SANUWAVE Health Inc. 2025年季度报告

SECURITIES AND EXCHANGE COMMISSIONWashington, D.C. 20549 FORM10-Q (Mark One) For the quarterly period endedMarch 31, 2025 SANUWAVE Health, Inc. Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the SecuritiesExchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submittedpursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smallerreporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period forcomplying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.o As of May5, 2025, there were issued and outstanding8,555,616shares of the registrant’s common stock, $0.001 par value per share. SANUWAVE Health, Inc.Table of ContentsPagePART I – FINANCIAL INFORMATIONItem 1.Financial Statements (Unaudited)4Condensed Consolidated Balance Sheets as of March 31, 2025, and December 31, 20244Condensed Consolidated Statements of Comprehensive Loss for the three months ended March 31, 2025and20245Condensed Consolidated Statements of Stockholders’ Deficit for the three months ended March 31, 2025and20246Condensed Consolidated Statements of Cash Flows for the three months ended March 31, 2025and 20247Notes to Unaudited Condensed Consolidated Financial Statements8Item 2.Management’s Discussion and Analysis of Financial Condition and Results of Operations21Item 3.Quantitative and Qualitative Disclosures About Market Risk25Item 4.Controls and Procedures25PART II – OTHER INFORMATIONItem 1.Legal Proceedings26Item 1A.Risk Factors27Item 2.Unregistered Sales of Equity Securities and Use of Proceeds27Item 3.Defaults Upon Senior Securities27Item 4.Mine Safety Disclosures27Item 5.Other Information27Item 6.Exhibits27SIGNATURES29 Special Note Regarding Forward-Looking Statements This Quarterly Report on Form 10-Q of SANUWAVE Health, Inc. and its subsidiaries (“SANUWAVE,” the “Company,” “we,” “us,”and “our”) contains forward-looking statements. All statements in this Quarterly Report on Form 10-Q, including those made by themanagement of the Company, other than statements of historical fact, are forward-looking statements. Examples of forward-lookingstatements include statements regarding: results of operations, liquidity, and operations, restrictions and new regulations on ouroperations and processes; the Company’s future financial results, operating results, and projected costs; market acceptance of anddemand for UltraMIST® and PACE®; success of future business development and acquisition activities; management’s plans andobjectives for future operations; industry trends; regulatory actions that could adversely affect the price of or demand for our approvedproducts; our intellectual property portfolio; our business, marketing and manufacturing capacity and strategy; estimates regarding ourcapital requirements, the anticipated timing of the need for additional funds, and our expectations regarding future capital-raisingtransactions, including through investments by strategic partners for market opportunities, which may include strategic partnerships orlicensing agreements, or raising capital through the conversion of outstanding warrants or issuances of securities; product liabilityclaims; economic conditions that could adversely affect the level of demand for or the cost of our products; timing of clinical studiesand any eventual U.S. Food and Drug Administration ("FDA") approval of new products and new uses of our current products;financial markets; the competitive environment; supplier and customer disputes; and our plans to remediate our material weaknesses inour disclosure controls and procedures and our internal control over financial reporting. These forward-looking statements are based Except as otherwise indicated by the context, references in this Quarterly Report on Form 10-Q to “we,” “us” and “our” are to theconsolidated business of the Company. PART I -- FINANCIAL INFORMATION SANUWAVE HEALTH, INC. AND SUBSIDIARIESCONDENSED CONSOLIDATED BALANCE SHEETS SANUWAVE HEALTH, INC. AND SUBSIDIARIESNOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS 1.Nature of the Business and Basis of Presentation SANUWAVE Health, Inc. and subsidiaries (“SANUWAVE” or the “Company”) is focused on the commercialization of its patentedregenerative medicine utilizing noninvasive ultrasound or shockwaves to produce a b