AMIX — Fiscal Q1 2027 (Quarter Ended June 30, 2026) Financial Report Analysis

Spending came down, but cash fell by half and the company is funding itself through repeated warrant deals

Autonomix Medical is a development-stage medical device company: it has no products on sale and no revenue. It is building a catheter (a thin tube threaded through blood vessels) that is meant to detect the electrical signals of specific nerves, destroy them with radiofrequency energy ("ablation"), and then confirm the signal is gone. The first target is pain from pancreatic cancer. Its fiscal year ends March 31, so this 10-Q covers fiscal Q1 2027, the three months ended June 30, 2026.

For a company like this, the income statement matters less than the bank balance. The net loss shrank 18% to $2.7 million, mostly because stock-based pay all but disappeared and legal fees fell. But cash dropped from $7.0 million to $3.5 million in the quarter, because the company used $3.5 million in operations and raised nothing during those three months. It has since raised money twice by persuading a warrant holder to exercise early at a cut price, and says it still needs another $25–30 million to reach a commercial product.

At a glance

• $3.5 million cash at June 30, 2026, down from $7.0 million on March 31. That is roughly one quarter of operating cash use at this quarter's pace.
• Loss per share of $5.02 vs $22.69 a year ago. Most of that improvement comes from having about 3.7 times as many shares outstanding on average, not from a much smaller loss.
• Clinical enrollment is paused. The company stopped enrolling its expansion study after early results varied from patient to patient, and is still redesigning its catheter for human use in the US.

Key figures

Share counts and per-share figures reflect the 1-for-21 reverse stock split of June 24, 2026, which the company applied retroactively to all periods. A reverse split merges every 21 old shares into one new share; it changes the share count and the price per share, not what the company is worth.

Where the money went

Research and development — $1.5 million, roughly flat against $1.6 million a year earlier. The filing gives no breakdown of the R&D line for the quarter. In its business description it says the work is on two fronts: the sensing technology (which in animal studies has detected signals from specific nerve bundles before ablation and confirmed they stopped afterwards) and refining the catheter design "to meet requirements for human use in the United States."

General and administrative — down $0.6 million to $1.3 million. Management attributes this mainly to $0.3 million less stock-option expense, $0.1 million less in legal and professional fees, and $0.1 million less in employee pay and benefits. The stock-option drop traces back to July and August 2025, when employees, officers and board members agreed to cancel their options in exchange for severance agreements. That cancellation forced the company to book $3.7 million of option expense in the September 2025 quarter all at once, so there is very little left to expense now. Total stock-based compensation was $2 thousand this quarter vs $388 thousand a year ago.

Interest income fell to $42 thousand from $84 thousand, simply because there was less cash earning interest.

What the headline numbers hide

• Cash use went up even though the loss went down. The net loss was $2.7 million, but $3.5 million left the business. The gap is mostly bills being paid down: accounts payable fell by $0.3 million and accrued expenses by $0.6 million during the quarter. A year ago it went the other way, and unpaid bills built up by $0.3 million. So the loss figure flatters the quarter. Cash leaving the door is the better measure of how fast the company spends.
• Most of the expense cut is the end of an accounting charge, not a cheaper operation. Stock-based pay costs no cash. Leave it out of both years and operating expenses fell about 9%, from roughly $3.03 million to $2.77 million, not 19%.
• The per-share improvement is mostly dilution. The net loss fell 18%, but loss per share fell 78%, because the average share count rose from about 147,000 to about 544,000 (split-adjusted). Since quarter-end the count has kept climbing. It reached 971,043 shares by July 28 after the July warrant exercise. The August deal adds up to 857,462 more, and it comes with new warrants over another 1,071,826 shares at $6.25. Shareholders own a shrinking slice of the company each time it raises money.
• The company now raises money through warrant "inducements." A warrant is a right to buy shares at a set price. In July the company cut the exercise price on 428,731 Series C warrants from $18.07 to $6.00 so the holder would exercise them now. That raised about $2.6 million gross, and the holder got 857,462 new Series D warrants at $5.75 as a sweetener. In August, the same Series D warrants were exercised at $5.75 for an expected $4.9 million gross, and the holder received new Series E warrants. Each round brings in cash quickly but hands the investor fresh warrants. Maxim Group takes a 7% fee on each.
• Going-concern warning. The financial statements state there is "substantial doubt" about the company's ability to keep operating for the next twelve months. Management says current resources, including the July proceeds, fund operations "into but not beyond the first calendar quarter of 2027." That statement was made before the August deal, so the expected $4.9 million (less fees) should stretch it somewhat. At about $2.7–3.5 million of cash used a quarter, our rough estimate is one more quarter or so, not years.
• Weak internal controls. Management concluded that its disclosure controls were not effective at June 30, 2026, citing material weaknesses: too few staff to separate duties, IT controls, and financial reporting. (Separately, the company filed an amended 10-K for fiscal 2026 on June 15, 2026.)
• Severance commitments are significant relative to cash. Agreements with key employees would cost $1.9–2.5 million if those employees were let go. That is more than half of quarter-end cash.

Takeaway: The cost cuts are real but modest. The quarter's main facts are that cash nearly halved to $3.5 million, clinical enrollment is paused, and the company now pays for each quarter by repricing warrants and issuing new ones, which keeps diluting shareholders. Before the August deal, management's own runway ran only into early 2027, against a $25–30 million need to reach commercialization.

Listing status

The reverse split did its job. On July 9, 2026, Nasdaq confirmed the stock had regained compliance with the $1.00 minimum bid price rule after the deficiency notice it received in January. The filing also warns about a new Nasdaq rule, approved by the SEC on July 22, 2026, that would require at least $5 million in market value of listed securities. Under that rule, 30 business days below the threshold would mean immediate suspension with no cure period. The rule was automatically stayed on July 29, 2026 pending SEC review, so for now it is a risk, not an active problem.

What to watch next

• Whether the clinical program restarts. The early proof-of-concept study used off-the-shelf ablation equipment and produced "positive initial findings". An expansion study then showed variable results, which the company thinks may come from differences in how the blood vessels were accessed and how nerves were targeted. Enrollment is paused while the approach is reworked. The filing gives no restart date and no timeline for a first-in-human study of Autonomix's own sensing catheter. Any update on either is the most important non-financial signal.
• The next funding step. Even counting the August proceeds, the company has far less than the $25–30 million it says it needs. Expect more equity raises: the Lincoln Park purchase agreement (up to $15 million, of which only 476 shares had been sold by June 30), the new Series E warrants, or a fresh offering. Watch the terms, because each discounted round adds dilution.
• The September-quarter 10-Q (fiscal Q2 2027), likely in mid-November 2026 if it follows last year's November 12 filing. It should show whether the quarterly cash burn settles near the $2.7 million loss level now that the payables catch-up is done.
• Board additions. On September 14, 2026 the company appointed Sandra Kalter, Medtronic's former Chief Regulatory Counsel, as an independent director. That fits a company preparing for FDA interactions, but it is not a regulatory milestone in itself.