Anteris Technologies Global Corp. (ATGC) is a structural heart company focused on developing the DurAVR THV System for aortic stenosis, a novel biomimetic transcatheter heart valve. The DurAVR THV System utilizes proprietary ADAPT anti-calcification tissue, clinically demonstrated to be calcium-free for up to 10 years in other indications, and the ComASUR Delivery System for precise valve placement. As of December 2025, over 130 patients worldwide have been implanted with the DurAVR THV, showing promising early clinical and echocardiographic outcomes, including single-digit mean gradients, large effective orifice areas (EOAs), and 97% freedom from prosthesis-patient mismatch (PPM) in a pooled analysis of 100 patients. The global pivotal PARADIGM Trial formally initiated in October 2025 with the first European regulatory approval in Denmark and subsequent patient enrollment and treatment. In November 2025, the FDA granted Investigational Device Exemption (IDE) approval for the PARADIGM Trial, authorizing staged enrollment of the first 200 patients in the United States. The company reported a net loss of $94.2 million for the year ended December 31, 2025, an increase from $76.0 million in 2024. Research and development (R&D) expenses increased by 34% to $69.1 million in 2025, driven by manufacturing upscaling, quality capabilities, and PARADIGM Trial preparatory activities. Net sales decreased by 29% to $1.9 million in 2025, primarily due to the expiration of the LeMaitre Transition Services Agreement in January 2025. Subsequent to year-end, in January 2026, Anteris completed a public offering raising $230.0 million and a private placement with Medtronic plc raising $90.0 million, significantly strengthening its capital position. The company identified material weaknesses in its internal control over financial reporting for 2025 and 2024, related to a lack of appropriately designed procedures and controls, and deficiencies in segregation of duties, with remediation efforts ongoing.