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Firefly Neuroscience Inc. (AIFF-0.33%) has submitted its annual report on Form 10-K for the fiscal year ended December 31, 2024 filing.
The filing details the company's financial performance, including a reported revenue of $108,000, a decrease from $498,000 in the previous year. This decline is attributed to the recognition of deferred revenue in 2023.
Research and development expenses increased to $1,954,000 from $741,000, reflecting investments in the development of the BNA Platform and additional internal resources.
Selling and marketing expenses rose to $1,201,000 from $639,000, driven by increased marketing efforts and professional services related to brand awareness.
General and administrative expenses were $6,113,000, up from $2,196,000, due to costs associated with the merger, legal fees, and public company expenses.
The company reported an impairment charge of $874,000 related to an intangible asset no longer expected to be utilized.
Firefly Neuroscience reported a net loss of $10,458,000 for the year, compared to a loss of $2,602,000 in the previous year.
The company raised $6,299,000 in financing activities, primarily through convertible notes, compared to $4,643,000 in 2023.
Firefly Neuroscience continues to focus on the commercialization of its BNA Platform, targeting neurologists in the United States and collaborations with pharmaceutical companies.
The company acknowledges significant liquidity risks and the need for additional capital to support its operations and commercialization efforts.
Firefly Neuroscience's management is addressing material weaknesses in internal controls over financial reporting, with plans to implement remedial measures in 2025.
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. annual 10-K report dated April 3, 2025. To report an error, please email earnings@qz.com.