A
FIREFLY NEUROSCIENCE, INC.
AIFFCIK 0000803578NasdaqNon-AcceleratedSmaller ReportingServices-Prepackaged SoftwareDelawareFY ends Dec 31
Period
FY 2025
Revenue
—
Net Income
$-19.88M
Total Assets
$10.48M
Equity
$7.64M
Shares Out
14.79M
Op. Cash Flow
$-8.19M
Business
Firefly Neuroscience, Inc. is an AI technology company developing neuroscientific solutions to improve brain health outcomes for patients with mental illnesses and neurological disorders. It offers the FDA 510(k)-cleared BNA Platform, a software-as-a-medical-solution that uses AI and machine learning to analyze resting-state EEG and event-related potential data and generate individualized reports and potential biomarkers. Its business is organized into two primary segments: clinical deployments to healthcare professionals (licensing and per-use fees) and collaborations with pharmaceutical companies for CNS drug development and clinical research. Firefly targets U.S. medical professionals — including neurologists, psychiatrists, nurse practitioners, and general practitioners — and pharmaceutical partners, commercializing via direct sales, clinical partnerships, and distributor relationships domestically and internationally.
Summary from filing dated 2025-04-03
Financials
Consolidated Statement of Income
Year Ended · In millions, except per-share amounts
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 | FY 2022 2022-12-31 | FY 2021 2021-12-31 |
|---|---|---|---|---|---|---|
| REVENUE | 1 | 108,000 | 498,000 | 11 | 15 | |
| COST OF GOODS SOLD | 497,000 | 0 | — | — | — | |
| GROSS PROFIT | 645,000 | 108,000 | 3 | 3 | 4 | |
| Research and development expenses | 1 | 2 | 741,000 | — | — | |
| Selling and marketing expenses | 800,000 | 1 | 639,000 | — | — | |
| General and administration expenses | 7 | 6 | 2 | — | — | |
| Impairment of assets | 251,000 | 874,000 | 0 | — | — | |
| TOTAL OPERATING EXPENSES | 10 | 10 | 4 | — | — | |
| OPERATING (LOSS) | −9 | −10 | −3 | −5 | −3 | |
| Interest and bank fees | −159,000 | −69,000 | — | — | — | |
| Interest income | 89,000 | 0 | — | — | — | |
| Foreign exchange gain (loss) | −5,000 | 11,000 | 37,000 | — | — | |
| Change in derivative fair value | −9 | −156,000 | 0 | — | — | |
| Loss on settlement | −1 | 0 | — | 0 | 450,000 | |
| Other (income) expenses | −224,000 | −190,000 | 457,000 | 7,107 | 12,171 | |
| TOTAL OTHER INCOME (EXPENSE) | −11 | −404,000 | 476,000 | — | — | |
| LOSS BEFORE INCOME TAX | −20 | −10 | −3 | −5 | −2 | |
| Income tax provision (benefit) | 5,000 | −2,000 | −1,000 | 812,457 | 1 | |
| NET LOSS AND COMPREHENSIVE LOSS | −20 | −10 | −3 | −18 | −1 | |
| Deemed dividend on warrant inducement | 5 | 0 | — | — | — | |
| NET LOSS ATTRIBUTABLE TO COMMON STOCKHOLDERS | −25 | −10 | — | — | — | |
| BASIC AND DILUTED LOSS PER SHARE (in dollars per share) | −1.97 | −1.6 | −0.81 | −10.03 | −0.09 | |
| WEIGHTED AVERAGE NUMBER OF SHARES OF COMMON STOCK OUTSTANDING, BASIC AND DILUTED (in shares) | 12 | 7 | 3 | 2 | 13 |
Consolidated Balance Sheet
As of · In millions, except per-share amounts
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 | FY 2022 2022-12-31 | FY 2021 2021-12-31 |
|---|---|---|---|---|---|---|
| Cash and Cash Equivalents | 3 | 2 | 2 | — | — | |
| Accounts receivable, net | 194,000 | 121,000 | 84,000 | 2 | 2 | |
| Prepaid expenses and deposits | 978,000 | 697,000 | 28,000 | 442,445 | 276,990 | |
| Inventory | 108,000 | 0 | — | — | — | |
| Total current assets | 4 | 3 | 2 | 3 | 7 | |
| Prepaid expenses and deposits | 268,000 | 2 | 0 | — | — | |
| Equipment, net | 146,000 | 136,000 | 0 | 98,991 | 105,256 | |
| Intangible assets, net | 861,000 | 180,000 | 386,000 | 1 | 8 | |
| Goodwill | 5 | 0 | 1 | 1 | 8 | |
| Total non current assets | 6 | 2 | 386,000 | — | — | |
| TOTAL ASSETS | 10 | 5 | 3 | 8 | 23 | |
| Accounts payable | 1 | 2 | 630,000 | 573,789 | 650,499 | |
| Deferred revenue | 228,000 | 13,000 | 0 | 182,756 | 186,835 | |
| Convertible promissory note, net of unamortized discount | 0 | 694,000 | 0 | — | — | |
| Earn-out liability | 478,000 | 0 | — | — | — | |
| Derivative liability | 0 | 827,000 | 0 | — | — | |
| Total current liabilities | 3 | 5 | 3 | 4 | 2 | |
| Deferred revenue | 21,000 | 0 | — | — | — | |
| TOTAL LIABILITIES | 3 | 5 | 3 | 4 | 6 | |
| COMMITMENTS AND CONTINGENCIES (See Note 14) | — | — | — | — | — | |
| Preferred shares, $0.0001 par value: 1,000,000 shares authorized 2025 and 2024; Nil issued and outstanding at December 31, 2025 and 2024, respectively | 0 | 0 | 0 | — | — | |
| Common shares, $0.0001 par value: 5,000,000,000 shares authorized 2025 and 2024; 13,964,367 and 8,122,060 issued and outstanding at December 31, 2025 and 2024, respectively | 1,000 | 0 | 0 | 2,084 | 18,882 | |
| Additional paid-in capital | 119 | 87 | 77 | 36 | 32 | |
| Accumulated deficit | −112 | −87 | −77 | −31 | −13 | |
| TOTAL SHAREHOLDERS EQUITY (DEFICIT) | 8 | −375,000 | 109,000 | −2 | 17 | |
| TOTAL LIABILITIES AND SHAREHOLDERS EQUITY | 10 | 5 | 3 | 8 | 23 |
Consolidated Statement of Cash Flows
Year Ended · In millions, except per-share amounts
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 | FY 2022 2022-12-31 | FY 2021 2021-12-31 |
|---|---|---|---|---|---|---|
| Depreciation and amortization | 172,000 | 67,000 | 0 | 219,986 | 236,598 | |
| Interest and bank fees | 0 | 30,000 | 0 | — | — | |
| Other income (expenses) | 0 | 12,000 | 0 | — | — | |
| Share-based compensation expense | 749,000 | 3 | 295,000 | 1 | 2 | |
| Shares and warrants issued for consulting services | 32,000 | 127,000 | 0 | — | — | |
| Accretion expense on convertible promissory note | 126,000 | 0 | — | — | — | |
| Loss on shares issued for debt | 217,000 | 0 | — | — | — | |
| Drawdown in shares issued for prepaid services | 601,000 | 0 | — | — | — | |
| Change in accounts receivable | −28,000 | −37,000 | −65,000 | 35,303 | 388,840 | |
| Change in prepaid expenses and deposits | 509,000 | −73,000 | 30,000 | −15,455 | −127,882 | |
| Change in inventories | −37,000 | 0 | — | — | — | |
| Change in accounts payable | −630,000 | 883,000 | −170,348 | −76,710 | −111,797 | |
| Change in accrued liabilities | −952,000 | −341,000 | 1 | 235,259 | 149,345 | |
| Change in deferred revenue | −44,000 | 13,000 | −909,000 | −4,079 | −760,049 | |
| Net cash used in operating activities | −8 | −6 | −2 | −6 | −735,015 | |
| Payments to acquire equipment | −128,000 | −148,000 | 0 | — | — | |
| Product enhancements intangible asset | 0 | −267,000 | −386,000 | — | — | |
| Net cash used in investing activities | −2 | −477,000 | −386,000 | −535,902 | −10 | |
| Proceeds from issuance of convertible promissory note, net of transaction costs | 3 | 2 | 0 | — | — | |
| Proceeds from exercise of warrants | 9 | 36,000 | 0 | — | — | |
| Proceeds from sale of shares, net of issuance costs | 0 | 4 | 5 | — | — | |
| Net cash provided by financing activities | 12 | 6 | 5 | 2 | 13 | |
| INCREASE (DECREASE) IN CASH | 937,000 | −333,000 | 2 | −4 | 3 | |
| Cash paid for interest | 0 | 11,000 | 0 | 1,250 | −35,202 | |
| Cash paid for income taxes | 0 | 0 | 0 | — | — | |
| Deemed issuance of shares to former shareholders of WaveDancer | 0 | 204,000 | 0 | — | — | |
| Product enhancements - intangible asset in accounts payable and accrued liabilities | 0 | 206,000 | — | — | — | |
| PPE transferred from inventory | 25,000 | 0 | — | — | — | |
| Deemed dividend on warrant inducement | 5 | 0 | — | — | — |
Filings
Filing historySign up free to browse every 10-K, 10-Q, 8-K, and proxy this filer has submitted to the SEC.Sign up free · Upgrade to Pro
Material Events
Material EventsTrack every 8-K filing and material event — AI-summarized, timelined, and alertable.Sign up free · Upgrade to Pro
Insiders
Insider ActivitySee executive buy/sell windows and insider trade activity over rolling 30/90/365-day windows.Sign up free · Upgrade to Pro
Institutional Holders
Institutional HoldersSee which funds hold this stock and track position changes quarter over quarter.Sign up free · Upgrade to Pro