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Firefly Neuroscience, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing indicates that Firefly Neuroscience, Inc. was formerly known as WaveDancer, Inc. before a merger on August 12, 2024. The merger led to a name change and a reverse stock split at a ratio of 1-for-3.
For the three months ended September 30, 2024, Firefly reported revenue of $33,000, an increase from $23,000 in the same period the previous year. This increase is attributed to more customer BNA scans and initial revenue from a clinical study.
Research and development expenses rose to $878,000 from $392,000 in the same quarter last year, primarily due to management options vesting and additional internal resources.
Selling and marketing expenses increased to $431,000 from $95,000, driven by management options vesting, additional resources, and marketing services related to being a public company.
General and administration expenses were $2,992,000, up from $183,000, due to management options vesting, warrant costs, consulting agreements, legal fees, and public company costs.
The company reported an operating loss of $4,268,000 for the quarter, compared to $647,000 in the previous year.
For the nine months ended September 30, 2024, revenue was $55,000, a decrease from $479,000 in the previous year, primarily due to the recognition of deferred revenue in 2023.
Research and development expenses for the nine-month period were $1,517,000, up from $712,000, due to management options vesting and additional resources.
Selling and marketing expenses for the nine-month period increased to $973,000 from $399,000, driven by management options vesting, additional resources, and branding initiatives.
General and administration expenses for the nine-month period were $4,183,000, up from $879,000, due to management options vesting, warrant costs, consulting agreements, legal fees, and public company costs.
Firefly Neuroscience, Inc. highlighted its plans to commercialize its BNA Platform in the first half of 2025, targeting neurologists in the United States and collaborating with pharmaceutical companies.
The company noted substantial doubt about its ability to continue as a going concern, citing an accumulated deficit and negative cash flow from operations.
The filing also details various financial activities, including a private placement transaction and strategic investment agreements, aimed at strengthening the company's liquidity.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Firefly Neuroscience Inc. quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.