Financial Analysis

10. Commitments and contingencies From time to time, we may have certain contingent liabilities that arise in the ordinary course of business. We accrue a liability for such matters when it is probable that future expenditures will be made, and such expenditures can be reasonably estimated. There have been no contingent liabilities requiring accrual or disclosure as of December 31, 2025 or December 31, 2024.

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11. Employee benefit plans We sponsor a voluntary defined-contribution employee retirement plan (the 401(k) plan) for our U.S. employees. The 401(k) plan provides that each participant may contribute pre-tax or post-tax compensation up to the statutory limit allowable. Under the 401(k) plan, each participant is fully vested in his or her deferred salary contributions when contributed. Beginning January 1, 2024, we adopted a policy to match a portion of employee contributions for all qualified employees participating in the 401(k) plan. We recorded an expense for matching contributions of $1.1 million for the years ended December 31, 2025 and 2024, respectively. …

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4. Debt Innovatus Loan Agreement On October 31, 2022, we entered into a Loan and Security Agreement (the Loan Agreement) with Innovatus Life Sciences Fund I, LP, as the collateral agent and a lender, allowing us to borrow, subject to our achievement of certain milestones, up to a total of $50.0 million in a series of term loans (collectively, the Term Loans). We had $50.0 million in outstanding Term Loans under the Loan Agreement as of December 31, 2025. The Loan Agreement initially required interest only payments through November 2027, followed by three monthly principal and interest payments, of which a principal payment of $16.7 million each is due in December 2027 and two principal payments of $16.7 million each are due in January 2028. As of December 31, 2025, a final payment of $2.3 million, equal to 4.5% of the original borrowed principal, was due in January 2028. The Term Loans bear interest at a floating rate per annum equal to the sum of (a) the greater of (i) the prime rate and (ii) 5.50%; plus (b) 2.65%. The Term Loans are secured by substantially all of our personal property. A performance covenant took effect upon the third tranche funding, requiring that we achieve 50% of the trailing twelve months revenue target set in the Board-approved revenue plan in effect for such period. The Loan Agreement requires the payment of certain penalties if the Term Loans are paid off prior to maturity for any reason, including pursuant to an acceleration clause, and includes v …

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7. Stock-based compensation Summary of plans and activity In June 2001, our Board of Directors and stockholders established the 2001 Stock Incentive Award Plan (2001 Plan). Under the 2001 Plan, as amended, 2,674,749 shares of common stock had been reserved for the issuance of incentive stock options granted to employees, non-employee directors, consultants, or independent contractors. Options granted under the 2001 Plan have vesting terms that range from the date of grant to four years and expire within a maximum term of 10 years from the grant date. In 2021, our Board of Directors and stockholders established the 2021 Equity Incentive Plan (2021 Plan). The number of shares of common stock initially reserved for issuance under the 2021 Plan was 1,854,490 newly reserved shares in addition to the 600,737 shares that remained available for issuance under the 2001 Plan. The shares available for issuance under the 2021 Plan automatically increase on the first day of each year, commencing January 1, 2022, and ending on (and including) January 1, 2031, in an amount equal to 5% of the total number of shares of our common stock outstanding on the last day of the calendar month before the date of each automatic increase, or such lesser number of shares as determined by the Board of Directors. The annual increase resulted in an additional 1,043,959 shares being reserved for issuance under the 2021 Plan as of January 1, 2024. The 2021 Plan provides for the issuance of stock options, stoc …

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8. Income taxes As of December 31, 2025 and 2024, a valuation allowance was recorded against all deferred tax assets due to our cumulative net loss position. The components of our loss from continuing operations before income taxes are as follows for the periods indicated: Year Ended December 31, (in thousands) 2025 2024 Domestic $ (53,324) $ (59,922) Foreign 12 Loss from continuing operations before taxes $ (53,324) $ (59,910) The components of our provision for income taxes are as follows for the periods indicated: Year Ended December 31, (in thousands) 2025 2024 Current Federal and state $ $ Foreign (18) 55 Total provision for income taxes $ (18) $ 55 The reconciliation of taxes at the federal statutory rate to our provision for income taxes are as follows for the periods indicated: Year Ended Year Ended December 31, December 31, 2025 2024 2025 2024 U.S. federal statutory tax rate $ (11,198) $ (12,581) 21.0 % 21.0 % State and local income taxes, net of federal income tax effect (1) (28) (26) 0.1 Foreign tax effects 3 5 Effect of cross-border tax laws 1 Tax credits (313) (550) 0.5 0.9 Changes in valuation allowances 10,152 11,930 (19.0) (19.9) Nontaxable or nondeductible items Share-based payment awards 1,008 874 (1.9) (1.5) Meals and entertainment 332 269 (0.7) (0.4) Changes in unrecognized tax benefits 26 133 (0.2) Total $ (18) $ 55 0.0 % (0.1) % As of December 31, 2025 and 2024, the U.S. federal corporate income tax rate of 21% was used as the applicable statutory rate. …

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5. Leases We lease 35,183 square feet of office space in Minneapolis, Minnesota, which houses our principal executive offices and our manufacturing facility. We lease this space under an operating lease agreement that commenced December 1, 2008, and was scheduled to expire August 31, 2024. On April 21, 2023, we extended the operating lease for our office space in Minneapolis, Minnesota for an additional 49 consecutive months through August 31, 2028. On November 7, 2023, we expanded our existing office space with the addition of 7,615 square feet of property adjacent to our principal executive offices and our manufacturing facility. On May 20, 2025, we further increased our office space by leasing an additional 3,678 square feet of the contiguous property. The term on this expanded property is for 40 consecutive months that will run concurrently with the term on the existing lease. We intend to add new facilities as we grow, and we believe that suitable additional or substitute space will be available as needed to accommodate any such expansion of our operations. Our operating lease agreement includes an option to renew for one additional period of three years . The exercise of the lease renewal option is at our sole discretion and was not included in the lease term for the calculation of the ROU asset and lease liability, as it is not reasonably certain of exercise. In addition to base rent, we also pay our proportionate share of operating expenses, as defined in the lease. T …

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Recent accounting pronouncements In December 2023, the FASB issued ASU 2023-09, Improvements to Income Tax Disclosures (ASU 2023-09), which requires public business entities to disclose specific categories in the rate reconciliation and provide additional information for reconciling items that meet a quantitative threshold. ASU 2023-09 is effective for annual periods beginning after December 15, 2024. This ASU was effective for our annual period ended December 31, 2025. The adoption was applied prospectively and primarily impacted income tax disclosure requirements. The adoption had no impact on our consolidated results of operations, financial position, or cash flow. In July 2025, the FASB issued ASU 2025-05, which provides targeted relief under Topic 326 for entities estimating expected credit losses on accounts receivable and contract assets arising from revenue transactions under ASC 606. The amendment introduces a practical expedient allowing entities to assume that current conditions as of the reporting date remain unchanged over the life of the asset. The standard is effective for fiscal years beginning after December 15, 2025, including interim periods within those fiscal years. We are currently evaluating the impact of this guidance on our consolidated financial statements and related disclosures. While the adoption is not expected to have a material impact, we will continue to assess the implications as part of our implementation planning. …

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12. Segment, geographic information and revenue disaggregation We have determined that we have a single reportable and operating segment structure. We have one business activity and there are no segment managers who are held accountable for operations, operating results or plans for levels or components below the consolidated unit level. Our chief operating decision maker is our Chief Executive Officer. Our Chief Executive Officer evaluates performance based primarily on revenue in the geographic locations in which we operate and consolidated net loss. The Chief Executive Officer reviews financial information presented on a consolidated basis, including consolidated net loss, accompanied by information about revenue by geographic region, for purposes of allocating resources and evaluating financial performance. Further, the financial information on expenses provided to the Chief Executive Officer is presented on a consolidated basis, as reported in the consolidated statements of operations and comprehensive loss in this Annual Report on Form 10-K. We derive all our revenues from sales to customers in Europe and the U.S. The following table provides revenue by country for each location accounting for more than 10% of the total revenue for the periods indicated: Year ended December 31, (in thousands) 2025 2024 U.S. $ 51,883 $ 47,167 Europe 4,768 4,125 $ 56,651 $ 51,292 As of December 31, 2025 and 2024, long-lived assets were located primarily in the U.S. …

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2. Summary of significant accounting policies Statement presentation and basis of consolidation The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (U.S. GAAP) and with the applicable rules and regulations of the U.S. Securities and Exchange Commission (SEC). The consolidated financial statements include the accounts of CVRx, Inc., and its wholly owned subsidiary, CVRx Switzerland LLC. All intercompany balances and transactions have been eliminated in consolidation. JOBS Act accounting election We are an emerging growth company under the Jumpstart Our Business Startups Act of 2012 (the JOBS Act). As a result, we have elected to take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not emerging growth companies. Use of estimates Preparation of the consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and the accompanying notes. Actual results could differ from those estimates. Cash and cash equivalents Cash and cash equivalents include highly liquid investments with an original maturity of three months or less. As of December 31, 2025 and 2024, cash equivalents consisted of money market funds, which are stated at cost and approximate fair value. Additionally, as …

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6. Stockholders equity We had common stock warrants exercisable for 102,718 shares of common stock upon conversion at a weighted average exercise price of $12.66 per share and 103,349 shares of common stock upon conversion at a weighted average exercise price of $12.92 per share outstanding at December 31, 2025 and 2024, respectively. Johnson & Johnson Innovation JJDC, Inc. had common stock warrants exercisable for 607,725 shares of our common stock with an exercise price of $0.16 per share that were all exercised through a net exercise transaction for 604,000 shares of common stock during the year ended December 31, 2024. At-the-Market (ATM) Offering In January 2024, we commenced an ATM offering, which allows us to issue and sell shares of our common stock having an aggregate offering price of up to $50.0 million. We issued 543,462 shares of common stock for gross proceeds of $9.5 million under the ATM offering during the year ended December 31, 2025. On November 4, 2025, we and the agent mutually agreed to terminate the Equity Distribution Agreement for the ATM, effective on November 6, 2025. …

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13. Subsequent events On January 9, 2026, we entered into an Amendment to our existing Loan Agreement. Pursuant to the Amendment, the terms loans available were increased by $50.0 million, to an aggregate principal amount of up to $100.0 million, subject to our achievement of certain milestones, and the maturity date was extended to 2031. On the closing date, we borrowed an additional $10.0 million under the Loan Agreement. On January 12, 2026, we entered into a Sale Agreement with Jefferies LLC, as agent. Pursuant to the terms of the Sale Agreement, we may offer and sell, from time to time at our sole discretion, shares of common stock having an aggregate offering price up to $50.0 million in an ATM offering, to or through the agent. We have evaluated subsequent events through the filing of this Form 10-K with the SEC, and determined that there have been no other events that have occurred that would require adjustments to our disclosures in the consolidated financial statements.

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