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STATES**\n\n**SECURITIES AND EXCHANGE COMMISSION**\n\n**WASHINGTON, D.C. 20549**\n\n__________________________________\n\n \n\n**FORM 10-Q**\n\n__________________________________\n\n**(Mark One)**\n\n** **\n\n**x**\n**QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**\n\n** **\n\n**For the quarterly period ended March 31,\n2026**\n\n \n\n**OR**\n\n** **\n\n¨\n**TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**\n\n** **\n\n**For the transition period from _______\nto**\n\n**Commission file number: 000-56671**\n\n__________________________________\n\n**EBR SYSTEMS, INC.**\n\n(Exact Name of Registrant as Specified in its Charter)\n\n \n\n**Delaware**\n\n(State or Other Jurisdiction of\n\nIncorporation or Organization)\n\n \n\n**57-1164669**\n\n(I.R.S. Employer\n\nIdentification No.)\n\n \n\n**480 Oakmead Parkway**\n\n**Sunnyvale, CA**\n\n(Address of Principal Executive Offices)\n\n \n\n**94085**\n\n(Zip Code)\n\n \n\n**(408) 720-1906**\n\n(Registrant’s Telephone Number, Including\nArea Code)\n\n \n\n**Not applicable.**\n\n(Former name, former address and former fiscal\nyear, if changed since last report)\n\n \n\n**Securities registered pursuant to Section 12(b)\nof the Act: None**\n\n** **\n\n**Title of each class**\n**Trading Symbol(s)**\n**Name of each exchange on which registered**\n\nNone.\nNone.\nNone.\n\n \n\nIndicate by check mark whether the registrant:\n(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\n(or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements\nfor the past 90 days.    Yes x     No ¨\n\n \n\nIndicate by check mark whether the registrant\nhas submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405\nof this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files)**.**    Yes x     No ¨\n\n \n\nIndicate by check mark whether the registrant\nis a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company.\nSee the definitions of “large accelerated filer,” “accelerated filer” “smaller reporting company”\nand “emerging growth company” in Rule 12b-2 of the Exchange Act.\n\n \n\nLarge accelerated filer\n¨\n \nAccelerated filer\n¨\n\nNon-accelerated filer\nx\n \nSmaller reporting company\nx\n\n \n \n \nEmerging growth company\nx\n\n \n\nIf an emerging growth company, indicate by check\nmark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting\nstandards provided pursuant to Section 13(a) of the Exchange Act.    ¨\n\n \n\nIndicate by check mark whether the registrant\nis a shell company (as defined in Rule 12b-2 of the Exchange Act).   Yes ¨     No x\n\n \n\nAs of May 8, 2026, the registrant had 45,056,436 shares of common stock,\npar value $0.0001 per share, including shares underlying all issued and outstanding Chess Depository Interests (“CDIs”), outstanding.\n\n \n\n \n\n  \n\n \n\n \n\n**EBR SYSTEMS, INC.**\n\n**FORM 10-Q FOR THE QUARTER ENDED MARCH 31, 2026**\n\n \n\n**TABLE OF CONTENTS**\n\n \n\n \n \n**Page**\n\n \n \n \n\n[**Part I — Financial Information**](#p1i1)\n \n3\n\n \n \n \n\n[Item 1. Condensed Consolidated Financial Statements (Unaudited)](#p1i1)\n \n3\n\n[Condensed Consolidated Balance Sheets (Unaudited)](#bs)\n \n3\n\n[Condensed Consolidated Statements of Operations (Unaudited)](#sop)\n \n4\n\n[Condensed Consolidated Statements of Comprehensive Loss (Unaudited)](#scl)\n \n5\n\n[Condensed Consolidated Statements of Stockholders' Equity (Unaudited)](#se)\n \n6\n\n[Condensed Consolidated Statements of Cash Flows (Unaudited)](#cf)\n \n7\n\n[Notes to the Condensed Consolidated Financial Statements (Unaudited)](#notes)\n \n8\n\n[Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations](#p1i2)\n \n23\n\n[Item 3. Quantitative and Qualitative Disclosures About Market Risk](#p1i3)\n \n32\n\n[Item 4. Controls and Procedures](#p1i4)\n \n33\n\n \n \n \n\n[**Part II — Other Information**](#p2)\n \n33\n\n \n \n \n\n[Item 1. Legal Proceedings](#p2i1)\n \n33\n\n[Item 1A. Risk Factors](#p2i1a)\n \n33\n\n[Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](#p2i2)\n \n34\n\n[Item 3. Defaults Upon Senior Securities](#p2i3)\n \n34\n\n[Item 4. Mine Safety Disclosures](#p2i4)\n \n34\n\n[Item 5. Other Information](#p2i5)\n \n34\n\n[Item 6. Exhibits](#p2i6)\n \n35\n\n \n \n \n\n[Signatures](#sig)\n \n36\n\n \n\n  \n\n [Table of Contents](#toc)\n\n \n\nPART I — FINANCIAL INFORMATION"}