BioSig Technologies, Inc. reported its financial results for the first quarter of 2025, revealing a significant shift in its financial landscape compared to the same period in 2024. The company generated no revenue for the three months ended March 31, 2025, a decrease from $14,000 in the prior year. This decline is attributed to a strategic pivot away from hardware sales towards research and development of software algorithms for its PURE EP™ Platform, which is designed to enhance electrophysiology procedures. The net loss attributable to common shareholders for the quarter was $2.814 million, an improvement from a net loss of $3.537 million in the same quarter of 2024.
Operating expenses for the first quarter of 2025 totaled $2.984 million, down from $3.451 million in the previous year, primarily due to reduced research and development costs, which fell to $6,000 from $238,000. General and administrative expenses increased slightly to $2.957 million from $2.882 million, reflecting higher consulting fees and costs associated with an equity line of credit. The company reported a gain of $199,000 from the settlement and extinguishment of accounts payable, contributing to a total other income of $184,000, compared to $22,000 in the prior year.
In terms of operational metrics, BioSig's total assets increased to $4.418 million as of March 31, 2025, up from $842,000 at the end of 2024. The company’s cash position improved significantly, with cash and cash equivalents rising to $3.727 million from $142,000. This increase was bolstered by financing activities, which provided $4.7 million, primarily from the sale of common stock and warrants. The company’s working capital surplus stood at $2.31 million, although it continues to face liquidity concerns due to ongoing net losses and negative cash flows from operations.
Strategically, BioSig has made notable changes, including a focus on the development of its software capabilities and a commitment to enhancing its patent portfolio, which now includes 41 issued utility patents and numerous pending applications. The company has also successfully regained compliance with Nasdaq listing requirements after a period of non-compliance related to its stock price. Looking ahead, BioSig anticipates continued losses and negative cash flows, emphasizing the need for additional financing to support its operations and product development efforts.
The company’s management has acknowledged the challenges ahead, particularly in achieving commercial viability for its products. BioSig plans to continue its commercialization efforts for the PURE EP™ System while exploring various financing options, including equity sales and potential strategic partnerships. The outlook remains cautious, with management highlighting the necessity of securing funding to sustain operations and advance its research initiatives.
About BioSig Technologies, Inc.
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