BioSig Technologies, Inc. reported a net loss of $10.3 million for the year ended December 31, 2024, compared to a net loss of $28.7 million in 2023. Revenue increased to $40,000 from $18,000, driven by sales contracts for its medical devices. Research and development expenses decreased significantly to $832,000 from $5,092,000, primarily due to reduced payroll and stock-based compensation. General and administrative expenses also fell to $11,629,000 from $23,077,000, reflecting workforce reductions and decreased compensation.
The company experienced significant changes in personnel during the year. A workforce reduction in early 2024 resulted in the departure of 42 employees, including the Chief Operating Officer and Chief Commercial Officer. Several board members also resigned. Anthony Amato was appointed as Chief Executive Officer, Chairman, and Director in April 2024, while Ferdinand Groenewald became interim Chief Financial Officer in June 2024. As of April 14, 2025, the company employed five full-time employees and three key consultants.
BioSig engaged in several financing activities during the year. These included the issuance of a promissory note, which was later converted into common stock and warrants; several private placements raising approximately $4 million; and an at-the-market offering generating $4 million in gross proceeds (net of fees, $3.9 million). The company also entered into an equity subscription agreement with Lind Global Fund III, LP, providing access to up to $5 million in funding. An attempt to acquire Neuro-Kinesis Corporation was terminated in February 2025.
The company's common stock experienced delisting from the Nasdaq Capital Market in June 2024 due to non-compliance with minimum stockholders' equity requirements. However, it regained compliance and resumed trading on the Nasdaq in October 2024. As of April 11, 2025, the company received another notice of non-compliance with the minimum bid price requirement, initiating a 180-day compliance period. The company's management identified a material weakness in its internal control over financial reporting related to stock-based compensation, segregation of duties, and review processes. Remediation efforts are ongoing.
BioSig's outlook is contingent upon successful product development and commercialization, securing additional funding, and navigating ongoing regulatory requirements. The company's continued operations are dependent on its ability to secure further financing. The company anticipates that its cash resources will be sufficient to fund operations into the second quarter of 2025. The company's financial statements include forward-looking statements and actual results may differ materially from those discussed.
About BioSig Technologies, Inc.
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