Crispr Therapeutics shares tumble after significant earnings miss
BioSig Technologies, Inc. (NASDAQ:BSGM), a medical device company based in Los Angeles, CA, with a market capitalization of $17.61 million, has announced a change in its independent registered public accounting firm. According to InvestingPro data, the company’s financial health score is currently rated as WEAK, with an EBITDA of -$12.42 million in the last twelve months. On Monday, Marcum LLP resigned as the company’s certifying accountant, and concurrently, BioSig engaged CBIZ (NYSE:CBZ) CPAs P.C. to take over the role.
The transition comes after CBIZ CPAs P.C. acquired the attest business of Marcum LLP on November 1, 2024. The Audit Committee of BioSig’s Board of Directors approved the appointment of CBIZ CPAs P.C. The company’s previous reports for the fiscal years ending December 31, 2023, and December 31, 2024, did not contain any adverse opinion or disclaimer of opinion, nor were they qualified or modified regarding uncertainty, audit scope, or accounting principles.
The reports included an explanatory paragraph concerning the company’s ability to continue as a going concern, which aligns with InvestingPro analysis showing the company is quickly burning through cash, with a concerning current ratio of 0.15 and short-term obligations exceeding liquid assets. During the fiscal years mentioned above and the interim period up to April 30, 2025, there were no disagreements with Marcum on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure.
BioSig also disclosed that during the past two fiscal years and the subsequent interim period through April 30, 2025, it identified material weaknesses in internal control related to the identification, recording, and reporting of stock-based compensation, ineffective review processes over period-end financial disclosure and reporting, and inadequate segregation of duties for transaction posting and processing. With basic EPS at -$0.75 and the stock currently trading above its Fair Value, investors should closely monitor these developments. For comprehensive financial health analysis and additional insights, consider accessing over 10 more exclusive ProTips available on InvestingPro.
The company has provided Marcum with a copy of these disclosures prior to filing with the SEC. A letter from Marcum dated April 30, 2025, regarding its concurrence or disagreement with the statements made in this report, is attached as Exhibit 16 to the SEC filing.
BioSig Technologies has not consulted CBIZ CPAs P.C. on any accounting principles or auditing matters during the two most recent fiscal years or the subsequent interim period through April 30, 2025. This announcement is based on a press release statement.
In other recent news, BioSig Technologies, Inc. has been actively addressing its compliance with Nasdaq’s listing requirements. The company is currently facing a potential delisting from the Nasdaq Stock Market due to its failure to meet the minimum bid price requirement, having closed below $1.00 per share for 30 consecutive business days. To rectify this, BioSig has until October 8, 2025, to achieve a closing bid price of at least $1.00 for ten consecutive business days. Meanwhile, BioSig is also nearing compliance with Nasdaq’s stockholders’ equity requirement, having raised approximately $4.85 million through recent stock sales. These efforts may have boosted its stockholders’ equity to meet the $2.5 million threshold set by Nasdaq. BioSig is awaiting formal confirmation from Nasdaq on this matter and will continue to be monitored for financial compliance. Despite these challenges, BioSig’s business operations remain unaffected, and the company continues to trade on the Nasdaq Capital Market. Investors are encouraged to stay informed through official communications from the company.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.