10-Q - FIREFLY NEUROSCIENCE, INC. (0000803578) (Filer)

Thu, Nov 14, 10:35 PM (60 days ago)

Firefly Neuroscience, Inc. (AIFF) reported its financial results for the quarter ending September 30, 2024, following its merger with WaveDancer. The company experienced a significant increase in operating expenses, totaling $4.3 million, up from $670,000 in the prior year, driven by higher research and development costs and general administrative expenses. Revenue for the quarter was $33,000, a 43% increase from $23,000 in Q3 2023, attributed to more BNA scans and the initiation of clinical studies. However, total revenue for the nine months decreased by 89% to $55,000 from $479,000, primarily due to recognized deferred revenue in 2023. The net loss for the quarter was $4.3 million, compared to $650,000 in the same period last year. Cash flow from operations was negative at $4.9 million, reflecting increased operational costs. The company has an accumulated deficit of $83.3 million and faces uncertainties regarding future capital raising efforts to support operations and growth. Firefly plans to commercialize its BNA Platform in 2025, with ongoing concerns about its ability to continue as a going concern amidst substantial losses and minimal revenue generation.