Viveon Health Acquisition Corp.

Third-quarter 2019 net revenue was $157,000, compared with $517,000 in the third quarter of 2018. R&D expense was $622,000 versus $665,000 a year ago, SG&A was $966,000 versus $1,041,000, and net loss was $2.4 million, or $0.43 per share, compared with a net loss of $2.2 million, or $0.88 per share, in the prior-year quarter. As of September 28, cash and cash equivalents were $275,000; subsequent to quarter-end, the company raised approximately $3 million in gross proceeds from a public offering on October 10. Management said current cash resources would fund operations only into the first quarter of 2020.

Jeff Quiram emphasized that customer interest for high-performance superconducting wire is stronger than ever, particularly as fusion and next-generation energy projects gain momentum. He said the company is focused on transitioning Conductus from R&D to production and noted progress on manufacturing readiness, including an operational temperature control system and increasing wire lengths through the machine. His tone was cautiously optimistic, but he repeatedly stressed that work remains and that strategic options are being explored because of cash limitations.

Bill Buchanan reported $157,000 of net revenue, $622,000 of R&D expense, $966,000 of SG&A expense, and a net loss of $2.4 million, or $0.43 per share. He said $2.1 million was used to fund operations in the quarter and $100,000 was used to fund working capital increases. He also highlighted the balance sheet constraint: $275,000 in cash and cash equivalents at September 28, with liquidity expected to last only into the first quarter of 2020 before the later $3 million gross-proceeds offering.

There was no analyst Q&A; management delivered prepared remarks only. The most notable issues raised were the company’s inability to yet meet current customer commitments, the exploration of strategic alternatives including financing, merger, or sale, and the short cash runway. Management said it would not provide further updates on the strategic review unless disclosure became appropriate or necessary.