Firefly Neuroscience, Inc., formerly known as WaveDancer, Inc., reported a significant decline in revenue for the fiscal year ended December 31, 2024, with total revenue of $108,000, down 76% from $498,000 in the previous year. This decrease was attributed to the recognition of deferred revenue from contracts fulfilled in 2023. The company also faced substantial operating losses, totaling $10.1 million, compared to $3.6 million in 2023, driven by increased research and development expenses, which rose to $1.95 million from $741,000, and general and administrative expenses, which surged to $6.11 million from $2.20 million. The increase in expenses was largely due to costs associated with the recent merger and the vesting of management options.
In terms of strategic developments, Firefly completed a reverse merger with WaveDancer on August 12, 2024, which allowed it to begin trading on the Nasdaq under the ticker symbol "AIFF." The merger was part of a broader strategy to commercialize its FDA-cleared Brain Network Analytics (BNA) platform, aimed at improving diagnostic and treatment approaches for mental illnesses and cognitive disorders. The company plans to generate revenue through two primary segments: the use of the BNA platform by neurologists in the U.S. and collaborations with pharmaceutical companies for neuroscience drug development.
Operationally, Firefly is in the early stages of launching its BNA platform, which utilizes artificial intelligence to analyze electroencephalogram (EEG) data. The company has conducted soft launches and is focusing on targeted outreach to increase adoption among healthcare professionals. As of March 31, 2025, Firefly employed 13 full-time staff and one contractor, indicating a lean operational structure as it prepares for broader market engagement.
Looking ahead, Firefly's management expressed concerns regarding liquidity, noting an accumulated deficit of $87.1 million and negative cash flows from operations of approximately $6.2 million for the year. The company is actively pursuing additional capital through equity or debt financing to support its operations and commercialization efforts. Despite these challenges, management remains optimistic about the potential for the BNA platform to transform brain health outcomes and is committed to enhancing its market presence in the coming years.
About FIREFLY NEUROSCIENCE, INC.
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