How does the company's cash burn and runway look relative to its recent financing activities?

Cash‑burn vs. financing: In the Q2‑2025 release Perimeter disclosed that cash and cash equivalents stood at roughly $12 million at quarter‑end, down from $18 million a year earlier. Adjusted operating cash‑outflow was approximately $4.2 million for the quarter, implying a burn rate of $1.4 million per month. The company disclosed a $7 million equity financing completed in May 2025 (a mix of a private placement and a public offering) that was earmarked for product commercialization, regulatory milestones and working‑capital needs. At the current burn, the post‑financing cash balance gives the firm ~8‑9 months of runway—a modest improvement over the ~6‑month runway it faced before the financing, but still relatively tight for a commercial‑stage device maker that must fund clinical trials, sales‑force expansion and ongoing R&D.

Trading implications: The extended runway reduces immediate liquidity risk, which should temper short‑term downside pressure and may support the stock’s near‑term price stability. However, the high burn‑rate relative to a modest cash base leaves the company vulnerable to any slowdown in revenue ramp‑up or additional cash needs (e.g., unexpected regulatory costs). Traders should watch for: (1) updates on the first‑quarter 2026 product shipments and any revenue acceleration that could lengthen the runway; (2) potential follow‑on equity or debt raises, which could dilute shareholders and create volatility; and (3) the stock’s technical picture—currently trading near the 50‑day moving average with modest upside momentum but limited upside cushion if cash‑flow concerns resurface. In practice, a long‑biased position may be justified if the company hits its commercialization milestones, while a tight stop below the recent support level (~$1.30) would protect against a sudden liquidity‑driven sell‑off.