Product Development and Launch - The BNA Platform has been developed using AI and includes a database of over 18,000 patients, focusing on twelve disorders[78] - The company plans to commercially launch the BNA Platform in 2025, with no expected material additional development costs[79] - The company aims to enhance patient outcomes through the BNA Platform by establishing objective baseline measurements of brain function[82] - 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] Financial Performance - Revenue for the three months ended March 31, 2025, was 12,000 for the same period in 2024, representing an increase of 312,000 for the three months ended March 31, 2025, from 23,000 or 8%[97] - Selling and marketing expenses decreased to 249,000 in Q1 2024, a decrease of 1,588,000 in Q1 2025 from 1,023,000 or 181%[99] - Other income (expense) for the three months ended March 31, 2025, was (31,000) in 2024, representing an increase in expenses of (2,511,000) for Q1 2025, compared to 1,192,000 or 90%[107] - Net cash provided from financing activities was 945,000 in Q1 2024, an increase of 6 million, consisting of 3.50 each[84] - The company acquired all outstanding stock of Evoke for approximately 3,000,000 in cash and 857,142 shares of common stock[101] - The company has no committed source of financing and may not be able to raise funds as needed to continue operations[113] 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 will rise due to compliance with SEC and Nasdaq regulations, as well as other public company-related costs[90] Revenue Generation Strategy - Revenue generation will focus on two segments: use of the BNA Platform by neurologists in the U.S. and collaborations with pharmaceutical companies[87] Capital Raising Activities - A private placement agreement was entered into on March 28, 2025, to issue 547,737 units at a price of 8.825 million from the exercise of warrants to purchase 1,623,530 shares of common stock[85]
Firefly Neuroscience, Inc.(AIFF) - 2025 Q1 - Quarterly Report