Autonomix Medical Reports Decreased Net Loss and Increased R&D Expenses for Quarter Ended December 31, 2024

Autonomix Medical, Inc. reported its financial results for the three and nine months ended December 31, 2024, revealing a net loss of $2.7 million for the quarter, a decrease from a loss of $3.1 million in the same period of the previous year. For the nine-month period, the company recorded a net loss of $8.2 million, down from $10.0 million year-over-year. The company continues to operate without revenue, maintaining an accumulated deficit of $47.2 million as of December 31, 2024. Operating expenses for the quarter totaled $2.7 million, a slight decrease from $2.9 million in the prior year, while expenses for the nine months were $8.3 million, down from $9.6 million.

The company experienced a significant increase in research and development expenses, which rose by 52% to $1.0 million for the quarter and more than doubled to $3.2 million for the nine-month period, reflecting ongoing clinical trial and product development efforts. Conversely, general and administrative expenses decreased by 24% to $1.7 million for the quarter, primarily due to reduced advertising costs. The company’s cash position improved, with cash and cash equivalents totaling $11.8 million at the end of the reporting period, compared to $8.6 million at the end of the previous quarter.

In terms of strategic developments, Autonomix Medical completed a reverse stock split of 1-for-20 on October 24, 2024, aimed at regaining compliance with Nasdaq listing rules. The company also successfully closed a public offering on November 25, 2024, raising approximately $10 million in gross proceeds through the sale of common units and pre-funded units. This offering included warrants that are expected to enhance the company’s capital structure and provide additional funding flexibility.

Operationally, Autonomix Medical is focused on advancing its innovative technologies for treating disorders related to the peripheral nervous system, particularly targeting pancreatic cancer. The company is in the process of conducting its first-in-human demonstration of transvascular ablation to relieve pain associated with this condition. As of December 31, 2024, the company had 2,462,983 shares of common stock outstanding, following the reverse stock split, and is actively working to expand its clinical trials and product development initiatives.

Looking ahead, Autonomix Medical anticipates needing to raise an additional $30 to $35 million to fund its operations through the commercialization of its first indication. The company acknowledges the challenges of securing additional financing and the potential need to scale back operations if sufficient capital cannot be raised. The management remains focused on executing its business plan while navigating the uncertainties inherent in the early-stage medical device industry.