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Helius Medical Technologies Inc. (HSDT-0.25%) has filed its annual report on Form 10-K for the fiscal year ended December 31, 2024 filing.
The filing reports that Helius Medical Technologies Inc. has continued its focus on the commercialization of its Portable Neuromodulation Stimulator (PoNS) device in the United States and Canada. The company began accepting prescriptions for PoNS in the U.S. in the first quarter of 2022, with commercial sales commencing in April 2022.
The PoNS device is authorized for sale in Canada for three indications, including treatment of chronic balance deficit due to mild-to-moderate traumatic brain injury, gait deficit due to mild and moderate symptoms from multiple sclerosis (MS), and gait deficit due to mild and moderate symptoms from stroke. In the U.S., the device is authorized for use as a short-term treatment of gait deficit due to mild-to-moderate symptoms of MS.
For the year ended December 31, 2024, Helius reported total revenue of $520,000, a decrease from $644,000 in the prior year. The decrease in revenue was primarily attributed to a decrease in unit volumes for U.S. sales of PoNS systems.
The company reported an operating loss of $13.9 million for the year, compared to an operating loss of $12.4 million in the prior year. Net loss for the year was $11.7 million, compared to a net loss of $8.9 million in the prior year.
Helius Medical Technologies Inc. continues to seek additional funding to support its operations and has raised capital through public offerings and warrant exercises. The company reported cash and cash equivalents of $1.1 million as of December 31, 2024.
The company is pursuing commercial insurance coverage for PoNS within the Durable Medical Equipment benefit category and has received Healthcare Common Procedure Coding System (HCPCS) codes for the PoNS controller and mouthpiece, effective April 1, 2024.
Helius Medical Technologies Inc. acknowledges the challenges it faces, including the need for additional financing to continue operations and the uncertainty of achieving profitable operations in the near term.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Helius Medical Technologies Inc. annual 10-K report dated March 25, 2025. To report an error, please email earnings@qz.com.