Passive remote monitoring company Movano Health has released its Q3 2022 earnings reporting a loss per share of USD 0.26 with a 63% YoY increase. Net losses for the quarter also widened 65% YoY to USD 8.6 million. 

As the company is a development stage company, it is yet to generate any revenue from product sales. The increase in net losses was mainly attributable to the significant increase in R&D expenses (35% YoY) and administrative expenses (almost 3x YoY). 

The company announced that it will launch a beta program for its wearable device in Q4 2022 with strategic partners including Novant Health. In addition, it will also prepare for beta programs with a pharmaceutical and medical device company, file its heart rate and blood oxygen saturation data for FDA approval in early 2023, and commercially launch its first product in 1H of 2023. 

During the quarter, the company raised USD 1.9 million in an at-the-market issuance facility. At the end of September 2022, the firm's cash and cash equivalents stood at USD 16.8 million compared with USD 33.6 million in December 2021. The company did not issue financial guidance for 2022.