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BioSig Technologies, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing reports that BioSig Technologies did not generate revenue in the third quarter of 2024, compared to $1,000 in the same period of 2023. The company has been focusing on its PURE EP System, which aims to provide enhanced signal clarity for cardiac arrhythmia procedures.
Research and development expenses decreased to $156,000 in the third quarter of 2024 from $1,145,000 in the same quarter of the previous year. This decrease is attributed to reduced payroll and consulting expenses.
General and administrative expenses were $2,763,000 for the third quarter of 2024, slightly down from $2,815,000 in the third quarter of 2023. The decrease is primarily due to reduced professional service fees and consulting costs.
The company reported a net loss of $1,914,000 for the third quarter of 2024, compared to a net loss of $4,050,000 in the third quarter of 2023. The reduction in net loss is largely due to a gain on settlement and forgiveness of accounts payable.
As of September 30, 2024, BioSig Technologies had $615,000 in cash and a working capital deficit of $853,000. The company used $4,284,000 in cash for operating activities during the first nine months of 2024.
BioSig Technologies continues to face liquidity challenges and has raised concerns about its ability to continue as a going concern. The company plans to address these challenges by seeking additional financing and exploring strategic partnerships.
The filing also details ongoing efforts to regain compliance with Nasdaq (NDAQ-0.10%) listing requirements. The company received a grace period until March 7, 2025, to meet the market value of listed securities requirement.
BioSig Technologies is pursuing an acquisition of assets from Neuro-Kinesis Corporation, which could provide additional cash resources. The acquisition is subject to due diligence and shareholder approval.
Legal proceedings include a lawsuit filed by a former employee seeking damages related to stock award agreements. BioSig Technologies intends to contest the allegations vigorously.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the BioSig Technologies Inc. quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.