General Investor Information EBR Systems, page-246

Just a theory, absolutely no proof whatsoever -
Many health stocks have continued on their merry way higher, even if there's been an overall falling away of the overall market. IMO the investors/speculators etc that have made (and probably are continuing to make) money from such investments have combed the health sector for likely future candidates - and obviously EBR fits right into that category.
It remains a highly discounted opportunity, just counting down the days towards FDA submission. At some point it will likely go through a significant rerating, but thats probably still some time away, lnowing that the FDA submission is anticipated for 3Q 24.