The quarter Anteris Technologies needed to clear turned out to be the quarter it cleared. The Brisbane/Minneapolis single-asset transcatheter heart valve company began U.S. patient enrollment in its global pivotal PARADIGM Trial in May, locked in U.S. Medicare reimbursement eligibility in April under the existing TAVR national coverage determination, secured French regulatory clearance in June, and reported cash, cash equivalents and restricted cash of $260.9 million at June 30 - up from $12.6 million six months earlier - after a $230 million underwritten offering in January, a $90 million private placement to Medtronic at the same price, and a $250 million at-the-market (ATM) program put in place in May. The Q2 2026 net loss of $28.8 million ($0.30 per share) was wider than the year-ago $21.1 million ($0.58 per share) on the smaller share count, but the per-share improvement reflects an entirely different mix: 97.3 million weighted-average shares now, against 36.1 million a year ago, after a January capital raise that added Medtronic as a strategic shareholder. The operating story was a pivot to the U.S. - R&D up 43% year-over-year, selling, general and administrative up 68% - running the global pivotal study the company has been promising the market since its 2024 IPO. The open question for the next six months is whether the U.S. recruitment clock moves fast enough to validate a PMA submission window, and whether the ATM program's quiet capacity is needed before the year is out. Management says existing cash covers at least 12 months of operating requirements.