Reported Earnings • May 14
First quarter 2026 earnings released: US$0.12 loss per share (vs US$1.74 loss in 1Q 2025) First quarter 2026 results: US$0.12 loss per share (improved from US$1.74 loss in 1Q 2025). Revenue: US$485.0k (up US$442.0k from 1Q 2025). Net loss: US$1.91m (loss narrowed 89% from 1Q 2025). Reported Earnings • Apr 02
Full year 2025 earnings released: US$1.22 loss per share (vs US$1.60 loss in FY 2024) Full year 2025 results: US$1.22 loss per share. Revenue: US$1.14m (up US$1.03m from FY 2024). Net loss: US$15.2m (loss widened 46% from FY 2024). Announcement • Mar 13
Firefly Neuroscience Announces Discovery of New Brain Wave Biomarkers for Differential Diagnosis of Adhd Firefly Neuroscience, Inc. announced the advancement of research using Resting EEG/Cognitive EEG (ERP) brain scans collected on its FDA-510(k)-cleared Evoke System to potentially distinguish between the three main subtypes of attention-deficit/hyperactivity disorder (ADHD): hyperactive and impulsive, inattentive, and combined. Firefly’s AI-powered EEG/ERP technology may help identify which ADHD subtype a patient has — potentially complementing subjective symptom checklists with neural signal-based precision. Subtype identification could change the clinical equation: Firefly’s platform may help clinicians determine the most appropriate treatment type, inform dosage decisions, and potentially monitor whether an intervention is working. The breakthrough advances Firefly’s mission to build the world’s first EEG/ERP brain foundation model — being trained on a growing repository of over 191,000 brain scans. Firefly’s methodology is supported by prior peer-reviewed research, including a study published in Frontiers in Psychiatry, demonstrating the diagnostic utility of EEG-based brain activity flow pattern analysis in ADHD patients. New Risk • Mar 04
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of American stocks, typically moving 38% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (38% average weekly change). Earnings have declined by 63% per year over the past 5 years. Shareholders have been substantially diluted in the past year (67% increase in shares outstanding). Revenue is less than US$1m (US$783k revenue). Market cap is less than US$10m (US$9.74m market cap). Minor Risk Significant insider selling over the past 3 months (US$265k sold). New Risk • Feb 19
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: US$9.94m This is considered a major risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 63% per year over the past 5 years. Shareholders have been substantially diluted in the past year (67% increase in shares outstanding). Revenue is less than US$1m (US$783k revenue). Market cap is less than US$10m (US$9.94m market cap). Minor Risks Share price has been volatile over the past 3 months (11% average weekly change). Significant insider selling over the past 3 months (US$265k sold). Announcement • Feb 04
Firefly Neuroscience, Inc. has filed a Follow-on Equity Offering in the amount of $7.434266 million. Firefly Neuroscience, Inc. has filed a Follow-on Equity Offering in the amount of $7.434266 million.
Security Name: Common Stock
Security Type: Common Stock
Transaction Features: At the Market Offering New Risk • Dec 31
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of American stocks, typically moving 11% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-US$7.7m free cash flow). Earnings have declined by 63% per year over the past 5 years. Shareholders have been substantially diluted in the past year (59% increase in shares outstanding). Revenue is less than US$1m (US$783k revenue). Minor Risks Share price has been volatile over the past 3 months (11% average weekly change). Market cap is less than US$100m (US$12.5m market cap). Reported Earnings • Nov 14
Third quarter 2025 earnings released: US$0.20 loss per share (vs US$0.61 loss in 3Q 2024) Third quarter 2025 results: US$0.20 loss per share (improved from US$0.61 loss in 3Q 2024). Net loss: US$2.64m (loss narrowed 39% from 3Q 2024). Announcement • Sep 25
Firefly Neuroscience, Inc., Annual General Meeting, Oct 31, 2025 Firefly Neuroscience, Inc., Annual General Meeting, Oct 31, 2025. Announcement • Aug 28
Firefly Neuroscience Successfully Deploys NVIDIA L40S GPU Acceleration to Power Next-Gen 'CLEAR' Platform Firefly Neuroscience, Inc. unveiled its new 'CLEAR' (CLeaning EEG ARtifacts) Platform, a proprietary next-generation preprocessing technology designed to deliver unrivalled electroencephalogram (EEG) data quality. The CLEAR Platform was developed using NVIDIA's L40S GPU with Ada Lovelace architecture. EEG recordings are notoriously noisy, often contaminated by artifacts such as muscle activity, eye blinks, and environmental interference. The Company's new CLEAR Platform uses signal processing and machine learning techniques to ensure cleaner, more reliable data - paving the way for novel and scalable clinical insights. In validation testing, the CLEAR Platform demonstrated substantial increases in data quality. By improving the fidelity of EEG signals, researchers and clinicians are now empowered to detect subtle neural biomarkers critical for advancing diagnosis, treatment, and monitoring of neurological andiatric conditions. Leveraging NVIDIA GPU acceleration, Firefly has also optimized the CLEAR Platform's performance, achieving 60-80% improvement in processing times. This breakthrough achievement harnesses cutting-edge supercomputing to swiftly preprocess EEG recordings within Firefly's proprietary database. New Risk • Aug 14
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -US$8.8m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-US$8.8m free cash flow). Earnings have declined by 61% per year over the past 5 years. Shareholders have been substantially diluted in the past year (68% increase in shares outstanding). Revenue is less than US$1m (US$428k revenue). Minor Risk Market cap is less than US$100m (US$37.5m market cap). Announcement • Jul 15
Firefly Inks Latest Commercial Agreement for Use of its FDA-Cleared BNA Platform in Groundbreaking Precision Neuro Science Research Firefly Neuroscience, Inc. highlight its ongoing collaboration with Prof. Dr. med. Christian Schaaf, Director of the Institute of Human Genetics at Heidelberg University Hospital and Chairman of Human Genetics at the Medical Faculty of Heidelberg University, on a study investigating the neurophysiological impact of 15q13.3 copy number variants ("CNVs"). This engagement builds on prior work between Firefly and Prof. Schaaf, including a joint publication on CHRNA7-related phenotypes. The current study leverages Firefly's FDA-cleared technology to analyze Electroencephalograms ("EEG") data from 30 subjects -- 15 with deletions and 15 with duplications of the 15q13.3 chromosomal region. Study subjects undergo resting state and two cognitive paradigms running automatically through Firefly's BNA platform. The study is scheduled to run through 2026, with Firefly commercially engaged to provide EEG systems, training, and full analytic support, including the comparison to its proprietary, FDA-cleared normative Resting and Event-Related Potential Cognitive tasks database. The study aims to: Identify electrophysiological biomarkers associated with 15q13.3 CNVs; Characterize neurocognitive profiles linked to deletions vs. duplications; and Support future diagnostic and therapeutic strategies for neurodevelopmental disorders. Board Change • Jul 01
Less than half of directors are independent There are 5 new directors who have joined the board in the last 3 years. Of these new board members, 2 were independent directors. The company's board is composed of: 5 new directors. No experienced directors. No highly experienced directors. 2 independent directors (3 non-independent directors). CEO & Director Greg Lipschitz is the most experienced director on the board, commencing their role in 2022. Independent Director Stella Vnook was the last independent director to join the board, commencing their role in 2024. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Lack of experienced directors. Announcement • Jun 20
Firefly Neuroscience, Inc. Researchers Uncover Powerful New Way of Objectively Measuring SCD, MCI, and Dementia inzheimer's Patients Firefly Neuroscience, Inc. highlighted a leap forward in Alzheimer's research to distinguish between subjective cognitive decline ("SCD"), mild cognitive impairment ("MCI"), and dementia in a scalable, accessible way to promote earlier detection and intervention. In the study, while EEG/ERP and volumetric magnetic resonance imaging ("vMRI") each helped alone, the best results came when both were combined. Just using EEG measures, three EEG measures stood out: (1) reaction time; (2) commission errors; and (3), P300b amplitude. With respect to vMRI assessment, of all the brain areas, only the left temporal lobe size was a powerful MRI predictor, where smaller size tended to correlate to cognitive issues. Combing EEG measures with the size of the left temporal lobe from the MRI boosted accuracy to approximately 87% (AUC = 0.87). This study demonstrates the potential of a primarily physiological diagnostic model for differentiating SCD, MCI, and dementia using EEG/ERP, especially when combined with volumetric brain MRI. In addition, the accessibility of EEG/ERP and vMRI means that these tools can be used as adjuncts to clinical assessments to help increase the diagnostic certainty of SCD, MCI,and dementia. Announcement • Jun 17
Firefly Neuroscience, Inc. announced that it expects to receive $6 million in funding Firefly Neuroscience, Inc. entered into a securities purchase agreement to issue 2,000,000 of units at a price of $3 per unit for gross proceeds of $6,000,000 on June 16, 2025. Each Unit consists of either one share of common stock, par value $0.0001 per share or a prefunded warrant to purchase one share of Common Stock. The offer and sale of securities described above pursuant to the Purchase Agreement was conducted as a private placement pursuant to and in reliance on the exemption from registration provided by Section 4(a)(2) of the Securities Act of 1933, as amended and/or Rule 506(b) of Regulation D promulgated thereunder for transactions not involving a public offering. Announcement • May 05
Firefly Neuroscience, Inc. (NasdaqCM:AIFF) acquired Evoke Neuroscience, Inc. for $6.5 million. Firefly Neuroscience, Inc. (NasdaqCM:AIFF) entered into a Securities Purchase Agreement to acquire Evoke Neuroscience, Inc. for $6.5 million on April 30, 2025. The total purchase price consist of: (i) $3 million in cash; (ii) shares of the Firefly Neuroscience’s common stock having an aggregate value of $3 million priced at $3.50 per share ;and (iii) an earn-out payment in the form of additional shares of the Firefly Neuroscience’s common stock with an aggregate value of $0.5 million, contingent upon the achievement of specified revenue targets during a thirty-six (36) month earn-out period.
The transaction is subject to approval by regulatory board / committee, consummation of due diligence investigation and subject to shareholder approval.
Louis A. Bevilacqua of Bevilacqua PLLC acted as legal advisor for Firefly Neuroscience, Inc. Geoffrey G. Hemphill of Woods Rogers PLC acted as legal advisor for stockholders of Evoke Neuroscience, Inc.
Firefly Neuroscience, Inc. (NasdaqCM:AIFF) completed the acquisition of Evoke Neuroscience, Inc. on May 1, 2025. Announcement • Apr 02
Firefly Neuroscience, Inc. announced delayed annual 10-K filing On 04/01/2025, Firefly Neuroscience, Inc. announced that they will be unable to file their next 10-K by the deadline required by the SEC. Announcement • Mar 13
Firefly Neuroscience, Inc. Announces Board Changes On March 10, 2025, Greg Lipschitz resigned from his position as the Executive Chairman of Firefly Neuroscience, Inc., effective immediately. Mr. Lipschitz remains as a director of the Company. Mr. Lipschitz’s resignation was not related to any disagreement regarding the Company’s operations, policies or practices. On the same date, the board of directors of the Company elected Arun Menawat as the Chairman of the Company, effective immediately. In connection with such appointment, Mr. Menawat no longer serves as a member of the Audit Committee of the Board of Directors or the chairperson of the Compensation Committee of the Board of Directors (the “Compensation Committee”). The Board appointed David DeCaprio as a member of the Audit Committee and Stella Vnook as a member of the Compensation Committee. In addition, Mr. DeCaprio was elected as the chairperson of the Compensation Committee. Announcement • Jan 25
Firefly Neuroscience, Inc. Announces Publications Demonstrating the Utility of Advanced Eeg Analytics in Drug Development and Neuropsychiatric Care Firefly Neuroscience, Inc. highlight two impactful studies that demonstrate the utility of advanced Resting Electroencephalograms (EEG) and Cognitive EEG (ERP) data analytics in drug development and neuropsychiatric care. As illustrated by the two studies, Firefly's BNA™? system can uniquely provide objective measures of treatment efficacy and cognitive change: Study 1: Advancing Neuropharmacology with Novartis' MIJ821. EEG was essential in assessing the drug's ketamine-like antidepressant effects on the brain. Key findings include: Dose-Dependent EEG Changes: Administration of MIJ821 showed clear trends linking post-dose resting EEG activity to dosage, supporting its role as a distal target engagement biomarker. Validation of EEG as a PK-PD Tool: EEG revealed changes consistent with ketamine's known effects, including increased gamma power and decreased alpha power, potentially reflecting enhanced cognitive processing and sensory integration. Clinical Potential: These insights pave the way for EEG-driven biomarker development, improving drug dose selection and patient-specific treatment strategies. Study 2: Objective Cognitive Assessments in Major Depressive Disorder (MDD) Treatment The second paper, entitled "Evaluating an EEG-based tool for assessing acute clinical and cognitive changes in adult outpat patients with MDD treated with open-label, flexible-dose vortioxetine: A pilot study," highlights the application of EEG in monitoring cognitive changes during treatment for MDD. Key findings include: BNA™? Metrics as Cognitive Biomarkers: Baseline brain activation latencies, as measured through Firefly's BNA™? technology, were longer in MDD patients compared to controls, but normalized post-treatment, reflecting improved cognitive functioning independent of antidepressant effects. Personalized Psychiatry: Firefly's BNA™? pipeline for automatic EEG analysis offers a scalable solution for evaluating treatment efficacy, addressing both cognitive and emotional health in MDD patients. Announcement • Jan 15
Firefly Neuroscience Discovers Breakthrough Cognitive Brain Age Biomarker Using its FDA-Cleared BNA Platform Firefly Neuroscience, Inc. announced the advancement of research to assess a patient's brain age - an estimation of the biological age of a person's brain - via its FDA-cleared BNA technology platform. Board Change • Dec 10
High number of new and inexperienced directors There are 5 new directors who have joined the board in the last 3 years. The company's board is composed of: 5 new directors. 1 experienced director. No highly experienced directors. Executive Chairman Greg Lipschitz is the most experienced director on the board, commencing their role in 2022. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Announcement • Dec 09
Firefly Neuroscience, Inc., Annual General Meeting, Dec 27, 2024 Firefly Neuroscience, Inc., Annual General Meeting, Dec 27, 2024. Announcement • Dec 04
Firefly Neuroscience, Inc. Announces Board Changes On November 30, 2024, David Johnson resigned from his position as the Executive Chairman of Firefly Neuroscience, Inc. and as a director of the board of directors of the Company, effective immediately. Mr. Johnson’s resignation was not the result of any disagreement between Mr. Johnson and the Company, its management, the Board or any committee of the Board on any matter relating to the Company’s operations, policies or practices, or any other matter. On December 3, 2024, the Company appointed Greg Lipschitz as the Executive Chairman of the Company, effective as of the same date. Mr. Lipschitz has served as a director of the Company since December 2022. Mr. Lipschitz has over 13 years of combined experience in private equity, merchant banking, capital markets and finance. From June 2018 to February 2024, Mr. Lipschitz served as the Vice President of Lazer Capital. Mr. Lipschitz is currently the Managing Director of Old Stone Advisors, a financial advisory firm. Mr. Lipschitz has advised on over $1 billion of transactions. Mr. Lipschitz is a Chartered Financial Analyst and received his bachelor’s degree in Business from the Richard Ivey Business School at the University of Western Ontario. Reported Earnings • Nov 15
Third quarter 2024 earnings released: US$0.61 loss per share (vs US$0.18 loss in 3Q 2023) Third quarter 2024 results: US$0.61 loss per share (further deteriorated from US$0.18 loss in 3Q 2023). Net loss: US$4.29m (loss widened US$3.64m from 3Q 2023). Board Change • Nov 14
Less than half of directors are independent There are 5 new directors who have joined the board in the last 3 years. Of these new board members, 2 were independent directors. The company's board is composed of: 3 independent directors. 4 non-independent directors. Independent Director Stella Vnook was the last independent director to join the board, commencing their role in 2024. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Announcement • Oct 16
Firefly Neuroscience Collaborates with Bright Minds Biosciences to Analyze the Data from its Positive Phase 1 Study Using its Artificial Intelligence, FDA-Cleared BNA™? Technology Firefly Neuroscience, Inc. announced collaborating with Bright Minds Biosciences Inc. to analyze the data from its first-in-human Phase 1 study of its lead compound, BMB-101. The study demonstrated positive results of the qEEG (Quantitative Electroencephalogram) data. During the EEG recording, subjects were seated with a U.S. Food and Drug Administration (FDA)- approved 19 electrode EEG headsets provided by Firefly strategic partner, Zeto Inc. Channels were sampled at 250 or 500 Hz and referenced to A1/A2 channels (linked-ears reference) during recording. The EEG recording time was 10 minutes (approximately 5 minutes resting with eyes closed and approximately 5 minutes resting with eyes open). There were four EEG recording timepoints: day 1 pre-dose (im immediately before dosing) and post-dose (1h after dosing), and day 7 pre-dose and post-dose. Data was analyzed using the FireFly Neuroscience advanced EEG analysis platform. BMB-101, a highly selective 5-HT2C, Gq-protein biased agonist, has demonstrated compelling activity in a host of in vitro and in vivo nonclinical tests. Compared to Lorcaserin, BMB-101 exhibits strong Gq biased signaling, coupled with minimal beta-arrestin recruitment. Bright Minds believes that G-protein biased signaling translates to better tolerance profile for this second-generation 5-HT2C agonist, making BMB-101 a best-in-class 5-HT2C agonist. Mechanistically, Serotonin (5-Hydroxytryptamine, 5-HT) is a monoamine neurotransmitter widely expressed in the central nervous system, and drugs modulating 5-HT have made a major impact in mental health disorders. Central 5-HT systems have long been associated with the control of ingestive behaviors and the modulation of the behavioral effects of psychostimulants, opioids, alcohol, and nicotine. Results of clinical trials and animal studies indicate that 5-HT2C receptor agonists may have therapeutic potential in the treatment of addiction by decreasing the intake of opioids as well as impulsive behavior that can escalate compulsive drug use. BMB-101 is a new chemical entity (NCE) and constitutes a novel scaffold 5-HT2C agonist. 5-HT2C agonism is a well proven anticonvulsant mechanism. In translational animal models, BMB-101 demonstrated a significant reduction in both the number and intensity of epileptic seizures and is a promising candidate for the treatment of Dravet Syndrome and other epilepsies. The Phase 1 trial (NCT 05397041) has been completed and BMB-101 is now Phase 2 ready. New Risk • Aug 20
New major risk - Revenue and earnings growth Revenue has declined by 80% over the past year. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If revenues are declining, then it is difficult for the company to prevent its earnings from declining as well. A trend of falling revenue can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-US$4.4m free cash flow). Shares are highly illiquid. Negative equity (-US$1.2m). Revenue has declined by 80% over the past year. Revenue is less than US$1m (US$64k revenue). Minor Risk Market cap is less than US$100m (US$49.7m market cap). Announcement • Aug 20
Firefly Neuroscience, Inc. Announces Board and Committee Changes Firefly Neuroscience, Inc. announced on August 19, 2024, the board of directors the company appointed David Johnson and Stella Vnook to the board, with Mr. Johnson to serve as executive chairman of the board pursuant to the Johnson Employment Agreement, effective as of August 19, 2024. Upon Ms. Vnook’s appointment, Ms. Vnook will succeed (i) David DeCaprio as a member of the Audit Committee of the Board and (ii) Arun Menawat as a member of the Nominating and Corporate Governance Committee of the Board (the Nominating Committee), each effective as of August 19, 2024. Ms. Vnook will also replace Brian Posner as the Chairperson of the Nominating Committee, effective as of August 19, 2024. Additionally, on August 19, 2024, the Board designated (i) Greg Lipschitz, David DeCaprio and Jon Olsen to serve as Class I members of the Board, with such term to expire at the first annual meeting of stockholders following the filing of the Certificate of Incorporation (such date, the Filing Date), (ii) Brian Posner and Stella Vnook to serve as Class II directors of the Board, with such term to expire at the second annual meeting of stockholders following the Filing Date, and (iii) David Johnson and Arun Menawat to serve as Class III members of the Board, with such term to expire at the third annual meeting of stockholders following the Filing Date. Board Change • Aug 14
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 7 non-independent directors. Director Brian Posner was the last director to join the board, commencing their role in 2024. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. 