electroCore, Inc.
ECOR · Electromedical & Electrotherapeutic Apparatus · 8.3M shares · +24%/yr ↑ dilution · EDGAR filings ↗
Reference price $9.00 · est. market cap ~$75M — last insider sale, 2026-05-28 (estimated from the dated SEC Form 4 price × shares outstanding — not a live quote)
Grade
D48Small commercial bioelectronics maker with strong gross margins but persistent operating losses, thin cash, and control weaknesses.
Strengths
- High gross margin (86.7%, ~93rd pct) on a revenue-generating device portfolio
- Improving net/operating margins relative to sector (~48-54th pct)
- Multiple cleared products (gammaCore, Truvaga, Quell) and military TAC-STIM channel
Risks
- Still unprofitable (operating margin -41%); cash $11.6M, runway 5.6 quarters
- Identified material weakness in internal controls and active FTC consent order
- Negative-equity ROE (100th pct) is an artifact; customer/government-funding concentration
Notable findings
- No interest coverageInterest coverage -882.75 (cannot cover interest)
- Net lossNet loss (net margin -43.6%)
- Cash burnNegative free cash flow (-8.3M)
- Negative equityNegative book equity (debt/equity -3.87)
- Material weakness2 ● We have identified a material weakness in our internal control over financial reporting and determined that our disclosure controls were not effective
- Chronic dilutionShare count +24%/yr over 3y (dilution, book value/share -105%)
- Insider sellingInsider selling — 4 open-market sale(s) by 2 insider(s) (cluster of 2 insiders, ~$720,256, last 6mo) Form 4 ↗
Quarterly revenue
Last 4 quarters · from SEC filings.
Key metrics
Gross margin
86.8%
Operating margin
-41.1%
Net margin
-43.6%
Return on equity
817.2%
Return on assets
-74.8%
ROIC
-212.1%
Revenue growth (QoQ)
3.7%
Debt / equity
-3.9×
Interest coverage
-882.8×
Current ratio
1.4×
Free cash flow
-$8M
EBITDA
-$13M
Tangible book value
-$2M
Cash & investments
$12M
Cash runway
6q
Stock comp / revenue
6.0%
Insider transactions · last 18 months
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| 2026-05-28 | Lev Joshua S. | Sell | 6.7K | $9.00 |
| 2026-05-22 | Lev Joshua S. | Sell | 3.0K | $6.50 |
| 2026-05-21 | Errico Thomas J. | Buy | 10.0K | $5.99 |
| 2026-05-20 | Errico Thomas J. | L | 8 | $5.98 |
| 2026-04-23 | Goldberger Daniel S | Sell | 80K | $6.80 |
| 2026-04-13 | Fox Michael | Grant | 70K | — |
| 2026-04-10 | Goldberger Daniel S | Sell | 16K | $6.02 |
| 2026-04-01 | Lev Joshua S. | Grant | 45K | — |
| 2026-03-19 | Errico Thomas J. | Option exercise | 23K | $4.35 |
| 2026-03-19 | Errico Thomas J. | Option exercise | 19K | $6.43 |
| 2026-01-26 | Goldberger Daniel S | Grant | 20K | $7.47 |
| 2026-01-26 | Goldberger Daniel S | Grant | 26K | — |
| 2026-01-26 | Lev Joshua S. | Grant | 2.9K | — |
| 2026-01-26 | Lev Joshua S. | Grant | 25K | — |
| 2025-12-04 | Lev Joshua S. | Sell | 2.5K | $5.05 |
| 2025-12-02 | Goldberger Daniel S | Buy | 1.0K | $4.84 |
| 2025-11-12 | Lev Joshua S. | Sell | 2.2K | $6.18 |
| 2025-09-10 | Bonfiglioli Elena | Grant | 31K | — |
| 2025-09-02 | Wilber Patricia | Grant | 19K | — |
| 2025-09-02 | Goldstein Julie Ann | Grant | 19K | — |
| 2025-09-02 | Errico Thomas J. | Grant | 27K | — |
| 2025-09-02 | GANDOLFO JOHN P | Grant | 19K | — |
| 2025-09-02 | PATTON THOMAS M | Grant | 19K | — |
| 2025-08-11 | Errico Thomas J. | Buy | 15K | $4.47 |
| 2025-08-11 | Goldberger Daniel S | Buy | 1.0K | $4.23 |
| 2025-08-01 | Theofilos James Charles | Grant | 22K | — |
| 2025-05-23 | GANDOLFO JOHN P | Buy | 1.8K | $5.01 |
| 2025-05-12 | Errico Thomas J. | Buy | 10K | $4.77 |
| 2025-03-17 | Goldberger Daniel S | Buy | 1.0K | $8.59 |
| 2025-03-17 | Errico Thomas J. | Buy | 6.0K | $8.10 |
| 2025-01-18 | Goldberger Daniel S | Grant | 40K | — |
| 2025-01-15 | Lev Joshua S. | Grant | 10K | — |
All non-derivative Form 4 activity (SEC), newest first.
Clinical trials
| Trial | Title | Phase | Status | Primary completion |
|---|---|---|---|---|
| NCT03716505 ↗ | Non-invasive Vagus Nerve Stimulation for the Prevention of Migraines Migraine Disorders | NA | Completed | 2020-09-09 |
| NCT03787238 ↗ | A Randomized, Multicenter, Study for the prEvention and Acute Treatment of Migraine (REAL) Migraine | NA | Withdrawn | 2020-09-01 |
| NCT02378844 ↗ | A Randomized, Sham-controlled Study of gammaCore ® (nVNS) for Prevention of Episodic Migraine Migraine | NA | Completed | 2018-02-01 |
| NCT02686034 ↗ | RCT of Non-Invasive Vagus Nerve Stimulation (nVNS) With gammaCore®, for the Acute Treatment of Migraine Attacks Migraine | NA | Completed | 2016-12-01 |
| NCT02388269 ↗ | A Randomized, Single Centre, Double-blind, Parallel, Sham-controlled Pilot Study Using gammaCore®-G Dyspepsia, Irritable Bowel Syndrome | NA | Completed | 2015-05-01 |
| NCT01958125 ↗ | A Randomized Multicentre Study for the Acute Relief of Episodic and Chronic Cluster Headache. Cluster Headache | NA | Completed | 2014-10-01 |
| NCT01910129 ↗ | Neurostimulation to the Vagus Nerve for the Reduction in Frequency of Seizures Associated With Epilepsy Seizure | NA | Terminated | 2014-07-01 |
| NCT01792817 ↗ | Non-invasive Neurostimulation of the Vagus Nerve for the Treatment of Cluster Headache Cluster Headache | NA | Completed | 2014-06-01 |
| NCT01667250 ↗ | Non-Invasive Neurostimulation for the Prevention of Chronic Migraine Chronic Migraine | NA | Completed | 2014-05-01 |
| NCT01701245 ↗ | Prevention and Acute Treatment of Chronic Cluster Headache Compared to Standard of Care Chronic Cluster Headache | PHASE2 | Completed | 2014-03-01 |
| NCT01612793 ↗ | Vagus Nerve Stimulation for Management of Bronchoconstriction in Patients Hospitalized With COPD Exacerbations Chronic Obstructive Pulmonary Disease | — | Terminated | 2013-04-01 |
| NCT01679314 ↗ | Study to Compare (COPD) Assessment Test in COPD Stage III and IV in a Prophylactic Treatment Chronic Obstructive Pulmonary Disease | NA | Completed | 2013-01-01 |
| NCT01923272 ↗ | Non-Invasive Neurostimulation of the Vagus Nerve With the AlphaCore Device for the Relief of EIB Asthma | NA | Withdrawn | 2012-10-01 |
| NCT01532830 ↗ | Non-Invasive Neurostimulation For the Relief of Symptoms Associated With Migraine Migraine | NA | Completed | 2012-07-01 |
| NCT01532817 ↗ | Relief of Acute Bronchoconstriction/Asthma Using the Non-Invasive AlphaCore Device Asthma | NA | Completed | 2012-05-01 |
| NCT01385306 ↗ | Noninvasive Neurostimulation of the Vagus Nerve for the Relief of Acute Bronchoconstriction Due to Asthma Asthma | NA | Terminated | 2012-05-01 |
| NCT03410628 ↗ | Non-invasive Neurostimulation for the Relief of Migraine Migraine | NA | Terminated | 2011-08-01 |
| NCT00762931 ↗ | Neurostimulation for the Relief of Acute Bronchoconstriction Asthma | NA | Completed | 2010-09-01 |
| NCT00854074 ↗ | Neurostimulation for the Treatment of Post-Operative Ileus Ileus | NA | Withdrawn | 2009-12-01 |
Source: ClinicalTrials.gov (U.S. NIH) · active studies first.
Notable events (8-K)
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 10-Q | 2026-05-06 | 2026-03-31 | 0001493152-26-021495 ↗ |
| 8-K | 2026-05-06 | 2026-05-06 | 0001493152-26-021493 ↗ |
| 10-K | 2026-03-19 | 2025-12-31 | 0001493152-26-011636 ↗ |
| 8-K | 2026-03-19 | 2026-03-19 | 0001493152-26-011620 ↗ |
| 8-K | 2026-01-20 | 2026-01-20 | 0001493152-26-002847 ↗ |
| 8-K | 2025-11-05 | 2025-11-05 | 0001493152-25-020878 ↗ |
| 10-Q | 2025-11-05 | 2025-09-30 | 0001493152-25-020884 ↗ |
| 8-K | 2025-10-03 | 2025-09-30 | 0001493152-25-016869 ↗ |
| 8-K | 2025-09-03 | 2025-09-02 | 0001641172-25-026318 ↗ |
| 10-Q | 2025-08-06 | 2025-06-30 | 0001641172-25-022432 ↗ |
| 8-K | 2025-08-06 | 2025-08-06 | 0001641172-25-022427 ↗ |
| 8-K/A | 2025-07-16 | 2025-05-01 | 0001641172-25-019883 ↗ |