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NeuroOne Medical Technologies Corporation (NMTC+3.57%) has submitted its Form 10-Q filing for the quarterly period ended December 31, 2024.
The filing includes financial statements for the quarter, showing product revenue of $3,274,167, an increase from $977,649 in the same quarter the previous year. The increase in revenue is attributed to higher sales volumes of the company's products.
The company reported a product gross profit of $1,926,889, representing a gross profit margin of 58.9%, compared to 27.2% in the previous year. This increase is due to higher sales volume and lower material supply costs.
License revenue for the quarter was $3,000,000, related to the distribution license granted to Zimmer for the OneRF Product.
Selling, general, and administrative expenses decreased to $2,043,454 from $2,173,472, primarily due to a reduction in legal and professional service fees.
Research and development expenses were $1,172,228, down from $1,483,317 in the previous year, attributed to the timing of development activities.
The company recorded a net income of $1,785,322 for the quarter, compared to a net loss of $3,344,900 in the previous year.
Net cash provided by operating activities was $208,049, while net cash used in investing and financing activities was $24,416 and $509,325, respectively.
NeuroOne had cash and cash equivalents of $1,134,350 as of December 31, 2024. The company acknowledges substantial doubt about its ability to continue as a going concern due to insufficient cash to fund operations beyond April 2025.
The filing also details a distribution agreement with Zimmer, granting exclusive rights to distribute the OneRF Ablation System, with an upfront payment of $3,000,000 and potential additional payments based on sales milestones.
The company terminated its $3,000,000 debt facility agreement with Growth Opportunity Funding, LLC, without drawing any amounts, incurring termination costs of $125,000.
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 quarterly 10-Q report dated February 12, 2025. To report an error, please email earnings@qz.com.