Myomo, Inc. 2025 Annual Report: Key Details for Investors

Executive Summary

Myomo, Inc. (“Myomo”) has released its Form 10-K for the fiscal year ended December 31, 2025. The report outlines both the company’s progress and the significant risks that could impact future performance and share value. Investors should carefully review the developments and potential catalysts highlighted below.

Key Highlights and Shareholder-Relevant Information

• Continued Operating Losses and Cash Flow Risks: Myomo has a history of operating losses. Its ongoing investments in advertising, research and development (R&D), clinical, reimbursement, and manufacturing capacity may delay the company’s ability to achieve cash flow breakeven. Shareholders should be aware that this ongoing cash burn could impact future funding needs and share dilution.
• Significant Debt Obligations and Restrictions: The company’s Loan and Security Agreement with Avenue Capital Management II, L.P. imposes operating covenants and restricts financial flexibility. High levels of indebtedness and debt service obligations increase financial risk and may limit the company’s ability to fund operations, pursue growth initiatives, or withstand adverse business conditions.
• Reliance on Key Suppliers: Myomo depends on a single third-party for manufacturing key subassemblies of the MyoPro device and relies on a limited number of suppliers for certain components. Any disruptions in the supply chain could materially impact the company’s operations and ability to fulfill customer demand.
• Competitive and Technological Risks: The industry is highly competitive and subject to rapid technological change, which may affect the company’s market share and pricing power. The company’s ability to publish and maintain competitive Healthcare Common Procedure Coding System (HCPCS) fees is crucial for reimbursement and revenue generation.
• Intellectual Property (IP) Protection: The company’s success depends in part on its ability to obtain and maintain robust IP rights for its products. Any failure to protect or enforce these rights could enable competitors to erode market share.
• POTENTIAL SHARE DILUTION – Warrant and Debt Conversions: Significant dilution risk exists if outstanding warrants are exercised or if Avenue Capital elects to convert principal payments to equity. This could substantially increase the outstanding share count and impact share value.
• Risk of Delisting from NYSE American: Myomo may not be able to maintain its listing on the NYSE American, which could have a dramatic effect on liquidity and the market price of its shares.
• Stock Price Volatility: The market price of Myomo’s common stock has historically been volatile and may continue to experience significant swings due to company-specific or market-wide developments.
• Foreign Currency Exposure: As Myomo sells products in various international markets, it is subject to foreign currency fluctuations, which may reduce dollar-denominated revenues and profits.

Corporate Status and Compliance

• Public Float and Share Count: As of June 30, 2025, Myomo’s public float (aggregate market value of shares held by non-affiliates) was approximately \$62.36 million, with 38,511,715 shares of common stock outstanding as of the latest reporting date.
• SEC Reporting and Compliance: Myomo is up to date with its SEC filings and current on all Interactive Data File submissions. It is classified as a smaller reporting company and is not an emerging growth company or a shell company.
• Internal Controls: The company’s auditor has not provided an attestation report on management’s assessment of internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act. There have been no corrections of errors or restatements requiring recovery analysis of incentive-based compensation for executive officers.
• Listing and Securities: Myomo’s common stock trades on the NYSE American under the symbol “MYO.”

Forward-Looking Statements and Risks

The report contains forward-looking statements regarding Myomo’s strategy, operations, financial position, and future performance. Actual results may differ materially due to various risks, including those outlined above. Investors should be aware that:

• The company’s ability to achieve profitability and sustainable cash flow is uncertain and subject to the successful execution of its growth and cost-control strategies.
• New product launches, reimbursement decisions, supply chain disruptions, or regulatory changes may significantly alter Myomo’s outlook.
• Any adverse developments in debt covenants, share dilution, or exchange listing status could result in significant share price movements and affect investor returns.

Conclusion

Myomo’s 2025 Form 10-K details a company at a critical juncture, balancing growth investments and innovation with substantial financial and operational risks. Shareholders should monitor developments in debt management, supply chain stability, reimbursement trends, and competitive dynamics closely, as these factors could materially impact Myomo’s financial position and share price in the near to mid-term.

Disclaimer: This article is not investment advice. It is a summary of Myomo, Inc.’s 2025 Form 10-K for informational purposes only. Investors are encouraged to review the full SEC filings and consult with their financial advisors before making investment decisions.

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