Autonomix Medical, Inc.
For the period ended Mar 31, 2026. Filed May 27, 2026.
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A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2026 · Filed May 27, 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-K
Period ended 2025-03-31; filed 2025-05-29.
0001437749-25-018831
Item 7. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-K
Period ended 2026-03-31; filed 2026-05-27.
0001437749-26-018573
Item 7. 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 81 previous paragraphs and 61 current paragraphs.
36 unchanged; 15 reworded; 9 added; 28 removed; 2 previous and 1 current paragraphs rearranged.
Tables are not compared: 2 previous and 7 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 (9)
Current report
We are a development-stage medical device company focused on advancing technologies for sensing and treating disorders of the nervous system. Our platform is designed to integrate high-sensitivity neural signal detection with targeted radiofrequency (“RF”) ablation, enabling a “sense, treat, verify” approach intended to improve the precision and consistency of nerve-targeted therapies. Our technology consists of a catheter-based system incorporating a proprietary microchip-enabled sensing architecture designed to detect low-amplitude neural signals from within the vascular system. By placing signal amplification and digitization at or near the point of detection, this approach is intended to reduce signal degradation and improve detection of neural activity compared to conventional systems. We believe this may enable more precise localization of target nerves and support targeted therapeutic intervention. Our development efforts are focused on two core components: diagnostic sensing and therapeutic RF ablation. In preclinical studies, our sensing technology has demonstrated the ability to detect signals from specific nerve bundles prior to ablation and confirm signal termination following treatment. We are currently refining the design of our catheter to meet requirements for human use in the United States.
Current report
As of March 31, 2026, we had an accumulated deficit of $67.1 million, negative cash flows from operating activities of $12.3 million and working capital of $5.9 million, which raises substantial doubt about our ability to continue as a going concern. Further, we have incurred, and expect to continue to incur, significant costs in pursuit of our business plans. We cannot assure you that we will be successful in raising additional funds. These factors, among others, raise substantial doubt about our ability to continue as a going concern.
Current report
In January 2026, we reported a subgroup analysis showing consistent, clinically meaningful pain reduction observed from Stage 2 through Stage 4 disease, including late-stage patients.
Current report
In March 2026, we were selected for a Best Abstract presentation at the CRT Annual Meeting and recognized with a Best Innovation Award, reflecting growing recognition of our transvascular nerve-sensing and ablation platform within the interventional cardiology community.
Current report
During the fiscal year ending March 31, 2026, Autonomix continued to build a comprehensive intellectual property portfolio that is designed to provide broad, area-by-area protection across the body, encompassing core platforms for nerve mapping, signal processing, and controlled micro-ablation, along with application-specific innovations across multiple organ systems. With issued patents in the United States and key international jurisdictions, and expirations extending into the late 2030s, the portfolio is structured to support multi-organ platform scalability and expansion into diverse clinical indications.
Current report
Interest income was $0.3 million in 2026 and $0.4 million in 2025 primarily due to higher relative interest rates in 2025.
Current report
Net cash used in operating activities was $12.3 million during the year ended March 31, 2026, consisting of a net loss of $16.7 million and an increase in operating assets of $0.1 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 report
Net cash provided by financing activities was $10.2 million for the year ended March 31, 2026, consisting of gross proceeds from the issuance of common stock of $3.5 million, the warrant inducements of $2.5 million and the issuance of pre-funded warrants and Series C warrants of $5.0 million. We also paid $0.1 million in direct financing costs for the issuance of common stock, $0.3 million for the warrant inducements and $0.5 million for the issuance of the pre-funded warrants and Series C warrants.
Current report
Common Stock Fair Value–* *The Company calculates the fair value of equity classified warrants granted using either observable share prices and/or adjusted share prices for the effects of dilution. Expense is recognized within general and administrative expense.
Removed paragraphs (28)
Previous report
We are a development stage medical device company focused on advancing innovative technologies for sensing and treating disorders relating to the nervous system. Our first-in-class technology platform includes a catheter-based microchip-enabled sensing array that can detect and differentiate neural signals with a high degree of sensitivity as demonstrated in animal studies.
Previous report
We are initially developing our technology for patients with pancreatic cancer, a condition that can cause debilitating pain and need a more effective solution. However, we believe our technology constitutes a platform with the potential to address dozens of indications in a range of areas including chronic pain management from all causes, hypertension, cardiovascular disease and a wide range of other nerve-related disorders.
Previous report
Our development efforts can be divided into two parts: diagnostic sensing and therapeutic radiofrequency ablation, where diagnostic is focused on sensing and identifying disorder-related neuronal activity with enough precision to enable targeted therapy with ablation. Our sensing technology has already successfully demonstrated, in animal models, the ability to successfully identify a signal from a specific nerve bundle before ablation and confirmation of termination of that signal from the treated nerves after ablation. We are now in the process of improving the design of this catheter to meet the standards required for human use. In parallel with this effort, we completed our initial trial phase of our first-in-human proof-of-concept trial ("PoC 1") evaluating the safety and effectiveness of delivering transvascular energy to ablate relevant problematic nerves and mitigate pain in patients with pancreatic cancer pain, with the intent to bring sensing and treatment together in a future pivotal clinical trial to enable the commercial launch of our technology. As a result of the positive results from PoC 1, we have expanded the protocol into a follow-on phase ("PoC 2"), now including pain management for additional visceral cancers, like pancreatic, gall bladder, liver, and bile duct, with potential further expansion in oncology, gastroenterology, and other sectors, as well as earlier stage pancreatic cancer patients experiencing moderate to severe pain.
Previous report
On February 28, 2025, we entered into an At Market Issuances Sales Agreement (the “ATM Agreement”) with Ladenburg Thalmann & Co. Inc. (the “Agent”). Pursuant to the terms of the ATM Agreement, the we may sell from time to time through the Agent, as sales agent or principal, shares of our common stock with an initial aggregate sales price of up to $2.1 million (the “Shares”). Any sale of Shares pursuant to the ATM Agreement will be made under our “shelf” registration statement on Form S-3 filed on February 28, 2025 with the Securities and Exchange Commission. Under the ATM Agreement, we may sell Shares through the Agent by any method that is deemed an “at the market offering” (as defined in Rule 415(a)(4) under the Securities Act of 1933, as amended). Under the ATM Agreement, the Agent will also be able to sell shares of common stock by any other method permitted by law, including in negotiated transactions with our prior written consent. We will pay a commission to the Agent of 3.0% of the gross proceeds of the sale of the Shares sold under the ATM Agreement and reimburse the Agent for certain expenses.
Previous report
Warrant expense–* termination agreement*
Previous report
Warrant Expense – termination agreement was $0 in 2025. Warrant Expense – termination agreement was $4.6 million in 2024. related to a license termination agreement. SeeNote 2 - Warrant Liability and Fair Value of Financial Instruments to the financial statements for additional information.
Previous report
Other Income/Expense
Previous report
Warrant liability mark-to-market
Previous report
Warrant Liability - mark-to market adjustment was $0 in 2025. Warrant Liability - mark-to market adjustment was $3.4 million in 2024.
Previous report
Interest income was $0.4 million in 2025 and $0.1 million in 2024 due to relatively higher cash balances throughout the year in 2025 as compared to 2024.
Previous report
In June 2023, we completed a financing with several accredited investors for the sale of 71,001 shares of common stock with gross proceeds of $2.8 million. Additionally, we received proceeds of $2.0 million in unsecured, non-interest bearing convertible promissory notes (the “Notes”) and accompanying warrants (the “Bridge Financing Warrants”) (collectively, the “Bridge Offering”) that will mature on December 31, 2025. On January 26, 2024, we completed our IPO of common stock. In the IPO, we sold a total of 111,962 shares of common stock at a purchase price of $100.00 per share for gross proceeds of $11.2 million and net proceeds of $9.8 million.
Previous report
On November 22, 2024, we completed a firm commitment underwritten public offering (the “Offering”) of: (i) 458,691 common units (the “Common Units”), each Common Unit consisting of one share of common stock and one series A warrant to purchase one share of common stock (the “Series A Warrants”); and (ii) 917,596 pre-funded units (the “Pre-Funded Units”) and together with the Common Units, the "Units", each Pre-Funded Unit consisting of one pre-funded warrant to purchase one share of common stock (the “Pre-Funded Warrant”) and one Series A Warrant. The purchase price of each Common Unit was $6.540, and the purchase price of each Pre-Funded Unit was $6.539. In addition, we granted the underwriters in the Offering a 45-day option to purchase an additional 206,422 shares of common stock, and/or an additional 206,422 Series A Warrants, solely to cover over-allotments, if any. The Pre-Funded Warrants have an exercise price of $0.001 per share, are immediately exercisable and may be exercised at any time until all of the Pre-Funded Warrants are exercised in full. The Series A Warrants have an exercise price of $6.540 per share, are immediately exercisable and may be exercised at any time until the five-year anniversary of the date of issuance. Both the Pre-Funded Warrants and the Series A Warrants are subject to a beneficial ownership limitation of 4.99%. The Offering closed on November 25, 2024. On November 22, 2024, the underwriters partially exercised their over-allotment option with respect to 156,809 shares of common stock and 156,809 Series A Warrants. The aggregate gross proceeds, including the partial exercise of the over-allotment option, were approximately $10.0 million, before deducting underwriting discounts and other expenses by us of $1.5 million, including $0.5 million of non-cash expenses. The net cash proceeds to us were approximately $9.0 million.
Previous report
On February 28, 2025, we entered into an ATM Agreement. Pursuant to the terms of the ATM Agreement, we may sell, from time to time, shares of our common stock with an initial aggregate sales price of up to $2.1 million (the “Shares”). As of March 31, 2025, we have sold 800 Shares pursuant to the ATM Agreement for net proceeds of approximately $1,746.
Previous report
Net cash provided by financing activities was $14.4 million for the year ended March 31, 2024, consisting of $10.9 million of gross proceeds from our IPO, $2.8 million from a financing with several accredited investors and $2.0 million from the Notes. We also paid $1.3 million in issuance costs related to our IPO.
Previous report
Bridge Financing Warrants
Previous report
The fair value of the Bridge Financing Warrants is estimated using a Monte Carlo simulation model with probability-weighted expected return method ("PWERM") based on the probabilities of different potential outcomes for the Notes issued with the Bridge Financing Warrants. The outcomes considered included (i) qualified financing as part of our planned IPO at various points in time and (ii) repayment in cash at maturity. Any increase in the amount of time expected until a qualified financing event and/or a reduction in the likelihood of a qualified financing event occurring during the term of the Notes would likely increase the fair value of the warrant, while the inverse of each scenario would have the opposite effect. The significant judgments and assumptions to the Monte Carlo simulation include the Company’s stock price, volatility based on a selection of publicly held peer companies, discount rate, and a discount for lack of marketability.
Previous report
Common Stock Fair Value–* *The fair value of our common stock price was determined through a back solve, solving for the stock price that results in the average total value of the Notes and the warrants being equal to the cash proceeds received in the transaction it was issued at across one million iterations of the simulation.
Previous report
*Discount Rate -*The rate is chosen based on private equity rates of return as described in the AICPA Practice Aid on Valuation of Privately-Held-Company Equity securities Issued as Compensation, choosing the rate at the lower end of the range.
Previous report
Credit Rating–* *Our credit rating impacts the identification and calculation of the discount rate.
Previous report
Discount for lack of marketability – Subsequent to the IPO, any shares issued pursuant to an exercise of the Bridge Financing Warrants, would be subject to a six-month lock-up. Consistent with AICPA’s Accounting and Valuation Guide: Valuation of Privately-Held-Company Equity Securities Issued as Compensation, the Finnerty model was used to estimate the discount for lack of marketability.
Previous report
The fair value of the Notes and Bridge Financing Warrants is calculated such that they will combine to equal the cash purchase price of the Bridge Offering. Any changes in these assumptions will impact how the transaction price from the Bridge Offering is distributed between the Notes and the Bridge Financing Warrants.
Previous report
Termination Agreement Warrants
Previous report
The fair value of the Termination Agreement Warrants is estimated using a discounted cash flow model under various scenarios and used the probability-weighted expected return method (“PWERM”) comparing the probabilities of different outcomes. The outcomes considered included (i) qualified financing as part of our planned IPO at various points in time and (ii) possibility of default whereby the investor receives nothing. Any increase in the amount of time expected until a qualified financing event and/or a reduction in the likelihood of a qualified financing event occurring during the term of the warrant would decrease the fair value of the warrant, while the inverse of each scenario would have the opposite effect.
Previous report
Additional significant assumptions and judgments used in preparing the discounted cash flow model include:
Previous report
*Discount Rate -*The rate is chosen based on private equity rates of return as described in the AICPA Practice Aid on Valuation of Privately-Held-Company Equity Securities Issued as Compensation, choosing the rate at the lower end of the range.
Previous report
Credit Rating–* *Our credit rating impacts the identification and calculation of the discount rate.
Previous report
Any ongoing improvements in our credit rating would have the effect of driving down the discount rate used in the periodic re-measurement of the Termination Agreement warrants. Reductions in the Company’s discount rate would increase the fair value of the Termination Agreement warrants, while an increase in this factor will have an opposite effect.
Previous report
Common Stock Fair Value–* *Prior to our IPO, we periodically sold shares of our common stock for cash in an arms-length transaction. We consider these transactions as indicative of the fair value of our common stock when applying the Black-Scholes option pricing model. Subsequent to our IPO, we base the value of our shares on observable share data.
Reworded paragraphs (15)
Previous wording
You should read the following discussion and analysis of our financial condition and results of operations in conjunction with the financial statements and the related notes appearing elsewhere in this Annual Report on Form 10-K. This discussion contains forward-looking statements reflecting our current expectations that involve risks and uncertainties, including those set forth under "Cautionary Statement About Forward-Looking Statements." Actual results and the timing of events could differ materially from those discussed and other expectations expressed in our forward-looking statements as a result of many factors, including but not limited to those discussed in this Item and in Item 1A - "Risk Factors.". Actual results and the timing of events could differ materially from those discussed in our forward-looking statements as a result of many factors, including those set forth under “Risk Factors” and elsewhere in this Annual Report on Form 10-K.
Current wording
You should read the following discussion and analysis of our financial condition and results of operations in conjunction with the financial statements and the related notes appearing elsewhere in this Annual Report on Form 10-K. This discussion contains forward-looking statements reflecting our current expectations that involve risks and uncertainties, including those set forth under "Cautionary Statement About Forward-Looking Statements." Actual results and the timing of events could differ materially from those discussed in our forward-looking statements as a result of many factors, including those set forth under “Risk Factors” and elsewhere in this Annual Report on Form 10-K.
Previous wording
*Research and Development ("R&D").*R&D expenses increased by $2.5 million compared to the same period in 2024, primarily due to clinical trial execution and product development cost. We expect to incur increased research and development costs in the future as we continue our clinical trial and product development efforts.
Current wording
*Research and Development ("R&D").*R&D expenses increased by $2.4 million compared to the same period in 2025. This increase was driven by a net increase in stock-based compensation expense of $0.4 million, primarily due to the stock option cancellations 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 our clinical trials and product development efforts.
Previous wording
*General and Administrative ("G&A").*G&A expenses increased by $1.6 million compared to the same period in 2024, primarily due to increases in officer and employee compensation and benefits of $1.5 million, stock-based compensation of $0.9 million, legal and professional fees of $0.4 million, insurance expense of $0.3 million, franchise tax of $0.3 million, board of directors compensation of $0.1 million offset by a decrease in advertising expense of $1.8 million related to our IPO in 2024 and travel and entertainment expense of $0.1 million.
Current wording
*General and Administrative ("G&A").*G&A expenses increased by $3.0 million compared to the same period in 2025. This increase was driven by a net increase in stock-based compensation expense of $2.2 million, primarily due to the stock option cancellations and an increase in legal and professional fees of $1.1 million offset by a decrease in compensation and benefits of $0.3 million.
Previous wording
Interest expense was $0.2 million in 2025 and $0.1 million in 2024 related to the amortization of debt discounts.
Current wording
Interest expense was $0 in 2026 and $0.2 million in 2025 related to the amortization of debt discount as the remaining portion of the Convertible Notes was converted into 33,250 shares of common stock in March 2025.
Previous wording
On March 31, 2025, we had cash of $9.1 million and working capital of $7.9 million. We have historically funded our operations from proceeds from debt and equity sales.
Current wording
On March 31, 2026, we had cash of $7.0 million and working capital of $5.9 million. We have historically funded our operations from proceeds from equity sales.
Previous wording
We estimate our current cash resources are sufficient to fund our operations into but not beyond the first calendar quarter of 2026.
Current wording
We estimate our current cash resources are sufficient to fund our operations into but not beyond the fourth 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 in the range of $32 to $40 million to fund our operations through initial commercial launch. 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.
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 in the range of $25 to $32 million to fund our operations through initial commercial launch. 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.
Previous wording
Net cash used in operating activities was $8.3 million during the year ended March 31, 2025, consisting of a net loss of $11.4 million and an increase in operating assets and liabilities of $1.2 million. The change in operating assets and liabilities included sources of cash from a decrease in other current assets of $0.3 million and an increase in accounts payable of $0.2 million and accrued expenses of $0.7 million. The increases in accounts payable and accrued expenses were driven primarily by increased research and development costs for the development of our medical devices, general and administrative costs consisting of professional fees, officer compensation and legal expenses. The increase in other current assets was driven primarily by prepaid insurance costs. Non-cash items consisted of stock-based compensation of $1.6 million, depreciation and amortization of $0.2 million and issuance of common stock, net of discount for lack of marketability of $0.1 million.
Current wording
Net cash used in operating activities was $8.3 million during the year ended March 31, 2025, cons isting of a net loss of $11.4 million and changes in operating assets and liabilities of $1.2 million. The change in operating assets and liabilities included sources of cash from a decrease in other current assets of $0.3 million and an increase in accounts payable of $0.2 million and accrued expenses of $0.7 million. The increases in accounts payable and accrued expenses were driven primarily by increased research and development costs for the development of our medical devices, general and administrative costs consisting of professional fees, officer compensation and legal expenses. The increase in other current assets was driven primarily by prepaid insurance costs. Non-cash items consisted of stock-based compensation of $1.6 million, depreciation and amortization of $0.2 million and the issuance of common stock, net of discount for lack of marketability of $0.1 million.
Previous wording
Net cash used in investing activities was $14 thousand and $19 thousand, respectively, for the year ended March 31, 2025 and March 31, 2024, respectively, related to the purchase of computer hardware and software.
Current wording
Net cash used in investing activities was $14 thousand for the year ended March 31, 2025 related to the purchase of computer hardware and software.
Previous wording
Net cash provided by financing activities was $8.8 million for the year ended March 31, 2025, consisting of $10.0 million of gross proceeds from the Offering. We also paid $1.1 million in issuance costs for this Offering and $0.2 million in issuance costs for a subsequent registration statement.
Current wording
Net cash provided by financing activities was $8.8 million for the year ended March 31, 2025, consisting of $10.0 million of gross proceeds from the Offering. We also paid $1.1 million in issuance costs for the Offering and $0.2 million in issuance costs for a subsequent registration statement.
Previous wording
We have agreements with key employees to provide certain benefits, including salary and other wage-related benefits, in the event of termination. In addition, we have adopted a severance policy for certain key members of executive management to provide certain benefits, including salary and other wage-related benefits, in the event of termination without cause. In total, these benefits would amount to a range of $1.1 million to $1.6 million using the rate of compensation in effect at March 31, 2025.
Current wording
We have agreements with key employees to provide certain benefits, including salary and other wage-related benefits, in the event of termination. In addition, the Company has adopted a severance policy for certain employees and officers in the event of termination. In total, these benefits would amount to a range of $1.9 million to $2.5 million using the rate of compensation in effect at March 31, 2026.
Previous wording
We classify our operating expenses into three categories: (i) research and development, (ii) general and administrative and (iii) warrant expense – termination agreement.
Current wording
We classify our operating expenses into two categories: (i) research and development and (ii) general and administrative.
Previous wording
It is our policy to expense advertising costs as incurred. Advertising expenses are included within general and administrative expenses within the statement of operations. For the years ended March 31, 2025 and 2024, the Company recorded less than $0.1 million and $1.8 million, respectively.
Current wording
It is our policy to expense advertising costs as incurred. Advertising expenses are included within general and administrative expenses within the statement of operations. For the years ended March 31, 2026 and 2025, the Company recorded $0 and less than $0.1 million, respectively.
Previous wording
Stock-based compensation transactions are recognized as compensation expense in the statements of operations based on their fair values on the date of the grant. The expense for equity awards expected to vest is recognized over the applicable vesting period of the stock award using either the straight-line method or the accelerated method, depending on the vesting structure, and is included in general and administrative. We estimate the fair value of options granted using the Black-Scholes option pricing model. This estimate uses assumptions regarding a number of inputs that require us to make significant estimates and judgments. The expected volatility assumption was based on industry peer information.
Current wording
Stock-based compensation transactions are recognized as compensation expense in the statements of operations based on their fair values on the date of the grant. The expense for equity awards expected to vest is recognized over the applicable vesting period of the stock award using either the straight-line method or the accelerated method, depending on the vesting structure, and is included in general and administrative and research and development expenses. We estimate the fair value of options granted using the Black-Scholes option pricing model. This estimate uses assumptions regarding a number of inputs that require us to make significant estimates and judgments. The expected volatility assumption was based on industry peer information.
Previous wording
We issued warrants to purchase shares of common stock (i) in connection with the Bridge Offering, (ii)in connection with the Exclusive License Termination Agreement (the “Termination Agreement”), and (iii) as part of selling agent compensation inour IPO andas part of the November 2024 financing. We accounted for such warrants in accordance with Accounting Standards Codification (“ASC”) Topic 480-10,Distinguishing Liabilities from Equityand ASC Topic 815-40*, Derivatives and Hedging*–* Contracts in Entity*’*s Own Equity.*Based on this guidance, we determined that warrants issued in connection with the Termination Agreement should be accounted for as a liability and the remaining warrants issued meet the requirements for equity classification. Liability classified warrants are subject to remeasurement at each balance sheet date, while equity classified warrants are valued at inception only.
Current wording
We issued warrants to purchase shares of common stock (i) in connection withour November 2024 Offering Agreement, (ii) July 2025 Warrant Inducement Agreement, and (iii) November 2025 Securities Purchase Agreement. We accounted for such warrants in accordance with Accounting Standards Codification (“ASC”) Topic 480-10,Distinguishing Liabilities from Equityand ASC Topic 815-40*, Derivatives and Hedging*–* Contracts in Entity*’s Own Equity.
Rearranged current paragraphs (1)
Current report — wording carried from elsewhere
Net cash used in investing activities was $10 thousand for the year ended March 31, 2026 related to the purchase of computer hardware and software.
Rearranged previous paragraphs (2)
Previous report — wording carried elsewhere
Net cash used in operating activities was $6.6 million during the year ended March 31, 2024, cons isting of a net loss of $15.4 million and an increase in operating assets and liabilities of $0.1 million. The change in operating assets and liabilities included sources of cash from an increase in accounts payable of $0.3 million and accrued expenses of $0.3 million offset by a use of cash for other current assets of $0.5 million. The increases in accounts payable and accrued expenses were driven primarily by increased research and development costs for the development of our medical devices, general and administrative costs consisting of professional fees, officer compensation and legal expenses. The increase in other current assets was driven primarily by prepaid insurance costs. Non-cash items consisted of $4.6 million for warrant expense – termination agreement, $3.4 million for warrant liability – mark-to-market adjustment, stock-based compensation of $0.6 million and depreciation and amortization of $0.1 million.
Previous report — wording carried elsewhere
Historical Volatility – We determine the expected volatility by weighing the historical average volatilities of publicly traded industry peers. Our intention is to consistently apply this methodology using the same or similar public companies until a sufficient amount of historical information regarding the volatility of our common stock becomes available. We will monitor our peer group for circumstances that may require a change to the composition or make-up of the entities and will identify if/when more suitable companies whose stock prices are publicly available would be utilized in the calculation.