Firefly Neuroscience

Management acquired Evoke Neuroscience in April 2025 to add commercial EEG hardware and accounts, which has lifted revenue, but funding has leaned on frequent equity raises, ATMs and warrant packages that are dilutive.

An S‑3 registered up to 22.5 million shares for resale tied to the March 2026 private placement, creating an overhang with limited direct proceeds to the company on resale by selling holders. While the Evoke deal is strategically sensible, the overall pattern is dilution‑heavy with no line of sight to self‑funding.