Envoy Medical is a pre-revenue medical device company developing the Acclaim CI, a fully implanted cochlear implant targeting adults with severe-to-profound sensorineural hearing loss. Unlike all existing cochlear implants on the market, which require an external processor worn on or behind the ear, the Acclaim CI places every component — sensor, processor, and battery — entirely inside the body. This allows patients to hear continuously, including while sleeping, showering, or swimming, without visible hardware. Envoy Medical sells to hospitals and surgical centers, where specialist surgeons implant the device. Management targets a selling price of roughly $30,000 per implant, a modest premium to existing devices. Revenue events are infrequent: primary revenue comes at implantation, with battery replacement surgery expected only every 8-12 years. The company also holds the Esteem, an FDA-approved fully implanted middle ear implant, but that product generates only nominal revenue due to unfavorable reimbursement classification. The entire business is organized around obtaining FDA approval for the Acclaim CI, which management targets for late 2027 or early 2028. The Acclaim CI is currently in a pivotal clinical trial, with all 56 patients enrolled as of March 2025. Until approval is received, Envoy Medical has no meaningful revenue and depends on capital raises to fund operations.