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KENMORE, N.Y. - Firefly Neuroscience, Inc. (NASDAQ:AIFF), a $40 million market cap neurotechnology company currently trading at $3.02, announced Monday it is collaborating with the Institute of Human Genetics at Heidelberg University Hospital on a study examining the neurophysiological effects of 15q13.3 copy number variants (CNVs). According to InvestingPro data, while the company maintains a healthy balance sheet with more cash than debt, it faces significant challenges with rapid cash burn and no profitability over the last twelve months.
The research, led by Prof. Dr. Christian Schaaf, will analyze electroencephalogram (EEG) data from 30 subjects with genetic variations in the 15q13.3 chromosomal region. The study employs Firefly’s FDA-cleared Brain Network Analytics (BNA) technology to process resting state and cognitive paradigm data.
Scheduled to run through 2026, the study aims to identify electrophysiological biomarkers associated with these genetic variants and characterize neurocognitive profiles linked to deletions versus duplications of the chromosomal region.
"By combining Heidelberg’s clinical expertise with our proprietary technology, we aim to uncover novel insights into the brain’s functional architecture in rare genetic conditions," said Gil Issachar, Chief Technology Officer of Firefly, according to the company’s press release.
The collaboration builds on previous work between Firefly and Prof. Schaaf, including a joint publication on CHRNA7-related phenotypes. Firefly is providing EEG systems, training, and analytical support for the project, including comparison to its proprietary normative database.
Prof. Schaaf serves as Director of the Institute of Human Genetics at Heidelberg University Hospital and is known for his research on neurodevelopmental disorders, with three syndromes named after him.
Firefly Neuroscience develops AI-powered solutions for brain health assessment in neurological and mental disorders. The company’s BNA technology is designed to enhance clinicians’ ability to diagnose mental and cognitive disorders and evaluate treatment efficacy. With revenue of just $0.14 million in the last twelve months and an overall WEAK financial health score from InvestingPro, investors should note that 8 additional key insights are available to subscribers, helping them make more informed investment decisions in the medical technology sector.
In other recent news, Firefly Neuroscience, Inc. has reported promising research findings indicating that its AI platform can effectively differentiate stages of cognitive decline. The study revealed that combining EEG/ERP technology with volumetric MRI achieves approximately 87% accuracy in distinguishing between subjective cognitive decline, mild cognitive impairment, and dementia. This development supports the broader application of Firefly’s FDA-cleared Brain Network Analytics (BNA™) technology. Additionally, Firefly has acquired Evoke Neuroscience, a strategic move aimed at advancing its proprietary technology and expanding its database and patent portfolio. The acquisition deal was valued at $6 million, with half paid in cash and half in Firefly common stock. This acquisition significantly boosts Firefly’s assets, now including over 180,000 EEG/ERP assessment records and 27 granted patents. The company is poised for rapid growth and innovation, with plans to commercially launch its BNA™ technology. Firefly’s advancements in brain health technology are aimed at pharmaceutical companies and medical practitioners.
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