Movano Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Movano Inc. has filed its 2023 annual report detailing its financial performance and corporate information.</b>

AI Summary

Movano Inc. (MOVE) filed a Annual Report (10-K) with the SEC on April 16, 2024. Movano Inc. filed its annual report on Form 10-K for the fiscal year ended December 31, 2023. The company is registered with the SEC under Central Index Key 0001734750. Movano Inc. is incorporated in Delaware and its fiscal year ends on December 31. The company's common stock trades on The Nasdaq Stock Market LLC under the symbol MOVE. Movano Inc. is classified as a non-accelerated filer, smaller reporting company, and emerging growth company.

Why It Matters

For investors and stakeholders tracking Movano Inc., this filing contains several important signals. This filing provides a comprehensive overview of Movano Inc.'s financial health and operational status for the fiscal year 2023, crucial for investors to assess the company's performance and future prospects. As a smaller reporting and emerging growth company, this 10-K filing is essential for understanding Movano Inc.'s regulatory standing and its ability to comply with reporting requirements.

Risk Assessment

Risk Level: low — Movano Inc. shows low risk based on this filing. The filing is a standard annual report (10-K) and does not contain immediate, significant financial or operational disclosures that would alter the risk profile based solely on its submission.

Analyst Insight

Investors should review the full 10-K filing for detailed financial statements, risk factors, and management's discussion and analysis to form an informed opinion on Movano Inc.'s current standing.

Key Numbers

• 2023 — Fiscal Year End (Fiscal year ended December 31, 2023)
• 001-40254 — SEC File Number (Commission file number)
• 82-4233771 — IRS Number (I.R.S. Employer Identification No.)
• 20240416 — Filing Date (Filed as of date)
• MOVE — Trading Symbol (Common Stock Trading Symbol)

Key Players & Entities

• Movano Inc. (company) — Registrant name
• MOVE (company) — Trading Symbol
• The Nasdaq Stock Market LLC (company) — Exchange where common stock is registered
• 0001734750 (company) — Central Index Key
• 20231231 (date) — Fiscal Year End
• 20240416 (date) — Filing Date
• Delaware (jurisdiction) — State of Incorporation
• Maestro Sensors Inc. (company) — Former Company Name

FAQ

Industry Context

Movano Inc. operates in the electromedical and electrotherapeutic apparatus industry, focusing on developing wearable technology.

Regulatory Implications

The company is subject to standard SEC reporting requirements for public companies, including the annual filing of Form 10-K.

What Investors Should Do

1. Review Movano Inc.'s detailed financial statements for FY 2023.
2. Analyze the 'Risk Factors' section for potential business and financial challenges.
3. Examine the 'Management's Discussion and Analysis of Financial Condition and Results of Operations' for strategic insights.

Year-Over-Year Comparison

This is the initial 10-K filing for the fiscal year ended December 31, 2023, following the company's reporting cycle.

Key Financial Figures

• $0.0001 — ich registered Common Stock, par value $0.0001 per share MOVE The Nasdaq Stock Market
• $4.7 billion — d industry sales estimated at more than $4.7 billion in 2021, according to published Wall St
• $3.9 billion — dustry sales estimated at approximately $3.9 billion in 2022, according to Grand View Resear

Filing Documents

• f10k2023_movanoinc.htm (10-K) — 1087KB
• f10k2023ex21-1_movano.htm (EX-21.1) — 3KB
• f10k2023ex23-1_movano.htm (EX-23.1) — 2KB
• f10k2023ex31-1_movano.htm (EX-31.1) — 10KB
• f10k2023ex31-2_movano.htm (EX-31.2) — 10KB
• f10k2023ex32-1_movano.htm (EX-32.1) — 5KB
• f10k2023ex97-1_movano.htm (EX-97.1) — 32KB
• image_001.jpg (GRAPHIC) — 9KB
• 0001213900-24-033365.txt (&nbsp;) — 6029KB
• move-20231231.xsd (EX-101.SCH) — 56KB
• move-20231231_cal.xml (EX-101.CAL) — 36KB
• move-20231231_def.xml (EX-101.DEF) — 269KB
• move-20231231_lab.xml (EX-101.LAB) — 505KB
• move-20231231_pre.xml (EX-101.PRE) — 270KB
• f10k2023_movanoinc_htm.xml (XML) — 736KB

Business

Business 1 Item 1A.

Risk Factors

Risk Factors 11 Item 1B. Unresolved Staff Comments 30 Item 1C. Cybersecurity 30 Item 2.

Properties

Properties 30 Item 3.

Legal Proceedings

Legal Proceedings 30 Item 4. Mine Safety Disclosures 30 PART II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 31 Item 6. Reserved 31 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 32 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk. 38 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data. F-1 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure. 39 Item 9A.

Controls and Procedures

Controls and Procedures. 39 Item 9B. Other Information. 39 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 39 PART III Item 10. Directors, Executive Officers and Corporate Governance. 40 Item 11.

Executive Compensation

Executive Compensation 40 Item 12.

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

Security Ownership of Certain Beneficial Owners and Management and Related Stockholders Matters. 40 Item 13. Certain Relationships and Related Transactions, and Director Independence 40 Item 14. Principal Accountant Fees and Services 40 PART IV Item 15. Exhibits, Financial Statements and Schedules 41 Item 16. Form 10-K Summary 42 i CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS This Annual Report on Form 10-K contains "forward-looking Act of 1934, as amended, that are intended to be covered by the "safe harbor" created by those sections. Forward-looking statements, which are based on certain assumptions and describe our future plans, strategies and expectations, can generally be identified by the use of forward-looking terms such as "believe," "expect," "may," "will," "should," "would," "could," "seek," "intend," "plan," "goal," "project," "estimate," "anticipate," "strategy", "future", "likely" or other comparable terms and references to future periods. All statements other than statements of historical facts included in this Annual Report on Form 10-K regarding our strategies, prospects, financial condition, operations, costs, plans and objectives are forward-looking statements. Examples of forward-looking statements include, among others, statements we make regarding: expectations for revenues, cash flows and financial performance, the anticipated results of our development efforts and the timing for receipt of required regulatory approvals and product launches.

Forward-looking statements are neither historical

Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on our current beliefs, expectations and assumptions regarding the future of our business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Our actual results and financial condition may differ materially from those indicated in the forward-looking statements. Therefore, you should not rely on any of these forward-looking statements. Important factors that could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements include, among others, the following: our limited operating history and our ability to achieve profitability; our ability to continue as a going concern and our need for and ability to obtain additional capital in the future; our ability to demonstrate the feasibility of and develop products and their underlying technologies; the impact of competitive or alternative products, technologies and pricing; our ability to attract and retain highly qualified personnel; our dependence on consultants to assist in the development of our technologies; our ability to manage the growth of our Company and to realize the benefits from any acquisitions or strategic alliances we may enter in the future; the impact of macroeconomic and geopolitical conditions, including increases in prices caused by rising inflation; our dependence on the successful commercialization of the Evie Ring; our dependence on third parties to design, manufacture, market and distribute our products; the adequacy of protections afforded to us by the patents that we own and the success we may have in, and the cost to

Business

Item 1. Business Overview Movano Inc., dba Movano Health, a Delaware corporation, is developing a platform to deliver purpose-driven healthcare solutions to bring medical-grade, high-quality data to the forefront of consumer health devices. Our initial commercial product in development is the Evie Ring, a wearable designed specifically for women that was launched in November 2023. The Evie Ring combines health and wellness metrics to give a full picture of one's health, which includes resting heart rate, heart rate variability ("HRV"), blood oxygen saturation ("SpO 2 "), respiration rate, skin temperature variability, period and ovulation tracking, menstrual symptom tracking, activity profile, including steps, active minutes and calories burned, sleep stages and duration, and mood tracking. The device provides women with continuous health data distilled down to simple, yet meaningful, insights to help them make manageable lifestyle changes and take a more proactive approach that could mitigate the risks of chronic disease. We launched the Evie Ring as a general wellness device without any FDA premarket clearances. Separately, we are planning to seek FDA clearances on our medical device, which will be sold under the brand name Evie Med. We believe Evie Med will be one of the first patient wearables with FDA clearance on the entire system, both hardware and software, differing from our competition which sometimes gets FDA clearance on an individual algorithm under "Software as a Medical Device" guidance. In July 2023, we filed our first 510(k) submission to the FDA for the Evie Med Ring's pulse oximeter to monitor pulse and SpO 2 data, following a successful pivotal hypoxia trial during the fourth quarter of 2022. The submission was reviewed by the FDA, and the Company is working with the agency to address the review commentary. With progressive changes in the device and significant additional requirements from FDA since the initial submission, we opted to with

View Full Filing

View this 10-K filing on SEC EDGAR