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] - Operating expenses totaled $2,108,000 for the three months ended March 31, 2025, compared to $1,103,000 in 2024, an increase of $1,005,000 or 91%[95] - Research and development expenses increased by $23,000 or 8%, totaling $312,000 for the three months ended March 31, 2025[97] - Selling and marketing expenses decreased by $41,000 or 16%, totaling $208,000 for the three months ended March 31, 2025[98] - General and administration expenses rose by $1,023,000 or 181%, totaling $1,588,000 for the three months ended March 31, 2025[99] - Net cash used in operating activities was $2,511,000 for the three months ended March 31, 2025, an increase of $1,192,000 or 90% compared to $1,319,000 in 2024[107] - Net cash provided from financing activities was $10,253,000 for the three months ended March 31, 2025, an increase of $9,308,000 or 985% compared to $945,000 in 2024[109] - The company reported a net loss of $12,930,000 for the three months ended March 31, 2025, compared to a net loss of $1,122,000 in 2024, an increase of $11,808,000[95] Business Development - The BNA Platform is in pre-commercial stages and is expected to launch in 2025, with no material additional development costs anticipated[79] - The company plans to generate revenue through two segments: use of the BNA Platform by U.S. neurologists and collaborations with pharmaceutical companies[79] - 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 expects to incur significant costs for at least two to four years to commercialize and distribute its flagship product, the BNA Platform[102] 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 are anticipated to rise due to compliance with SEC and Nasdaq regulations, as well as increased investor relations costs[90] Product Impact - The BNA Platform aims to improve patient outcomes by providing objective baseline measurements of brain function, enhancing diagnostic accuracy[82] - The company is focused on building strong client relationships and driving adoption of the BNA Platform through follow-up efforts by its Neurological Team[81]
WaveDancer(WAVD) - 2025 Q1 - Quarterly Report