Cost Savings Targeted to Reduce Cash Burn by 50% Core Strategy Shifts to Business Development and Distribution Partnerships Westport, CT, Jan. 30, 2024 (GLOBE NEWSWIRE) --  BioSig Technologies, Inc. (NASDAQ:BSGM) ("BioSig" or the "Company"), a medical technology company committed to delivering unprecedented accuracy and precision to intracardiac signal visualization, today announced a workforce reduction, intended to reduce annual cash burn by 50%.  The Company is reducing its internal workforce, which is ...

BioSig AI Sciences, Inc. Warrants (BioSig AI) The following table summarizes information with respect to outstanding warrants to purchase common stock of BioSig AI at September 30, 2023: | --- | --- | --- | --- | |-------|------------------|----------------------|------------------| | | Exercise Price | Number Outstanding | Expiration Date | | $ | 1.00 | 130,500 | June-July 2028 | In June and July 2023, the BioSig AI issued warrants to purchase an aggregate of 130,500 shares of its common stock for investme ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 BIOSIG TECHNOLOGIES, INC. (Exact name of registrant as specified in its charter) (203) 409-5444 (Registrant's telephone number, including area code) Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See def ...

Securities registered pursuant to Section 12(b) of the Act: Title of each class Trading Symbol(s) Name of each exchange on which registered Common Stock, par value $0.001 per share BSGM The NASDAQ Capital Market FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2023 For the transition period from to Commission file number: 001-38659 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 (Mark One) ☐ T ...

Financial Performance - The company reported a net loss of $27.3 million and net cash used in operating activities of $21.7 million for the year ended December 31, 2022[96]. - The company anticipates generating revenues from the commercial sale of its PURE EP System, although it may not be sufficient to cover operating expenses[101]. - The company may need to finance future cash needs through public or private equity offerings, debt financings, or corporate collaborations, which may not be on favorable terms[102]. - The company completed nine private placement transactions from November 2022 to March 2023, raising approximately $9.78 million through the sale of 14,203,367 shares of common stock[197]. Product Development and Clinical Trials - The company has completed one clinical trial of its product, but future clinical studies may not support the usefulness of its technology[95]. - The company is actively expanding its clinical evaluation agreements with leading medical centers in the Midwest, including the Cleveland Clinic[174]. - The PURE EP 2.0 Study involved 51 cardiac ablation procedures, collecting intracardiac signal data to evaluate the clinical utility of the PURE EP™ System[252]. - The company has collaborated with leading medical institutions such as Mayo Clinic and Cleveland Clinic to further research and develop its technology[266]. Regulatory and Compliance Challenges - The company faces significant regulatory hurdles, as its products must receive FDA clearance or approval before commercialization, which can be a lengthy and resource-intensive process[109]. - The company has identified a material weakness in its internal control over financial reporting, which could adversely affect its ability to report results accurately[95]. - The company has received 510(k) clearance for the PURE EP System but may need additional approvals for new indications, which could be costly and time-consuming[131]. - The company may face significant legal and regulatory risks in medical device marketing and sales, which could impact its ability to operate[149]. Market Potential and Competition - The company estimates its addressable market size for the EP market, but this estimate may prove to be inaccurate, impacting future growth potential[115]. - The global electrophysiology equipment and recording systems market was valued at $6.1 billion in 2022 and is projected to reach $17.55 billion by 2032, representing a CAGR of 10.94%[211]. - The medical device industry is highly competitive, and the company may face challenges in attracting and retaining qualified personnel[137][139]. Operational and Strategic Initiatives - The company is in the early commercialization stage and expects to incur substantial additional operating expenses over the next several years as it develops its PURE EP System and other product candidates[98]. - The company expects to rapidly expand operations, requiring significant hiring of qualified personnel to support growth[119]. - The expansion may strain management systems and infrastructure, necessitating timely improvements to support business growth[120]. - The company plans to invest significantly in sales and marketing programs to achieve revenue growth and margin improvement targets[121]. Technology and Innovation - The PURE EP™ System features a low-noise architecture that enables acquisition of high-fidelity signals in their original format, which may enhance the identification of ablation targets[223]. - The introduction of PURE EP™ Software Version 6 with ACCUVIZ™ Module in late 2022 enhances real-time analysis of intracardiac signals and improves visualization of cardiac signal information[225]. - The PURE EP™ System has shown improved signal quality with less baseline wander, noise, and artifacts compared to conventional electrophysiology recorders, which may enhance diagnostic accuracy[233]. - The company has a patent portfolio that includes 25 issued utility patents and 34 pending applications related to the PURE EP System, with a focus on enhancing signal processing and visualization[282]. Collaborations and Partnerships - The company relies on collaboration with Mayo Clinic for the research and development of advanced features of its PURE EP System, and failure in this collaboration could hinder market potential[95]. - The company has entered into licensing agreements with Mayo Clinic to develop solutions for autonomic nervous system diseases, integrating hardware, software, and algorithmic solutions into the PURE EP platform[267]. - The company has established a new product pipeline focusing on improving therapies through clearer ENG recordings, which are essential for visualizing electrical activities of neurons[263]. Adoption and Usage - The PURE EP™ System has been used in over 3,000 procedures by more than 80 physicians across 21 hospitals in the U.S.[186]. - A randomized study indicated that the PURE EP™ System reduced mean procedure time by 11.3 minutes, suggesting potential cost savings of approximately $418.10 per procedure[191]. - The PURE EP™ System has received positive feedback from electrophysiologists regarding improved signal detection and fidelity during early evaluations[237]. - The PURE EP™ System has been contracted for purchase by St. David's Healthcare and Mayo Foundation, marking the company's first commercial sales with three units sold in February 2021 and three additional units sold in 2021[270].

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Securities registered pursuant to Section 12(b) of the Act: Title of each class Trading Symbol(s) Name of each exchange on which registered Common Stock, par value $0.001 per share BSGM The NASDAQ Capital Market FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2022 ☐ TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXC ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Securities registered pursuant to Section 12(b) of the Act: Title of each class Trading Symbol(s) Name of each exchange on which registered Common Stock, par value $0.001 per share BSGM The NASDAQ Capital Market Large accelerated filer ☐ Accelerated filer ☐ Non-accelerated filer ☒ Smaller reporting company ☒ Emerging growth company ☐ FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT O ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2022 ☐ TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number: 001-38659 BIOSIG TECHNOLOGIES, INC. (Exact name of registrant as specified in its charter) Delaware 26-4333375 (State or other jurisdiction ...

Financial Performance - Total revenue for 2021 was $441 million, with product sales contributing $414 million and service revenue at $27 million[434]. - Gross profit for 2021 was $242 million, resulting in a gross margin of approximately 55%[434]. - Total operating expenses decreased to $33.7 million in 2021 from $59.2 million in 2020, a reduction of about 43%[434]. - Net loss attributable to common shareholders for 2021 was $31.9 million, improving from a net loss of $52.2 million in 2020, representing a 39% reduction[434]. - Net loss per common share improved to $(0.95) in 2021 from $(1.87) in 2020[434]. - The company reported a net loss of $32.9 million for the year ended December 31, 2021, compared to a net loss of $59.1 million for the previous year, representing a 44.5% improvement[444]. Assets and Liabilities - As of December 31, 2021, total assets decreased to $15,519,000 from $30,386,000 in 2020, representing a decline of approximately 48.9%[429]. - Cash reserves dropped significantly from $28,268,000 in 2020 to $11,659,000 in 2021, a decrease of about 58.7%[429]. - The company's accumulated deficit increased to $188,922,000 in 2021 from $157,005,000 in 2020, reflecting a rise of approximately 20.3%[429]. - Total current liabilities decreased to $2,576,000 in 2021 from $5,108,000 in 2020, a reduction of about 49.5%[429]. - The total stockholders' equity attributable to BioSig Technologies, Inc. fell to $12,241,000 in 2021 from $24,370,000 in 2020, a decline of approximately 49.8%[429]. Cash Flow and Financing - Cash used in operating activities was $26.4 million for the year ended December 31, 2021, slightly down from $26.6 million in 2020[444]. - The company raised $10.3 million through the sale of common stock during the year, with an additional $3 million raised post-year-end[452]. - The company experienced a decrease in cash and cash equivalents of $16.6 million during the year, ending with $11.7 million in cash[444]. - The company expects to require additional financing to fund future operations and reduce operating expenses through a strategic shift towards commercialization[455]. Research and Development - Research and development costs are expensed as incurred, with significant estimates related to third-party contracts impacting financial disclosures[422]. - Research and development expenses for 2021 were $5.6 million, down from $18.1 million in 2020[434]. Stock and Equity - The company reported a total of 35,567,180 common shares issued and outstanding as of December 31, 2021, compared to 30,764,792 in 2020, indicating an increase of approximately 15.7%[429]. - The weighted average number of common shares outstanding increased to 33,511,941 in 2021 from 27,906,584 in 2020[434]. - The total number of potentially dilutive securities increased to 5,612,112 as of December 31, 2021, compared to 5,280,609 in 2020[497]. - The company has 3,048,522 shares remaining available for future issuance under the 2012 Equity Incentive Plan as of December 31, 2021[558]. Expenses and Costs - General and administrative expenses decreased to $27.9 million in 2021 from $40.9 million in 2020, a decline of approximately 32%[434]. - The fair value of options vested in 2021 was $3,357,274, compared to $5,217,761 in 2020, indicating a decrease of approximately 35.7%[591]. - Stock-based compensation expense related to restricted stock grants was $950,281 for 2021, down from $1,151,676 in 2020, reflecting a decrease of approximately 17.5%[603]. Debt and Obligations - The company reported a gain on settlement of debt amounting to $553,000 in 2021[434]. - The company has not included any adjustments in the financial statements that might result from uncertainties regarding its ability to continue as a going concern[416]. - Management's evaluation of the company's ability to continue as a going concern is highlighted due to accumulated deficits and operating losses[416]. Inventory and Assets - Inventory increased to $1.9 million as of December 31, 2021, up from $0.8 million in 2020[481]. - Property and equipment net value rose to $652,000 as of December 31, 2021, compared to $289,000 in 2020[510]. - The right-to-use assets decreased from $1,087,000 in 2020 to $604,000 in 2021, while accumulated amortization increased from $781,000 to $199,000[520]. Leases and Contracts - The Company entered into a lease modification on February 10, 2021, adjusting the fixed monthly rent from $16,289 to $13,702[512]. - The Company extended its Rochester, Minnesota lease for approximately 1,400 square feet for two additional years at a fixed monthly rate starting at $3,513, increasing to $3,618 in the second year[516]. - As of December 31, 2021, the Company had outstanding leases with aggregate payments of $32,143 per month, expiring through December 31, 2024[519]. Options and Warrants - As of December 31, 2021, there were 4,568,484 options outstanding with a weighted average exercise price of $4.57 and a remaining life of 6.9 years[565]. - The company granted options with exercise prices ranging from $2.96 to $10.49 per share, with various vesting schedules[570][581]. - The company has unrecognized compensation expense of $3,655,519 as of December 31, 2021, which will be expensed in future periods[591].

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