– Comes less than a year after listing on Nasdaq – KENMORE, N.Y., June 23, 2025 (GLOBE NEWSWIRE) -- Firefly Neuroscience, Inc. (“Firefly” or the “Company”) (NASDAQ: AIFF), an Artificial Intelligence (“AI”) company developing innovative solutions that improve brain health outcomes for patients with neurological and mental disorders, today announced that it will be added to the Russell Microcap® Index as part of this year’s reconstitution. The additions will be made effective after the U.S. market opens on Ju ...

Core Insights - Firefly Neuroscience, Inc. has made significant advancements in Alzheimer's research, focusing on differentiating between subjective cognitive decline (SCD), mild cognitive impairment (MCI), and dementia through accessible diagnostic methods [1][2] Group 1: Research Findings - The combination of EEG/ERP and volumetric magnetic resonance imaging (vMRI) provides the most accurate results for diagnosing cognitive impairments, achieving an accuracy of approximately 87% (AUC=0.87) when both methods are used together [2] - Key EEG measures identified include reaction time, commission errors, and P300b amplitude, which alone can categorize subjects with around 80% accuracy (AUC=0.79) [2] - The left temporal lobe size is a significant MRI predictor of cognitive issues, with smaller sizes correlating to higher cognitive impairment [2] Group 2: Company Developments - Firefly's recent acquisition of Evoke Neuroscience has enabled the integration of research teams to leverage a proprietary database of over 180,000 standardized EEG/ERP assessment records [3] - The company is working to link its breakthrough cognitive brain age biomarker with the findings from the recent study, aiming for a proactive approach to early screening and staging of Alzheimer's disease [3] - Firefly's FDA-cleared Brain Network Analytics (BNA™) technology is set to revolutionize diagnostic and treatment monitoring methods for various neurological and mental disorders [4][5] Group 3: Market Position and Strategy - Firefly targets pharmaceutical companies involved in drug research and clinical trials, as well as medical practitioners for clinical use of its BNA™ technology [4] - The company has built a comprehensive database of brain wave tests over the past 15 years, securing patent protection and achieving FDA clearance for its technologies [4][5]

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 $43,000, compared to $12,000 for the same period in 2024, representing an increase of $31,000 or 258%[96] - Research and development expenses increased to $312,000 for the three months ended March 31, 2025, from $289,000 in 2024, an increase of $23,000 or 8%[97] - Selling and marketing expenses decreased to $208,000 in Q1 2025 from $249,000 in Q1 2024, a decrease of $41,000 or 16%[98] - General and administration expenses rose significantly to $1,588,000 in Q1 2025 from $565,000 in Q1 2024, an increase of $1,023,000 or 181%[99] - Other income (expense) for the three months ended March 31, 2025, was $(10,865,000), compared to $(31,000) in 2024, representing an increase in expenses of $10,834,000[100] - Net cash used in operating activities was $(2,511,000) for Q1 2025, compared to $(1,319,000) in Q1 2024, an increase of $1,192,000 or 90%[107] - Net cash provided from financing activities was $10,253,000 in Q1 2025, compared to $945,000 in Q1 2024, an increase of $9,308,000 or 985%[109] Acquisitions and Financing - On April 30, 2025, the company acquired Evoke Neuroscience, Inc. for approximately $6 million, consisting of $3 million in cash and 857,149 shares valued at $3.50 each[84] - The company acquired all outstanding stock of Evoke for approximately $6,000,000, consisting of $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 $3.00 per unit[86] - The company received total proceeds of $8.825 million from the exercise of warrants to purchase 1,623,530 shares of common stock[85]

Evoke的首席执行官兼首席科学官David Hagedorn博士表示，"Evoke和Firefly之间可以产生商业协同效 应，我们将携手合作，建立一个强大且不断发展的业务。" Firefly Neuroscience 的首席执行官Greg Lipschitz说，" BNA ™ 数据库在每一次新的 临床研究和/或临床评估中不断扩展，我们相信收购Evoke是 Firefly Neuroscience实现其目标的关键一 步， 建立世界上第一个基于EEG/ERP的人类大脑基础模型 。" # 3天上涨近400% 报名：首届全球心血管大会 | 最新议程 合作伙伴征集：2025全球手术机器人大会 2025年5月5日， Firefly Neuroscience （纳斯达克股票代码：AIFF）宣布收购 Evoke Neuroscience ，后者是一家创新医疗器械公司，主要开发和商业化用于辅助全面评估大脑健康的技术。此次交易标志着 Firefly Neuroscience朝着利用脑网络分析（ BNA ™ ） 技术构建专有的人脑基础模型迈出了重要一步。 # 收购详情 收购条款包括 支付 600万美元 （约合人民币 4336万） ...

Core Insights - Firefly Neuroscience, Inc. has acquired Evoke Neuroscience, Inc., enhancing its proprietary database, intellectual property portfolio, and commercial footprint significantly [1][2] - The acquisition is expected to facilitate the development of a foundation model of the human brain using Firefly's FDA-cleared Brain Network Analytics (BNA™) technology [1][2] Company Overview - Firefly Neuroscience, Inc. (NASDAQ: AIFF) focuses on developing AI solutions aimed at improving brain health outcomes for patients with neurological and mental disorders [3] - The company has built a comprehensive database of brain wave tests and secured patent protection over the past 15 years, with its BNA™ technology revolutionizing diagnostic methods for various mental health conditions [3][4] Acquisition Details - The acquisition of Evoke Neuroscience will result in a more than two-fold increase in proprietary brain scans, a three-fold increase in patents, and a ten-fold increase in commercial sites [2] - The purchase terms include a total payment of $6 million, split 50% in cash and 50% in Firefly's common stock priced at $3.50 per share, along with a potential earn-out of $500,000 for Evoke's investors [4] Technological Synergies - The combined resources of Firefly and Evoke are expected to create significant technological, clinical, and commercial synergies, enhancing the capabilities of both companies [2] - Firefly's BNA™ technology, developed using AI and machine learning, utilizes a large proprietary database of standardized EEGs to provide comprehensive insights into brain function [4][5] Market Position - Firefly targets pharmaceutical companies involved in drug research and clinical trials, as well as medical practitioners for clinical use, positioning itself as a leader in brain health diagnostics [3][4]

Core Insights - Firefly Neuroscience, Inc. has acquired Evoke Neuroscience, Inc., marking a significant step towards developing a proprietary foundation model of the human brain using its FDA-cleared Brain Network Analytics (BNA™) technology [1][2]. Company Overview - Firefly is an AI company focused on improving brain health outcomes for patients with neurological and mental disorders, utilizing its BNA™ technology for diagnostics and treatment monitoring [3][4]. - The company has built a comprehensive database of brain wave tests and secured patent protection over the past 15 years, now targeting pharmaceutical companies and medical practitioners for commercial use [3]. Acquisition Details - The acquisition of Evoke will enhance Firefly's assets, including a more than two-fold increase in proprietary brain scans, a three-fold increase in patents, and a ten-fold increase in commercial sites [2]. - The purchase terms include a total payment of $6 million, split 50% in cash and 50% in Firefly's common stock priced at $3.50 per share, along with a potential $500,000 earn-out for Evoke's investors based on future revenue performance [5]. Technological Synergies - The integration of Evoke's technologies is expected to create significant technological, clinical, and commercial synergies, enhancing Firefly's capabilities in brain health assessment [2]. - Firefly's BNA™ technology utilizes AI and machine learning on a proprietary database of over 17,000 patients, providing comprehensive insights into brain function and improving diagnostic accuracy for mental and cognitive disorders [4]. Market Position - Firefly possesses the largest known proprietary database of over 180,000 standardized EEG/ERP assessment records and has 27 granted patents, positioning the company strongly in the brain health technology market [5].

Financial Performance - Revenue for the year ended December 31, 2024, was $108,000, a decrease of $390,000 or 76% compared to $498,000 in 2023[380]. - Cash used in operating activities was $6,155,000 in 2024, an increase of $3,983,000 or 183% from $2,172,000 in 2023, attributed to rising operating costs and research expenses[395]. - Net cash provided from financing activities was $6,299,000 in 2024, an increase of $1,656,000 or 36% from $4,643,000 in 2023, primarily due to proceeds from a convertible note[397]. - The company had an accumulated deficit of $87,084,000 as of December 31, 2024, raising substantial doubt about its ability to continue as a going concern[387]. - The company expects to continue incurring negative cash flows from operations over the next 12 months while investing in sales, marketing, and research for the BNA Platform[389]. Capital Raising - The company raised approximately $3.5 million from a private placement prior to the merger with WaveDancer, with the purchase price of each PIPE Share set at $4.25[358]. - A total of $3,039,000 was raised from the private placement of 246,919 Series C units, sold at a combined purchase price of $12.31 per unit[359]. - The company entered into a convertible promissory note agreement for $2,400,000, with a purchase price of $2,040,000, and issued 800,000 shares of common stock upon conversion[360]. - The ELOC Purchase Agreement allows the company to sell up to $10,000,000 of common stock to Arena, providing flexibility in capital raising[361]. - Subsequent to December 31, 2024, the company raised $10.4 million through the exercise of stock warrants and additional sales of common stock[388]. Expenses - Research and development expenses are expected to increase as the company refines the BNA Platform and explores strategic partnerships[370]. - Selling and marketing expenses include employee-related costs and consulting fees, reflecting the company's commitment to market the BNA Platform[371]. - General and administrative expenses will rise due to public company operations, including compliance and investor relations costs[372]. - Research and development expenses increased to $1,954,000 in 2024, up $1,213,000 or 164% from $741,000 in 2023, primarily due to management options vesting related to the Merger[381]. - Selling and marketing expenses rose to $1,201,000 in 2024, an increase of $562,000 or 88% from $639,000 in 2023, driven by professional marketing services and brand awareness initiatives[382]. - General and administration expenses increased to $6,113,000 in 2024, up $3,937,000 or 179% from $2,196,000 in 2023, largely due to costs associated with the Merger[383]. - Impairment of intangible assets was recorded at $874,000 in 2024, compared to $0 in 2023, due to a change in management direction[385]. Business Development - The BNA Platform is in pre-commercial stages, with a planned commercial launch in 2025, targeting revenue generation from U.S. neurologists and pharmaceutical collaborations[353]. - The company plans to generate revenue through BNA testing, equipment rental, and collaborations with pharmaceutical companies for neuroscience drug development[369]. - The company aims to enhance patient outcomes through the BNA Platform by identifying clinically relevant biomarkers and optimizing therapy[356].

Core Insights - Firefly Neuroscience, Inc. has successfully raised $8,824,710 through the exercise of warrants, significantly enhancing its cash position and extending its cash runway into mid-2026 [1][3] - The funds will be allocated for general working capital and to support the strategic initiative of developing a foundation model of the human brain using its FDA-cleared Brain Network Analytics (BNA™) technology [2][3] Company Overview - Firefly is an AI company focused on improving brain health outcomes for patients with neurological and mental disorders, utilizing its FDA-cleared BNA™ technology [3][4] - The BNA™ technology is based on a proprietary database of over 17,000 patients' high-definition longitudinal electroencephalograms (EEGs), enabling comprehensive insights into brain function for better diagnosis and treatment of mental and cognitive disorders [4] Strategic Initiatives - The company is launching BNA™ commercially, targeting pharmaceutical companies involved in drug research and clinical trials, as well as medical practitioners for clinical applications [3][4]

Core Insights - Firefly Neuroscience, Inc. has been accepted into the NVIDIA Connect program, which will provide technical resources to enhance its FDA-cleared BNA™ platform [1][2][3] - The company aims to develop the world's first foundation model of the human brain using its BNA™ technology, which utilizes Resting EEG and Cognitive EEG data [1][4] Company Overview - Firefly is an AI company focused on improving brain health outcomes for patients with neurological and mental disorders, with its BNA™ technology revolutionizing diagnostic and treatment monitoring methods [5] - The company has built a comprehensive database of brain wave tests over the past 15 years, secured patent protection, and achieved FDA clearance for its BNA™ technology [5][6] Technology and Development - The BNA™ technology was developed using AI and machine learning on a proprietary database of high-definition longitudinal EEGs from over 17,000 patients, covering twelve disorders [6] - This technology provides clinicians with insights into brain function, enhancing their ability to diagnose mental and cognitive disorders and optimize patient outcomes [6]

Core Insights - Firefly Neuroscience, Inc. is recognized for its innovative solutions aimed at improving brain health outcomes for patients with neurological and mental disorders [5] - Dr. Christopher Wilson has been awarded the Faculty Research Excellence Award by the University of Waterloo for his significant contributions to research and scholarship [1][4] - The company is preparing to unveil a new brain model initiative, which Dr. Wilson is collaborating on [4] Company Overview - Firefly is an AI company focused on developing solutions that enhance brain health outcomes, particularly for conditions like depression, dementia, anxiety disorders, concussions, and ADHD [5] - The company has developed the FDA-510(k) cleared Brain Network Analytics (BNA™) technology, which revolutionizes diagnostic and treatment monitoring methods [5] - Firefly has built a comprehensive database of brain wave tests over the past 15 years, securing patent protection and achieving FDA clearance for its technologies [5] Research and Development - Dr. Wilson's research involves superconducting quantum electronics and has secured $13 million in funding from various agencies [2] - He has supervised over 40 research associates and students, contributing to more than 100 refereed publications, with 30 high-impact publications featuring students or postdocs as first authors [3] - His textbook, "Building Quantum Computers," was published in 2024, co-authored with notable figures in the field [3] Technology and Applications - BNA™ utilizes AI and machine learning on a proprietary database of standardized, high-definition longitudinal electroencephalograms (EEGs) from over 17,000 patients [6] - This technology provides clinicians with insights into brain function, enhancing their ability to diagnose and evaluate therapies for mental and cognitive disorders [6]