Financial Performance - Revenue for the three months ended March 31, 2025, was 43,000,comparedto12,000 for the same period in 2024, representing an increase of 31,000or2582,108,000 for the three months ended March 31, 2025, compared to 1,103,000in2024,anincreaseof1,005,000 or 91%[95] - Research and development expenses increased by 23,000or8312,000 for the three months ended March 31, 2025[97] - Selling and marketing expenses decreased by 41,000or16208,000 for the three months ended March 31, 2025[98] - General and administration expenses rose by 1,023,000or1811,588,000 for the three months ended March 31, 2025[99] - Net cash used in operating activities was 2,511,000forthethreemonthsendedMarch31,2025,anincreaseof1,192,000 or 90% compared to 1,319,000in2024[107]−Netcashprovidedfromfinancingactivitieswas10,253,000 for the three months ended March 31, 2025, an increase of 9,308,000or985945,000 in 2024[109] - The company reported a net loss of 12,930,000forthethreemonthsendedMarch31,2025,comparedtoanetlossof1,122,000 in 2024, an increase of 11,808,000[95]BusinessDevelopment−TheBNAPlatformisinpre−commercialstagesandisexpectedtolaunchin2025,withnomaterialadditionaldevelopmentcostsanticipated[79]−Thecompanyplanstogeneraterevenuethroughtwosegments:useoftheBNAPlatformbyU.S.neurologistsandcollaborationswithpharmaceuticalcompanies[79]−OnApril30,2025,thecompanyacquiredEvokeNeuroscience,Inc.forapproximately6 million, consisting of 3millionincashand857,149sharesvaluedat3.50 each[84] - The company acquired all outstanding stock of Evoke for approximately 6,000,000,consistingof3,000,000 in cash and 857,142 shares of common stock[101] - The company expects to incur significant costs for at least two to four years to commercialize and distribute its flagship product, the BNA Platform[102] Operational Expenses - Research and development expenses are expected to continue to be the largest component of operating expenses as the company updates and maintains the BNA Platform[88] - Selling and marketing expenses include employee-related costs and consulting fees, which are expected to increase as the company expands its market presence[89] - General and administrative expenses are anticipated to rise due to compliance with SEC and Nasdaq regulations, as well as increased investor relations costs[90] Product Impact - The BNA Platform aims to improve patient outcomes by providing objective baseline measurements of brain function, enhancing diagnostic accuracy[82] - The company is focused on building strong client relationships and driving adoption of the BNA Platform through follow-up efforts by its Neurological Team[81]
