (EX-23.1) — 4KB
• ex311_4.htm (EX-31.1) — 25KB
• ex312_5.htm (EX-31.2) — 25KB
• ex321_6.htm (EX-32.1) — 11KB
• ex322_7.htm (EX-32.2) — 11KB
• ex971_8.htm (EX-97.1) — 60KB
• img6d1474159917498fa374.jpg (GRAPHIC) — 11KB
• imgde334d45f9cf43a9a314.jpg (GRAPHIC) — 35KB
• 0001213900-24-022212.txt (&nbsp;) — 11398KB
• ecor-20231231.xsd (EX-101.SCH) — 74KB
• ecor-20231231_cal.xml (EX-101.CAL) — 106KB
• ecor-20231231_def.xml (EX-101.DEF) — 368KB
• ecor-20231231_lab.xml (EX-101.LAB) — 1171KB
• ecor-20231231_pre.xml (EX-101.PRE) — 602KB
• ecor-20231231_htm.xml (XML) — 1224KB

Business

Business 1 Item 1A. Risk Factors. 11 Item 1B. Unresolved Staff Comments 82 Item 1C. Cybersecurity 82 Item 2.

Properties

Properties 83 Item 3.

Legal Proceedings

Legal Proceedings 83 Item 4. Mine Safety Disclosures 84 PART II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 85 Item 6. [Reserved] 85 Item 7.

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

Management's Discussion and Analysis of Financial Condition and Results of Operations 85 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 95 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 95 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 95 Item 9A.

Controls and Procedures

Controls and Procedures 96 Item 9B. Other Information 97 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 97 PART III Item 10. Directors, Executive Officers and Corporate Governance 98 Item 11.

Executive Compensation

Executive Compensation 108 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 116 Item 13. Certain Relationships and Related Transactions, and Director Independence 118 Item 14. Principal Accountant Fees and Services 120 PART IV Item 15. Exhibits and Financial Statement Schedules 121 Item 16. Form 10-K Summary 121 i Cautionary Note Regarding Forward-Looking Statements This Annual Report on Form 10-K, or Annual Report, contains forward-looking statements that involve substantial risks and uncertainties. All statements other than statements of historical facts contained in this Annual Report, including statements regarding our future results of operations and financial position, strategy and plans, and our expectations for future operations, are forward-looking statements. In some cases, you can identify forward-looking statements by terminology such as "may," "will," "should," "could," "expects," "intends," "plans," "anticipates," "believes," "estimates," "predicts," "potential," "continue" or the negative of these terms or other comparable terminology. These forward-looking statements are subject to a number of risks, uncertainties and assumptions, including those described under the heading "Risk Factors" contained in Item 1A of this Annual Report. In light of these risks, uncertainties and assumptions, actual results could differ materially and adversely from those anticipated or implied in the forward-looking statements in this Annual Report and you should not place undue reliance on these forward-looking statements. Any forward-looking statements in this Annual Report reflect our current views with respect to future events or to our future financial performance and 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 these forward-looking stat

Business

Item 1. Business Our Business An Overview We are a commercial stage bioelectronic medicine and general wellness company dedicated to improving health and quality of life through our proprietary non-invasive vagus nerve stimulation ("nVNS") technology platform. nVNS modulates neurotransmitters through its effects on both the peripheral and central nervous systems. Our nVNS treatment is delivered through a proprietary high-frequency burst waveform that safely and comfortably passes through the skin and stimulates therapeutically relevant fibers in the vagus nerve. Various scientific publications suggest that nVNS works through a variety of mechanistic pathways including the modulation of neurotransmitters. Historically, vagus nerve stimulation or VNS, required an invasive surgical procedure to implant a costly medical device. This generally limited VNS from being used by anyone other than the most severe patients. Our non-invasive medical devices and general wellness products are self-administered and intended for regular or intermittent use over many years. Our capabilities include product development, regulatory affairs and compliance, sales and marketing, product testing, assembly, fulfillment, and customer support. We derive revenues from the sale of products in the United States and select overseas markets. We have two principal product categories: Handheld, personal use medical devices for the management and treatment of certain medical conditions such as primary headache; and Handheld, personal use consumer products utilizing nVNS technology to promote general wellness and human performance. We believe our nVNS products may be used in the future to effectively treat additional medical conditions. Primary Marketed Products and Business Strategy Our goal is to be a leader in non-invasive neuromodulation by using our proprietary nVNS platform technology to deliver better health. To achieve this, we offer multiple propositions: Prescription

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View this 10-K filing on SEC EDGAR