NASDAQ
7 days, 22 hours ago 
AIFF
Firefly Neuroscience, INC
8-K: Firefly Neuroscience Appoints David DeCaprio as President and COO, Announces Equity Grants and Settlement Agreements
Firefly Neuroscience appoints David DeCaprio as President and COO, grants equity awards to executives, and settles disputes with investors and a former employee.
NASDAQ
9 days, 19 hours ago 
AIFF
Firefly Neuroscience, INC
Form 4: Firefly Neuroscience CEO Granted Restricted Stock Units
Gregory Lipschitz, CEO of Firefly Neuroscience, was granted 197,963 restricted stock units as part of the company's 2024 Long-Term Incentive Plan.
NASDAQ
9 days, 19 hours ago 
AIFF
Firefly Neuroscience, INC
Form 4: Firefly Neuroscience President and COO, David DeCaprio, Awarded Restricted Stock Units
David DeCaprio, President and COO of Firefly Neuroscience, was granted 131,976 restricted stock units (RSUs) as part of the company's 2024 Long-Term Incentive Plan.
NASDAQ
29 days, 8 hours ago 
AIFF
Firefly Neuroscience, INC
10-K: Firefly Neuroscience's 10-K Filing Reveals AI-Driven Brain Health Strategy Amidst Liquidity Concerns
Firefly Neuroscience's latest 10-K filing highlights its focus on AI-driven neuroscientific solutions and commercial launch of the BNA Platform, while also acknowledging substantial doubt about its ability to continue as a going concern.
Worse than expected
 
Capital raise
 
NASDAQ
30 days, 22 hours ago 
AIFF
Firefly Neuroscience, INC
8-K: Firefly Neuroscience Appoints Greg Lipschitz as CEO, Announces Employment Agreement
Firefly Neuroscience appoints Greg Lipschitz as CEO, outlining a three-year employment agreement with a $300,000 base salary, bonus potential, and stock options.
NASDAQ
50 days, 20 hours ago 
AIFF
Firefly Neuroscience, INC
Form 4: Firefly Neuroscience Chairman Granted Deferred Stock Units
Arun Swarup Menawat, Chairman of Firefly Neuroscience, received 16,667 Deferred Stock Units (DSUs) under the company's 2024 Long-Term Incentive Plan.
NASDAQ
50 days, 20 hours ago 
AIFF
Firefly Neuroscience, INC
Form 4: Firefly Neuroscience Director Brian Posner Acquires Deferred Stock Units
Brian Posner, a director at Firefly Neuroscience, was granted 16,667 Deferred Stock Units (DSUs) under the company's 2024 Long-Term Incentive Plan.
NASDAQ
50 days, 20 hours ago 
AIFF
Firefly Neuroscience, INC
Form 4: Firefly Neuroscience Director DeCaprio Acquires Deferred Stock Units
David DeCaprio, a director at Firefly Neuroscience, was granted 16,667 Deferred Stock Units (DSUs) under the company's 2024 Long-Term Incentive Plan.
NASDAQ
50 days, 20 hours ago 
AIFF
Firefly Neuroscience, INC
Form 4: Firefly Neuroscience CFO Granted Stock Options and Restricted Stock Units
Paul Krzywicki, CFO of Firefly Neuroscience, received 10,000 restricted stock units and an option to purchase 15,000 shares on March 10, 2025.
NASDAQ
50 days, 20 hours ago 
AIFF
Firefly Neuroscience, INC
Form 4: Firefly Neuroscience Director Vnook Receives Deferred Stock Units
Stella Vnook, a director at Firefly Neuroscience, was granted 16,667 Deferred Stock Units (DSUs) under the company's 2024 Long-Term Incentive Plan.
AIFF 
Firefly Neuroscience, INC 
NASDAQ

10-K: Firefly Neuroscience's 10-K Filing Reveals AI-Driven Brain Health Strategy Amidst Liquidity Concerns

Sentiment:
 Annual Report (Form 10-K)
 3 April 2025 6:01 AM

Firefly Neuroscience's latest 10-K filing highlights its focus on AI-driven neuroscientific solutions and commercial launch of the BNA Platform, while also acknowledging substantial doubt about its ability to continue as a going concern.

Worse than expected
  The company's revenue decreased significantly compared to the previous year.  The company's operating expenses increased substantially.  The company's auditor expressed substantial doubt about its ability to continue as a going concern. 

Capital raise
  The company is actively pursuing additional capital through equity or debt financings.  The company entered into an ELOC Purchase Agreement with Arena, pursuant to which Arena has committed to purchase up to $10 million of the company's common stock.  The company completed a private placement of units for $547,737 on March 28, 2025. 

Summary
  • Firefly Neuroscience, an AI technology company, is focused on developing neuroscientific solutions for mental illnesses and neurological disorders.
  • Its key product, the Brain Network Analytics (BNA) Platform, is FDA-cleared and uses AI to analyze EEG data, aiming to improve brain health outcomes.
  • The company has invested over $60 million and 15 years in developing the BNA Platform, which is now in the early stages of commercial launch.
  • Firefly plans to generate revenue through sales to healthcare professionals and collaborations with pharmaceutical companies.
  • The company's strategy includes commercially launching the BNA Platform, identifying clinically relevant biomarkers, and partnering with drug development companies.
  • A 2023 white paper study showed that the BNA Platform improved disease management in psychiatric patients, with benefits like enhanced treatment compliance and reduced medication alteration necessity.
  • The filing also acknowledges significant liquidity risks, with an accumulated deficit of $87.1 million and negative cash flows from operating activities of approximately $6.2 million for the fiscal year ended December 31, 2024.
  • The company's auditor has expressed substantial doubt about its ability to continue as a going concern.
  • To mitigate these risks, Firefly is pursuing additional capital through equity or debt financings and implementing cost-reduction measures.
  • The company is also subject to operating risks, including potential competition, regulatory challenges, and cybersecurity threats.
Sentiment

Score: 4

Explanation: The document presents a mixed sentiment. While highlighting the potential of the BNA Platform and the company's strategic direction, it also acknowledges significant financial challenges and risks, leading to a cautious outlook.

Highlights
  • Firefly Neuroscience is an AI technology company developing neuroscientific solutions for brain health.
  • The BNA Platform, its FDA-cleared product, uses AI to analyze EEG data and aims to improve outcomes for patients with mental illnesses and neurological disorders.
  • The company has invested over $60 million and 15 years in developing the BNA Platform.
  • A 2023 study showed the BNA Platform improved treatment compliance by 15% and reduced the need for medication switching by over 50% in psychiatric patients.
  • The company faces significant liquidity risks, with an accumulated deficit of $87.1 million and negative cash flows of $6.2 million in 2024.
  • The auditor's report includes an explanatory paragraph expressing substantial doubt about the company's ability to continue as a going concern.
  • The company is pursuing additional capital through equity or debt financings and implementing cost-reduction measures to address these risks.
Positives
  • The BNA Platform is FDA-cleared and has shown promising results in improving treatment outcomes for psychiatric patients.
  • The company has a strong focus on research and development, with plans to identify clinically relevant biomarkers and partner with drug development companies.
  • The BNA Platform has a large potential market, with a total addressable market (TAM) of approximately $800 million in the neurology segment in the United States.
  • The company has a recurring revenue model and plans to offer EEG recording equipment on a rental or purchase basis.
  • The company has a strong intellectual property portfolio, with patents and trademarks protecting its technology.
Negatives
  • The company faces significant liquidity risks and has an accumulated deficit of $87.1 million.
  • The auditor's report expresses substantial doubt about the company's ability to continue as a going concern.
  • The company has generated minimal revenue to date and is in the early stages of commercializing the BNA Platform.
  • The company is subject to operating risks, including potential competition, regulatory challenges, and cybersecurity threats.
  • The company is highly dependent on its senior management team and key personnel.
Risks
  • The company may be unable to raise additional capital, which could harm its ability to compete.
  • The company may be unable to compete successfully with competitive technologies.
  • Use of the BNA Platform requires appropriate training, and inadequate training may lead to negative clinician experiences.
  • The company may not be able to achieve or maintain satisfactory pricing and margins for the BNA Platform.
  • Future sales of the BNA Platform may depend on healthcare providers' or patients' ability to obtain reimbursement from third-party payors.
  • Complying with regulations enforced by the FDA and other regulatory authorities is expensive and time-consuming.
  • The company may be subject to certain federal, state, and foreign fraud and abuse laws, health information privacy and security laws, and transparency laws.
  • Cybersecurity incidents could harm the company's business by disrupting its delivery of services, damaging its reputation, or exposing it to liability.
  • The company's operations could be impacted by natural disasters and may adversely impact its business and operating results.
  • Conditions in Israel, where the company has employees, may affect its operations.
Future Outlook

The company plans to continue investing in sales and marketing and research and development of its next-generation BNA Platform. Its ability to achieve positive cash flow from operations depends on the commercialization of the BNA Platform.

Management Comments
  • Management believes that the societal impact of better outcomes for patients suffering from mental illnesses and cognitive disorders is substantial and the associated cost savings to healthcare systems and payors could be significant.
  • Management intends to study the potential health economic benefits associated with the findings of the 2023 white paper study to support rapid adoption of the BNA Platform into standard patient management protocols.
Industry Context

The market for mental illness and cognitive disorder treatments is vast and growing, with significant economic burden. CNS drug development remains costly and has the lowest success rate of all drug categories. The BNA Platform aims to address the unmet needs in this market by providing objective measurement and analysis of brain electrophysiology.

Comparison to Industry Standards
  • The document does not provide enough information to make a detailed comparison to industry standards.
  • To assess Firefly's performance against industry benchmarks, we would need to compare its financial metrics (e.g., revenue growth, R&D spending, profitability) to those of comparable companies in the neurotechnology and AI-driven healthcare space.
  • Some potential comparable companies could include companies developing neurostimulation devices (e.g., Neuronetics, LivaNova), EEG-based diagnostic tools (e.g., NeuroWave Systems), or AI-powered platforms for drug discovery in CNS disorders (e.g., Verge Genomics, Insitro).
  • A thorough comparison would also require analyzing Firefly's clinical trial results and regulatory milestones against those of its competitors.
Stakeholder Impact
  • Shareholders face the risk of dilution from future equity issuances and potential stock price volatility.
  • Employees may be affected by cost-reduction measures and potential changes in compensation policies.
  • Customers may benefit from the BNA Platform's potential to improve treatment outcomes, but also face risks related to its commercialization and adoption.
  • Suppliers and creditors face risks related to the company's financial stability and ability to meet its obligations.
Next Steps
  • The company will focus on targeted outreach and client engagement to commercialize the BNA Platform in the clinics segment.
  • The company plans to actively engage with drug development companies and develop extensive strategic partnerships to support their drug development strategies.
  • The company may consider strategic acquisition opportunities to accelerate market positioning.
Related Party Transactions
  • The company issued shares of common stock to a related party as payment for consulting services.
  • The company granted options to its employees, officers, directors and consultants, some of whom are related parties.
  • The company issued Series D warrants to a company wholly owned by one of the company's directors.
  • The company entered into a strategic investment agreement with a company wholly owned by one of the company's directors.
  • The company completed the closing of a secured promissory notes with its related parties.
Key Dates
  • 2006-04: Elminda Ltd formed in Israel to develop brain electrophysiology assessment system.
  • 2014-05-02: Elminda Inc. incorporated in Delaware for US marketing and distribution.
  • 2014-07: FDA 510(k) clearance for BNA Analysis System (predicate device).
  • 2014-09: Conformity European approval for BNA Platform.
  • 2020-12: FDA 510(k) clearance for current BNA Platform.
  • 2022-04-13: Elminda Inc. name changed to Elminda 2022 Inc.
  • 2022-04-21: New Elminda Inc. incorporated for re-domiciling.
  • 2022-07-05: Elminda Ltd. became a subsidiary of Elminda Inc. via share exchange.
  • 2022-09-15: Elminda Inc. name changed to Firefly Neuroscience, Inc.
  • 2022-10-24: Elminda Ltd. name changed to Firefly Neuroscience Ltd.
  • 2023-08-29: Series C Financing initiated.
  • 2023-11-15: Merger Agreement signed with WaveDancer.
  • 2024-02-01: WaveDancer Board approved the 2024 Long-Term Incentive Plan.
  • 2024-07-26: Securities Purchase Agreement signed for Private Placement.
  • 2024-08-12: Merger completed; WaveDancer renamed Firefly Neuroscience, Inc.; Private Placement closed.
  • 2024-08-13: Firefly Neuroscience, Inc. began trading on Nasdaq (AIFF).
  • 2024-12-20: ELOC Purchase Agreement signed with Arena; Convertible Promissory Note issued to Helena.
  • 2025-03-27: Greg Lipschitz appointed as the Chief Executive Officer of the Company.
  • 2025-03-28: Units Offering.
Keywords
BNA Platform, Firefly Neuroscience, AI, EEG, Neuroscience, Mental Illness, Neurological Disorders, FDA, Commercialization, Biomarkers
AIFF 
Firefly Neuroscience, INC 
NASDAQ
Sector: TBD
 
Filings with Classifications
Worse than expected
3 April 2025 6:01 AM
Annual Report (Form 10-K)
  • The company's revenue decreased significantly compared to the previous year.
  • The company's operating expenses increased substantially.
  • The company's auditor expressed substantial doubt about its ability to continue as a going concern.
Capital raise
3 April 2025 6:01 AM
Annual Report (Form 10-K)
  • The company is actively pursuing additional capital through equity or debt financings.
  • The company entered into an ELOC Purchase Agreement with Arena, pursuant to which Arena has committed to purchase up to $10 million of the company's common stock.
  • The company completed a private placement of units for $547,737 on March 28, 2025.
Capital raise
14 February 2025 4:49 PM
8-K Filing
  • The document references the issuance of common stock pursuant to purchase agreements with Helena Special Opportunities LLC and Arena Business Solutions Global SPC II, Ltd.
  • The issuance includes the conversion of a convertible note and the exercise of a warrant issued to Helena.
Capital raise
7 February 2025 4:50 PM
S-1 Filing
  • The company may receive proceeds from the cash exercise of the December 2024 Warrant.
  • The company may receive up to US$10,000,000 in aggregate gross proceeds under the ELOC Purchase Agreement from sales of its Common Stock it may elect to make to Arena pursuant to the ELOC Purchase Agreement after the date of this prospectus.
Capital raise
29 January 2025 6:19 AM
Registration Statement Amendment
  • The company has entered into an equity line of credit agreement with Arena Business Solutions Global SPC II, Ltd, which allows the company to direct Arena to purchase up to $10,000,000 in shares of common stock.
  • The company has also issued a convertible promissory note to Helena Special Opportunities LLC in the principal amount of $2,400,000.
Capital raise
21 January 2025 9:10 AM
Proxy Statement
  • The company is seeking approval to issue more than 20% of its common stock to Helena Special Opportunities LLC, including upon conversion of a convertible note and exercise of a warrant.
  • The company is also seeking approval to issue more than 20% of its common stock to Arena Business Solutions Global SPC II, Ltd, under a Purchase Agreement.
  • The company entered into a Securities Purchase Agreement with Helena for a convertible promissory note of $2,400,000, including a $360,000 original issue discount, and a warrant to purchase 800,000 shares at $4.00 per share.
  • The company also entered into a Purchase Agreement with Arena for an equity line of credit of up to $10,000,000, with a commitment fee of $300,000.
Capital raise
23 December 2024 4:30 PM
Financing Announcement
  • The company has secured a $2.4 million convertible note from Helena Special Opportunities LLC.
  • The company has also entered into a $10 million equity line of credit agreement with Arena Business Solutions Global SPC II, Ltd.
Worse than expected
4 December 2024 6:16 AM
S-1/A Filing
  • The company has a negative stockholders equity of $2,776,000 as of September 30, 2024.
  • The company has incurred significant losses from operations.
  • The company's financial statement footnotes include disclosure regarding the substantial doubt about its ability to continue as a going concern.
Capital raise
4 December 2024 6:16 AM
S-1/A Filing
  • The company has raised approximately $3.5 million in a private placement.
  • The company has raised $3,039,000 in a Series C financing.
  • The company expects to receive proceeds from the exercise of warrants.
  • The company may need to raise additional capital in the future.
Capital raise
14 November 2024 5:26 PM
Quarterly Report
  • The company has been negotiating further funding with existing and new investors to raise additional capital.
  • The company completed a private placement transaction (the PIPE) on August 12, 2024, raising approximately $3.5 million.
  • The company issued 86,953 Series C Units and received aggregate gross proceeds of $1,070 during the nine months period ended September 30, 2024.
Worse than expected
14 November 2024 5:26 PM
Quarterly Report
  • The company's net loss increased significantly compared to the same periods in the previous year.
  • The company's revenue decreased significantly for the nine months ended September 30, 2024, compared to the same period in 2023.
  • The company's operating expenses increased substantially due to the merger and related costs.
Capital raise
27 September 2024 6:22 AM
S-1 Filing
  • The company may be unable to raise additional capital, which could harm its ability to compete.
  • The company expects to expend significant capital to launch its commercialization program for the BNA Platform, build its brand, and continue to improve its product offerings.
Worse than expected
27 September 2024 6:22 AM
S-1 Filing
  • The company is in the development stage with minimum revenues and has no operating history in the broad commercialization of medical devices or platforms for consumer use.
  • The financial statement footnotes include disclosure regarding the substantial doubt about the company's ability to continue as a going concern.
Worse than expected
16 September 2024 9:11 AM
8-K/A Amendment
  • The company's net loss of $2.603 million in 2023 and $3.904 million in 2022 is worse than expected.
  • The auditor's report expressing substantial doubt about the company's ability to continue as a going concern is worse than expected.
Capital raise
16 September 2024 9:11 AM
8-K/A Amendment
  • The company completed a private placement on August 12, 2024, raising approximately $3.5 million.
  • The company is negotiating further funding with existing and new investors to raise additional capital.
Capital raise
20 August 2024 6:01 AM
Corporate Governance Update
  • The Executive Chairman's performance bonus is directly tied to the success of a capital raise.
  • The document mentions a 'Successful Financing' as a condition for the performance bonus, indicating a potential capital raise is being planned.
Capital raise
19 August 2024 5:17 PM
Quarterly Report
  • The company is negotiating further funding with existing and new investors to raise additional capital.
  • On July 26, 2024, Firefly 2023 entered into a securities purchase agreement for a private placement of shares and warrants for gross proceeds of approximately $3.5 million.
  • The private placement closed on August 12, 2024, substantially contemporaneous with the consummation of the Merger.
Worse than expected
19 August 2024 5:17 PM
Quarterly Report
  • The company's operating loss increased compared to the same period last year, primarily due to the absence of a litigation settlement gain that occurred in the prior year.
  • The company's revenue decreased compared to the same period last year, indicating a decline in business activity.
  • The company's cash position is weak, and it is dependent on raising additional capital to continue operations.
Capital raise
14 August 2024 5:24 PM
8-K Filing
  • The company completed a private placement on August 12, 2024, raising approximately $3.5 million in gross proceeds.
  • The company issued 3,069,287 shares of common stock and pre-funded warrants to purchase up to 4,849,265 shares of common stock.
  • The company also issued warrants to purchase up to 7,918,552 shares of common stock in the private placement.
  • The company may need to raise additional capital in the future to support its operations.
Worse than expected
14 August 2024 5:24 PM
8-K Filing
  • The company's revenue was significantly lower than the previous year, indicating a decline in sales.
  • The company's net losses increased substantially compared to the previous year, indicating a worsening financial situation.
  • The company's operating expenses increased significantly, further contributing to the increased losses.
Capital raise
12 August 2024 4:50 PM
Merger Announcement
  • A private placement offering with certain institutional investors of common stock (or common stock equivalents) and five-year common stock purchase warrants closed substantially contemporaneously with the merger.
  • The gross proceeds to the Company from the offering were approximately $3.5 million, before deducting offering expenses payable by the Company.
Better than expected
12 August 2024 4:50 PM
Merger Announcement
  • The merger provides Firefly with access to public markets and additional capital, which is better than the company's previous position.
Capital raise
29 July 2024 9:22 AM
Merger Financing Announcement
  • The company is raising approximately $3.5 million through a private placement.
  • The private placement involves the issuance of common stock or pre-funded warrants and warrants to purchase common stock.
  • The purchase price is $0.442 per share and accompanying warrant, or $0.4419 per pre-funded warrant.
Capital raise
21 June 2024 6:13 AM
Merger Amendment
  • Parent anticipates issuing shares and warrants in consideration of funds the Company intends to raise to consummate the Merger.
  • The Company intends to raise funds to complete the merger.
Delay expected
21 June 2024 6:13 AM
Merger Amendment
  • The merger deadline has been extended from the original date to July 15, 2024, with a possible further extension to August 15, 2024.
Delay expected
13 June 2024 12:39 PM
Debt Agreement
  • The maturity date of the loan was extended from May 16, 2024, to July 16, 2024.
Worse than expected
22 May 2024 4:00 PM
8-K Filing
  • The resignation of an auditor is generally viewed negatively by the market.
  • The going concern qualification in previous audit reports indicates potential financial instability.
Capital raise
14 May 2024 4:00 PM
Quarterly Report
  • The company may need to raise additional capital if the merger with Firefly does not close.
  • The company is considering raising capital through private placement, which could be highly dilutive.
Worse than expected
14 May 2024 4:00 PM
Quarterly Report
  • The company's revenue decreased by 11.3% year-over-year, indicating a decline in business activity.
  • The company has a net working capital deficit and is facing potential liquidity issues.
  • The company's line of credit is expiring, and there is no guarantee of an extension.
Capital raise
20 March 2024 5:40 PM
Merger Announcement
  • The closing of the merger is contingent upon Firefly being listed on the Nasdaq Stock Market.
  • Nasdaq listing requires Firefly to raise additional capital.
Capital raise
20 March 2024 1:20 PM
Annual Results
  • The company needs to raise between $0.8 million and $1.1 million to complete the merger with Firefly Neuroscience, Inc.
  • The company intends to conduct a private placement to raise the required capital.
  • The funding of the private placement is contingent on the merger closing.
Worse than expected
20 March 2024 1:20 PM
Annual Results
  • The company's revenue declined significantly, indicating worse than expected performance.
  • The company's working capital is in deficit, indicating worse than expected financial health.
  • The company's need to raise additional capital to complete the merger indicates worse than expected financial stability.
Better than expected
8 March 2024 4:50 PM
Press Release
  • The BNA platform shows better than expected results in treatment adherence.
  • The BNA platform shows better than expected results in medication optimization.
  • The BNA platform shows better than expected results in antidepressant response rates.
  • The BNA platform shows better than expected results in reducing treatment resistance.
Better than expected
8 March 2024 4:50 PM
Press Release
  • The BNA platform demonstrated better than expected results in treatment adherence, medication management, and overall patient functioning.

Disclaimer: This summary was generated by artificial intelligence and its accuracy is not guaranteed. The information provided here is for general informational purposes only and does not constitute financial advice, recommendation, or endorsement of any kind. It may contain errors or omissions. You should not rely on this information to make financial decisions. Always seek the advice of a qualified financial professional before making any investment or financial decisions. Use of this information is at your own risk.