October 29th 2025
CARMAT announces postponing the publication of its 2025 interim financial report (six months ended June 30, 2025)
Paris, October 29, 2025 – 7:30 am (CET)
CARMAT (FR0010907956, ALCAR), designer and developer of the world’s most advanced total artificial heart, aiming to provide a therapeutic alternative for people suffering from advanced biventricular heart failure (the “Company” or “CARMAT”), today announces postponing the publication of its 2025 interim financial report (six months ended June 30, 2025).
Reminder on the ongoing receivership procedure
CARMAT has been under receivership procedure since July 1, 2025.
During a hearing on September 30, 2025, the Versailles Economic Court[1] (the “Court”) had acknowledged that the only take-over-bid within the context of a sales plan which had been received, had lapsed. Given this, the judiciary administrator had submitted to the Court a request aiming at converting the receivership into a liquidation procedure, which was reviewed by the Court during a hearing held on October 14, 2025.
During this hearing, the Court decided to postpone the review of this request aiming at converting the receivership into a liquidation procedure, until November 25, 2025.
Consequently, the on-going receivership procedure continues and a new bidding process was initiated by the judiciary administrator. New bids (the “New Bids”) can be submitted until November 3, 2025. If any, they should be reviewed by the Court during a hearing scheduled on Novembre 25, 2025.
The Company draws attention to the fact that there is no guarantee at this stage that New Bids will be submitted and then validated by the Court following the hearing scheduled on November 25, 2025. If no New Bid is successful, it is almost certain that CARMAT will be liquidated (under the rules applicable to judicial liquidations) and its operations will stop. In such a case, it is highly probable that the shareholders will lose the total value of their investment, while a major part of CARMAT’s creditors will incur a very significant loss of up to the total value of their receivables.
Conversely, if a New Bid is ultimately validated by the Court, all or part of CARMAT’s operations could continue either within CARMAT or as part of another legal entity. If operations continue as part of another legal entity, CARMAT will be liquidated (under the rules applicable to judicial liquidations), and given CARMAT’s level of liabilities, it is highly probable that also in that case, its shareholders will lose the total value of their investment, while a major part of CARMAT’s creditors will incur a very significant loss of up to the total value of their receivables.
It is reminded that should CARMAT be liquidated, the Company would request the delisting of its shares from Euronext.
Postponement of the publication of the 2025 interim financial report (6 months ended June 30, 2025)
In this context, the Board of directors considered, following its meeting held on October 28, 2025, that it was not in position to sign-off[2] the 2025 interim financial report, given the very high degree of uncertainty regarding the future of the Company, which did not allow them, at this stage, to assess whether applying the going concern basis is appropriate or not.
As a result of this, the publication of the 2025 interim financial report (six months ended June 30, 2025), originally scheduled on October 31, 2025, is postponed to a later date. Any future decision about this matter will depend on the evolution of the Company’s situation.
Trading of CARMAT shares (ISIN code: FR0010907956, Ticker: ALCAR) remains suspended.
Another press release will be issued by the Company after the deadline set for the submission of the bids, namely November 3, 2025.
In the meantime, in order to contain its cash-burn, CARMAT limits its operations to the minimum, focusing on support to patients currently benefitting from Aeson®.
In any case, the support to these patients is CARMAT’s priority, so the Company endeavors for this continuous support to get provided even if CARMAT is liquidated and its operations stop
[1] Tribunal des Activités Economiques de Versailles.
[2] « arrêter les comptes ».