aibioReShape Lifesciences (now Vyome Holdings) files NT 10-K late notice for 2024 annual report
Tickers HIND
ReShape Lifesciences filed a Form NT 10-K on April 1, 2025, saying it needs more time to compile information for its 2024 annual report. The notice does not explain the delay, and the company's 2023 annual report set a cost reduction target of about 55.4% for 2024.
Key facts
- Company
- Vyome Holdings, Inc. (NASDAQ: HIND)
- News type
- Distress
- Primary source
- Vyome Holdings, Inc Form NT 10-K filed April 1, 2025 (SEC EDGAR)
ReShape Lifesciences Inc. (Nasdaq: HIND) told the SEC on April 1, 2025 that it cannot file its annual report on Form 10-K for the year ended December 31, 2024, within the prescribed time. The company filed a Form NT 10-K, the late filing notice under Rule 12b-25, the same day. The notice names the registrant as ReShape Lifesciences Inc.
What the notice says
The reason given is that the company "requires additional time to complete the compilation of information for its financial statements and related disclosures." The company says it cannot complete the report without unreasonable effort or expense, and it expects to file within the extra time Rule 12b-25 allows. For an annual report, that period ends on the fifteenth calendar day after the prescribed due date.
The notice answers two questions in Part IV. The company answered yes when asked whether it had filed all other periodic reports required in the past 12 months. It answered no when asked whether it expected a significant change in results of operations for 2024 compared with the prior year. The contact is Thomas Stankovich, who also signed the notice as Chief Financial Officer on April 1, 2025.
The notice gives no figures for 2024. It does not say which parts of the compilation are outstanding, and it does not say whether the auditor's work has been completed.
What the 2023 annual report says
The company's annual report on Form 10-K for 2023 describes ReShape as a weight-loss solutions company offering products and services to manage and treat obesity and metabolic disease. Its principal executive office is in Irvine, California.
The report says Paul F. Hickey joined as President and Chief Executive Officer in August 2022 and that the company has since pivoted its strategy under new leadership. It describes growth pillars, and the report says the company had a 2024 cost reduction plan expected to cut operating expense by approximately 55.4% from 2023, excluding one-time costs. Another pillar covers expanding the product portfolio and pipeline through internal research or through strategic partnerships, mergers or acquisitions.
The report says the company received FDA approval for the Lap-Band 2.0 FLEX System in December 2023 and completed the first successful surgeries in early 2024. It describes the device as adjustable after surgery, with a band reservoir that acts as a relief valve for food that is too large to pass through the band. The company also says it has a scientific advisory board that is helping validate its strategies and collect data on Lap-Band 2.0 and on patients who also use GLP-1 drugs.
What the delay leaves open
The notice does not say whether the 2024 cost reduction was achieved, and the 2023 report's targets are the company's own. A 55.4% planned cut is a stated plan, not a reported result. Any 2024 figure would appear only in the late annual report, which the company says it expects within the extension.
The 2023 annual report carries a going-concern warning. It says the company may not have enough cash on hand to fund current operations for more than 12 months from the date of filing that report, and its auditor's report cites recurring losses from operations and negative cash flows. The same report shows a net loss of $11,387 thousand for 2023, against $46,214 thousand for 2022. For now, the notice is the only 2024 document in the record, and it gives no numbers, so it does not say whether that doubt has eased.