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NeuroOne Medical Technologies Corporation (NMTC-0.97%) has submitted its Form 10-K filing for the fiscal year ended September 30, 2024.
The filing reports that NeuroOne, a medical technology company, focuses on developing and commercializing thin film electrode technology for various neurological disorders including epilepsy and Parkinson’s disease.
The company has received FDA 510(k) clearance for three devices: Evo cortical electrode technology, Evo sEEG electrode technology, and the OneRF ablation system.
NeuroOne reported product revenue of $3.5 million for the fiscal year, with a gross profit of $1.1 million, an increase from $2.0 million in product revenue the previous year.
The company recorded a net loss of $12.3 million for the year, compared to a net loss of $11.9 million in the prior year.
Selling, general, and administrative expenses increased to $7.9 million from $6.9 million, while research and development expenses decreased to $5.1 million from $6.9 million.
NeuroOne's cash and cash equivalents totaled $1.5 million as of September 30, 2024, with management expressing substantial doubt about the company's ability to continue as a going concern.
The company plans to fund operations through cash on hand, product and collaboration revenue, and by raising additional capital through equity or debt financings.
NeuroOne entered into a $3.0 million debt facility agreement in August 2024, which was terminated in November 2024 without any amounts drawn.
The company also raised approximately $2.65 million through a private placement in August 2024.
NeuroOne's stock is listed on the Nasdaq Capital Market under the ticker symbol NMTC, but the company received a notice from Nasdaq regarding non-compliance with the minimum bid price requirement.
The filing highlights the company's ongoing efforts to develop and commercialize its technology, while acknowledging the challenges of funding and market acceptance.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the NeuroOne Medical Technologies Corporation annual 10-K report dated December 17, 2024. To report an error, please email earnings@qz.com.