Movano Inc. (MOVE): Business Model Canvas [Dec-2025 Updated]

You're trying to map out Movano Inc.'s business, and frankly, you need to see the whole picture because the ground has shifted significantly with that late-2025 merger with Corvex, Inc. This isn't just about selling a consumer ring anymore; the strategy is now a high-stakes pivot toward becoming an AI-backed, clinical-grade data platform, which explains the cost structure where Selling, General, and Administrative expenses were $\mathbf{\$1.22}$ million in Q3 2025, even as revenue for the nine months ended September 30, 2025, was only $\mathbf{\$0.389}$ million. I've broken down the nine essential building blocks-from their new Key Partnerships with payors to the dual Value Propositions-so you can see precisely where the $\mathbf{\$1.16}$ million in R&D is aimed and what the path to monetization looks like now. Keep reading to see the full, re-engineered canvas.

Movano Inc. (MOVE) - Canvas Business Model: Key Partnerships

You're looking at the structure of Movano Inc. (MOVE) partnerships as of late 2025, right before the planned transition to an AI infrastructure focus. The Key Partnerships block shows a mix of ongoing health tech collaborations and a massive, near-term strategic shift via a definitive merger agreement.

The most significant recent development is the definitive agreement to merge with Corvex, Inc., an AI cloud computing specialist. This transaction, announced on November 10, 2025, values Movano Inc. (MOVE) shares at $6.25 each for the all-stock deal. The concurrent financing efforts secured an aggregate of $40.0 million for the combined entity, with Corvex raising $37.1 million and Movano raising $3.0 million in private placements. Post-closing, pre-merger Corvex stockholders are projected to own approximately 96.2% of the combined company, while pre-merger Movano shareholders retain about 3.8%. This merger is expected to close in the first quarter of 2026. So, the legacy medical device operations, including the EvieMED Ring, will be marketed for sale.

Here's a breakdown of the financial and structural elements surrounding the Corvex merger:

Partnership/Financing Element	Value/Amount	Role/Context
Merger Exchange Ratio Value (per MOVE share)	$6.25	Valuation basis for Movano Inc. (MOVE) shares in the all-stock transaction.
Aggregate Concurrent Private Placement	$40.0 million	Capital raised by Corvex and Movano together to support the new venture.
Corvex Concurrent Financing	$37.1 million	Equity capital raised by Corvex in connection with the merger.
Movano Bridge Financing	$3.0 million	Equity capital raised by Movano in connection with the merger.
Chardan Equity Facility	$1.0 billion	Equity facility entered into by Movano Inc. (MOVE).
Corvex Share Allocation	46.6 million shares	Shares of Movano stock set to be received by Corvex shareholders.

The pipeline for the medical device side, prior to the merger's finalization, included several key health-focused collaborations. Movano Inc. (MOVE) was in the agreement phase with a large payor for a pilot study focusing on metabolic health solutions, which was planned for early 2025. Also, as of late 2024, the company was in discussions with a global pharmaceutical company regarding the use of the FDA-cleared EvieMED Ring in upcoming clinical trials; one such program was anticipated to begin in late-2024 with potential to scale in 2025. Furthermore, Movano Inc. (MOVE) had discussions with a leading Clinical Research Organization (CRO) concerning remote patient monitoring applications for clinical trials.

The research engagement with MIT remains a key validation point for the technology's data collection capabilities. This partnership involves the Massachusetts Institute of Technology (MIT)'s MAESTRO study, which is focused on long COVID and chronic Lyme disease. The study aims to recruit 300 adults aged 18-35 across four distinct cohorts. The company had raised at least $30 million as of June/July 2024, supporting these research efforts.

The scope of the MIT study involves specific patient populations:

• Individuals with acute Lyme disease
• Individuals with chronic Lyme disease
• Individuals with long COVID
• A control group

The potential patient pool for the conditions being studied is substantial, with an estimated 40 million Americans enduring long COVID, and over 600,000 new cases of Lyme disease annually, where 10-15% progress to chronic Lyme disease. Finance: draft post-merger cash flow projections by Monday.

Movano Inc. (MOVE) - Canvas Business Model: Key Activities

You're hiring before product-market fit, so every activity needs to drive toward a clear, measurable outcome, especially when capital is tight. Here's the quick math on what Movano Inc. (MOVE) was focused on as of late 2025.

Securing additional FDA 510(k) clearances for new biometric features like respiration rate

The primary regulatory milestone achieved was the 510(k) clearance for the pulse oximeter in the EvieMED Ring, secured on December 2, 2024. This clearance unlocks a Total Addressable Market (TAM) of $40 billion in healthcare B2B opportunities. While the focus shifted to the Corvex merger, the initial clearance for pulse oximetry was a critical step for the B2B channel.

Research and development (R&D) on proprietary radio frequency (RF) technology for cuffless blood pressure

Research and development spending saw a significant reduction, reflecting a pivot in focus toward the merger. Research and development expenses fell to $1.16 million for Q3 2025, a drop from $3.40 million in Q3 2024. For the nine months ending September 30, 2025, R&D expenses totaled $6.94 million, down from $12.39 million in the same period of 2024. The proprietary millimeter wave RF technology for cuffless blood pressure previously demonstrated a mean absolute difference (MAD) of 5.9 mmHg, which was below the 7 mmHg MAD standard recognized by the FDA for wearable, cuffless blood pressure measuring devices (IEEE1708a-2019).

Finalizing the Corvex merger to transition to an AI infrastructure platform

The definitive all-stock merger agreement with Corvex, Inc., an AI cloud computing company specializing in GPU-accelerated infrastructure, was entered into on November 6, 2025. The transaction is anticipated to close in the first quarter of 2026. In connection with the merger, Movano Inc. raised $3.0 million in equity capital. Corvex concurrently raised $37.1 million in a private placement. The merger values Movano shares at $6.25 per share, with the overall transaction valued at approximately $220 million. Post-closing, pre-merger Corvex stockholders are expected to own approximately 96.2% of the combined company, while pre-merger Movano shareholders will own approximately 3.8%. Movano also entered into a $1.0 billion Equity Facility with Chardan Capital Markets LLC.

Manufacturing and distribution of the Evie Ring for the consumer market

Consumer market activity was minimal as of late 2025, with order intake paused since mid-February 2024. The company reported revenue of $80,000 for the three months ended September 30, 2025. Total revenue for the nine months ending September 30, 2025, was $400,000, a decrease from $900,000 in the same period of 2024. The last reported shipment figure was 339 rings in Q3 2024. Earlier in 2024, the company shipped 5,305 Evie Rings in Q1 2024. The initial Black Friday holiday launch in 2023 drove over $1 million in orders.

Here are the key financial metrics surrounding these operational activities as of Q3 2025:

Metric	Q3 2025 Value	Q3 2024 Value
Revenue (Quarterly)	$80,000	$50,000
Revenue (Nine Months YTD)	$400,000	$900,000
Net Loss (Quarterly)	$4.03 million	$7.20 million
Cash and Cash Equivalents (End of Period)	$2.0 million	$11.27 million (Q3 2024)

Developing cloud-based analytics to translate raw data into actionable health insights

This activity is now intrinsically linked to the Corvex merger, which establishes the combined entity as a secure, high-performance AI infrastructure platform. The transition involves leveraging Corvex's AI cloud computing specialization. The Evie Ring communicates wirelessly with a companion mobile application where data is processed. The company's core mission involves translating data into personalized and intelligent insights.

• The combined company will be led by Corvex's current executive leadership.
• The combined entity will be focused on addressing rising global demand for scalable and reliable AI computing systems.
• Movano Health will resume marketing its medical device operations post-merger, including the EvieMED Ring.

Finance: draft 13-week cash view by Friday.

Movano Inc. (MOVE) - Canvas Business Model: Key Resources

You're hiring before product-market fit is fully solidified in the B2B clinical space, so the tangible assets Movano Inc. holds right now are critical for survival and execution.

The regulatory achievement for the pulse oximeter feature is a cornerstone resource, unlocking a specific market opportunity.

• FDA 510(k) clearance for the EvieMED Ring's pulse oximeter feature, secured on December 2, 2024.
• This clearance unlocks a Total Addressable Market (TAM) estimated at $40 billion in healthcare B2B opportunities.
• The clearance allows pursuit of applications like clinical trials, post-clinical trial management, and remote patient monitoring.

The proprietary hardware and its capabilities represent the core product asset.

Device Component	Key Metric/Feature	Data Point
EvieMED Ring	Available Sizes	Eight sizes, ranging from 5 to 12.
Sensor Suite (EvieMED)	Tracked Metrics	Heart rate, SpO2, sleep, activity, temperature variability, calories burned, and respiration rate.
Evie Ring (Consumer)	Initial Market Status	Launched as a general wellness device without FDA premarket clearances.

Liquidity is a pressing resource constraint as of the last reported quarter.

Cash and cash equivalents stood at approximately $2 million as of September 30, 2025. The net change in cash for the third quarter of 2025 was -$109,000. Operating activities consumed $1.6 million in cash during Q3 2025.

The company's intellectual property base supports its medical-grade aspirations.

• Intellectual property (IP) is related to noninvasive biometric monitoring and RF technology.
• The company is focused on developing a platform to deliver medical-grade data through consumer health devices.

The human capital driving the strategy is another key resource, though specific team size or tenure data isn't available, the expertise is noted.

The experienced management team possesses combined expertise in medical devices, consumer electronics and software development.

For context on recent operational scale, here are some figures from the Q3 2025 report.

Financial Metric (Q3 Ended September 30, 2025)	Amount
Revenue	$0.08 million (or $80,000).
Net Loss	$4.03 million.
Operating Loss	$2.59 million.
Research and Development Expenses	$1.16 million.
Selling, General, and Administrative Expenses	$1.22 million.

Finance: draft 13-week cash view by Friday.

Movano Inc. (MOVE) - Canvas Business Model: Value Propositions

The core value Movano Inc. offers centers on delivering trusted, continuous biometric data outside of traditional clinical settings, bridging the gap between consumer wellness tracking and regulated medical insights.

Medical-grade data from a comfortable, noninvasive ring form factor.

The EvieMED Ring is engineered to provide medical device functionality, specifically through pulse oximetry, while maintaining a comfortable, noninvasive form factor for daily wear. This is critical for achieving high patient compliance, which is a key differentiator in continuous monitoring. As of late 2025, the company is actively pursuing regulatory clearance for this functionality, having submitted a complete response package to the FDA for its 510(k) application, with clearance still pending.

Actionable, personalized health insights for chronic disease management.

Movano Inc. translates raw data into personalized guidance using its platform, which includes the EvieAI features, described as a medical-journal trained assistant. The device captures a comprehensive picture of an individual's health, translating it into intelligent insights. The platform tracks parameters such as heart rate, blood oxygen saturation, skin temperature, and sleep quality, alongside logging mood and energy levels.

Remote patient monitoring tool for healthcare providers and payors.

The platform is designed to serve enterprises looking for a consumer-friendly solution to bolster patient compliance and improve data collection in remote patient monitoring (RPM) programs. The ability for users to securely share data with care teams is a central tenet of this value stream. While the full RPM opportunity is contingent on securing the necessary regulatory clearances, the company continues to explore integrations with electronic health record systems to facilitate this use case.

Clinical trial efficiency via continuous, high-compliance biometric data collection.

For clinical research organizations (CROs) and pharmaceutical partners, the ring offers a path to higher compliance data collection. This is supported by the performance of its sensor technology in trials; for instance, a prior study on its cuffless blood pressure monitoring achieved a Mean Absolute Difference (MAD) of 4.9 mmHg against a 7 mmHg threshold. Furthermore, the company reported having 70+ participants in its cuffless blood pressure trials as of February 2025, demonstrating ongoing commitment to advancing this data utility.

Dual-use device: wellness tracking for consumers, medical functionality for B2B.

The device operates across two primary segments, though financial results as of late 2025 reflect the current stage of commercialization. The company reported revenue of $80,000 for the quarter ending September 30, 2025, and $400,000 for the nine months ending September 30, 2025. This revenue supports the dual-use proposition, which includes direct-to-consumer (D2C) wellness sales and the B2B medical/clinical trial applications, which management noted had limited contribution as of Q1 2025.

Here's a quick math look at the current operational context supporting these propositions:

Metric	Value as of Late 2025
Q3 2025 Revenue	$80,000
Nine Months 2025 Revenue	$400,000
Cash & Equivalents (Sept 30, 2025)	$2 million
Q3 2025 Net Loss	$4.03 million
Total Assets (Sept 30, 2025)	$5.55 million
Market Capitalization (Approx. Nov 2025)	$7.68 million

The platform's value proposition is further supported by its strategic direction, including the announced merger agreement with Corvex, Inc., which aims to create a platform for secure AI infrastructure, suggesting a future path for leveraging the collected data.

The key features underpinning the value proposition include:

• Pulse oximetry for medical-grade SpO2 monitoring.
• Sleep, activity, mood, and energy level tracking.
• Wireless communication to a companion mobile application.
• Secure data sharing capabilities for care teams.
• EvieAI for personalized, intelligent insights.

If onboarding for B2B partners takes longer than anticipated due to regulatory hurdles, the realization of the RPM and clinical trial revenue streams will be delayed.

Finance: draft 13-week cash view by Friday.

Movano Inc. (MOVE) - Canvas Business Model: Customer Relationships

You're looking at how Movano Inc. (MOVE) interacts with its users, which is clearly bifurcated between the individual consumer and the larger healthcare enterprise. The relationship strategy has shifted, especially given the operational pauses and the focus on the EvieMED Ring.

Direct-to-consumer (D2C) sales model for the Evie Ring

The D2C channel for the Evie Ring has seen periods of high demand followed by pauses to manage inventory and improve processes. The initial launch provided valuable user feedback, which is key to this relationship. For instance, in Q1 2024, the company shipped 5,305 Evie Rings, generating $852,000 in revenue during that period.

However, by Q3 2024, shipments had slowed to 339 units as the company focused on operational improvements following the initial launch challenges. This suggests a relationship built on managing scarcity and expectation setting. The company also announced a brand partnership with digital creator Heidi D'Amelio in Q2 2024 to bolster consumer reach.

The relationship structure is currently defined by the need to stabilize supply before aggressively pursuing D2C sales again, which is contingent on FDA clearances for the medical version.

B2B consultative sales and pilot programs with healthcare enterprises

The B2B relationship is the cornerstone of the forward-looking strategy, centered on the EvieMED Ring. This is a consultative approach, not a simple transaction. Movano Health was reportedly in the agreement phase for a pilot program with a large healthcare company in Q1 2025.

Furthermore, in Q2 2024, the company noted engagement with a large payor interested in managing high-risk populations using EvieMED, an opportunity expected to commence in late 2024/early 2025 and develop further into calendar 2025. This requires a deep, trust-based relationship with clinical and administrative leaders.

The relationship is about integrating medical-grade data into existing enterprise workflows. This contrasts sharply with the individual consumer relationship.

Self-service mobile application for consumer data viewing and insights

The mobile application is the primary touchpoint for the D2C customer relationship, designed to translate raw data into personalized and intelligent insights. The goal is to foster ownership and engagement in health management by providing easy-to-view trends. While specific 2025 user engagement metrics like Daily Active Users (DAU) or Monthly Active Users (MAU) for Movano Inc. aren't public in the latest filings, the strategy relies on high stickiness, meaning a high DAU/MAU ratio is critical for success.

The relationship is maintained through:

• Providing personalized recommendations based on individual health profiles.
• Visualizations that make tracking progress simple.
• Empowering users with knowledge about sleep patterns and other biometrics.

Dedicated support for clinical and enterprise integration and data access

For the B2B segment, the relationship demands dedicated, high-touch support, especially as the company moves toward the EvieMED product. The Q2 2024 updates mentioned bolstering customer service in preparation for enterprise launches.

This support focuses on two main areas:

• Clinical integration of EvieMED data streams.
• Ensuring secure and compliant data access for enterprise partners.

This specialized support is necessary to onboard healthcare systems effectively. If onboarding takes 14+ days, churn risk rises, honestly.

Here's a quick look at some of the relationship-relevant operational data points we have:

Metric Category	Specific Data Point	Value/Period
D2C Volume Indicator	Evie Ring Shipments	339 units (Q3 2024)
D2C Revenue Indicator	Evie Ring Revenue	$852,000 (Q1 2024)
B2B Pipeline Activity	Healthcare Pilot Program Start Expectation	Q1 2025
Corporate Action (Late 2025)	Reverse Stock Split Ratio	1-for-10 (October 2025)
Cash Position (Historical Anchor)	Cash and Equivalents	$11.3 million (September 30, 2024)

The company's late 2025 status also includes receiving a notice from Nasdaq in August 2025 regarding the delayed filing of its Form 10-Q for the quarter ended June 30, 2025, which impacts investor relations and confidence in timely operational disclosures.

Finance: draft 13-week cash view by Friday.

Movano Inc. (MOVE) - Canvas Business Model: Channels

You're looking at how Movano Inc. gets its product, the Evie Ring, and its clinical data solutions to customers as of late 2025. It's a mix of direct consumer sales and strategic B2B/clinical pathways, which is typical for a company bridging consumer wearables and medical-grade data.

Direct e-commerce website for consumer sales of the Evie Ring.

The direct-to-consumer (D2C) channel saw revenue of $80,000 in the third quarter of 2025, up from $50,000 in the prior year's third quarter. For the first six months of 2025, total sales through channels were $0.309 million. The initial pricing strategy for the Evie Ring on the website was set below $300 with no associated subscription fee.

Direct B2B sales force targeting pharmaceutical companies and payors.

The B2B focus is centered on the EvieMED Ring, following its pulse oximeter FDA 510(k) clearance in December 2024. This clearance unlocked an estimated Total Addressable Market (TAM) of $40 billion in healthcare B2B opportunities. As of early 2025, Movano Inc. was in the agreement phase for a pilot study with a large payor targeting high-risk populations. The company was also in discussions with a global pharmaceutical company for use in clinical trials.

Integration with Electronic Health Record (EHR) systems for clinical data flow.

While specific Movano Inc. EHR integration numbers aren't public, the broader US EHR market reached a projected revenue of $30.1 billion in 2025. Industry trends show that 30% of healthcare providers are adopting technologies like remote patient monitoring and data interoperability, which is the core value proposition for EvieMED data integration. Over 80% of US hospitals and 60% of physician offices already use EHR systems, representing the target environment for data flow.

Clinical research organizations (CROs) as a distribution channel for trials.

Movano Inc. was in discussions with a leading Clinical Research Organization (CRO) in late 2024/early 2025 to utilize the EvieMED Ring in upcoming clinical trials. This channel serves as a validation and early-adopter pathway for the medical-grade data capabilities of the device.

Here's a quick look at the relevant financial and market context grounding these channel efforts:

Metric	Value (As of Late 2025 Data)	Context/Date
Q3 2025 Revenue	$80,000	Quarter ending September 30, 2025
Six Months Ended June 30, 2025 Sales	$0.309 million	First half of 2025
Q3 2025 Net Loss	$4.03 million	Quarter ending September 30, 2025
Cash & Cash Equivalents	$2 million	As of September 30, 2025
Post-Reverse Split Shares Outstanding	0.8 million	Effective October 10, 2025 (from 8.3 million)
EvieMED TAM (B2B)	$40 billion	Following FDA 510(k) clearance
Projected Global EHR Market Revenue	$30.1 billion	Forecast for 2025

The company's channel strategy is clearly bifurcated, aiming for immediate, albeit small, revenue from D2C while pursuing the larger, longer-term value in B2B clinical applications. The recent merger announcement with Corvex, Inc. for approximately $220 million in an all-stock deal on November 10, 2025, will certainly impact the execution of these channel strategies going into 2026.

Key channel activities and related data points include:

• Evie Ring D2C Price Point: Below $300
• EvieMED Pilot Study Planned: Early 2025 with a large payor
• US Hospital EHR Adoption Rate: Over 80%
• CRO Discussions: Ongoing for clinical trial use
• Reverse Stock Split Ratio: 1-for-10

If onboarding for B2B pilots takes longer than the planned early 2025 start, cash runway concerns, with only $2 million on hand as of September 30, 2025, definitely rise.

Finance: draft 13-week cash view by Friday.

Movano Inc. (MOVE) - Canvas Business Model: Customer Segments

You're looking at the customer base for Movano Inc. (MOVE) as of late 2025, right after their Q3 report. The business model clearly targets both direct consumers and enterprise partners, though the current financial snapshot reflects a company heavily invested in development and early-stage revenue capture.

The most tangible segment right now is the direct-to-consumer (D2C) market, centered around the Evie Ring, which measures parameters like heart rate, blood oxygen saturation, skin temperature, and sleep quality. For the third quarter of 2025, Movano Inc. reported total revenue of $0.08 million. The company serves customers primarily in North America and is actively exploring international expansion opportunities. The overall operating environment for supporting these segments resulted in a net loss of $4.03 million for Q3 2025.

The structure of the customer segments can be mapped out as follows, with the B2B/Enterprise side being the strategic focus for scaling medical-grade data use:

Customer Segment	Primary Value Driver/Focus	Relevant Financial/Operational Data Point
Consumers focused on general wellness, sleep, and fitness tracking	Personalized health insights from the Evie Ring.	Q3 2025 Revenue: $0.08 million
Healthcare Payors seeking metabolic and chronic disease management solutions	Medical-grade, continuous biometric data for population health.	Company reported a Q3 2025 net loss of $4.03 million, indicating high investment in platform development.
Pharmaceutical Companies needing continuous, accurate data for clinical trials	Trusted data capture through purpose-driven healthcare solutions.	Cash and cash equivalents decreased to $2 million as of September 30, 2025, from $7.9 million at the end of 2024.
Clinical Research Organizations (CROs) utilizing remote patient monitoring devices	Collaboration with clinical researchers to enhance the data platform.	Preliminary cash position as of March 31, 2025, was $4.3 million.
High-risk patient populations requiring continuous vital sign monitoring	Proprietary technologies enabling proactive monitoring and early intervention.	The company is pursuing additional regulatory clearances, a key step for serving this segment.

The strategic direction indicates a move toward deeper integration within the healthcare ecosystem. Movano Inc.'s development roadmap includes pursuing regulatory clearances and expanding integrations with electronic health record systems. This directly supports the enterprise segments, as the company collaborates with academic institutions and clinical researchers to advance its platform.

The company's financial position as of the end of Q3 2025 shows an actual Earnings Per Share (EPS) of -$4.73, which beat the consensus estimate of -$7.00 by $2.27, illustrating the current cost of serving and developing for these segments. The preliminary current ratio as of March 31, 2025, was 3.02, against accounts payable of $2.5 million.

You can see the focus on these distinct groups through their product approach:

• Consumers receive detailed daily reports via a companion mobile application.
• Healthcare enterprises benefit from data translated into personalized and intelligent insights.
• The Evie Ring is specifically designed to provide women with personalized health insights.
• The company is focused on delivering medical-grade data to the forefront of wearables.

Movano Inc. (MOVE) - Canvas Business Model: Cost Structure

You're looking at the expenses that drive the Movano Inc. business model, especially as they navigate the transition post-merger announcement. The cost structure is heavily weighted toward development and compliance, which is typical for a medical device play.

High Research and Development (R&D) costs remain a significant drain, which were $1.16 million in Q3 2025. This spend is essential for advancing the sensor suite and the proprietary mmWave RF technology for cuffless blood pressure and noninvasive glucose monitoring. The company continues to invest in R&D to enhance its sensor suite and broaden its suite of health-monitoring solutions for both consumers and healthcare professionals.

Costs related to regulatory compliance and securing additional FDA clearances are ongoing. The company achieved U.S. Food and Drug Administration (FDA) 510(k) clearance for the pulse oximeter in its EvieMED Ring in December 2024, which unlocked a Total Addressable Market (TAM) of $40 billion in healthcare B2B opportunities. Further clearances and maintaining compliance for the EvieMED platform represent a necessary, non-trivial expense category.

Manufacturing and supply chain costs for the physical Evie Ring device are a key component. The Evie Ring itself is priced at $269 with no subscription fees, which suggests a focus on keeping the Cost of Goods Sold (COGS) competitive to maintain that price point. Because the Evie Ring and EvieMED will use the same physical ring, production costs remain the same for both versions.

Selling, General, and Administrative (SG&A) expenses were reported at $1.22 million in Q3 2025. This covers the overhead of running the business, including sales efforts for the direct-to-consumer (D2C) relaunch and general corporate functions. For context, the net loss for Q3 2025 was $4.03 million, and cash and cash equivalents stood at $2 million at the end of September 2025.

Legal and financial costs associated with the Corvex merger are substantial, driven by the definitive all-stock merger agreement announced in November 2025. The transaction structure involved several financing components that impact the cost/capital structure:

• The merger valued Movano shares at $6.25 per share.
• The transaction valued Corvex at approximately $250.0 million and Movano at approximately $10.0 million.
• Corvex secured approximately $37.1 million in a private placement financing.
• Movano raised $3.0 million in a Series A preferred round.
• Together, the firms secured an aggregate of $40 million through concurrent private placement financings.
• Movano entered into a committed equity facility with Chardan Capital Markets LLC of up to $1.0 billion.
• A loan amendment extended maturity to March 31, 2026, adding a $3.0 million repayment premium upon asset sale before closing.

Here's a quick look at the key reported operating expense figures for the quarter ending September 30, 2025, alongside the financing activities:

Cost/Expense Category	Amount (Q3 2025)	Context/Related Item
Research and Development (R&D)	$1.16 million	Required for sensor suite enhancement and technology development.
Selling, General, and Administrative (SG&A)	$1.22 million	Covers overhead, sales, and general corporate operations.
Net Loss	$4.03 million	Overall profitability for the quarter.
Cash and Cash Equivalents	$2 million	Balance as of September 30, 2025.
Corvex Private Placement Financing	$37.1 million	Capital raised by Corvex concurrent with the merger.
Movano Series A Financing	$3.0 million	Equity capital raised by Movano concurrent with the merger.
Loan Repayment Premium	$3.0 million	Contingent cost related to the loan amendment tied to the merger.

The company anticipates the need for further financing to support its operations beyond the first quarter of 2026. Finance: draft 13-week cash view by Friday.

Movano Inc. (MOVE) - Canvas Business Model: Revenue Streams

You're looking at the hard numbers for Movano Inc.'s revenue generation as of late 2025. Honestly, the story here is one of transition-moving from initial product sales to building out the more structured, high-value B2B/clinical revenue channels. The current figures reflect that early commercial stage.

The primary recognized revenue stream centers on the Sales of the Evie Ring to the direct-to-consumer market. This is the initial path to market for the consumer-facing wearable, leveraging digital marketing to reach women directly through the company's website. However, the company is clearly positioning for a pivot toward more institutional revenue.

The other key components of the intended revenue mix involve the EvieMED Ring and partnerships. This includes potential B2B licensing or subscription fees for the EvieMED Ring and data platform, which is the FDA-cleared version of the device. Also critical is capturing Pilot study and clinical trial revenue from pharmaceutical and payor partners, which validates the medical utility and provides non-product revenue while the EvieMED is being adopted.

Here's a quick look at the top-line financial performance as reported:

Revenue Metric	Amount
Revenue for the nine months ended September 30, 2025	$0.389 million
Revenue for the quarter ended September 30, 2025	$0.08 million
Revenue in Fiscal Year 2024	$1.01 million
Trailing Twelve Months (TTM) revenue as of December 2025	$0.47 million

The difference between the nine-month figure and the TTM figure suggests the revenue recognized in the final quarter of 2025 (October through December) was relatively small, or the TTM calculation is based on a slightly different period ending in December 2025, which is common in reporting cycles. What this estimate hides is the exact mix of DTC versus any early B2B revenue recognized by year-end.

The overall revenue generation strategy is built on these distinct pillars:

• Direct sales of the consumer Evie Ring via DTC channels.
• Future recurring revenue from B2B subscriptions for the EvieMED platform.
• Project-based revenue from clinical trials with partners.
• Revenue from payor partnerships utilizing the device data.

To be fair, the current revenue base is small, reflecting the focus on regulatory milestones and building inventory for larger B2B contracts. Finance: draft 13-week cash view by Friday.