Overview
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Financials
From the company’s reports to the SEC. Every number links to the filing it came from.
Key numbers, fiscal 2025
86.8%Gross margin4
-41.1%Operating margin4
-43.6%Net margin4
27.2%Revenue growth, 20254
-$8.3MFree cash flow4
Where the money goes
Where each dollar of revenue went, fiscal 2025
- Cost of revenue10¢$4.2M
- Selling, general and admin90¢$38.2M
- Interest0¢$14.9K
- Income tax0¢$3.0K
Out of $32.0M in revenue.4 The company lost money this year.
Financial statements
Every line of the income statement as filed: the last 2 fiscal years, latest first.4
| Period ending | 2025-12-31 | 2024-12-31 |
|---|---|---|
| Net sales | $32.0M | $25.2M |
| Cost of goods sold | $4.2M | $3.8M |
| Gross profit | $27.8M | $21.4M |
| Research and development | $2.7M | $2.4M |
| Selling, general and administrative | $38.2M | $31.2M |
| Total operating expenses | $40.9M | $33.6M |
| Loss from operations | -$13.2M | -$12.2M |
| Interest and other income | -$298.0K | -$572.0K |
| Interest expense | $590.0K | $389.0K |
| Other expense | $518.0K | |
| Total other expense (income) | $810.0K | -$183.0K |
| Loss before income taxes | -$14.0M | -$12.0M |
| (Provision) benefit from income taxes | -$3.0K | $93.0K |
| Net loss | -$14.0M | -$11.9M |
| Net loss per share of common stock - Basic | -$1.65 | -$1.59 |
| Net loss per share of common stock - Diluted | -$1.65 | -$1.59 |
| Weighted average common shares outstanding - Basic | 8.5K shares | 7.5K shares |
| Weighted average common shares outstanding - Diluted | 8.5K shares | 7.5K shares |
No quarter-by-quarter statement was filed.
Every line of the balance sheet as filed: the last 4 fiscal years (annual) or 4 quarters (quarterly), latest first.4
| Period ending | 2025-12-31 | 2025-04-30 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|---|
| Cash and cash equivalents | $7.0M | $3.7M | ||
| Marketable securities | $4.6M | $8.5M | ||
| Accounts receivable, net | $1.0M | $1.4M | ||
| Inventories | $1.6M | $1.7M | ||
| Prepaid expenses and other current assets | $1.4M | $1.0M | ||
| Total current assets | $15.7M | $16.3M | ||
| Property and equipment, net | $382.0K | $158.0K | ||
| Operating lease right-of-use assets, net | $2.6M | $3.7M | ||
| Other assets, net | $54.0K | $274.0K | ||
| Total assets | $18.7M | $20.5M | ||
| Accounts payable | $2.7M | $1.8M | ||
| Accrued expenses and other current liabilities | $8.3M | $7.0M | ||
| Current portion of operating lease liabilities | $375.0K | $361.0K | ||
| Total current liabilities | $11.3M | $9.2M | ||
| Operating lease liabilities, noncurrent | $2.4M | $3.8M | ||
| Long-term debt | $6.6M | |||
| Total liabilities | $20.4M | $12.9M | ||
| Common Stock, par value $0.001 per share; 500,000,000 shares authorized as of December 31, 2025 and 2024; 8,004,416 shares issued and outstanding at December 31, 2025, and 6,650,854 shares issued and outstanding at December 31, 2024 | $8.0K | $7.0K | ||
| Additional paid-in capital | $189.2M | $184.5M | ||
| Accumulated deficit | -$191.1M | -$177.1M | ||
| Accumulated other comprehensive loss | $99.0K | $114.0K | ||
| Total stockholders equity (deficit) | -$1.7M | $7.5M | $7.4M | |
| Total liabilities and stockholders equity (deficit) | $18.7M | $20.5M | ||
| Common stock, par value | $0.00 | $0.00 | $0.00 | |
| Common stock, shares authorized | 500.0M shares | 500.0M shares | ||
| Common stock, shares issued | 8.0M shares | 6.7M shares | ||
| Common stock, shares outstanding | 8.0M shares | 6.7M shares |
| Period ending | 2025-12-31 | 2025-04-30 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|---|
| Cash and cash equivalents | $7.0M | $3.7M | ||
| Marketable securities | $4.6M | $8.5M | ||
| Accounts receivable, net | $1.0M | $1.4M | ||
| Inventories | $1.6M | $1.7M | ||
| Prepaid expenses and other current assets | $1.4M | $1.0M | ||
| Total current assets | $15.7M | $16.3M | ||
| Property and equipment, net | $382.0K | $158.0K | ||
| Operating lease right-of-use assets, net | $2.6M | $3.7M | ||
| Other assets, net | $54.0K | $274.0K | ||
| Total assets | $18.7M | $20.5M | ||
| Accounts payable | $2.7M | $1.8M | ||
| Accrued expenses and other current liabilities | $8.3M | $7.0M | ||
| Current portion of operating lease liabilities | $375.0K | $361.0K | ||
| Total current liabilities | $11.3M | $9.2M | ||
| Operating lease liabilities, noncurrent | $2.4M | $3.8M | ||
| Long-term debt | $6.6M | |||
| Total liabilities | $20.4M | $12.9M | ||
| Common Stock, par value $0.001 per share; 500,000,000 shares authorized as of December 31, 2025 and 2024; 8,004,416 shares issued and outstanding at December 31, 2025, and 6,650,854 shares issued and outstanding at December 31, 2024 | $8.0K | $7.0K | ||
| Additional paid-in capital | $189.2M | $184.5M | ||
| Accumulated deficit | -$191.1M | -$177.1M | ||
| Accumulated other comprehensive loss | $99.0K | $114.0K | ||
| Total stockholders equity (deficit) | -$1.7M | $7.5M | $7.4M | |
| Total liabilities and stockholders equity (deficit) | $18.7M | $20.5M | ||
| Common stock, par value | $0.00 | $0.00 | $0.00 | |
| Common stock, shares authorized | 500.0M shares | 500.0M shares | ||
| Common stock, shares issued | 8.0M shares | 6.7M shares | ||
| Common stock, shares outstanding | 8.0M shares | 6.7M shares |
Cash flow is reported year to date, not quarter by quarter, so there are no separate quarterly figures.
Every line of the cash flow as filed: the last 2 fiscal years, latest first.4
| Period ending | 2025-12-31 | 2024-12-31 |
|---|---|---|
| Net loss | -$14.0M | -$11.9M |
| Stock based compensation | $1.9M | $1.9M |
| Depreciation and amortization | $501.0K | $760.0K |
| Amortization of right of use assets | $1.2M | $498.0K |
| Amortization of debt discount | $135.0K | |
| Write-down of licensed devices | $150.0K | |
| Inventory reserve charge | $41.0K | |
| Increase in provision for credit losses | $523.0K | $51.0K |
| Accounts receivable | -$142.0K | -$710.0K |
| Inventories | $16.0K | $713.0K |
| Prepaid expenses and other assets | -$294.0K | $102.0K |
| Accounts payable | $2.5M | $1.0M |
| Accrued expense and other current liabilities | $635.0K | $831.0K |
| Operating lease liabilities | -$1.3M | -$225.0K |
| Net cash used in operating activities | -$8.2M | -$6.9M |
| Purchase of property and equipment | -$66.0K | |
| Sale (purchase) of marketable securities | $3.9M | -$8.5M |
| Net cash provided by (used in) investing activities | $3.9M | -$8.5M |
| Sale of common stock and warrants | $217.0K | $8.3M |
| Issuance of long-term debt | $7.5M | |
| Debt issuance costs | -$95.0K | |
| Equity issuance costs | -$94.0K | -$232.0K |
| Proceeds from exercise of options | $98.0K | |
| Proceeds from exercise of warrants | $1.0K | $371.0K |
| Net cash provided by financing activities | $7.6M | $8.4M |
| Effect of changes in exchange rates on cash and cash equivalents | $18.0K | $147.0K |
| Net decrease in cash and cash equivalents | $3.3M | -$6.9M |
| Proceeds from sale of state net operating losses | $48.0K | $122.0K |
| Interest paid | $397.0K | $13.0K |
| Insurance premium financing | $452.0K | $359.0K |
| Accounts payable settled through common stock and warrants | $1.9M | $1.0M |
| Accounts payable settled through the exercise of warrants | $495.0K | $495.0K |
| Non-cash debt issuance costs | $213.0K | |
| Shares issued in connection with Avenue loan | $720.0K | |
| Accrued purchases of property and equipment | $203.0K | |
| Right-of-use asset and operating lease liability | $3.3M |
No quarter-by-quarter statement was filed.
Corporate structure
electroCore, Inc. sits at the top of its group. 4 entities, 3 countries on record. Switch between the flow chart and the network, and select any entity to see its details.
Major holders of electroCore, Inc.
- Charles Steve Theofilos Filed SCHEDULE 13G/A on electroCore, Inc., latest Aug 13, 2026 (7 filings since Dec 7, 2023)
- Hilve Holdings Ltd Filed SCHEDULE 13G on electroCore, Inc., latest May 5, 2026 (2 filings since Sep 8, 2025)
- AWM Investment Company, Inc. Filed SCHEDULE 13G/A on electroCore, Inc., latest Nov 13, 2025 (4 filings since Feb 11, 2022)
- Tianyi Zhang Filed SCHEDULE 13G on electroCore, Inc., latest Jun 5, 2025
- MAZ Partners LP Filed SCHEDULE 13D on electroCore, Inc., latest May 14, 2025
- Altium Capital Management LLC Filed SC 13G/A on electroCore, Inc., latest Feb 14, 2022
- Kyle L. Newcomer Filed SC 13G/A on electroCore, Inc., latest Feb 10, 2022
- electroCore, Inc. Rockaway, New Jersey
- electroCore Germany GmbH Subsidiary · Germany
- electroCore UK Ltd. Subsidiary · United Kingdom
- NeuroMetrix, Inc. Subsidiary · Delaware, United States
Built from subsidiaries listed in Exhibit 21 of annual reports filed with the SEC; major holders from Schedules 13D and 13G. Each entity in the chart links to its source.
What it owns
What electroCore, Inc. reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.
Property and equipment
| Item | Latest | A year before | Change |
|---|---|---|---|
| Property and equipment, net | $382.0K4 Dec 31, 2025 | $158.0K4 Dec 31, 2024 | +141.8% |
| Operating-lease assets (leased space) | $2.6M4 Dec 31, 2025 | $3.7M4 Dec 31, 2024 | −31.4% |
Investments
| Item | Latest | A year before | Change |
|---|---|---|---|
| Cash and cash equivalents | $7.0M4 Dec 31, 2025 | $3.7M4 Dec 31, 2024 | +90.1% |
| Marketable securities, current | $4.6M4 Dec 31, 2025 | $8.5M4 Dec 31, 2024 | −46.3% |
Intangibles and goodwill
Inventory
| Item | Latest | A year before | Change |
|---|---|---|---|
| Inventory, total | $1.6M4 Dec 31, 2025 | $1.7M4 Dec 31, 2024 | −2.7% |
| Raw materials | $1.3M4 Dec 31, 2025 | $923.0K4 Dec 31, 2024 | +38.5% |
| Work in process | $62.0K4 Dec 31, 2025 | $193.0K4 Dec 31, 2024 | −67.9% |
| Finished goods | $291.0K4 Dec 31, 2025 | $560.0K4 Dec 31, 2024 | −48.0% |
Properties, in its own words
Our principal office is approximately 22,557 square feet of office, warehouse and assembly space in Rockaway, New Jersey pursuant to a lease that expires in 2034. Since the spring of 2020, many of our employees have conducted business remotely. Management believes our facilities in Rockaway are currently suitable for their intended use. We may in the future add new facilities or expand or relinquish existing facilities as our needs evolve, and we believe that should the need arise, suitable additional or substitute space will be available as needed to accommodate any expansion of our operations.
On February 6, 2024, the Company entered into an amendment to the lease agreement (the “Rockaway Amendment”) to extend its Rockaway, New Jersey lease for an additional 10 years. The Rockaway Amendment was effective May 1, 2024, and expires on July 31, 2034, with a tenant option to renew for an additional five years. The increase in the term of the lease for the existing leased property was accounted for as a lease modification, and therefore, the associated operating lease right of use assets and operating lease liabilities for the existing space were remeasured as of February 6, 2024. The Rockaway Amendment also includes the expansion of leased property from 13,643 square feet to 22,557 square feet.
Item 2 of the 10-K filed Mar 19, 2026.12
Leadership
Who has led electroCore, Inc., and when. Pick a name to see everywhere that person has worked.
Chief executive
President
Chief financial officer
20202025
- Chief executive officerDaniel S. Goldberger Oct 3, 2019 to now13
- Chief executive officerFrancis R. Amato Jun 21, 2018 to Jun 11, 201914
- PresidentJoshua S. Lev Apr 1, 2026 to now15
- Chief financial officerJoshua S. Lev Oct 4, 2024 to now16
- Chief financial officerBrian M. Posner Apr 3, 2019 to Jan 17, 202417
- Chief financial officerGlenn S. Vraniak Jun 21, 2018 to Mar 26, 201918
Board members and other officers (20)
- OfficerJoshua S. Lev Sep 10, 2026 to now19
- Chief Science/Strategy OfficerJoseph P. Errico Jun 21, 2018 to Apr 12, 201920
- Chief Medical OfficerPeter S. Staats Jun 21, 2018 to Apr 1, 201921
- Board memberJames Charles Theofilos Aug 5, 2025 to now22
- Board memberElena Bonfiglioli Sep 12, 2025 to now23
- Board memberCharles Steve Theofilos Dec 18, 2023 to Sep 5, 202424
- Board memberJulie Ann Goldstein Mar 16, 2022 to now25
- Board memberPatricia Wilber Mar 16, 2022 to now26
- Board memberF. Peter Cuneo Apr 6, 2020 to Sep 5, 202427
- Board memberThomas M. Patton Apr 6, 2020 to now28
- Board memberDaniel S. Goldberger Oct 3, 2019 to now13
- Board memberCarrie Cox Jun 21, 2018 to Jun 11, 201929
- Board memberFrancis R. Amato Jun 21, 2018 to Jun 11, 201914
- Board memberJames L. L. Tullis Jun 21, 2018 to Apr 16, 202030
- Board memberJoseph P. Errico Jun 21, 2018 to Dec 15, 202220
- Board memberMichael G. Atieh Jun 21, 2018 to Jun 15, 202131
- Board memberNicholas Colucci Jun 21, 2018 to Jun 11, 201932
- Board memberStephen Ondra Jun 21, 2018 to Jun 15, 202133
- Board memberThomas J. Errico Jun 21, 2018 to now34
- Board memberTrevor J. Moody Jun 21, 2018 to Aug 4, 202335
Named in SEC Form D filings
People the company listed in its private-offering notices.
Subsidiaries and ownership
Subsidiaries (Exhibit 21)
The subsidiaries the company lists in Exhibit 21 of its annual report, as filed.
Former names
- ElectroCore, LLCNov 26, 2012 to Jun 20, 20182
Timeline
- Sep 9, 20268-K Executive or director change; Bylaws or fiscal year changed; Shareholder vote38
- Aug 6, 20268-K Results of operations39
- May 6, 20268-K Results of operations40
- Mar 19, 20268-K Results of operations41
- Jan 20, 20268-K Results of operations; Regulation FD disclosure42
- Nov 5, 20258-K Results of operations43
- Oct 3, 20258-K Other events44
- Sep 3, 20258-K Executive or director change; Shareholder vote; Regulation FD disclosure45
- Aug 6, 20258-K Results of operations46
- Jul 16, 20258-K Financial statements and exhibits47
- May 7, 20258-K Results of operations48
- May 2, 20258-K Completed an acquisition or sale; Regulation FD disclosure; Other events49
- Oct 3, 2019New chief executive Daniel S. Goldberger becomes CEO13
- Jun 21, 2018New chief executive Francis R. Amato becomes CEO14
Calendar
Coming up
- Nov 4, 2026Reports results for the quarter ending Sep/2026 A year earlier it reported ($0.40) a share, on Nov 5, 2025.50
When it reported results
- Aug 6, 2026Reported quarterly or annual results39
- May 6, 2026Reported quarterly or annual results40
- Mar 19, 2026Reported quarterly or annual results41
- Jan 20, 2026Reported quarterly or annual results42
- Nov 5, 2025Reported quarterly or annual results43
- Aug 6, 2025Reported quarterly or annual results46
- May 7, 2025Reported quarterly or annual results48
- Mar 12, 2025Reported quarterly or annual results51
Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar
Filings
281 filings to the SEC since October 2021: 7 annual reports, 15 quarterly reports, 59 major events, 123 insider forms, 17 large holders, 11 private raises, 49 other. The latest 20:
- Sep 22, 20264 EDGAR
- Sep 18, 20264/A EDGAR
- Sep 14, 20264 EDGAR
- Sep 10, 20264 EDGAR
- Sep 10, 20264 EDGAR
- Sep 10, 20264 EDGAR
- Sep 10, 20264 EDGAR
- Sep 10, 20264 EDGAR
- Sep 10, 20264 EDGAR
- Sep 10, 20264 EDGAR
- Sep 10, 20264 EDGAR
- Sep 9, 20268-K EDGAR
- Aug 25, 20264 EDGAR
- Aug 17, 20264 EDGAR
- Aug 13, 2026SCHEDULE 13G/A EDGAR
- Aug 6, 202610-Q EDGAR
- Aug 6, 20268-K EDGAR
- Jul 20, 2026DEF 14A EDGAR
- Jun 12, 20264 PRIMARY DOCUMENT EDGAR
- May 29, 20264 EDGAR
The 281 filings since October 2021 can be filtered by form type and year here when JavaScript is on.
Every filing from the last five years, summarized. The full record is on SEC EDGAR.
Insider trades
59 open-market trades by officers, directors and large owners since October 2021: 50 buys and 9 sales. Grants, option exercises and gifts are left out.
| Date | Who | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| Sep 14, 2026 | Errico Thomas J.Director | Buy | 5,000 | $9.82 | $49.1K | Form 4 |
| Sep 11, 2026 | Fox MichaelSee Remarks | Buy | 5,000 | $9.80 | $49.0K | Form 4 |
| Aug 25, 2026 | Lev Joshua S.See Remarks | Sale | 3,000 | $9.36 | $28.1K | Form 4 |
| Aug 24, 2026 | Lev Joshua S.See Remarks | Sale | 5,000 | $9.88 | $49.4K | Form 4 |
| Aug 21, 2026 | Lev Joshua S.See Remarks | Sale | 12,000 | $10.22 | $122.6K | Form 4 |
| Aug 13, 2026 | Errico Thomas J.Director | Buy | 5,000 | $9.85 | $49.2K | Form 4 |
| May 28, 2026 | Lev Joshua S.See Remarks | Sale | 6,667 | $9.00 | $60.0K | Form 4 |
| May 22, 2026 | Lev Joshua S.See Remarks | Sale | 3,000 | $6.50 | $19.5K | Form 4 |
| May 21, 2026 | Errico Thomas J.Director | Buy | 9,992 | $5.99 | $59.9K | Form 4 |
| Apr 23, 2026 | Goldberger Daniel S | Sale | 80,000 | $6.80 | $544.0K | Form 4 |
| Apr 10, 2026 | Goldberger Daniel S | Sale | 16,072 | $6.02 | $96.8K | Form 4 |
| Dec 4, 2025 | Lev Joshua S.See Remarks | Sale | 2,500 | $5.05 | $12.6K | Form 4 |
| Dec 2, 2025 | Goldberger Daniel S | Buy | 1,000 | $4.84 | $4.8K | Form 4 |
| Nov 12, 2025 | Lev Joshua S.See Remarks | Sale | 2,166 | $6.18 | $13.4K | Form 4 |
| Aug 11, 2025 | Errico Thomas J.Director | Buy | 15,000 | $4.47 | $67.0K | Form 4 |
| Aug 11, 2025 | Goldberger Daniel S | Buy | 1,000 | $4.23 | $4.2K | Form 4 |
| May 23, 2025 | GANDOLFO JOHN PDirector | Buy | 1,800 | $5.01 | $9.0K | Form 4 |
| May 12, 2025 | Errico Thomas J.Director | Buy | 10,000 | $4.77 | $47.7K | Form 4 |
| Mar 17, 2025 | Goldberger Daniel S | Buy | 1,000 | $8.59 | $8.6K | Form 4 |
| Mar 17, 2025 | Errico Thomas J.Director | Buy | 6,000 | $8.10 | $48.6K | Form 4 |
All 59 trades can be filtered by person here when JavaScript is on.
From Forms 4 filed with the SEC.
Major holders
Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.
- Charles Steve TheofilosSCHEDULE 13G/A, 7 filings Dec 7, 2023 to Aug 13, 202652
- Hilve Holdings LtdSCHEDULE 13G, 2 filings Sep 8, 2025 to May 5, 202653
- AWM Investment Company, Inc.SCHEDULE 13G/A, 4 filings Feb 11, 2022 to Nov 13, 202554
- Tianyi ZhangSCHEDULE 13G, 1 filing Jun 5, 202555
- MAZ Partners LPSCHEDULE 13D, 1 filing May 14, 202556
- Altium Capital Management LLCSC 13G/A, 1 filing Feb 14, 202257
- Kyle L. NewcomerSC 13G/A, 1 filing Feb 10, 202258
Executive pay
What the company paid its top executives, from the summary compensation table in its proxy statement. Total pay includes salary, bonus, stock and option awards and other pay, as the company valued them.
| Year | Executive | Age | Salary | Total pay |
|---|---|---|---|---|
| 2025 | Daniel S. Goldberger | $668.7K | $1.6M59 | |
| 2025 | Joshua S. Lev | 41 | $415.0K | $707.5K59 |
| 2024 | Former ChiefExecutive Officer | $631.1K | $1.6M59 | |
| 2024 | Chief Financial Officer | $408.2K | $703.8K59 |
Money raised
Private offerings the company reported to the SEC on Form D.
- Apr 1, 2026Filed a private offering of securities Form D: named in the filing: Thomas M. Patton, John P. Gandolfo, Michael C. Fox, Joshua Lev, Elena C. Bonfiglioli, Julie Ann Goldstein Form D
- Oct 6, 2025Filed a private offering of securities Form D: named in the filing: Patricia Ann Wilber, Daniel S. Goldberger, Julie Ann Goldstein, Joshua S. Lev, Thomas J. Errico, Elena C. Bonfiglioli Form D
- Oct 2, 2025Raised $1.9 million in a private offering of equity Form D: 3 investors so far Form D
- Sep 10, 2025Filed a private offering of securities Form D: named in the filing: Joshua S. Lev, Patricia Ann Wilber, John P. Gandolfo, Thomas M. Patton, Julie Ann Goldstein, James C. Theofilos Form D
- Nov 11, 2024Filed a private offering of securities Form D: named in the filing: Thomas M. Patton, Peter P. Cuneo, Charles S. Theofilos, Daniel S. Goldberger, John P. Gandolfo, Joshua S. Lev Form D
- Aug 1, 2024Filed a private offering of securities Form D: named in the filing: Peter P. Cuneo, Brian S. Posner, Julie A. Goldstein, Thomas M. Patton, Daniel S. Goldberger, Thomas J. Errico Form D
- Jun 5, 2024Raised $7.8 million in a private offering of equity Form D: 13 investors so far Form D
- May 1, 2024Filed a private offering of securities Form D: named in the filing: Brian S. Posner, Peter P. Cuneo, Daniel S. Goldberger, John P. Gandolfo, Thomas J. Errico, Charles S. Theofilos Form D
- Aug 2, 2023Raised $52,372 in a private offering of equity Form D: 7 investors so far Form D
- Aug 2, 2023Raised $750,000 in a private offering of equity Form D: 6 investors so far Form D
- Sep 20, 2021Raised $192,000 in a private offering of equity Form D: named in the filing: Stephen J. Ondra, Daniel S. Goldberger, Michael G. Atieh, Peter G. Cuneo, Thomas M. Patton, Brian S. Posner Form D
Held by these funds
The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 32. Change is in shares since the quarter before.
13F reports cover disclosed long positions in U.S. stocks only.
SEC filer profile
How electroCore, Inc. is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.
- Name on EDGARelectroCore, Inc.1
- CIK0001560258
- Employer ID (EIN)20-345497612
- Filer statusNon-accelerated filer not an emerging growth company; a smaller reporting company; a shell company12
- Incorporated inDelaware12
- Fiscal year endsDecember 311
- Industry code (SIC)3845 Electromedical & Electrotherapeutic Apparatus1
- SEC reviewing officeOffice of Industrial Applications and Services, Division of Corporation Finance1
- Business address200 Forge Way, Suite 205, Rockaway, NJ 078661
- Phone973-290-00971
- Shares outstanding9,015,885 as of Jul 31, 202611
- Public float$28.0M as of Jun 30, 202512
- AuditorCBIZ CPAs P.C., Morristown, NJ PCAOB ID 199; no auditor attestation of internal control over financial reporting12
- On EDGAR sinceNov 26, 20121
- Filings489 in all: 4 (175), 8-K (104), 10-Q (25), 3 (25), D (17), CORRESP (13), UPLOAD (10), DEF 14A (9)1
All 43 form types
S-8 (9), 10-K (8), SC 13G (8), 424B5 (7), EFFECT (7), SC 13G/A (7), 144 (6), S-3 (5), PRE 14A (4), S-1/A (4), S-3/A (4), SCHEDULE 13G/A (4), 424B3 (3), 8-K/A (3), DEFA14A (3), DRSLTR (3), S-1 (3), SCHEDULE 13G (3), 10-K/A (2), D/A (2), DRS/A (2), 15-12B (1), 4/A (1), 424B4 (1), 8-A12B (1), 8-A12G (1), CERT (1), DRS (1), PRER14A (1), S-1MEF (1), S-8 POS (1), SC 13D (1), SC 13D/A (1), SCHEDULE 13D (1), SCHEDULE 13D/A (1)
- Latest filingsAnnual report (10-K) Mar 19, 2026
Quarterly report (10-Q) Aug 6, 2026
Proxy statement (DEF 14A) Jul 20, 2026
Latest 8-K (8-K) Sep 9, 2026
Securities registered for trading
| Class | Symbol | Exchange |
|---|---|---|
| Common Stock, Par Value $0.001 Per Share | ECOR | Nasdaq |
From the cover page of the 10-K filed Mar 19, 2026 (Section 12(b) of the Exchange Act).12
Risk factors and legal proceedings
The risks electroCore, Inc. names in Item 1A of its 10-K filed Mar 19, 2026: 76 risks under these headings, as written.12
- Risk Related to our Financial Position, Operating Results and Need for Additional Capital
- We may be required to obtain additional funds in the future, and these funds may not be available on acceptable terms or at all.
- We recently began selling the Quell platform and patients, providers or consumers may be slow to adopt these programs or their pricing which could adversely impact our business and financial results.
- If third-party payors do not provide adequate coverage and reimbursement for the use of our medical devices, it may affect our ability to generate significant revenues.
- We have a limited history commercializing our Quell platform in the United States for which market acceptance and commercial success are uncertain.
- We have a limited history commercializing our general wellness and human performance products in the United States for which market acceptance and commercial success are uncertain.
- Risks of doing business through ecommerce marketplaces.
- We recently launched our next generation prescription gammaCore device under the brand gammaCore Emerald, and there can be no assurance that the new device will be well received or adopted, which may impact our financial results.
- Our app-enabled products may require modifications and improvements, which may cause added expense and negatively impact our financial results.
- We recently acquired the Quell platform as part of the merger with NURO which comes with a companion application and may require modifications, maintenance, and improvements, which may cause added expense and negatively impact our financial results.
- We generate sales of TAC-STIM branded products to active-duty military and accordingly, military budgetary cuts or government shutdowns or strikes could negatively impact our financial results.
- Our potential revenue in the United Kingdom is substantially dependent on government funding arrangements, and changes in governmental policy for such arrangements could cause material harm to our business.
The other 65 risks
- We derive a material portion of our revenue made pursuant to our qualifying contract under the Federal Supply Schedule or FSS, as well as open market sales to individual facilities within the government channels.
- Unfavorable global economic conditions and government regulations could adversely affect our business, financial condition or results of operations.
- Risks related to recent U.S. tariff announcements.
- We have limited operating experience at our current scale of operations. If we are unable to manage our growth effectively, our brand, company culture, and financial performance may suffer.
- Any significant disruption to our ecommerce business could result in lost sales.
- We are subject to increasing operating costs and inflation risks, which may adversely affect our performance.
- We have a history of significant losses. If we do not achieve and sustain profitability and positive cash flow from operations, our financial condition could suffer. Our failure to become and remain profitable could negatively impact the results of our operations as well as your investment.
- We must successfully attract, hire, train, and retain qualified professionals to service our direct-to-consumer sales channels, and we must productively deploy our professionals to become profitable.
- Our consultants and certain of our sales force are classified as independent contractors, and we can face consequences if it is determined that they are misclassified as such.
- If we experience price fluctuations for our products, and we are unable to reduce our expenses, including the per unit cost of producing our products, there may be a material adverse effect on our business, results of operations, and financial condition.
- Unstable market and economic conditions may have serious adverse consequences on our business, financial condition and share price.
- Future acquisitions, strategic investments, or alliances could disrupt our business and harm our business, financial condition, and operating results.
- Unanticipated costs relating to our acquisition of NURO could have an adverse impact on our business, financial condition, and operating results.
- We may not be able to fully realize the benefits from the NURO Transaction.
- Litigation may arise in connection with our acquisition of NURO, which could be costly, prevent consummation of the transaction, divert management’s attention, and otherwise harm our business, financial condition, and results of operations.
- Risks Related to Our Business
- Regulatory requirements and changes to payors’ prescription benefit plans and medical pathway plans could adversely impact our business and financial results.
- Our commercialization strategy of prescription devices may expose us to increased billing, cash application, and credit risks.
- We must demonstrate to patients, physicians, and third-party payors the medical and economic benefits of our prescription therapies compared to those of our competitors or other available therapies, and such comparisons may not be realizable.
- We must demonstrate to customers the benefits of bioelectronic technology for general wellness and human performance compared to those of our competitors and such comparisons may not be realizable.
- Stimulating therapeutically relevant fibers in the vagus nerve by a proprietary high-frequency burst waveform that passes through the skin cells represents a novel approach to treating pain, and we must overcome significant challenges to successfully develop, commercialize, and manufacture our product.
- The Quell platform is categorized as a TENS unit, and we must overcome significant challenges to successfully develop, commercialize, manufacture, and differentiate our product.
- Our operating results may vary significantly from quarter to quarter because of seasonality, bulk orders, shipments to distributors, or otherwise.
- We currently generate a small portion of our revenue through distribution of other manufacturers products through our government sales channel, and any issue arising from these products may impact our relationship with the Veterans Administration resulting in negative impact to our business.
- We currently distribute products manufactured by other companies. Any disruption in our supply chain, or our failure to successfully manage our relationships with our suppliers could harm our business.
- Failure to protect our information technology infrastructure against cyber-based attacks, network security breaches, service interruptions, or data corruption could significantly disrupt our operations and adversely affect our business and operating results.
- We may engage in future acquisitions that increase our capital requirements, dilute our stockholders, cause us to incur debt, or assume contingent liabilities that subject us to other risks.
- If serious adverse events or other undesirable side effects are identified during the use of our prescription therapies in clinical trials or IITs (collectively and unless the context requires otherwise, “clinical trials”) or general wellness product consumer studies, it may adversely affect our development of such product candidates.
- Commercialization of our prescription therapies for additional conditions may require clinical trials, which are very expensive, take a long time to complete, and are difficult to design and implement and involve uncertain outcomes. Furthermore, results of earlier preclinical studies and clinical trials may not be predictive of results of future preclinical studies, clinical trials, or commercial success.
- Any clinical trial we conduct in the United States may subject us to additional costs and detriments compared to a foreign clinical trial, which may negatively impact our financial condition and our business.
- If we are unable to enroll patients in future clinical trials, our research and development efforts could be adversely affected.
- Clinical trials may be delayed, suspended, or terminated for many reasons, which will increase our expenses and delay the time it takes to develop and expand in additional treatment indications.
- Our cost-control efforts might not assure profitability and may affect morale and make it difficult to retain employees, independent contractors, or attract new ones.
- We have outsourced certain finance and accounting functions and may outsource other back-office functions, which will make us more dependent upon third parties.
- If we fail to properly manage our anticipated growth, our business could suffer.
- If we fail to continue to develop and retain an effective sales force, our business could suffer.
- If our competitors are better able to develop and market chronic pain treatments that are safer, more effective, less costly, easier to use, or otherwise more attractive than our therapies, our business and business prospects will be adversely impacted.
- Many of our competitors are large, well-established companies with substantially greater resources than us and have a long history of competing in the chronic pain and consumer wellness markets.
- We may expend our limited resources to pursue a particular product candidate or disease and fail to capitalize on product candidates or diseases that may be more profitable or for which there is a greater likelihood of success.
- Our international operations subject us to certain operating and compliance risks, which could adversely impact our results of operations and financial condition.
- Our results may be impacted by changes in foreign currency exchange rates.
- We may not be able to establish, strengthen or protect our brands.
- We may face product liability claims that could result in costly litigation and significant liabilities.
- Our operating results and profitability may be adversely affected by increases in reserves for product returns, doubtful accounts receivable, and inventory.
- If we fail to retain our key executives or recruit and hire new employees, our operations and financial results may be adversely affected while we attract other highly qualified personnel.
- If we are unable to develop and retain an effective sales force, including the retention of independent contractors, or if we are unable to attract additional independent contractors, our sales efforts may be adversely impacted.
- We may be held responsible for certain taxes or assessments and other obligations relating to the activities of our independent contractors, which could harm our financial condition and operating results.
- Our future success depends on our leadership development and succession planning.
- Our employees, independent contractors, consultants, commercial collaborators, principal investigators, CROs, and vendors may engage in misconduct or other improper activities, including non-compliance with regulatory standards and requirements.
- The increasing use of social media could give rise to liability.
- Risks Related to our Dependence on Third Parties
- We have signed a License Agreement with a Chinese company giving them access to develop products based on certain patents associated with our nVNS technology and success of this agreement and protection of the patents will be dependent on the third-party.
- We have signed a distribution agreement with Lovell to sell certain electroCore products throughout the government channel through Lovell’s contract vehicles, and we may therefore be dependent on Lovell.
- We are offering products to government customers through two different contracting vehicles, which may cause confusion for purchasing agents and result in frustration by customers.
- We have signed a distribution agreement with Joerns Healthcare (“Joerns”) to sell certain gammaCore products throughout certain managed healthcare systems through the Joerns contract vehicles which puts a significant dependence on Joerns.
- Our app-enabled products rely on third-party vendors for application development and management, resulting in a significant dependency on such vendors.
- Our supply chains are subject to disruption, unfavorable changes to prices or terms, or quality problems.
- We have limited experience with the supply chain of our app-enabled products, including our human performance product, and we are dependent on third parties for related software development.
- Outside the United States, we rely on a single third-party distributor to effectively distribute the majority of our products.
- Our status as a supplier to the federal government subjects us to a wide variety of regulatory compliance, pricing, and contract-based requirements. Failure to comply with these requirements could adversely impact our ability to obtain future federal contracts, which could negatively impact us and our business.
- We rely on third parties to conduct and support clinical trials and investigator - initiated trials, and those third parties may not perform satisfactorily, including failing to meet deadlines for the completion of such trials.
- If we do not successfully enter into future collaborations for the development, regulatory clearance, and commercialization of our prescription gammaCore therapy in international markets, our business may be harmed.
- If we are not able to establish or maintain collaborations, we may have to alter some of our future development, regulatory clearance, and commercialization plans.
- We, or third-party manufacturers on whom we rely, may be unable to successfully sustain and to further scale-up manufacturing of our technology platforms or its component parts in sufficient quality and quantity, which would delay or prevent us from developing and commercializing any approved products.
- We are required to maintain adequate levels of inventory due to lead times with single-source consumer electronic components vendors, which could consume a significant amount of our resources, reduce our cash flows, and lead to inventory impairment charges.
- Risks Related to Intellectual Property
- Our product development initiatives may be delayed or fail to succeed and could also lead to challenging intellectual property rights issues.
- Our ongoing disputes with UAB Pulsetto (“Pulsetto”) may be costly, time consuming and, if adversely determined against us, could have a material adverse effect on our financial position and business operations.
Legal proceedings
UAB Pulsetto v. electroCore, Inc.
On June 11, 2025, Pulsetto filed a declaratory judgment action against the Company in the United States District Court for the District of New Jersey, captioned UAB Pulsetto v. electroCore, Inc., Civ. No. 25-10036 (D.N.J.), asserting that its non-invasive vagus nerve stimulation product does not infringe the Company’s U.S. Patent No. 11,446,491 (the “491 Patent”).
On July 16, 2025, the Company filed a responsive pleading, answering the complaint and asserting counterclaims, that Pulsetto’s non-invasive vagus nerve stimulation product infringes the ‘491 Patent, as well as the Company’s U.S. Patent Nos. 8,948,873, 9,339,653, 10,874,857, 8,843,210, 9,242,092, 11,623,078, and 10,441,780, as well as claims that Pulsetto’s commercial conduct has infringed and continues to infringe the Company’s Truvaga™ and gammaCore® trademarks, and committed acts of false advertising and unfair competition in violation of state and federal law. On September 5, 2025, Pulsetto requested leave to file a motion to dismiss the Company’s counterclaims for lack or jurisdiction and/or insufficient pleadings. The Company has opposed that request, which has not yet been considered by the trial judge. On September 9, 2025, the court approved a schedule for discovery, and certain proceedings, filings, submissions, motions, reports and conferences. The parties have exchanged initial requests for the production of documents relevant to the dispute and have proceeded with exchanging their respective infringement and invalidity contentions, as the case may be. The parties are still in the early stages of discovery. The parties held an in-person settlement conference with a Judge Magistrate on March 4, 2026.
The opening of Item 3, Legal Proceedings.12
Sources
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- 15SEC EDGARJoshua S. Lev, President
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- 19SEC EDGARJoshua S. Lev, Officer
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- 23SEC EDGARElena Bonfiglioli, Board member
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- 25SEC EDGARJulie Ann Goldstein, Board member
- 26SEC EDGARPatricia Wilber, Board member
- 27SEC EDGARF. Peter Cuneo, Board member
- 28SEC EDGARThomas M. Patton, Board member
- 29SEC EDGARCarrie Cox, Board member
- 30SEC EDGARJames L. L. Tullis, Board member
- 31SEC EDGARMichael G. Atieh, Board member
- 32SEC EDGARNicholas Colucci, Board member
- 33SEC EDGARStephen Ondra, Board member
- 34SEC EDGARThomas J. Errico, Board member
- 35SEC EDGARTrevor J. Moody, Board member
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