FALSE000128985000012898502024-11-052024-11-05

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549
 
_______________________________


FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

__________________________________

Date of Report (Date of earliest event reported): November 5, 2024


NEUROMETRIX, INC.
(Exact name of registrant as specified in charter)

Delaware
001-33351
04-3308180
(State or other jurisdiction
of incorporation)
(Commission File Number)
(IRS Employer
Identification No.)


4B Gill Street, Woburn, Massachusetts
01801
(Address of principal executive offices)
(Zip Code)


(781) 890-9989

(Registrant’s telephone number, including area code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

  Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). Emerging growth company  
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  
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Item 2.02
Results of Operations and Financial Condition.

On November 5, 2024, NeuroMetrix, Inc. issued a press release announcing its financial results for the quarter ended September 30, 2024. The full text of the press release and the related attachment are furnished as Exhibit 99.1 hereto and incorporated herein by reference.


Item 9.01
Financial Statements and Exhibits.

(d)Exhibits.

Exhibit No.    Description
99.1        Press Release of NeuroMetrix, Inc. dated November 5, 2024.
104        Cover Page Interactive Data File (embedded within the Inline XBRL document).



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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.


NEUROMETRIX, INC.
Date: November 5, 2024
/s/
THOMAS T. HIGGINS
Thomas T. Higgins
Senior Vice President, Chief Financial Officer
and Treasurer






































4

NeuroMetrix Reports Q3 2024 Business Highlights

Company Continues to Pursue Review of Strategic Alternatives

WOBURN, Mass., November 5, 2024 (Globe NewsWire) -- NeuroMetrix, Inc. (Nasdaq: NURO) today reported financial and business highlights for the quarter and nine months ended September 30, 2024. The Company develops proprietary non-invasive medical devices for the diagnosis and treatment of pain and neurological disorders. NeuroMetrix, Inc. is actively pursuing its previously announced review of strategic options to enhance shareholder value.

Over the past several quarters, the Company has strengthened its Board of Directors, terminated common stock sales under its ATM program, implemented a reduction-in-force, and phased-out its legacy ADVANCE® business. As a result, operating expenses and cash usage have been lowered by over $0.5M per quarter. The Company continues to build the Quell® Fibromyalgia business via direct-to-physician marketing and sales to Veterans Health Administration facilities.

Q3 Business Highlights:
•Quell revenue increased by 50% to $184,000 in Q3 2024 from $123,000 in Q3 2023. Quell revenue includes Quell Fibromyalgia (prescription) and Quell Relief (OTC).
•DPNCheck® revenue of $404,000 in Q3 2024 declined by $568,000 or 58% from Q3 2023. The primary DPNCheck market, Medicare Advantage (MA), is in the final year of the CMS phase-out of risk-adjustment compensation for many types of patient screening, including peripheral neuropathy. Potential opportunities in alternative markets are being pursued.

Q3 Financial Results:

Revenue in Q3 2024 of $0.6 million was lower by $0.6 million or 51% from Q3 2023. DPNCheck was the primary factor in the decline. Gross profit of $0.3 million was down by $0.5 million due to the DPNCheck revenue effect, the unfavorable shift in product mix, and lower production volume. Operating expenses of $2.1 million in Q3 2024, were reduced by $0.7 million or 25% from the prior year period. The Q3 2024 net loss was $1.5 million, or ($0.75) per share, versus $1.8 million, or ($1.66) per share, in Q3 2023. There were 2.0 million common shares outstanding at the end of Q3 2024 and 1.1 million shares outstanding at the end of Q3 2023.

Revenue of $2.5 million for the nine months ended September 30, 2024 declined by $2.1 million or 47% from the comparable period in 2023. Net loss of $6.0 million, or ($3.10) per share, compared with the net loss of $4.9 million, or ($4.86) per share, during the 2023 period.

As of September 30, 2024, cash, cash equivalents and securities totaled $14.8 million.

The Company believes it is in the best interests of shareholders that the strategic review process continues. There can be no assurance that this process will result in the Company pursuing or consummating any particular transaction or other strategic outcome. The Company has not set a timetable for completion of this evaluation process and may not disclose further developments unless disclosure is appropriate or necessary.
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About NeuroMetrix

NeuroMetrix is a commercial stage healthcare company that develops and commercializes neurotechnology devices to address unmet needs in the chronic pain and diabetes markets. The Company's products are wearable or hand-held medical devices enabled by proprietary consumables and software solutions that include mobile apps, enterprise software and cloud-based systems. The Company has two commercial brands. Quell® is a wearable neuromodulation platform. DPNCheck® is a point-of-care screening test for peripheral neuropathy. For more information, visit www.neurometrix.com.


Safe Harbor Statement

The statements contained in this press release include forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including, without limitation, statements regarding the company’s or management’s expectations regarding the business, as well as events that could have a meaningful impact on the company’s revenues and cash resources. While the company believes the forward-looking statements contained in this press release are accurate, there are a number of factors that could cause actual events or results to differ materially from those indicated by such forward-looking statements, including, without limitation, estimates of future performance, and the ability to successfully develop, receive regulatory clearance, commercialize and achieve market acceptance for any products. There can be no assurance that future developments will be those that the company has anticipated. Such forward-looking statements involve known and unknown risks, uncertainties and other factors including those risks, uncertainties and factors referred to in the company’s most recent Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, as well as other documents that may be filed from time to time with the Securities and Exchange Commission or otherwise made public. The company is providing the information in this press release only as of the date hereof, and expressly disclaims any intent or obligation to update the information included in this press release or revise any forward-looking statements.

Source: NeuroMetrix, Inc.

Thomas T. Higgins
SVP and Chief Financial Officer
neurometrix.ir@neurometrix.com










2



NeuroMetrix, Inc.
Statements of Operations
(Unaudited)

Quarters Ended September 30,Nine Months Ended September 30,
2024202320242023
Revenues$587,314$1,203,164$2,450,018$4,583,679
Cost of revenues275,357421,3821,129,1251,484,240
Gross profit 311,957781,7821,320,8933,099,439
Operating expenses:
Research and development299,739592,6541,510,2232,045,588
Sales and marketing441,171943,7951,937,9142,504,630
General and administrative1,313,0951,206,2314,697,4503,843,643
Total operating expenses2,054,0052,742,6808,145,5878,393,861
Loss from operations(1,742,048)(1,960,898)(6,824,694)(5,294,422)
Other income233,822192,161798,962414,482
Net loss
$
(1,508,226
)$(1,768,737)$(6,025,732)$(4,879,940)




NeuroMetrix, Inc.
Condensed Balance Sheets
(Unaudited)
 
 
 
September 30,
2024
 
 
December 31,
2023
 
 
 





Cash, cash equivalents and securities
 
$
14,834,600


$
17,997,151
 
Other current assets
 

1,961,090



2,857,291
 
Noncurrent assets
 

393,330



569,999
 
Total assets
 
$
17,189,020


$
21,424,441
 
 
 






 
Current liabilities
 
$
1,209,871


$
1,240,639
 
Lease obligation, net of current portion


-



92,485

Stockholders’ equity
 

15,979,149



20,091,317
 
Total liabilities and stockholders’ equity
 
$
17,189,020


$
21,424,441
 


3
v3.24.3
Cover
Nov. 05, 2024
Cover [Abstract]  
Document Type 8-K
Document Period End Date Nov. 05, 2024
Registrant Name NEUROMETRIX, INC.
Entity File Number 001-33351
Entity Incorporation, State or Country Code DE
Entity Tax Identification Number 04-3308180
Entity Address, Postal Zip Code 01801
City Area Code 781
Local Phone Number 890-9989
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Entity Emerging Growth Company false
Amendment Flag false
Central Index Key 0001289850
Entity Address, Address Line One 4B Gill Street
Entity Address, City or Town Woburn
Entity Address, State or Province MA
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