Financial Performance - The company reported a net loss of $15.4 million for the fiscal year 2024, compared to a net loss of $2.0 million in 2023, with a non-cash loss of $8.0 million on warrants included in the 2024 losses [10]. - General and administrative expenses increased to $5.2 million in 2024 from $1.2 million in 2023, primarily due to a $1.7 million increase in advertising related to the IPO and other operational costs [11]. - Research and development expenses rose to $2.2 million in 2024 from $0.7 million in 2023, driven by clinical trial execution and product development costs [12]. - As of March 31, 2024, the company had cash resources of $8.6 million, which are expected to fund operations into the first quarter of calendar year 2025 [13][14]. Initial Public Offering - The company raised gross proceeds of $11.2 million and net proceeds of $9.8 million from its initial public offering (IPO) [3]. Product Development and Research - The company is focused on developing a catheter-based sensing technology aimed at treating pancreatic cancer-related pain, which is currently underserved by existing treatments [4][5]. - Upcoming milestones include announcing topline results from the first five patients in the human clinical study in Q2 CY2024 and completing the ablation device design intended for clinical use in CY2024 [15]. - The company has entered into a service agreement with NoiseFigure Research, Inc. to develop the next generation of its proprietary microchip [7]. - The company believes that achieving proof-of-concept in treating pancreatic cancer pain could accelerate market entry and open opportunities for addressing other significant diseases [8]. - The company has successfully completed an animal study demonstrating a statistically significant reduction in tumor metastases and tumor mass through targeted nerve ablation [7].
Autonomix Medical(AMIX) - 2024 Q1 - Quarterly Results