Autonomix Medical, Inc.
For the period ended Dec 31, 2025. Filed Feb 11, 2026.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Dec 31, 2025 · Filed Feb 11, 2026
AMIX$1.520.0%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-09-30; filed 2025-11-12.
0001437749-25-034517
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-12-31; filed 2026-02-11.
0001437749-26-003816
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 57 previous paragraphs and 57 current paragraphs.
35 unchanged; 13 reworded; 7 added; 9 removed; 0 previous and 2 current paragraphs rearranged.
Tables are not compared: 4 previous and 4 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (7)
Current report
On October 9 and December 30, 2025, we announced the issuance of a new U.S. patent and a new European patent, respectively, covering key aspects of our platform technology for precision nerve-targeted therapies in cardiology. U.S. Patent No. 12,369,852 and European Patent No. EP4230133, both titled “Controlled and Precise Treatment of Cardiac Tissues,” further strengthens our intellectual property position and supports the development of catheter-based neuromodulation approaches across multiple cardiology applications. These patents enhance our ability to pursue precision nerve-targeted therapies in large and growing areas of cardiology, including renal denervation for hypertension, arrhythmia management, heart failure, and refractory angina.
Current report
During the quarter ended December 31, 2025, we continued to advance development of our catheter-based sensing and ablation system. We completed key verification and validation activities for our ablation catheter in preparation for human use. We also continued enrollment in our second proof-of-concept (PoC 2) human clinical study evaluating our technology in patients with other visceral cancers and earlier-stage pancreatic cancer.
Current report
During the quarter ended December 31, 2025, we were selected for two podium presentations at the Transcatheter Cardiovascular Therapeutics 2025 Annual Scientific Conference in San Francisco. These presentations, delivered as part of the Innovation Session and Hypertension and Renal Denervation Session, highlighted early clinical findings from our first-in-human proof-of-concept clinical study. The data demonstrated the feasibility and safety of transvascular energy delivery to target and modulate problematic nerves, with early data supporting clinical benefit in mitigating severe pancreatic cancer-related pain.
Current report
On November 18, 2025, we entered into a Securities Purchase Agreement with an institutional investor, pursuant to which the investor purchased in a private placement: (i) Pre-Funded Warrants to purchase 4,501,666 shares of the our common stock; and (ii) Common Warrants to purchase up to an aggregate of 9,003,332 shares of our common stock. The combined purchase price of one Pre-Funded Warrant and accompanying Common Warrants was $1.1097. The gross proceeds to us from the November 2025 Offering was approximately $5.0 million, before deducting the Placement Agent’s fees of $450 thousand and other offering expenses of$36 thousand.
Current report
For the three and nine months ended December 31, 2025, we had no interest expense.
Current report
Net cash used in operating activities was $5.7 million during the nine months ended December 31, 2024, consisting of a net loss of $8.2 million, a decrease in operating assets of $0.7 million and an increase in operating liabilities of $0.3 million. The change in operating assets and liabilities included sources of cash from a decrease in other current assets of $0.7 million and a net increase in accounts payable and accrued expenses of $0.3 million. The decrease in other current assets was driven primarily by the receipt of funds from our marketing partner that were a holdback from our IPO and the amortization of prepaid insurance costs. The net increase in accounts payable and accrued expenses was driven primarily by increases in research and development expenses. Non-cash items consisted of stock-based compensation of $1.2 million, depreciation and amortization of $0.1 million and issuance of common stock, net of discount for lack of marketability of $0.1 million.
Current report
Net cash provided by financing activities was $9.0 million for the nine months ended December 31, 2024. During the nine months ended December 31, 2024, we had gross proceeds from a financing event of $10.0 million, before deducting underwriting discounts and other estimated expenses payable by the Company. We also paid $1.1 million in issuance costs related to this financing event.
Removed paragraphs (9)
Previous report
In October 2025, we announced the issuance of a new U.S. patent covering aspects of our platform technology enabling precision nerve-targeted therapies in cardiology, further strengthening our intellectual property position. Additionally, we strengthened our intellectual property portfolio with the issuance of two new patents during the quarter ended September 30, 2025. U.S. Patent No. 12,295,646 relates to a smart torquer device designed to enhance the manipulation of elongated intravascular devices during minimally invasive procedures, while integrating electronic components to facilitate both mechanical control and data communication, while European Patent No. 3,697,298 relates to use of its proprietary technology to collect and process sensing data for real-time physiological monitoring with broad application use that includes coronary artery/vagal nerve mapping, arterial/renal mapping, bladder/lower urinary tract applications, robotic prosthetics and implants, and central nervous system monitoring for neurotherapy.
Previous report
During the quarter ended September 30, 2025, we also had multiple abstracts highlighting the technology and early PoC results was accepted for podium presentation at the 2025 Cardiovascular and Interventional Radiological Society of Europe (CIRSE) Annual Congress in Barcelona and at the Transcatheter Cardiovascular Therapeutics (TCT) 2025 Annual Scientific Conference in San Francisco.
Previous report
In September 2025, we reported longer-term post-hoc data from the initial phase of our first-in-human PoC study in pancreatic cancer pain. Among responders, mean pain reduction was approximately 66% (mean 5.08-point improvement on the visual analog scale), and 100% of responders were opioid-free at three months post-procedure. Improvements were also observed across multiple quality-of-life measures, including sleep, energy, and daily activity levels.
Previous report
In August 2025, we announced the completion of the final design review of our first-of-its-kind intravascular nerve-sensing catheter, an important step in preparation for U.S. clinical studies.
Previous report
On August 25, 2025, we entered into a Purchase Agreement with Lincoln Park, under which, subject to specified terms and conditions, we may sell up to $15.0 million in shares of our common stock. The net proceeds we receive under the Purchase Agreement will depend on i) the frequency of sales; ii) the number of shares sold; and iii) the prices at which we sell shares to Lincoln Park. We also paid offering costs of less than $0.1 million and issued 261,932 Commitment Shares to Lincoln Park in consideration for its commitment to purchase shares of our common stock under the Purchase Agreement from time to time at our direction.
Previous report
On August 25, 2025, we increased the aggregate sales price the Shares that may be sold pursuant to the February 28, 2025 Agreement with the Agent, by $1.4 million. As of September 30, 2025, the revised aggregate sales price of Shares that may be sold under the Agreement represents $3.5 million. As of September 30, 2025, we had sold 1,682,685 Shares for net proceeds of approximately $2.5 million, including $0.5 million for the three-month period ending September 30, 2025. As of September 30, 2025, we had sold 1,682,685 Shares, including 378,425 Shares during the three-month period ending September 30, 2025. We paid offering costs of less than $0.1 million. See Note 6 - Subsequent Events for additional information regarding events occurring after September 30, 2025.
Previous report
On July 21, 2025, we entered into Inducement Letters with the Holders of certain Existing Warrants issued in the offering we completed in November 2024 to purchase up to 1,477,596 shares of common stock. The Existing Warrants had an exercise price of $6.54 per share. Pursuant to the Inducement Letter, we agreed to reduce the exercise price of the Existing Warrants to $1.723 per share and the Holders agreed: (i) to exercise Existing Warrants to purchase 855,000 shares of our common stock for $1.723 per share; and (ii) to prepay $1.722 per share of the reduced exercise price for Existing Warrants to purchase 622,596 shares of our common stock in consideration of our further reducing the exercise price of such Existing Warrants to purchase 622,596 shares of our common stock to $0.001 per share with a modified exercise term of 5.5 years. In consideration of the foregoing, we agreed to issue the Holders new Inducement Warrants to purchase up to a number of shares of our common stock equal to 100% of the number of shares of our common stock underlying the Existing Warrants, comprised of new Series B warrants to purchase up to 1,477,596 shares of our common stock at $1.723 per share with an exercise term of 5.5 years from the initial exercise date. In addition, we issued 88,656 Placement Agent Warrants at an exercise price of $2.671 per share with an exercise term of 5 years. We received total gross proceeds of approximately $2.5 million, less cash expenses paid to the Placement Agent and others of approximately $0.3 million.
Previous report
Net cash used in investing activities was $0 for the six months ended September 30, 2025.
Previous report
Net cash provided by financing activities was $0 for the six months ended September 30, 2024.
Reworded paragraphs (13)
Previous wording
We held our annual meeting of stockholders (the "Annual Meeting") on October 30, 2025. In that Annual Meeting, among other items, our stockholders approved i) an amendment to our amended and restated certificate of incorporation (the "Amendment”) to effect the reverse stock split at a ratio in the range of 1-for-2 to 1-for-25, with such ratio to be determined in the discretion of our board of directors and with such reverse stock split to be effected at such time and date, if at all, as determined by our board of directors in its sole discretion prior to the one-year anniversary of the Annual Meeting; ii) our amended and restated 2023 Equity Incentive Plan; and iii) the issuance of more than 20% of our issued and outstanding common stock pursuant to the purchase agreement with Lincoln Park Capital Fund, LLC.
Current wording
On October 30, 2025, we held our annual meeting of stockholders (the "Annual Meeting"). In that Annual Meeting, among other items, our stockholders approved i) an amendment to our amended and restated certificate of incorporation (the "Amendment”) to effect the reverse stock split at a ratio in the range of 1-for-2 to 1-for-25, with such ratio to be determined in the discretion of our board of directors and with such reverse stock split to be effected at such time and date, if at all, as determined by our board of directors in its sole discretion prior to the one-year anniversary of the Annual Meeting; ii) our amended and restated 2023 Equity Incentive Plan; and iii) the issuance of more than 20% of our issued and outstanding common stock pursuant to the purchase agreement with Lincoln Park Capital Fund, LLC.
Previous wording
Results of Operations for the Three and Six Months Ended September 30, 2025 Compared to the Three and Six Months Ended September 30, 2024
Current wording
Results of Operations for the Three and Nine Months Ended December 31, 2025 Compared to the Three and Nine Months Ended December 31, 2024
Previous wording
Research and development expense was $2.4 million for the three months ended September 30, 2025 compared to $1.2 million for the same period in 2024. This $1.2 million increase was driven primarily by an increase in stock-based compensation - option expense of $0.5 million, due to the stock option cancellation agreements, and an increase in all other research and development expenses of $0.7 million, driven primarily by an increase inour clinical trials and product development costs. We expect to incur increased research and development costs in the future as we continue with our clinical trials and product development costs.
Current wording
Research and development expense was $1.7 million for the three months ended December 31, 2025 compared to $1.0 million for the same period in 2024. This $0.7 million increase was driven primarily by an increase inour clinical trials and product development costs. We expect to incur increased research and development costs in the future as we continue with our clinical trials and product development costs.
Previous wording
Research and development expense was $4.0 million for the six months ended September 30, 2025 compared to $2.1 million for the same period in 2024. This $1.9 million increase was driven primarily by an increase in stock-based compensation - option expense of $0.5 million, due to the stock option cancellation agreements, and an increase in all other research and development expenses of $1.4 million, driven primarily by an increase in our clinical trial and product development costs. We expect to incur increased research and development costs in the future as we continue with our clinical trials and product development costs.
Current wording
Research and development expense was $5.7 million for the nine months ended December 31, 2025 compared to $3.2 million for the same period in 2024. This $2.5 million increase was driven primarily by an increase in stock-based compensation - option expense of $0.5 million, due to the stock option cancellation agreements, and an increase in all other research and development expenses of $2.0 million, driven primarily by an increase in our clinical trial and product development costs. We expect to incur increased research and development costs in the future as we continue with our clinical trials and product development costs.
Previous wording
General and administrative expense was $5.2 million for the three months ended September 30, 2025 compared to $1.7 million for the same period in 2024. This $3.5 million increase was driven primarily by an increase in stock-based compensation - option expense of $2.9 million, mainly due to the stock option cancellation agreements, and an increase in legal and professional fees of $0.6 million.
Current wording
General and administrative expense was $1.6 million for the three months ended December 31, 2025 compared to $1.7 million for the same period in 2024. This $0.1 million decrease was driven primarily by a decrease in stock-based compensation - option expense of $0.4 million, due to the stock option cancellation agreements, offset by an increase in legal and professional fees of $0.3 million.
Previous wording
General and administrative expense was $7.0 million for the six months ended September 30, 2025 compared to $3.5 million for the same period in 2024. This $3.5 million increase was driven primarily by an increase in stock-based compensation - option expense of $2.9 million, mainly due to the stock option cancellation agreements, and an increase in legal and professional fees of $0.8 million, offset by a decrease in officer and employee compensation and benefits of $0.1 million and a decrease in other expenses of $0.1 million.
Current wording
General and administrative expense was $8.6 million for the nine months ended December 31, 2025 compared to $5.2 million for the same period in 2024. This $3.4 million increase was driven primarily by an increase in stock-based compensation - option expense of $2.5 million, mainly due to the stock option cancellation agreements, and an increase in legal and professional fees of $1.1 million, offset by a decrease in compensation and benefits of $0.1 million and a decrease in other expenses of $0.1 million.
Previous wording
For the three and six months ended September 30, 2025 and 2024, we had interest expense of $0 and $0, respectively, and less than $0.1 million and less than $0.1 million, respectively, related to the amortization of debt discount.
Current wording
For the three and nine months ended December 31, 2024, we had interest expense of less than $0.1 million and $0.1 million, respectively, related to the amortization of debt discount.
Previous wording
For the three and six months ended September 30, 2025 and 2024, we had interest income of less than $0.1 million and $0.2 million, respectively, and less than $0.1 million and $0.2 million, respectively.
Current wording
For the three and nine months ended December 31, 2025, we had interest income of less than $0.1 million and $0.2 million, respectively.
Previous wording
On September 30, 2025, we had cash of $7.5 million and working capital of $6.4 million. We have historically funded our operations from proceeds from debt and equity sales. We estimate our current cash resources are sufficient to fund our operations into but not beyond the third calendar quarter of 2026.
Current wording
On December 31, 2025, we had cash of $9.9 million and working capital of $8.5 million. We have historically funded our operations from proceeds from debt and equity sales. We estimate our current cash resources are sufficient to fund our operations into but not beyond the third calendar quarter of 2026.
Previous wording
We will need to raise additional capital to meet our obligations and execute our business plan. We estimate that we will require additional financing of approximately $30 to $36 million to fund our operations to commercialization of our first indication. The timing and costs of clinical trials are difficult to predict and trial plans may change in response to evolving circumstances and as such the foregoing estimates may prove to be inaccurate. If we are unable to raise sufficient funds, we will be required to develop and implement an alternative plan to further extend payables, reduce overhead or scale back our business plan until sufficient additional capital is raised to support further operations. There can be no assurance that such a plan will be successful. We recognize the need to raise additional capital to continue to execute our business plan, including obtaining regulatory clearance for our products currently under development and commercializing and generating revenues from products under development. There is no assurance that additional financing will be available when needed or that management will be able to obtain financing on terms acceptable to us. A failure to raise sufficient capital, generate sufficient product revenues, control expenditures and regulatory matters, among other factors, will adversely impact our ability to meet our financial obligations as they become due and payable and to achieve our intended business objectives. If we are unable to raise sufficient additional funds, we will have to scale back our operations.
Current wording
We will need to raise additional capital to meet our obligations and execute our business plan. We estimate that we will require additional financing of approximately$30 to $36 million to fund our operations to commercialization of our first indication. The timing and costs of clinical trials are difficult to predict and trial plans may change in response to evolving circumstances and as such the foregoing estimates may prove to be inaccurate. If we are unable to raise sufficient funds, we will be required to develop and implement an alternative plan to further extend payables, reduce overhead or scale back our business plan until sufficient additional capital is raised to support further operations. There can be no assurance that such a plan will be successful. We recognize the need to raise additional capital to continue to execute our business plan, including obtaining regulatory clearance for our products currently under development and commercializing and generating revenues from products under development. There is no assurance that additional financing will be available when needed or that management will be able to obtain financing on terms acceptable to us. A failure to raise sufficient capital, generate sufficient product revenues, control expenditures and regulatory matters, among other factors, will adversely impact our ability to meet our financial obligations as they become due and payable and to achieve our intended business objectives. If we are unable to raise sufficient additional funds, we will have to scale back our operations.
Previous wording
Net cash used in operating activities was $6.4 million during the six months ended September 30, 2025, consisting of a net loss of $10.8 million and a decrease in operating assets and liabilities of $0.2 million due to a decrease in operating liabilities of $0.2 million. The change in operating assets and liabilities included uses of cash from a net decrease in accounts payable and accrued expenses of $0.2 million. Non-cash items primarily consisted of stock-based compensation of $4.3 million and the issuance of common stock for equity line of credit commitment fee of $0.3 million.
Current wording
Net cash used in operating activities was $9.4 million during the nine months ended December 31, 2025, consisting of a net loss of $14.0 million and a decrease in operating assets and liabilities of $0.2 million and $0.1 million, respectively. Non-cash items primarily consisted of stock-based compensation of $4.3 million and the issuance of common stock for equity line of credit commitment fee of $0.3 million.
Previous wording
Net cash used in investing activities was $5 thousand for the six months ended September 30, 2024 related to the purchase of computer hardware and software.
Current wording
Net cash used in investing activities was $7 thousand for the nine months ended December 31, 2025 related to the purchase of computer hardware and software.
Previous wording
Net cash provided by financing activities was $4.8 million for the six months ended September 30, 2025. During the six months ended September 30, 2025, we had gross proceeds from the issuance of common stock of $2.6 million and gross proceeds from warrant inducements of $2.6 million. During the six months ended September 30, 2025, we also paid $0.1 million in direct financing costs for the issuance of common stock and $0.3 million in direct financing costs for warrant inducements.
Current wording
Net cash provided by financing activities was $10.2 million for the nine months ended December 31, 2025. During the nine months ended December 31, 2025, we had gross proceeds from the issuance of common stock of $3.5 million, gross proceeds from warrant inducements of $2.6 million and gross proceeds from issuance of pre-funded warrants and Series C warrants of $5.0 million. During the nine months ended December 31, 2025, we also paid $0.1 million in direct financing costs for the issuance of common stock, $0.3 million in direct financing costs for warrant inducements and $0.5 million in direct issuance costs for issuance of pre-funded warrants and Series C warrants.
Rearranged current paragraphs (2)
Current report — wording carried from elsewhere
For the three and nine months ended December 31, 2024, we had interest income of less than $0.1 million and $0.2 million, respectively.
Current report — wording carried from elsewhere
Net cash used in investing activities was $10 thousand for the nine months ended December 31, 2024 related to the purchase of computer hardware and software.