French artificial heart developer Carmat has filed for insolvency with the Versailles Economic Affairs Court.
The filing, announced yesterday, seeks to have the company placed into receivership. In addition to filing for insolvency, Carmat requested that Euronext suspend the trading of its ALCAE shares, effective June 30.
Carmat had warned in a June 20 news release that it was running out of cash and needed an additional €3.5 million by the end of June. To run as usual, Carmat requires roughly €35 million over the next 12 months, including roughly €20 million by the end of December 2025.
According to the company, it continues to actively explore all options to ensure the continuation of its business activities.
The news of imminent lack of cash comes just weeks after Carmat announced the first commercial implants of its Aeson artificial heart outside of the EU, with two procedures taking place in Israel.
The company brought in €7 million in revenue in 2024, with a net loss of more than €51 million, according to its annual report released in April. Carmat also warned of the need to raise funds at the time.
Founded in 2008, Carmat has had the ambition to make Aeson the first alternative to a heart transplant, providing a therapeutic solution to people suffering from end-stage biventricular heart failure. According to the company, Aeson is a physiological artificial heart that is highly hemocompatible, pulsatile and self-regulated, with an ergonomic and portable external power supply system.
