Business Context and Reporting Period
Company: BioSig Technologies, Inc. (Note: Request metadata listed "Streamex Corp.", but the filing text identifies the registrant as BioSig Technologies, Inc., trading under symbol BSGM).
Filing Type: Form 10-K (Annual Report)
Reporting Period: Fiscal year ended December 31, 2024.
Business Overview: BioSig is a medical device technology company developing the PURE EP™ Platform, a digital signal processing system for cardiac electrophysiology (EP) procedures. The company has pivoted from hardware commercialization to software algorithm research and development, focusing on improving outcomes for pulsed field ablation (PFA). Operations are currently scaled back with 5 employees and 3 consultants following significant workforce reductions in early 2024.
Key Financial Metrics
| Metric | 2024 (in thousands) | 2023 (in thousands) |
|---|---|---|
| Revenue | $40 | $18 |
| Net Loss | $(10,339) | $(28,690) |
| Net Loss Attributable to Common Shareholders | $(10,513) | $(29,050) |
| Operating Expenses | $12,902 | $28,530 |
| Research & Development | $832 | $5,092 |
| General & Administrative | $11,629 | $23,077 |
| Cash and Cash Equivalents (Dec 31, 2024) | $142 | $190 |
| Working Capital Deficit | $(1,920) | $(4,054) |
| Accumulated Deficit | $(255,345) | $(245,015) |
Note: Financial figures are presented in thousands as per the source document.
Material Changes vs. Prior Period
- Expense Reduction: Total operating expenses decreased by approximately 55% (from $28.5M to $12.9M), driven by a significant workforce reduction in Q1 2024 that eliminated most of the commercial and operational staff. R&D expenses dropped 84% due to reduced payroll and stock-based compensation.
- Revenue Growth: Revenue increased from $18,000 to $40,000, primarily from service revenue related to medical device sales contracts.
- Debt Settlement: The company recorded a $2.5 million gain on the settlement and forgiveness of debt, resulting from negotiating liabilities with vendors for less than the recorded amount.
- Asset Impairment: A $253,000 impairment charge was recorded for long-term assets due to reduced manufacturing of commercial products.
- Leadership Turnover: The company experienced significant executive and board turnover in early 2024, including the resignation of the CEO, CFO, and multiple directors, followed by the appointment of Anthony Amato as CEO and Ferdinand Groenewald as Interim CFO.
Guidance, Outlook, Risks, and Unusual Items
Going Concern and Liquidity
The independent auditor has issued a "Going Concern" opinion. The company has an accumulated deficit of $255.3 million and a working capital deficit of $1.9 million. Management states that current cash resources are insufficient to fund operations for the next 12 months, raising substantial doubt about the company's ability to continue as a going concern without additional financing.
Recent Financing and Capital Resources
- Equity Raises: In 2024, the company raised approximately $4.2 million through private placements and registered direct offerings. Subsequent to year-end (Jan-April 2025), the company raised an additional ~$4.0 million via an At-The-Market (ATM) offering and ~$0.8 million via a private placement.
- Equity Line of Credit: In February 2025, the company entered into a $5.0 million equity subscription agreement with Lind Global Fund III, LP.
Nasdaq Listing Status
The company faced delisting from Nasdaq in mid-2024 due to minimum bid price and stockholders' equity deficiencies. It successfully regained compliance in late 2024 and early 2025. However, as of April 2025, the company received notice of a new deficiency regarding the minimum bid price ($1.00) and has been granted a 180-day compliance period to regain compliance, potentially requiring a reverse stock split.
Internal Controls
Management identified a material weakness in internal controls over financial reporting related to the identification and recording of stock-based compensation, lack of segregation of duties, and ineffective review processes.
Legal Proceedings
The company settled a threatened litigation claim in March 2025 for 1,000,000 shares of common stock (accrued liability of ~$494,000 as of Dec 31, 2024). Another lawsuit regarding stock issuance was dismissed by the court in December 2024.
Investor Verification Checklist
- Cash Runway: Verify the sufficiency of the ~$142,000 cash balance on hand against the burn rate, given the "Going Concern" warning.
- Dilution Risk: Assess the impact of recent and planned equity issuances (ATM, Equity Line, Private Placements) on existing shareholder ownership.
- Nasdaq Compliance: Monitor the company's ability to maintain the $1.00 minimum bid price during the 180-day compliance period ending October 2025 to avoid delisting.
- Internal Controls: Review the remediation plan for the material weakness in financial reporting to ensure future financial statements are reliable.
- Revenue Sustainability: Evaluate the scalability of the $40,000 revenue stream and the timeline for commercializing the PURE EP software platform.