Where Does Anteris Technologies (NASDAQ:AVR) (ASX:AVR) Stand on Funding After Its 10-Q?

Sonal Goyal

11 November 2026 12:21 PM AEDT

Where Does Anteris Technologies (NASDAQ:AVR) (ASX:AVR) Stand on Funding After Its 10-Q?

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Key Highlights

The nine-month net loss was US$78.5 million, compared with US$65.2 million a year earlier.
Net cash used in Operating Activities was US$72.4 million for the nine months to 30 September 2026.
Share issuance raised US$308.6 million net of Underwriting fees during the nine months.
A US$250 million at-the-market program was set up in May 2026, with no shares sold as at 30 September.

Anteris Technologies Global Corp. (NASDAQ:AVR) (ASX:AVR) has lodged its Form 10-Q for the quarter ended 30 September 2026 with the US Securities and Exchange Commission, together with supplementary information for the ASX dated 11 November 2026. The filing gives a fuller view of losses, cash use and financing than the quarterly results update, and it shows how the DurAVR program has been funded over the year.

Losses and cash use

The net loss for the quarter was US$26.8 million, up 21% from US$22.2 million a year earlier. For the nine months, the net loss was US$78.5 million, against US$65.2 million, an increase of about 20%. The losses reflect spending on the PARADIGM Trial and on Manufacturing scale-up.

Net cash used in operating activities for the nine months was US$72.4 million, compared with US$59.3 million a year earlier. Investing outflows were US$2.2 million, against US$199,000 in the prior period.

Financing through the year

Net cash provided by financing activities was US$298.4 million for the nine months. That figure reflects US$308.6 million of proceeds from share issuance, net of underwriting fees, less US$8.8 million of share issuance costs. In the prior-year period, financing produced a net outflow of US$1.8 million.

The filing also describes a Medtronic private Placement of 15,652,173 shares at US$5.75 each. Alongside related transactions, the filing says it generated gross proceeds of about US$320 million before fees.

The at-the-market program and cash balance

In May 2026 the company set up an at-the-market program with TD Cowen, allowing sales of up to US$250 million of shares. As at 30 September, no shares had been sold under it. The company intends to use the proceeds mainly to support DurAVR THV development, with the remainder for working capital.

Total cash, cash equivalents and restricted cash was US$236.3 million at quarter end, compared with US$12.6 million in the comparative period. The filing states that a failure to raise capital could negatively affect the company’s financial condition. Related-party payments in the quarter were US$576,000, covering non-executive director fees and salaries for the CEO, President and CFO.

Final Word

Anteris has funded its clinical and manufacturing program through Equity issuance and a private placement, and it held a large cash balance at quarter end. Widening losses and unused at-the-market capacity sit alongside a trial that is still enrolling and a device that remains investigational, so the funding position will be tested as spending rises.

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