3/5EBR Systems, Inc. (EBRCZ): Going-concern doubt

Market data

Price before filing: n/a (n/a close, split/dividend-adjusted)
Market cap at flag: n/a · Latest: $56.5M (2026-10-15)

What happened next

Return from the last close before the filing date to the first close on/after the window end. Pending windows have not fully elapsed. Past performance says nothing certain about the future.

Insider trading around this filing

90 days before the flag: no open-market insider sales or purchases reported.
30 days after: none reported.

Open-market purchases and sales (Form 4 codes P and S) by officers, directors and 10% owners, by transaction date, from 2025-02-12 to 2025-06-12. Excludes option exercises, grants, gifts and tax withholding. Amended filings replace the originals; joint filings count once. Foreign private issuers do not file Form 4. Many insider sales are pre-scheduled (10b5-1 plans) and are not by themselves a sign of wrongdoing.

Verified excerpt

"As of March 31, 2025, the Company had working capital of $ 46,751,043 and accumulated deficit of $ 364,011,951 . Based on the Company's cash, cash equivalents, and marketable securities as of March 31, 2025, and its expectation to generate operating losses and negative operating cash flows in the foreseeable future, as well as potential for liquidity to become less than the $2.5 million required under its existing..."

Quoted from the filing. Source

What this means

The filing states that substantial doubt exists about the company's ability to continue as a going concern: it may not have enough cash to last the next 12 months. Expect dilution, debt deals or worse. An auditor's going-concern paragraph is the strongest form of this warning.

Source: management disclosure in Form 10-Q (period 2025-03-31)

Why this score: quarterly (unaudited) disclosure