EBRCZ · EBR Systems, Inc.
Substantial doubt about the company's ability to continue as a going concern.
“Based on the Company's cash, cash equivalents, and marketable securities as of June 30, 2026, and its expectation to generate operating losses and negative operating cash flows in the foreseeable future, as well as potential liquidity to become less than the $2.5 million required under its existing debt covenants during the next twelve months, there exists substantial doubt regarding the Company's ability to continue as a going concern for a period of at least twelve months from the date of issuance of these unaudited condensed consolidated financial statements.”View the 10-Q filed Aug 11, 2026
Trades by corporate insiders — officers, directors and holders of more than 10% of the shares — disclosed to the SEC on Forms 4 and 5. Form 3 supplies initial ownership rather than a trade; Form 4 must be filed within two business days of the trade.
| Date | Insider | Role | Type | Security | Shares |
|---|---|---|---|---|---|
| 2026-08-21 | Host-Plus Pty Ltd as trustee for the HOSTPLUS Pooled Superannuation Trust |
10% Owner |
Buy↑
Filing footnotes — Common Stock (Indirect)
Represents shares of the Issuer's common stock underlying CHESS Depositary Interests ("CDIs"). The CDIs are traded on the Australian Securities Exchange (the "ASX") and are held by CHESS Depositary Nominees Pty Limited, a subsidiary of ASX Limited, the company that operates the ASX. On August 21, 2026, BB6 Service (HP) Coinvestment Trusco Pty Ltd as trustee for BCP (HP) Co-Investment Trust acquired 77,001,190 CDIs on completion of Tranche 2 of the institutional placement by the Issuer, which was approved by the Issuer's shareholders on August 19, 2026 and settled on August 21, 2026, at a price of A$0.38 per CDI (equivalent to A$3.80 per share of common stock, or approximately US$2.70 per share based on an AUD/USD exchange rate of 0.71 on the settlement date). The securities are held directly by BB6 Service (HP) Coinvestment Trusco Pty Ltd as trustee of BCP (HP) Co-Investment Trust. The Reporting Person is the sole beneficiary of BCP (HP) Co-Investment Trust and exercises sole dispositive power over the securities held by BB6 Service (HP) Coinvestment Trusco Pty Ltd. |
Common Stock
(I)
|
7,700,119 |
| 2026-06-29 | Evans Bronwyn |
Director |
Exercise↑
Filing footnotes — Subscription Rights (right to buy) (Indirect)
The price is reported in Australian dollars. Represents shares of the Issuer's common stock underlying 275,790 Chess Depositary Interests ("CDIs"). The CDIs are traded on the Australian Securities Exchange (the "ASX") and are held by CHESS Depository Nominees Pty, Limited, a subsidiary of ASX Limited, the company that operates the ASX. The CDIs were issued in connection with an entitlement offer or rights offering, pursuant to a Security Purchase Plan on ASX. |
Subscription Rights (right to buy)
(I)
|
27,579 |
| 2026-06-29 | Evans Bronwyn |
Director |
Exercise↓
Filing footnotes — Subscription Rights (right to buy) (Indirect)
The price is reported in Australian dollars. Represents shares of the Issuer's common stock underlying 275,790 Chess Depositary Interests ("CDIs"). The CDIs are traded on the Australian Securities Exchange (the "ASX") and are held by CHESS Depository Nominees Pty, Limited, a subsidiary of ASX Limited, the company that operates the ASX. The CDIs were issued in connection with an entitlement offer or rights offering, pursuant to a Security Purchase Plan on ASX. |
Subscription Rights (right to buy)
(I)
|
27,579 |
| 2026-06-29 | Evans Bronwyn |
Director |
Exercise↑
Filing footnotes — Common Stock (Indirect)
Represents shares of the Issuer's common stock underlying 275,790 Chess Depositary Interests ("CDIs"). The CDIs are traded on the Australian Securities Exchange (the "ASX") and are held by CHESS Depository Nominees Pty, Limited, a subsidiary of ASX Limited, the company that operates the ASX. The CDIs were issued in connection with an entitlement offer or rights offering, pursuant to a Security Purchase Plan on ASX. The price is reported in Australian dollars. Represents shares of the Issuer's common stock underlying 1,127,370 CDIs. The CDIs are traded on the ASX and are held by CHESS Depository Nominees Pty, Limited, a subsidiary of ASX Limited, the company that operates the ASX. |
Common Stock
(I)
|
27,579 |
| 2026-06-24 | Doherty Gary W. |
Chief Financial Officer |
Award↑
Filing footnotes — Stock Option (right to buy) (Direct)
1/48 of the shares subject to the option shall vest on July 24, 2026 and each month thereafter, subject to the Reporting Person continuing as a service provider through each such date. |
Stock Option (right to buy)
|
60,000 |
| 2026-06-24 | Strandberg Erik |
Chief Commercial Officer |
Award↑
Filing footnotes — Stock Option (right to buy) (Direct)
1/48 of the shares subject to the option shall vest on July 24, 2026 and each month thereafter, subject to the Reporting Person continuing as a service provider through each such date. |
Stock Option (right to buy)
|
50,000 |
| 2026-06-24 | Hendricksen Michael |
Chief Operating Officer |
Award↑
Filing footnotes — Stock Option (right to buy) (Direct)
1/48 of the shares subject to the option shall vest on July 24, 2026 and each month thereafter, subject to the Reporting Person continuing as a service provider through each such date. |
Stock Option (right to buy)
|
54,000 |
| 2026-06-15 | Evans Bronwyn |
Director |
Exercise↑
Filing footnotes — Common Stock (Indirect)
Represents shares of the Issuer's common stock underlying the same amount of Chess Depositary Interests ("CDIs"). The CDIs are traded on the Australian Securities Exchange (the "ASX") and are held by CHESS Depositary Nominees Pty, Limited, a subsidiary of ASX Limited, the company that operates the ASX. The price is reported in Australian dollars. The number of shares beneficially owned reflects the 1-for-10 reverse stock split effected April 1, 2026 (the "Stock Split"). The number of shares reported as beneficially owned in the original Form 4, filed June 17, 2026, did not reflect the Stock Split. |
Common Stock
(I)
|
15,000 |
| 2026-06-15 | Evans Bronwyn |
Director |
Exercise↑
Filing footnotes — Common Stock (Indirect)
Represents shares of the Issuer's common stock underlying the same amount of Chess Depositary Interests ("CDIs"). The CDIs are traded on the Australian Securities Exchange (the "ASX") and are held by CHESS Depositary Nominees Pty, Limited, a subsidiary of ASX Limited, the company that operates the ASX. The price is reported in Australian dollars. The number of shares beneficially owned reflects the 1-for-10 reverse stock split effected April 1, 2026 (the "Stock Split"). The number of shares reported as beneficially owned in the original Form 4, filed June 17, 2026, did not reflect the Stock Split. |
Common Stock
(I)
|
15,000 |
| 2026-05-06 | McCutcheon John |
Director, President and CEO |
Award↑
Filing footnotes — Stock Option (right to buy) (Direct)
The original Form 4 filed May 8, 2026 has been amended to reflect the correct per share exercise price. 1/48 of the shares subject to the option shall vest on June 6, 2026 and each month thereafter, subject to the Reporting Person continuing as a service provider through each such date. |
Stock Option (right to buy)
|
188,462 |
| 2026-05-06 | Nave Christopher |
Director |
Award↑
Filing footnotes — Stock Option (right to buy) (Direct)
The original Form 4 filed May 8, 2026 has been amended to reflect the correct per share exercise price. 1/12 of the shares subject to the option shall vest on June 6, 2026 and each month thereafter, subject to the Reporting Person continuing as a service provider through each such date. |
Stock Option (right to buy)
|
34,211 |
| 2026-05-06 | Drexler Karen |
Director |
Award↑
Filing footnotes — Stock Option (right to buy) (Direct)
The original Form 4 filed May 8, 2026 has been amended to reflect the correct per share exercise price. 1/12 of the shares subject to the option shall vest on June 6, 2026 and each month thereafter, subject to the Reporting Person continuing as a service provider through each such date. |
Stock Option (right to buy)
|
34,211 |
| 2026-05-06 | Will Allan R |
Director |
Award↑
Filing footnotes — Stock Option (right to buy) (Direct)
The original Form 4 filed May 8, 2026 has been amended to reflect the correct per share exercise price. 1/12 of the shares subject to the option shall vest on June 6, 2026 and each month thereafter, subject to the Reporting Person continuing as a service provider through each such date. |
Stock Option (right to buy)
|
42,106 |
| 2026-05-06 | Steinhaus David |
Director |
Award↑
Filing footnotes — Stock Option (right to buy) (Direct)
The original Form 4 filed May 8, 2026 has been amended to reflect the correct per share exercise price. 1/12 of the shares subject to the option shall vest on June 6, 2026 and each month thereafter, subject to the Reporting Person continuing as a service provider through each such date. |
Stock Option (right to buy)
|
34,211 |
| 2026-05-06 | Moody Trevor J |
Director |
Award↑
Filing footnotes — Stock Option (right to buy) (Direct)
The original Form 4 filed May 8, 2026 has been amended to reflect the correct per share exercise price. 1/12 of the shares subject to the option shall vest on June 6, 2026 and each month thereafter, subject to the Reporting Person continuing as a service provider through each such date. |
Stock Option (right to buy)
|
34,211 |
| 2026-05-06 | Evans Bronwyn |
Director |
Award↑
Filing footnotes — Stock Option (right to buy) (Direct)
The original Form 4 filed May 8, 2026 has been amended to reflect the correct per share exercise price. 1/12 of the shares subject to the option shall vest on June 6, 2026 and each month thereafter, subject to the Reporting Person continuing as a service provider through each such date. |
Stock Option (right to buy)
|
34,211 |
| 2026-03-23 | McCutcheon John |
Director, President and CEO |
Convert↓
Filing footnotes — Stock Option (right to buy) (Direct)
The option, originally for 1,590,000 shares, of which 109,100 shares have been exercised, vests as to 1/48 of the share on June 29, 2024 and each month thereafter, subject to continued employment or service through each such date. |
Stock Option (right to buy)
|
109,100 |
| 2026-03-23 | McCutcheon John |
Director, President and CEO |
Convert↑
|
Common Stock
|
109,100 |
| 2026-02-26 | Will Allan R |
Director |
Convert↓
Filing footnotes — Stock Option (right to buy) (Direct)
Fully Vested. |
Stock Option (right to buy)
|
58,500 |
| 2026-02-26 | Will Allan R |
Director |
Convert↑
Filing footnotes — Common Stock (Direct)
Represents shares of the Issuer's common stock underlying the same amount of Chess Depositary Interests ("CDIs"). The CDIs are traded on the Australian Securities Exchange (the "ASX") and are held by CHESS Depositary Nominees Pty, Limited, a subsidiary of ASX Limited, the company that operates the ASX. |
Common Stock
|
58,500 |
| 2025-08-18 | Evans Bronwyn |
Director |
Convert↓
Filing footnotes — Employee Stock Option (right to buy) (Indirect)
The option vested in 12 equal monthly installments as measured from 05/29/2024, subject to continued employment or service through each such date. |
Employee Stock Option (right to buy)
(I)
|
163,637 |
| 2025-08-18 | Evans Bronwyn |
Director |
Convert↑
Filing footnotes — Common Stock (Indirect)
Represents shares of the Issuer's common stock underlying the same amount of Chess Depositary Interests ("CDIs"). The CDIs are traded on the Australian Securities Exchange (the "ASX") and are held by CHESS Depositary Nominees Pty, Limited, a subsidiary of ASX Limited, the company that operates the ASX. |
Common Stock
(I)
|
163,637 |
| 2025-08-18 | Evans Bronwyn |
Director |
Convert↑
Filing footnotes — Common Stock (Indirect)
Represents shares of the Issuer's common stock underlying the same amount of Chess Depositary Interests ("CDIs"). The CDIs are traded on the Australian Securities Exchange (the "ASX") and are held by CHESS Depositary Nominees Pty, Limited, a subsidiary of ASX Limited, the company that operates the ASX. Includes 32,159 shares previously owned directly which were contributed to Bronwyn Evans and Peter Douglas Gordon. |
Common Stock
(I)
|
32,159 |
| 2025-08-18 | Evans Bronwyn |
Director |
Convert↓
Filing footnotes — Employee Stock Option (right to buy) (Direct)
The option vested in 12 equal monthly installments as measured from 5/22/2023, subject to continued employment or service through each such date. |
Employee Stock Option (right to buy)
|
32,159 |
| 2025-06-25 | Hendricksen Michael |
Chief Operating Officer |
Award↑
Filing footnotes — Stock Option (right to buy) (Direct)
1/48 of the Option vests in equal monthly installments as measured from 06/25/2025, subject to continued employment or service through each such date. If applicable, vesting accelerates as provided in, and subject to the terms and conditions of, that certain Severance and Change of Control Agreement between the Issuer and the Reporting Person, as may be amended from time to time. |
Stock Option (right to buy)
|
500,000 |
| 2025-06-25 | Strandberg Erik |
Chief Commercial Officer |
Award↑
Filing footnotes — Stock Option (right to buy) (Direct)
1/48 of the Option vests in equal monthly installments as measured from 06/25/2025, subject to continued employment or service through each such date. If applicable, vesting accelerates as provided in, and subject to the terms and conditions of, that certain Severance and Change of Control Agreement between the Issuer and the Reporting Person, as may be amended from time to time. |
Stock Option (right to buy)
|
400,000 |
| 2025-06-25 | Doherty Gary W. |
Chief Financial Officer |
Award↑
Filing footnotes — Stock Option (right to buy) (Direct)
1/48 of the Option vests in equal monthly installments as measured from 06/25/2025, subject to continued employment or service through each such date. If applicable, vesting accelerates as provided in, and subject to the terms and conditions of, that certain Severance and Change of Control Agreement between the Issuer and the Reporting Person, as may be amended from time to time. |
Stock Option (right to buy)
|
500,000 |
| 2025-06-19 | Evans Bronwyn |
Director |
Exercise↑
Filing footnotes — Common Stock (Indirect)
Represents shares of the Issuer's common stock underlying the same amount of Chess Depositary Interests ("CDIs"). The CDIs are traded on the Australian Securities Exchange (the "ASX") and are held by CHESS Depositary Nominees Pty, Limited, a subsidiary of ASX Limited, the company that operates the ASX. The CDIs were issued in connection with a entitlement offer or rights offering, pursuant to a Security Purchase Plan on ASX. |
Common Stock
(I)
|
30,000 |
| 2025-06-19 | Evans Bronwyn |
Director |
Exercise↓
Filing footnotes — Subscription Rights (right to buy) (Indirect)
Represents shares of the Issuer's common stock underlying the same amount of Chess Depositary Interests ("CDIs"). The CDIs are traded on the Australian Securities Exchange (the "ASX") and are held by CHESS Depositary Nominees Pty, Limited, a subsidiary of ASX Limited, the company that operates the ASX. The CDIs were issued in connection with a entitlement offer or rights offering, pursuant to a Security Purchase Plan on ASX. |
Subscription Rights (right to buy)
(I)
|
30,000 |
| 2025-05-21 | Steinhaus David |
Director |
Award↑
Filing footnotes — Stock Option (right to buy) (Indirect)
The exercise price was determined and approved by the Board of Directors on March 18, 2025, subject to approval by the Company's stockholders at the 2025 annual meeting of stockholders (including any adjournment or postponement thereof) in accordance with the Listing Rules of the Australian Securities Exchange (ASX). The Board of Directors approved the grant on March 18, 2025, subject to approval by the Company's stockholders at the 2025 annual meeting of stockholders (including any adjournment or postponement thereof) in accordance with the Listing Rules of the ASX. The option vests in 1/12 equal monthly installments as measured from 5/21/2025, subject to continued employment or service through each such date. |
Stock Option (right to buy)
(I)
|
175,781 |
| 2025-05-21 | Drexler Karen |
Director |
Award↑
Filing footnotes — Stock Option (right to buy) (Direct)
The exercise price was determined and approved by the Board of Directors on March 18, 2025, subject to approval by the Company's stockholders at the 2025 annual meeting of stockholders (including any adjournment or postponement thereof) in accordance with the Listing Rules of the Australian Securities Exchange (ASX). The Board of Directors approved the grant on March 18, 2025, subject to approval by the Company's stockholders at the 2025 annual meeting of stockholders (including any adjournment or postponement thereof) in accordance with the Listing Rules of the ASX. The option vests in 1/12 equal monthly installments as measured from 5/21/2025, subject to continued employment or service through each such date. |
Stock Option (right to buy)
|
175,781 |
| 2025-05-21 | McCutcheon John |
Director, President and CEO |
Award↑
Filing footnotes — Stock Option (right to buy) (Direct)
The exercise price was determined and approved by the Board of Directors on March 18, 2025, subject to approval by the Company's stockholders at the 2025 annual meeting of stockholders (including any adjournment or postponement thereof) in accordance with the Listing Rules of the Australian Securities Exchange (ASX). The Board of Directors approved the grant on March 18, 2025, subject to approval by the Company's stockholders at the 2025 annual meeting of stockholders (including any adjournment or postponement thereof) in accordance with the Listing Rules of the ASX. The option vests in 1/48 equal monthly installments as measured from 5/21/2025, subject to continued employment or service through each such date. If applicable, vesting accelerates as provided in, and subject to the terms and conditions of, that certain Severance and Change of Control Agreement between the Issuer and the Reporting Person, as may be amended from time to time. |
Stock Option (right to buy)
|
1,884,615 |
| 2025-05-21 | Nave Christopher |
Director |
Award↑
Filing footnotes — Stock Option (right to buy) (Indirect)
The exercise price was determined and approved by the Board of Directors on March 18, 2025, subject to approval by the Company's stockholders at the 2025 annual meeting of stockholders (including any adjournment or postponement thereof) in accordance with the Listing Rules of the Australian Securities Exchange (ASX). The Board of Directors approved the grant on March 18, 2025, subject to approval by the Company's stockholders at the 2025 annual meeting of stockholders (including any adjournment or postponement thereof) in accordance with the Listing Rules of the ASX. The option vests in 1/12 equal monthly installments as measured from 5/21/2025, subject to continued employment or service through each such date. A trustee for the MRCF BTF (BCP Investment) Trust. |
Stock Option (right to buy)
(I)
|
175,781 |
| 2025-05-21 | Moody Trevor J |
Director |
Award↑
Filing footnotes — Stock Option (right to buy) (Direct)
The exercise price was determined and approved by the Board of Directors on March 18, 2025, subject to approval by the Company's stockholders at the 2025 annual meeting of stockholders (including any adjournment or postponement thereof) in accordance with the Listing Rules of the Australian Securities Exchange (ASX). The Board of Directors approved the grant on March 18, 2025, subject to approval by the Company's stockholders at the 2025 annual meeting of stockholders (including any adjournment or postponement thereof) in accordance with the Listing Rules of the ASX. The option vests in 1/12 equal monthly installments as measured from 5/21/2025, subject to continued employment or service through each such date. |
Stock Option (right to buy)
|
175,781 |
| 2025-05-21 | Will Allan R |
Director |
Award↑
Filing footnotes — Stock Option (right to buy) (Direct)
The exercise price was determined and approved by the Board of Directors on March 18, 2025, subject to approval by the Company's stockholders at the 2025 annual meeting of stockholders (including any adjournment or postponement thereof) in accordance with the Listing Rules of the ASX. The Board of Directors approved the grant on March 18, 2025, subject to approval by the Company's stockholders at the 2025 annual meeting of stockholders (including any adjournment or postponement thereof) in accordance with the Listing Rules of the ASX. The option vest in 1/12 equal monthly installments as measured from 5/21/2025, subject to continued employment or service through each such date. |
Stock Option (right to buy)
|
214,844 |
| 2025-05-21 | Evans Bronwyn |
Director |
Award↑
Filing footnotes — Stock Option (right to buy) (Indirect)
The exercise price was determined and approved by the Board of Directors on March 18, 2025, subject to approval by the Company's stockholders at the 2025 annual meeting of stockholders (including any adjournment or postponement thereof) in accordance with the Listing Rules of the ASX. The Board of Directors approved the grant on March 18, 2025, subject to approval by the Company's stockholders at the 2025 annual meeting of stockholders (including any adjournment or postponement thereof) in accordance with the Listing Rules of the ASX. The option vests in 1/12 equal monthly installments as measured from 5/21/2025, subject to continued employment or service through each such date. |
Stock Option (right to buy)
(I)
|
175,781 |
| 2024-12-31 | Will Allan R |
Director |
Convert↓
Filing footnotes — Stock Option (right to buy) (Direct)
Fully vested. |
Stock Option (right to buy)
|
110,000 |
| 2024-12-31 | Will Allan R |
Director |
Convert↑
Filing footnotes — Common Stock (Direct)
Represents shares of the Issuer's common stock underlying the same amount of Chess Depositary Interests ("CDIs"). The CDIs are traded on the Australian Securities Exchange (the "ASX") and are held by CHESS Depositary Nominees Pty, Limited, a subsidiary of ASX Limited, the company that operates the ASX. |
Common Stock
|
110,000 |
| 2024-11-25 | Evans Bronwyn |
Director |
Convert↓
Filing footnotes — Employee Stock Option (right to buy) (Direct)
1/12 of the Option vests in equal monthly installments as measured from 5/22/2023, subject to continued employment or service through each such date. |
Employee Stock Option (right to buy)
|
150,000 |
| 2024-11-25 | Evans Bronwyn |
Director |
Convert↑
Filing footnotes — Common Stock (Direct)
Represents shares of the Issuer's common stock underlying the same amount of Chess Depositary Interests ("CDIs"). The CDIs are traded on the Australian Securities Exchange (the "ASX") and are held by CHESS Depositary Nominees Pty, Limited, a subsidiary of ASX Limited, the company that operates the ASX. |
Common Stock
|
150,000 |
| 2024-10-16 | Evans Bronwyn |
Director |
Exercise↑
Filing footnotes — Common Stock (Indirect)
Represents shares of the Issuer's common stock underlying the same amount of Chess Depositary Interests ("CDIs"). The CDIs are traded on the Australian Securities Exchange (the "ASX") and are held by CHESS Depositary Nominees Pty, Limited, a subsidiary of ASX Limited, the company that operates the ASX. The CDIs were issued in connection with a 1-for-20 pro-rata entitlement offer, or rights offering, on ASX that closed on October 16, 2024. |
Common Stock
(I)
|
8,370 |
| 2024-10-16 | Evans Bronwyn |
Director |
Exercise↓
Filing footnotes — Subscription Rights (right to buy) (Indirect)
Represents shares of the Issuer's common stock underlying the same amount of Chess Depositary Interests ("CDIs"). The CDIs are traded on the Australian Securities Exchange (the "ASX") and are held by CHESS Depositary Nominees Pty, Limited, a subsidiary of ASX Limited, the company that operates the ASX. The CDIs were issued in connection with a 1-for-20 pro-rata entitlement offer, or rights offering, on ASX that closed on October 16, 2024. |
Subscription Rights (right to buy)
(I)
|
8,370 |