ECOR · electroCore, Inc.
electroCore, Inc., a bioelectronic technology medicine and general wellness company, provides non-invasive vagus nerve stimulation (nVNS) technology platform in the United States, the United Kingdom, and internationally. The company develops gammaCore, a prescription only handheld device intended for regular or intermittent use for the acute treatment of pain associated with migraine and episodic cluster headache, as well as for the treatment of hemicrania continua and paroxysmal hemicrania. It also develops Truvaga 350, a personal use consumer electronics general wellness product and Truvaga Plus, an app-enabled general wellness product. It also offers non-invasive bioelectronic therapies for the treatment of chronic pain and wellness conditions. In addition, the company offers TAC-STIM for human performance and gammaCore Sapphire, a portable, reusable, rechargeable, and reloadable prescription medical device for various primary headache conditions. electroCore, Inc. was incorporated in 2005 and is headquartered in Rockaway, New Jersey.
Cap structure and valuation
| Cap structure | |
|---|---|
| SP | $6.00 |
| SO | 8.3M |
| Options | 0.5M |
| Warrants | 0.0M |
| FD SO | 8.9M |
| MC | $53.1M |
| Cash | $4.9M |
| Total debt | $7.8M |
| EV | $56.0M |
| TTM Multiples | |
|---|---|
| EV / Revenue | 1.6x |
| EV / EBITDA | — |
| MC / Net Income | — |
| EV / FCF | — |
| MC / FCF | — |
| Ownership & coverage | |
|---|---|
| Institutional | 9.2% |
| Insiders | 36.2% |
| # Institutions | 31 |
| Analysts | 5 |
| Consensus | — |
| Avg target | $19.17 |
| Short % float | 2.6% |
| Days to cover | 1.62 |
MC = SP × FD SO. EV = MC + Debt − Cash. SP = previous yfinance close. Balance-sheet figures as of 2026-05-01. Multiples use TTM (sum of last 4 quarters); shown as "—" when the denominator is zero or negative, or when fewer than four quarters are reported — a partial sum is not a trailing twelve months. Ownership & coverage per Yahoo Finance as of 2026-07-13 — institutional % is 13F-based, so it can lag a quarter and exceed 100% on share-count timing. Short interest per FINRA bi-monthly reporting, as of 2026-06-29; the float denominator can be unreliable on tiny floats.
Financial statements
| 3/31/26 | 12/31/25 | 9/30/25 | 6/30/25 | |
|---|---|---|---|---|
| Total Revenue | 9.58 | 9.24 | 8.69 | 7.38 |
| Revenue YoY % | 42.6% | 31.2% | 32.6% | 20.2% |
| Cost of Revenue | 1.22 | 1.07 | 1.22 | 0.94 |
| Gross Profit | 8.36 | 8.17 | 7.47 | 6.44 |
| Gross Profit YoY % | 46.6% | 35.0% | 36.1% | 21.5% |
| Gross Margin % | 87.3% | 88.4% | 86.0% | 87.3% |
| SG&A | 12.94 | 10.19 | 9.69 | 9.44 |
| R&D | — | — | 0.66 | 0.51 |
| Operating Expense | 13.68 | 11.11 | 10.35 | 9.95 |
| Operating Income | (5.32) | (2.94) | (2.88) | (3.51) |
| Operating Income YoY % | (39.1%) | 4.2% | (8.8%) | (35.3%) |
| Operating Margin % | (55.5%) | (31.8%) | (33.2%) | (47.5%) |
| EBITDA | (5.29) | (2.83) | — | — |
| EBITDA Margin % | (55.2%) | (30.7%) | — | — |
| Interest Expense | 0.00 | 0.00 | 0.00 | 0.00 |
| Other Income / (Expense) | — | — | (0.52) | — |
| Pretax Income | (5.59) | (2.98) | (3.40) | (3.67) |
| Tax Provision | (0.32) | 0.05 | 0.00 | 0.00 |
| Net Income | (5.27) | (3.04) | (3.40) | (3.67) |
| Net Margin % | (55.0%) | (32.8%) | (39.2%) | (49.7%) |
| Diluted EPS | -$0.59 | -$0.34 | -$0.40 | -$0.44 |
| Basic EPS | -$0.59 | -$0.34 | -$0.40 | -$0.44 |
| Diluted Avg Shares | 9.0 | — | 8.4 | 8.3 |
| Basic Avg Shares | 9.0 | — | 8.4 | 8.3 |
| LTM | 12/31/25 | 12/31/24 | 12/31/23 | 12/31/22 | |
|---|---|---|---|---|---|
| Total Revenue | 34.90 | 32.03 | 25.18 | 16.03 | 8.59 |
| Revenue YoY % | 8.9% | 27.2% | 57.1% | 86.6% | — |
| Cost of Revenue | 4.45 | 4.24 | 3.79 | 2.80 | 1.62 |
| Gross Profit | 30.45 | 27.79 | 21.40 | 13.23 | 6.98 |
| Gross Profit YoY % | 9.6% | 29.9% | 61.8% | 89.6% | — |
| Gross Margin % | 87.2% | 86.8% | 85.0% | 82.5% | 81.2% |
| SG&A | 42.26 | 38.21 | 31.20 | 27.17 | 24.33 |
| R&D | — | — | 2.36 | 5.32 | 5.52 |
| Operating Expense | 45.09 | 40.94 | 33.56 | 32.49 | 29.85 |
| Operating Income | (14.65) | (13.15) | (12.16) | (19.27) | (22.87) |
| Operating Income YoY % | (11.4%) | (8.1%) | 36.9% | 15.8% | — |
| Operating Margin % | (42.0%) | (41.1%) | (48.3%) | (120.2%) | (266.2%) |
| EBITDA | (14.28) | (12.65) | (11.40) | (18.31) | (22.33) |
| EBITDA Margin % | (40.9%) | (39.5%) | (45.3%) | (114.2%) | (259.8%) |
| Interest Expense | 0.01 | 0.01 | 0.02 | — | 0.00 |
| Other Income / (Expense) | (0.99) | (0.80) | — | — | — |
| Pretax Income | (15.65) | (13.96) | (11.98) | (19.02) | (22.59) |
| Tax Provision | (0.27) | 0.00 | (0.09) | (0.19) | (0.43) |
| Net Income | (15.38) | (13.97) | (11.89) | (18.83) | (22.16) |
| Net Margin % | (44.1%) | (43.6%) | (47.2%) | (117.5%) | (257.9%) |
| Diluted EPS | -$1.77 | -$1.65 | -$1.59 | -$3.42 | -$4.69 |
| Basic EPS | -$1.77 | -$1.65 | -$1.59 | -$3.42 | -$4.69 |
| Diluted Avg Shares | 9.0 | 8.5 | 7.5 | 5.5 | 4.7 |
| Basic Avg Shares | 9.0 | 8.5 | 7.5 | 5.5 | 4.7 |
| 3/31/26 | 12/31/25 | 9/30/25 | 6/30/25 | |
|---|---|---|---|---|
| Cash & Equivalents | 4.85 | 7.04 | 7.86 | 3.37 |
| Short-term Investments | 3.98 | 4.58 | 5.09 | 3.77 |
| Receivables | 0.87 | 1.03 | 1.48 | 0.81 |
| Inventory | 1.98 | 1.63 | 1.21 | 1.43 |
| Other Current Assets | 0.85 | 1.40 | 1.71 | 1.17 |
| Total Current Assets | 12.53 | 15.67 | 17.35 | 10.56 |
| Net PPE | 0.36 | 0.38 | 0.19 | 0.20 |
| Operating Lease ROU | 2.54 | 2.56 | 3.63 | 3.66 |
| Total Assets | 15.48 | 18.67 | 21.41 | 14.56 |
| Accounts Payable | 2.17 | 2.71 | 3.07 | 2.57 |
| Current Lease Liabilities | 0.38 | 0.38 | 0.47 | 0.41 |
| Other Current Liabilities | 9.76 | 8.26 | 8.61 | 6.65 |
| Total Current Liabilities | 12.31 | 11.35 | 12.14 | 9.62 |
| Long-term Debt | 6.44 | 6.61 | 6.53 | — |
| Long-term Lease Liabilities | 2.42 | 2.42 | 3.82 | 3.83 |
| Total Liabilities | 21.17 | 20.38 | 22.48 | 13.45 |
| Retained Earnings | (196.33) | (191.06) | (188.02) | (184.62) |
| Total Equity | (5.69) | (1.71) | (1.07) | 1.11 |
| LTM | 12/31/25 | 12/31/24 | 12/31/23 | 12/31/22 | |
|---|---|---|---|---|---|
| Cash & Equivalents | 4.85 | 7.04 | 3.45 | 10.33 | 17.71 |
| Short-term Investments | 3.98 | 4.58 | 8.52 | — | — |
| Receivables | 0.87 | 1.03 | 1.37 | 0.72 | 0.40 |
| Inventory | 1.98 | 1.63 | 1.68 | 2.16 | 1.98 |
| Other Current Assets | 0.85 | 1.40 | 1.29 | 1.09 | 1.08 |
| Total Current Assets | 12.53 | 15.67 | 16.30 | 14.29 | 21.17 |
| Net PPE | 0.36 | 0.38 | 0.16 | 0.20 | 0.05 |
| Operating Lease ROU | 2.54 | 2.56 | 3.74 | 0.50 | 0.56 |
| Other Assets | — | — | — | 1.10 | 2.97 |
| Total Assets | 15.48 | 18.67 | 20.47 | 16.10 | 24.76 |
| Accounts Payable | 2.17 | 2.71 | 1.83 | 2.16 | 2.13 |
| Current Lease Liabilities | 0.38 | 0.38 | 0.36 | 0.09 | 0.07 |
| Other Current Liabilities | 9.76 | 8.26 | 6.96 | 5.87 | 4.84 |
| Total Current Liabilities | 12.31 | 11.35 | 9.15 | 8.12 | 7.04 |
| Long-term Debt | 6.44 | 6.61 | — | — | — |
| Long-term Lease Liabilities | 2.42 | 2.42 | 3.77 | 0.54 | 0.62 |
| Total Liabilities | 21.17 | 20.38 | 12.93 | 8.66 | 7.67 |
| Retained Earnings | (196.33) | (191.06) | (177.09) | (165.20) | (146.37) |
| Total Equity | (5.69) | (1.71) | 7.54 | 7.44 | 17.09 |
| 3/31/26 | 12/31/25 | 9/30/25 | 6/30/25 | |
|---|---|---|---|---|
| Net Income | (5.27) | (3.04) | (3.40) | (3.67) |
| D&A | 0.02 | 0.11 | — | — |
| Stock-Based Comp | 1.04 | 0.47 | 0.41 | 0.51 |
| Δ Working Cap & Other | 1.21 | 0.92 | 1.32 | 2.54 |
| Operating Cash Flow | (3.01) | (1.54) | (1.67) | (0.62) |
| CapEx | (0.00) | 0.00 | (0.00) | (0.03) |
| Other Investing | 0.60 | 0.52 | (1.32) | — |
| Investing Cash Flow | 0.60 | 0.52 | (1.33) | 0.18 |
| Debt Issuance | — | 0.00 | — | — |
| Other Financing | — | — | 7.48 | — |
| Financing Cash Flow | 0.23 | (0.04) | 7.48 | 0.00 |
| Effect of FX on Cash | (0.00) | (0.01) | (0.01) | 0.03 |
| Free Cash Flow | (3.01) | (1.54) | (1.67) | (0.65) |
| LTM | 12/31/25 | 12/31/24 | 12/31/23 | 12/31/22 | |
|---|---|---|---|---|---|
| Net Income | (15.38) | (13.97) | (11.89) | (18.83) | (22.16) |
| D&A | 0.37 | 0.50 | 0.76 | 0.96 | 0.55 |
| Stock-Based Comp | 2.43 | 1.93 | 1.87 | 1.70 | 2.68 |
| Δ Working Cap & Other | 5.75 | 3.35 | 2.31 | 1.51 | 2.29 |
| Operating Cash Flow | (6.84) | (8.19) | (6.95) | (14.67) | (16.64) |
| CapEx | (0.03) | (0.07) | — | (0.21) | — |
| Other Investing | — | 3.94 | (8.52) | — | — |
| Investing Cash Flow | (0.03) | 3.88 | (8.52) | (0.21) | — |
| Debt Issuance | — | 7.50 | — | — | — |
| Stock Issuance | — | — | — | 8.14 | — |
| Other Financing | 7.68 | — | 8.44 | (0.66) | — |
| Financing Cash Flow | 7.68 | 7.63 | 8.44 | 7.49 | — |
| Effect of FX on Cash | 0.01 | 0.02 | 0.15 | — | — |
| Free Cash Flow | (6.87) | (8.25) | — | (14.87) | — |
| 3/31/26 | 12/31/25 | 9/30/25 | 6/30/25 | |
|---|---|---|---|---|
| Current Ratio | 1.02 | 1.38 | 1.43 | 1.10 |
| Quick Ratio | 0.86 | 1.24 | 1.33 | 0.95 |
| Debt / Equity | -3.72 | -11.92 | -20.96 | 12.08 |
| EBITDA Margin % | (55.2%) | (30.7%) | — | — |
| Working Capital | 0.21 | 4.32 | 5.21 | 0.94 |
| Net Debt | 1.58 | (0.43) | (1.33) | — |
| ROE % | 92.7% | 177.6% | 317.3% | (329.8%) |
| ROA % | (34.0%) | (16.3%) | (15.9%) | (25.2%) |
| LTM | 12/31/25 | 12/31/24 | 12/31/23 | 12/31/22 | |
|---|---|---|---|---|---|
| Current Ratio | 1.02 | 1.38 | 1.78 | 1.76 | 3.01 |
| Quick Ratio | 0.86 | 1.24 | 1.60 | 1.49 | 2.72 |
| Debt / Equity | -3.72 | -11.92 | 1.71 | 1.16 | 0.45 |
| EBITDA Margin % | (40.9%) | (39.5%) | (45.3%) | (114.2%) | (259.8%) |
| Working Capital | 0.21 | 4.32 | 7.15 | 6.17 | 14.13 |
| Net Debt | 1.58 | (0.43) | — | — | — |
| ROE % | 270.4% | 817.2% | (157.6%) | (253.1%) | (129.7%) |
| ROA % | (99.4%) | (74.8%) | (58.1%) | (117.0%) | (89.5%) |
Insider activity (last 2 years)
| Date Filed | Reporter | Relationship | Trans. Date | Code | Shares | Price | Total Value |
|---|---|---|---|---|---|---|---|
| 2026-05-26 | Errico Thomas J. | Director | 2026-05-21 | P | 9,992 | $5.99 | $59,852 |
| 2026-05-26 | Errico Thomas J. | Director | 2026-05-20 | L | 8 | $5.98 | $48 |
| 2026-05-22 | Lev Joshua S. | Officer (CFO and Interim President) | 2026-05-22 | S | (3,000) | $6.50 | -$19,500 |
| 2026-04-14 | Fox Michael | Officer (Chief Operating Officer) | 2026-04-13 | A | 70,000 | — | $0 |
| 2026-04-14 | Goldberger Daniel S | Other (Former Officer and Director) | 2026-04-10 | S | (16,072) | $6.02 | -$96,753 |
| 2026-04-01 | Lev Joshua S. | Officer (CFO and Interim President) | 2026-04-01 | A | 45,000 | — | $0 |
| 2026-03-20 | Errico Thomas J. | Director | 2026-03-19 | X | 22,803 | $4.35 | $99,193 |
| 2026-03-20 | Errico Thomas J. | Director | 2026-03-19 | X | 19,252 | $6.43 | $123,790 |
| 2026-03-20 | Errico Thomas J. | Director | 2026-03-19 | X | 22,803 | — | $0 |
| 2026-03-20 | Errico Thomas J. | Director | 2026-03-19 | X | 19,252 | — | $0 |
| 2026-01-28 | Lev Joshua S. | Officer (Chief Financial Officer) | 2026-01-26 | A | 2,889 | — | $0 |
| 2026-01-28 | Lev Joshua S. | Officer (Chief Financial Officer) | 2026-01-26 | A | 25,000 | — | $0 |
| 2026-01-28 | Goldberger Daniel S | Director, Officer (Chief Executive Officer) | 2026-01-26 | A | 20,375 | $7.47 | $152,201 |
| 2026-01-28 | Goldberger Daniel S | Director, Officer (Chief Executive Officer) | 2026-01-26 | A | 26,000 | — | $0 |
| 2025-12-05 | Lev Joshua S. | Officer (Chief Financial Officer) | 2025-12-04 | S | (2,500) | $5.05 | -$12,625 |
| 2025-12-03 | Goldberger Daniel S | Director, Officer (Chief Executive Officer) | 2025-12-02 | P | 1,000 | $4.84 | $4,840 |
| 2025-11-14 | Lev Joshua S. | Officer (Chief Financial Officer) | 2025-11-12 | S | (2,166) | $6.18 | -$13,386 |
| 2025-09-12 | Bonfiglioli Elena | Director | 2025-09-10 | A | 30,549 | — | $0 |
| 2025-09-04 | Wilber Patricia | Director | 2025-09-02 | A | 19,011 | — | $0 |
| 2025-09-04 | Goldstein Julie Ann | Director | 2025-09-02 | A | 19,011 | — | $0 |
| 2025-09-04 | Errico Thomas J. | Director | 2025-09-02 | A | 26,615 | — | $0 |
| 2025-09-04 | GANDOLFO JOHN P | Director | 2025-09-02 | A | 19,011 | — | $0 |
| 2025-09-04 | PATTON THOMAS M | Director | 2025-09-02 | A | 19,011 | — | $0 |
| 2025-08-13 | Errico Thomas J. | Director | 2025-08-11 | P | 15,000 | $4.47 | $67,050 |
| 2025-08-12 | Goldberger Daniel S | Director, Officer (Chief Executive Officer) | 2025-08-11 | P | 1,000 | $4.23 | $4,230 |
| 2025-08-05 | Theofilos James Charles | Director | 2025-08-01 | A | 22,156 | — | $0 |
| 2025-05-27 | GANDOLFO JOHN P | Director | 2025-05-23 | P | 1,800 | $5.01 | $9,018 |
| 2025-05-13 | Errico Thomas J. | Director | 2025-05-12 | P | 10,000 | $4.77 | $47,735 |
| 2025-03-18 | Goldberger Daniel S | Director, Officer (Chief Executive Officer) | 2025-03-17 | P | 1,000 | $8.59 | $8,590 |
| 2025-03-17 | Errico Thomas J. | Director | 2025-03-17 | P | 6,000 | $8.10 | $48,585 |
| 2025-01-21 | Goldberger Daniel S | Director, Officer (Chief Executive Officer) | 2025-01-18 | A | 40,000 | — | $0 |
| 2025-01-17 | Lev Joshua S. | Officer (Chief Financial Officer) | 2025-01-15 | A | 10,000 | — | $0 |
| 2024-09-05 | Goldstein Julie Ann | Director | 2024-09-03 | A | 19,845 | — | $0 |
| 2024-09-05 | CUNEO F PETER | Director | 2024-09-03 | A | 27,783 | — | $0 |
| 2024-09-05 | Errico Thomas J. | Director | 2024-09-03 | A | 16,583 | — | $0 |
| 2024-09-05 | Wilber Patricia | Director | 2024-09-03 | A | 16,583 | — | $0 |
| 2024-09-05 | GANDOLFO JOHN P | Director | 2024-09-03 | A | 16,583 | — | $0 |
| 2024-09-05 | PATTON THOMAS M | Director | 2024-09-03 | A | 16,583 | — | $0 |
| 2024-09-05 | Theofilos Charles Steve | Director | 2024-09-03 | A | 16,582 | — | $0 |
| 2024-08-19 | Errico Thomas J. | Director | 2024-08-15 | P | 5,000 | $6.12 | $30,595 |
| 2024-07-15 | CUNEO F PETER | Director | 2024-07-11 | A | 50,000 | — | $0 |
| 2024-06-17 | GANDOLFO JOHN P | Director | 2024-06-13 | P | 1,000 | $6.43 | $6,430 |
| 2024-06-07 | Theofilos Charles Steve | Director | 2024-06-05 | P | 385,059 | — | $0 |
| 2024-06-07 | Theofilos Charles Steve | Director | 2024-06-05 | P | 770,119 | — | $0 |
| 2024-06-07 | Errico Thomas J. | Director | 2024-06-05 | A | 38,505 | $6.43 | $247,587 |
| 2024-06-07 | Errico Thomas J. | Director | 2024-06-05 | P | 19,252 | $0.06 | $1,203 |
| 2024-06-06 | Wilber Patricia | Director | 2024-06-05 | A | 6,931 | $6.43 | $44,566 |
| 2024-06-06 | Wilber Patricia | Director | 2024-06-05 | P | 3,465 | $0.06 | $217 |
| 2024-06-06 | Goldstein Julie Ann | Director | 2024-06-05 | A | 7,701 | $6.43 | $49,517 |
| 2024-06-06 | Goldstein Julie Ann | Director | 2024-06-05 | P | 3,850 | $0.06 | $241 |
| 2024-06-06 | PATTON THOMAS M | Director | 2024-06-05 | A | 7,701 | $6.43 | $49,517 |
| 2024-06-06 | PATTON THOMAS M | Director | 2024-06-05 | P | 3,850 | $0.06 | $241 |
| 2024-06-06 | Goldberger Daniel S | Director, Officer (Chief Executive Officer) | 2024-06-05 | P | 38,505 | $6.43 | $247,587 |
| 2024-06-06 | Goldberger Daniel S | Director, Officer (Chief Executive Officer) | 2024-06-05 | P | 19,252 | $0.06 | $1,203 |