07:41 AM EDT, 08/29/2025 (MT Newswires) -- Conavi Medical ( CNVIF ) on Friday said third-quarter net loss narrowed as it cut costs, while the company plans to launch its next-generation Novasight system in the U.S. next year.

For Q3, net loss decreased to $3.6 million, or $0.05 per share, from a net loss of $13 million, or $2.12 per share, in the prior year period. It said the lower net loss was principally due to operating costs, partially offset by a gain in the fair value of warrant liability.

Operating costs fell to $4.7 million from $8.8 million in the previous corresponding quarter. This drop largely stems from lower research & development expenses, Conavi said.

The company, which is developing the next generation Novasight imaging technology to guide minimally invasive cardiovascular procedures, said it remains on track to submit its 510(k) application to the FDA in the third quarter of this year. It plans to launch Novasight in the first half of 2026.

"Fiscal Q3 was an important quarter as we completed validation testing with leading interventional cardiologists, giving us confidence that our next generation Novasight is designed to be a best-in-class product," said Thomas Looby, chief executive officer. "We remain on track to submit our 510(k) application to the U.S. FDA in calendar Q3 2025, a key milestone that positions us for an anticipated U.S. launch in the first half of calendar 2026. Importantly, the $20 million financing completed in April strengthens our position as we work towards these key milestones."

CNVI edged up $0.005 to $0.445 yesterday.