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Autonomix Medical, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing a net loss of $2.8 million for the three months ended September 30, 2024, compared to a net loss of $6.0 million in the same period the previous year.
General and administrative expenses increased to $1.7 million from $0.8 million in the same quarter of the previous year, primarily due to increased compensation and benefits, stock-based compensation, and insurance expenses.
Research and development expenses rose to $1.2 million from $0.5 million in the same quarter of the previous year, attributed to clinical trial and product development costs.
The company reported no revenue for the quarter, consistent with its status as a pre-revenue, clinical stage life sciences company.
Cash and cash equivalents decreased to $5.2 million as of September 30, 2024, from $8.6 million as of March 31, 2024.
The company estimates its current cash resources are sufficient to fund operations into, but not beyond, the second calendar quarter of 2025.
The filing details a reverse stock split at a ratio of 1-for-20, effective October 24, 2024, to maintain compliance with Nasdaq listing requirements.
Autonomix Medical entered into a license agreement with RF Innovations, Inc. for the Apex 6 Radiofrequency Generator, issuing 12,500 unregistered shares as consideration.
The company acknowledges substantial doubt about its ability to continue as a going concern within one year after the date of the financial statements, citing the need for additional capital to execute its business plan.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Autonomix Medical Inc. quarterly 10-Q report dated November 8, 2024. To report an error, please email earnings@qz.com.