Exchange: NASDAQ | Sector: Healthcare | Industry: Medical Devices
Q3 2025
Published: Feb 13, 2025
Earnings Highlights
EPS of $-1.46 decreased by 758.8% from previous year
Net income of -2.71M
"N/A" - N/A
Autonomix Medical Inc Common Stock (AMIX) QQ3 2025 Results Analysis — Pre-revenue healthcare device developer advances peripheral nervous system sensing platform with meaningful cash runway
Executive Summary
Autonomix Medical, a development-stage medical device company focused on sensing and treating peripheral nervous system disorders, reported QQ3 2025 results with no revenue disclosed in the quarter. The company posted an operating loss of $2.747 million driven by a total operating expense base of $2.747 million, with R&D of $1.044 million and G&A of $1.703 million. EBITDA was negative at $2.62 million and net income was -$2.712 million for the quarter, with basic and diluted EPS at -$1.46. QoQ improvements in operating income (3.14%) and net income (3.38%) combined with a yoy improvement in earnings per share (EPS) of -758.82% reflect some cost containment and cadence improvements in spending, even as revenue remains absent. The company augmented its liquidity via equity financing, issuing common stock of $10.025 million, which increased cash and cash equivalents to $11.823 million at period end from $5.155 million at the start, providing a runway into the next 12–18 months for R&D and clinical milestones. On the balance sheet, Autonomix shows a robust current ratio (5.31x) and a net cash position (net debt of -$10.69 million), with no long-term debt, underscoring financial flexibility to support product development. The core investment question remains whether Autonomix can convert its platform into a revenue-generating product through partnerships, regulatory clearance, or licensing deals; until then, the stock remains a high-risk, high-uncertainty investment profile sensitive to clinical and regulatory progress.
Key Performance Indicators
Operating Income
-2.75M
QoQ: 3.14% | YoY:6.05%
Net Income
-2.71M
QoQ: 3.38% | YoY:12.88%
EPS
-1.46
QoQ: 40.89% | YoY:-758.82%
Revenue Trend
Margin Analysis
Key Insights
R&D expenses: $1.044 million; General and Administrative: $1.703 million; Selling and Marketing: not disclosed separately (S,G&A total = $1.703 million).
Net cash provided by operating activities: -$2.301 million.
Capital expenditures: -$5,000.
Net cash provided by financing activities: +$8.974 million (driven by common stock issued of $10.025 million).
Financial Highlights
Revenue: Not disclosed for QQ3 2025 (N/A). Gross Profit: N/A.
Operating Income: -$2.747 million in QQ3 2025; QoQ improvement +3.14%, YoY improvement +6.05%.
- R&D expenses: $1.044 million; General and Administrative: $1.703 million; Selling and Marketing: not disclosed separately (S,G&A total = $1.703 million).
- EBITDA: -$2.620 million; Net Income: -$2.712 million; EPS: -$1.46; Weighted Avg shares: 1.852 million.
Cash Flow and liquidity:
- Net cash provided by operating activities: -$2.301 million.
- Capital expenditures: -$5,000.
- Net cash provided by financing activities: +$8.974 million (driven by common stock issued of $10.025 million).
- Net change in cash: +$6.668 million; Cash at end of period: $11.823 million; Cash at beginning: $5.155 million.
Balance Sheet:
- Total assets: $11.952 million; Total current assets: $11.932 million; Cash and cash equivalents: $11.823 million; Short-term debt: $1.132 million.
- Total liabilities: $2.245 million (current liabilities: $2.245 million); Retained earnings: -$47.187 million; Total stockholders’ equity: $9.707 million; Net cash position: -$10.691 million (net debt negative).
Key ratios (where available):
- Current ratio: 5.31x; Quick ratio: 5.31x; Debt-to-Assets: 0.0947; Price-to-book: 0.717; Enterprise value multiple: 1.423.
- Earnings multiple indicators are negative due to losses (Price/Earnings: not meaningful; Price-to-Sales: 0).
Income Statement
Metric
Value
YoY Change
QoQ Change
Operating Income
-2.75M
6.05%
3.14%
Net Income
-2.71M
12.88%
3.38%
EPS
-1.46
-758.82%
40.89%
Key Financial Ratios
currentRatio
5.31
returnOnAssets
-22.7%
returnOnEquity
-27.9%
debtEquityRatio
0.12
operatingCashFlowPerShare
$-1.24
freeCashFlowPerShare
$-1.25
priceToBookRatio
0.72
priceEarningsRatio
-0.64
Net Income vs. Revenue
Expense Breakdown
Management Commentary
Transcript availability: No earnings call transcript data was provided in the supplied information. As a result, no management quotes or theme-based highlights from discussions on strategy, operations, or market conditions are extractable from the material at hand. If a transcript becomes available, the following themes would be prioritized: (1) product development milestones and regulatory pathway for the peripheral nervous system sensing platform, (2) partnerships, licensing, or collaboration opportunities, (3) updated burn and runway expectations, and (4) commentary on go-to-market plans and potential commercialization timelines.
N/A
— N/A
N/A
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Forward Guidance
No explicit forward guidance was included in the QQ3 2025 data. Given the current pre-revenue status and reliance on equity financing to fund operations, the company’s near-term guidance would likely hinge on milestones such as regulatory progress, clinical validation of the sensing platform, and potential partnering/licensing agreements. Investors should monitor: (a) any announced clinical milestones, (b) updates on regulatory discussions or submissions, (c) additional equity financing needs or debt facilities, and (d) progress toward revenue generation or feasibility/licensing deals. Achievability hinges on successful product development, favorable clinical data, and timely partner engagement, given the current liquidity runway of roughly 12–18 months based on current burn and financing activities.
Competitive Position
Company
Gross Margin
Operating Margin
Return on Equity
P/E Ratio
AMIX Focus
0.00%
0.00%
-27.90%
-64.20%
Gross Profit Margin
Operating Profit Margin
Return on Equity
P/E Ratio Comparison
Investment Outlook
The investment thesis for AMIX is high-risk and speculative, anchored by a substantial cash runway and no near-term debt, but hampered by the absence of revenue and ongoing losses. The stock may benefit from favorable regulatory progress, successful clinical validation, or strategic licensing/partnership announcements that can unlock monetization. Investors should closely monitor milestones along the product development timeline, potential licensing deals, and any additional equity financing needs. Given the current liquidity cushion, the company can sustain continued R&D through 12–18 months; however, meaningful upside requires a clear path to revenue generation or strategic partnerships that can deliver near-term monetary value.
Key Investment Factors
Growth Potential
Strong potential from the platform's peripheral nervous system sensing technology, including catheter-based microchip-enabled arrays that differentiate neural signals. Expected value driver is progression toward clinical validation, regulatory clearance, and strategic partnerships/licensing with larger medical-device players. The company’s substantial cash runway supports continued R&D and optimization of the platform while awaiting monetization milestones.
Profitability Risk
Status as a development-stage, pre-revenue company creates substantial execution risk. Financing dependence via stock issuance presents dilution risk; regulatory and clinical milestones are uncertain and time-dependent. Absence of reported revenue and reliance on non-operating income means near-term profitability remains unlikely. Competitive dynamics and long sales cycles in medical devices add additional uncertainty.
Financial Position
Healthy liquidity with $11.823 million in cash and cash equivalents and a net cash position (net debt negative). No long-term debt reported, but a high reliance on equity financings to fund operations. Current ratio of 5.31x indicates strong short-term liquidity, though the balance sheet reflects significant accumulated deficit and negative retained earnings, underscoring an ongoing need for monetization of the platform.
SWOT Analysis
Strengths
Material net cash position and no long-term debt support ongoing R&D and potential partnerships without immediate liquidity pressure.
Robust current ratio (5.31x) indicating solid liquidity relative to short-term obligations.
Significant equity financing in QQ3 2025 providing runway for product development and potential commercialization milestones.
Weaknesses
No disclosed revenue in QQ3 2025, highlighting pre-revenue status and high dependency on external funding.
Sustained operating losses and negative earnings-per-share trajectory, contributing to elevated funding risk.
Limited tangible assets and reliance on intangible platform capabilities with regulatory/commercial milestones ahead.
Opportunities
Opportunity to validate and monetize a catheter-based microchip-enabled sensing platform for peripheral nervous system disorders.
Potential partnerships or licensing deals with larger medical device companies to accelerate commercialization.
Regulatory milestones and clinical data could unlock additional financing or strategic collaborations.
Threats
Clinical and regulatory risk associated with bringing a novel neural-sensing device to market.
Capital markets volatility could affect future equity-based funding and dilution.
Competitive landscape in medical devices with established players and potential alternative sensing technologies.
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