afib-20240331

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

____________________________

FORM 10-Q

__________________________________

(Mark one)


☒			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2024


☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission File Number 001-39430

__________________________________

ACUTUS MEDICAL, INC.

(Exact name of registrant as specified in its charter)

__________________________________


Delaware			45-1306615
(State or other jurisdiction of incorporation or organization)			(I.R.S. Employer Identification No.)

2210 Faraday Ave., Suite 100, Carlsbad, CA			92008
(Address of principal executive offices)			(Zip Code)

(Registrant’s telephone number, including area code) (442) 232-6080

___________________________________________

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading
Symbol

Name of each exchange on which registered 1

Common Stock, par value $0.001 per share

AFIB

N/A

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically, if any, every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See definition of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer

☐

Accelerated filer

☐

Non-accelerated filer

☒

Smaller reporting company

☒

Emerging growth company

☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

Indicate the number of shares outstanding of each of the registrant’s classes of common stock, as of the latest practicable date.


Class of Common Stock						Outstanding Shares as of May 6, 2024
Common Stock, $0.001 par value						29,721,542

1 On April 30, 2024, Nasdaq informed us that it was commencing delisting proceedings and our common stock stopped trading on Nasdaq and commenced trading on the OTC Pink Sheets on May 9, 2024 under the symbol “AFIB.” Nasdaq has informed us that it will file a Form 25 to delist our common stock and remove such securities from registration under Section 12(b) of the Securities Exchange Act of 1934 (the “Exchange Act”). The delisting will become effective 10 days after the filing of the Form 25 and our common stock will be deregistered under Section 12(b) of the Exchange Act 90 days after the Form 25 filing.

Table of Contents

Acutus Medical, Inc.

Form 10-Q

For the Quarter Ended March 31, 2024

Table of Contents


		Page
PART I. FINANCIAL INFORMATION

Item 1.	Financial Statements	1

	Condensed Consolidated Balance Sheets as of March 31, 202 4 (unaudited) and December 31, 202 3	1

	Condensed Consolidated Statements of Operations and Comprehensive Loss for the three months ended March 31, 202 4 and 202 3 (unaudited)	2

	Condensed Consolidated Statements of Stockholders’ (Deficit) Equity for the three months ended March 31, 202 4 and 202 3 (unaudited)	3

	Condensed Consolidated Statements of Cash Flows for the three months ended March 31, 202 4 and 202 3 (unaudited)	4

	Notes to Condensed Consolidated Financial Statements (unaudited)	5

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	32

Item 3.	Quantitative and Qualitative Disclosures about Market Risk	45

Item 4.	Controls and Procedures	45

PART II. OTHER INFORMATION

Item 1.	Legal Proceedings	46

Item 1A.	Risk Factors	46

Item 2.	Recent Sales of Unregistered Securities	47

Item 5.	Other Information	47

Item 6.	Exhibits	49

Signatures		50

Table of Contents

Item 1. Financial Statements.

Acutus Medical, Inc.

Condensed Consolidated Balance Sheets


	March 31, 2024		December 31, 2023
(in thousands, except share and per share amounts)	(unaudited)
ASSETS
Current assets:
Cash and cash equivalents	$	18,459	$	19,170
Marketable securities, short-term	1,495		3,233
Restricted cash, short-term	—		7,030
Accounts receivable	7,750		11,353
Inventory	5,888		4,278

Prepaid expenses and other current assets	572		678
Current assets of discontinued operations	240		510
Total current assets	34,404		46,252

Property and equipment, net	844		825
Right-of-use assets, net	3,011		3,189

Other assets	94		94
Noncurrent assets of discontinued operations	3,315		3,600
Total assets	$	41,668	$	53,960

LIABILITIES AND STOCKHOLDERS' (DEFICIT) EQUITY
Current liabilities:
Accounts payable	3,165		2,761
Accrued liabilities	2,063		2,887

Operating lease liabilities, short-term	835		718
Long-term debt, current portion	1,819		1,864
Warrant liability	692		409
Current liabilities of discontinued operations	1,300		10,303
Total current liabilities	9,874		18,942

Operating lease liabilities, long-term	3,009		3,243
Long-term debt	32,805		32,654


Total liabilities	45,688		54,839

Commitments and contingencies (Note 11)

Stockholders' deficit
Preferred stock, $0.001 par value; 5,000,000 shares authorized as of March 31, 2024 and December 31, 2023; 5,000,000 shares of the preferred stock, designated as Series A Common Equivalent Preferred Stock, are issued and outstanding as of March 31, 2024 and December 31, 2023	—		—
Common stock, $0.001 par value; 260,000,000 shares authorized as of March 31, 2024 and December 31, 2023; 29,715.962 and 29,313,667 shares issued and outstanding as of March 31, 2024 and December 31, 2023, respectively	30		29
Additional paid-in capital	598,413		599,935
Accumulated deficit	(601,597)		(599,977)
Accumulated other comprehensive loss	(866)		(866)
Total stockholders' deficit	(4,020)		(879)
Total liabilities and stockholders' deficit	$	41,668	$	53,960

The accompanying notes are an integral part of these condensed consolidated financial statements.

Table of Contents

Acutus Medical, Inc.

Condensed Consolidated Statements of Operations and Comprehensive Loss


		Three Months Ended March 31,
			2024		2023
(in thousands, except share and per share amounts)	(unaudited)

Revenue			$	3,625

SEC Form 10-Q filed by Acutus Medical Inc.