NeuroOne Medical Technologies (NMTC) - 2024 Q4 - Annual Results

Revenue Growth - Product revenue increased 77% to $3.5 million in fiscal year 2024, compared to $2.0 million in fiscal year 2023[3] - The company expects product revenue to range between $8 million and $10 million in fiscal year 2025, representing an increase of between 132% and 190% compared to fiscal year 2024[5] - Product revenue increased significantly from $1,952,441 in 2023 to $3,453,003 in 2024, representing a growth of about 77.0%[34] Operating Expenses - Operating expenses decreased 12% to $3.0 million in Q4 fiscal year 2024, compared to $3.4 million in the same quarter of the prior year[3] - Total operating expenses decreased 6% to $13.0 million in fiscal year 2024, compared to $13.9 million in fiscal year 2023[18] - Operating expenses decreased from $13,866,955 in 2023 to $12,966,876 in 2024, a reduction of about 6.5%[34] Profitability and Loss - Net loss for fiscal year 2024 was $12.3 million, compared to a net loss of $11.9 million in fiscal year 2023[20] - Net loss for the period was $12,318,110 in 2024, compared to a net loss of $11,859,491 in 2023, indicating a slight increase in losses[34] Assets and Liabilities - Total current assets decreased from $7,312,925 in 2023 to $4,630,925 in 2024, a decline of approximately 36.8%[31] - Total liabilities surged from $1,847,910 in 2023 to $4,547,927 in 2024, an increase of approximately 146.5%[31] - Cash and cash equivalents dropped from $5,322,493 in 2023 to $1,460,042 in 2024, a decline of approximately 72.5%[31] - Total stockholders' equity decreased significantly from $6,249,404 in 2023 to $822,013 in 2024, a decline of approximately 87.8%[31] Product Development - The exclusive distribution agreement with Zimmer Biomet included a $3 million upfront payment and is expected to drive significant revenue and margin expansion[4] - The OneRF™ Ablation System has performed RF ablation procedures on 12 patients, with positive outcomes reported[9] - The company plans to submit a 510(k) application for a new trigeminal nerve ablation product in the first half of fiscal year 2025[7] Gross Margin - Product gross margin is expected to range between 47% and 51% in fiscal year 2025, compared to 31% in fiscal year 2024[5] - Product gross profit improved from $456,517 in 2023 to $1,079,667 in 2024, an increase of about 136.5%[34] Shareholder Information - The number of shares used in per share calculations increased from 18,121,108 in 2023 to 26,762,392 in 2024, reflecting a rise of about 47.9%[34] - Accounts payable rose from $685,104 in 2023 to $1,029,206 in 2024, an increase of approximately 50.2%[31]