Avinger, Inc. (AVGR): Business Model Canvas [Dec-2025 Updated]

You're digging into Avinger, Inc.'s (AVGR) business model, but let's cut to the chase: the February 2025 Assignment for the Benefit of Creditors (ABC) means we aren't looking at a traditional operating plan; we're mapping an exit. Honestly, my two decades in this game tell me the focus now is on asset disposition and protecting the core Lumivascular intellectual property, not scaling sales that were only $7.26 million in TTM revenue as of Q3 2024. This canvas distills that harsh reality, showing you the key activities and resources dedicated to winding down operations and managing the final terms of the Zylox-Tonbridge licensing agreement-see the details below to understand the structure of this liquidation.

Avinger, Inc. (AVGR) - Canvas Business Model: Key Partnerships

You're looking at the core relationships Avinger, Inc. relied upon through the second half of 2025, especially following the major corporate transition earlier in the year. These partnerships dictated asset management and future revenue pathways.

The structure governing the disposition of Avinger, Inc.'s assets as of late 2025 is defined by the General Assignment for the benefit of creditors, effective February 10, 2025. All assets, excluding facility leases, were transferred to the fiduciary, Avinger (assignment for the benefit of creditors), LLC, to be managed and sold for creditor proceeds.

The relationship with Zylox-Tonbridge Medical Technology Co., Ltd. remains central, covering licensing, funding, and manufacturing transition.

• Greater China Licensing: Zylox-Tonbridge holds exclusive rights to distribute and manufacture Avinger's proprietary image-guided devices in the Greater China region (mainland China, Hong Kong, Macao, and Taiwan).
• Equity Funding Milestones: The total potential equity funding from Zylox-Tonbridge is up to $15 million, delivered in two tranches. The initial tranche was $7.5 million, priced at $3.66 per share (as converted). The second tranche of $7.5 million is contingent upon Avinger achieving $10 million in aggregate revenue over four consecutive quarters, among other conditions.
• Technology Transfer: The agreement included a technology transfer to build cost-efficient manufacturing capacity, targeted for completion by mid-2025. Avinger was set to supply product until Zylox-Tonbridge established its own manufacturing and gained regulatory approval for localized products.
• U.S. and Germany Distribution: A strategic collaboration agreement provides Avinger the opportunity to access certain Zylox-Tonbridge peripheral vascular products for distribution in the U.S. and Germany.

To give you context on the partner's scale, Zylox-Tonbridge reported the equivalent of approximately $58 million in sales for the 12-month period ending June 30, 2023.

Key suppliers for manufacturing were critical until the technology transfer was finalized. Prior to the assignment, Avinger, Inc. operated with 72 employees and reported Q3 2024 revenue of $1.7 million, with a gross margin of 26%, as it worked toward the revenue target necessary for the second funding tranche.

Here is a breakdown of the primary partnership structure:

Partner Entity	Role/Agreement Focus	Key Financial/Statistical Metric	Status/Target Date (as of late 2025)
Avinger (assignment for the benefit of creditors), LLC	Assignee managing asset liquidation post-February 10, 2025 transfer	All assets transferred (excluding facility leases)	Ongoing liquidation process
Zylox-Tonbridge Medical Technology Co., Ltd.	Exclusive Licensee for Greater China	Up to $15 million in potential equity funding	Second tranche contingent on $10 million revenue milestone
Zylox-Tonbridge Medical Technology Co., Ltd.	Manufacturing Technology Transfer Partner	Manufacturing capability expected by mid-2025	Technology transfer completion targeted for mid-2025
Zylox-Tonbridge Medical Technology Co., Ltd.	Potential U.S./Germany Product Access Partner	Reported $58 million in sales (12 months ended June 30, 2023)	Distribution rights for partner products in U.S. and Germany

The Assignee's mandate is to sell assets and distribute net proceeds pro rata to creditors, while the Zylox-Tonbridge deal represents the primary path to realizing value from Avinger's intellectual property outside the assignment estate.

• Pre-Assignment Financial Baseline (2023): Revenue was $7.65 million.
• Pre-Assignment Operational Metric (Q3 2024): Gross Margin was 26%.
• Pre-Assignment Workforce: Employee count was 72.

Finance: draft 13-week cash view by Friday.

Avinger, Inc. (AVGR) - Canvas Business Model: Key Activities

You're looking at the core functions of Avinger, Inc. as it navigates the post-dissolution phase in late 2025. The primary activities have shifted entirely from commercial growth to asset realization and obligation settlement, following the stockholder approval on February 5, 2025, for voluntary dissolution and liquidation.

Managing the orderly liquidation and asset disposition process (ABC)

The central activity is managing the Assignment for the Benefit of Creditors (ABC), which the board approved and entered into on February 10, 2025. This process involved transferring substantially all of Avinger, Inc.'s assets to the Assignee for the purpose of liquidation and subsequent distribution to creditors. This operational pivot followed a period where the company was quickly burning through cash, evidenced by an EBITDA of -$17.18 million in the last twelve months leading up to the liquidation vote. The need for this process was underscored by prior financial distress, including failing to meet a $3.5 million minimum liquidity covenant under a loan agreement as of December 11, 2024. At that time, the outstanding balance on that agreement was approximately $2.8 million in principal and interest. The company operated with a debt-to-equity ratio of 1.44.

Here are the key financial markers related to the state preceding the formal liquidation:

Metric	Value (as of late 2024/early 2025)	Context
Trailing 12-Month Revenue	$7.26M (as of 30-Sep-2024)	Revenue base prior to winding down.
EBITDA (TTM)	-$17.18 million	Indication of cash burn rate.
Liquidity Covenant Failure	$3.5 million	Minimum required liquidity breached.
Debt Balance (CRG Loan)	Approx. $2.8 million	Principal and interest outstanding as of Dec 11, 2024.

Fulfilling remaining obligations under the Zylox-Tonbridge licensing agreement

Even in liquidation, Avinger, Inc. must address any remaining contractual duties, especially concerning the strategic partnership with Zylox-Tonbridge Medical Technology Co., Ltd. This relationship was structured around an equity funding component of up to $15 million, delivered in two tranches of $7.5 million each. The second tranche was contingent upon Avinger achieving $10 million in aggregate revenue over four consecutive quarters, a milestone that, given the TTM revenue of $7.26M as of September 30, 2024, may not have been met before the dissolution vote. A key operational activity involved supplying product to Zylox-Tonbridge until their manufacturing capability was established.

• Initial equity investment tranche: $7.5 million.
• Second equity tranche contingent upon revenue milestone: $7.5 million.
• Royalty-bearing sales obligation to Zylox-Tonbridge in the Territory.

Maintaining and protecting the core Lumivascular intellectual property (IP) portfolio

Protecting the core intellectual property remains a necessary activity, as the IP is a primary asset being liquidated by the Assignee. Historically, the portfolio was substantial; as of 2020, it included a total of 179 patents and pending applications. This included 38 issued and allowed patents in the U.S. and 75 issued and allowed patents internationally. The Assignee's duty includes securing the value of this portfolio for distribution to creditors, which involves maintaining necessary filings or defending against infringement claims until the assets are sold or transferred. The company's stated intent was always to continue to enhance this portfolio.

Winding down commercial sales and support operations in the U.S. and international markets

Commercial activities ceased as part of the transition to liquidation. The formal suspension of trading on the Nasdaq Stock Market occurred at the opening of business on February 18, 2025, following the filing of a Form 25-NSE to remove the securities from listing and registration. This action directly corresponds to the cessation of ongoing commercial sales and support efforts for products like Pantheris and Tigereye ST. The company's Exchange Act registration has been revoked. The Assignee is responsible for the wind down and distribution of net proceeds.

The timeline for operational shutdown is concrete:

• Stockholder approval for dissolution: February 5, 2025.
• General Assignment for the Benefit of Creditors executed: February 10, 2025.
• Trading suspension on Nasdaq: Opening of business, February 18, 2025.

Finance: finalize the final payroll and severance obligations schedule by next Tuesday.

Avinger, Inc. (AVGR) - Canvas Business Model: Key Resources

You're looking at the core assets Avinger, Inc. (AVGR) held onto as of late 2025, which is a very different picture than a year prior, especially given the stockholder vote for dissolution and liquidation in February 2025.

The most significant non-financial resource remains the Proprietary Lumivascular platform IP, covering the Lightbox imaging console, and the Ocelot and Pantheris catheter-based systems. This intellectual property is the foundation of any residual or sale value.

The Licensing agreement with Zylox-Tonbridge represents a potential future financial inflow tied to milestones. The agreement outlines up to $15 million in equity funding tranches. The initial tranche of $7.5 million was funded in March 2024. The second tranche, also $7.5 million, is contingent upon Avinger achieving $10 million in aggregate revenue over four consecutive quarters and Zylox-Tonbridge successfully registering as a manufacturer with the US FDA.

Given the strategic shift and the liquidation vote, the focus shifts to the remaining tangible assets and the available liquidity to fund the wind-down process (ABC process). You need to see the balance sheet health as of the last reporting period before the late 2025 snapshot.

Here's a quick look at the financial position data available, which informs the 'Limited cash reserves' point:

Financial Metric	Amount (USD)	Period Reference
Cash and Cash Equivalents	$5.9 million	September 30, 2024
Net Cash Position (Approximate)	$306,000	Balance Sheet Data (Pre-Liquidation Vote Context)
Total Shares Outstanding	3.20 million	As of November 4, 2024
Market Capitalization	$1.51 Million	As of December 2025
Debt / Equity Ratio	1.44	Recent Financials
Current Ratio	1.21	Recent Financials

The Remaining physical assets and inventory of catheter-based systems are now being managed under the context of the dissolution plan approved in February 2025. Specific inventory valuation for late 2025 isn't public, but the company has the option to source finished goods from Zylox-Tonbridge following their FDA registration, which impacts the value of Avinger's existing physical stock.

The Limited cash reserves to fund the ABC process (Assignment for the Benefit of Creditors) are critical. The company was facing a potential default on a loan agreement with CRG Partners III L.P., which had an outstanding balance of approximately $2.8 million in principal and interest as of December 11, 2024. The negative operating cash flow, evidenced by a TTM EBITDA of -$17.18 million, means the remaining cash must cover wind-down costs.

The key operational metrics that influenced the cash burn rate leading up to this point include:

• Revenue for Q3 2024 was $1.7 million.
• Gross Margin for Q3 2024 increased to 26%.
• Operating Expenses for Q3 2024 declined to $4.1 million.

Finance: draft 13-week cash view by Friday, focusing on liquidation runway.

Avinger, Inc. (AVGR) - Canvas Business Model: Value Propositions

Real-time, intravascular imaging for treating Peripheral Artery Disease (PAD).

• The system uses Optical Coherence Tomography (OCT) for real-time guidance.
• The technology allows physicians to see inside the artery during atherectomy.

Image-guided precision for plaque removal with the Pantheris atherectomy device.

Device/Metric	Vessel Location	Reference Diameter (mm)	Stenosis Reduction (Atherectomy Alone)	Safety Outcome (VISION IDE)
Pantheris SV	Below-the-knee (SFA to peroneal artery)	2.0 to 4.0	Mean stenosis reduced from 87% to 19% (77% decrease)	0% Dissections
Pantheris LV	Above-the-knee (Superficial femoral and popliteal arteries)	3.0 to 7.0	Higher speed plaque excision	0% Perforations

Reduced risk of vessel damage compared to non-image-guided procedures.

• The technology provides visualization of vessel lumen, wall structures, and morphologies.
• In one study, 1% Adventitia involvement was noted with 0% Dissections.
• Physicians using competitive devices rely only on X-ray images and tactile feedback.

Coronary CTO-crossing system development for complex lesions.

• The company filed an Investigational Device Exemption (IDE) pre-submission package in September 2024 for the coronary CTO-crossing system.
• IDE application submission was anticipated in Q4 2024.
• Patient enrollment for the coronary CTO system was expected to begin in H1 2025.
• The global market size for CTO crossing devices was estimated at $1.5 billion in 2025.
• Prior technology for CTO crossing in PAD showed an 89.3% successful crossing rate.

Avinger, Inc. (AVGR) - Canvas Business Model: Customer Relationships

You're looking at the customer relationships for Avinger, Inc. (AVGR) as of late 2025, which is a unique situation given the company's transition into a wind-down phase following the Assignment for the Benefit of Creditors (ABC) in February 2025.

Transactional sales model for remaining inventory

The primary sales activity, if any, shifts entirely to a transactional model focused on liquidating any remaining assets, including product inventory, under the direction of the Assignee. This is a stark contrast to the prior commercial focus. The last reported revenue, for the third quarter ended September 30, 2024, was between $1.65 million and $1.7 million. Any current transactions are not about ongoing customer acquisition but asset realization for creditors.

Direct sales and clinical support for existing hospital accounts prior to ABC

Before the February 10, 2025, Assignment for the Benefit of Creditors, Avinger, Inc. maintained direct relationships with hospital accounts, providing image-guided catheter-based systems for peripheral artery disease (PAD) treatment. This model included direct sales and clinical support, which was already under severe pressure. In June 2024, the company initiated a cost reduction program, reducing headcount by approximately 24%, which included the termination of 36 employees related to PAD product sales and manufacturing, signaling a contraction of this direct relationship model. The goal was to concentrate field support on higher-volume user sites.

The nature of these relationships was characterized by:

• Focus on supporting user sites for Pantheris LV and Tigereye ST devices.
• Clinical support tied to the use of image-guided atherectomy devices.
• A strategic pivot away from PAD products toward coronary artery disease (CAD) development.

Relationship management with the assignee/creditors during the wind-down

The dominant relationship in late 2025 is with the Assignee, Avinger (assignment for the benefit of creditors), LLC, and the various creditors. This relationship is governed by the liquidation plan approved by stockholders on February 5, 2025. The company transferred substantially all assets to the Assignee for liquidation. This entire process was triggered, in part, by a failure to comply with a loan agreement covenant requiring a minimum liquidity of $3.5 million, with an outstanding balance of approximately $2.8 million in principal and interest under that agreement as of December 11, 2024. The executive officers had to waive rights, including retention bonuses and accelerated vesting of stock options, in connection with this process.

Key financial metrics leading to this relationship shift include:

Metric	Value/Date	Context
EBITDA (LTM as of late 2024)	-$17.18 million	Indication of cash burn
Cash & Equivalents	$5.9 million (as of Sept 30, 2024)	Projected to fund operations only through Q4 2024
Debt-to-Equity Ratio	1.44	Indication of leverage
Liquidity Covenant Default	$3.5 million requirement failed	Trigger for Assignment for the Benefit of Creditors

Long-term royalty/licensing relationship with Zylox-Tonbridge

This relationship, established in March 2024, was intended to provide Avinger, Inc. with access to the Greater China market via a licensing agreement and up to $15 million in equity funding. The agreement stipulated that all sales of Avinger products in the Territory would be royalty bearing to Avinger. The second tranche of the funding, $7.5 million, was contingent upon achieving milestones, including Zylox-Tonbridge registering as a manufacturer with the U.S. FDA and Avinger achieving $10 million in aggregate revenue over four consecutive quarters. Regulatory clearance in China was anticipated in 2025. Given the February 2025 liquidation, the status of future royalty payments and the technology transfer agreement is now subject to the Assignee's administration of the intellectual property assets.

The structure of the partnership involved:

• Up to $15 million total equity funding commitment from Zylox-Tonbridge.
• Initial investment tranche of $7.5 million.
• Royalty-bearing license for Avinger products in Greater China.

Finance: draft the final asset distribution schedule by end of Q4 2025.

Avinger, Inc. (AVGR) - Canvas Business Model: Channels

Direct sales force to hospitals and interventional labs (significantly reduced post-ABC).

Following a cost reduction program initiated in June 2024, the commercial team was streamlined to 16 professionals focused on high-value sites as of the third quarter of 2024. The third quarter 2024 revenue was reported in the range of \$1.65M to \$1.7M. Operating expenses for the third quarter of 2024 declined to \$4.1 million.

International distribution partners, primarily the Zylox-Tonbridge channel in Greater China.

The strategic partnership with Zylox-Tonbridge included an investment of up to \$15 million. Zylox-Tonbridge achieved the equivalent of approximately \$58 million in sales in the 12-month period ending June 30, 2023. For the first half of 2024, Zylox-Tonbridge reported revenue of \$51.26 million. Regulatory filings in China were targeted by year-end 2024, with regulatory approval anticipated in 2025. Full manufacturing scale-up by Zylox-Tonbridge for Avinger products was anticipated by mid-2025.

Clinical specialists for physician training and case support.

Support continued for Zylox-Tonbridge's professional education efforts in the China market, which included presenting products at CEC (China Endovascular Course) in the third quarter of 2024. Avinger will supply product to Zylox-Tonbridge until local manufacturing is established, with all sales in the Territory being royalty bearing to Avinger.

Direct communication with creditors and shareholders via SEC filings.

SEC filings indicate that on February 5, 2025, the Company held a Special Meeting of Stockholders where approval was given for an assignment for the benefit of creditors followed by a voluntary dissolution and liquidation. The latest quarterly report available is the 10-Q for the quarter ending September 30, 2025, filed on November 5, 2025. Cash and cash equivalents were \$5.9 million as of September 30, 2024, projected to fund operations only through Q4 2024.

Here's the quick math on some key channel and operational metrics:

Metric	Value/Amount	Date/Period Reference
Q3 2024 Revenue	\$1.7 million	Quarter ended September 30, 2024
Q3 2024 Operating Expenses	\$4.1 million	Quarter ended September 30, 2024
Cash & Equivalents	\$5.9 million	As of September 30, 2024
Direct Sales Team Size	16 professionals	As of Q3 2024
Zylox-Tonbridge Investment	Up to \$15 million	Partnership terms
Zylox-Tonbridge 12-Month Sales (Prior)	Approx. \$58 million	Period ended June 30, 2023
Zylox-Tonbridge H1 2024 Revenue	\$51.26 million	First half of 2024

Key channel milestones and targets for the year:

• China registration clearance anticipated in 2025.
• Full manufacturing scale-up in China anticipated by mid-2025.
• Assignment for the benefit of creditors and voluntary dissolution/liquidation approved in February 2025.
• Cash runway projected to fund operations only through Q4 2024.

Avinger, Inc. (AVGR) - Canvas Business Model: Customer Segments

You're looking at the customer base for Avinger, Inc. (AVGR) right as the company navigated a major structural change in early 2025. The customer segments are distinct, spanning clinical users, institutional buyers, and the financial stakeholders involved in the Assignment for the Benefit of Creditors (ABC) process.

The core clinical users are the specialists who directly employ the lumivascular platform for treating Peripheral Artery Disease (PAD) and potentially Coronary Artery Disease (CAD) procedures.

• Interventional physicians: cardiologists
• Vascular surgeons
• Interventional radiologists

The institutional customers are the facilities where these procedures occur. Avinger, Inc. historically focused its commercial efforts in specific geographies.

• U.S. hospitals/outpatient labs performing PAD procedures
• International hospitals/outpatient labs, with Germany cited as a primary international market

The financial structure of Avinger, Inc. as of early 2025 directly impacted a critical set of stakeholders following the February 10, 2025, event.

Stakeholder Group	Key Context/Event	Associated Financial Metric/Figure
The Assignee	Primary entity in the Assignment for the Benefit of Creditors (ABC) process initiated February 2025.	The process followed failure to meet a $3.5 million minimum liquidity covenant.
Creditors	Primary recipients of liquidated assets following the ABC process.	Outstanding balance under a loan agreement was approximately $2.8 million in principal and interest as of December 11, 2024.
Institutional Customers (Context)	Reflects the scale of the commercial operation prior to the ABC filing.	Trailing Twelve Month (TTM) Revenue as of September 30, 2024: $7.26 million.

The operational scale supporting these customer segments, based on late 2024/early 2025 data, shows a highly focused entity.

• Employees reported: 72 (as of February 2025 data).
• Q3 2024 Revenue: $1.7 million.
• Market Capitalization (February 2025): Approximately $1.57 million.

The company was also advancing its coronary product line, anticipating regulatory clearance in China in 2025 via a partnership, which implies a future segment of international hospital/lab customers there.

Avinger, Inc. (AVGR) - Canvas Business Model: Cost Structure

You're looking at the cost structure for Avinger, Inc. (AVGR) based on the latest publicly available figures, which reflect significant restructuring efforts undertaken in mid-2024 and the subsequent Assignment for the Benefit of Creditors (ABC) process initiated in early 2025. Honestly, the cost base is defined by the necessary spending to maintain the core business while pivoting to the coronary program, followed by the liquidation structure.

The cost structure is heavily influenced by the June 2024 cost reduction program, which included a headcount reduction of approximately 24%. This directly impacted the recurring operating expenses.

The resulting operating expenses for the third quarter ended September 30, 2024, declined to $4.1 million, down from $4.5 million in the second quarter of 2024 and $4.4 million in the third quarter of 2023. This reduction was driven by a decrease in Selling, General and Administrative (SG&A) expense by close to $0.6 million, or 16%, quarter-over-quarter.

Research and Development (R&D) costs, however, saw an increase as resources were strategically shifted. R&D expense increased by approximately $0.2 million, or 20%, in the third quarter of 2024 compared to the prior sequential quarter. The trailing twelve-month (TTM) Research & Development Expenses as of that period stood at $4,204.0K.

The costs associated with the Assignment for the Benefit of Creditors (ABC), which was effective as of February 10, 2025, are structured to be paid from the liquidation proceeds. The General Assignment Agreement authorizes the Assignee to pay creditors after deducting 'all expenses, including a reasonable fee to Assignee and its attorneys.' No specific dollar amount for these total ABC and legal fees is publicly itemized in the latest reports.

For manufacturing and quality control, the cost profile was expected to improve through external partnership. The strategic partner, Zylox-Tonbridge, was targeted to complete full manufacturing scale-up for Avinger's devices by mid-2025, which was anticipated to 'enhance production efficiency and drive further cost reductions.'

Here is a breakdown of the key reported operating cost components from the latest available quarter reflecting the streamlined structure:

Cost Category	Amount (USD)	Period/Context
Total Operating Expenses	$4.1 million	Q3 2024
SG&A Expense Reduction (QoQ)	~$0.6 million (16%)	Q3 2024 vs. Q2 2024
R&D Expense Increase (QoQ)	~$0.2 million (20%)	Q3 2024 vs. Q2 2024
Trailing Twelve Month R&D Expense	$4,204.0K	As of Q3 2024
Headcount Reduction	24%	June 2024 Program

The focus on the coronary program meant a reallocation of internal spending, which is reflected in the R&D figures. The overall cost management strategy aimed to extend the cash runway, as cash and cash equivalents were reported at $5.9 million as of September 30, 2024, projected to fund operations only through Q4 2024.

The major cost drivers post-restructuring, based on the strategic pivot, included:

• R&D Investment: Continued spending to finalize the coronary CTO-crossing system development.
• Commercial Operations: Maintaining a leaner sales force focused on high-value accounts.
• ABC Administration: Costs covered by the Assignee for managing asset liquidation, including legal fees.
• Manufacturing Transition: Costs associated with the expected mid-2025 scale-up via the China partnership.

Finance: draft 13-week cash view by Friday.

Avinger, Inc. (AVGR) - Canvas Business Model: Revenue Streams

You're looking at the revenue streams for Avinger, Inc. as of late 2025, and honestly, the picture is dominated by the wind-down process following the February 2025 Assignment for the Benefit of Creditors (ABC). This means the focus has shifted from product sales to asset realization.

The Trailing Twelve Month (TTM) revenue as of Q3 2024 was $7.26 million. This figure reflects the prior business scale before the strategic realignment and subsequent liquidation efforts. For context, the last reported quarterly operational revenue, for Q3 2024, stood at $1.7 million.

The most immediate and relevant stream now is the Proceeds from the liquidation of assets via the ABC process. Avinger, Inc. transferred substantially all of its assets to an Assignee on February 10, 2025, for liquidation and distribution to creditors. It is considered unlikely that common stockholders would receive any distribution from these proceeds.

Before the Assignment, the operational revenue streams included direct product sales and anticipated international royalties. The Sales of remaining inventory of Lightbox consoles and disposable catheters, alongside newer devices like the Pantheris LV, constituted the bulk of the last reported revenue. For instance, the Pantheris LV revenue saw a >20% sequential increase in Q3 2024. The Royalty payments from Zylox-Tonbridge for product sales in Greater China were an intended future stream, with manufacturing scale-up anticipated by mid-2025, though the liquidation likely superseded the realization of significant royalty income.

Here's a quick look at the key financial markers that define the context of these revenue streams:

Financial Metric	Amount/Value	Date/Period Reference
TTM Revenue	$7.26 million	As of Q3 2024
Q3 2024 Total Revenue	$1.7 million	Q3 2024
Q3 2024 Gross Margin	26%	Q3 2024
Outstanding Debt Principal (Pre-liquidation)	Approximately $2.8 million (under one agreement)	As of December 11, 2024
Cash and Cash Equivalents	$5.9 million	As of September 30, 2024

The components that made up the revenue base being liquidated are:

• Royalty payments from the Zylox-Tonbridge partnership for Greater China.
• Sales revenue from peripheral atherectomy devices, including Pantheris LV.
• Asset realization proceeds from the Assignment for the Benefit of Creditors (ABC).
• Historical revenue reflecting the scale prior to the February 2025 dissolution approval.

Finance: draft 13-week cash view by Friday, focusing on liquidation realization forecasts.