Envoy Medical, Inc. (COCH) Balance Sheet
COCH balance sheet, 2025
December 31, 2025 · U.S. dollars$8.6M assets = $20.3M liabilities + −$11.8M equity
Liabilities exceed assets: shareholders’ equity is negative (−$11.8M).
Both columns are drawn to the same scale: what COCH owns equals what it owes plus shareholders’ equity. Hover a block for its value.
COCH financial health
Descriptive bands, not a rating. Fiscal 2025.
COCH balance sheet trends, 2020–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $119,9922020 | $8.6M2025 | +134.8%/yr | |
| Total liabilities | $95,6932020 | $20.3M2025 | +192.0%/yr | |
| Shareholders’ equity | $24,2992020 | −$11.8M2025 | — | |
| Cash & short-term investments | $25,0002020 | $3.7M2025 | +172.2%/yr | |
| Total debt | $23.5M2021 | $919,0002025 | −55.5%/yr | |
| Net cash (debt) | −$22.4M2021 | $2.8M2025 | +$25.2M | |
| Working capital | −$70,6932020 | −$5.3M2025 | −$5.2M | |
| Book value per share | $0.002020 | −$0.512025 | — | |
| Current ratio | 0.262020 | 0.542025 | +0.28 | |
| Shares outstanding | 60.4M2020 | 23.3M2025 | −17.4%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
COCH assets
COCH liabilities and equity
COCH debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
COCH balance sheet
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Cash & short-term investments | $3.7M | $5.5M | $4.2M | $183,000 | $1.1M | $25,000 |
| Cash & equivalents | $3.7M | $5.5M | $4.2M | $183,000 | $1.1M | $25,000 |
| Receivables | $34,000 | $818,000 | $70,000 | $41,000 | $88,000 | $0 |
| Inventory | $1.5M | $1.7M | $1.4M | $1.3M | $1.1M | $0 |
| Other current assets | $960,000 | $1.4M | $1.8M | $129,000 | $167,000 | $0 |
| Total current assets | $6.3M | $9.4M | $7.5M | $1.6M | $2.4M | $25,000 |
| Property, plant & equipment (net) | $1.9M | $2.2M | $815,000 | $908,000 | $188,000 | $0 |
| Goodwill & intangible assets | $0 | $0 | $0 | $0 | $0 | $0 |
| Long-term investments | $0 | $0 | $0 | $0 | $0 | $0 |
| Other non-current assets | $358,000 | $0 | $0 | $0 | $0 | $94,992 |
| Total assets | $8.6M | $11.5M | $8.3M | $2.6M | $2.6M | $119,992 |
| Liabilities | ||||||
| Accounts payable | $2.9M | $1.7M | $1.6M | $1.0M | $661,000 | $95,693 |
| Short-term debt | $174,000 | $143,000 | $158,000 | $573,000 | $460,000 | — |
| Deferred revenue | — | — | −$158,000 | $15,000 | $15,000 | — |
| Total current liabilities | $11.6M | $7.5M | $7.3M | $2.5M | $1.4M | $95,693 |
| Long-term debt | $0 | $18.7M | $0 | $33.4M | $23.5M | $0 |
| Lease obligations | $919,000 | $945,000 | $562,000 | $690,000 | $0 | — |
| Other long-term liabilities | $8.8M | $4.1M | $2.8M | $2.8M | $22.7M | $0 |
| Total liabilities | $20.3M | $30.4M | $10.0M | $38.8M | $47.6M | $95,693 |
| Shareholders' equity | ||||||
| Common stock & paid-in capital | $3,000 | $2,000 | $2,000 | $1,000 | $1.4M | $1,208 |
| Retained earnings (deficit) | −$313.4M | −$284.7M | −$257.3M | −$226.0M | −$210.1M | −$701 |
| Accumulated other comprehensive income | −$120,000 | −$123,000 | −$118,000 | −$115,000 | −$108,000 | — |
| Total shareholders' equity | −$11.8M | −$18.8M | −$1.8M | −$36.2M | −$45.0M | $24,299 |
| Key figures | ||||||
| Total debt | $919,000 | $19.7M | $562,000 | $34.5M | $23.5M | — |
| Net cash (debt) | $2.8M | −$14.2M | $3.7M | −$34.4M | −$22.4M | — |
| Working capital | −$5.3M | $1.8M | $171,000 | −$871,000 | $1.1M | −$70,693 |
| Tangible book value | −$11.8M | −$18.8M | −$1.8M | −$36.2M | −$45.0M | $24,299 |
| Book value per share | −$0.51 | −$1.00 | — | — | — | $0.00 |
| Shares outstanding | 23.3M | 18.8M | — | — | — | 60.4M |
| Current ratio | 0.54 | 1.24 | 1.02 | 0.65 | 1.76 | 0.26 |
| Quick ratio | 0.33 | 0.84 | 0.59 | 0.09 | 0.87 | 0.26 |
| Equity / assets | −137.5% | −163.3% | −21.5% | −1,416.1% | −1,713.4% | 20.3% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $19.7M | $25.3M | $3.7M | $3.6M | $5.3M | $5.3M | $5.5M | $4.4M | $1.7M | $4.9M | $4.2M | $7.4M |
| Cash & equivalents | $19.7M | $25.3M | $3.7M | $3.6M | $5.3M | $5.3M | $5.5M | $4.4M | $1.7M | $4.9M | $4.2M | $7.4M |
| Receivables | $66,000 | $48,000 | $34,000 | $35,000 | $63,000 | $42,000 | $818,000 | $229,000 | $202,000 | $221,000 | $70,000 | $1.1M |
| Inventory | $1.6M | $1.5M | $1.5M | $1.6M | $1.6M | $1.7M | $1.7M | $1.6M | $1.6M | $1.5M | $1.4M | $1.4M |
| Other current assets | $593,000 | $893,000 | $960,000 | $527,000 | $576,000 | $1.3M | $1.4M | $842,000 | $1.5M | $1.1M | $1.8M | $12.8M |
| Total current assets | $21.9M | $27.7M | $6.3M | $5.8M | $7.5M | $8.3M | $9.4M | $7.1M | $5.0M | $7.7M | $7.5M | $22.7M |
| Property, plant & equipment (net) | $1.7M | $1.8M | $1.9M | $2.0M | $2.0M | $2.1M | $2.2M | $2.3M | $1.7M | $750,000 | $815,000 | $872,000 |
| Goodwill & intangible assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Long-term investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other non-current assets | $293,000 | $325,000 | $358,000 | $390,000 | $423,000 | $1 | $0 | $0 | $0 | $0 | $0 | $0 |
| Total assets | $23.9M | $29.8M | $8.6M | $8.2M | $9.9M | $10.4M | $11.5M | $9.4M | $6.7M | $8.5M | $8.3M | $23.6M |
| Liabilities | ||||||||||||
| Accounts payable | $2.0M | $1.7M | $2.9M | $2.7M | $1.6M | $1.7M | $1.7M | $1.8M | $1.6M | $913,000 | $1.6M | $3.4M |
| Short-term debt | $132,000 | $178,000 | $174,000 | $168,000 | $198,000 | $145,000 | $143,000 | $225,000 | $175,000 | $157,000 | $158,000 | $149,000 |
| Deferred revenue | — | — | — | — | — | — | — | — | — | — | — | $8.1M |
| Total current liabilities | $12.6M | $12.2M | $11.6M | $9.0M | $8.0M | $7.6M | $7.5M | $9.1M | $8.1M | $7.0M | $7.3M | $13.6M |
| Long-term debt | $0 | $0 | $0 | $0 | $27.9M | $23.1M | $18.7M | $14.4M | $7.3M | $4.8M | $0 | $0 |
| Lease obligations | $810,000 | $889,000 | $919,000 | $946,000 | $901,000 | $923,000 | $945,000 | $1.3M | $1.3M | $535,000 | — | $589,000 |
| Other long-term liabilities | $7.6M | $7.1M | $8.8M | $6.7M | $3.8M | $3.9M | $4.1M | $4.5M | $3.8M | $4.1M | $2.8M | $3.7M |
| Total liabilities | $20.6M | $19.3M | $20.3M | $15.7M | $39.8M | $34.6M | $30.4M | $27.9M | $19.1M | $15.9M | $10.0M | $17.3M |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $8,000 | $8,000 | $3,000 | $2,000 | $2,000 | $2,000 | $2,000 | $2,000 | $2,000 | $2,000 | $2,000 | $2,000 |
| Retained earnings (deficit) | −$326.4M | −$319.1M | −$313.4M | −$305.7M | −$297.9M | −$291.0M | −$284.7M | −$277.5M | −$270.2M | −$264.9M | −$257.3M | −$251.0M |
| Accumulated other comprehensive income | −$122,000 | −$121,000 | −$120,000 | −$120,000 | −$119,000 | −$116,999 | −$123,000 | −$121,000 | −$120,000 | −$119,000 | −$118,000 | −$116,000 |
| Total shareholders' equity | $3.3M | $10.6M | −$11.8M | −$7.5M | −$29.9M | −$24.2M | −$18.8M | −$18.5M | −$12.4M | −$7.4M | −$1.8M | $6.3M |
| Key figures | ||||||||||||
| Total debt | $810,000 | $889,000 | $919,000 | $946,000 | $28.8M | $24.0M | $19.7M | $15.6M | $8.6M | $5.4M | $562,000 | $589,000 |
| Net cash (debt) | $18.9M | $24.4M | $2.8M | $2.6M | −$23.5M | −$18.7M | −$14.2M | −$11.2M | −$6.8M | −$411,000 | $3.7M | $6.9M |
| Working capital | $9.3M | $15.5M | −$5.3M | −$3.2M | −$487,000 | $716,999 | $1.8M | −$1.9M | −$3.1M | $734,000 | $171,000 | $9.1M |
| Tangible book value | $3.3M | $10.6M | −$11.8M | −$7.5M | −$29.9M | −$24.2M | −$18.8M | −$18.5M | −$12.4M | −$7.4M | −$1.8M | $6.3M |
| Book value per share | $0.03 | $0.15 | −$0.26 | −$0.34 | −$1.52 | −$1.14 | −$0.88 | −$0.94 | −$0.63 | −$0.40 | −$0.09 | $0.32 |
| Shares outstanding | 104.0M | 68.9M | 46.1M | 21.9M | 19.6M | 21.3M | 21.3M | 19.6M | 19.6M | 18.6M | 19.6M | 19.6M |
| Current ratio | 1.73 | 2.27 | 0.54 | 0.64 | 0.94 | 1.09 | 1.24 | 0.79 | 0.62 | 1.10 | 1.02 | 1.67 |
| Quick ratio | 1.56 | 2.07 | 0.33 | 0.40 | 0.67 | 0.70 | 0.84 | 0.51 | 0.24 | 0.74 | 0.59 | 0.63 |
| Debt / equity | 0.25 | 0.08 | — | — | — | — | — | — | — | — | — | 0.09 |
| Equity / assets | 13.8% | 35.4% | −137.5% | −92.1% | −301.6% | −233.3% | −163.3% | −197.2% | −183.9% | −87.4% | −21.5% | 26.5% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed March 23, 2026); data from EODHD.
COCH financial position
At the end of fiscal 2025 (December 31, 2025), Envoy Medical had total assets of $8.6 million (down 25.8% from a year earlier), total liabilities of $20.3 million and shareholders' equity of -$11.8 million. It held $3.7 million in cash and short-term investments against $0.9 million of debt, a net cash position of $2.8 million. Its current ratio was 0.54. In the latest quarter (ended June 30, 2026) total assets were $23.9 million and equity $3.3 million.
Related: COCH income statement, COCH cash flow statement, COCH key metrics. See the COCH stock overview for the latest quote and news.
COCH balance sheet FAQ
What are Envoy Medical's total assets?
Envoy Medical reported total assets of $8.6 million at the end of fiscal 2025 (December 31, 2025), compared with $11.5 million a year earlier.
How much debt does Envoy Medical have?
Envoy Medical had $0.9 million of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was —.
How much cash does Envoy Medical have?
Envoy Medical held $3.7 million in cash and short-term investments at the end of fiscal 2025; with $0.9 million of debt that is net cash of $2.8 million.
What is Envoy Medical's book value?
Envoy Medical's shareholders' equity (book value) was -$11.8 million at the end of fiscal 2025, or −$0.51 per share.
What is Envoy Medical's current ratio?
Envoy Medical had current assets of $6.3 million and current liabilities of $11.6 million, a current ratio of 0.54 (current liabilities exceed current assets).