Autonomix Medical, Inc. reported significant financial developments in its 10-Q filing for the period ending September 30, 2024. The company, which focuses on innovative technologies for the peripheral nervous system, continues to operate as a pre-revenue, clinical-stage life sciences entity.

As of September 30, 2024, Autonomix had cash and cash equivalents of $5.2 million, a decrease from $8.6 million at the end of the previous fiscal period. Total current assets also fell to $5.4 million from $9.4 million, while total assets decreased to $5.4 million from $9.4 million. Total liabilities increased to $2.3 million from $1.8 million, leading to a decline in stockholders' equity from $7.6 million to $3.0 million.

The company reported no revenues for both the three and six months ended September 30, 2024, consistent with the same periods in 2023. However, operating expenses for the three months decreased significantly to $2.8 million from $5.8 million year-over-year, primarily due to a reduction in overall spending. General and administrative expenses rose to $1.7 million from $0.8 million, attributed to increased compensation and benefits. Research and development expenses also increased to $1.2 million from $0.5 million, reflecting ongoing clinical trial and product development costs.

Net loss for the three months ended September 30, 2024, was $(2.8 million), an improvement from a net loss of $(6.0 million) in the same period of 2023. For the six months, the net loss was $(5.5 million), down from $(6.9 million) in the prior year. Loss per share improved to $(2.47) from $(8.78) year-over-year.

In terms of strategic developments, the company completed a one-for-twenty reverse stock split effective October 24, 2024, to comply with Nasdaq listing requirements. Additionally, Autonomix entered into a license agreement with RF Innovations, Inc. on July 10, 2024, for the Apex 6 Radiofrequency Generator, issuing 12,500 shares of common stock as part of the agreement.

The company has indicated that its current cash resources are sufficient to fund operations into the second calendar quarter of 2025, but it will require approximately $40 million in additional financing to commercialize its first product indication. There remains substantial doubt about the company's ability to continue as a going concern within one year of the financial statement issuance date.

Overall, Autonomix Medical is navigating a challenging financial landscape while focusing on its clinical development efforts and strategic partnerships.