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Conavi Medical (TSXV: CNVI) reported its fiscal Q1 2025 results, marking its first quarter as a public company. The company raised $10.6 million CAD through a concurrent private placement and completed a reverse takeover of Titan Medical Inc.
Revenue reached $8.6 million, up from $0.7 million year-over-year, primarily due to an $8.4 million milestone payment from East Ocean Medical following Chinese regulatory approval. Operating expenses increased to $6.8 million from $5.1 million, with R&D expenses at $4.7 million. The company reported a net loss of $7.6 million ($0.19 per share).
Key developments include:
- Completion of next-generation Novasight design freeze
- Initiation of usability testing and system validation
- FDA submission planned for Q3 2025
- Cash position of $5.1 million as of December 31, 2024
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