0001493152-26-011636 | 10-K | XBRL Viewer

Fair Value Measurements

12 Months Ended

Dec. 31, 2025

Note 6. Fair Value Measurements

Financial assets and liabilities carried at fair value are classified and disclosed in one of the following three levels of the fair value hierarchy:

●

Level 1—Quoted prices in active markets for identical assets or liabilities.

●

Level 2—Observable inputs (other than Level 1 quoted prices), such as quoted prices in active markets for similar assets or liabilities, quoted prices in markets that are not active for identical or similar assets or liabilities, or other inputs that are observable or can be corroborated by observable market data.

●

Level 3—Unobservable inputs that are supported by little or no market activity and that are significant to determining the fair value of the assets or liabilities, including pricing models, discounted cash flow methodologies and similar techniques.

ELECTROCORE, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements — Continued

A summary of the assets and liabilities carried at fair value in accordance with the hierarchy defined above is as follows:


			Fair Value Hierarchy
December 31, 2025	Total		Level 1		Level 2		Level 3
Assets
Cash and cash equivalents	$	7,035	$	7,035	$	—	$	—
Marketable Securities:
U.S. treasury bills		4,576		4,576		—		—
Total cash, cash equivalents and marketable securities	$	11,611	$	11,611	$	—	$	—


			Fair Value Hierarchy
December 31, 2024	Total		Level 1		Level 2		Level 3
Assets
Cash and cash equivalents	$	3,700	$	3,700	$	—	$	—
Marketable Securities:
U.S. treasury bills		8,519		8,519		—		—
Total cash, cash equivalents and marketable securities	$	12,219	$	12,219	$	—	$	—

As of December 31, 2025 and 2024, the Company’s marketable securities in the amount of $4.6 million and $8.5 million, respectively, were carried at fair value in accordance with Level 1 as described above. The Company recognizes transfers between levels of the fair value hierarchy as of the end of the reporting period. There were no transfers within the hierarchy during the December 31, 2025 and year ended December 31, 2024. The carrying amount of the Company’s receivables and payables approximate their fair value due to their maturity.

Schedule of Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Payables and Accruals [Abstract]
Accrued professional fees	$ 1,059	$ 598
Accrued bonuses and incentive compensation	2,583	2,886
Accrued litigation legal fees expense	1,155	1,163
Accrued insurance expense	181	205
Accrued research and development expenses	655	655
Accrued vacation and other employee related expenses	1,000	781
Accrued tax expenses	524	382
Accrued purchases of inventory	86	11
Deferred revenue	50	78
Accrued acquisition related expenses	604
Other	364	205
Accrued expenses and other current liabilities	$ 8,261	$ 6,964

Schedule of Notes Payable and Convertible Notes Payable (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Debt Instrument [Line Items]
Principal Borrowed	$ 7,500
Final Payment (3.50%)	262
Total Principal	7,762
Aggregate Debt Discount	(1,290)
Debt Discount Amortization	135
Unamortized Debt Discount	(1,155)
Balance Sheet - Net	6,607
Non-Convertible Notes Payable [Member]
Debt Instrument [Line Items]
Principal Borrowed	5,000
Final Payment (3.50%)	175
Total Principal	5,175
Aggregate Debt Discount	(769)
Debt Discount Amortization	80
Unamortized Debt Discount	(689)
Balance Sheet - Net	4,486
Convertible Notes Payable [Member]
Debt Instrument [Line Items]
Principal Borrowed	2,500
Final Payment (3.50%)	87
Total Principal	2,587
Aggregate Debt Discount	(521)
Debt Discount Amortization	55
Unamortized Debt Discount	(466)
Balance Sheet - Net	$ 2,121

Related Party Transactions (Details Narrative) - USD ($)			12 Months Ended
	Oct. 04, 2024	Jul. 11, 2024	Dec. 31, 2025	Dec. 31, 2024
Related Party Transaction [Line Items]
Payment for related party			$ 4,600
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Gross
Vagus Nerve Society [Member]
Related Party Transaction [Line Items]
Payment for related party			$ 150,000	$ 150,000
Brian M Posner [Member] \| Consulting Agreement [Member]
Related Party Transaction [Line Items]
Share based compensation vesting period	12 months
Board of Directors Chairman [Member]
Related Party Transaction [Line Items]
Share based compensation vesting period		1 year
Board of Directors Chairman [Member] \| Consulting Agreement [Member]
Related Party Transaction [Line Items]
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Rights		which shall vest and be exercisable in 12 equal monthly installments, subject to full vesting, if earlier, immediately prior to the 2025 Annual Meeting of Stockholders or a Change of Control so long as the director remains in continuous service to the Company through such date.
Board of Directors Chairman [Member] \| Consulting Agreement [Member] \| Common Stock [Member]
Related Party Transaction [Line Items]
Payment for related party		$ 3,000
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Gross		50,000
Share-Based Compensation Arrangements by Share-Based Payment Award, Options, Grants in Period, Weighted Average Exercise Price		$ 6.43

Net Loss Per Share (Tables)

12 Months Ended

Dec. 31, 2025

Earnings Per Share [Abstract]

Schedule of Common Stock Equivalent from the Computation of Diluted Loss Per Share

The potential common stock equivalents that have been excluded from the computation of diluted loss per share consist of the following:

(in thousands)	2025		2024
	December 31,
(in thousands)	2025		2024
Outstanding stock options		518		548
Restricted stock and unit awards		575		459
Debt conversion shares		295		-
Stock purchase warrants		1,496		1,496
Total common stock equivalents		2,884		2,503

Shareholders’ Equity

12 Months Ended

Dec. 31, 2025

Equity [Abstract]

Shareholders’ Equity

Note 11. Shareholders’ Equity

October 2025 Private Placement Offering

On September 30, 2025, the Company entered into securities purchase agreements with certain institutional and accredited investors (the “Private Agreements”), which collectively provided for the sale by the Company of 360,737 shares (the “Private Shares”) of common stock of the Company, par value $0.001 per share. The Private Shares were issued at a price of $5.15 per share in satisfaction of an aggregate of approximately $1.9 million of legal services rendered or to be rendered to the Company by the investors. The Company did not receive cash proceeds in connection with the issuance of these shares.

The offerings described above closed on October 2, 2025. The Private Shares were issued in reliance on the exemptions from registration provided by Section 4(a)(2) under the Securities Act and Regulation D promulgated thereunder, for transactions not involving a public offering. On October 3, 2025, the Company filed a registration statement on Form S-3 (File No. 333-290713) with the SEC to cover the resale of the Private Shares, which registration statement became effective on October 22, 2025.

At-the-Market Facility

On November 29, 2024, we entered into the Sales Agreement with Wainwright. Under the Sales Agreement, the Company may offer and sell shares of its common stock from time to time having an aggregate offering price of up to $20 million during the term of the Sales Agreement through Wainwright, acting as sales agent. The Company intends to use the net proceeds from any offering pursuant to the Sales Agreement to continue to fund sales and marketing, working capital and for other general corporate purposes. During the year ended December 31, 2025 the company sold 14,265 shares of common stock for gross proceeds of approximately $217,000. This amount has been offset by financing fees of approximately $54,000.

ELECTROCORE, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements — Continued

Securities Purchase Agreements

On June 3, 2024, the Company entered into a securities purchase agreement (the “Registered Direct Purchase Agreement”) with an institutional accredited investor (the “Purchaser”) for the sale (the “Registered Direct Offering”) by the Company of pre-funded warrants (the “RD Pre-funded Warrants”) to purchase up to 225,000 shares of the Company’s common stock, par value $0.001 per share (the “Common Stock”) (the “RD Pre-funded Warrant Shares”). In a concurrent private placement, the Company issued and sold to the Purchaser unregistered warrants to purchase up to 112,500 shares of Common Stock (the “PIPE Warrants” and shares of Common Stock underlying the PIPE Warrants, the “PIPE Warrant Shares”). Each RD Pre-funded Warrant in the Registered Direct Offering was sold together with one-half of one PIPE Warrant at a combined effective offering price of $6.4925 per share. The PIPE Warrants became exercisable after the date of issuance at a price of $6.43 per share and will expire on June 5, 2029.

In a separate private placement, on May 31, 2024, the Company entered into securities purchase agreements with certain institutional and accredited investors and directors of the Company (the “Private Agreements”), which collectively provided for the sale by the Company of (i) 438,191 shares of Common Stock (the “Private Shares”), (ii) pre-funded warrants (the “Private Pre-funded Warrants”) to purchase up to 770,119 shares of Common Stock and (iii) warrants (the “Private Warrants” and together with the PIPE Warrants, the “Warrants”) to purchase up to 604,150 shares of Common Stock (the “Private Warrant Shares”). Each share of Common Stock (or Private Pre-funded Warrant) in this private placement was sold together with one-half of one Private Warrant at a combined effective offering price of $6.4925 per share. The Private Warrants will have the same terms as the PIPE Warrants sold to the Purchaser.

The Private Shares were sold at a purchase price of $6.43 per share. The RD Pre-funded Warrants and Private Pre-funded Warrants were sold at a purchase price of $6.43 minus $0.001 per Pre-Funded Warrant, and are exercisable immediately at an exercise price of $0.001 per share. The PIPE Warrants and Private Warrants are only exercisable for whole shares of Common Stock.

The net proceeds to the Company resulting in the sale of securities described above was approximately $9.0 million, after deducting other offering expenses payable by the Company, and excluding the proceeds, if any, from the exercise of the warrants. Of the net proceeds, $1 million came from the issuance of securities to the Company’s legal counsel. Upon issuance of the shares, certain of the Company’s financial obligations to its legal counsel were deemed paid and satisfied in full.

The company accounts for common stock warrants by first considering the criteria under ASC 480 for liability classification, then evaluating the indexation requirements and the scope exception in ASC 815-10, and finally assessing additional equity considerations under ASC 815-40-25 to determine if the warrants should be classified as equity. The Company determined that the warrants associated this financing qualified for equity classification.

ELECTROCORE, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements — Continued

Stock Purchase Warrants

The following table presents a summary of stock purchase warrants outstanding as of December 31, 2025:

	Number of Warrants (in thousands)			Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (Years)		Aggregate Intrinsic Value (in thousands)
Outstanding, January 1, 2025		1,497		$	5.31		4.2	$	16,489
Stock Purchase Warrants *		—
Exercised		(1	)
Expired		—
Outstanding, December 31, 2025		1,496		$	5.19		3.23	$	121
Exercisable, December 31, 2025		1,496		$	5.19		3.23	$	121

A total of 883,433 pre-funded warrants were excluded from this table, which reflect 725,000 pre-funded warrants issued during the year ended December 31, 2025.

- Definition

The entire disclosure for equity.

+ References

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+ Details

Schedule of Deferred income tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Income Tax Disclosure [Abstract]
Net operating loss carryforwards	$ 46,378	$ 35,856
Accrued expenses	500	429
Fixed assets	42
Intangibles	2,889	2,634
Inventory	171	158
Inventory reserve	60
Allowance for credit losses	139	12
Charitable contributions		10
R&D credit	2,683	2,074
Lease liabilities	668	1,033
Stock compensation	1,503	3,251
Deferred tax assets	55,083	45,457
Less valuation allowance	(54,143)	(44,310)
Total deferred tax assets	890	1,147
Prepaid expenses	(277)	(207)
Other		(6)
Right of use asset	(613)	(934)
Total deferred tax liabilities	(890)	(1,147)
Deferred tax assets, net

Accrued Expenses and Other Current Liabilities

12 Months Ended

Dec. 31, 2025

Payables and Accruals [Abstract]

Accrued Expenses and Other Current Liabilities

Note 9. Accrued Expenses and Other Current Liabilities

Accrued expenses as of December 31, 2025 and 2024 consisted of the following:


	December 31,
(in thousands)	2025		2024
Accrued professional fees	$	1,059	$	598
Accrued bonuses and incentive compensation		2,583		2,886
Accrued litigation legal fees expense		1,155		1,163
Accrued insurance expense		181		205
Accrued research and development expenses		655		655
Accrued vacation and other employee related expenses		1,000		781
Accrued tax expenses		524		382
Accrued purchases of inventory		86		11
Deferred revenue		50		78
Accrued acquisition related expenses		604		—
Other		364		205
	$	8,261	$	6,964

ELECTROCORE, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements — Continued

Finance and Security Agreements

On July 7, 2025, the Company and First Insurance Funding entered into a Commercial Insurance Premium Finance Agreement (the “2025 Finance Agreement”). The 2025 Finance Agreement provides for a single borrowing of approximately $452,000 with a 10ten-month term and an annual interest rate of 6.55%. The proceeds from this transaction were used to partially fund the premiums due under certain of the Company’s insurance policies. The amounts payable are secured by the Company’s rights under such policies. Beginning July 2025, the Company began paying monthly installments of approximately $45,000.

On July 2, 2024, the Company entered into a Commercial Insurance Premium Finance and Security Agreement (the “2024 Agreement”). The 2024 Agreement provides for a single borrowing of approximately $493,000 with a 10ten-month term and an annual interest rate of 8.75%. The proceeds from this transaction were used to partially fund the premiums due under certain of the Company’s insurance policies. The amounts payable are secured by the Company’s rights under such policies. Beginning July 2024, the Company began paying monthly installments of approximately $51,000. As of December 31, 2025 and 2024, the remaining balance under the respective agreements was approximately $181,000 and $205,000.

During the years ended December 31, 2025 and 2024, the Company recognized $14,900 and $18,400 in aggregate interest expense, respectively, related to the Company’s finance and security agreements.

Summary of Significant Accounting Policies (Details Narrative)	12 Months Ended
	Dec. 31, 2025 USD ($) Segment	Dec. 31, 2024 USD ($)
Property, Plant and Equipment [Line Items]
Cash equivalents and marketable securities rate	94.00%
Marketable securities	$ 4,576,000	$ 8,519,000
Allowance for credit losses	600,000
Inventory adjustments	$ 0
Operating lease term	1 year
Cost of goods sold	$ 0
Inventory write off	$ 150,000
Number of operating segment \| Segment	1
Licensing Agreements [Member]
Property, Plant and Equipment [Line Items]
Licensed devices	$ 0	$ 220,000
Minimum [Member]
Property, Plant and Equipment [Line Items]
Intermediate-life plants	12 months
Maximum [Member]
Property, Plant and Equipment [Line Items]
Intermediate-life plants	36 months
UNITED STATES
Property, Plant and Equipment [Line Items]
Cash, FDIC insured amount	$ 250,000
SIPC maximum insured amount	500,000
SIPC limit insured amount	250,000
UNITED KINGDOM
Property, Plant and Equipment [Line Items]
Cash, FDIC insured amount	$ 85,000

Accrued Expenses and Other Current Liabilities (Tables)

12 Months Ended

Dec. 31, 2025

Payables and Accruals [Abstract]

Schedule of Accrued Expenses and Other Current Liabilities

Accrued expenses as of December 31, 2025 and 2024 consisted of the following:


	December 31,
(in thousands)	2025		2024
Accrued professional fees	$	1,059	$	598
Accrued bonuses and incentive compensation		2,583		2,886
Accrued litigation legal fees expense		1,155		1,163
Accrued insurance expense		181		205
Accrued research and development expenses		655		655
Accrued vacation and other employee related expenses		1,000		781
Accrued tax expenses		524		382
Accrued purchases of inventory		86		11
Deferred revenue		50		78
Accrued acquisition related expenses		604		—
Other		364		205
	$	8,261	$	6,964

Schedule of Stock Purchase Warrants Outstanding (Details) - Stock Purchase Warrants [Member] - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands

12 Months Ended

Dec. 31, 2025

Dec. 31, 2024

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

Number of Warrants, outstanding beginning

1,497

Weighted Average Exercise Price, beginning balance

$ 5.31

Weighted Average Remaining Contractual Term

3 years 2 months 23 days

4 years 2 months 12 days

Aggregate Intrinsic Value, beginning balance

$ 16,489

Number of Warrants, Stock purchase warrants granted

^[1]

Number of Warrants, Exercised

(1)

Number of Warrants, Expired

Number of Warrants, outstanding ending

1,496

1,497

Weighted Average Exercise Price, ending balance

$ 5.19

$ 5.31

Aggregate Intrinsic Value, ending balance

$ 121

$ 16,489

Number of Warrants, outstanding

1,496

Weighted Average Exercise Price, exercisable

$ 5.19

Weighted Average Remaining Contractual Term, Exercisable

3 years 2 months 23 days

Aggregate Intrinsic Value, exercisable

$ 121

[1]	A total of 883,433pre-funded warrants were excluded from this table, which reflect 725,000 pre-funded warrants issued during the year ended December 31, 2025.

Schedule of Inventories (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Inventory Disclosure [Abstract]
Raw materials	$ 1,278	$ 923
Work in process	62	193
Finished goods	291	560
Total inventory	$ 1,631	$ 1,676

Segment Reporting (Details Narrative)	12 Months Ended
Segment Reporting (Details Narrative)	Dec. 31, 2025 Segment
Segment Reporting [Abstract]
Number of reportable segments	1

Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Income Statement [Abstract]
Net loss	$ (13,966)	$ (11,886)
Other comprehensive income:
Foreign currency translation adjustment	(15)	178
Other comprehensive income (loss)	(15)	178
Comprehensive loss	$ (13,981)	$ (11,708)

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

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+ Details

Accrued Expenses and Other Current Liabilities (Details Narrative) - USD ($)			12 Months Ended
	Jul. 07, 2025	Jul. 02, 2024	Dec. 31, 2025	Dec. 31, 2024
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Face amount			$ 7,762,000
Interest expense			14,900	$ 18,400
2025 Finance Agreement [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Face amount	$ 452,000
Debt term	10 months
Annual Interest rate	6.55%
Periodic payments	$ 45,000
2024 Agreement [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Face amount		$ 493,000	$ 181,000	$ 205,000
Debt term		10 months
Annual Interest rate		8.75%
Periodic payments		$ 51,000

- Definition

Amount of interest expense classified as operating and nonoperating. Includes, but is not limited to, cost of borrowing accounted for as interest expense.

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+ Details

Cybersecurity Risk Management and Strategy Disclosure

12 Months Ended

Dec. 31, 2025

Cybersecurity Risk Management, Strategy, and Governance [Abstract]

Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]

Risk Management and Strategy

Managing Material Risks & Integrated Overall Risk Management

We have developed and continue to develop processes, including those intended to follow an internal Information Technology (IT) Security Policy, which seek to assess, identify, and manage material risks from cybersecurity threats to the IT systems and information that we create, use, transmit, receive, and maintain. We also seek to integrate these processes and policies into our overall enterprise risk management system and processes. We also maintain an evolving cybersecurity roadmap for our future cybersecurity plans. The processes for assessing, identifying, and managing material risks from cybersecurity threats, including threats associated with our use of third-party service providers, include our efforts to identify the relevant assets that could be affected, determine possible threat sources and threat events, assess threats based on their potential likelihood and impact, and identify controls that are in place or necessary to manage and/or mitigate such risks. In furtherance of our cybersecurity policies and procedures, our IT team has a monthly IT Steering committee meeting, chaired by our Chief Financial Officer (“CFO”), where all new IT projects include a cybersecurity component.

Engage Third-Parties on Risk Management

We engage a range of external experts, including consultants, auditors, and cybersecurity assessors, who assist us in evaluating and testing our cybersecurity systems and processes. These partnerships are intended to give us access to specialized knowledge and insights that can inform our cybersecurity strategies and processes, including as to industry-standard control frameworks and applicable regulations, laws, and standards.

Oversee Third-Party Risk

As part of our evolving cybersecurity roadmap, we plan to implement and conduct security assessments of all third-party service providers before engagement and maintain ongoing monitoring to ensure compliance with relevant cybersecurity standards.

Risks from Cybersecurity Threats

The Company does not believe that it has experienced any material cybersecurity incidents and the expenses we have incurred from any security incidents were immaterial. As a result, we do not believe that risks from cybersecurity threats, including as a result of any previous cybersecurity incidents, have materially affected us, our results of operations and financial condition. However, as discussed under “Risk Factors” in Part I, Item 1A of this Annual Report, cybersecurity threats pose multiple and potentially material risks to us, including potentially to our results of operations and financial condition. See also “Risk Factors — Failure to protect our information technology infrastructure against cyber-based attacks, network security breaches, service interruptions, or data corruption could significantly disrupt our operations and adversely affect our business strategy and operating results.” As cybersecurity threats become more frequent, sophisticated, and coordinated, it is reasonably likely that we may expend greater resources to continue to modify and enhance protective measures against such security risks.

Cybersecurity Risk Management Processes Integrated [Flag]

true

Cybersecurity Risk Management Processes Integrated [Text Block]

We also seek to integrate these processes and policies into our overall enterprise risk management system and processes. We also maintain an evolving cybersecurity roadmap for our future cybersecurity plans.

Cybersecurity Risk Management Third Party Engaged [Flag]

true

Cybersecurity Risk Third Party Oversight and Identification Processes [Flag]

true

Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag]

false

Cybersecurity Risk Board of Directors Oversight [Text Block]

Governance

Board of Directors Oversight

Our Board of Directors is responsible for exercising oversight of management’s identification and management of, and planning for, risks from cybersecurity threats. While the full Board has overall responsibility for risk oversight, the Board has delegated oversight responsibility related to risks from cybersecurity threats to the Board’s Audit Committee. The Audit Committee discusses with management not less than annually our major financial risk exposures, including those related to data privacy, data security and network security, and management’s program to monitor, assess and control such exposures, including our risk assessment and risk management policies. The Audit Committee reports to the Board as necessary with respect to its activities, including making such reports and recommendations to the Board as it deems necessary and appropriate.

Risk Management Personnel

Management’s role in assessing, monitoring and managing our material cybersecurity risks is primarily the responsibility of our CISO, reporting to our CFO. Both the CISO and CFO rely on third party experts, including consultants, auditors, and cybersecurity assessors regarding cybersecurity strategies and processes. The CISO manages vendor work related to cybersecurity, and has primary responsibility for the evolving cybersecurity roadmap, remediating known risks, and leading our employee training program, pursuant to which we provide annual privacy and security training for all employees. Our security training incorporates awareness of cyber threats (including but not limited to malware, ransomware and social engineering attacks), password hygiene, incident reporting process, as well as physical security best practices. Our management has also developed security policies and processes which include regular system updates and patches, employee training on cybersecurity and privacy requirements, incident reporting, and the use of encryption to secure sensitive information. In addition, we also regularly perform phishing tests of our employees and update our training plan at least annually. We maintain business continuity and disaster recovery capabilities to mitigate interruptions to critical information systems and/or the loss of data and services from the effects of natural or man-made disasters to our physical operations.

Monitor Cybersecurity Incidents

The CISO implements and oversees processes for the regular monitoring of our IT systems. This includes the deployment of security measures to identify potential vulnerabilities. In the event of a cybersecurity incident, the CISO runs an incident response plan. This plan includes actions to mitigate the impact and long-term strategies for remediation and prevention of future incidents.

Reporting to Board of Directors

The CISO regularly informs the Audit Committee and CFO of cybersecurity risks and incidents. Furthermore, significant cybersecurity matters, and strategic risk management decisions are escalated to the Board of Directors, which has oversight and may provide guidance on critical cybersecurity issues.

Management’s Role Managing Risk

The role of the Chief Information Security Officer (CISO) has been assigned to our VP, Information Technology, who has more than 20 years of IT experience and reports to the CFO. The CISO and the CFO inform the Audit Committee on cybersecurity risks. They provide briefings to the Audit Committee on no less than an annual basis or on an ad hoc basis when needed. These briefings encompass:

	●	Evaluation of existing cybersecurity risks;

	●	Status of ongoing cybersecurity initiatives and strategies from the cybersecurity roadmap; and

	●	Incident reports and learnings from cybersecurity events.

Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]

Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]

Cybersecurity Risk Role of Management [Text Block]

Cybersecurity Risk Management Positions or Committees Responsible [Flag]

true

Cybersecurity Risk Management Positions or Committees Responsible [Text Block]

Income Taxes

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Income Taxes

Note 13. Income Taxes

The benefit for income taxes for the years ended December 31, 2025 and 2024 consisted of foreign taxes, state minimum taxes and a benefit from the sale of state net operating losses.

Domestic and foreign components of the loss before provision for income taxes is as follows:

(in thousands)	December 31, 2025			December 31, 2024
Domestic	$	(13,724	)	$	(11,338	)
Foreign		(239	)		(641	)
Total	$	(13,963	)	$	(11,979	)

ELECTROCORE, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements — Continued

The income tax provision/(benefit) from continuing operations contains the following components:

(in thousands)	December 31, 2025			December 31, 2024
Federal	$	—		$	—
State		(21	)		(116	)
Foreign		24			23
Total current expense (benefit)		3			(93	)

Total deferred		—			—
Total income tax provision (benefit)	$	3		$	(93	)

The Company has evaluated the available evidence supporting the realization of its deferred tax assets, including the amount and timing of future taxable income, and has determined that it is more likely than not that its net deferred tax assets will not be realized in the United States and certain foreign jurisdictions. Due to uncertainties surrounding the realization of the deferred tax assets, the Company maintains a full valuation allowance against all of its net deferred tax assets. When the Company determines that it will be able to realize some portion or all of its deferred tax assets, an adjustment to its valuation allowance on its deferred tax assets would have the effect of increasing net income in the period such determination is made. The net change in the valuation allowance for the years ended December 31, 2025 and 2024 was an increase of $9.8 million and $3.7 million, respectively.

The significant components of the Company’s deferred income tax assets and liabilities after applying enacted corporate tax rates are as follows:

(in thousands)	2025			2024
	Year ended December 31,
(in thousands)	2025			2024
Deferred tax assets
Net operating loss carryforwards	$	46,378		$	35,856
Accrued expenses		500			429
Fixed assets		42			-
Intangibles		2,889			2,634
Inventory		171			158
Inventory reserve		60			-
Allowance for credit losses		139			12
Charitable contributions		-			10
R&D credit		2,683			2,074
Lease liabilities		668			1,033
Stock compensation		1,503			3,251
Deferred tax assets		55,083			45,457
Less valuation allowance		(54,143	)		(44,310	)
Total deferred tax assets		890			1,147
Prepaid expenses		(277	)		(207	)
Other		-			(6	)
Right of use asset		(613	)		(934	)
Total deferred tax liabilities		(890	)		(1,147	)
Deferred tax assets, net	$	—		$	—

ELECTROCORE, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements — Continued

A reconciliation of the income tax benefit computed at the U.S. federal statutory income tax rate of 21% and the reported income tax provision for the year ended December 31, 2025 after the adoption of ASU 2023-09 is as follows:

	2025			2024
	Year ended December 31, 2025
(in thousands)	Amount			Rate
U.S. federal statutory rate	$	(2,932	)		(21.0	)%
Current state and local income taxes, net of federal income tax effect (1)		21			0.2
Deferred state and local income taxes		-			-
Foreign tax effect:
Germany:
Statutory tax rate difference		(1	)		(0.0	)
Changes in valuation allowance		3			0.0
United Kingdom:
Statutory tax rate difference		(3	)		(0.0	)
Foreign eliminations		(163	)		(1.2	)
Tax credits:
Research and development tax credits		(364	)		(2.6	)
Other		480			3.4
Changes in valuation allowance		8,127			58.2
Nontaxable or nondeductible items
IRC 162(m)		138			1.0
Meals and entertainment		33			0.2
Stock based compensation		1,530			11.0
Sale of New Jersey NOL and R&D tax credits		(38	)		(0.3	)
Other:
Acquisition of Nuro		(6,881	)		(49.3	)
Other		53			0.4
Income tax provision	$	3			0.0	%

(1)	The state and local jurisdictions that contribute to the majority (greater than 50%) of the tax effect in this category is Texas.

A reconciliation of the income tax benefit computed at the U.S. federal statutory income tax rate of 21% and the reported income tax benefit for the year ended December 31, 2024 before the adoption of ASU 2023-09 is as follows:

Schedule of Income Tax Benefit

	Year ended December 31, 2024
Statutory rate		(21.0	)%
State tax recovery, net of federal benefit		(5.8	)
State tax rate change		(1.5	)
Stock compensation		1.1
State tax NOL sale		(0.8	)
Nondeductible expenses		0.4
Credits		(4.0	)
Change in valuation allowance for deferred tax assets		30.8
Income tax benefit		(0.8	)%

As of December 31, 2025 and 2024, the Company had accumulated Federal net operating losses totaling $184.5 million and $143.6 million, respectively. Also, as of December 31, 2025 and 2024, the Company had post-apportioned net operating losses totaling $90.3 million and $61.2 million, respectively. The net operating losses may be available to carry forward and offset future years’ taxable income. U.S. federal losses can be carried forward indefinitely, and state losses expire in various amounts beginning in 2026. The Company also had accumulated losses totaling $4.3 million for each of the years ended December 31, 2025 and 2024, respectively, in Germany which can be carried forward indefinitely.

However, the NOL carryforwards may be, or become subject to, an annual limitation in the event of certain cumulative changes in the ownership interest of significant stockholders over a 3 three year period in excess of 50%, as defined under Sections 382 and 383 of the Internal Revenue Code of 1986, as amended, as well as similar state tax provisions. This could limit the amount of NOLs that the Company can utilize annually to offset future taxable income or tax liabilities. The amount of the annual limitation, if any, will be determined based on the value of the Company immediately prior to an ownership change. Subsequent ownership changes may further affect the limitation in future years. If and when the Company utilizes the NOL carryforwards in a future period, it will perform an analysis to determine the effect, if any, of these loss limitation rules on the NOL carryforward balances.

The Company may be eligible, from time to time, to receive cash from the sale of its net operating losses under New Jersey’s Department of the Treasury - Division of Taxation NOL Transfer Program. During the year ended December 31, 2025 and 2024, the Company sold New Jersey NOL carry forwards, resulting in the receipt of net cash payments of $0.05 million and $0.1 million, respectively. There can be no assurance as to the continuation or magnitude of this program in the future.

As of December 31, 2025, the Company had an aggregate of Federal, New Jersey and Massachusetts research and development credits of $2.2 million. The Federal R&D credits can be carried forward 20 years and will begin to expire in 2038. The Massachusetts R&D tax credit can be carried forward indefinitely. The New Jersey R&D credits can be carried forward seven years and will begin to expire in 2031.

ELECTROCORE, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements — Continued

The amount of cash income taxes paid by the Company were as follows:

Schedule of Cash Income Taxes Paid

(in thousands)	December 31, 2025
Federal	$	-
State		11
Foreign		-
Cash tax payments	$	11

The amount of cash income taxes paid by the Company during the year ended December 31, 2024 was approximately $6,000.

Uncertain Tax Positions

The Company has adopted certain provisions of ASC 740, “Income Taxes”, which prescribes a recognition threshold and measurement attribute for the recognition and measurement of tax positions taken or expected to be taken in income tax returns. The provisions also provide guidance on the de-recognition of income tax assets and liabilities, classification of current and deferred income tax assets and liabilities, and accounting for interest and penalties associated with tax positions.

The Company files income tax returns in the U.S. federal jurisdiction, and in various state and foreign jurisdictions. The Company’s tax returns are subject to tax examinations by U.S. federal and state tax authorities, or examinations by foreign tax authorities until the expiration of the respective statutes of limitation. The Company’s U.S. federal and state net operating losses have occurred since inception in 2018 and as such, tax years subject to potential tax examinations could apply from that date because the utilization of net operating losses from prior years opens the relevant year to audit by the IRS and/or state taxing authorities. The Company currently has no tax years under examination.

As of December 31, 2025, the Company does not have an accrual relating to uncertain tax positions. Interest and penalties, if any, as they relate to income taxes assessed, are included in the income tax provision. It is not anticipated that unrecognized tax benefits would significantly increase or decrease within 12 months of the reporting date.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 740
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477617/942-740-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 740
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478822/944-740-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12C

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12B

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477891/740-270-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-13

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/740/tableOfContent

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-14

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-21

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-17

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-2

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482603/740-30-50-2

+ Details

Cash, Cash Equivalents and Marketable Securities

12 Months Ended

Dec. 31, 2025

Cash and Cash Equivalents [Abstract]

Cash, Cash Equivalents and Marketable Securities

Note 5. Cash, Cash Equivalents and Marketable Securities

The following tables summarize the Company’s cash, cash equivalents and marketable securities as of December 31, 2025 and December 31, 2024.

As of December 31, 2025
	Amortized Cost		Unrealized Gain		Unrealized (Loss)		Fair Value
Cash and cash equivalents	$	7,035	$	—	$	—	$	7,035

Marketable Securities:
U.S. Treasury Bills		4,576		—		—		4,576
Total marketable securities		4,576		—		—		4,576

Total cash, cash equivalents and marketable securities	$	11,611	$	—	$	—	$	11,611

As of December 31, 2024
	Amortized Cost		Unrealized Gain		Unrealized (Loss)		Fair Value
Cash and cash equivalents	$	3,700	$	—	$	—	$	3,700

Marketable Securities:
U.S. Treasury Bills		8,519		—		—		8,519
Total marketable securities		8,519		—		—		8,519

Total cash, cash equivalents and marketable securities	$	12,219	$	—	$	—	$	12,219

Schedule of Operating Leases (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Operating leases:
Operating lease right of use assets	$ 2,565	$ 3,739
Operating lease liabilities:
Current portion of operating lease liabilities	375	361
Noncurrent operating lease liabilities	2,421	3,775
Total operating lease liabilities	2,796	4,136
Operating cash flows	$ 369	$ 234
Weighted average remaining lease term (in years)	13 years 4 months 24 days	14 years 6 months
Weighted average discount rate	13.50%	13.50%

Commitments and Contingencies

12 Months Ended

Dec. 31, 2025

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Note 16. Commitments and Contingencies

The Company may be a party to various legal proceedings and claims arising out of the ordinary course of its business. Although the final results of all such matters and claims cannot be predicted with certainty, the Company currently believes that there are no current proceedings or claims pending against it the ultimate resolution of which would have a material adverse effect on its financial condition or results of operations. However, should the Company fail to prevail in any legal matter, including the Pulsetto litigation referenced in “Note 17 – Legal Proceedings”, or should several legal matters be resolved against the Company in the same reporting period, such matters could have a material adverse effect on the Company’s operating results and cash flows for that particular period. In all cases, at each reporting period, the Company evaluates whether or not a potential loss amount or a potential range of loss is probable and reasonably estimable under ASC 450, “Contingencies.” Legal costs are expensed as incurred.

ELECTROCORE, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements — Continued

Purchase Commitments

The Company enters into contracts in the normal course of business with contract research organizations for its clinical trials, contract manufacturing organizations for the manufacture and supply of its clinical and commercial product needs and other vendors for other research and development and commercial activities, as well as services and products for operating purposes. The Company’s agreements generally provide for termination with notice. Such agreements that are cancelable contracts are not included as purchase commitments. The Company has included as purchase obligations its commitments under agreements to the extent they are quantifiable and are not cancelable. The Company has no material purchase obligations as of December 31, 2025.

2025 CVR Agreement

On May 1, 2025 (the “NURO Closing Date”), the Company completed its previously announced acquisition of NURO (following consummation of the Merger, the “Surviving Corporation”), pursuant to the terms of the Agreement and Plan of Merger dated as of December 17, 2024 (the “Merger Agreement”) by and among the Company, NURO, and Nexus Merger Sub Inc., a Delaware corporation and a wholly owned subsidiary of the Company (“Merger Sub”).

Pursuant to the Merger Agreement, on the NURO Closing Date, Merger Sub merged with and into NURO, with NURO surviving as a wholly-owned subsidiary of the Company (the “Merger”).

Immediately prior to the effective time (the “Effective Time”) of the Merger, the Company entered into a contingent value rights agreement (the “CVR Agreement”) with a rights agent (the “Rights Agent”), pursuant to which the holders (each, a “Holder”) of (i) shares of common stock, par value $0.0001 per share, of NURO (the “NURO Common Stock”) outstanding immediately prior to the Effective Time, (ii) outstanding awards of restricted stock with respect to shares of NURO Common Stock, outstanding at the Effective Time, (iii) NURO restricted stock units outstanding at the Effective Time, (iv) all issued and outstanding shares of NURO’s preferred stock, par value $0.001 per share, outstanding at the Effective Time, and (v) each stock option granted by NURO to purchase NURO Common Stock, outstanding immediately prior to the Effective Time, may become entitled to contingent cash payments (each, a “Contingent Payment”) that net of certain transaction expenses, will equal (1) 8% of the Quell Net Sales (as defined in the CVR Agreement) during the first 12-month period after the NURO Closing Date, in an amount up to $500,000 (the “First Quell Net Sales Payment”), but if 8% of the Quell Net Sales during such period is less than $25,000, the First Quell Net Sales Payment shall be zero; (2) 6% of the Quell Net Sales during the second 12-month period after the NURO Closing Date, an amount up to $500,000 minus the amount of the First Quell Net Sales Payment (the “Second Quell Net Sales Payment”), but if 6% of the Quell Net Sales during such second period is less than $25,000, the Second Quell Net Sales Payment shall be zero; (3) the amounts received by the Company after the Effective Time pursuant to any Disposition Agreement (as defined in the CVR Agreement) signed prior to the Effective Time with respect to the disposition of NURO’s DPNCheck® Business; (4) an amount equal to $125,000 less any funds used by the Company as of July 1, 2025 out of a reserve of $250,000 for payment of potential expenses of the Company that were reserved against NURO’s net cash balance (as determined pursuant to the Merger Agreement); and (5) the balance of the funds remaining in the reserve as of May 1, 2027.

In October 2025, after giving effect to a deduction for certain transaction expenses of the Rights Agent, the Company distributed approximately $0.105 per contingent value right to the former holders of common stock of NURO, representing an aggregate distribution of approximately $221,000. In addition, the Company distributed approximately $22,000 to the former holders of NURO restricted stock units and participants in the NURO’s management incentive rights plan, in accordance with the terms of the CVR Agreement.

Under the CVR Agreement, the Rights Agent has, and Holders of at least 20% of the CVRs then-outstanding have, certain rights to audit and enforcement on behalf of all Holders of the CVRs. The Company shall cause NURO to use commercially reasonable efforts to consummate transactions contemplated by any Disposition Agreement, as such efforts are further described in the CVR Agreement.

ELECTROCORE, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements — Continued

The CVR Agreement has a term commencing on the Effective Date and ending on the earlier of (a) December 31 of the calendar year in which Company shall have caused to be paid to the Holders pursuant to the terms of the CVR Agreement all Distributions (as defined in the CVR Agreement) with respect to all payments (including any contingent payments) contemplated to be made by the applicable buyer pursuant to any Disposition Agreement, and (b) December 31, 2030.

See “Note 18 – Acquisitions” for additional information about the Merger.

Leases (Details Narrative)		12 Months Ended
Leases (Details Narrative)	Feb. 06, 2024 ft²	Dec. 31, 2025 USD ($)	Dec. 31, 2024 USD ($)	Feb. 05, 2024 ft²
Operating lease right of use asset		$ 2,565,000	$ 3,739,000
Operating lease liability current		375,000	361,000
Operating lease liability noncurrent		2,421,000	3,775,000
Operating lease expense		205,000	$ 535,000
Error Correction, Other [Member] \| Revision of Prior Period, Adjustment [Member]
Operating lease right of use asset		1,000,000.0
Operating lease liability current		100,000
Operating lease liability noncurrent		1,300,000
Rent expense		$ 400,000
Amendment to Lease Agreement [Member] \| NEW JERSEY
Lessee, Operating Lease, Lease Not yet Commenced, Renewal Term	10 years
[custom:LesseeOperatingLeaseLeaseNotYetCommencedEffectiveDate]	May 01, 2024
[custom:LesseeOperatingLeaseLeaseNotYetCommencedExpiryDate]	Jul. 31, 2034
[custom:LesseeOperatingLeaseLeaseNotYetCommencedEffectiveDateForExpansionOfLeasedProperty]	Jun. 01, 2024
Amendment to Lease Agreement [Member] \| NEW JERSEY
Lessee, Operating Lease, Lease Not yet Commenced, Renewal Term	5 years
Area of Real Estate Property \| ft²	22,557
Amendment to Lease Agreement [Member] \| NEW JERSEY \| Minimum [Member]
Area of Real Estate Property \| ft²				13,643

Subsequent Event

12 Months Ended

Dec. 31, 2025

Subsequent Events [Abstract]

Subsequent Event

Note 20. Subsequent Event

As of March 17, 2026, Daniel S. Goldberger notified the Company of his intention to retire as Chief Executive Officer effective April 1, 2026 (the “Separation Date”). Mr. Goldberger also resigned as a member of the Company’s Board effective March 17, 2026. Pursuant to and subject to the terms and conditions of Mr. Goldberger’s separation agreement, and in accordance with our Executive Severance Policy, he will receive a cash severance payment of $1,200,098, payable in substantially equal installments over the 12-month period commencing on the Company’s first regular payroll date following the Separation Date. Subsequent to December 31, 2025, the Company recorded a liability for the severance amount upon the execution of the separation agreement.

Liquidity, Credit Risks and Going Concern (Details Narrative) - USD ($)				12 Months Ended
	Aug. 04, 2025	Jul. 24, 2025	Nov. 29, 2024	Dec. 31, 2025	Dec. 31, 2024	Oct. 31, 2025
Product Information [Line Items]
Net losses				$ 13,966,000	$ 11,886,000
Net cash used in operating activities				8,200,000	$ 6,900,000
Debt principal amount				7,500,000
Marketable securities				11,600,000
Potential cash inflows from issuance of stock		$ 100,000,000.0
Remaining value available for shares issuance		$ 19,800,000
Potential securities held by non-affiliates, at fair value				$ 75,000,000
Shares issued, offering price			$ 20,000,000
Sale of shares				14,265
Share price				$ 15.20		$ 0.105
Issuance costs				$ 200,000
Revenue Benchmark [Member] \| Customer Concentration Risk [Member] \| Department of Veterans Affairs and Department of Defense [Member]
Product Information [Line Items]
Concentration risk percentage				71.20%	70.60%
Maximum [Member]
Product Information [Line Items]
Potential securities held by non-affiliates				$ 75,000,000
Sales Agreement [Member]
Product Information [Line Items]
Proceeds from sale of equity securities				200,000
Shares issued, offering price				217,000
Loan and Security Agreement [Member]
Product Information [Line Items]
Debt principal amount	$ 12,000,000.0
Loan and Security Agreement [Member] \| Tranche 1 [Member]
Product Information [Line Items]
Debt principal amount	$ 7,500,000			7,500,000
Potential cash inflows from issuance of stock				$ 1,000,000

Shareholders’ Equity (Details Narrative) - USD ($)			1 Months Ended	12 Months Ended
Shareholders’ Equity (Details Narrative) - USD ($)	Sep. 30, 2025	Nov. 29, 2024	May 31, 2024	Dec. 31, 2025	Dec. 31, 2024	Oct. 31, 2025	May 01, 2025	Jun. 03, 2024
Accumulated Other Comprehensive Income (Loss) [Line Items]
Aggregate number of shares issued				14,265
Shares issued. price per share				$ 15.20		$ 0.105
Proceeds from issuance of common stock		$ 20,000,000
Common stock, par value				$ 0.001	$ 0.001		$ 0.0001
Common Stock [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Number of share issued				14	438
Common Stock [Member] \| Prefunded Warrants [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Common stock, par value				$ 0.001
Private Agreements [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Aggregate number of shares issued	360,737
Shares issued. price per share	$ 5.15
Offer and sell of common stock, value	$ 1,900,000
Private Agreements [Member] \| Common Stock [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Shares price per share	$ 0.001
Sales Agreement [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Number of share issued				14,265
Proceeds from issuance of common stock				$ 217,000
Financing fees				$ 54,000
Sales Agreement [Member] \| Maximum [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Offer and sell of common stock, value		$ 20,000,000
Securities Purchase Agreement [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Aggregate proceeds			$ 9,000,000.0
Proceeds from issuance of securities to legal counsel of entity, net of issuance cost			$ 1,000,000
Securities Purchase Agreement [Member] \| Prefunded Warrants [Member] \| Private Placement [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Exercise price of warrants			$ 0.001
Securities Purchase Agreement [Member] \| PIPE Warrants [Member] \| Private Placement [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Exercise price of warrants								$ 6.43
Warrants expiration date								Jun. 05, 2029
Securities Purchase Agreement [Member] \| Warrant [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Shares issued. price per share			6.43
Securities Purchase Agreement [Member] \| Warrant [Member] \| Registered Direct Offering [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Shares issued. price per share								$ 6.4925
Securities Purchase Agreement [Member] \| Warrant [Member] \| Private Placement [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Shares issued. price per share			$ 6.4925
Securities Purchase Agreement [Member] \| Common Stock [Member] \| Private Placement [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Aggregate number of shares issued			438,191
Securities Purchase Agreement [Member] \| Common Stock [Member] \| Prefunded Warrants [Member] \| Registered Direct Offering [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Common stock, par value								$ 0.001
Securities Purchase Agreement [Member] \| Common Stock [Member] \| Warrant [Member] \| Private Placement [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Shares issued. price per share			$ 6.43
Securities Purchase Agreement [Member] \| Common Stock [Member] \| Maximum [Member] \| Prefunded Warrants [Member] \| Registered Direct Offering [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Warrants to purchase common stock								225,000
Securities Purchase Agreement [Member] \| Common Stock [Member] \| Maximum [Member] \| Prefunded Warrants [Member] \| Private Placement [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Warrants to purchase common stock			770,119
Securities Purchase Agreement [Member] \| Common Stock [Member] \| Maximum [Member] \| PIPE Warrants [Member] \| Private Placement [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Warrants to purchase common stock								112,500
Securities Purchase Agreement [Member] \| Common Stock [Member] \| Maximum [Member] \| Warrant [Member] \| Private Placement [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Warrants to purchase common stock			604,150

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Cash flows from operating activities:
Net loss	$ (13,966)	$ (11,886)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock based compensation	1,930	1,870
Depreciation and amortization	501	760
Amortization of right of use assets	1,174	498
Amortization of debt discount	135
Write-down of licensed devices	150
Inventory reserve charge	41
Increase in provision for credit losses	523	51
Changes in operating assets and liabilities:
Accounts receivable	(142)	(710)
Inventories	16	713
Prepaid expenses and other assets	(294)	102
Accounts payable	2,450	1,048
Accrued expense and other current liabilities	635	831
Operating lease liabilities	(1,340)	(225)
Net cash used in operating activities	(8,187)	(6,948)
Cash flows from investing activities:
Purchase of property and equipment	(66)
Sale (purchase) of marketable securities	3,943	(8,519)
Net cash provided by (used in) investing activities	3,877	(8,519)
Cash flows from financing activities:
Sale of common stock and warrants	217	8,300
Issuance of long-term debt	7,500
Debt issuance costs	(95)
Equity issuance costs	(94)	(232)
Proceeds from exercise of options	98
Proceeds from exercise of warrants	1	371
Net cash provided by financing activities	7,627	8,439
Effect of changes in exchange rates on cash and cash equivalents	18	147
Net decrease in cash and cash equivalents	3,335	(6,881)
Cash and cash equivalents – beginning of year	3,700	10,581
Cash and cash equivalents – end of year	7,035	3,700
Supplemental cash flows disclosures:
Proceeds from sale of state net operating losses	48	122
Interest paid	397	13
Supplemental schedule of noncash activity:
Insurance premium financing	452	359
Accounts payable settled through common stock and warrants	1,856	1,006
Accounts payable settled through the exercise of warrants	495	495
Non-cash debt issuance costs	213
Shares issued in connection with Avenue loan	720
Accrued purchases of property and equipment	203
Right-of-use asset and operating lease liability		$ 3,316

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2025

Accounting Policies [Abstract]

Schedule of Depreciation and leasehold improvement amortization

Depreciation and leasehold improvement amortization is computed using the following estimated useful lives:

Machinery and equipment		3–15 years
Leasehold improvements		Lesser of estimated useful life or remaining term of lease
Furniture and fixtures		5–10 years
Computer equipment		5 years

Legal Proceedings

12 Months Ended

Dec. 31, 2025

Commitments and Contingencies Disclosure [Abstract]

Legal Proceedings

Note 17. Legal Proceedings

UAB Pulsetto v. electroCore, Inc.

On June 11, 2025, UAB Pulsetto (“Pulsetto”) filed a declaratory judgment action against the Company in the United States District Court for the District of New Jersey, captioned UAB Pulsetto v. electroCore, Inc., Civ. No. 25-10036 (D.N.J.), asserting that its non-invasive vagus nerve stimulation product does not infringe the Company’s U.S. Patent No. 11,446,491 (the “491 Patent”).

On July 16, 2025, the Company filed a responsive pleading, answering the complaint and asserting counterclaims, that Pulsetto’s non-invasive vagus nerve stimulation product infringes the ‘491 Patent, as well as the Company’s U.S. Patent Nos. 8,948,873, 9,339,653, 10,874,857, 8,843,210, 9,242,092, 11,623,078, and 10,441,780, as well as claims that Pulsetto’s commercial conduct has infringed and continues to infringe the Company’s Truvaga™ and gammaCore® trademarks, and committed acts of false advertising and unfair competition in violation of state and federal law. On September 5, 2025, Pulsetto requested leave to file a motion to dismiss the Company’s counterclaims for lack or jurisdiction and/or insufficient pleadings. The Company has opposed that request, which has not yet been considered by the trial judge. On September 9, 2025, the court approved a schedule for discovery, and certain proceedings, filings, submissions, motions, reports and conferences. The parties have exchanged initial requests for the production of documents relevant to the dispute and have proceeded with exchanging their respective infringement and invalidity contentions, as the case may be. The parties are still in the early stages of discovery. The parties held an in-person settlement conference with a Judge Magistrate on March 4, 2026.

The Company believes that Pulsetto’s claim is without merit and intends to defend vigorously against it and to pursue vigorously the Company’s patent and non-patent counterclaims against Pulsetto. The Company expenses associated legal fees in the period they are incurred, and in light of, among other things, the preliminary stage of the litigation, the Company is unable to determine the reasonable probability of loss or a range of potential loss or gain or a range of potential gain. Accordingly, the Company has not established an accrual for potential losses or gains, if any, that could result from any unfavorable or favorable outcome, and there can be no assurance that these litigation matters will not result in substantial litigation costs and/or judgments or settlements that could adversely affect the Company’s financial condition.

Schedule of Cash, Cash Equivalents and Marketable Securities (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items]
Cash, cash equivalents, Amortized Cost	$ 7,035	$ 3,700
Cash, cash equivalents, Unrealized Gain
Cash, cash equivalents, Unrealized (Loss)
Cash, cash equivalents, Fair Value	7,035	3,700
Total marketable securities, Amortized Cost	4,576	8,519
Total marketable securities, Unrealized Gain
Total marketable securities, Unrealized (Loss)
Total marketable securities, Fair Value	4,576	8,519
Total cash, cash equivalents and marketable securities, Amortized Cost	11,611	12,219
Total cash, cash equivalents and marketable securities, Unrealized Gain
Total cash, cash equivalents and marketable securities, Unrealized (Loss)
Total cash, cash equivalents and marketable securities, Fair Value	11,611	12,219
US Treasury Bond Securities [Member]
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items]
Total marketable securities, Amortized Cost	4,576	8,519
Total marketable securities, Unrealized Gain
Total marketable securities, Unrealized (Loss)
Total marketable securities, Fair Value	$ 4,576	$ 8,519

Subsequent Event (Details Narrative)	Mar. 17, 2026 USD ($)
Subsequent Event [Member]
Subsequent Event [Line Items]
Severance payment	$ 1,200,098

Schedule of Maturities of Long-term Debt (Details) $ in Thousands	Dec. 31, 2025 USD ($)
Debt Disclosure [Abstract]
2026
2027	2,500
2028	3,000
2029	2,262
Total	$ 7,762

- Definition

Amount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147477314/942-235-S99-2

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-4

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/exampleRef
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Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
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-Paragraph 1
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Reference 7: http://www.xbrl.org/2003/role/exampleRef
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Reference 8: http://www.xbrl.org/2003/role/exampleRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1D
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1D

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-03(a)(16)(a)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478777/944-210-S99-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (b)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-4

+ Details

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Dec. 31, 2025
Insider Trading Arrangements [Line Items]
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
Rule 10b5-1 Arrangement Modified [Flag]	false
Non-Rule 10b5-1 Arrangement Modified [Flag]	false

Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2025

Accounting Policies [Abstract]

Basis of Presentation

(a) Basis of Presentation

The accompanying consolidated financial statements were prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”), and the rules and the regulations of the Securities and Exchange Commission (“SEC”). The Company has reclassified certain prior period information to conform to the current period presentation. This reclassification had no effect on the reported results of operations.

Principles of Consolidation

(b) Principles of Consolidation

The accompanying consolidated financial statements include the accounts of electroCore and its wholly owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation.

Use of Estimates

(c) Use of Estimates

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Significant items subject to such estimates and assumptions include revenue, licensed products and loss contingencies.

Revenue Recognition

(d) Revenue Recognition

The Company accounts for its revenue transactions under Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 606, Revenue from Contracts with Customers (“ASC Topic 606”). In accordance with ASC Topic 606, the Company recognizes revenues when its customers obtain control of its product for an amount that reflects the consideration it expects to receive from its customers in exchange for that product. To determine revenue recognition for contracts that are determined to be in scope of ASC Topic 606, the Company performs the following five steps: (i) identify the contract(s) with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenue when (or as) the Company satisfies the performance obligation.

The Company only applies the five-step model to contracts when it is probable that the Company will collect the consideration it is entitled to in exchange for the goods or services it transfers to the customer. Once the contract is determined to be within the scope of ASC Topic 606, the Company assesses the goods or services promised within each contract and determines those that are performance obligations and assesses whether each promised good or service is distinct. The Company then recognizes as revenue the amount of the transaction price that is allocated to the respective performance obligation when such performance obligation is satisfied, either upon shipment or receipt by the customer. Payment by the customer is unconditional once the performance obligations are met. Agreed upon payment terms with customers are within 30 days of shipment. Accordingly, contracts with customers do not include a significant financing component.

ELECTROCORE, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements — Continued

The transaction price is based on the consideration that the Company expects to receive in exchange for its products and includes the fixed per-unit price of the product and variable consideration primarily in the form of rebates. The per-unit price is based on the Company’s established price lists.

Rebates are discounts that are contingent upon a timely remittance of payment and are estimated based on historical experience. Damaged or defective products are replaced at no charge under the Company’s standard warranty. A cash refund is allowed under specific circumstances for undamaged and non-defective returned products. For the years ended December 31, 2025 and 2024, rebates were immaterial.

Cash and Cash Equivalents

(e) Cash and Cash Equivalents

Cash and cash equivalents include all highly liquid investments with an original maturity of three months or less when purchased.

As of December 31, 2025, cash equivalents represented funds held in an interest-bearing demand deposit account, U.S. treasury bills, and a money market account.

Concentration of Credit Risk

(f) Concentration of Credit Risk

Cash equivalents are financial instruments that potentially subject the Company to concentration of credit risk. As of December 31, 2025, the Company’s cash equivalent securities were largely comprised of treasury funds. The Company has established guidelines relative to diversification and maturities that are designed to help ensure safety and liquidity. These guidelines are periodically reviewed to take advantage of trends in yields and interest rates. As of December 31, 2025, 94% of the Company’s cash and cash equivalents were denominated in U.S. dollars. The balance of the Company’s cash is denominated in British pound sterling and is subject to foreign exchange risk. The Company’s cash accounts are insured by the Federal Deposit Insurance Corporation (“FDIC”) up to $250,000 per financial institution in the United States, and up to £85,000 by the Financial Services Compensation Scheme (“FSCS”) per financial institution in the United Kingdom. The Company’s cash equivalent securities are insured by the Securities Investor Protection Corp. (“SIPC’) up to $500,000 per account, with a limit of $250,000 in cash.

Marketable Securities

(g) Marketable Securities

Marketable securities are carried at fair value, with unrealized gains and losses reported as accumulated other comprehensive income, except for losses from impairments which are determined to be other than temporary. Realized gains and losses and declines in value judged to be other-than-temporary are included in the determination of net loss and are included in interest and other income net. Fair values are based on quoted market prices at the reporting date. Interest and dividends on available-for-sale securities are included in Interest and other income. As of December 31, 2025, marketable securities amounted to $4.6 million and consist of U.S. treasury bills. Unrealized gains or losses during 2025 and 2024 were not material.

Accounts Receivable

(h) Accounts Receivable

Accounts receivable are recorded at the invoiced amount and do not bear interest. The Company maintains an allowance for credit losses for estimated losses inherent in its accounts receivable portfolio. Management considers an account receivable to be past due when it is not settled under its stated terms. In establishing the required allowance, management considers customer creditworthiness, past transaction history with the customer, current expectations of future economic and industry trends, changes in customer payment terms and other factors that may affect probability of collection. Account balances are charged off against the allowance after all means of collection have been exhausted and the potential for recovery is considered remote. During the year ended December 31, 2025, the Company’s allowance for credit losses was $0.6 million, of which the vast majority was associated with one customer. Prior to 2025, the Company’s allowance for credit losses was immaterial. The Company does not have any off balance sheet credit exposure related to its customers.

ELECTROCORE, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements — Continued

Inventories

(i) Inventories

Inventory, which consists of raw materials, work-in-process and finished product, is stated at the lower of cost or net realizable value. Inventory is valued on a first-in first-out basis. Net realizable value is the estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation.

The Company’s products are subject to strict quality control and monitoring which the Company performs throughout the manufacturing process. If certain units of product no longer meet quality specification or become obsolete, the Company records a charge to cost of goods sold to write down such unmarketable inventory to zero.

Property and Equipment

(j) Property and Equipment

Property and equipment are stated at historical cost. Depreciation is computed by the straight-line method based on the estimated useful lives of the respective assets, as discussed below. Amounts expended for maintenance and repairs are charged to expense as incurred.

Depreciation and leasehold improvement amortization is computed using the following estimated useful lives:

Machinery and equipment		3–15 years
Leasehold improvements		Lesser of estimated useful life or remaining term of lease
Furniture and fixtures		5–10 years
Computer equipment		5 years

Leases

(k) Leases

The Company accounts for leases in accordance with ASU 842, Leases, and its operating leases consist of manufacturing/warehouse space in Rockaway, New Jersey and office equipment. The Company elected not to recognize right of use assets and lease liabilities for short term leases, i.e., leases with a noncancelable period of 12 months or less.

The Company determines if an arrangement is a lease at inception. For each lease, the lease term is determined at the commencement date and includes renewal options and termination options when it is reasonably certain that the Company will exercise that option. The Company recognized the option to renew its manufacturing/warehouse space (“Rockaway space”) as part of the right of use asset and the lease liability as the Company deemed that the renewal option was reasonably certain to be exercised. Operating leases with lease terms greater than one year are included in operating lease right-of-use (“ROU”) assets and current and long-term operating lease liabilities in the Company’s consolidated balance sheets.

Operating lease ROU assets represent the right to use an underlying asset for the lease term and lease liabilities represent the obligation to make lease payments arising from the lease. Operating lease liabilities are recognized at commencement date based on the present value of lease payments over the lease term using an estimated rate of interest the Company would have to pay to borrow equivalent funds on a collateralized basis at the lease commencement date. The operating lease ROU assets are based on the liability adjusted for any prepaid or deferred rent and lease incentives. The incremental borrowing rate was utilized to discount lease payments over the expected term given that the Company’s operating leases do not provide an implicit rate. The Company estimates the incremental borrowing rate to reflect the profile of secured borrowing over the expected term of the leases based on the information available at the later of the date of adoption or the lease commencement date. Rent expense for the operating lease is recognized on a straight-line basis over the lease term.

ELECTROCORE, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements — Continued

Licensed Products

(l) Licensed Products

The Company licenses a portion of its devices through its cash pay channels. The cost of these licensed devices is capitalized and included in Other Assets in the accompanying Consolidated Balance Sheets at December 31, 2025 and December 31, 2024, and is being recognized as cost of goods sold on the straight-line method over the estimated 12-36 month useful life of the devices. If certain licensed devices are returned and no longer meet quality specifications or the carrying amount of certain licensed devices are no longer deemed to be recoverable, the Company records a charge to cost of goods sold to write down such licensed devices to zero. The net book value of these licensed devices at December 31, 2025 was $0 following the $150,000 write off of the net book value of these licensed devices as a result of changes in the program. The net book value of these licensed devices at December 31, 2024 was $220,000. Prior to the write-off which is disclosed separately in the Statement of Cash Flows, changes in the value of these licensed devices in Other Assets is captured with inventories on the Statement of Cash Flows.

Impairment of Long-Lived Assets

(m) Impairment of Long-Lived Assets

Long lived assets, such as property and equipment, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. If circumstances require a long-lived asset or asset group be tested for possible impairment, the Company first compares undiscounted cash flows expected to be generated by that asset or asset group to its carrying amount. If the carrying amount of the long-lived asset or asset group is not recoverable on an undiscounted cash flow basis, an impairment is recognized to the extent that the carrying amount exceeds its fair value. Fair value is determined through various valuation techniques including discounted cash flow models, quoted market values, and third-party independent appraisals, as considered necessary.

Stock-based Compensation

(n) Stock-based Compensation

The Company accounts for stock-based compensation in accordance with the ASC Topic 718, Compensation – Stock Compensation. The Company estimates the fair value of stock option awards using the Black-Scholes option pricing model on the date of the grant. Restricted stock unit awards and restricted stock awards without a market condition are valued based on the closing price of the Company’s common stock on the date of the grant. Compensation expense reflects actual forfeitures and is primarily recognized on a straight-line basis over the requisite service period of the individual grants, which typically equals the vesting period.

Income Taxes

(o) Income Taxes

The Company follows the asset and liability method of accounting for income taxes under ASC 740, “Income Taxes.” Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statements carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that included the enactment date. Valuation allowances are established, when necessary, to reduce deferred tax assets to the amount expected to be realized.

ASC 740 prescribes a recognition threshold and a measurement attribute for the financial statement recognition and measurement of tax provisions taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more likely than not to be sustained upon examination by taxing authorities. The Company is currently not aware of any issues under review that could result in significant payments, accruals or deviation from its position during the next twelve months.

Research and Development

(p) Research and Development

Research and development costs are expensed as incurred. These costs include, but are not limited to, costs related to clinical trials, and compensation and related overhead for employees and consultants involved in research and development activities.

ELECTROCORE, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements — Continued

Foreign Currency Translation and Transactions

(q) Foreign Currency Translation and Transactions

The functional currency of the Company’s international operations has been determined to be the respective local currency. The Company translates functional currency assets and liabilities to their U.S. dollar equivalents at exchange rates in effect at the balance sheet date and translates functional currency income and expense amounts to their U.S. dollar equivalents at average exchange rates for the period. The U.S. dollar affects that arise from changing translation rates are recorded in other comprehensive loss. Foreign currency transaction gains and losses related to assets and liabilities that are denominated in a currency other than the functional currency are reported in the Consolidated Statements of Operations in the period they occur.

Segment Information

(r) Segment Information

Operating segments are defined as components of an enterprise about which separate discrete information is available for evaluation by the chief operating decision-maker (CODM), or decision-making group, in deciding how to allocate resources and in assessing performance. The Company views its operations and manages its business as one operating segment: Bioelectronic Innovations.

Recent Accounting Pronouncements

(s) Recent Accounting Pronouncements

In December 2023, the FASB issued Accounting Standards Update (ASU) No. 2023-09, Income Taxes (Topic 740), Improvements to Income Tax Disclosures which will require companies to make additional income tax disclosures. The pronouncement is effective for annual filings for the year ended December 31, 2025. We adopted ASU No. 2023-09 for the year ended December 31, 2025 and added the required disclosures on a prospective basis in Note 13, Income Taxes. There was no other impact to our financial statement disclosures as a result of adopting ASU No. 2023-09.

On November 2024, the FASB issued Accounting Standards Update (ASU) No. 2024-03, Income Statement (Topic 220): Reporting Comprehensive Income - Expense Disaggregation Disclosures, Disaggregation of Income Statement Expenses, which requires public companies to disclose, in interim and annual reporting periods, additional information about certain expenses in the financial statements. The amendments in this pronouncement will be effective for annual periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. Early adoption is permitted and is effective on either a prospective basis or retrospective basis. The Company is currently assessing the potential impacts of adoption on its consolidated financial statements and related disclosures.

In July 2025, the FASB issued ASU 2025-05, Financial Instruments — Credit Losses, which provides a practical expedient for estimating expected credit losses for current accounts receivable and current contract assets that arise from transactions accounted for under Topic 606, Revenue from Contracts with Customers. ASU 2025-05 is effective for annual periods beginning after December 15, 2025 and interim periods within those annual reporting periods and should be applied prospectively, with early adoption permitted. The Company is assessing the impact of adopting this standard.

In December 2025, the FASB issued ASU 2025-12, Codification Improvements, which clarifies various topics in the Accounting Standards Codification to improve consistency and address technical corrections. Key improvements include clarifying the calculation of diluted earnings per share (EPS) when a loss from continuing operations exists. The amendments in this update are effective for the Company beginning January 1, 2027, with early adoption permitted. The Company is assessing the impact of adopting this standard.

In December 2025, the FASB issued ASU 2025-11, Interim Reporting (Topic 270): Narrow Scope Improvements. This update clarifies the applicability of interim reporting guidance and the form and content of interim financial statements. It also establishes a disclosure principle requiring an entity to disclose material events and changes occurring since the end of the last annual reporting period. ASU 2025-11 is effective for the Company for interim periods within annual reporting periods beginning after December 15, 2027, with early adoption permitted. The Company is assessing the impact of adopting this standard.

Schedule of Net Sales Disaggregated By Geographic Market (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Disaggregation of Revenue [Line Items]
Total Net Sales	$ 32,032	$ 25,182
Product [Member] \| UNITED STATES
Disaggregation of Revenue [Line Items]
Total Net Sales	30,075	23,332
Product [Member] \| UNITED KINGDOM
Disaggregation of Revenue [Line Items]
Total Net Sales	1,695	1,666
Product [Member] \| Other Countries [Member]
Disaggregation of Revenue [Line Items]
Total Net Sales	197	119
License [Member] \| JAPAN
Disaggregation of Revenue [Line Items]
Total Net Sales	65	65
United States Rx [Member]
Disaggregation of Revenue [Line Items]
Total Net Sales	24,073	19,307
TACS TIM [Member]
Disaggregation of Revenue [Line Items]
Total Net Sales	422	1,197
Outside The United States [Member]
Disaggregation of Revenue [Line Items]
Total Net Sales	1,892	1,785
In License Or Other [Member]
Disaggregation of Revenue [Line Items]
Total Net Sales	96	82
General Wellness [Member]
Disaggregation of Revenue [Line Items]
Total Net Sales	$ 5,549	$ 2,811

Inventory (Details Narrative) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Inventory Disclosure [Abstract]
Obsolete inventory reserve	$ 0.3	$ 0.6

Inventory

12 Months Ended

Dec. 31, 2025

Inventory Disclosure [Abstract]

Inventory

Note 7. Inventory

As of December 31, 2025 and 2024, inventories consisted of the following:

Schedule of Inventories


	December 31,
(in thousands)	2025		2024
Raw materials	$	1,278	$	923
Work in process		62		193
Finished goods		291		560
Total inventory	$	1,631	$	1,676

The reserve for obsolete inventory was $0.3 million and $0.6 million as of December 31, 2025 and 2024, respectively. The Company records charges for obsolete inventory in cost of goods sold. Inventory classified under the category “Work in process” consists of prefabricated assembled product.

Schedule of Outstanding Stock Options (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Share-Based Payment Arrangement [Abstract]
Number of Options, Outstanding, Beginning	548
Weighted Average Exercise Price, Outstanding, Beginning	$ 31.39
Weighted Average Remaining Contractual Term, Outstanding	5 years 10 months 24 days	6 years 8 months 12 days
Aggregate Intrinsic Value, Outstanding, Beginning	$ 510
Number of Options, Outstanding, Granted
Number of Options, Exercised	(22)
Weighted Average Exercise Price, Exercised	$ 4.5
Number of Options, Cancelled	(4)
Weighted Average Exercise Price, Cancelled	$ 22.97
Number of Options, Expired	(4)
Weighted Average Exercise Price, Expired	$ 33.60
Number of Options, Outstanding, Ending	518	548
Weighted Average Exercise Price, Outstanding, Ending	$ 32.56	$ 31.39
Aggregate Intrinsic Value, Outstanding, Ending	$ 1	$ 510
Number of Options, Exercisable	475
Weighted Average Exercise Price, Exercisable	$ 35.09
Weighted Average Remaining Contractual Term, Exercisable	5 years 9 months 18 days
Aggregate Intrinsic Value, Exercisable	$ 1

Schedule of Restricted and Deferred Stock Unit (Details) - Restricted Stock and Deferred Stock [Member] shares in Thousands	12 Months Ended
	Dec. 31, 2025 $ / shares shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of Shares Nonvested Beginning \| shares	459
Weighted Average Exercise Price, beginning balance \| $ / shares	$ 6.86
Number of Shares Nonvested Granted \| shares	290
Weighted Average Grant Date Fair Value - Granted \| $ / shares	$ 8.49
Number of Shares Nonvested Vested \| shares	(125)
Weighted Average Grant Date Fair Value - Vested \| $ / shares	$ 6.56
Number of Shares Nonvested Cancelled \| shares	(49)
Weighted Average Grant Date Fair Value - Cancelled \| $ / shares	$ 6.98
Number of Shares Nonvested Ending \| shares	575
Weighted Average Exercise Price, ending balance \| $ / shares	$ 7.73

Net Loss Per Share (Details Narrative) - $ / shares	12 Months Ended
Net Loss Per Share (Details Narrative) - $ / shares	Dec. 31, 2025	Dec. 31, 2024	May 01, 2025
Class of Warrant or Right [Line Items]
Common stock, par value	$ 0.001	$ 0.001	$ 0.0001
Prefunded Warrants [Member] \| Common Stock [Member]
Class of Warrant or Right [Line Items]
Common stock, par value	$ 0.001
Incremental common shares attributable to dilutive effect of call options and warrants	883,433	1,608,433

Revenue

12 Months Ended

Dec. 31, 2025

Revenue from Contract with Customer [Abstract]

Revenue

Note 4. Revenue

The following tables represent product net sales disaggregated by Channel and Geographic Market (in thousands):


	Full year ended December 31,
Channel:	2025		2024
United States - Rx	$	24,073	$	19,307
TAC-STIM		422		1,197
Outside the United States		1,892		1,785
In-License / Other		96		82
General Wellness		5,549		2,811
Total Net Sales	$	32,032	$	25,182


	Years ended December 31,
Geographic:	2025		2024
Product revenue
United States	$	30,075	$	23,332
United Kingdom		1,695		1,666
Other		197		119
License revenue
Japan		65		65
Total Net Sales	$	32,032	$	25,182

ELECTROCORE, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements — Continued

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-7

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-9

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-10

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-15

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-13

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org/606/tableOfContent

+ Details

Schedule of Depreciation and leasehold improvement amortization (Details)	Dec. 31, 2025
Leasehold Improvements [Member]
Property, Plant and Equipment [Line Items]
Property, Plant, and Equipment, Useful Life, Term, Description [Extensible Enumeration]	Property and equipment, estimated useful lives
Computer Equipment [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, estimated useful lives	5 years
Minimum [Member] \| Machinery and Equipment [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, estimated useful lives	3 years
Minimum [Member] \| Furniture and Fixtures [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, estimated useful lives	5 years
Maximum [Member] \| Machinery and Equipment [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, estimated useful lives	15 years
Maximum [Member] \| Furniture and Fixtures [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, estimated useful lives	10 years

Leases (Tables)

12 Months Ended

Dec. 31, 2025

Leases

Schedule of Operating Leases

Supplemental Balance Sheet Information for Operating Leases:

Schedule of Operating Leases


	December 31,
(in thousands)	2025			2024
Operating leases:
Operating lease right of use assets	$	2,565		$	3,739
Operating lease liabilities:
Current portion of operating lease liabilities		375			361
Noncurrent operating lease liabilities		2,421			3,775
Total operating lease liabilities	$	2,796		$	4,136

Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows	$	369		$	234
Weighted average remaining lease term (in years)		13.4			14.5
Weighted average discount rate		13.5	%		13.5	%

Schedule of Future Lease Payments

Future minimum lease payments under non-cancellable operating leases as of December 31, 2025:

Schedule of Future Lease Payments

Financial year (in thousands)
2026	$	383
2027		397
2028		412
2029		417
2030		423
2031 and thereafter		4,479
Total future minimum lease payments		6,511
Less: Amounts representing interest		(3,715	)
Total	$	2,796

Shareholders’ Equity (Tables)

12 Months Ended

Dec. 31, 2025

Equity [Abstract]

Schedule of Stock Purchase Warrants Outstanding

The following table presents a summary of stock purchase warrants outstanding as of December 31, 2025:

	Number of Warrants (in thousands)			Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (Years)		Aggregate Intrinsic Value (in thousands)
Outstanding, January 1, 2025		1,497		$	5.31		4.2	$	16,489
Stock Purchase Warrants *		—
Exercised		(1	)
Expired		—
Outstanding, December 31, 2025		1,496		$	5.19		3.23	$	121
Exercisable, December 31, 2025		1,496		$	5.19		3.23	$	121

A total of 883,433 pre-funded warrants were excluded from this table, which reflect 725,000 pre-funded warrants issued during the year ended December 31, 2025.

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Schedule of Loss Before Provision For Income Taxes

Domestic and foreign components of the loss before provision for income taxes is as follows:

(in thousands)	December 31, 2025			December 31, 2024
Domestic	$	(13,724	)	$	(11,338	)
Foreign		(239	)		(641	)
Total	$	(13,963	)	$	(11,979	)

Schedule of Income Tax Provision/(Benefit)

The income tax provision/(benefit) from continuing operations contains the following components:

(in thousands)	December 31, 2025			December 31, 2024
Federal	$	—		$	—
State		(21	)		(116	)
Foreign		24			23
Total current expense (benefit)		3			(93	)

Total deferred		—			—
Total income tax provision (benefit)	$	3		$	(93	)

Schedule of Deferred income tax Assets and Liabilities

The significant components of the Company’s deferred income tax assets and liabilities after applying enacted corporate tax rates are as follows:

(in thousands)	2025			2024
	Year ended December 31,
(in thousands)	2025			2024
Deferred tax assets
Net operating loss carryforwards	$	46,378		$	35,856
Accrued expenses		500			429
Fixed assets		42			-
Intangibles		2,889			2,634
Inventory		171			158
Inventory reserve		60			-
Allowance for credit losses		139			12
Charitable contributions		-			10
R&D credit		2,683			2,074
Lease liabilities		668			1,033
Stock compensation		1,503			3,251
Deferred tax assets		55,083			45,457
Less valuation allowance		(54,143	)		(44,310	)
Total deferred tax assets		890			1,147
Prepaid expenses		(277	)		(207	)
Other		-			(6	)
Right of use asset		(613	)		(934	)
Total deferred tax liabilities		(890	)		(1,147	)
Deferred tax assets, net	$	—		$	—

Schedule of reconciliation of Income Tax Benefit

	2025			2024
	Year ended December 31, 2025
(in thousands)	Amount			Rate
U.S. federal statutory rate	$	(2,932	)		(21.0	)%
Current state and local income taxes, net of federal income tax effect (1)		21			0.2
Deferred state and local income taxes		-			-
Foreign tax effect:
Germany:
Statutory tax rate difference		(1	)		(0.0	)
Changes in valuation allowance		3			0.0
United Kingdom:
Statutory tax rate difference		(3	)		(0.0	)
Foreign eliminations		(163	)		(1.2	)
Tax credits:
Research and development tax credits		(364	)		(2.6	)
Other		480			3.4
Changes in valuation allowance		8,127			58.2
Nontaxable or nondeductible items
IRC 162(m)		138			1.0
Meals and entertainment		33			0.2
Stock based compensation		1,530			11.0
Sale of New Jersey NOL and R&D tax credits		(38	)		(0.3	)
Other:
Acquisition of Nuro		(6,881	)		(49.3	)
Other		53			0.4
Income tax provision	$	3			0.0	%

(1)	The state and local jurisdictions that contribute to the majority (greater than 50%) of the tax effect in this category is Texas.

Schedule of Income Tax Benefit

	Year ended December 31, 2024
Statutory rate		(21.0	)%
State tax recovery, net of federal benefit		(5.8	)
State tax rate change		(1.5	)
Stock compensation		1.1
State tax NOL sale		(0.8	)
Nondeductible expenses		0.4
Credits		(4.0	)
Change in valuation allowance for deferred tax assets		30.8
Income tax benefit		(0.8	)%

Schedule of Cash Income Taxes Paid

The amount of cash income taxes paid by the Company were as follows:

Schedule of Cash Income Taxes Paid

(in thousands)	December 31, 2025
Federal	$	-
State		11
Foreign		-
Cash tax payments	$	11

Acquisitions

12 Months Ended

Dec. 31, 2025

Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]

Acquisitions

Note 18. Acquisitions

On the NURO Closing Date, the Company completed its previously announced acquisition of NURO, pursuant to the terms of the Merger Agreement by and among the Company, NURO, and Nexus Merger Sub Inc., a Delaware corporation and a wholly owned subsidiary of the Company.

Pursuant to the Merger Agreement, on the Closing Date, Merger Sub merged with and into NURO, with NURO surviving as a wholly-owned subsidiary of the Company.

See “Note 16 – Commitments and Contingencies” for additional information.

Income Taxes (Details Narrative) - USD ($)	12 Months Ended
Income Taxes (Details Narrative) - USD ($)	Dec. 31, 2025	Dec. 31, 2024
Effective Income Tax Rate Reconciliation [Line Items]
Net change in valuation allowance	$ 9,800,000	$ 3,700,000
Net operating loss	(13,724,000)	(11,338,000)
Accumulated losses	$ (13,153,000)	(12,162,000)
Period for cumulative change in ownership	3 years
Cumulative change in ownership percentage	50.00%
Proceeds from operating activity	$ 50,000.00	100,000
Research and development credits	(364,000)
Cash income taxes paid	$ 11,000	6,000
Federal R and Development Credits [Member]
Effective Income Tax Rate Reconciliation [Line Items]
Research and development credits carried forward years	20 years
Research Tax Credit Carryforward [Member]
Effective Income Tax Rate Reconciliation [Line Items]
Research and development credits	$ 2,200,000
Domestic Tax Authority [Member]
Effective Income Tax Rate Reconciliation [Line Items]
Domestic	184,500,000	143,600,000
Net operating loss	90,300,000	61,200,000
Accumulated losses	$ 4,300,000	$ 4,300,000

Net Loss Per Share

12 Months Ended

Dec. 31, 2025

Earnings Per Share [Abstract]

Net Loss Per Share

Note 12. Net Loss Per Share

Basic net loss per share is computed by dividing net loss by the weighted-average number of shares of common stock outstanding during the period. Diluted loss per share is computed by dividing net loss by the weighted-average number of shares of common stock outstanding adjusted to give effect to potentially dilutive securities. Due to their nominal exercise price of $0.001 per share, 883,433 and 1,608,433 pre-funded warrants are considered common stock equivalents during the years ended December 31, 2025 and 2024, respectively, and are included in weighted average shares outstanding in the accompanying consolidated statement of operations as of the closing date of the Company’s July 2023 Securities Purchase Agreements. Restricted stock and unit awards, stock options, and warrants (other than the pre-funded warrants) have not been included in the diluted loss per share calculation as their inclusion would have had an anti-dilutive effect.

The potential common stock equivalents that have been excluded from the computation of diluted loss per share consist of the following:

(in thousands)	2025		2024
	December 31,
(in thousands)	2025		2024
Outstanding stock options		518		548
Restricted stock and unit awards		575		459
Debt conversion shares		295		-
Stock purchase warrants		1,496		1,496
Total common stock equivalents		2,884		2,503

Schedule of Operating Financial Segment (Details) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2025

Dec. 31, 2024

Segment Reporting Information [Line Items]

Net sales

$ 32,032

$ 25,182

Cost of goods sold

4,244

3,785

Gross profit

27,788

21,397

Operating expenses:

Research and development

2,735

2,360

Total operating expenses

40,941

33,559

Loss from operations

(13,153)

(12,162)

Bioelectronic Innovations Segment [Member]

Segment Reporting Information [Line Items]

Net sales

^[1]

32,032

25,182

Cost of goods sold

4,244

3,785

Gross profit

27,788

21,397

Operating expenses:

Research and development

2,735

2,360

Variable sales and marketing

11,607

7,845

Fixed sales and marketing

9,455

8,948

General and administrative

17,144

14,406

Total operating expenses

40,941

33,559

Loss from operations

$ (13,153)

$ (12,162)

[1]	See Note 4 Revenue for geographical and disaggregation information.

Stock Based Compensation (Tables)

12 Months Ended

Dec. 31, 2025

Share-Based Payment Arrangement [Abstract]

Schedule of Stock Compensation Expenses

(in thousands)	2025		2024
	Year ended December 31,
(in thousands)	2025		2024
Selling, general and administrative	$	1,838	$	1,729
Research and development		31		98
Cost of goods sold		61		43
Total expense	$	1,930	$	1,870

Schedule of Outstanding Stock Options

The following table presents a summary of stock option award activity during the year ended December 31, 2025:

Schedule of Outstanding Stock Options

	Number of Options (in thousands)			Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (Years)		Aggregate Intrinsic Value (in thousands)
Outstanding, January 1, 2025		548		$	31.39		6.7	$	510
Granted		—
Exercised		(22	)		4.5
Cancelled		(4	)		22.97
Expired		(4	)		33.60
Outstanding, December 31, 2025		518		$	32.56		5.9	$	1
Exercisable, December 31, 2025		475		$	35.09		5.8	$	1

Schedule of Stock Options Outstanding and Exercisable

The following table provides additional information about stock options that are outstanding and exercisable at December 31, 2025:

Exercise Price	Options Outstanding (in thousands)		Options Outstanding Weighted Average Remaining Contractual Life (Years)		Options Exercisable (in thousands)
$4.05 - $4.85		179		7.6		136
$4.86 - $12.98		184		6.0		184
$12.99 - $225.00		155		3.8		155

Schedule of Restricted and Deferred Stock Unit

The following table presents a summary of restricted and deferred stock unit (“Unit” or “Units”) activity during the year ended December 31, 2025:

	Number of Shares (in thousands)			Weighted Average Grant Date Fair Value
Nonvested, January 1, 2025		459		$	6.86
Granted		290			8.49
Vested		(125	)		6.56
Cancelled		(49	)		6.98
Nonvested, December 31, 2025		575		$	7.73

Schedule of Option Pricing Model in Valuing Stock Options Granted

The weighted average assumptions used in the Black-Scholes option pricing model in valuing stock options granted in the year ended December 31, 2024 are summarized in the table below.

	2024
Fair value at grant date	$	4.31
Expected volatility		101.9	%
Risk-free interest rate		4.0	%
Expected holding period, in years		4.0
Dividend yield		—

Schedule of reconciliation of Income Tax Benefit (Details) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2025

Dec. 31, 2024

Effective Income Tax Rate Reconciliation [Line Items]

U.S. federal statutory rate

$ (2,932)

U.S. federal statutory rate

(21.00%)

Current state and local income taxes, net of federal income tax effect

^[1]

$ 21

Current state and local income taxes, net of federal income tax effect, rate

0.20%

^[1]

(5.80%)

Deferred state and local income taxes

Deferred state and local income taxes, rate

Statutory tax rate difference, rate

(0.00%)

Changes in valuation allowance, rate

0.00%

Statutory tax rate difference, rate

(0.00%)

Foreign eliminations

$ (163)

Foreign eliminations, rate

(1.20%)

Research and development tax credits

$ (364)

Research and development tax credits, rate

(2.60%)

Other

$ 480

Tax credits other, rate

3.40%

Changes in valuation allowance

$ 8,127

Changes in valuation allowance, rate

58.20%

IRC 162(m)

$ 138

Nontaxable or nondeductible items, IRC 162(m), rate

1.00%

Meals and entertainment

$ 33

Nontaxable or nondeductible items, Meals and entertainment, rate

0.20%

Stock based compensation

$ 1,530

Nontaxable or nondeductible items, Stock based compensation, rate

11.00%

Sale of New Jersey NOL and R&D tax credits

$ (38)

Nontaxable or nondeductible items, Sale of New Jersey NOL and R&D tax credits, rate

(0.30%)

Acquisition of Nuro

$ (6,881)

Acquisition of Nuro, rate

(49.30%)

Other

$ 53

Other, rate

0.40%

(0.80%)

Total income tax provision (benefit)

$ 3

$ (93)

Income tax provision, rate

0.00%

0.80%

GERMANY

Effective Income Tax Rate Reconciliation [Line Items]

Statutory tax rate difference

$ (1)

Changes in valuation allowance

UNITED KINGDOM

Effective Income Tax Rate Reconciliation [Line Items]

Statutory tax rate difference

$ (3)

[1]	The state and local jurisdictions that contribute to the majority (greater than 50%) of the tax effect in this category is Texas.

Schedule of Future Lease Payments (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Leases
2026	$ 383
2027	397
2028	412
2029	417
2030	423
2031 and thereafter	4,479
Total future minimum lease payments	6,511
Less: Amounts representing interest	(3,715)
Total	$ 2,796	$ 4,136

Liquidity, Credit Risks and Going Concern

12 Months Ended

Dec. 31, 2025

Liquidity Credit Risks And Going Concern

Liquidity, Credit Risks and Going Concern

Note 3. Liquidity, Credit Risks and Going Concern

The Company has experienced significant net losses, and it expects to continue to incur net losses for the near future as it works to increase market acceptance of its prescription (Rx) products and general wellness and human performance products. The Company has never been profitable and has incurred net losses and negative cash used in operations each year since its inception. The Company incurred net losses of $14.0 million and $11.9 million and used cash in its operations of $8.2 million and $6.9 million for the years ended December 31, 2025 and 2024, respectively.

The Company has historically funded its operations with the proceeds of equity and debt financings. During the year ended December 31, 2025, the Company received net proceeds of approximately $0.2 million from sales of equity securities pursuant to our Sales Agreement (as defined below) with H.C. Wainwright & Co., LLC (“Wainwright”) and $7.5 million which was advanced by Avenue Opportunities Fund II, L.P. (“Avenue”) pursuant to the Loan and Security Agreement (as defined below). As of December 31, 2025, the Company’s cash, cash equivalents and marketable securities totaled $11.6 million (“Cash Position”).

On July 24, 2025, our Form S-3 registration statement (File No. 333-284477), or the 2025 Shelf Registration Statement, was declared effective by the SEC. The 2025 Shelf Registration Statement relates to the potential offering and issuance from time to time of common stock, preferred stock, warrants, rights, debt securities and units, up to an aggregate amount of $100.0 million. The proposed maximum offering price per unit and the proposed maximum aggregate offering price per class of security in any future offering under the 2025 Shelf Registration Statement will be determined from time to time by us in connection with the issuance by us of the securities registered under the 2025 Shelf Registration Statement. As of the date of this Annual Report, we have $100.0 million remaining for potential issuance under the 2025 Shelf Registration Statement (including $19.8 million under the Sales Agreement (as defined below)). As of the date of this Annual Report on Form 10-K, the aggregate market value of our securities held by non-affiliates may be below $75 million, and until such time as the aggregate market value of our securities held by non-affiliates equals or exceeds $75 million, the aggregate maximum offering price of all securities issued by us in any given 12-calendar month period pursuant the 2025 Shelf Registration Statement may not exceed one-third of the aggregate market value of our securities held by non-affiliates, and thus may be limited. If we raise additional funds by issuing equity or debt securities, either through the sale of securities pursuant to a registration statement or by other means, our existing stockholders may experience dilution, and the new equity or debt securities may have rights, preferences and privileges senior to those of our existing stockholders.

On November 29, 2024, we entered into an At The Market Offering Agreement (the “Sales Agreement”) with Wainwright, whereby the Company may offer and sell shares of its common stock from time to time having an aggregate offering price of up to $20 million by any method deemed to be an “at-the-market” offering (“ATM”) as defined in Rule 415 of the Securities Act, or any other method specified in the Sales Agreement. During the year ended December 31, 2025, the Company sold 14,265 shares of its common stock at a weighted average price of $15.20 per share, net of issuance costs for $0.2 million in net proceeds, pursuant to the Sales Agreement.

On August 4, 2025 (the “LSA Closing Date”), we, and our wholly owned subsidiary, NURO, each as borrowers, entered into a Loan and Security Agreement (the “Loan and Security Agreement”), with Avenue. The Loan and Security Agreement provides for term loans in an aggregate principal amount of up to $12.0 million, $7.5 million of which was advanced on the LSA Closing Date. See “Note 10 – Long-Term Debt” for further information regarding the Loan and Security Agreement, and related transactions.

ELECTROCORE, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements — Continued

During 2026, we intend to continue to make targeted investments in sales and marketing to continue driving commercial activities. We have historically funded our operations from the sale of our common stock, and most recently the convertible term debt financing with Avenue, and may continue to do so through utilization of the at-the-market facility pursuant to the Sales Agreement, or other equity or debt transactions.

Notwithstanding the expected cash flow from operations and expected access to capital from existing and/or future debt and equity sources, the Company’s currently forecasted cash is less than the requirements to fund its operating expenses and capital expenditure requirements, as currently planned, for at least the next 12 months from the date the accompanying consolidated financial statements are issued. These factors raise substantial doubt regarding the Company’s ability to continue as a going concern. There remain significant risks and uncertainties regarding the Company’s business, financial condition and results of operations. Due to these risks and uncertainties, there can be no assurance that we will have sufficient cash flow and liquidity to fund our planned activities, which could force us to significantly reduce or curtail our activities and, ultimately, potentially cease operations. The accompanying consolidated financial statements do not include any adjustment that might result from the outcome of this uncertainty.

Concentration of Revenue Risks

The Company earns a significant amount of its revenue in the United States from the VA channel pursuant to its qualifying contract under the Federal Supply Schedule, or FSS, and open market sales to individual VA facilities. For the years ended December 31, 2025 and 2024, the VA accounted for 71.2% and 70.6 of net sales, respectively.

Lovell Government Services, or Lovell, accounted for more than 10% of our VA net sales for the year ended December 31, 2025, and for more than 10% of our accounts receivable as of December 31, 2025. During the year ended December 31, 2025, no single facility accounted for more than 10% of the total VA net sales. For the year ended December 31, 2024, Lovell and Las Vegas VAMC each accounted for more than 10% of our VA net sales. During the years ended December 31, 2024, sales associated with one facility accounted for more than 10% of the total VA net sales.

Foreign Currency Exchange

The Company has foreign currency exchange risks related to revenue and operating expenses in currencies other than the local currencies in which it operates. The Company is exposed to currency risk from the potential changes in the functional currency values of its assets, liabilities, and cash flows denominated in foreign currencies.

ELECTROCORE, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements — Continued

Schedule of Income Tax Provision/(Benefit) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Income Tax Disclosure [Abstract]
Federal
State	(21)	(116)
Foreign	24	23
Total current expense (benefit)	3	(93)
Total deferred
Total income tax provision (benefit)	$ 3	$ (93)

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
-SubTopic 40
-Name Accounting Standards Codification
-Section 55
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476153/220-40-55-4

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
-SubTopic 40
-Name Accounting Standards Codification
-Section 55
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476153/220-40-55-21

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
-SubTopic 40
-Name Accounting Standards Codification
-Section 55
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476153/220-40-55-14

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Cash, Cash Equivalents and Marketable Securities (Tables)

12 Months Ended

Dec. 31, 2025

Cash and Cash Equivalents [Abstract]

Schedule of Cash, Cash Equivalents and Marketable Securities

The following tables summarize the Company’s cash, cash equivalents and marketable securities as of December 31, 2025 and December 31, 2024.

As of December 31, 2025
	Amortized Cost		Unrealized Gain		Unrealized (Loss)		Fair Value
Cash and cash equivalents	$	7,035	$	—	$	—	$	7,035

Marketable Securities:
U.S. Treasury Bills		4,576		—		—		4,576
Total marketable securities		4,576		—		—		4,576

Total cash, cash equivalents and marketable securities	$	11,611	$	—	$	—	$	11,611

As of December 31, 2024
	Amortized Cost		Unrealized Gain		Unrealized (Loss)		Fair Value
Cash and cash equivalents	$	3,700	$	—	$	—	$	3,700

Marketable Securities:
U.S. Treasury Bills		8,519		—		—		8,519
Total marketable securities		8,519		—		—		8,519

Total cash, cash equivalents and marketable securities	$	12,219	$	—	$	—	$	12,219

Stock Based Compensation (Details Narrative) - USD ($) shares in Thousands, $ in Millions			12 Months Ended
	Jan. 01, 2026	Jun. 21, 2018	Dec. 31, 2025	Dec. 31, 2024
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Unrecognized compensation cost			$ 2.2
Unrecognized compensation expected to be recognized			1 year 8 months 12 days
Volatility rate				100.00%
Non Employee Director [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting period			12 years
Vesting period			36 years
Employee Stock [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting period			3 years
Subsequent Event [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of shares reserved	500
Maximum [Member] \| Restricted Stock and Deferred Stock [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting period			4 years
Minimum [Member] \| Restricted Stock and Deferred Stock [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting period			2 years
2018 Omnibus Equity Incentive Plan [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Shares reserved		400
Common stock issued and outstanding percentage		4.00%
Shares exercise		2,700
Shares reserved			260
Contractual life		10 years
2018 Omnibus Equity Incentive Plan [Member] \| Maximum [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Maximum sdditional shares		3,000

The Company

12 Months Ended

Dec. 31, 2025

Organization, Consolidation and Presentation of Financial Statements [Abstract]

The Company

Note 1. The Company

electroCore, Inc. and its subsidiaries (“electroCore” or the “Company”) is a bioelectronic technology company whose mission is to improve health and quality of life through innovative non-invasive bioelectronic technologies.

electroCore, headquartered in Rockaway, NJ, has three wholly owned subsidiaries: electroCore U.K. Ltd, electroCore Germany GmbH and NeuroMetrix, Inc. (“NURO”). The Company acquired NURO on May 1, 2025. The Company has paused operations in Germany, with sales into the country and the rest of Europe being managed by electroCore U.K. Ltd.

Consolidated Statements of Equity - USD ($) $ in Thousands	Total	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	AOCI Attributable to Parent [Member]
Balances at Dec. 31, 2023	$ 7,442	$ 6	$ 172,704	$ (165,204)	$ (64)
Balances, shares at Dec. 31, 2023		6,003
Net loss	(11,886)			(11,886)
Other comprehensive income (loss)	178				178
Sale of common stock and warrants	9,306		9,306
Sale of common stock and warrants, shares		438
Equity issuance costs	(232)		(232)
Proceeds from the exercise of warrants	866		866
Proceeds from the exercise of warrants, shares		144
Issuance of common stock in connection with employee stock plans, net of forfeitures		$ 1	(1)
Issuance of common stock in connection with employee stock plans, net of forfeitures, shares		66
Share based compensation	1,870		1,870
Balances at Dec. 31, 2024	7,544	$ 7	184,513	(177,090)	114
Balances, shares at Dec. 31, 2024		6,651
Net loss	(13,966)			(13,966)
Other comprehensive income (loss)	(15)				(15)
Sale of common stock and warrants	217		217
Sale of common stock and warrants, shares		14
Equity issuance costs	(94)		(94)
Proceeds from the exercise of warrants	1	$ 1
Proceeds from the exercise of warrants, shares		725
Issuance of common stock in connection with employee stock plans, net of forfeitures
Issuance of common stock in connection with employee stock plans, net of forfeitures, shares		125
Share based compensation	1,930		1,930
Options exercised	$ 98		98
Options exercised, shares	22,000	22
Accounts payable settled through common stock	$ 1,856		1,856
Accounts payable settled through common stock, shares		361
Issuance of common stock in connection with Avenue loan	720		720
Issuance of common stock in connection with Avenue loan, shares		106
Balances at Dec. 31, 2025	$ (1,709)	$ 8	$ 189,240	$ (191,056)	$ 99
Balances, shares at Dec. 31, 2025		8,004

Consolidated Statements of Operations - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Income Statement [Abstract]
Net sales	$ 32,032	$ 25,182
Cost of goods sold	4,244	3,785
Gross profit	27,788	21,397
Operating expenses:
Research and development	2,735	2,360
Selling, general and administrative	38,206	31,199
Total operating expenses	40,941	33,559
Loss from operations	(13,153)	(12,162)
Other (income) expense:
Interest and other income	(298)	(572)
Interest expense	590	389
Other expense	518
Total other expense (income)	810	(183)
Loss before income taxes	(13,963)	(11,979)
(Provision) benefit from income taxes	(3)	93
Net loss	$ (13,966)	$ (11,886)
Net loss per share of common stock - Basic	$ (1.65)	$ (1.59)
Net loss per share of common stock - Diluted	$ (1.65)	$ (1.59)
Weighted average common shares outstanding - Basic	8,483	7,483
Weighted average common shares outstanding - Diluted	8,483	7,483

Revenue (Tables)

12 Months Ended

Dec. 31, 2025

Revenue from Contract with Customer [Abstract]

Schedule of Net Sales Disaggregated By Geographic Market

The following tables represent product net sales disaggregated by Channel and Geographic Market (in thousands):


	Full year ended December 31,
Channel:	2025		2024
United States - Rx	$	24,073	$	19,307
TAC-STIM		422		1,197
Outside the United States		1,892		1,785
In-License / Other		96		82
General Wellness		5,549		2,811
Total Net Sales	$	32,032	$	25,182


	Years ended December 31,
Geographic:	2025		2024
Product revenue
United States	$	30,075	$	23,332
United Kingdom		1,695		1,666
Other		197		119
License revenue
Japan		65		65
Total Net Sales	$	32,032	$	25,182

Schedule of Net Sales Disaggregated By Geographic Market


	Years ended December 31,
Geographic:	2025		2024
Product revenue
United States	$	30,075	$	23,332
United Kingdom		1,695		1,666
Other		197		119
License revenue
Japan		65		65
Total Net Sales	$	32,032	$	25,182

Schedule of Stock Compensation Expenses (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
StockCompensationExpensesLineItems [Line Items]
Total expense	$ 1,930	$ 1,870
Selling General and Administrative Expense [Member]
StockCompensationExpensesLineItems [Line Items]
Total expense	1,838	1,729
Research and Development Expenses [Member]
StockCompensationExpensesLineItems [Line Items]
Total expense	31	98
Cost of Goods Sold [Member]
StockCompensationExpensesLineItems [Line Items]
Total expense	$ 61	$ 43

Inventory (Tables)

12 Months Ended

Dec. 31, 2025

Inventory Disclosure [Abstract]

Schedule of Inventories

As of December 31, 2025 and 2024, inventories consisted of the following:

Schedule of Inventories


	December 31,
(in thousands)	2025		2024
Raw materials	$	1,278	$	923
Work in process		62		193
Finished goods		291		560
Total inventory	$	1,631	$	1,676

Segment Reporting (Tables)

12 Months Ended

Dec. 31, 2025

Segment Reporting [Abstract]

Schedule of Operating Financial Segment

The following table provides the GAAP operating financial results of the Bioelectronic Innovations segment:

Schedule of Operating Financial Segment

	2025			2024
	Years ended December 31,
	2025			2024
Net sales*	$	32,032		$	25,182
Cost of goods sold		4,244			3,785
Gross profit		27,788			21,397
Operating expenses:
Research and development		2,735			2,360
Variable sales and marketing		11,607			7,845
Fixed sales and marketing		9,455			8,948
General and administrative		17,144			14,406
Total operating expenses		40,941			33,559
Loss from operations	$	(13,153	)	$	(12,162	)

See Note 4 Revenue for geographical and disaggregation information.

Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2025	Dec. 31, 2024
Statement of Financial Position [Abstract]
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	500,000,000	500,000,000
Common stock, shares issued	8,004,416	6,650,854
Common stock, shares outstanding	8,004,416	6,650,854

Schedule of Cash Income Taxes Paid (Details) - USD ($)	12 Months Ended
Schedule of Cash Income Taxes Paid (Details) - USD ($)	Dec. 31, 2025	Dec. 31, 2024
Income Tax Disclosure [Abstract]
Federal
State	11,000
Foreign
Cash tax payments	$ 11,000	$ 6,000

Cover - USD ($)	12 Months Ended
Cover - USD ($)	Dec. 31, 2025	Dec. 31, 2024	Mar. 13, 2026	Jun. 30, 2025
Cover [Abstract]
Document Type	10-K
Amendment Flag	false
Document Annual Report	true
Document Transition Report	false
Document Period End Date	Dec. 31, 2025
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2025
Current Fiscal Year End Date	--12-31
Entity File Number	001-38538
Entity Registrant Name	electroCore, Inc.
Entity Central Index Key	0001560258
Entity Tax Identification Number	20-3454976
Entity Incorporation, State or Country Code	DE
Entity Address, Address Line One	200 Forge Way
Entity Address, Address Line Two	Suite 205
Entity Address, City or Town	Rockaway
Entity Address, State or Province	NJ
Entity Address, Postal Zip Code	07866
City Area Code	(973)
Local Phone Number	290-0097
Title of 12(b) Security	Common Stock, Par Value $0.001 Per Share
Trading Symbol	ECOR
Security Exchange Name	NASDAQ
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Public Float				$ 27,950,688
Entity Common Stock, Shares Outstanding			8,083,558
ICFR Auditor Attestation Flag	false
Document Financial Statement Error Correction [Flag]	false
Auditor Firm ID	199	688
Auditor Opinion [Text Block]	We have audited the accompanying consolidated balance sheet of electroCore. Inc. and Subsidiaries (the “Company”) as of December 31, 2025, the related consolidated statements of operations, comprehensive loss, equity and cash flows for the year ended December 31, 2025, and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2025, and the results of its operations and its cash flows for the year ended December 31, 2025, in conformity with accounting principles generally accepted in the United States of America
Auditor Name	CBIZ CPAs P.C.	Marcum llp
Auditor Location	Morristown, NJ	New York, NY

Long-Term Debt

12 Months Ended

Dec. 31, 2025

Debt Disclosure [Abstract]

Long-Term Debt

Note 10. Long-Term Debt

As of December 31, 2025, long-term debt consists of notes payable and convertible notes payable as follows:

	Non- Convertible			Convertible
(in thousands)	Notes Payable			Notes Payable			Total
Principal Borrowed	$	5,000		$	2,500		$	7,500
Final Payment (3.50%)		175			87			262
Total Principal	$	5,175		$	2,587		$	7,762

Aggregate Debt Discount	$	(769	)	$	(521	)	$	(1,290	)
Debt Discount Amortization		80			55			135
Unamortized Debt Discount	$	(689	)	$	(466	)	$	(1,155	)

Total Principal	$	5,175		$	2,587		$	7,762
Unamortized Debt Discount		(689	)		(466	)		(1,155	)
Balance Sheet - Net	$	4,486		$	2,121		$	6,607

The non-convertible notes payable and convertible notes payable balances as of December 31, 2025 are classified as long-term based on the interest-only period through February 28, 2027.

Avenue Loan and Security Agreement

On the LSA Closing Date, the Company and NURO entered into the Loan and Security Agreement with Avenue, as administrative agent and collateral agent, and as lender for term loans in an aggregate principal amount of up to $12 million to be delivered in two tranches (the “Term Loans”). The tranches consist of (i) a term loan advanced to the Company on the LSA Closing Date in an aggregate amount of $7.5 million (“Tranche 1”), and (ii) subject to the achievement of certain performance milestones set forth in the Loan and Security Agreement, a right of the Company to request that Avenue make additional term loan advances to the Company in an aggregate amount of $4.5 million (“Tranche 2”), which right expired on December 31, 2025. The Term Loans mature on August 1, 2029 (the “Maturity Date”).

ELECTROCORE, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements — Continued

Subject to certain exceptions, Avenue has the right to convert (the “Conversion Right”) an aggregate amount of up to $2.5 million of the outstanding Loan Amount into shares of the Company’s common stock at a conversion price per share equal to $8.4625, representing 125% of the lower of (i) the five-day volume-weighted average price of Company’s common stock as calculated on the day prior to the LSA Closing Date, or (ii) the closing price of Company’s common stock on the date prior to the LSA Closing Date ($6.77). Therefore, the Company recorded the borrowings under Tranche 1 as Non-Convertible and Convertible Notes Payable, respectively. In the event the Company elects to prepay the Term Loans in full, the Company shall provide no less than five business days’ prior written notice to Avenue; provided, however, if Avenue has not yet exercised the Conversion Right, the Company shall provide written notice of prepayment at least 10 days in advance of the proposed prepayment date and Avenue shall have the option, with respect to the Conversion Right, to exercise the Conversion Right by delivering written notice to the Company at least two business days in advance of the proposed prepayment date.

The principal balance of the Term Loans bears interest at a variable rate per annum equal to the greater of (i) the sum of 5.0% and the prime rate as reported in The Wall Street Journal, provided that, in the event such prime rate of interest is less than zero, such rate shall be deemed to be zero, and (ii) twelve and one-half percent (12.50%) (the “Interest Rate”). Interest only shall be payable at the Interest Rate during the period following the LSA Closing Date and continuing until the first day of the first full calendar month following the 18 month anniversary of the LSA Closing Date, provided, however, that such period shall be extended for six months if as of the 18 month anniversary of the LSA Closing Date, the Company has achieved certain milestones, as provided in the Supplement to the Loan and Security Agreement dated August 4, 2025, by and among the Company, NURO and Avenue (the “Supplement”); provided, further, however, that the such interest only period shall not exceed 24 months. Thereafter, principal and interest of the Term Loans shall be fully amortized and paid, in equal, monthly principal installments, plus interest at the Interest Rate for such month, through the Maturity Date, subject to the terms and conditions of the Supplement. The Company will pay final payment at a fee of 3.5% of the Loan Amount, due upon the earlier of the Maturity Date or prepayment in full of the Term Loans, which is currently $262,500 based on the borrowing under Tranche 1.

The Company may, at its option at any time, prepay the Term Loans in their entirety by paying the then outstanding principal balance and all accrued and unpaid interest on the Term Loans, subject to a prepayment fee equal to (i) 3.0% of the principal amount outstanding if the prepayment occurs on or prior to the first anniversary following the LSA Closing Date, (ii) 2.0% of the principal amount outstanding if the prepayment occurs after the first anniversary following the LSA Closing Date, but on or prior to the second anniversary following the LSA Closing Date, and (iii) 1.0% of the principal amount outstanding if the prepayment occurs after the second anniversary following the LSA Closing Date, but on or prior to the Maturity Date.

The Company incurred borrower commitment and legal fees of $1,290,000, which are presented as debt discounts, of which $719,996 was settled in the issuance of the Company’s common stock (discussed further below). During the year ended December 31, 2025, the Company recorded interest expense of $390,625, which included amortization of debt discount of $134,383. As of December 31, 2025, the interest rate on Tranche 1 is 12.5%.

The Loan and Security Agreement is collateralized by substantially all of the Company’s assets in which Avenue is granted a senior secured lien. The Company also grants Avenue a negative pledge on the Company’s intellectual property, subject to limited exceptions, pursuant to the Loan and Security Agreement. The Loan and Security Agreement contains customary representations, warranties and covenants, including covenants limiting certain additional indebtedness, liens (including a negative pledge on intellectual property and other assets, subject to limited exceptions), guaranties, substantial asset sales, investments and loans, certain corporate changes, transactions with affiliates and fundamental changes. The financial covenants include a minimum level of revenue and cash and cash equivalents.

The Loan and Security Agreement provides for events of default customary for term loans of this type, including but not limited to non-payment, breaches or defaults in the performance of covenants, insolvency, bankruptcy and the occurrence of a material adverse effect on the Company. After the occurrence of an event of default, Avenue may (i) accelerate payment of all obligations, impose an increased rate of interest, and terminate Avenue commitments under the Loan and Security Agreement and (ii) exercise any other right or remedy provided by contract or applicable law.

Avenue shall have the right, but not the obligation, to invest up to an aggregate of $1 million in equity securities of the Company on the same terms, conditions, and pricing offered by the Company to other investors in connection with any offering of the Company’s equity securities to third party investors for capital raising purposes occurring after the Closing Date, on the terms and conditions set forth in the Supplement.

ELECTROCORE, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements — Continued

Maturities on long-term debt include:

(in thousands)	Amount
2026	$	-
2027		2,500
2028		3,000
2029		2,262
Total	$	7,762

Avenue Subscription Agreement

In connection with the entry into the Loan and Security Agreement, the Company entered into a Subscription Agreement (the “Subscription Agreement”) between the Company and Avenue, pursuant to which the Company issued 106,351 shares (the “Subscription Shares”) of the Company’s common stock to Avenue for no additional consideration. The shares were valued at $719,996 based on the Company’s stock price on the LSA Closing Date. The issuance of the Subscription Shares was made in reliance on the exemption from registration contained in Section 4(a)(2) of the Securities Act of 1933, as amended (the “Securities Act”), and Rule 506 of Regulation D thereunder, because the offer and sale of such securities does not involve a “public offering” as defined in Section 4(a)(2) of the Securities Act.

Pursuant to the Subscription Agreement, the Company filed with the SEC a registration statement on Form S-3 (File No. 333-290713) with the SEC to cover the resale of the Subscription Shares, and the shares of the Company’s common stock issuable upon the Conversion Right pursuant to the Loan and Security Agreement, which registration statement became effective on October 22, 2025.

The foregoing summary of the Subscription Agreement does not purport to be complete and is qualified in its entirety by reference to the full text of Subscription Agreement, which is filed as Exhibit 10.3 to the Company’s Quarterly Report on Form 10-Q for the period ended June 30, 2025, and is incorporated by reference herein. The representations, warranties and covenants Subscription Agreement were made only for purposes of such agreement and as of specific dates and were solely for the benefit of the parties to such agreement.

Fair Value Measurements (Details Narrative) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Fair Value Disclosures [Abstract]
Fair value of marketable securities	$ 4.6	$ 8.5

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Current assets:
Cash and cash equivalents	$ 7,035	$ 3,700
Marketable securities	4,576	8,519
Accounts receivable, net	1,027	1,367
Inventories	1,631	1,676
Prepaid expenses and other current assets	1,397	1,038
Total current assets	15,666	16,300
Property and equipment, net	382	158
Operating lease right-of-use assets, net	2,565	3,739
Other assets, net	54	274
Total assets	18,667	20,471
Current liabilities:
Accounts payable	2,712	1,827
Accrued expenses and other current liabilities	8,261	6,964
Current portion of operating lease liabilities	375	361
Total current liabilities	11,348	9,152
Noncurrent liabilities:
Operating lease liabilities, noncurrent	2,421	3,775
Long-term debt	6,607
Total liabilities	20,376	12,927
Commitments and contingencies (see Note 16)
Stockholders’ equity (deficit):
Common Stock, par value $0.001 per share; 500,000,000 shares authorized as of December 31, 2025 and 2024; 8,004,416 shares issued and outstanding at December 31, 2025, and 6,650,854 shares issued and outstanding at December 31, 2024	8	7
Additional paid-in capital	189,240	184,513
Accumulated deficit	(191,056)	(177,090)
Accumulated other comprehensive loss	99	114
Total stockholders’ equity (deficit)	(1,709)	7,544
Total liabilities and stockholders’ equity (deficit)	$ 18,667	$ 20,471

Schedule of Loss Before Provision For Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Income Tax Disclosure [Abstract]
Domestic	$ (13,724)	$ (11,338)
Foreign	(239)	(641)
Loss before income taxes	$ (13,963)	$ (11,979)

- Definition

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
-SubTopic 40
-Name Accounting Standards Codification
-Section 55
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476153/220-40-55-4

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
-SubTopic 40
-Name Accounting Standards Codification
-Section 55
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476153/220-40-55-21

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
-SubTopic 40
-Name Accounting Standards Codification
-Section 55
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Reference 14: http://www.xbrl.org/2003/role/exampleRef
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Reference 16: http://fasb.org/us-gaap/role/ref/legacyRef
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+ Details

Leases

12 Months Ended

Dec. 31, 2025

Leases

Leases

Note 8. Leases

On February 6, 2024, the Company entered into The First Amendment to Lease Agreement (the “Rockaway Amendment”) to extend its Rockaway, New Jersey lease for an additional 10 years. The Rockaway Amendment was effective May 1, 2024, and expires on July 31, 2034, with a tenant option to renew for an additional five years. The increase in the term of the lease for the existing leased property was accounted for as a lease modification, therefore, the associated operating lease right of use assets and operating lease liabilities for the existing space were remeasured as of February 6, 2024. The Rockaway Amendment also includes the expansion of leased property from 13,643 square feet to 22,557 square feet. The Company has accounted for the expansion space as an increase in lease right of use assets effective with the Rockaway Amendment commencement date of June 1, 2024.

In the fourth quarter of 2025, the Company discovered an error in the lease payments used in the initial calculations in conjunction with the lease modification. The error was not considered material and was corrected in the fourth quarter. This correction resulted in a decrease in operating lease right-of-assets of $1.0 million, decrease in operating lease liabilities, current of $0.1 million, decrease in operating lease liabilities, noncurrent of $1.3 million and decrease in rent expense of $0.4 million.

ELECTROCORE, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements — Continued

For the years ended December 31, 2025 and 2024, the Company recognized lease expense of $205,000 and $535,000, respectively. This expense does not include non-lease components associated with the lease agreements as the Company elected not to include such charges as part of the lease expense.

Supplemental Balance Sheet Information for Operating Leases:

Schedule of Operating Leases


	December 31,
(in thousands)	2025			2024
Operating leases:
Operating lease right of use assets	$	2,565		$	3,739
Operating lease liabilities:
Current portion of operating lease liabilities		375			361
Noncurrent operating lease liabilities		2,421			3,775
Total operating lease liabilities	$	2,796		$	4,136

Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows	$	369		$	234
Weighted average remaining lease term (in years)		13.4			14.5
Weighted average discount rate		13.5	%		13.5	%

Future minimum lease payments under non-cancellable operating leases as of December 31, 2025:

Schedule of Future Lease Payments

Financial year (in thousands)
2026	$	383
2027		397
2028		412
2029		417
2030		423
2031 and thereafter		4,479
Total future minimum lease payments		6,511
Less: Amounts representing interest		(3,715	)
Total	$	2,796

Summary of Assets and Liabilities Carried at Fair Value (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]
Cash and cash equivalents	$ 7,035	$ 3,700
Marketable Securities:
U.S. treasury bills	4,576	8,519
Total cash, cash equivalents and marketable securities	11,611	12,219
US Treasury Bond Securities [Member]
Marketable Securities:
U.S. treasury bills	4,576	8,519
Fair Value, Inputs, Level 1 [Member]
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]
Cash and cash equivalents	7,035	3,700
Marketable Securities:
Total cash, cash equivalents and marketable securities	11,611	12,219
Fair Value, Inputs, Level 1 [Member] \| US Treasury Bond Securities [Member]
Marketable Securities:
U.S. treasury bills	4,576	8,519
Fair Value, Inputs, Level 2 [Member]
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]
Cash and cash equivalents
Marketable Securities:
Total cash, cash equivalents and marketable securities
Fair Value, Inputs, Level 2 [Member] \| US Treasury Bond Securities [Member]
Marketable Securities:
U.S. treasury bills
Fair Value, Inputs, Level 3 [Member]
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]
Cash and cash equivalents
Marketable Securities:
Total cash, cash equivalents and marketable securities
Fair Value, Inputs, Level 3 [Member] \| US Treasury Bond Securities [Member]
Marketable Securities:
U.S. treasury bills

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Pay vs Performance Disclosure [Table]
Net Income (Loss)	$ (13,966)	$ (11,886)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

Insider Trading Policies and Procedures	12 Months Ended
Insider Trading Policies and Procedures	Dec. 31, 2025
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2025

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

Note 2. Summary of Significant Accounting Policies

(a) Basis of Presentation

(b) Principles of Consolidation

(c) Use of Estimates

(d) Revenue Recognition

ELECTROCORE, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements — Continued

(e) Cash and Cash Equivalents

Cash and cash equivalents include all highly liquid investments with an original maturity of three months or less when purchased.

As of December 31, 2025, cash equivalents represented funds held in an interest-bearing demand deposit account, U.S. treasury bills, and a money market account.

(f) Concentration of Credit Risk

(g) Marketable Securities

(h) Accounts Receivable

ELECTROCORE, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements — Continued

(i) Inventories

(j) Property and Equipment

Depreciation and leasehold improvement amortization is computed using the following estimated useful lives:

Machinery and equipment		3–15 years
Leasehold improvements		Lesser of estimated useful life or remaining term of lease
Furniture and fixtures		5–10 years
Computer equipment		5 years

(k) Leases

ELECTROCORE, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements — Continued

(l) Licensed Products

(m) Impairment of Long-Lived Assets

(n) Stock-based Compensation

(o) Income Taxes

(p) Research and Development

ELECTROCORE, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements — Continued

(q) Foreign Currency Translation and Transactions

(r) Segment Information

(s) Recent Accounting Pronouncements

ELECTROCORE, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements — Continued

Schedule of Stock Purchase Warrants Outstanding (Details) (Parenthetical) - Prefunded Warrants [Member] - shares	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Class of Warrant or Right [Line Items]
Stock issued during period, shares, warrants issued	725,000
Common Stock [Member]
Class of Warrant or Right [Line Items]
Incremental common shares attributable to dilutive effect of call options and warrants	883,433	1,608,433

Long-Term Debt (Details Narrative) - USD ($)			12 Months Ended
Long-Term Debt (Details Narrative) - USD ($)	Aug. 04, 2025	Jul. 24, 2025	Dec. 31, 2025	Dec. 31, 2024
Debt Instrument [Line Items]
Debt principal amount			$ 7,762,000
Debt principal amount			$ 7,500,000
Future payment debt amortization percentage			3.50%
Payments for term loans			$ 262,000
Amortization of debt discount			135,000
Potential cash in flows from issuance of stock		$ 100,000,000.0
Share issued, value			$ 217,000	$ 9,306,000
Common Stock [Member]
Debt Instrument [Line Items]
Closing stock price			$ 6.77
Share issued			14	438
Share issued, value
Loan and Security Agreement [Member]
Debt Instrument [Line Items]
Debt principal amount	$ 12,000,000.0
Debt Maturity date			Aug. 01, 2029
Debt conversion converted instrument, amount			$ 2,500,000
Debt conversion price per share			$ 8.4625
Debt conversion price, percentage			125.00%
Future payment debt amortization percentage			3.50%
Debt instrument, description			(i) 3.0% of the principal amount outstanding if the prepayment occurs on or prior to the first anniversary following the LSA Closing Date, (ii) 2.0% of the principal amount outstanding if the prepayment occurs after the first anniversary following the LSA Closing Date, but on or prior to the second anniversary following the LSA Closing Date, and (iii) 1.0% of the principal amount outstanding if the prepayment occurs after the second anniversary following the LSA Closing Date, but on or prior to the Maturity Date.
Debt discounts			$ 1,290,000
Debt issuance costs settled in shares			719,996
Interest Expense, debt			390,625
Amortization of debt discount			134,383
Loan and Security Agreement [Member] \| Tranche 1 [Member]
Debt Instrument [Line Items]
Debt principal amount	$ 7,500,000		$ 7,500,000
Debt interest rate, percentage			12.50%
Payments for term loans			$ 262,500
Potential cash in flows from issuance of stock			1,000,000
Loan and Security Agreement [Member] \| Tranche 2 [Member]
Debt Instrument [Line Items]
Additional term loan			4,500,000
Loan and Security Agreement [Member] \| Maximum [Member]
Debt Instrument [Line Items]
Debt principal amount			$ 12,000,000
Debt interest rate, percentage			12.50%
Loan and Security Agreement [Member] \| Minimum [Member]
Debt Instrument [Line Items]
Debt interest rate, percentage			5.00%
Subscription Agreement [Member]
Debt Instrument [Line Items]
Share issued			106,351
Share issued, value			$ 719,996

The Company (Details Narrative)	Dec. 31, 2025 Integer
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of wholly owned subsidiaries	3

Long-Term Debt (Tables)

12 Months Ended

Dec. 31, 2025

Debt Disclosure [Abstract]

Schedule of Notes Payable and Convertible Notes Payable

As of December 31, 2025, long-term debt consists of notes payable and convertible notes payable as follows:

	Non- Convertible			Convertible
(in thousands)	Notes Payable			Notes Payable			Total
Principal Borrowed	$	5,000		$	2,500		$	7,500
Final Payment (3.50%)		175			87			262
Total Principal	$	5,175		$	2,587		$	7,762

Aggregate Debt Discount	$	(769	)	$	(521	)	$	(1,290	)
Debt Discount Amortization		80			55			135
Unamortized Debt Discount	$	(689	)	$	(466	)	$	(1,155	)

Total Principal	$	5,175		$	2,587		$	7,762
Unamortized Debt Discount		(689	)		(466	)		(1,155	)
Balance Sheet - Net	$	4,486		$	2,121		$	6,607

Schedule of Maturities of Long-term Debt

Maturities on long-term debt include:

(in thousands)	Amount
2026	$	-
2027		2,500
2028		3,000
2029		2,262
Total	$	7,762

Schedule of Notes Payable and Convertible Notes Payable (Details) (Parenthetical)	12 Months Ended
	Dec. 31, 2025
Debt Disclosure [Abstract]
Future payment debt amortization percentage	3.50%

Stock Based Compensation

12 Months Ended

Dec. 31, 2025

Share-Based Payment Arrangement [Abstract]

Stock Based Compensation

Note 14. Stock Based Compensation

All common stock share and per share data reflects the reverse stock split effective February 15, 2023.

On June 21, 2018, the Company adopted the 2018 Omnibus Equity Incentive Plan (“Plan”). This plan reserved 0.4 million shares with an increase to be added annually beginning in 2019 through 2028 up to 4% of the total number of shares of common stock issued and outstanding on a fully diluted basis as of the end of the immediately preceding fiscal year, provided that the aggregate number of additional shares shall not exceed a total of 3.0 million shares, and a maximum of 2.7 million shares pursuant to the exercise of stock options. As of December 31, 2025, the number of shares reserved under the Plan was approximately 0.26 million. Subsequent to December 31, 2025, the number of shares reserved under the Plan increased by 0.5 million. The Company’s policy is to issue new shares of its common stock upon the exercise of stock options, new grants of restricted stock awards, and settlement of restricted stock units. Stock options issued under the plan have a contractual life of 10 years and are generally forfeited upon separation from the Company.

The following table presents stock compensation expense recognized by the Company for the years ended December 31, 2025 and 2024. Total unrecognized compensation cost related to equity awards as of December 31, 2025 was $2.2 million and is expected to be recognized over the next 1.7 years.

Schedule of Stock Compensation Expenses

(in thousands)	2025		2024
	Year ended December 31,
(in thousands)	2025		2024
Selling, general and administrative	$	1,838	$	1,729
Research and development		31		98
Cost of goods sold		61		43
Total expense	$	1,930	$	1,870

ELECTROCORE, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements — Continued

The following table presents a summary of stock option award activity during the year ended December 31, 2025:

Schedule of Outstanding Stock Options

	Number of Options (in thousands)			Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (Years)		Aggregate Intrinsic Value (in thousands)
Outstanding, January 1, 2025		548		$	31.39		6.7	$	510
Granted		—
Exercised		(22	)		4.5
Cancelled		(4	)		22.97
Expired		(4	)		33.60
Outstanding, December 31, 2025		518		$	32.56		5.9	$	1
Exercisable, December 31, 2025		475		$	35.09		5.8	$	1

The intrinsic value is calculated as the difference between the fair market value at December 31, 2025 and the exercise price per share of the stock option. The options granted to employees generally vest over a 3three-year period.

The following table provides additional information about stock options that are outstanding and exercisable at December 31, 2025:

Exercise Price	Options Outstanding (in thousands)		Options Outstanding Weighted Average Remaining Contractual Life (Years)		Options Exercisable (in thousands)
$4.05 - $4.85		179		7.6		136
$4.86 - $12.98		184		6.0		184
$12.99 - $225.00		155		3.8		155

The following table presents a summary of restricted and deferred stock unit (“Unit” or “Units”) activity during the year ended December 31, 2025:

	Number of Shares (in thousands)			Weighted Average Grant Date Fair Value
Nonvested, January 1, 2025		459		$	6.86
Granted		290			8.49
Vested		(125	)		6.56
Cancelled		(49	)		6.98
Nonvested, December 31, 2025		575		$	7.73

In general, Units granted to employees vest over 2two to 4four-year periods.

Immediately following the Company’s annual meeting of stockholders, the Company generally grants each non-employee director an equity award that vests over a 12-month period. Upon a non-employee director’s initial appointment or election to the board of directors, the Company grants such non-employee director an equity award subject to vesting over a 36-month period.

Valuation Information for Stock-Based Compensation

The Company did not grant any stock options during the year ended December 31, 2025. The fair value of each stock option award during the year ended December 31, 2024 was estimated on the date of grant using the Black-Scholes model. Expected volatility was based 100% on the Company’s historical common stock volatility. The risk-free interest rate was based on the average U.S. Treasury rate that most closely resembled the expected life of the related award. The expected term of the award was calculated using the simplified method. No dividend was assumed as the Company does not pay regular dividends on its common stock and does not anticipate paying any dividends in the foreseeable future.

ELECTROCORE, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements — Continued

The weighted average assumptions used in the Black-Scholes option pricing model in valuing stock options granted in the year ended December 31, 2024 are summarized in the table below.

	2024
Fair value at grant date	$	4.31
Expected volatility		101.9	%
Risk-free interest rate		4.0	%
Expected holding period, in years		4.0
Dividend yield		—

The fair value of each Stock Unit is the market close price of the Company’s common stock on the trading day immediately preceding the date of grant.

Schedule of Option Pricing Model in Valuing Stock Options Granted (Details)	12 Months Ended
	Dec. 31, 2024 $ / shares
Share-Based Payment Arrangement [Abstract]
Fair value at grant date	$ 4.31
Expected volatility	101.90%
Risk-free interest rate	4.00%
Expected holding period, in years	4 years
Dividend yield

Schedule of Income Tax Benefit (Details)

12 Months Ended

Dec. 31, 2025

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Statutory rate

(21.00%)

State tax recovery, net of federal benefit

0.20%

^[1]

(5.80%)

State tax rate change

(1.50%)

Stock compensation

1.10%

State tax NOL sale

0.40%

(0.80%)

Nondeductible expenses

0.40%

Credits

(4.00%)

Change in valuation allowance for deferred tax assets

30.80%

Income tax benefit, rate

(0.00%)

(0.80%)

[1]	The state and local jurisdictions that contribute to the majority (greater than 50%) of the tax effect in this category is Texas.

Commitments and Contingencies (Details Narrative) - USD ($)		1 Months Ended
	May 01, 2025	Oct. 31, 2025	Dec. 31, 2025	Dec. 31, 2024
Common stock, par value	$ 0.0001		$ 0.001	$ 0.001
Preferred stock, par value	$ 0.001
Merger agreement, description	(1) 8% of the Quell Net Sales (as defined in the CVR Agreement) during the first 12-month period after the NURO Closing Date, in an amount up to $500,000 (the “First Quell Net Sales Payment”), but if 8% of the Quell Net Sales during such period is less than $25,000, the First Quell Net Sales Payment shall be zero; (2) 6% of the Quell Net Sales during the second 12-month period after the NURO Closing Date, an amount up to $500,000 minus the amount of the First Quell Net Sales Payment (the “Second Quell Net Sales Payment”), but if 6% of the Quell Net Sales during such second period is less than $25,000, the Second Quell Net Sales Payment shall be zero; (3) the amounts received by the Company after the Effective Time pursuant to any Disposition Agreement (as defined in the CVR Agreement) signed prior to the Effective Time with respect to the disposition of NURO’s DPNCheck® Business; (4) an amount equal to $125,000 less any funds used by the Company as of July 1, 2025 out of a reserve of $250,000 for payment of potential expenses of the Company that were reserved against NURO’s net cash balance (as determined pursuant to the Merger Agreement); and (5) the balance of the funds remaining in the reserve as of May 1, 2027.
Sale of stock, price per share		$ 0.105	$ 15.20
NeuroMetrix, Inc. [Member]
Sale of stock, consideration received per transaction		$ 22,000
Common Stock [Member] \| NeuroMetrix, Inc. [Member]
Sale of stock, consideration received per transaction		$ 221,000

Schedule of Common Stock Equivalent from the Computation of Diluted Loss Per Share (Details) - shares shares in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total common stock equivalents	2,884	2,503
Share-Based Payment Arrangement, Option [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total common stock equivalents	518	548
Restricted Stock Units (RSUs) [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total common stock equivalents	575	459
Convertible Debt Securities [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total common stock equivalents	295
Warrant [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total common stock equivalents	1,496	1,496

Segment Reporting

12 Months Ended

Dec. 31, 2025

Segment Reporting [Abstract]

Segment Reporting

Note 15. Segment Reporting

The Company views its operations and manages its business as one operating segment: Bioelectronic Innovations. Our CODM is our Chief Executive Officer. The CODM uses loss from operations, as reported on our Consolidated Statements of Operations, including the breakdown of expenses presented below, in evaluating the performance of the Bioelectronic Innovations segment and in determining how to allocate resources to the Company as a whole. The CODM does not review assets in evaluating the results of the Bioelectronic Innovations segment, and therefore, such information is not presented below.

The following table provides the GAAP operating financial results of the Bioelectronic Innovations segment:

Schedule of Operating Financial Segment

	2025			2024
	Years ended December 31,
	2025			2024
Net sales*	$	32,032		$	25,182
Cost of goods sold		4,244			3,785
Gross profit		27,788			21,397
Operating expenses:
Research and development		2,735			2,360
Variable sales and marketing		11,607			7,845
Fixed sales and marketing		9,455			8,948
General and administrative		17,144			14,406
Total operating expenses		40,941			33,559
Loss from operations	$	(13,153	)	$	(12,162	)

See Note 4 Revenue for geographical and disaggregation information.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-21

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-21

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-31

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-15

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2025

Fair Value Disclosures [Abstract]

Summary of Assets and Liabilities Carried at Fair Value

A summary of the assets and liabilities carried at fair value in accordance with the hierarchy defined above is as follows:


			Fair Value Hierarchy
December 31, 2025	Total		Level 1		Level 2		Level 3
Assets
Cash and cash equivalents	$	7,035	$	7,035	$	—	$	—
Marketable Securities:
U.S. treasury bills		4,576		4,576		—		—
Total cash, cash equivalents and marketable securities	$	11,611	$	11,611	$	—	$	—


			Fair Value Hierarchy
December 31, 2024	Total		Level 1		Level 2		Level 3
Assets
Cash and cash equivalents	$	3,700	$	3,700	$	—	$	—
Marketable Securities:
U.S. treasury bills		8,519		8,519		—		—
Total cash, cash equivalents and marketable securities	$	12,219	$	12,219	$	—	$	—

Schedule of Stock Options Outstanding and Exercisable (Details) - $ / shares shares in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items]
Options Outstanding	518	548
Options Outstanding Weighted Average Remaining Contractual Life (Years)	5 years 10 months 24 days	6 years 8 months 12 days
Options Exercisable	475
Exercise Price Range One [Member]
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items]
Exercise Price	$ 4.05
Exercise Price	$ 4.85
Options Outstanding	179
Options Outstanding Weighted Average Remaining Contractual Life (Years)	7 years 7 months 6 days
Options Exercisable	136
Exercise Price Range Two [Member]
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items]
Exercise Price	$ 4.86
Exercise Price	$ 12.98
Options Outstanding	184
Options Outstanding Weighted Average Remaining Contractual Life (Years)	6 years
Options Exercisable	184
Exercise Price Range Three [Member]
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items]
Exercise Price	$ 12.99
Exercise Price	$ 225.00
Options Outstanding	155
Options Outstanding Weighted Average Remaining Contractual Life (Years)	3 years 9 months 18 days
Options Exercisable	155

Related Party Transactions

12 Months Ended

Dec. 31, 2025

Related Party Transactions

Note 19. Related Party Transactions

In 2023, an executive of the Company co-founded the Vagus Nerve Society, an academic society dedicated to the ongoing education and training of scientists and clinicians and the power of the vagus nerve and its application in a broad spectrum of health-related conditions. During the twelve months ended December 31, 2025 and December 31, 2024, the Company incurred aggregate expenses of $150,000 and $150,000, respectively, for unrestricted and directed educational grants to the Vagus Nerve Society.

Consulting Agreements

On October 4, 2024, the Company and a former executive entered into a consulting agreement pursuant to which the former executive will provide financial and accounting consulting services to the Company on an hourly basis for 12 months after the effective date of his retirement, which was subsequently extended to a monthly basis upon mutual agreement. The Company paid the former executive approximately $4,600 for consulting services during 2025.

On July 11, 2024, the Company and a member of its board of directors entered into a consulting agreement pursuant to which the board member is expected to begin providing consulting and advisory services to the Company’s Chief Executive Officer for a 1one-year term as of the completion of his service on the Board, effective as of immediately prior to the Company’s 2025 Annual Meeting of Stockholders. The director will be paid an hourly or per diem fee for such services rendered, if any, and was granted a stock option to purchase 50,000 shares of common stock of the Company at an exercise price of $6.43 per share, which shall vest and be exercisable in 12 equal monthly installments, subject to full vesting, if earlier, immediately prior to the 2025 Annual Meeting of Stockholders or a Change of Control so long as the director remains in continuous service to the Company through such date. The Company paid the former board member approximately $3,000 for consulting services during 2025.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

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