vtak_10q.htm

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

☒ Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the quarterly period ended September 30, 2023

☐ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Commission File No. 001-38677

Catheter Precision, Inc.

(Exact name of registrant as specified in its charter)

Delaware		38-3661826
(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification Number)

1670 Highway 160 West, Suite 205 Fort Mill, South Carolina		29708
(Address of principal executive offices)		(Zip Code)

(973) 691-2000

(Registrant’s telephone number, including area code)

N/A

(Former name, former address and former fiscal year, if changed since last report)

Securities Registered under Section 12(b) of the Act:

Title of each class:		Trading Symbol(s)		Name of each exchange on which registered:
Common stock, par value $0.0001 per share		VTAK		NYSE American

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 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 the definitions 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 the registrant is a shell company (as defined in Rule 12b‑2 of the Exchange Act). Yes ☐ No ☒

As of the close of business on December 19, 2023, the registrant had 7,026,678 shares of common stock, par value $0.0001 per share, outstanding.

CATHETER PRECISION, INC. (formerly known as RA MEDICAL SYSTEMS, INC.)

QUARTERLY REPORT ON FORM 10-Q

TABLE OF CONTENTS

		Page(s)

PART I. FINANCIAL INFORMATION.

ITEM 1.	FINANCIAL STATEMENTS.	3
	Condensed Consolidated Balance Sheets as of September 30, 2023 (Unaudited) and December 31, 2022	3
	Condensed Consolidated Statements of Operations (Unaudited) for the Three and Nine Months Ended September 30, 2023 and 2022	4
	Condensed Consolidated Statements of Stockholders’ Equity (Unaudited) for the Three and Nine Months Ended September 30, 2023 and 2022	5
	Condensed Consolidated Statements of Cash Flows (Unaudited) for the Nine Months Ended September 30, 2023 and 2022	6
	Notes to Condensed Consolidated Financial Statements (Unaudited)	7

ITEM 2.	MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS.	34

ITEM 3.	QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK.	46

ITEM 4.	CONTROLS AND PROCEDURES.	46

PART II. — OTHER INFORMATION.

ITEM 1.	LEGAL PROCEEDINGS.	48

ITEM 1A .	RISK FACTORS	48

ITEM 2.	UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS.	48

ITEM 3.	DEFAULTS UPON SENIOR SECURITIES.	48

ITEM 4.	MINE SAFETY DISCLOSURES.	48

ITEM 5.	OTHER INFORMATION.	48

ITEM 6.	EXHIBITS.	49

	SIGNATURES	52

Table of Contents

PART I. FINANCIAL INFORMATION

ITEM I. FINANCIAL STATEMENTS

CATHETER PRECISION, INC. (formerly known as RA MEDICAL SYSTEMS, INC.)

Condensed Consolidated Balance Sheets

(in thousands, except share data)

	September 30, 2023		December 31, 2022
ASSETS	(Unaudited)
Current Assets
Cash and cash equivalents	$	5,579	$	15,859
Accounts receivable, net		46		-
Inventories		64		-
Prepaid expenses and other current assets		87		977
Total current assets		5,776		16,836
Property and equipment, net		59		-
Operating lease right-of-use assets		200		-
Intangible assets, net		26,828		-
Other non-current assets		8		-
TOTAL ASSETS	$	32,871	$	16,836

LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities
Accounts payable	$	165	$	92
Accrued expenses		1,781		7,484
Current portion of operating lease liabilities		89		-
Total current liabilities		2,035		7,576
Royalties payable		8,848		-
Operating lease liabilities		121		-
Total liabilities		11,004		7,576
Commitments and contingencies (see Note 16)
Stockholders' Equity

SEC Form 10-Q filed by Ra Medical Systems Inc.