Anteris Technologies Global Corp. reported first-quarter 2026 net operating cash outflows of $28.7 million, as the company stepped up spending around its global pivotal Paradigm trial and manufacturing scale-up.
Research and development expenses totaled $17.5 million in the quarter, driven by process design and validation work, expanded headcount, clinical costs tied to patient enrolment, and a larger field-based clinical team. The company said those costs were partly offset by lower DurAVR THV product research spending.
The quarter was marked by a $320 million capital raise completed in January 2026, providing funding for the Paradigm trial and the company’s push toward commercialization of the DurAVR THV system.
Operationally, Anteris said recruitment in the Paradigm trial advanced in Europe during the quarter, with additional countries and sites being activated. After quarter-end, U.S. enrolment began, adding a new source of trial momentum. The company also said clinical centers moved through ethics and regulatory approvals, site initiation visits and investigator training while patient screening and enrolment continued at activated sites.
In the U.S., Anteris highlighted a recent CMS coverage determination covering eligible procedures performed at participating study sites under the TAVR national coverage determination 20.32, which it said should support recruitment by improving reimbursement and site adoption.
Anteris also pointed to clinical presentations at Cardiovascular Research Technologies 2026 and Sydney Valves 2026, where it shared data from the ongoing Embark study and U.S. early feasibility study.
The company said the Paradigm trial is now enrolling in Europe and the U.S. and is designed to study about 1,000 patients in a randomized cohort. The market has reacted to these announcements by moving the company's shares -0.75% to a price of $6.65. For the full picture, make sure to review Anteris Technologies Global's 8-K report.
