BioSig Technologies, Inc. reported significant financial developments in its 10-Q filing for the quarter ending September 30, 2024. The company had 17,234,929 shares of common stock outstanding as of November 14, 2024. Total revenue for the three months ended September 30, 2024, was $0, a decrease from $1,000 in the same period in 2023. For the nine months ended September 30, 2024, revenue increased to $27,000 from $6,000 in the prior year, primarily attributed to sales of the PURE EP™ System and related services.

Operating expenses for the third quarter of 2024 were $2,950,000, down from $5,526,000 in the same quarter of 2023. The reduction in expenses was driven by a decrease in research and development costs, which fell to $156,000 from $1,145,000 year-over-year. The company reported a loss from operations of $(2,950,000) for the third quarter, an improvement from $(5,525,000) in the same quarter of 2023. The net loss attributable to common shareholders for the third quarter was $(1,940,000), compared to $(4,569,000) in the prior year.

As of September 30, 2024, total assets were $1,418,000, down from $1,798,000 at the end of 2023. Total liabilities decreased significantly to $1,701,000 from $4,685,000, resulting in a stockholders’ deficit of $(405,000), an improvement from $(3,018,000) at the end of the previous fiscal year. Cash reserves increased to $615,000 from $190,000 at the end of 2023.

Strategically, BioSig Technologies underwent a workforce reduction in February 2024, laying off 42 employees, including key executives. The company has since restructured its leadership, appointing Anthony Amato as CEO and Ferdinand Groenewald as interim CFO. Additionally, BioSig announced its intent to acquire the assets of Neuro-Kinesis Corporation, which is expected to provide between $2.5 million and $6 million in unrestricted cash at closing.

The company faced challenges with Nasdaq compliance, resulting in its common stock being suspended from trading on Nasdaq effective June 12, 2024, and subsequently trading on the OTC Markets. However, on October 21, 2024, BioSig was notified that its common stock would resume trading on Nasdaq.

Overall, while BioSig Technologies reported no revenue for the latest quarter, it demonstrated improved operational efficiency and strategic initiatives aimed at stabilizing its financial position and enhancing its market presence.