UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

(MARK ONE)

☒	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

FOR THE QUARTERLY PERIOD ENDED JUNE 30, 2025

☐	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

FOR THE TRANSITION PERIOD FROM TO

COMMISSION FILE NUMBER 001-36159

STEREOTAXIS, INC.

(Exact name of the Registrant as Specified in its Charter)

delaware

94-3120386

(State or Other Jurisdiction of

Incorporation or Organization)

(I.R.S. Employer

Identification Number)

710 North Tucker Boulevard, Suite 110

St. Louis, MO 63101

(Address of Principal Executive Offices including Zip Code)

(314) 678-6100

(Registrant’s Telephone Number, Including Area Code)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class		Trading Symbol(s)		Name of each exchange on which registered
Common Stock, par value $0.001 per share		STXS		NYSE American LLC

Securities registered pursuant to Section 12(g) of the Act: None

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T “See 232.405 of this Chapter” during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer”, “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer ☐	Accelerated Filer ☐	Non-accelerated filer ☒	Smaller reporting company ☒
Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes ☐ No ☒

The number of outstanding shares of the registrant’s common stock on July 31, 2025, was 90,653,769.

STEREOTAXIS, INC.

INDEX TO FORM 10-Q

		Page

Part I Financial Information

Item 1.	Consolidated Financial Statements (unaudited)	3-7
	Consolidated Balance Sheets	3
	Consolidated Statements of Operations	4
	Consolidated Statements of Convertible Preferred Stock and Stockholders’ Equity	5-6
	Consolidated Statements of Cash Flows	7
	Notes to Financial Statements	8-22
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	23-29
Item 3.	[Reserved]	29
Item 4.	Controls and Procedures	29

Part II Other Information

Item 1.	Legal Proceedings	30
Item 1A.	Risk Factors	30
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	30
Item 3.	Defaults upon Senior Securities	30
Item 4.	[Reserved]	30
Item 5.	Other Information	30
Item 6.	Exhibits	30

Signatures		31

ITEM 1. CONSOLIDATED FINANCIAL STATEMENTS

STEREOTAXIS, INC.

CONSOLIDATED BALANCE SHEETS

(in thousands, except share amounts)	June 30, 2025			December 31, 2024
	(Unaudited)
Assets
Current assets:
Cash and cash equivalents	$	6,967		$	12,217
Restricted cash - current		-			219
Accounts receivable, net of allowance of $582 at 2025 and 2024		4,393			3,824
Inventories, net		9,608			8,331
Prepaid expenses and other current assets		936			1,848
Total current assets		21,904			26,439
Property and equipment, net		3,284			3,573
Goodwill		3,764			3,764
Intangible assets, net		6,899			7,358
Operating lease right-of-use assets		5,204			5,483
Prepaid and other non-current assets		118			107
Total assets	$	41,173		$	46,724

Liabilities and stockholders’ equity
Current liabilities:
Accounts payable	$	6,730		$	5,668
Accrued liabilities		1,731			2,922
Deferred revenue		5,843			6,804
Current contingent consideration		5,839			5,638
Current portion of operating lease liabilities		605			570
Total current liabilities		20,748			21,602
Long-term deferred revenue		1,057			2,064
Long term contingent consideration		6,384			6,126
Operating lease liabilities		5,122			5,436
Other liabilities		1,110			64
Total liabilities		34,421			35,292

Series A - Convertible preferred stock:
Convertible preferred stock, Series A, par value $0.001; 10,000,000 shares authorized;
21,233 and 21,458 shares outstanding at 2025 and 2024, respectively		5,296			5,352
Convertible preferred stock, Series A, par value $0.001; 10,000,000 shares authorized;21,233 and 21,458 shares outstanding at 2025 and 2024, respectively		5,296			5,352

Stockholders’ equity:
Common stock, par value $0.001; 300,000,000 shares authorized,
86,004,864 and 85,326,557 shares issued at 2025 and 2024, respectively		86			85
Common stock, par value $0.001; 300,000,000 shares authorized,86,004,864 and 85,326,557 shares issued at 2025 and 2024, respectively		86			85
Additional paid in capital		572,950			567,926
Treasury stock, 4,015 shares at 2025 and 2024		(206	)		(206	)
Accumulated deficit		(571,374	)		(561,725	)
Total stockholders’ equity		1,456			6,080
Total liabilities and stockholders’ equity	$	41,173		$	46,724

See accompanying notes.

STEREOTAXIS, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

		2025	2024			2025	2024
	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands, except share and per share amounts)	2025		2024		2025		2024
Revenue:
Systems	$	3,038	$	240	$	5,002	$	2,852
Disposables, service and accessories		5,760		4,262		11,268		8,530
Total revenue		8,798		4,502		16,270		11,382

Cost of revenue:
Systems		2,366		187		4,033		2,087
Disposables, service and accessories

SEC Form 10-Q filed by Stereotaxis Inc.