# EDGAR Filing Document

**Accession Number:** 0001617867
**File Stem:** 0001437749-26-018573
**Filing Date:** 2026-5
**Character Count:** 330285
**Document Hash:** ca3cc22871e986b53f0e74deb042397e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001437749-26-018573.hdr.sgml**: 20260527

**ACCESSION NUMBER**: 0001437749-26-018573

**CONFORMED SUBMISSION TYPE**: 10-K

**PUBLIC DOCUMENT COUNT**: 56

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260527

**DATE AS OF CHANGE**: 20260527

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Autonomix Medical, Inc.
- **CENTRAL INDEX KEY:** 0001617867
- **STANDARD INDUSTRIAL CLASSIFICATION:** SURGICAL & MEDICAL INSTRUMENTS & APPARATUS [3841]
- **ORGANIZATION NAME:** 08 Industrial Applications and Services
- **EIN:** 471607810
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0331

**FILING VALUES:**
- **FORM TYPE:** 10-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-41940
- **FILM NUMBER:** 261026672

**BUSINESS ADDRESS:**
- **STREET 1:** 21 WATERWAY AVENUE, SUITE 300
- **CITY:** THE WOODLANDS
- **STATE:** TX
- **ZIP:** 77380
- **BUSINESS PHONE:** 832-277-7816

**MAIL ADDRESS:**
- **STREET 1:** 21 WATERWAY AVENUE, SUITE 300
- **CITY:** THE WOODLANDS
- **STATE:** TX
- **ZIP:** 77380

?xml version='1.0' encoding='ASCII'? amix20260331_10k.htm

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**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON, D.C., 20549**

**FORM 10-K**

☒ **ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**

**For the fiscal year ended March 31, 2026** 

**OR**

☐ **TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**

For the transition period from _________________ to ___________________

**Commission File Number: 001-41940**

![amix.jpg](amix.jpg)

**AUTONOMIX MEDICAL, INC.**

**(Exact Name of Registrant as Specified in its Charter)**

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| | |
|:---|:---|
| **Delaware** | **47-1607810** |
| **(State or Other Jurisdiction of** | **(I.R.S. Employer Identification No.)** |
| **Incorporation or Organization)** |  |

---

**21 Waterway Avenue, Suite 300**

**The Woodlands, Texas 77380**

**(Address of Principal Executive Offices) (Zip Code)**

**Registrant**'**s Telephone Number, including Area Code:**

**(713) 588-6150**

Securities Registered Pursuant to Section 12(b) of the Act:

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| | | |
|:---|:---|:---|
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
| **Common Stock, $0.001 par value** | **AMIX** | **The Nasdaq Stock Market** |

---

**Securities Registered Pursuant to Section 12(g) of the Act:**

**None**

**(Title of Class)**

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.&nbsp;&nbsp;&nbsp;&nbsp;Yes ☐&nbsp;&nbsp;&nbsp;&nbsp;No ☒

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.&nbsp;&nbsp;&nbsp;&nbsp;Yes ☐&nbsp;&nbsp;&nbsp;&nbsp;No ☒

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Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter periods as the registrant was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days.&nbsp;&nbsp;&nbsp;&nbsp;Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).&nbsp;&nbsp;&nbsp;&nbsp;Yes ☒&nbsp;&nbsp;&nbsp;&nbsp;No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company" and "emerging growth company" in Rule 12b-2 of the Exchange Act. (check one)

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Large accelerated filer  | ☐ | Accelerated filer  | ☐ | Non-accelerated filer  | ☒ | Smaller reporting company  | ☒ |
|  |  |  |  |  |  | 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. ☐

Indicate by check mark whether the registrant has filed a report on and attestation to its management's assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C.7262(b)) by the registered public accounting firm that prepared or issued its audit report. ☐

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. ☒

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant's executive officers during the relevant recovery period pursuant to §240.10D-1(b). ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).&nbsp;&nbsp;&nbsp;&nbsp;Yes ☐&nbsp;&nbsp;&nbsp;&nbsp;No ☒

The aggregate market value of the registrant's voting equity held by non-affiliates of the registrant, computed by reference to the price at which the common stock was last sold as of the last business day of the registrant's most recently completed second fiscal quarter, was $6,307,279. In determining the market value of the voting equity held by non-affiliates, securities of the registrant beneficially owned by directors, officers and 10% or greater shareholders of the registrant have been excluded. This determination of affiliate status is not necessarily a conclusive determination for other purposes.

The number of shares of the registrant's common stock outstanding as of May 21, 2026 was 11,409,344.

**DOCUMENTS INCORPORATED BY REFERENCE**

Portions of this registrant's definitive proxy statement for its 2026 Annual Meeting of Stockholders to be filed with the SEC no later than 120 days after the end of the registrant's fiscal year are incorporated herein by reference in Part III of this Annual Report on Form 10-K.

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**TABLE OF CONTENTS**

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| | | |
|:---|:---|:---|
| [PART I](#part1) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 1. | [Business](#business) | [5](#business) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 1A. | [Risk Factors](#riskfactors) | [14](#riskfactors) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 1B. | [Unresolved Staff Comments](#unresolved) | [34](#unresolved) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Item 1C. | [Cybersecurity](#cyber) | [34](#cyber) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 2. | [Properties](#properties) | [35](#properties) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 3. | [Legal Proceedings](#legal) | [35](#legal) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 4. | [Mine Safety Disclosures](#mine) | [35](#mine) |
| [PART II](#part2) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 5. | [Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities](#market) | [36](#market) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 6. | Reserved | [36](#selectfindata) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 7. | [Management's Discussion and Analysis of Financial Condition and Results of Operations](#mda) | [36](#mda) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 7A. | [Quantitative and Qualitative Disclosure About Market Risk](#qqd) | [41](#qqd) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 8. | [Financial Statements and Supplementary Data](#fs) | [41](#fs) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 9. | [Changes in and Disagreements with Accountants on Accounting and Financial Disclosures](#changes) | [64](#changes) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 9A. | [Controls and Procedures](#controls) | [64](#controls) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 9B. | [Other Information](#otherinfo) | [65](#otherinfo) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Item 9C. | [Disclosure Regarding Foreign Jurisdictions that Prevent Inspections](#a9cdisclo) | [65](#a9cdisclo) |
| [PART III](#part3) |  | [66](#part3) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 10. | [Directors, Executive Officers and Corporate Governance](#directors) | [66](#directors) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 11. | [Executive Compensation](#execcomp) | [66](#execcomp) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 12. | [Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters](#securityown) | [66](#securityown) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 13. | [Certain Relationships and Related Transactions and Director Independence](#certainrelation) | [66](#certainrelation) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 14. | [Principal Accounting Fees and Services](#principal) | [66](#principal) |
| [PART IV](#part4) |  | [67](#part4) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 15. | [Exhibits, Financial Statement Schedules](#exhibits) | [67](#exhibits) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 16. | [Form 10-K Summary](#summary) | [69](#summary) |

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*References in this Annual Report on Form 10-K to* "*we,"* "*us,"* "*its,"* "*our*" *or the* "*Company*" *are to Autonomix Medical, Inc. (*"*Autonomix*"*), as appropriate to the context.*

**Cautionary Statement About Forward-Looking Statements**

This Annual Report on Form 10-K (including the section regarding Management's Discussion and Analysis of Financial Condition and Results of Operations) contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, or the Securities Act, and Section 21E of the Securities Exchange Act of 1934, as amended, or the Exchange Act. In some cases, you can identify these statements by forward-looking words such as "may," "might," "should," "would," "could," "will", "expect," "plan," "anticipate," "intend," "believe," "estimate," "predict," "seek," "contemplate," "project," "potential," "continue," or "ongoing" and the negative of these terms and other comparable terminology. These forward-looking statements, which are subject to known and unknown risks, uncertainties and assumptions about us, may include projections of our future financial performance based on our growth strategies and anticipated trends in our business. These statements are only predictions based on our current expectations and projections about future events. There are important factors that could cause our actual results, level of activity, performance or achievements to differ materially from the results, level of activity, performance or achievements expressed or implied by the forward-looking statements. In particular, you should consider the numerous risks and uncertainties described under "Risk Factors" and in other filings made by us from time to time with the SEC.

While we believe we have identified material risks, these risks and uncertainties are not exhaustive. Other sections of this Annual Report on Form 10-K may describe additional factors that could adversely impact our business and financial performance. Moreover, we operate in a very competitive and rapidly changing environment. New risks and uncertainties emerge from time to time, and it is not possible to predict all risks and uncertainties, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements.

Although we believe the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, level of activity, performance or achievements. Moreover, neither we nor any other person assumes responsibility for the accuracy or completeness of any of these forward-looking statements. You should not rely upon forward-looking statements as predictions of future events. We are under no duty to update any of these forward-looking statements after the date of this Annual Report on Form 10-K to conform our prior statements to actual results or revised expectations, and we do not intend to do so.

Forward-looking statements include, but are not limited to, statements about:

• our ability to continue as a going concern in the near term is dependent upon us successfully raising additional equity or debt financing to fund our operations;

• the success of our future clinical trials;

• we currently have no source of product sales revenue;

• competition from existing products or new products that may emerge;

• if we fail to comply with U.S. and foreign regulatory requirements, regulatory authorities could limit or withdraw any marketing or commercialization approvals we may receive and subject us to other penalties that could materially harm our business;

• we may be unable to obtain U.S. or foreign regulatory approval and, as a result, unable to commercialize our product candidates;

• the implementation of our business model and strategic plans for our business, technologies and product candidates;

• potential product liability claims;

• our dependency on third-party supply and manufacturing partners to supply the materials and components for, and manufacture, our research and development, preclinical and clinical trial devices;

• our ability to establish or maintain collaborations, licensing or other arrangements and retain commercial rights for our product candidates subject to collaborations;

• our ability and third parties' abilities to protect intellectual property rights and our ability to operate our business without infringing the intellectual property rights of others;

• our ability to adequately support future growth;

• our estimates of our expenses, ongoing losses, future revenue and capital requirements;

• our ability to attract and retain key management personnel and technical personnel to manage our business effectively;

• risks associated with our identification of material weaknesses in our control over financial reporting;

• our use of net proceeds received by us from any subsequent private placement or public financing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3

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• natural disasters affecting us, our primary manufacturer or our suppliers;

• our ability to establish relationships with health care professionals and organizations;

• general economic uncertainty that adversely affects spending on medical procedures;

• our ability to maintain the listing of our common stock on the Nasdaq Capital Market;

• volatility in the market price of our stock; and

• potential dilution to current stockholders from the issuance of equity awards.

We caution you not to place undue reliance on the forward-looking statements, which speak only as of the date of this Annual Report on Form 10-K in the case of forward-looking statements contained in this Annual Report on Form 10-K.

You should not rely upon forward-looking statements as predictions of future events. Our actual results and financial condition may differ materially from those indicated in the forward-looking statements. We qualify all of our forward-looking statements by these cautionary statements. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, level of activity, performance or achievements. Therefore, you should not rely on any of the forward-looking statements. In addition, with respect to all of our forward-looking statements, we claim the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4

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**PART I**

**Item 1.**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Business**

**Overview**

We are a development-stage medical device company focused on advancing technologies for sensing and treating disorders of the nervous system. Our platform is designed to integrate high-sensitivity neural signal detection with targeted radiofrequency ("RF") ablation, enabling a "sense, treat, verify" approach intended to improve the precision and consistency of nerve-targeted therapies.

The technology we have developed consists of a catheter-based system incorporating a proprietary microchip-enabled sensing architecture designed to detect low-amplitude neural signals from within the vascular system. By placing signal amplification and digitization at or near the point of detection, this approach is intended to reduce signal degradation and improve detection of neural activity compared to conventional systems. We believe this may enable more precise localization of target nerves and support targeted therapeutic intervention.

Our development efforts are focused on two core components: diagnostic sensing and therapeutic RF ablation. In preclinical studies, our sensing technology has demonstrated the ability to detect signals from specific nerve bundles prior to ablation and confirm signal termination following treatment. We are currently refining the design of our catheter to meet requirements for human use in the United States.

In parallel with development of our sensing system, we have conducted an early clinical proof-of-concept study evaluating the safety and feasibility of transvascular nerve ablation using commercially available RF ablation technologies. Following positive initial findings, we initiated an expansion study to evaluate a broader patient population. As the study progressed, we observed variability in early clinical outcomes, which we believe may be related to differences in vascular access and anatomical targeting. Enrollment was subsequently paused to allow for further evaluation and refinement of our clinical and procedural approach.

We are initially developing our technology for the treatment of pain associated with pancreatic cancer, a disease where existing therapies, including opioid pharmacotherapy and neurolytic injections, may provide inconsistent relief and are associated with meaningful risks and undesirable side effects. We believe our platform may also have the potential to support additional applications, including other visceral pain conditions, hypertension, cardiovascular disease, and other nerve-related disorders. These potential applications remain under evaluation and will require further development and clinical validation.

*Our Technology*

**Targeting the Peripheral Nervous System**

The peripheral nervous system consists of an extensive network of nerve fibers that extend throughout the body and interact with virtually every organ. These nerves can be broadly categorized into autonomic (regulating involuntary functions such as heart rate, blood pressure, and organ control) and somatosensory (transmitting sensory information such as pain). Whether as a root cause or as part of disease manifestation, the peripheral nervous system plays a role in nearly all major disease states.

We believe there are currently very few tools capable of effectively sensing and targeting nerve fibers within the peripheral nervous system. While our Company name reflects the autonomic subgroup of the peripheral nervous system, our technology is intended to address both autonomic and somatosensory pathways, with potential future applications in the central nervous system.

**The Vascular Pathway Approach**

Our system is catheter-based, enabling delivery of sensing and therapeutic components through the vascular system. Because many peripheral nerves run in close proximity to blood vessels, effectively creating a "vascular superhighway" of access to neural structures throughout the body, our system can reach nerve targets via arteries and is typically introduced through the femoral or brachial artery using standard interventional techniques.

We believe this transvascular approach may offer meaningful advantages over existing percutaneous techniques such as neurolytic celiac plexus blockade ("NCPB"), including improved access, procedural safety, and greater control over therapeutic targeting. Once positioned adjacent to target nerve fibers, the system is intended to detect neural signals through the vessel wall and enable objective confirmation of successful denervation.

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**The Sensing Problem**

While catheter-based approaches have long been used in cardiovascular procedures, their broader application to the peripheral nervous system has been limited by the lack of sufficiently sensitive sensing technologies. Existing electrophysiology systems can detect cardiac signals in the range of 10 to 15 microvolts, which is sufficient for cardiology applications where signals are relatively strong (approximately 100 microvolts). However, peripheral nerve signals are significantly weaker, typically in the range of 1 to 2 microvolts, making them difficult or impossible to detect with current systems.

Additionally, electrical signals from the body are analog, and even though a 10-millivolt signal can be detected and transmitted the roughly seven feet to processing equipment outside the body, this is not feasible with the typical 10 to 500 microvolt signal from a peripheral nerve. Given noise from other signals and equipment in the catheter lab, as well as signal degradation over the distance traveled, these faint signals become lost before reaching conventional processing equipment. As a result, transvascular nerve ablation procedures, including renal denervation for hypertension, are currently being performed "blind" without direct visualization of the target nerve and rely on indirect methods and anatomical assumptions that can lead to inconsistent outcomes and increased risk of unintended tissue damage.

**The Autonomix Solution**

We believe this challenge requires a fundamentally different technological approach. Autonomix is developing a system that incorporates a proprietary sensing architecture combining a micro-scale electrode antenna with a 1x2 mm microchip positioned directly at the site of signal detection and immediately adjacent to the sensing electrodes. This "at-source" processing enables amplification and digitization of neural signals before they can degrade over distance.

The catheter architecture consists of 8-splines, each carrying five electrodes that are mounted on an expandable balloon. When the balloon is inflated, the 8-splines deploy radially and press the electrode array against the inner vessel wall, achieving circumferential contact across all 16-channels simultaneously. This geometry is specifically designed to maximize the electrode surface area in contact with the vessel wall, ensuring the signals from structures surrounding the vessel are captured from all positions. The expanded electrode count and expandable spline-based geometry provide spatial coverage, higher sensitivity, and 360-degree multichannel signaling.

We believe this architecture may enable clinicians to precisely localize target nerves, improve procedural accuracy and consistency, reduce unintended tissue damage, and objectively confirm treatment success in a way that is not currently achievable.

*Sense, Treat, Verify Two-Catheter System*

Our system is being developed to support a "sense, treat, verify" workflow. The platform currently comprises two distinct components used together in a single procedure:

● Sensing Catheter: A proprietary microchip-enabled catheter that can detect, differentiate, and geolocate peripheral nerve signals in real time from within the vasculature. Our microchip-enabled catheter incorporates a miniaturized basket antenna array connected to a proprietary microchip that amplifies, digitizes, and wirelessly transmits neural signal data for clinician review; and

● RF Ablation Catheter: A separate catheter designed to deliver targeted radiofrequency energy to ablate specific nerve tissue identified by the sensing catheter. Once sensing confirms nerve localization, the ablation catheter is used to treat the target. Sensing is then used to confirm that the intended nerve signal has been successfully interrupted.

In the near term, sensing and RF ablation will be delivered via two separate catheter systems used together in a single procedure. Our longer-term intention is to integrate these capabilities into a single device capable of identifying target nerves, delivering therapy, and confirming treatment success within a single minimally invasive procedure. We believe that commercial success can be achieved with either the standalone sensing or ablation system and is not dependent on full integration, although integration may represent the optimal long-term solution.

It is important to note that our clinical proof-of-concept studies conducted to date utilized commercially available RF generators and ablation catheters to deliver therapeutic energy, while our proprietary sensing catheter and RF ablation catheter were in parallel development. These procedures were therefore conducted without the benefit of our sensing system, which has not yet been cleared for use in humans. These studies were designed to generate clinical learnings and procedural knowledge to inform the design of our planned U.S.-based Investigational Device Exemption ("IDE") clinical trials, which will incorporate our proprietary devices.

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**Focus on Pancreatic Cancer Patients**

We believe our technology has the potential to meaningfully advance the precision and clinical utility of treating peripheral nervous system disorders. If validated, we believe this platform could support a wide range of applications across multiple disease states. That said, our experience suggests that the most effective way to develop and commercialize a novel technology is through a focused, indication-driven approach. For these reasons, we are initially targeting the treatment of pain associated with pancreatic cancer and have aligned our development and commercialization strategy around this as our first proposed indication for use.

*Significant Unmet Need*

&nbsp;&nbsp;&nbsp;&nbsp; According to a report by The Oncologist titled "Pancreas Cancer-Associated Pain Management" (April 2021), pain is highly prevalent in patients with pancreatic cancer. Approximately 90% of patients discussed pain with their health care provider and 50% reported emergency room visits related to pain symptoms. The severe, persistent pain associated with tumor progression can significantly diminish the quality of patients' remaining time and may impact their overall well-being and willingness to continue treatment.

The current standard of care begins with non-opioid medications (acetaminophen, NSAIDs) and progresses to opioid pharmacotherapy when initial approaches fail. Long-term opioid use is associated with tolerance, dependency, and systemic side effects that can ultimately outweigh the benefits. NCPB is the most common alternative interventional approach and involves percutaneous injection of ethanol guided by imaging to ablate nerve fibers associated with the pancreatic tumor. However, the complex anatomy of the abdomen creates the potential for the neurolytic agent to miss the intended target or migrate to unintended areas. A meta-analysis published in the American Journal of Gastroenterology (2007, Vol. 102, p. 430-438) suggests that NCPB benefits may be only marginally better than opioids and may not outweigh the risks, which can include bowel perforation, intra-abdominal hemorrhage, paralysis, and death.

In contrast, we believe our procedure has the potential to offer a safer, more precise, and more reliable treatment option by accessing the target anatomy via the arterial system, providing the clinician with a clear anatomical targeting window directly adjacent to the specific nerves responsible for transmitting pain signals, offering the potential for a durable, procedure-based solution rather than ongoing systemic therapy and enabling objective confirmation of denervation which substantially reduces placebo influence on pain outcomes.

*Efficient Clinical Development Pathway*

Despite the significant unmet need, there are relatively few clinical trials worldwide focused on improving pain management for pancreatic cancer patients and we are not aware of any proposed or currently active trials at the location of our proof-of-concept study site. We believe this limited competitive landscape may facilitate patient recruitment and support clinical execution.

Given the palliative nature of this indication, we believe regulatory authorities may be willing to consider more streamlined clinical development pathways with smaller, more focused study designs. We currently anticipate that each patient will require a single treatment followed by periodic follow-up visits and that initial indications of efficacy may be observed relatively soon after treatment. However, such determinations are solely within the discretion of the applicable regulatory authorities and there can be no assurance that our proposed trial designs will be accepted.

*Meaningful Commercial Market*

Although pancreatic cancer is classified as a rare disease, it represents a meaningful commercial opportunity. According to the American Cancer Society, approximately 64,000 new cases of pancreatic cancer were diagnosed annually in the United States as of 2023. Annual new cases in the European Union exceeded 100,000 in 2019 and continue to grow (International Journal of Cancer, 2021). Market analyses estimate the global pancreatic cancer treatment market was approximately $2.2 billion in 2022. Certain existing therapies, such as Abraxane, can exceed $10,000 per month in cost, which we believe highlights the magnitude of potential market size, though this should not be taken to imply future pricing for our procedure.

We also note that pancreatitis, a non-cancerous condition also associated with chronic abdominal pain, has an incidence estimated to be as much as three times that of pancreatic cancer. We believe if our technology is successfully developed and cleared for pancreatic cancer pain, it may be expanded to address pancreatitis and other related conditions.

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*The Potential to Impact Cancer*

Recent independent research suggests that neural pathways may play a role in cancer progression and metastasis. Published research has demonstrated that pancreatic tumors progressing to invade the liver do so by traveling along local neural pathways, leading to the hypothesis that disruption of these pathways could potentially slow or stop primary tumor progression. In collaboration with a pancreatic cancer specialist, we conducted a preclinical study in a mouse model evaluating whether ablation of nerve fibers surrounding the pancreas could impact tumor progression. Results of this study demonstrated a reduction in tumor progression. While this was a small, early-stage study and may not be indicative of results in humans, we believe these findings warrant further investigation and may represent a potential future application of our technology beyond pain management.

**Platform Expansion Opportunity**

We view pancreatic cancer pain management as an initial proof-of-concept for our broader platform. Potential future applications include:

● Other visceral cancers that transmit pain through the celiac plexus, such as gallbladder, liver, and bile duct cancers;

● Renal denervation for treatment-resistant hypertension;

● Chronic pain conditions, including lower back pain, joint pain, Complex Regional Pain Syndrome ("CRPS"), and pelvic pain; and

● Pulmonary, gastrointestinal, urological, and cardiovascular disorders.

A Markets and Markets report ("Electrophysiology Market Global Forecast to 2027", February 2023) estimates the global electrophysiology market at $6.8 billion in 2021 and growing to $11.6 billion by 2027, primarily driven by cardiology applications. We believe our technology has the potential to expand electrophysiology well beyond cardiology to address conditions throughout the peripheral nervous system, making the long-term opportunity substantially larger than current market projections for electrophysiology alone. We believe that enabling targeted transvascular treatment of pain may provide access to the approximately $75 billion pain management market and that our approach to renal denervation may enable access to the $23 billion hypertension market. When expanded to include indications such as COPD, irritable bowel syndrome, and overactive bladder, we believe our platform may have the potential to address more than $100 billion in aggregate market opportunities.

**Clinical Development Program**

During the fiscal year ended March 31, 2026, we advanced the clinical development program for our platform. In May 2025, we reported positive results from our initial proof-of-concept study ("PoC 1") in approximately 20 subjects with pancreatic cancer-related pain. As noted above, this study utilized commercially available RF generators and ablation catheters while our proprietary devices were in parallel development. Based on these findings, we initiated an expansion study ("PoC 2") designed to enroll an additional 20 subjects to evaluate the platform in a broader patient population, including other visceral cancer-related pain indications and patients with moderate or earlier-stage pancreatic cancer pain.

&nbsp;&nbsp;&nbsp;&nbsp; As the expansion study progressed, we observed that early clinical outcome signals in this broader cohort diverged from those seen inPoC 1 femoral access . In response to this variability, the decision was made to pause further enrollment under the existing study protocol to conduct a comprehensive evaluation and refine our clinical and procedural strategy. We believe differences in vascular access and anatomic targeting contributed to the observed inconsistencies in clinical outcomes. We view these findings as aligned with the objectives of a proof-of-concept program, which is designed in part to evaluate procedural approaches, optimize technique, and inform future study design.

&nbsp;&nbsp;&nbsp;&nbsp; Based on these insights, we have determined to reallocate resources toward further clinical validation of our RF ablation catheter, along with initial use of our sensing catheter technology, in patients with severe pancreatic cancer-related pain. We believe that focusing on this more targeted patient population and refined procedural approach will provide the most relevant data to support the design of our planned U.S.-based clinical trials, which are currently anticipated to commence in late 2026, subject to the receipt of sufficient new financing.

&nbsp;&nbsp;&nbsp;&nbsp; Subsequent to the end of our latest fiscal year, we submitted a revised clinical protocol reflecting these changes, which was approved by the relevant Ethics Committee on April 9, 2026. There can be no assurance that our revised clinical strategy will result in consistent or favorable outcomes in future studies or that our technology will ultimately receive regulatory approval or achieve commercial success.

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&nbsp;&nbsp;&nbsp;&nbsp; **Regulatory Strategy** 

&nbsp;&nbsp;&nbsp;&nbsp; We believe the most appropriate regulatory pathway for our system is the U.S. Food and Drug Administration's ("FDA's") De Novo classification process, given the novel nature of our technology and the lack of a directly comparable predicate device. This pathway differs from the more common 510(k) process, which requires a substantially equivalent predicate. It also differs from the more rigorous Premarket Approval ("PMA") pathway, which is typically reserved for high-risk devices with no prior precedent or those requiring extensive clinical validation. While sensing and ablation technologies are individually well-established, we are not aware of any existing device that combines our level of neural signal sensitivity with the specific clinical applications we are pursuing.

&nbsp;&nbsp;&nbsp;&nbsp; We elected to conduct our first-in-human study program outside of the United States, where we believe the regulatory requirements for off-label use of CE-marked devices may be less burdensome in certain jurisdictions. Our first-in-human has been established, and we believe there are compelling reasons to prioritize U.S. regulatory approval, including generally higher reimbursement levels and the ability to deploy a unified commercial strategy across a single regulatory framework.

&nbsp;&nbsp;&nbsp;&nbsp; We are engaging with the FDA through the pre-submission process as we work toward initiating our U.S.-based IDE clinical trials. Our planned regulatory pathway includes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● *First-in-Human Feasibility Study* - a small, single-site study to establish initial safety and procedural learnings with our proprietary devices;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● *Pivotal Clinical Trial* - a larger, multi-centered study to generate the clinical evidence required to support regulatory submissions; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● *De Novo submission* - to the FDA.

Our first two studies in our proof-of-concept program were designed to provide key learnings and procedural knowledge going into our FDA clinical trials and planned regulatory pathway. Based on our current expectations, regulatory clearance could potentially occur in the 2028 timeframe; however, this timeline is subject to significant uncertainty and is not guaranteed.

**Commercialization Strategy**

*Commercial Launch Approach*

We currently plan to initiate commercialization through a controlled launch, potentially targeting a limited number of regions or Key Opinion Leaders ("KOLs") to refine and optimize the commercial strategy prior to national and global deployment. Our commercialization approach may include either a standalone commercial launch or a strategic partnership or licensing arrangement with a larger industry participant. Our management team has experience executing both independent and partnered commercialization strategies.

Our system is designed to integrate into existing catheter-based workflows, utilizing techniques already familiar to interventional radiologists and cardiologists. We believe this compatibility may reduce training requirements and support clinical adoption.

*Revenue Model*

We envision a procedure-based revenue model primarily driven by the recurring income of single-use disposable catheters used in hospital catheter labs with revenue volume expected to closely track procedural volume. Our system is expected to consist of four primary components:

● Disposable sensing catheter;

● RF ablation catheter designed to access peripheral nerves;

● RF energy generator to power our customer RF ablation catheter; and

● Software-based user interface for data visualization and system control.

Designed to fit current hospital workflows, this modular platform is expected to minimize capital equipment needs, shorten procurement cycles, and require minimal training for interventionalists to accelerate adoption and utilization. Our selection of RF energy is based on its well-established clinical use and regulatory familiarity with the FDA. We also envision multiple additional revenue pathways, including deployment as a standalone sensing technology for diagnostic use and an integrated sensing and ablation system addressing a broad range of conditions.

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**Manufacturing and Development**

We currently rely on third-party manufacturers for device production and expect to continue doing so for commercial-scale manufacturing. Our sensing system is currently in prototype form and is hand-built using a combination of custom-fabricated and 3D-printed components. We have not yet assembled or tested a fully commercial version of our proposed device. Even if our proposed device receives regulatory clearance, there is no guarantee that we will be able to successfully manufacture it at scale.

We believe one of the most significant challenges in our commercialization plan will be scaling our current sensing prototype into a robust, manufacturable commercial product. We are actively developing a more robust version suitable for clinical and commercial use; however, scaling production presents significant technical and operational challenges. Our dependency on third-party supply and manufacturing partners to supply the materials and components for our research and development, preclinical, and clinical trial devices represents a risk to our development timelines.

**Intellectual Property**

*Patents and Patent Applications*

We hold an extensive and diverse patent portfolio with 18 patent families covering various proprietary medical device systems, methods, and technologies related to nerve modulation, tissue treatment, organ function regulation, cancer therapy, and diagnostic systems. The portfolio is comprised of 75 issued patents and 37 pending patent applications, which were originated by our co-founders, Mr. Landy Toth and/or Dr. Robert Schwartz, with original filing dates ranging from 2012 through 2024 and expiration dates ranging from 2033-2039. Patent coverage spans major medical technology markets to ensure commercial protection with patents issued in the United States, Europe (multiple national ratifications including Unitary Patent), Canada, Australia, China, India, Japan, Mexico, and Singapore.

&nbsp;&nbsp;&nbsp;&nbsp; Our patent families cover distinct inventive areas including the following:

● **Controlled Sympathectomy and Micro-Ablation Systems and Methods** - the foundational patent family; issued in the U.S., Europe (France, Germany, Ireland, Netherlands and UK), Canada and Mexico; expirations from 2033–2035;

● **Endoscopic Sympathectomy Systems and Methods** - issued in the U.S., Europe (France, Germany and UK) and Canada; expiring 2033;

● **Devices, Systems, and Methods for Diagnosis and Treatment of Overactive Bladder** - issued in the U.S., Europe (France, Germany, Ireland, Netherlands and UK), Canada, Japan, and Singapore; expirations from 2033–2034;

● **Systems and Methods for Treatment of Tissues Within and/or Through a Lumen Wall** - issued in the U.S., Europe (France, Germany and UK) and Canada; expirations from 2033–2034;

● **Systems and Methods for Regulating Organ and/or Tumor Growth Rates, Function, and/or Development** - issued in the U.S. and Canada; expirations from 2034–2036;

● **Systems and Methods for Neurological Traffic and/or Receptor Functional Evaluation and/or Modification** - issued in the U.S., Europe (France, Germany and UK) and Canada; expirations from 2034–2035;

● **Systems and Methods for Treating Cancer and/or Augmenting Organ Function** - issued in the U.S. and Canada; expirations from 2034–2035;

● **ANS Assessment Systems, Kits, and Methods** - issued in the U.S., Europe (Unitary Patent, Ireland and UK) and Canada; expirations from 2035–2037;

● **Controlled and Precise Treatment of Cardiac Tissues** - issued in the U.S. and Europe (Unitary Patent); covers systems and methods for feedback-driven neuromodulation, denervation, and ablation of cardiac tissues; expirations from 2036–2039;

● **Medical Devices with Circuitry for Capturing and Processing Physiological Signals** - issued in the U.S. and Europe (Unitary Patent, Ireland and UK); covering microchip-enabled signal capture architectures; expirations from 2038–2039;

● **Elongated Conductors and Methods of Making and Using the Same** - issued in the U.S. and Europe (Unitary Patent and UK); covering catheter conductor design; expirations 2036; and

● **Smart Torquer and Methods of Using the Same** - issued in the U.S. and Europe (Unitary Patent, Ireland and UK); covering catheter navigation components; expirations from 2036–2037.

Management views the IP portfolio as a key strategic asset supporting our competitive positioning and long-term platform value.

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***Trademarks***

We have one registered trademark for the mark "AUTONOMIX" in the United States, Australia, China, the European Union, India, Japan, Mexico, and Singapore. The registrations of these trademarks are effective for varying periods of time and may be renewed periodically provided we comply with all applicable renewal requirements, including, where necessary, the continued use of the trademarks in the applicable jurisdictions in connection with certain goods and services.

**Competition**

We operate in highly competitive, innovation-driven markets: electrophysiology and interventional pain management, both dominated by large medtech players with sophisticated portfolios, substantially greater resources and challenged by emerging innovators. These industry leaders include Medtronic, Johnson & Johnson, Abbott and Boston Scientific.

While the current standards of care for treating pancreatic cancer pain are comprised largely of generic drugs and injections, we are not aware of any person or company working on a transvascular sensing and ablation method for treating this indication. Although competitors like Medtronic are expanding the use of transvascular ablation techniques, we are not aware of anyone developing a sensing technology similar in capability to ours.

Recent tests using Endoscopic Ultrasound-Guided Ablation to treat pancreatic cancer pain have claimed outcomes that may be better than NCPB; however, this is still a percutaneous technique that we believe involves similar inherent risks of infection and internal damage. We believe these risks are significantly reduced using a transvascular approach such as our technology.

**Regulation of our Business**

Our products are subject to extensive regulation by the FDA under the Federal Food, Drug, and Cosmetic Act ("FDCA") and its implementing regulations, guidance documentation, and standards. Our sensing and RF ablation systems are regulated by the FDA as medical devices. The FDA regulates the design, development, research, testing, manufacturing, safety, labeling, storage, record-keeping, promotion, distribution, sale, and advertising of medical devices in the United States. The FDA also regulates the export of medical devices manufactured in the United States to international markets. Any violations of these laws and regulations could result in a material adverse effect on our business.

Our current products are Class II device candidates and will require submission of a premarket notification or De Novo request prior to commercial distribution in the United States. We must also comply with applicable foreign regulatory requirements for distribution outside the United States.

Unless an exemption applies, before we can commercially distribute medical devices in the United States, we must obtain, depending on the type of device, either prior premarket clearance or DeNovo submission from the FDA. The FDA classifies medical devices into one of three classes:

• Class I devices, which are subject to only general controls (e.g., labeling, medical devices reporting, and prohibitions against adulteration and misbranding) and, in some cases, to the premarket clearance requirements;

• Class II devices, generally requiring premarket clearance before they may be commercially marketed in the United States; and

• Class III devices, consisting of devices deemed by the FDA to pose the greatest risk, such as life-sustaining, life-supporting or implantable devices, or devices deemed not substantially equivalent to a predicate device, generally requiring submission of a PMA supported by clinical trial data.

*510(k) Clearance Pathway*

When a 510(k) clearance is required, we must submit a premarket notification demonstrating that our proposed device is substantially equivalent to a previously cleared 510(k) device or a device that was in commercial distribution before May 28, 1976 for which the FDA has not yet called for the submission of PMAs. By regulation, the FDA is required to clear or deny a 510(k) premarket notification within 90 days of submission of the application. As a practical matter, clearance may take longer. The FDA may require further information, including clinical data, to make a determination regarding substantial equivalence.

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Any modification to a 510(k)-cleared device that would constitute a major change in its intended use, or any change that could significantly affect the safety or effectiveness of the device, requires a new 510(k) clearance and may even, in some circumstances, require a PMA, if the change raises complex or novel scientific issues or the product has a new intended use. The FDA requires every manufacturer to make the determination regarding the need for a new 510(k) submission in the first instance, but the FDA may review any manufacturer's decision.

*PMA Pathway*

A PMA must be submitted to the FDA if the device cannot be cleared through the 510(k) process. A PMA must be supported by extensive data, including but not limited to, technical, preclinical, clinical trials, manufacturing and labeling to demonstrate to the FDA's satisfaction the safety and effectiveness of the device for its intended use. During the review period, the FDA will typically request additional information or clarification of the information already provided. Also, an advisory panel of experts from outside the FDA may be convened to review and evaluate the application and provide recommendations to the FDA as to the approvability of the device. The FDA may or may not accept the panel's recommendation. In addition, the FDA will generally conduct a pre-approval inspection of the manufacturing facility or facilities to ensure compliance with the QSRs.

New PMAs or PMA supplements are required for modifications that affect the safety or effectiveness of the device, including, for example, certain types of modifications to the device's indication for use, manufacturing process, labeling and design. PMA supplements often require submission of the same type of information as a PMA, except that the supplement is limited to information needed to support any changes from the device covered by the original PMA and may not require as extensive clinical data or the convening of an advisory panel.

*DeNovo Classification*

Medical device types that the FDA has not previously classified as Class I, II or III are automatically classified into Class III regardless of the level of risk they pose. The FDA Modernization Act of 1997 established a new route to market for low to moderate risk medical devices that are automatically placed into Class III due to the absence of a predicate device, called the "Request for Evaluation of Automatic Class III Designation," or the de novo classification procedure. This procedure allows a manufacturer whose novel device is automatically classified into Class III to request down-classification of its medical device into Class I or Class II on the basis that the device presents low or moderate risk, rather than requiring the submission and approval of a PMA application. Prior to the enactment of the FDA Safety and Innovation Act of 2012, or the FDASIA, a medical device could only be eligible for de novo classification if the manufacturer first submitted a 510(k) premarket notification and received a determination from the FDA that the device was not substantially equivalent. FDASIA streamlined the de novo classification pathway by permitting manufacturers to request de novo classification directly without first submitting a 510(k) premarket notification to the FDA and receiving a not substantially equivalent determination. Under FDASIA, the FDA is required to classify the device within 120 days following receipt of the de novo application. If the manufacturer seeks reclassification into Class II, the manufacturer must include a draft proposal for special controls that are necessary to provide a reasonable assurance of the safety and effectiveness of the medical device. In addition, the FDA may reject the reclassification petition if it identifies a legally marketed predicate device that would be appropriate for a 510(k) or determines that the device is not low to moderate risk or that general controls would be inadequate to control the risks and special controls cannot be developed.

*Clinical Trials*

Clinical trials are generally required to support a PMA application and are sometimes required for 510(k) or DeNovo clearance. Such trials generally require an investigational device exemption application, or IDE, approved in advance by the FDA for a specified number of patients and study sites, unless the product is deemed a nonsignificant risk device eligible for more abbreviated IDE requirements. Clinical trials are subject to extensive monitoring, record keeping and reporting requirements. Clinical trials must be conducted under the oversight of an institutional review board, or IRB, for the relevant clinical trial sites and must comply with FDA regulations, including but not limited to those relating to good clinical practices. To conduct a clinical trial, we also are required to obtain the patients' informed consent in form and substance that complies with both FDA requirements and state and federal privacy and human subject protection regulations. We, the FDA or the IRB could suspend a clinical trial at any time for various reasons, including a belief that the risks to study subjects outweigh the anticipated benefits. Even if a trial is completed, the results of clinical testing may not adequately demonstrate the safety and efficacy of the device or may otherwise not be sufficient to obtain FDA approval to market the product in the U.S. Similarly, in Europe the clinical study must be approved by a local ethics committee (EC) and in some cases, including studies with high-risk devices, by the ministry of health in the applicable country.

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*Pervasive and Continuing Regulation*

After a device is placed on the market, numerous regulatory requirements apply. These include:

• Product listing and establishment registration, which helps facilitate FDA inspections and other regulatory action;

• Quality System Regulation, or QSR, which requires manufacturers, including third-party manufacturers, to follow stringent design, testing, control, documentation and other quality assurance procedures during all aspects of the manufacturing process;

• labeling regulations and FDA prohibitions against the promotion of products for uncleared, unapproved or off-label use or indication;

• clearance of product modifications that could significantly affect safety or efficacy or that would constitute a major change in intended use of one of our cleared devices;

• approval of product modifications that affect the safety or effectiveness of one of our approved devices;

• medical device reporting regulations, which require that manufacturers comply with FDA requirements to report if their device may have caused or contributed to a death or serious injury, or has malfunctioned in a way that would likely cause or contribute to a death or serious injury if the malfunction of the device or a similar device were to recur;

• post-approval restrictions or conditions, including post-approval study commitments;

• post-market surveillance regulations, which apply when necessary to protect the public health or to provide additional safety and effectiveness data for the device;

• the FDA's recall authority, whereby it can ask, or under certain conditions order, device manufacturers to recall from the market a product that is in violation of governing laws and regulations;

• regulations pertaining to voluntary recalls; and

• notices of corrections or removals.

Advertising and promotion of medical devices, in addition to being regulated by the FDA, are also regulated by the Federal Trade Commission and by state regulatory and enforcement authorities. Recently, promotional activities for FDA-regulated products of other companies have been the subject of enforcement action brought under healthcare reimbursement laws and consumer protection statutes. In addition, under the federal Lanham Act and similar state laws, competitors and others can initiate litigation relating to advertising claims. In addition, we are required to meet regulatory requirements in countries outside the U.S., which can change rapidly with relatively short notice. If the FDA determines that our promotional materials or training constitutes promotion of an unapproved use, it could request that we modify our training or promotional materials or subject us to regulatory or enforcement actions.

Furthermore, our products could be subject to voluntary recall if we or the FDA determine, for any reason, that our products pose a risk of injury or are otherwise defective. Moreover, the FDA can order a mandatory recall if there is a reasonable probability that our device would cause serious adverse health consequences or death.

The FDA has broad post-market and regulatory enforcement powers. Once we have a marketed product, we will be subject to unannounced inspections by the FDA to determine our compliance with the QSR and other regulations, and these inspections may include the manufacturing facilities of some of our subcontractors. Failure by us or by our suppliers to comply with applicable regulatory requirements can result in enforcement action by the FDA or other regulatory authorities, which may result in sanctions including, but not limited to:

• untitled letters, warning letters, fines, injunctions, consent decrees and civil penalties;

• unanticipated expenditures to address or defend such actions

• customer notifications for repair, replacement, refunds;

• recall, detention or seizure of our products;

• operating restrictions or partial suspension or total shutdown of production;

• refusing or delaying our requests for premarket clearance or premarket approval of new products or modified products;

• operating restrictions;

• withdrawing premarket clearances or PMA approvals that have already been granted;

• refusal to grant export approval for our products; or

• criminal prosecution.

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**Glossary**

Unless we otherwise indicate, or unless the context requires otherwise, any references in this Annual Report on Form 10-K to the following medical terms have the respective meanings set forth below:

**ablation**: the removal or destruction of a body part or tissue or its function. This is often conducted with energy-based devices utilizing radio frequency or pulsed electrical field energy.

**catheter**: a thin tube made from medical grade materials serving a broad range of functions; catheters are medical devices that can be inserted in the body to treat diseases or perform a surgical procedure.

**celiac plexus**: also known as the solar plexus because of its radiating nerve fibers, is a complex network of nerves located in the abdomen, near where the celiac trunk, and other arteries branch from the abdominal aorta.

**electrophysiology**: the branch of physiology that deals with the electrical phenomena associated with nervous and other bodily activity.

**hypertension**: high blood pressure.

**microvolt**: one millionth of a volt.

**transvascular**: across the wall of a blood vessel (or similar vessel).

**Available Information**

Our Internet address is <u>www.autonomix.com</u>. On this website, we post the following filings as soon as reasonably practicable after they are electronically filed with or furnished to the U.S. Securities and Exchange Commission ("SEC"): our Annual Reports on Form 10-K; our Quarterly Reports on Form 10-Q; our Current Reports on Form 8-K; our proxy statements related to our annual stockholders' meetings; and any amendments to those reports or statements. All such filings are available on our Web site free of charge. The charters of our audit, nominating and governance and compensation committees and our Code of Business Conduct and Ethics Policy are also available on our Web site and in print to any stockholder who requests them. The content on our Web site is not incorporated by reference into this Annual Report on Form 10-K.

**Item 1A.**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Risk Factors.**

**Summary of Risk Factors:**

Below is a summary of the principal factors that make an investment in our Company speculative or risky. This summary does not address all of the risks that we face. Additional discussion of the risks summarized in this risk factor summary and other risks that we face, can be found below, after this summary, and should be carefully considered, together with other information in this Annual Report on Form 10-K and our other filings with the SEC, before making an investment decision in our securities.

**Risks Related to Our Overall Business**

• Factors raise substantial doubt about our ability to continue as a going concern;

• We have no approved products, and we cannot assure you that we will generate revenue or become profitable in the future;

• We will need additional financing over the longer term to execute our business plan and fund operations, which additional financing may not be available on reasonable terms or at all;

• We intend to utilize a single manufacturer for the manufacture of our lead product candidate and expect to continue to do so for commercial products. Risks associated with the manufacturing of our products could reduce our gross margins and negatively affect our operating results;

• We are a developmental stage Company and have not yet had a history of generating revenue;

• Our business may be adversely affected by the state of the global economy, uncertainties in global financial markets, and possible trade tariffs and trade restrictions;

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• We have limited experience in assembling and testing our products and may encounter problems or delays in the assembly of our products or fail to meet certain regulatory requirements which could result in an adverse effect on our business and financial results;

• Rapidly changing technology in life sciences could make the products we are developing obsolete;

• Adverse developments affecting the financial services industry, such as actual events or concerns involving liquidity, defaults, or non-performance by financial institutions or transactional counterparties, could adversely affect our current and projected business operations and our financial condition and results of operations;

• We may incur substantial costs as a result of litigation or other proceedings relating to patent and other intellectual property rights;

• Catastrophic events and disaster recovery may disrupt business continuity;

• We may fail to meet the Sarbanes-Oxley regulations and may lack the financial controls and safeguards required of public companies;

• While our Company's management is working to improve our internal controls and procedures, at present management has determined that our internal controls were deemed to be inadequate, which could cause our financial reporting to be unreliable and lead to misinformation being disseminated to the public;

• Because of the specialized nature of our business, the termination of relationships with our key employees, consultants and advisors may prevent us from successfully operating our business, including developing our products, conducting clinical studies, commercializing our products and obtaining any necessary financing; and

**Risks Related to Government Regulation and Product Approvals**

• Changes to United States federal and state regulatory agencies may cause disruptions and delays in approval of the government approval processes and regulation relating to our products;

• There is no guarantee that the FDA will grant 510(k) or de novo clearance or a premarket approval application ("PMA") of our future products and failure to obtain necessary clearances or approvals for our future products would adversely affect our ability to grow our business;

• Our product development for our sensing and ablation technologies may not meet the necessary validation requirements to achieve regulatory approvals, or our internal specifications for commercial viability;

• Modifications to our future products may require new regulatory clearances or approvals or may require us to recall or cease marketing our products until clearances or approvals are obtained;

• The results of our future clinical trials may not support our product candidate claims or may result in the discovery of adverse side effects;

• We are conducting our initial Proof of Concept trial outside the United States using commercially available RF ablation equipment in a new anatomical region to assess clinical response. We plan to present the relevant data from this trial to the FDA to support the clinical requirements for clearance in the United States. However, there is no assurance that the FDA will accept this data;

• Our clinical studies could be delayed or otherwise adversely affected by many factors, including difficulties in enrolling patients;

• We may have limitations in generating statistically significant long-term clinical data and gaining extended-duration indications from clinical studies involving terminal patients;

• Even if our products are cleared or approved by the FDA, if we or our suppliers fail to comply with ongoing FDA requirements, or if we experience unanticipated problems with our products, these products could be subject to restrictions or withdrawal from the market;

• Our products may in the future be subject to product recalls that could harm our reputation, business, and financial results;

• If our products cause or contribute to a death or a serious injury, or malfunction in certain ways, we will be subject to medical device reporting regulations, which can result in voluntary corrective actions or agency enforcement actions;

• Certain parts used in the manufacturing of our equipment may experience shortages in global supply which could impact our ability to manufacture our device for customers or maintain research and development timelines;

• U.S. legislative or FDA regulatory reforms may make it more difficult and costly for us to obtain regulatory approval of our product candidates and to manufacture, market and distribute our products after approval is obtained;

• Failure to secure and maintain adequate coverage and reimbursement from third-party payers could adversely affect acceptance of our products, if approved, and reduce our revenues;

• We may not be successful in securing and maintaining reimbursement codes necessary to facilitate accurate and timely billing for our products or physician services attendant to our products;

• If we are unable to establish good relationships with physicians, our business could be negatively affected; and

• There is no assurance that Medicare or the Medicare Administrative Contractors will provide coverage or adequate payment rates for our products.

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**Risks Related to Intellectual Property**

• If third parties claim that our products infringe their intellectual property rights, we may be forced to expend significant financial resources and management time defending against such actions and our financial condition and our results of operations could suffer;

• If we are unable to protect the intellectual property used in our products, others may be able to copy our innovations which may impair our ability to compete effectively in our markets;

• We may be subject to claims that our employees have wrongfully used or disclosed alleged trade secrets of their former employers;

• If we are unable to protect the confidentiality of our proprietary information and know-how, the value of our technology and products could be adversely affected; and

• We may not be able to protect our intellectual property rights throughout the world.

**Risks Related to Information Technology**

• Our business and operations would suffer in the event of third-party computer system failures, cyberattacks on third-party systems or deficiency in our cybersecurity;

• Artificial intelligence presents risks and challenges that can impact our business, including by posing security risks to our confidential information, proprietary information and personal data; and

• Cybersecurity risks and cyber incidents could adversely affect our business and disrupt operations.

**Risks Related to our Common Stock**

• We are not in compliance with Nasdaq's continued listing requirements and if we are unable to regain compliance with the listing requirements, our common stock will be delisted from Nasdaq which could have a material adverse effect on our financial condition and could make it more difficult for stockholders to sell their shares;

• We do not intend to pay cash dividends on our common stock in the foreseeable future;

• If our stock price fluctuates, you could lose a significant part of your investment;

• Techniques employed by short sellers may in the future drive down the market price of our common stock;

• If securities or industry analysts do not publish research or reports about us, or if they adversely change their recommendations regarding our common stock, then our stock price and trading volume could decline;

• The market price of our stock may be highly volatile, and you could lose all or part of your investment;

• Your ownership may be diluted if additional capital stock is issued to raise capital, to finance acquisitions or in connection with strategic transactions;

• We may be required to issue up to 271,846 shares of common stock in connection with the reverse stock split we completed on October 24, 2024, and we may be subject to potential liability if it is determined that we are required to issue such shares and fail to issue such shares on a timely basis;

• The sale of our common stock by our stockholders, or the perception that stock sales may occur, could cause the price of our common stock to decline.

• Provisions of the Series A, B and C Warrants we issued could discourage an acquisition of us by a third party.

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**Risks Related to Our Overall Business**

***Factors raise substantial doubt about our ability to continue as a going concern.***

As of March 31, 2026, we had an accumulated deficit of $67.1 million, negative cash flows from operating activities of $12.3 million and working capital of $5.9 million, which raises substantial doubt about our ability to continue as a going concern. Further, we have incurred, and expect to continue to incur, significant costs in pursuit of our business plans. We cannot assure you that our plans to raise sufficient capital to fund our business will be successful. These factors, among others, raise substantial doubt about our ability to continue as a going concern. The financial statements contained elsewhere in this Annual Report on Form 10-K do not include any adjustments that might result from our inability to raise additional capital or our inability to continue as a going concern.

***We have no approved products, and we cannot assure you that we will generate revenue or become profitable in the future.***

Our products may never be cleared by the FDA or become commercially viable or accepted for use. We have incurred significant losses since our inception and expect to continue to experience operating losses and negative cash flow for the foreseeable future. We expect to expend significant resources on hiring of personnel, continued scientific and product research and development, product testing and preclinical and clinical investigation, intellectual property development and prosecution, marketing and promotion, capital expenditures, working capital, general and administrative expenses, and fees and expenses associated with our capital raising efforts. We expect to incur costs and expenses related to consulting costs, hiring of scientists, engineers, science and other operational personnel, and the continued development of relationships with strategic partners.

***We will need additional financing over the longer term to execute our business plan and fund operations, which additional financing may not be available on reasonable terms or at all.***

We believe our existing capital resources will be sufficient to fund our operations into the fourth calendar quarter of 2026 without additional capital infusion.

We will require significant capital to complete clinical trials, seek approval of our products, mount a major sales and marketing effort and execute our business plan. We cannot give any assurance that we will be able to obtain all the necessary funding that we may need. We may pursue additional funding through various financing sources, including additional equity offerings, the issuance of debt securities, fees associated with licensing some or all of our technology, joint ventures with capital partners and project type financing. There can be no assurance that funds will be available on commercially reasonable terms, if at all. If financing is not available on satisfactory terms, we may be unable to further pursue our business plan and we may be unable to continue operations, in which case you may lose some or all of your investment.

In addition, we may seek additional capital due to favorable market conditions or strategic considerations even if we believe we have sufficient funds for our current or future operation plans.

Alternatively, we may consider changes in our business plan that might enable us to achieve aspects of our business objectives and lead to some commercial success with a smaller amount of capital, but we cannot assure that changes in our business plan will result in revenues or maintain any value in your investment.

***We intend to utilize a single manufacturer for the manufacture of our lead product candidate and expect to continue to do so for commercial products. Risks associated with the manufacturing of our products could reduce our gross margins and negatively affect our operating results.***

We do not have any manufacturing facilities or direct manufacturing personnel. We currently rely, and expect to continue to rely, on a single manufacturer for the manufacture of our lead product candidate for commercial manufacture. As such, we are subject to numerous risks relating to our reliance on a single manufacturer. If they encounter problems in manufacturing our product candidate, then our business could be significantly impacted. These problems include:

• inability to secure product components in a timely manner, insufficient quantities or on commercially reasonable terms;

• failure to increase production to meet demand;

• inability to modify production lines to enable us to efficiently produce future products or implement changes in current products in response to regulatory requirements;

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• difficulty identifying and qualifying alternative manufacturers in a timely manner;

• inability to establish agreements with future third-party manufacturers or to do so on acceptable terms; or

• potential damage to or destruction of our manufacturers' equipment or facilities.

If demand for our future products increases, our manufacturer will need to invest additional resources to purchase components, hire and train employees, and enhance their manufacturing processes. If they fail to increase production capacity efficiently, our sales may not increase in line with our expectations and our operating margins could fluctuate or decline. We do not have a long-term agreement with our manufacturer and there is no assurance that they will continue to provide us with manufacturing services in the future.

***We are a developmental stage company and have not yet had a history of generating revenue.***

As a development-stage entity, we have not generated any revenues. Investors are subject to all the risks incident to the creation and development of a new business and each investor should be prepared to withstand a complete loss of investment. We have not emerged from the development stage and may be unable to raise further equity. These factors raise substantial doubt about our ability to continue as a going concern.

***Our business may be adversely affected by the state of the global economy, uncertainties in global financial markets, and possible trade tariffs and trade restrictions.***

Our operations and performance will depend significantly on worldwide economic and geopolitical conditions. Uncertainty about global economic conditions could result in potential customers postponing purchases of our future products in response to tighter credit, unemployment, negative financial news and/or declines in income or asset values and other macroeconomic factors, which could have a material negative effect on demand for our future products and, accordingly, on our business, results of operations or financial condition. For example, current global financial markets continue to reflect uncertainty, which has been heightened by the the ongoing military conflict between Russia and Ukraine and the ongoing conflict in Israel. Given these uncertainties, there could be further disruptions to the global economy, financial markets and consumer confidence. If economic conditions deteriorate unexpectedly, our business and results of operations could be materially and adversely affected. For example, our future customers, including our distributors and their customers, may have trouble obtaining the working capital and other financing necessary to support historical or projected purchasing patterns, which could negatively affect our results of operations.

Recent global economic slowdowns could continue and potentially result in certain economies dipping into economic recessions, including in the United States. A weak or declining economy may in the future strain our manufacturers or suppliers, possibly result in supply disruptions. General trade tensions between the United States and the world have recently been escalated by the current U.S. administration, which has recently proposed or enacted significant tariffs and substantial changes to trade policies, which could adversely affect our business. For example, the U.S. administration has imposed significant tariff increases on foreign products, including most recently from Canada, Mexico and China, that in the past have resulted in, and may result in, future retaliatory tariffs on U.S. goods and products or potential currency devaluations. We cannot predict whether these policies will continue, or if new policies will be enacted, or the impact, if any, that any policy changes could have on our business. Any of the foregoing could harm our business and we cannot anticipate all of the ways in which the economic climate and financial market conditions could adversely affect our business. Additionally, increased inflation around the world, including in the United States, applies pressure to our costs. Continued economic slowdowns or recessions and inflationary pressures could have a negative impact on our business, including decreased demand, increased costs, and other challenges. Government actions to address economic slowdowns and increased inflation, including increased interest rates, also could result in negative impacts to our growth.

Moreover, ongoing armed conflicts between Russia and Ukraine and in the Middle East (including the U.S. and Israel's military actions against Iran commencing in March 2026) have resulted in sustained global geopolitical unrest, including significant instability in the financial and commodities markets and the continued imposition of extensive international sanctions. The geopolitical landscape remains highly volatile following the 2024 U.S. elections and the subsequent transition in U.S. administration and policy priorities in 2025 and 2026 (including the imposition of tariffs by the U.S. administration). It is not possible to predict the near or long-term consequences of these shifts, which may include new or expanded sanctions, trade embargoes, increased tariffs, changes in international trade agreements, and heightened regional instability. These factors, alongside potential fluctuations in inflation, currency exchange rates, and macroeconomic conditions, may create prolonged uncertainty in the global markets and could have a material adverse effect on our business, financial condition, and results of operations.

The current U.S. administration took several executive actions, including the issuance of a number of executive orders, that imposed significant burdens on, or otherwise materially delayed, the FDA's ability to engage in routine oversight activities, such as implementing statutes through rulemaking, issuance of guidance, and review and approval of marketing applications. It is difficult to predict whether or how these orders will be rescinded and replaced under the current or future administrations.

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The inability to obtain adequate financing from debt or capital sources in the future could force us to self-fund strategic initiatives or even forego certain opportunities, which in turn could potentially harm our performance.

***We have limited experience in assembling and testing our products and may encounter problems or delays in the assembly of our products or fail to meet certain regulatory requirements which could result in an adverse effect on our business and financial results.***

We have limited experience in assembling and testing our planned device and no experience in doing so on a commercial scale. To become profitable, we must assemble and test our planned device in commercial quantities in compliance with regulatory requirements and at an acceptable cost. Increasing our capacity to assemble and test our products on a commercial scale will require us to improve internal efficiencies. We may encounter a number of difficulties in increasing our assembly and testing capacity, including:

• managing production yields;

• maintaining quality control and assurance;

• providing component and service availability;

• maintaining adequate control policies and procedures;

• hiring and retaining qualified personnel; and

• complying with state, federal and foreign regulations.

If we are unable to satisfy commercial demand for our planned device due to our inability to assemble and test our planned device, our ability to generate revenue would be impaired, market acceptance of our products could be adversely affected and customers may instead purchase or use, our competitors' products.

***Rapidly changing technology in life sciences could make the products we are developing obsolete.***

The medical device and life-science industry in general is characterized by rapid and significant technological changes, frequent new product introductions and enhancements and evolving industry standards. Our future success will depend on our ability to continually develop and then improve the products that we design and to develop and introduce new products that address the evolving needs of our customers on a timely and cost-effective basis.

***Adverse developments affecting the financial services industry, such as actual events or concerns involving liquidity, defaults, or non-performance by financial institutions or transactional counterparties, could adversely affect our current and projected business operations and our financial condition and results of operations.***

Actual events involving limited liquidity, defaults, non-performance, or other adverse developments that affect financial institutions, transactional counterparties or other companies in the financial services industry or the financial services industry generally or concerns or rumors about any events of these kinds or other similar risks, have in the past and may in the future lead to market-wide liquidity problems. For example, on March 10, 2023, Silicon Valley Bank ("SVB") (now a division of First Citizens Bank), was closed by the California Department of Financial Protection and Innovation, which appointed the Federal Deposit Insurance Corporation, or the FDIC, as receiver, which has been followed by the collapse of Signature Bank Corp. ("Signature"), Silvergate Capital Corp. and First Republic Bank. Although we were not a borrower under or party to any material letter of credit or any other such instruments with SVB, Signature or any other financial institution, if we enter into any such instruments and any of our lenders or counterparties to such instruments were to be placed into receivership, we may be unable to access such funds. In addition, if any of our partners, suppliers or other parties with whom we conduct business are unable to access funds pursuant to such instruments or lending arrangements with such a financial institution, such parties' ability to pay their obligations to us or to enter into new commercial arrangements requiring additional payments to us could be adversely affected. In this regard, counterparties to credit agreements and arrangements with these financial institutions, and third parties such as beneficiaries of letters of credit (among others), may experience direct impacts from the closure of these financial institutions and uncertainty remains over liquidity concerns in the broader financial services industry. Similar impacts have occurred in the past, such as during the 2008-2010 financial crisis. Inflation and rapid increases in interest rates have led to a decline in the trading value of previously issued government securities with interest rates below current market interest rates.

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Our access to funding sources and other credit arrangements in amounts adequate to finance or capitalize our current and projected future business operations could be significantly impaired by factors that affect us, any financial institutions with which we enter into credit agreements or arrangements directly, or the financial services industry or economy in general. These factors could include, among others, events such as liquidity constraints or failures, the ability to perform obligations under various types of financial, credit or liquidity agreements or arrangements, disruptions or instability in the financial services industry or financial markets or concerns or negative expectations about the prospects for companies in the financial services industry. These factors could involve financial institutions or financial services industry companies with which we have financial or business relationships but could also include factors involving financial markets or the financial services industry generally.

The results of events or concerns that involve one or more of these factors could include a variety of material and adverse impacts on our current and projected business operations and our financial condition and results of operations. These risks include, but may not be limited to, the following:

• delayed access to deposits or other financial assets or the uninsured loss of deposits or other financial assets;

• inability to enter into credit facilities or other working capital resources;

• potential or actual breach of contractual obligations that require us to maintain letters of credit or other credit support arrangements; or

• termination of cash management arrangements and/or delays in accessing or actual loss of funds subject to cash management arrangements.

In addition, investor concerns regarding the U.S. or international financial systems could result in less favorable commercial financing terms, including higher interest rates or costs and tighter financial and operating covenants, or systemic limitations on access to credit and liquidity sources, thereby making it more difficult for us to acquire financing on acceptable terms or at all. Any decline in available funding or access to our cash and liquidity resources could, among other risks, adversely impact our ability to meet our operating expenses or other obligations, financial or otherwise, result in breaches of our financial and/or contractual obligations or result in violations of federal or state wage and hour laws. Any of these impacts, or any other impacts resulting from the factors described above or other related or similar factors, could have material adverse impacts on our liquidity and our current and/or projected business operations and financial condition and results of operations.

In addition, any further deterioration in the macroeconomic economy or financial services industry could lead to losses or defaults by our partners, vendors, or suppliers, which in turn, could have a material adverse effect on our current and/or projected business operations and results of operations and financial condition. For example, a partner may fail to make payments when due, default under their agreements with us, become insolvent or declare bankruptcy, or a supplier may determine that it will no longer deal with us as a customer. In addition, a vendor or supplier could be adversely affected by any of the liquidity or other risks that are described above as factors that could result in material adverse impacts on us, including but not limited to delayed access or loss of access to uninsured deposits or loss of the ability to draw on existing credit facilities involving a troubled or failed financial institution. The bankruptcy or insolvency of any partner, vendor or supplier, or the failure of any partner to make payments when due, or any breach or default by a partner, vendor or supplier, or the loss of any significant supplier relationships, could cause us to suffer material losses and may have a material adverse impact on our business.

***We may incur substantial costs as a result of litigation or other proceedings relating to patent and other intellectual property rights.***

We may from time to time seek to enforce our intellectual property rights against infringers when we determine that a successful outcome is probable and may lead to an increase in the value of the intellectual property. If we choose to enforce our patent rights against a party, then that individual or company has the right to ask the court to rule that such patents are invalid or should not be enforced. Additionally, the validity of our patents and the patents we have licensed may be challenged if a petition for post grant proceedings such as inter-parties review and post grant review is filed within the statutorily applicable time with the U.S. Patent and Trademark Office ("USPTO"). These lawsuits and proceedings are expensive and would consume time and resources and divert the attention of managerial and scientific personnel even if we were successful in stopping the infringement of such patents. In addition, there is a risk that the court will decide that such patents are not valid and that we do not have the right to stop the other party from using the inventions. There is also the risk that, even if the validity of such patents is upheld, the court will refuse to stop the other party on the ground that such other party's activities do not infringe our intellectual property rights. In addition, in recent years the U.S. Supreme Court modified some tests used by the USPTO in granting patents over the past 20 years, which may decrease the likelihood that we will be able to obtain patents and increase the likelihood of a challenge of any patents we obtain or license.

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***Catastrophic events and disaster recovery may disrupt business continuity.***

A disruption or failure of our systems or operations in the event of a natural disaster or severe weather event, including, but not limited to, earthquakes, wildfires, droughts, flooding, tornadoes, hurricanes or tsunamis, health pandemic, such as an influenza outbreak within our workforce, or man-made catastrophic event could cause delays in completing sales, continuing production or performing other critical functions of our business, particularly if a catastrophic event were to occur at our premises. Global climate change could result in certain natural disasters occurring more frequently or with greater intensity. Any of these events could severely affect our ability to conduct normal business operations and, as a result, our operating results could be adversely affected. There may also be secondary impacts that are unforeseeable as well, such as impacts on our customers, which could cause delays in new orders, delays in completing sales or even order cancellations.

***We may fail to meet the Sarbanes-Oxley regulations and may lack the financial controls and safeguards required of public companies.***

Ensuring that we have adequate internal financial and accounting controls and procedures in place to produce accurate financial statements on a timely basis is a costly and time-consuming effort that needs to be re-evaluated frequently. Our management has concluded that our internal controls over financial reporting are ineffective and has identified material weaknesses in our internal controls in areas such as the lack of segregation of duties; general technology controls; and financial statement reporting. While management is working to remediate the material weaknesses, there is no assurance that such changes, when economically feasible and sustainable, will remediate the identified material weaknesses or that the controls will prevent or detect future material weaknesses. If we are not able to maintain effective internal control over financial reporting, our financial statements, including related disclosures, may be inaccurate, which could have a material adverse effect on our business. We may discover additional material weaknesses in our internal financial and accounting controls and procedures that need improvement from time to time.

Management is responsible for establishing and maintaining adequate internal control over financial reporting to provide reasonable assurance regarding the reliability of our financial reporting and the preparation of financial statements for external purposes in accordance with United States generally accepted accounting principles. Management does not expect that our internal control over financial reporting will prevent or detect all errors and all fraud. A control system, no matter how well designed and operated, can provide only reasonable, not absolute, assurance that the control system's objectives will be met. Because of the inherent limitations in all control systems, no evaluation of controls can provide absolute assurance that misstatements due to error or fraud will not occur or that all control issues and instances of fraud, if any, within our company will have been detected.

We are required to comply with Section 404 of the Sarbanes-Oxley Act. We expect to expend significant resources in developing the necessary documentation and testing procedures required by Section 404. We cannot be certain that the actions we will be taking to improve our internal controls over financial reporting will be sufficient, or that we will be able to implement our planned processes and procedures in a timely manner. In addition, if we are unable to produce accurate financial statements on a timely basis, investors could lose confidence in the reliability of our financial statements, which could cause the market price of our common stock to decline and make it more difficult for us to finance our operations and growth.

***While our Company*'*s management is working to improve our internal controls and procedures, at present management has determined that our internal controls were deemed to be inadequate, which could cause our financial reporting to be unreliable and lead to misinformation being disseminated to the public.***

Our management is responsible for establishing and maintaining adequate internal control over financial reporting. As defined in Rule 13a-15(f) under the Securities Exchange Act of 1934, as amended (the "Exchange Act"), internal control over financial reporting is a process designed by, or under the supervision of, the principal executive and principal financial officer and effected by the board of directors, management and other personnel, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles and includes those policies and procedures that:

• pertain to the maintenance of records that in reasonable detail accurately and fairly reflect the transactions and dispositions of our assets;

• provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the Company are being made only in accordance with authorizations of management and/or directors of the Company; and

• provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of the Company's assets that could have a material effect on the financial statements.

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We are required to include a report of management on the effectiveness of our internal control over financial reporting. We expect to incur additional expenses and diversion of management's time as a result of performing the system and process evaluation, testing and remediation required in order to comply with the management certification requirements.

Presently, we do not have a sufficient number of employees to segregate responsibilities and may be unable to afford increasing our staff or engaging outside consultants or professionals to overcome our lack of employees. During the course of our testing, we may identify other deficiencies that we may not be able to timely remediate. If we cannot provide reliable financial reports or prevent fraud, our business and operating results could be harmed, investors could lose confidence in our reported financial information, and the trading price of our common stock could drop significantly.

***Because of the specialized nature of our business, the termination of relationships with our key employees, consultants and advisors may prevent us from successfully operating our business, including developing our products, conducting clinical studies, commercializing our products and obtaining any necessary financing.***

We are highly dependent on the members of our executive team, the loss of whose services may adversely impact the achievement of our objectives. While we have entered into employment or consulting agreements with each of our key executives, any of them could leave our employment at any time. We do not have "key person" insurance on any of our employees. The loss of the services of one or more of our current employees might impede the achievement of our business objectives.

The competition for qualified personnel in the medical device fields is intense and we rely heavily on our ability to attract and retain qualified scientific, technical, and managerial personnel. Our future success depends upon our ability to attract, retain and motivate highly skilled employees. In order to commercialize our products successfully, we will be required to expand our workforce, particularly in the areas of research and development and clinical studies, finance, accounting and reporting, sales and marketing and supply chain management. These activities will require the addition of new personnel and the development of additional expertise by existing management personnel. We face intense competition for qualified individuals from numerous pharmaceutical, biopharmaceutical and biotechnology companies, as well as academic and other research institutions. We may not be able to attract and retain these individuals on acceptable terms or at all. Failure to do so could materially harm our business.

**Risks Related to Government Regulation and Product Approvals**

***Changes to United States federal and state regulatory agencies may cause disruptions and delays in approval of the government approval processes and regulation relating to our products.***

Under the current political administration, including the Presidency and both houses of Congress, federal and state government agencies may be subject to change as a result of political, legislative, regulatory, administrative developments and judicial proceedings. For example, the current administration has discussed several changes to the reach and oversight of the Food and Drug Administration, which could affect its relationship with the pharmaceutical industry, transparency in decision making and ultimately the cost and availability of prescription drugs, as well as oversight over clinical trials and pharmaceutical development, all of which could pose risks (or opportunities) for companies in related industries.

***There is no guarantee that the FDA will grant 510(k) or de novo clearance or a premarket approval application (*"*PMA*"*) of our future products and failure to obtain necessary clearances or approvals for our future products would adversely affect our ability to grow our business.***

Our lead product candidate will require FDA clearance of a 510(k) or de novo application or may require FDA approval of a PMA. The FDA may not approve or clear these products for the indications that are necessary or desirable for successful commercialization. Indeed, the FDA may refuse our requests for premarket clearance or premarket approval of new products, new intended uses or modifications to existing products. Failure to receive clearance or approval for our products would have an adverse effect on our ability to continue or expand our business.

If we fail to obtain and maintain regulatory approvals and clearances, or are unable to obtain, or experience significant delays in obtaining, FDA clearances or approvals for our device, our future products or product enhancements, our ability to commercially distribute and market these products could suffer.

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Our products will be subject to rigorous regulation by the FDA and numerous other federal, state and foreign governmental authorities. The process of obtaining regulatory clearances or approvals to market a medical device can be costly and time consuming, and we may not be able to obtain these clearances or approvals on a timely basis, if at all. In particular, the FDA permits commercial distribution of a new medical device only after the device has received clearance under Section 510(k) of the Federal Food, Drug and Cosmetic Act, or is the subject of an approved premarket approval application, or PMA, unless the device is specifically exempt from those requirements. The FDA will clear marketing of a lower risk medical device through the 510(k) process if the manufacturer demonstrates that the new product is substantially equivalent to other 510(k)-cleared products or through a de novo process if substantial equivalence is not available. High risk devices deemed to pose the greatest risk, such as life-sustaining, life-supporting, or implantable devices, or devices not deemed substantially equivalent to a previously cleared device, require the approval of a PMA. The PMA process is more costly, lengthy and uncertain than the 510(k) or de novo clearance processes. A PMA application must be supported by extensive data, including, but not limited to, technical, preclinical, clinical trial, manufacturing and labeling data, to demonstrate to the FDA's satisfaction the safety and efficacy of the device for its intended use. We believe our current product candidate will require clearance through the 510(k) or de novo process.

***Our product development for our sensing and ablation technologies may not meet the necessary validation requirements to achieve regulatory approvals, or our internal specifications for commercial viability.***

We are developing proprietary sensing and ablation technologies that represent novel applications within the medical device space. As such, these technologies are subject to stringent validation and verification processes, both internally and by regulatory bodies such as the FDA. There is no assurance that our products will meet the safety, efficacy, and performance criteria required to obtain regulatory approvals. Additionally, even if our technologies are shown to be safe and effective in preclinical or early-stage clinical studies, they may not meet the technical, usability, cost, or performance benchmarks necessary for commercial viability. Any delays or failures in validation, or changes in FDA requirements or guidance, could significantly impact our development timelines, increase our costs, and delay or prevent our ability to bring our products to market.

***Modifications to our future products may require new regulatory clearances or approvals or may require us to recall or cease marketing our products until clearances or approvals are obtained.***

Modifications to our future products may require new regulatory approvals or clearances, including 510(k) clearances or premarket approvals, or require us to recall or cease marketing the modified devices until these clearances or approvals are obtained. The FDA requires device manufacturers to initially make and document a determination of whether or not a modification requires a new approval, supplement or clearance. A manufacturer may determine that a modification could not significantly affect safety or efficacy and does not represent a major change in its intended use, so that no new 510(k) clearance is necessary. However, the FDA can review a manufacturer's decision and may disagree. The FDA may also on its own initiative determine that a new clearance or approval is required. Once we have a commercialized product, we may make modifications in the future that we believe do not or will not require additional clearances or approvals. If the FDA disagrees and requires new clearances or approvals for these modifications, we may be required to recall and to stop marketing our products as modified, which could require us to redesign our products and harm our operating results. In these circumstances, we may be subject to significant enforcement actions.

Where we determine that modifications to our products require a new 510(k) clearance or premarket approval application, we may not be able to obtain those additional clearances or approvals for the modifications or additional indications in a timely manner, or at all. Obtaining clearances and approvals can be a time-consuming process, and delays in obtaining required future clearances or approvals would adversely affect our ability to introduce new or enhanced products in a timely manner, which in turn would harm our future growth.

***The results of our future clinical trials may not support our product candidate claims or may result in the discovery of adverse side effects.***

We have not completed any clinical trials and we cannot be certain that their results will support our product candidate claims or that the FDA will agree with our conclusions regarding them. Success in pre-clinical studies and early clinical trials does not ensure that later clinical trials will be successful, and we cannot be sure that the later trials will replicate the results of prior trials and pre-clinical studies. The clinical trial process may fail to demonstrate that our product candidates are safe and effective for the proposed indicated uses, which could cause us to abandon a product candidate and may delay development of others. Any delay or termination of our clinical trials will delay the filing of our product submissions and, ultimately, our ability to commercialize our product candidates and generate revenues. It is also possible that patients enrolled in clinical trials will experience adverse side effects that are not currently part of the product candidate's profile.

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***We are conducting our initial Proof of Concept trial outside the United States using commercially available RF ablation equipment in a new anatomical region to assess clinical response. We plan to present the relevant data from this trial to the FDA to support the clinical requirements for clearance in the United States. However, there is no assurance that the FDA will accept this data.***

Human trials are often designed to begin with a Proof of Concept ("PoC") trial and then progress to a "Pivotal" or approval, trial. We have started a PoC trial outside the United States using commercially available RF ablation devices, and upon completion, we intend to present the data to the FDA in a pre-submission meeting and use key learnings to inform the protocol for our US-based clinical trials. The first trial is not designed to replace the pivotal trial that will be required by the FDA to support clearance in the United States, but rather to potentially impact the size of that trial. There is no guarantee that our devices will perform the same as commercially available RF ablation equipment or that the results from this PoC trial will be replicated with our own devices. Additionally, there is no assurance that the FDA will accept the data from our international trial or that they will not require us to conduct additional Early Feasibility Studies ("EFS") to supplement a pivotal trial. Any additional trials required by the FDA could be costly, time-consuming, and may necessitate raising additional financing, for which we have no commitments.

***Our clinical studies could be delayed or otherwise adversely affected by many factors, including difficulties in enrolling patients.***

Clinical testing can be costly and take many years and the outcome is uncertain and susceptible to varying interpretations. Moreover, success in pre-clinical and early clinical studies does not ensure that large-scale studies will be successful or predict final results. Acceptable results in early studies may not be replicable in later studies. A number of companies have suffered significant setbacks in advanced clinical studies, even after promising results in earlier studies. Negative or inconclusive results or adverse events or incidents during a clinical study could cause the clinical study to be redone or terminated. In addition, failure to appropriately construct clinical studies could result in high rates of adverse events or incidents, which could cause a clinical study to be suspended, redone or terminated. Our failure or the failure of third-party participants in our studies to comply with their obligations to follow protocols and/or legal requirements may also result in our inability to use the affected data in our submissions to regulatory authorities.

The timely completion of clinical studies depends, among other things, on our ability to enroll a sufficient number of patients who remain in the study until its conclusion. We may experience difficulties in patient enrollment in our clinical studies for a variety of reasons, including:

• the severity of the disease under investigation;

• the limited size and nature of the patient population;

• the patient eligibility criteria defined in our protocol and other clinical study protocols;

• the nature of the study protocol, including the attractiveness of, or the discomforts and risks associated with, the treatments received by enrolled subjects;

• difficulties and delays in clinical studies that may occur as a result of public health emergencies or pandemics;

• the ability to obtain institutional review board ("IRB") approval at clinical study locations;

• clinicians' and patients' perceptions as to the potential advantages, disadvantages and side effects of our products in relation to other available therapies, including any new drugs or treatments that may be approved for the indications we are pursuing;

• the possibility or perception that enrolling in a product's clinical study may limit the patient's ability to enroll in future clinical studies for other therapies due to protocol restrictions;

• the possibility or perception that our software is not secure enough to maintain patient privacy;

• the ability to monitor patients adequately during and after treatment;

• the availability of appropriate clinical study investigators, support staff, drugs and other therapeutic supplies and proximity of patients to clinical sites;

• physicians' or our ability to obtain and maintain patient consents; and

• the risk that patients enrolled in clinical studies will choose to withdraw from or otherwise not be able to complete a clinical study.

If we have difficulty enrolling and retaining a sufficient number or diversity of patients to conduct our clinical studies as planned, or encounter other difficulties, we may need to delay, terminate or modify ongoing or planned clinical studies, any of which would have an adverse effect on our business.

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***We may have limitations in generating statistically significant long-term clinical data and gaining extended-duration indications from clinical studies involving terminal patients.***

Our clinical studies, particularly those involving terminal patients with pancreatic cancer, may face significant challenges in generating long-term data and developing extended indications. Given the nature of pancreatic cancer, many patients enrolled in our studies may have a limited life expectancy, which could hinder our ability to gather statistically significant long-term clinical data that may be crucial for establishing broader longer-term indications for our products. The inability to collect sufficient data from these patients may limit the scope of our clinical findings and the potential for additional indications beyond the initial use cases. As a result, the progress of our clinical trials, and the expansion of indications could be delayed and our ability to secure regulatory approvals for longer-term uses may be impacted.

***Even if our products are cleared or approved by the FDA, if we or our suppliers fail to comply with ongoing FDA requirements, or if we experience unanticipated problems with our products, these products could be subject to restrictions or withdrawal from the market.*** 

Any product for which we obtain clearance or approval, and the manufacturing processes, reporting requirements, post-approval clinical data and promotional activities for such product, will be subject to continued regulatory review, oversight and periodic inspections by the FDA and other domestic and foreign regulatory bodies. In particular, we, and our suppliers, will be required to comply with FDA's Quality System Regulations, or QSR, which covers the methods and documentation of the design, testing, production, control, quality assurance, labeling, packaging, storage and shipping of any product for which we obtain clearance or approval. FDA enforces the QSR and other regulations through periodic inspections. The failure by us or one of our suppliers to comply with applicable statutes and regulations administered by the FDA, or the failure to timely and adequately respond to any adverse inspectional observations or product safety issues, could result in, among other things, any of the following enforcement actions:

• untitled letters, warning letters, fines, injunctions, consent decrees and civil penalties;

• unanticipated expenditures to address or defend such actions;

• customer notifications for repair, replacement, refunds;

• recall, detention or seizure of our products;

• operating restrictions or partial suspension or total shutdown of production;

• refusing or delaying our requests for premarket clearance or premarket approval of new products or modified products;

• operating restrictions;

• withdrawing premarket clearances or PMA approvals that have already been granted;

• refusal to grant export approval for our products; or

• criminal prosecution.

If any of these actions were to occur, it would harm our reputation and cause our product sales and profitability to suffer and may prevent us from generating revenue. Furthermore, our key component suppliers may not be in compliance with all applicable regulatory requirements which could result in our failure to produce our products on a timely basis and in the required quantities, if at all.

Even if regulatory clearance or approval of a product is granted, such clearance or approval may be subject to limitations on the intended uses for which the product may be marketed and reduce our potential to successfully commercialize the product and generate revenue from the product. If the FDA determines that our promotional materials, labeling, training or other marketing or educational activities constitute promotion of an unapproved use, it could request that we cease or modify our training or promotional materials or subject us to regulatory enforcement actions. It is also possible that other federal, state or foreign enforcement authorities might take action if they consider our training or other promotional materials to constitute promotion of an unapproved use, which could result in significant fines or penalties under other statutory authorities, such as laws prohibiting false claims for reimbursement.

In addition, we may be required to conduct costly post-market testing and surveillance to monitor the safety or effectiveness of our products, and we must comply with medical device reporting requirements, including the reporting of adverse events and malfunctions related to our products. Later discovery of previously unknown problems with our products, including unanticipated adverse events or adverse events of unanticipated severity or frequency, manufacturing problems, or failure to comply with regulatory requirements such as QSR, may result in changes to labeling, restrictions on such products or manufacturing processes, withdrawal of the products from the market, voluntary or mandatory recalls, a requirement to repair, replace or refund the cost of any medical device we manufacture or distribute, fines, suspension of regulatory approvals, product seizures, injunctions or the imposition of civil or criminal penalties which would adversely affect our business, operating results and prospects.

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***Our products may in the future be subject to product recalls that could harm our reputation, business and financial results.***

The FDA and similar foreign governmental authorities have the authority to require the recall of commercialized products in the event of material deficiencies or defects in design or manufacture. In the case of the FDA, the authority to require a recall must be based on an FDA finding that there is a reasonable probability that the device would cause serious injury or death. Manufacturers may, under their own initiative, recall a product if any material deficiency in a device is found. A government-mandated or voluntary recall by us or one of our distributors could occur as a result of component failures, manufacturing errors, design or labeling defects or other deficiencies and issues. Recalls of any of our products would divert managerial and financial resources and have an adverse effect on our financial condition and results of operations. The FDA requires that certain classifications of recalls be reported to FDA within 10 working days after the recall is initiated. Companies are required to maintain certain records of recalls, even if they are not reportable to the FDA. We may initiate voluntary recalls involving our products in the future that we determine do not require notification of the FDA. If the FDA disagrees with our determinations, they could require us to report those actions as recalls. A future recall announcement could harm our reputation with customers and negatively affect our sales. In addition, the FDA could take enforcement action for failing to report the recalls when they were conducted.

***If our products cause or contribute to a death or a serious injury, or malfunction in certain ways, we will be subject to medical device reporting regulations, which can result in voluntary corrective actions or agency enforcement actions.*** 

Under the FDA medical device reporting regulations, medical device manufacturers are required to report to the FDA information that a device has or may have caused or contributed to a death or serious injury or has malfunctioned in a way that would likely cause or contribute to death or serious injury if the malfunction of the device or one of our similar devices were to recur. If we fail to report these events to the FDA within the required timeframes, or at all, FDA could take enforcement action against us. Any such adverse event involving our products also could result in future voluntary corrective actions, such as recalls or customer notifications, or agency action, such as inspection or enforcement action. Any corrective action, whether voluntary or involuntary, as well as defending ourselves in a lawsuit, will require the dedication of our time and capital, distract management from operating our business, and may harm our reputation and financial results.

***Certain parts used in the manufacturing of our equipment may experience shortages in global supply, which could impact our ability to manufacture our device for customers or maintain research and development timelines.*** 

There are a number of component parts used in the manufacture of our device that are used by many manufacturers in a variety of products. We will compete with other manufacturers for the supply of these components. Additionally, certain parts that are currently in our design may be discontinued by our supplier requiring us to find alternative parts. This issue may require us to change the design of our device or purchase significant inventories of these parts in order to protect against manufacturing delays. We may not be able to procure alternative components or adequate raw material inventories which would result in an inability to produce our device.

***U.S. legislative or FDA regulatory reforms may make it more difficult and costly for us to obtain regulatory approval of our product candidates and to manufacture, market and distribute our products after approval is obtained.***

From time to time, legislation is drafted and introduced in Congress that could significantly change the statutory provisions governing the regulatory approval, manufacture and marketing of regulated products or the reimbursement thereof. In addition, FDA regulations and guidance are often revised or reinterpreted by the FDA in ways that may significantly affect our business and our products. Any new regulations or revisions or reinterpretations of existing regulations may impose additional costs or lengthen review times of future products. It is impossible to predict whether legislative changes will be enacted, or FDA regulations, guidance or interpretations changed, and what the impact of such changes, if any, may be.

***Failure to secure and maintain adequate coverage and reimbursement from third-party payers could adversely affect acceptance of our products, if approved, and reduce our revenues.***

Assuming we receive approval of our products, we expect that the vast majority of our revenues will come from third-party payers, either directly to us in markets where we plan to provide our device candidates to patients, or indirectly via payments made to hospitals or other entities, which may in the future provide our device candidates to patients.

In the U.S., private payers cover the largest segment of the population, with the remainder either uninsured or covered by governmental payers. The majority of the third-party payers outside the U.S. are government agencies, government sponsored entities or other payers operating under significant regulatory requirements from national or regional governments.

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Third-party payers may decline to cover and reimburse certain procedures, supplies or services. Additionally, some third-party payers may decline to cover and reimburse our products for a particular patient even if the payer has a favorable coverage policy addressing our products or previously approved reimbursement for our products. Additionally, private and government payers may consider the cost of a treatment in approving coverage or in setting reimbursement for the treatment.

Private and government payers around the world are increasingly challenging the prices charged for medical products and services. Additionally, the containment of healthcare costs has become a priority of governments around the world. Adoption of additional price controls and cost-containment measures, and adoption of more restrictive policies in jurisdictions with existing controls and measures, could further limit our revenues and operating results. If third-party payers do not consider our products or the combination of our products with additional treatments to be cost-justified under a required cost-testing model, they may not cover our products for their populations or, if they do, the level of reimbursement may not be sufficient to allow us to sell our products on a profitable basis.

Reimbursement for the treatment of patients with medical devices around the world is governed by complex mechanisms established on a national or sub-national level in each country. These mechanisms vary widely among countries, can be informal, somewhat unpredictable, and evolve constantly, reflecting the efforts of these countries to reduce public spending on healthcare. As a result, obtaining and maintaining reimbursement for the treatment of patients with medical devices has become more challenging globally. We cannot guarantee that the use of our products will receive reimbursement approvals and cannot guarantee that our existing reimbursement approvals will be maintained in any country.

Because our technology introduces a novel approach to nerve sensing and ablation, including applications for conditions that are not well served by current therapies, third-party payers may require more extensive clinical and economic evidence than is typically needed for coverage of established technologies. In particular, demonstrating long-term safety, effectiveness, and cost-efficiency in real-world use may be necessary to obtain or maintain reimbursement. The absence of established coding, clinical guidelines, or historical reimbursement precedents for our system may further complicate this process. As a result, lack of adequate reimbursement could delay or limit commercial adoption of our products, even if we obtain regulatory clearance or approval.

Our failure to secure or maintain adequate coverage or reimbursement for our products by third-party payers in the U.S., or in the other jurisdictions in which we market our products, could have a material adverse effect on our business, revenues and results of operations.

***We may not be successful in securing and maintaining reimbursement codes necessary to facilitate accurate and timely billing for our products or physician services attendant to our products*.**

Third-party payers, healthcare systems, government agencies or other groups often issue reimbursement codes to facilitate billing for products and physician services used in the delivery of healthcare. Within the U.S., the billing codes most directly related to our products are contained in the Healthcare Common Procedure Coding System ("HCPCS code set"). The HCPCS code set contains Level I codes that describe physician services, also known as Common Procedural Terminology codes ("CPT codes") and Level II codes that primarily describe products. Centers for Medicare & Medicaid Services ("CMS") is responsible for issuing the HCPCS Level II codes. The American Medical Association issues HCPCS Level I codes.

No HCPCS codes or CPT codes currently exist to describe physician services related to the delivery of therapy using our products. We may not be able to secure HCPCS codes and CPT codes for physician services related to our products. Our future revenues and results may be affected by the absence of CPT codes, as physicians may be less likely to prescribe the therapy when there is no certainty that adequate reimbursement will be available for the time, effort, skill, practice expense and malpractice costs required to provide the therapy to patients.

Outside the U.S., we have not secured codes to describe our products or to document physician services related to the delivery of therapy using our products. The failure to obtain and maintain these codes could affect the future growth of our business.

***If we are unable to establish good relationships with physicians, our business could be negatively affected.***

Our business model will require us to build and maintain good relationships with physicians who will have a significant source of patients that will generate treatment revenues for both the physician and the Company. If we are unable to establish good relationships with physicians and maintain them, it will jeopardize our ability to generate future revenues.

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***There is no assurance that Medicare or the Medicare Administrative Contractors will provide coverage or adequate payment rates for our products.***

We anticipate that a portion of patients using our products will be beneficiaries under the Medicare fee-for-service program. Failure to secure or maintain coverage or maintain adequate reimbursement from Medicare would reduce our revenues and may also affect the coverage and reimbursement decisions of other third-party payers in the U.S. and elsewhere.

Medicare may classify our medical device as durable medical equipment ("DME"). Medicare has the authority to issue national coverage determinations or to defer coverage decisions to its regional Medicare Administrative Contractors ("MACs"). The fact that only two MACs administer the entire DME program may negatively affect our ability to petition individual medical policy decision-makers at the MACs for coverage. The absence of a positive coverage determination or a future restriction to existing coverage from Medicare or the DME MACs would materially affect our future revenues.

Additionally, Medicare has the authority to publish the reimbursement amounts for DME products. Medicare may in the future publish reimbursement amounts for our products that do not reflect then-current prices for our products. Medicare fee schedules are frequently referenced by private payers in the U.S. and around the world. Medicare's publication of reimbursement amounts for our products that are below our products' established prices could materially reduce our revenues and operating results with respect to non-Medicare payers in the U.S. and our other active markets.

Even if our products were authorized by Medicare, CMS requires prior authorization for certain DME items. Claims for such items that did not receive prior authorization before they were furnished to a beneficiary will be automatically denied. In the event Medicare adds one of our products to the list of items requiring prior authorization, our ability to bill and secure reimbursement for patients who would otherwise be covered to use our product under the Medicare fee-for-service program may be reduced.

We cannot provide any assurance that we can access transitional, expedited, or expanded Medicare coverage for our products. CMS is expected to issue rules regarding coverage of emerging technologies; however, no specific information is available about the content of the expected rules and we cannot provide any assurance that any new rules regarding emerging technologies would be applicable to our future products.

**Risks Related to Intellectual Property**

***If third parties claim that our products infringe their intellectual property rights, we may be forced to expend significant financial resources and management time defending against such actions and our financial condition and our results of operations could suffer.***

Third parties may claim that our products infringe their patents and other intellectual property rights. Identifying third-party patent rights can be particularly difficult because, in general, patent applications can be maintained in secrecy for a prolonged period after their earliest priority date. Historically, there has been substantial litigation regarding patents and other intellectual property rights in the medical device and related industries. If a competitor were to challenge our patents or other intellectual property rights, or assert that our products infringe its patent or other intellectual property rights, we could incur substantial litigation costs, be forced to make expensive changes to our product design, pay royalties or other fees to license rights in order to continue manufacturing and selling our products, or pay substantial damages. Third-party infringement claims, regardless of their outcome, would not only consume our financial resources but also divert our management's time and effort.

***If we are unable to protect the intellectual property used in our products, others may be able to copy our innovations which may impair our ability to compete effectively in our markets.***

The strength of our patents involves complex legal and scientific questions and can be uncertain. These patent applications may be challenged or fail to result in issued patents, or if issued, these patents and our existing patents may be too narrow to prevent third-parties from developing or designing around our intellectual property and in that event, we may lose competitive advantage, which could result in harm to our business.

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***We may be subject to claims that our employees have wrongfully used or disclosed alleged trade secrets of their former employers.***

As is common in the medical device industry, we may employ individuals who were previously employed at other medical device companies, including our competitors or potential competitors. We may be subject to claims that these employees, or we, have used or disclosed trade secrets or other proprietary information of their former employers. Litigation may be necessary to defend against these claims. Even if we are successful in defending against these claims, litigation could result in substantial costs and be a distraction to management.

***If we are unable to protect the confidentiality of our proprietary information and know-how, the value of our technology and products could be adversely affected.***

In addition to patented technology, we rely upon, among other things, unpatented proprietary technology, processes, trade secrets and know-how. Any involuntary disclosure to or misappropriation by third-parties of our confidential or proprietary information could enable competitors to duplicate or surpass our technological achievements, potentially eroding our competitive position in our market. We seek to protect confidential or proprietary information in part by confidentiality agreements with our employees, consultants and third-parties. While we require all of our employees, consultants, advisors and any third-parties who have access to our proprietary know-how, information and technology to enter into confidentiality agreements, we cannot be certain that this know-how, information and technology will not be disclosed or that competitors will not otherwise gain access to our trade secrets or independently develop substantially equivalent information and techniques. These agreements may be terminated or breached, and we may not have adequate remedies for any such termination or breach. Furthermore, these agreements may not provide meaningful protection for our trade secrets and know-how in the event of unauthorized use or disclosure. To the extent that any of our staff were previously employed by other pharmaceutical, medical technology or biotechnology companies, those employers may allege violations of trade secrets and other similar claims in relation to their medical device development activities for us.

***We may not be able to protect our intellectual property rights throughout the world.***

We are dependent on patents. Filing, prosecuting and defending patents in all countries throughout the world would be prohibitively expensive, and our intellectual property rights in some countries outside the United States may be less extensive than those in the United States. In addition, the laws of some foreign countries do not protect intellectual property rights to the same extent as federal and state laws in the United States. Consequently, we may not be able to prevent third parties from practicing our inventions in all countries outside the United States or from selling or importing products made using our inventions in and into the United States or other jurisdictions. Competitors may use our technologies in jurisdictions where we have not obtained patent protection to develop their own products and, further, may export otherwise infringing products to territories where we have patent protection, but enforcement is not as strong as that in the United States. These infringing products may compete with the product candidates we may develop, without any available recourse.

The laws of some other countries do not protect intellectual property rights to the same extent as the laws of the United States. Patent protection must ultimately be sought on a country-by-country basis, which is an expensive and time-consuming process with uncertain outcomes. Accordingly, we may choose not to seek patent protection in certain countries, and we will not have the benefit of patent protection in such countries. In addition, the legal systems of some countries, particularly developing countries, do not favor the enforcement of patents and other intellectual property protection. As a result, many companies have encountered significant problems in protecting and defending intellectual property rights in foreign jurisdictions. Because the legal systems of many foreign countries do not favor the enforcement of patents and other intellectual property protection, it could be difficult for us to stop the infringement, misappropriation or violation of our patents or our licensors' patents or marketing of competing products in violation of our proprietary rights. Proceedings to enforce our intellectual property and other proprietary rights in foreign jurisdictions could result in substantial costs and divert our efforts and attention from other aspects of our business, could put our patents or the patents of our licensors at risk of being invalidated or interpreted narrowly, could put our patent applications or the patent applications of our licensors at risk of not issuing and could provoke third parties to assert claims against us. We may not prevail in any lawsuits that we initiate, and the damages or other remedies awarded, if any, may not be commercially meaningful. Accordingly, our efforts to enforce our intellectual property rights around the world may be inadequate to obtain a significant commercial advantage from the intellectual property that we develop or license.

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**Risks Related to Information Technology**

***Our business and operations would suffer in the event of third-party computer system failures, cyberattacks on third-party systems or deficiency in our cybersecurity.***

We rely on information technology ("IT") systems, including third-party "cloud based" service providers, to keep financial records, maintain laboratory data, clinical data, and corporate records, to communicate with staff and external parties and to operate other critical functions. This includes critical systems such as email, other communication tools, electronic document repositories and archives. If any of these third-party information technology providers are compromised due to computer viruses, unauthorized access, malware, natural disasters, fire, terrorism, war and telecommunication failures, electrical failures, cyberattacks or cyber-intrusions over the internet, then sensitive emails or documents could be exposed or deleted. Similarly, we could incur business disruption if our access to the internet is compromised, and we are unable to connect with third-party IT providers. The risk of a security breach or disruption, particularly through cyberattacks or cyber-intrusion, including by computer hackers, foreign governments and cyber terrorists, has generally increased as the number, intensity and sophistication of attempted attacks and intrusions from around the world have increased. In addition, we rely on those third parties to safeguard important confidential personal data regarding our employees and subjects enrolled in our clinical trials. If a disruption event were to occur and cause interruptions in a third-party IT provider's operation, it could result in a disruption of our device development programs. For example, the loss of clinical trial data from completed, ongoing or planned clinical trials could result in delays in our regulatory approval efforts and significantly increase our costs to recover or reproduce the data. To the extent that any disruption or security breach results in a loss of or damage to our data or applications, or inappropriate disclosure of confidential or proprietary information, we could incur liability and development of our product candidates could be delayed or could fail.

***Artificial intelligence presents risks and challenges that can impact our business, including by posing security risks to our confidential information, proprietary information and personal data.***

Issues in the development and use of artificial intelligence, combined with an uncertain regulatory environment, may result in reputational harm, liability, or other adverse consequences to our business operations. As with many technological innovations, artificial intelligence presents risks and challenges that could impact our business. We may adopt and integrate generative artificial intelligence tools into our systems for specific use cases reviewed by legal and information security. Our vendors may incorporate generative artificial intelligence tools into their offerings without disclosing this use to us, and the providers of these generative artificial intelligence tools may not meet existing or rapidly evolving regulatory or industry standards with respect to privacy and data protection and may inhibit our or our vendors' ability to maintain an adequate level of service and experience. If we, our vendors, or our third-party partners experience an actual or perceived breach or privacy or security incident because of the use of generative artificial intelligence, we may lose valuable intellectual property and confidential information and our reputation and the public perception of the effectiveness of our security measures could be harmed. Further, bad actors around the world use increasingly sophisticated methods, including the use of artificial intelligence, to engage in illegal activities involving the theft and misuse of personal information, confidential information, and intellectual property. Any of these outcomes could damage our reputation, result in the loss of valuable property and information, and adversely impact our business.

***Cybersecurity risks and cyber incidents could adversely affect our business and disrupt operations.***

Cyber incidents can result from deliberate attacks or unintentional events. These incidents can include, but are not limited to, gaining unauthorized access to digital systems for purposes of misappropriating assets or sensitive information, corrupting data, or causing operational disruption. The result of these incidents could include, but are not limited to, disrupted operations, misstated financial data, liability for stolen assets or information, increased cybersecurity protection costs, litigation and reputational damage adversely affecting customer or investor confidence. We are in the process of implementing systems and processes to focus on identification, prevention, mitigation and resolution. However, these measures cannot provide absolute security, and our systems may be vulnerable to cybersecurity breaches such as viruses, hacking, and similar disruptions from unauthorized intrusions. In addition, we rely on third party service providers to perform certain services, such as payroll and tax services. Any failure of our systems or third-party systems may compromise our sensitive information and/or personally identifiable information of our employees or patient health information subject to HIPAA confidentiality requirements. While we are in the process of securing cyber insurance to potentially cover certain risks associated with cyber incidents, there can be no assurance the insurance will be sufficient to cover any such liability.

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**Risks Related to our Common Stock**

***We are not in compliance with Nasdaq***'***s continued listing requirements and if we are unable to regain compliance with the listing requirements, our common stock will be delisted from Nasdaq which could have a material adverse effect on our financial condition and could make it more difficult for stockholders to sell their shares.***

Our common stock is listed on Nasdaq, and we are therefore subject to its continued listing requirements, including requirements with respect to the market value of publicly held shares, market value of listed shares, minimum bid price per share, and minimum stockholder's equity, among others, and requirements relating to board and committee independence. If we fail to satisfy one or more of the requirements, we may be delisted from Nasdaq.

On January 14, 2026, we received a deficiency letter from the Listing Qualifications Department (the "Staff") of Nasdaq notifying us that for the previous 30 consecutive business days the closing bid price for our common stock had closed below the minimum $1.00 per share requirement for continued inclusion on the Nasdaq Capital Market pursuant to Nasdaq Listing Rule 5550(a)(2) (the "Bid Price Rule"). The deficiency letter did not result in the immediate delisting of our common stock from the Nasdaq Capital Market.

In accordance with Nasdaq Listing Rule 5810(c)(3)(A) (the "Compliance Period Rule"), we have been provided an initial period of 180 calendar days, or until July 13, 2026 (the "Compliance Date"), to regain compliance with the Bid Price Rule. If, at any time before the Compliance Date, the closing bid price for our common stock closes at $1.00 or more for a minimum of 10 consecutive business days as required under the Compliance Period Rule, the Staff will provide written notification to us that we comply with the Bid Price Rule, unless the Staff exercises its discretion to extend this 10 day period pursuant to Nasdaq Listing Rule 5810(c)(3)(H).

If we are not in compliance with the Bid Price Rule by July 13, 2026, we may be afforded a second 180 calendar day period to regain compliance. To qualify, we would be required to meet the continued listing requirement for market value of publicly held shares and all other initial listing standards for The Nasdaq Capital Market, except for the minimum bid price requirement. In addition, we would be required to notify Nasdaq of our intent to cure the minimum bid price deficiency, which may include, if necessary, implementing a reverse stock split.

If we do not regain compliance with the Bid Price Rule by the Compliance Date and are not eligible for an additional compliance period at that time, the Staff will provide written notification to us that our common stock may be delisted. We would then be entitled to appeal the Staff's determination to a NASDAQ Listing Qualifications Panel and request a hearing. There can be no assurance that, if we do appeal the delisting determination by the Staff to the NASDAQ Listing Qualifications Panel, that such appeal would be successful.

Delisting from Nasdaq would adversely affect our ability to raise additional financing through the public or private sale of equity securities, may significantly affect the ability of investors to trade our securities and may negatively affect the value and liquidity of our common stock. Delisting also could have other negative results, including the potential loss of employee confidence, the loss of institutional investors and general investors that will consider investing in our common stock, a reduction in the number of market makers in our common stock, a reduction in the availability of information concerning the trading prices and volume of our common stock, a reduction in the number of broker-dealers willing to execute trades in shares of our common stock or interest in business development opportunities. Further, if we are delisted, we would lose federal pre-emption of state securities laws as it relates to our securities and thus also incur additional costs under state blue sky laws in connection with any sales of our securities. These requirements could severely limit the market liquidity of our common stock and the ability of our stockholders to sell our common stock in the secondary market. If our common stock is delisted by Nasdaq, our common stock may be eligible to trade on an over-the-counter quotation system, such as the OTCQB market, where an investor may find it more difficult to sell our common stock or obtain accurate quotations as to the market value of our common stock. We cannot assure you that our common stock, if delisted from Nasdaq, will be listed on another national securities exchange or quoted on an over-the counter quotation system. If our common stock is delisted, it may come within the definition of "penny stock" as defined in the Exchange Act and would be covered by Rule 15g-9 of the Exchange Act. Rule 15g-9 imposes additional sales practice requirements on broker-dealers who sell securities to persons other than established customers and accredited investors. For transactions covered by Rule 15g-9, the broker-dealer must make a special suitability determination for the purchaser and receive the purchaser's written agreement to the transaction prior to the sale. Consequently, Rule 15g-9, if it were to become applicable, would affect the ability or willingness of broker-dealers to sell our securities, and accordingly would affect the ability of stockholders to sell their securities in the public market. These additional procedures could also limit our ability to raise additional capital in the future.

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***We do not intend to pay cash dividends on our common stock in the foreseeable future.***

We have never declared or paid cash dividends on our capital stock. Subject to any series of preferred stock we may issue in the future, we intend to retain all available funds and any future earnings for use in the operation and expansion of our business and do not anticipate paying any cash dividends on our common stock in the foreseeable future. Accordingly, shareholders may have to sell some or all of their shares of our common stock in order to generate cash flow from an investment in our common stock.

***If our stock price fluctuates, you could lose a significant part of your investment.***

The market price of our common stock may be subject to wide fluctuations in response to, among other things, the risk factors described in this filing and other factors beyond our control, such as fluctuations in the valuation of companies perceived by investors to be comparable to us. Furthermore, the stock markets have experienced price and volume fluctuations that have affected and continue to affect the market prices of equity securities of many companies. These fluctuations often have been unrelated or disproportionate to the operating performance of those companies. These broad market and industry fluctuations, as well as general economic, political, and market conditions, such as recessions, interest rate changes or international currency fluctuations, may negatively affect the market price of our common stock. In the past, many companies that have experienced volatility in the market price of their stock have been subject to securities class action litigation. We may be the target of this type of litigation in the future. Securities litigation against us could result in substantial costs and divert our management's attention from other business concerns, which could seriously harm our business.

***Techniques employed by short sellers may in the future drive down the market price of our common stock.***

Short selling is the practice of selling securities that the seller does not own but rather has borrowed from a third-party with the intention of buying identical securities back at a later date to return to the lender. The short seller hopes to profit from a decline in the value of the securities between the sale of the borrowed securities and the purchase of the replacement shares, as the short seller expects to pay less in that purchase than it received in the sale. As it is in the short seller's best interests for the price of the stock to decline, many short sellers publish, or arrange for the publication of, negative opinions regarding the relevant issuer and its business prospects in order to create negative market momentum and generate profits for themselves after selling a stock short. These short attacks have led to selling of shares in the market. Issuers that have common stock with limited trading volumes and/or have been susceptible to relatively high volatility levels, can be particularly vulnerable to such short seller attacks. The publication of any such articles regarding us in the future may bring about a temporary, or possibly long-term, decline in the market price of our common stock. If we continue to be the subject of unfavorable allegations, we may have to expend a significant amount of resources to investigate such allegations and/or defend ourselves. While we would strongly defend against any such short seller attacks, we may be constrained in the manner in which we can proceed against the relevant short seller by applicable state law or issues of commercial confidentiality. Such a situation could be costly, and time-consuming, and could be distracting for our management team.

***If securities or industry analysts do not publish research or reports about us, or if they adversely change their recommendations regarding our common stock, then our stock price and trading volume could decline.*** 

The trading market for our common stock is influenced by the research and reports that industry or securities analysts publish about us, our industry and our market. If no analyst elects to cover us and publish research or reports about us, the market for our common stock could be severely limited and our stock price could be adversely affected. As a small-cap company, we are more likely than our larger competitors to lack coverage from securities analysts. In addition, even if we receive analyst coverage, if one or more analysts ceases coverage of us or fails to regularly publish reports on us, we could lose visibility in the financial markets, which in turn could cause our stock price or trading volume to decline. If one or more analysts who elect to cover us issue negative reports or adversely change their recommendations regarding our common stock, our stock price could decline.

***The market price of our stock may be highly volatile, and you could lose all or part of your investment.***

The market for our common stock may be characterized by significant price volatility when compared to the shares of larger, more established companies that have large public floats, and we expect that our stock price will be more volatile than the shares of such larger, more established companies for the indefinite future. The stock market in general, and the market for stocks of technology companies in particular, has recently been highly volatile. Furthermore, there have been recent instances of extreme stock price run-ups followed by rapid price declines and stock price volatility following a number of recent initial public offerings, particularly among companies with relatively smaller public floats. We may also experience such volatility, including stock run-ups, which may be unrelated to our actual or expected operating performance and financial condition or prospects, making it difficult for prospective investors to assess the rapidly changing value of our common stock.

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***Your ownership may be diluted if additional capital stock is issued to raise capital, to finance acquisitions or in connection with strategic transactions.***

We intend to seek to raise additional funds, finance acquisitions or develop strategic relationships by issuing equity or convertible debt securities, which would reduce the percentage ownership of our existing stockholders. Our board of directors has the authority, without action or vote of the stockholders, to issue all or any part of our authorized but unissued shares of common or preferred stock. Our certificate of incorporation authorizes us to issue up to 500,000,000 shares of common stock and 10,000,000 shares of preferred stock. Future issuances of common or preferred stock would reduce your influence over matters on which stockholders vote and would be dilutive to earnings per share. In addition, any newly issued preferred stock could have rights, preferences and privileges senior to those of the common stock. Those rights, preferences and privileges could include, among other things, the establishment of dividends that must be paid prior to declaring or paying dividends or other distributions to holders of our common stock or providing for preferential liquidation rights. These rights, preferences and privileges could negatively affect the rights of holders of our common stock, and the right to convert such preferred stock into shares of our common stock at a rate or price that would have a dilutive effect on the outstanding shares of our common stock.

***We may be required to issue up to 271,846 shares of common stock in connection with the reverse stock split we completed on October 24, 2024, and we may be subject to potential liability if it is determined that we are required to issue such shares and we fail to issue such shares on a timely basis.***

On October 24, 2024, we completed a one-for-twenty reverse stock split of our common stock. In connection with the approval of the reverse stock split, we agreed that no fractional shares will be issued in connection with the reverse stock split and that we would issue one full share of the post-reverse stock split common stock to any shareholder who would have been entitled to receive a fractional share as a result of the process. On November 1, 2024, we received notice from DTCC on behalf of the brokerage firms that hold the shares of our common stock held in "street name" that in connection with the foregoing rounding of shares we would need to issue 271,846 shares of common stock.

We do not believe the number of shares being requested is correct based on the historical number of shareholders of our common stock and have begun an inquiry into the calculations set forth in the request. During the pendency of this inquiry, we do not expect to issue any shares in connection with the fractional shares being requested. We may face potential liability for our failure to issue the shares of common stock if it is determined that we are required to issue such shares. In addition, our shareholders will be diluted to the extent of any issuances of shares of common stock in connection with the foregoing.

***The sale of our common stock by our stockholders, or the perception that stock sales may occur, could cause the price of our common stock to decline.***

In November 2025, we entered into an agreement with an institutional investor, pursuant to which the investor purchased in a private placement: (i) the Pre-Funded Warrants to purchase 4,501,666 shares of our common stock; and (ii) the Common Warrants to purchase up to an aggregate of 9,003,332 shares of common stock (the "November 2025 Offering"). The combined purchase price of one Pre-Funded Warrant and accompanying Common Warrants was $1.1097. In December 2025, we registered the resale of the 13,504,998 shares of common stock underlying the Pre-Funded Warrants and Common Warrants.

The sale of our common stock in the public market or otherwise, including sales of the common stock issuable upon the exercise or conversion of the Pre-Funded Warrants and Common Warrants, or the perception that such sales could occur, could harm the prevailing market price of our common stock. These sales, or the possibility that these sales may occur, also might make it more difficult for us to sell equity securities in the future at a time and at a price that we deem appropriate. If and when we do issue shares of common stock to holders of the Pre-Funded Warrants and Common Warrants, upon the exercise of such warrants, such stockholders may resell all, some or none of those shares of common stock at any time or from time to time at their discretion. Resales of our common stock may cause the market price of our securities to drop significantly, regardless of the performance of our business.

***Provisions of the Series A, B and C Warrants we issued could discourage an acquisition of us by a third party.***

The Series A, B and C Warrants we issued provide that in the event of a "Fundamental Transaction" (as defined in the related warrant agreement, which generally includes any merger with another entity, the sale, transfer or other disposition of all or substantially all of our assets to another entity, or the acquisition by a person of more than 50% of our common stock), each Series A, B and C Warrant holder will have the right at any time prior to the consummation of the Fundamental Transaction to require us to repurchase the common warrant for a purchase price in cash equal to the Black-Scholes value (as calculated under the warrant agreement) of the then remaining unexercised portion of such Series A, B and C Warrant on the date of such Fundamental Transaction, which may materially adversely affect our financial condition and/or results of operations and may prevent or deter a third party from acquiring us.

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**Item 1B. Unresolved Staff Comments.**

None.

**Item *1C.* Cybersecurity.**

***Risk Management and Strategy***

We recognize that cybersecurity is integral to safeguarding our operations, intellectual property, patient data and stakeholder trust. Our cybersecurity risk management processes are designed to assess, identify and mitigate material risks from cybersecurity threats. Despite our best efforts to improve cybersecurity measures, there can be *no* assurance that our initiatives will fully mitigate the risks posed by cyber threats. The landscape of cybersecurity risks is constantly evolving and we will continue to assess and update our cybersecurity measures in response to emerging threats.

***Risk Assessment and Identification***

We have implemented security measures as part of an evolving cybersecurity posture and will continue to devote resources to address security vulnerabilities in an effort to prevent cyberattacks and mitigate the damage that could result from such an attack. As the Company does *not* have a physical office location, it does *not* have a local network or in-house servers and proprietary applications. We therefore utilize third-party applications and resources to support our information technology ("IT") needs. All applications utilized by the Company are Software as a Service ("SaaS") offerings. As our applications are developed and managed by third parties, we are dependent on these providers for many functions including disaster recovery during a disaster or cyber incident. We prioritize risks based on their potential impact to our financial condition, operational continuity and reputation. Our goal is to only utilize the most secure and trusted providers for our IT needs.

***Risk Management Processes***

Our cybersecurity strategy integrates multiple layers of defense to manage identified risks:

• *<u>Preventive Controls</u>*: We rely on our *third*-party SaaS providers to deploy advanced firewalls, endpoint protection and intrusion detection systems to secure the infrastructure supporting our operations. Multi-factor authentication and encryption are enforced across critical systems and data repositories.

• *<u>Monitoring and Detection</u>*: Continuous monitoring of our IT environment is facilitated through our *third*-party service provider.

• *<u>Incident Response</u>*: We maintain an incident response plan that outlines procedures for containment, eradication, and recovery from cybersecurity incidents.

• *<u>Employee Training</u>*: All employees receive mandatory cybersecurity awareness training at onboarding, covering phishing prevention, secure data handling and how to recognize common attack strategies and reporting suspicious activities.

***Third-Party Risk Management***

We rely on *third*-party vendors for certain operational and IT services. To mitigate risks associated with these vendors, we will implement a vendor risk management program that includes:

• Due diligence reviews of *third*-party vendors' cybersecurity policies and practices prior to, and during, potential engagement; and

• Contractual requirements for *third*-party vendors to maintain robust security controls, where applicable, and report incidents promptly.

***Material Impact of Cybersecurity Risks***

Cybersecurity threats have the potential to disrupt operations, compromise sensitive data or lead to regulatory penalties. Our proactive risk management processes are designed to minimize the likelihood and impact of such events. During the fiscal year ended *March 31, 2026,* we did not identify any material cybersecurity incidents.

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***Cybersecurity Governance***

The Audit Committee is responsible for oversight of cybersecurity risk. Our Chief Executive Officer and Chief Financial Officer are the members of management responsible for managing and assessing our cybersecurity practices. Our Chief Executive Officer and Chief Financial Officer have each served as executive officers of public companies in the past. The Audit Committee is responsible for oversight of cybersecurity risk. Our Chief Executive Officer and Chief Financial Officer are the members of management responsible for managing and assessing our cybersecurity practices. Our Chief Executive Officer and Chief Financial Officer are supported in cybersecurity matters by our outsourced IT provider, which provides specialized cybersecurity expertise. They report to the Audit Committee on cybersecurity on a quarterly basis. Should any cybersecurity threat or incident be detected, our senior management team would timely report such threat or incident to the Audit Committee and provide regular communications and updates throughout the incident and any subsequent investigation, in order that the impact, materiality, and reporting requirements of such incident are appropriately identified and assessed for further necessary or appropriate action to be taken.

We believe we are appropriately staffed (as supported by our outsourced IT provider) to support a healthy cybersecurity posture given our size and scope. Our Chief Financial Officer, who reports to the Chief Executive Officer, is directly responsible for IT functions.

To date, there have been *no* risks identified from cybersecurity threats or previous cybersecurity incidents that have materially affected or are reasonably likely to materially affect the company. However, despite all of the above aforementioned efforts, a cyberattack, if it occurred, could cause system operational problems, disrupt service to clinical trial sites, compromise important data or systems or result in an unintended release of confidential information. See "Item *1A.* Risk Factors" for additional discussion of cybersecurity risks impacting our Company.

**Item 2. Properties.**

We do not own any real property. Our corporate and executive offices are located in a facility in The Woodlands, Texas for which we are under a membership agreement. The current membership agreement terminates on November 30, 2026. We believe that our facilities are sufficient to meet our current needs and that suitable space will be available as and when needed.

**Item 3. Legal Proceedings.**

From time to time in the ordinary course of our business, we may be involved in legal proceedings, the outcomes of which may not be determinable. The results of litigation are inherently unpredictable. Any claims against us, whether meritorious or not, could be time-consuming, result in costly litigation, require significant amounts of management time and result in diversion of significant resources. However, we are currently not a party to any pending legal actions. We have insurance policies covering any potential losses where such coverage is cost effective.

**Item 4. Mine Safety Disclosures.**

Not applicable.

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**PART II**

**Item 5. Market for Registrant**'**s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities.**

Our common stock has been listed on the Nasdaq Capital Market ("Nasdaq") under the symbol "AMIX" since our initial public offering ("IPO") on January 29, 2024.

**Holders of Common Equity**

As of May 1, 2026, we had approximately 6,200 stockholders of record of our common stock. This does not include beneficial owners of our common stock.

**Dividends**

We have never paid any dividends on our common stock. The payment of dividends in the future will be contingent upon our revenues and earnings, if any, capital requirements and general financial condition. It is the present intention of our board of directors (the "Board") to retain all earnings, if any, for use in our business operations and, accordingly, our Board does not anticipate declaring any dividends in the foreseeable future.

**Recent Sales of Unregistered Securities**

None.

**Purchases of Equity Securities by the Issuer and Affiliated Purchasers**

We did not repurchase any of our equity securities during the year ended March 31, 2026.

**Shares Forgone to Pay Exercise Price of Shares**

During the year ended March 31, 2026, 6,254,963 shares of common stock, of which 5,399,963 were pre-funded warrants, were issued to shareholders as their warrants were exercised. The terms of the warrants provide that a holder may conduct a cashless exercise of the warrants. For the year ended March 31, 2026, 961 shares of common stock were forfeited by shareholders through cashless exercises with an average price paid per share of $0.017.

**Stock Performance Graph**

We are a smaller reporting company as defined by Rule 12b-2 of the Exchange Act and are not required to provide the information required under this item.

**Item 6. [Reserved]**

**Item 7. Management**'**s Discussion and Analysis of Financial Condition and Results of Operations.**

You should read the following discussion and analysis of our financial condition and results of operations in conjunction with the financial statements and the related notes appearing elsewhere in this Annual Report on Form 10-K. This discussion contains forward-looking statements reflecting our current expectations that involve risks and uncertainties, including those set forth under "Cautionary Statement About Forward-Looking Statements." Actual results and the timing of events could differ materially from those discussed in our forward-looking statements as a result of many factors, including those set forth under "Risk Factors" and elsewhere in this Annual Report on Form 10-K.

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**Overview**

We are a development-stage medical device company focused on advancing technologies for sensing and treating disorders of the nervous system. Our platform is designed to integrate high-sensitivity neural signal detection with targeted radiofrequency ("RF") ablation, enabling a "sense, treat, verify" approach intended to improve the precision and consistency of nerve-targeted therapies. Our technology consists of a catheter-based system incorporating a proprietary microchip-enabled sensing architecture designed to detect low-amplitude neural signals from within the vascular system. By placing signal amplification and digitization at or near the point of detection, this approach is intended to reduce signal degradation and improve detection of neural activity compared to conventional systems. We believe this may enable more precise localization of target nerves and support targeted therapeutic intervention. Our development efforts are focused on two core components: diagnostic sensing and therapeutic RF ablation. In preclinical studies, our sensing technology has demonstrated the ability to detect signals from specific nerve bundles prior to ablation and confirm signal termination following treatment. We are currently refining the design of our catheter to meet requirements for human use in the United States.

As of March 31, 2026, we had an accumulated deficit of $67.1 million, negative cash flows from operating activities of $12.3 million and working capital of $5.9 million, which raises substantial doubt about our ability to continue as a going concern. Further, we have incurred, and expect to continue to incur, significant costs in pursuit of our business plans. We cannot assure you that we will be successful in raising additional funds. These factors, among others, raise substantial doubt about our ability to continue as a going concern.

**Recent Developments**

In January 2026, we reported a subgroup analysis showing consistent, clinically meaningful pain reduction observed from Stage 2 through Stage 4 disease, including late-stage patients.

In March 2026, we were selected for a Best Abstract presentation at the CRT Annual Meeting and recognized with a Best Innovation Award, reflecting growing recognition of our transvascular nerve-sensing and ablation platform within the interventional cardiology community.

During the fiscal year ending March 31, 2026, Autonomix continued to build a comprehensive intellectual property portfolio that is designed to provide broad, area-by-area protection across the body, encompassing core platforms for nerve mapping, signal processing, and controlled micro-ablation, along with application-specific innovations across multiple organ systems. With issued patents in the United States and key international jurisdictions, and expirations extending into the late 2030s, the portfolio is structured to support multi-organ platform scalability and expansion into diverse clinical indications.

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**Results of Operations for the Year Ended March 31, 2026 Compared to the Year Ended March 31, 2025**

Below is a summary of the results of operations (in thousands):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** |
|  |  |  | **Change** | **Change** |
|  | **2026** | **2025** | **($)** | **(%)** |
| Operating expenses: |  |  |  |  |
| Research and development | $7144 | $4725 | $2419 | 51% |
| General and administrative | 9890 | 6863 | 3027 | 44% |
| Total operating expenses | $17034 | $11588 | $5446 | 47% |

---

*Research and Development ("R&D").* R&D expenses increased by $2.4 million compared to the same period in 2025. This increase was driven by a net increase in stock-based compensation expense of $0.4 million, primarily due to the stock option cancellations and an increase in all other research and development expenses of $2.0 million, driven primarily by an increase in our clinical trial and product development costs. We expect to incur increased research and development costs in the future as we continue our clinical trials and product development efforts.

*General and Administrative ("G&A").* G&A expenses increased by $3.0 million compared to the same period in 2025. This increase was driven by a net increase in stock-based compensation expense of $2.2 million, primarily due to the stock option cancellations and an increase in legal and professional fees of $1.1 million offset by a decrease in compensation and benefits of $0.3 million.

*Interest expense*

Interest expense was $0 in 2026 and $0.2 million in 2025 related to the amortization of debt discount as the remaining portion of the Convertible Notes was converted into 33,250 shares of common stock in March 2025.

*Interest income*

Interest income was $0.3 million in 2026 and $0.4 million in 2025 primarily due to higher relative interest rates in 2025.

**Liquidity and Capital Resources**

On March 31, 2026, we had cash of $7.0 million and working capital of $5.9 million. We have historically funded our operations from proceeds from equity sales.

We estimate our current cash resources are sufficient to fund our operations into but not beyond the fourth calendar quarter of 2026.

Our plan of operations is primarily focused on developing our product candidate, with the product candidate in the proof-of-concept stage at this time. We are initially focusing on the treatment of pain associated with pancreatic cancer and we have designed our commercialization efforts around this as our first proposed indication for use.

We will need to raise additional capital to meet our obligations and execute our business plan. We estimate that we will require additional financing in the range of $25 to $32 million to fund our operations through initial commercial launch. The timing and costs of clinical trials are difficult to predict and trial plans may change in response to evolving circumstances and as such the foregoing estimates may prove to be inaccurate. If we are unable to raise sufficient funds, we will be required to develop and implement an alternative plan to further extend payables, reduce overhead or scale back our business plan until sufficient additional capital is raised to support further operations. There can be no assurance that such a plan will be successful.

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**Summary of Cash Flows**

*Cash used in operating activities*

Net cash used in operating activities was $12.3 million during the year ended March 31, 2026, consisting of a net loss of $16.7 million and an increase in operating assets of $0.1 million. Non-cash items primarily consisted of stock-based compensation of $4.3 million and the issuance of common stock for equity line of credit commitment fee of $0.3 million.

Net cash used in operating activities was $8.3 million during the year ended March 31, 2025, consisting of a net loss of $11.4 million and changes in operating assets and liabilities of $1.2 million. The change in operating assets and liabilities included sources of cash from a decrease in other current assets of $0.3 million and an increase in accounts payable of $0.2 million and accrued expenses of $0.7 million. The increases in accounts payable and accrued expenses were driven primarily by increased research and development costs for the development of our medical devices, general and administrative costs consisting of professional fees, officer compensation and legal expenses. The increase in other current assets was driven primarily by prepaid insurance costs. Non-cash items consisted of stock-based compensation of $1.6 million, depreciation and amortization of $0.2 million and the issuance of common stock, net of discount for lack of marketability of $0.1 million.

*Cash used in investing activities*

Net cash used in investing activities was $10 thousand for the year ended March 31, 2026 related to the purchase of computer hardware and software.

Net cash used in investing activities was $14 thousand for the year ended March 31, 2025 related to the purchase of computer hardware and software.

*Cash provided by financing activities*

Net cash provided by financing activities was $10.2 million for the year ended March 31, 2026, consisting of gross proceeds from the issuance of common stock of $3.5 million, the warrant inducements of $2.5 million and the issuance of pre-funded warrants and Series C warrants of $5.0 million. We also paid $0.1 million in direct financing costs for the issuance of common stock, $0.3 million for the warrant inducements and $0.5 million for the issuance of the pre-funded warrants and Series C warrants.

Net cash provided by financing activities was $8.8 million for the year ended March 31, 2025, consisting of $10.0 million of gross proceeds from the Offering. We also paid $1.1 million in issuance costs for the Offering and $0.2 million in issuance costs for a subsequent registration statement.

**Contractual Obligations and Commitments**

None.

**Employment Arrangements**

We have agreements with key employees to provide certain benefits, including salary and other wage-related benefits, in the event of termination. In addition, the Company has adopted a severance policy for certain employees and officers in the event of termination. In total, these benefits would amount to a range of $1.9 million to $2.5 million using the rate of compensation in effect at March 31, 2026.

**Off-balance Sheet Arrangements**

As of March 31, 2026 and March 31, 2025, we did not have any relationships with unconsolidated entities or financial partnerships, such as entities often referred to as structured finance or special purpose entities, established for the purpose of facilitating off-balance sheet arrangements or other contractually narrow or limited purposes.

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**Critical Accounting Policies and Significant Judgments and Estimates**

The financial statements in this annual report have been prepared in accordance with generally accepted accounting principles in the United States of America ("GAAP"). The preparation of financial statements in conformity with GAAP requires management to make estimates, assumptions and judgments that affect the amounts reported in the financial statements, including the notes thereto. We consider critical accounting policies to be those that require more significant judgments and estimates in the preparation of our financial statements, including the following: research and development expenses, warrants, and stock-based compensation. Management relies on historical experience and other assumptions believed to be reasonable in making its judgments and estimates. Actual results could differ materially from those estimates.

Management believes its application of accounting policies, and the estimates inherently required therein, are reasonable. These accounting policies and estimates are periodically reevaluated, and adjustments are made when facts and circumstances dictate a change.

Our accounting policies are more fully described under the heading "Description of the Business, Basis of Presentation and Summary of Significant Accounting Policies" in Note 1 to our Financial Statements included in this Annual Report on Form 10-K.

We believe that the following accounting policies are the most critical to aid in fully understanding and evaluating our reported financial results, and they require our most difficult, subjective or complex judgments, resulting from the need to make estimates about the effect of matters that are inherently uncertain.

**Components of our Results of Operations and Financial Condition**

***Operating expenses***

We classify our operating expenses into two categories: (i) research and development and (ii) general and administrative.

*Research and development.* Research and development expenses consist primarily of:

• costs incurred to conduct research, such as animal research;

• costs related to the design and development of our technology, including fees paid to contract engineering firms and contract manufacturers;

• salaries and expenses, including stock-based compensation, related to our employees primarily engaged in research and development activities;

• fees paid to clinical consultants, clinical trial sites and vendors, including clinical research organizations, in preparation for clinical trials and our applications with the FDA;

• costs to develop our intellectual property; and

• costs related to compliance with regulatory requirements.

We expect our research and development expenses to increase in the future as we advance our product into and through clinical trials, pursue additional regulatory approvals of our product in the United States, and continue commercial development of our device(s). The process of conducting the necessary clinical research to obtain regulatory approval is costly and time-consuming. The probability of success for our technology may be affected by a variety of factors including: the quality of our product, early clinical data, investment in our clinical program, competition, manufacturing capability and commercial viability. We may not succeed in achieving all necessary regulatory approvals for our product candidates. As a result of the uncertainties discussed above, we are unable to determine the duration and completion costs of our research and development process or when and to what extent, if any, we will generate revenue from the commercialization and sale of our device.

*General and administrative*

General and administrative expenses consist of personnel related costs, which include salaries, as well as the costs of professional services, such as accounting and legal, facilities, information technology, stock-based compensation for general and administrative personnel, insurance, travel costs and other administrative expenses and costs to defend our patents. We expect our general and administrative expenses to increase due to the anticipated growth of our business and related infrastructure, as well as accounting, insurance, investor relations and other costs associated with being a public company.

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*Advertising*

It is our policy to expense advertising costs as incurred. Advertising expenses are included within general and administrative expenses within the statement of operations. For the years ended March 31, 2026 and 2025, the Company recorded $0 and less than $0.1 million, respectively.

*Stock-based compensation*

Stock-based compensation transactions are recognized as compensation expense in the statements of operations based on their fair values on the date of the grant. The expense for equity awards expected to vest is recognized over the applicable vesting period of the stock award using either the straight-line method or the accelerated method, depending on the vesting structure, and is included in general and administrative and research and development expenses. We estimate the fair value of options granted using the Black-Scholes option pricing model. This estimate uses assumptions regarding a number of inputs that require us to make significant estimates and judgments. The expected volatility assumption was based on industry peer information.

**Accounting for Warrants**

We issued warrants to purchase shares of common stock (i) in connection with our November 2024 Offering Agreement, (ii) July 2025 Warrant Inducement Agreement, and (iii) November 2025 Securities Purchase Agreement. We accounted for such warrants in accordance with Accounting Standards Codification ("ASC") Topic 480-10, *Distinguishing Liabilities from Equity* and ASC Topic 815-40*, Derivatives and Hedging* – *Contracts in Entity*'*s Own Equity.*

*Other Warrants*

The fair value of equity-based warrants issued is estimated using the Black-Scholes option pricing model. The significant judgments and assumptions used in applying the Black-Scholes option pricing model include the underlying common stock at the measurement dates, the expected term, expected dividend yield and historical volatility of comparable companies' stock.

*Common Stock Fair Value* – The Company calculates the fair value of equity classified warrants granted using either observable share prices and/or adjusted share prices for the effects of dilution. Expense is recognized within general and administrative expense.

*Expected Term* – The estimate of the expected term of awards was determined in accordance with the contractual term of the arrangement.

*Expected Dividend Yield* – We have not declared or paid any cash dividends and do not presently intend to pay any in the foreseeable future. We have no plans or expectations that this assumption will change in the foreseeable future.

*Historical Volatility* – We determine the expected volatility by weighing the historical average volatilities of publicly traded industry peers. Our intention is to consistently apply this methodology using the same or similar public companies until a sufficient amount of historical information regarding the volatility of our common stock becomes available. We will monitor our peer group for circumstances that may require a change to the composition or make-up of the entities and will identify if/when more suitable companies whose stock prices are publicly available would be utilized in the calculation.

A decrease in volatility and expected term will decrease the estimated fair value of the warrant, while an increase in these factors will have an opposite effect.

**Item 7A. Quantitative and Qualitative Disclosure About Market Risk.**

We are a smaller reporting company as defined by Rule 12b-2 of the Exchange Act and are not required to provide the information required under this item.

**Item 8. Financial Statements and Supplementary Data.**

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**Index to Financial Statements**

---

| | |
|:---|:---|
|  | **Page** |
| [Report of Independent Registered Public Accounting Firm](#report) | [43](#report) |
| [Balance Sheets as of March 31, 2026 and 2025](#bs) | [44](#bs) |
| [Statements of Operations for the years ended March 31, 2026 and 2025](#ops) | [45](#ops) |
| [Statements of Changes in Stockholders' Equity for the years ended March 31, 2026 and 2025](#equity) | [46](#equity) |
| [Statements of Cash Flows for the years ended March 31, 2026 and 2025](#cf) | [47](#cf) |
| [Notes to Financial Statements](#notes) | [48](#notes) |

---

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**Report of Independent Registered Public Accounting Firm**

To the Shareholders, Board of Directors, and Audit Committee

Autonomix Medical, Inc.

***Opinion on the Financial Statements***

We have audited the accompanying balance sheets of Autonomix Medical, Inc. (the "Company") as of March 31, 2026 and 2025, the related statements of operations, changes in stockholders' equity, and cash flows for each of the years in the two-year period ended March 31, 2026, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of the Company as of March 31, 2026 and 2025, and the results of its operations and its cash flows for each of the years in the two-year period ended March 31, 2026, in conformity with accounting principles generally accepted in the United States of America.

***Substantial Doubt About the Company's Ability to Continue as a Going Concern***

The accompanying financial statements have been prepared assuming that the Company will continue as a going concern. As discussed in Note 1 to the financial statements, the Company has an accumulated deficit since inception, has not generated revenue from operations, and does not expect to experience positive cash flows from operating activities in the near term. These conditions raise substantial doubt about the Company's ability to continue as a going concern. Management's plans in regard to this matter are also described in Note 1. The financial statements do not include any adjustments that might result from the outcome of this uncertainty. Our opinion is not modified with respect to this matter.

***Basis for Opinion***

These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's financial statements based on our audits.

We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures include examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements.

Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

/s/ Forvis Mazars, LLP

We have served as the Company's auditor since 2022.

Atlanta, Georgia

May 27, 2026

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**Autonomix Medical, Inc.**

**Balance Sheets**

---

| | | |
|:---|:---|:---|
| *(in thousands, except par value and share data)* | *As of* | *As of* |
|  | *March 31,* | *March 31,* |
|  | *2026* | *2025* |
| **Assets** |  |  |
| Current assets: |  |  |
| Cash and cash equivalents | $7004 | $9136 |
| Other current assets | 577 | 473 |
| Total current assets | 7581 | 9609 |
| Noncurrent assets: |  |  |
| Property and equipment, net | 19 | 21 |
| Deferred offering costs |  | 176 |
| Total noncurrent assets | 19 | 197 |
| **Total Assets** | $**7600** | $**9806** |
| **Liabilities and Stockholders' Equity** |  |  |
| Current liabilities: |  |  |
| Accounts payable | $700 | $676 |
| Accrued expenses | 1005 | 1031 |
| Total current liabilities | 1705 | 1707 |
| **Total Liabilities** | **1705** | **1707** |
| Commitments and contingencies (Note 4) |  |  |
| Stockholders' equity: |  |  |
| Preferred stock, $0.001 par value, 10,000,000 shares authorized, no shares issued and outstanding as of March 31, 2026 and 2025, respectively |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common stock, $0.001 par value, 500,000,000 shares authorized, 11,409,344 and 2,497,033 shares issued and outstanding as of March 31, 2026 and 2025, respectively | 11 | 2 |
| Additional paid-in capital | 72978 | 58476 |
| Accumulated deficit | (67094) | (50379) |
| **Total Stockholders' Equity** | **5895** | **8099** |
| **Total Liabilities and Stockholders' Equity** | $**7600** | $**9806** |

---

See accompanying notes to the financial statements

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**Autonomix Medical, Inc.**

**Statements of Operations**

---

| | | |
|:---|:---|:---|
|  | *For the Years Ended* | *For the Years Ended* |
|  | *March 31,* | *March 31,* |
| *(in thousands, except share and per share data)* | *2026* | *2025* |
| Operating expenses: |  |  |
| Research and development | $7144 | $4725 |
| General and administrative | 9890 | 6863 |
| Total operating expenses | 17034 | 11588 |
| Loss from operations | (17034) | (11588) |
| Other income (expense): |  |  |
| Interest expense |  | (176) |
| Interest income | 319 | 354 |
| Total other income, net | 319 | 178 |
| Loss before income taxes | (16715) | (11410) |
| Income taxes |  |  |
| Net loss | $(16715) | $(11410) |
| Loss per share - basic and diluted | $(2.32) | $(6.46) |
| Weighted average shares outstanding - basic and diluted | 7216757 | 1766425 |

---

See accompanying notes to the financial statements

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45

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**Autonomix Medical, Inc.**

**Statements of Changes in Stockholders' Equity**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  |  | ***Additional*** |  | ***Total*** |
|  | ***Common Stock*** | ***Common Stock*** | ***Paid-in*** | ***Accumulated*** | ***Stockholders'*** |
| *(in thousands)* | ***Shares*** | ***Amount*** | ***Capital*** | ***Deficit*** | ***Equity*** |
| **Balance March 31, 2024** | **943** | $**1** | $**46596** | $**(38969)** | $**7628** |
| Net loss | *—* |  |  | (11410) | (11410) |
| Stock-based compensation | *—* |  | 1628 |  | 1628 |
| Issuance of common stock | 13 |  | 103 |  | 103 |
| Issuance of common stock - warrants exercised | 892 | 1 |  |  | 1 |
| Issuance of common shares and equity classified warrants, net of offering costs | 616 |  | 8972 |  | 8972 |
| Issuance of common stock for extinguishment of convertible debt | 33 |  | 1177 |  | 1177 |
| **Balance March 31, 2025** | **2497** | **2** | **58476** | **(50379)** | **8099** |
| Net loss | *—* |  |  | (16715) | (16715) |
| Stock-based compensation | *—* |  | 529 |  | 529 |
| Stock option cancellations, unamortized stock-based compensation | *—* |  | 3732 |  | 3732 |
| Issuance of common stock for equity line of credit commitment fee | 262 |  | 267 |  | 267 |
| Issuance of common stock, net of costs | 2395 | 3 | 3211 |  | 3214 |
| Issuance and exercise of pre-funded warrants, net of costs | 4502 | 4 |  | **—** | 4 |
| Issuance of common stock - warrants exercised, net of costs | 1753 | 2 | 6763 |  | 6765 |
| **Balance March 31, 2026** | **11409** | $**11** | $**72978** | $**(67094)** | $**5895** |

---

See accompanying notes to the financial statements

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 46

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**Autonomix Medical, Inc.**

**Statements of Cash Flows**

---

| | | |
|:---|:---|:---|
|  | *For the Years Ended March 31,* | *For the Years Ended March 31,* |
| *(in thousands)* | *2026* | *2025* |
| **Cash Flows from Operating Activities:** |  |  |
| Net loss | $(16715) | $(11410) |
| Adjustments to reconcile net loss to net cash used in operating activities: |  |  |
| Stock-based compensation | 529 | 1628 |
| Stock option cancellations | 3732 |  |
| Issuance of common stock for equity line of credit commitment fee | 267 |  |
| Depreciation and amortization expense | 12 | 183 |
| Issuance of common stock, net of discount for lack of marketability |  | 101 |
| **Changes in operating assets - (increase)/decrease:** |  |  |
| Other current assets | (104) | 310 |
| **Changes in operating liabilities - increase/(decrease):** |  |  |
| Accounts payable | 24 | 184 |
| Accrued expenses | (27) | 746 |
| **Net cash used in operating activities** | **(12282)** | **(8258)** |
| **Cash Flows from Investing Activities:** |  |  |
| Purchase of property and equipment | (10) | (14) |
| **Net cash used in investing activities** | **(10)** | (14) |
| **Cash Flows from Financing Activities (increase/decrease):** |  |  |
| Gross proceeds from issuance of common stock | 3531 |  |
| Direct financing costs for issuance of common stock | (141) |  |
| Gross proceeds from warrant inducement | 2546 |  |
| Direct transaction costs for warrant inducement | (291) |  |
| Gross proceeds from issuance and exercises of pre-funded warrants | 5000 |  |
| Direct financing costs for issuance of pre-funded warrants | (485) |  |
| Gross proceeds from issuance of common stock, pre-funded and common warrants |  | 10025 |
| Direct transaction costs for issuance of common stock, pre-funded and common warrants |  | (1052) |
| Payment of issuance costs for registration statement |  | (176) |
| Gross proceeds from exercise of warrants |  | 1 |
| Proceeds from sales of common stock |  | 2 |
| **Net cash provided by financing activities** | **10160** | 8800 |
| Net change in cash and cash equivalents | (2132) | 528 |
| Cash and cash equivalents, at beginning of period | 9136 | 8608 |
| **Cash and cash equivalents, at end of period** | $**7004** | $**9136** |
| <u>Supplemental cash flow disclosures:</u> |  |  |
| Non-cash financing activities: |  |  |
| Recognition of deferred financing costs associated with issuance of common stock | $(176) | $— |
| Proceeds from cashless exercise of warrants | $1 | $39 |
| Warrants issued for equity issuance costs | $— | $479 |
| Convertible notes converted into common stock | $— | $1330 |
| Settlement/conversion to common shares for debt issuance costs | $— | $(153) |

---

See accompanying notes to the financial statements

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 47

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**Autonomix Medical, Inc.**

**Notes to the Financial Statements**

**Note *1*** – **Description of the Business, Basis of Presentation and Summary of Significant Accounting Policies** 

*Description of the Business*

Autonomix Medical, Inc ("we," "our," the "Company") is a medical device company organized as a Delaware corporation on *June 10, 2014.* The Company is a development-stage medical device company focused on advancing technologies for sensing and treating disorders of the nervous system. The Company's platform is designed to integrate high-sensitivity neural signal detection with targeted radiofrequency ("RF") ablation, enabling a "sense, treat, verify" approach intended to improve the precision and consistency of nerve-targeted therapies. The Company's technology consists of a catheter-based system incorporating a proprietary microchip-enabled sensing architecture designed to detect low-amplitude neural signals from within the vascular system. By placing signal amplification and digitization at or near the point of detection, this approach is intended to reduce signal degradation and improve detection of neural activity compared to conventional systems. The Company believes this *may* enable more precise localization of target nerves and support targeted therapeutic intervention.

The Company's development efforts are focused on *two* core components: diagnostic sensing and therapeutic RF ablation. In preclinical studies, the Company's sensing technology has demonstrated the ability to detect signals from specific nerve bundles prior to ablation and confirm signal termination following treatment. The Company is currently refining the design of its catheter to meet requirements for human use in the United States. In parallel with development of the Company's sensing system, the Company has conducted an early clinical proof-of-concept study evaluating the safety and feasibility of transvascular nerve ablation using commercially available RF ablation technologies.

The Company is initially developing its technology for the treatment of pain associated with pancreatic cancer, a disease where existing therapies, including opioid pharmacotherapy and neurolytic injections, *may* provide inconsistent relief and are associated with meaningful risks. The Company believes our platform *may* also have the potential to support additional applications, including other visceral pain conditions, hypertension, cardiovascular disease, and other nerve-related disorders. These potential applications remain under evaluation and will require further development and clinical validation.

On *January 14, 2026,* the Company received a deficiency letter from the Listing Qualifications Department (the "Staff") of the Nasdaq Stock Market ("Nasdaq") notifying the Company that for the last *30* consecutive business days the closing bid price for the Company's common stock had closed below the minimum *$1.00* per share requirement for continued inclusion on the Nasdaq Capital Market pursuant to Nasdaq Listing Rule *5550*(a)(*2*) (the "Bid Price Rule"). The deficiency letter does *not* result in the immediate delisting of the Company's common stock from the Nasdaq Capital Market. In accordance with Nasdaq Listing Rule *5810*(c)(*3*)(A) (the "Compliance Period Rule"), the Company has been provided an initial period of *180* calendar days, or until *July 13, 2026 (*the "Compliance Date"), to regain compliance with the Bid Price Rule. If, at any time before the Compliance Date, the closing bid price for the Company's common stock closes at *$1.00* or more for a minimum of *10* consecutive business days as required under the Compliance Period Rule, the Staff will provide written notification to the Company that it complies with the Bid Price Rule, unless the Staff exercises its discretion to extend this *10* day period pursuant to Nasdaq Listing Rule *5810*(c)(*3*)(H). If the Company is *not* in compliance with the Bid Price Rule by *July 13, 2026,* the Company *may* be afforded a *second 180* calendar day period to regain compliance. To qualify, the Company would be required to meet the continued listing requirement for market value of publicly held shares and all other initial listing standards for The Nasdaq Capital Market, except for the minimum bid price requirement. In addition, the Company would be required to notify Nasdaq of its intent to cure the minimum bid price deficiency, which *may* include, if necessary, implementing a reverse stock split. If the Company does *not* regain compliance with the Bid Price Rule by the Compliance Date and is *not* eligible for an additional compliance period at that time, the Staff will provide written notification to the Company that its common stock *may* be delisted. The Company would then be entitled to appeal the Staff's determination to a NASDAQ Listing Qualifications Panel and request a hearing. There can be *no* assurance that, if the Company does appeal the delisting determination by the Staff to the NASDAQ Listing Qualifications Panel, that such appeal would be successful. The Company intends to monitor the closing bid price of its common stock and *may,* if appropriate, consider available options to regain compliance with the Bid Price Rule, which could include effecting a reverse stock split. However, there can be *no* assurance that the Company will be able to regain compliance with the Bid Price Rule.

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*Liquidity and Going Concern*

The Company's financial statements are prepared on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities and commitments in the normal course of business. The Company is an early-stage company that is subject to all the risks associated with early-stage and emerging growth companies and has incurred losses since inception.

For the years ended *March 31, 2026* and *2025*, the Company had net losses of approximately $16.7 million and $11.4 million, respectively, and had net cash flows used in operating activities of $12.3 million and $8.3 million, respectively. The Company had no revenues for the years ended *March 31, 2026* and *2025*, respectively. The Company had an accumulated deficit of $67.1 million and working capital of $5.9 million as of *March 31, 2026*. The Company does *not* expect to generate positive cash flows from operating activities in the near future. These conditions, and the Company's ability to comply with such conditions, raise substantial doubt about the Company's ability to continue as a going concern within *one* year after the date that the financial statements are issued. The accompanying financial statements do *not* include any adjustments that might be necessary if the Company is unable to continue as a going concern.

The Company estimates its current cash resources are sufficient to fund its operations into but *not* beyond the *fourth* calendar quarter of *2026.* The Company recognizes it will need to raise additional capital to continue to execute its business plan, including obtaining regulatory clearance for its products currently under development and commercializing and generating revenues from products under development. There is *no* assurance that additional financing will be available when needed or that management will be able to obtain financing on terms acceptable to the Company. A failure to raise sufficient capital, generate sufficient product revenues, control expenditures and regulatory matters, among other factors, will adversely impact the Company's ability to meet its financial obligations as they become due and payable and to achieve its intended business objectives. If the Company is unable to raise sufficient additional funds, it will have to scale back, or cease its operations.

*Basis of Presentation*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The annual financial statements and disclosures have been prepared using the accrual basis of accounting in accordance with U.S. generally accepted accounting principles ("GAAP").

*Use of Estimates in Financial Statement Presentation*

The preparation of these financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of expenses during the reporting period. The Company's significant estimates and assumptions include the valuation of equity related instruments and clinical research organization expenses. Although the Company believes that its estimates and assumptions are reasonable, they are based upon information available at the time the estimates and assumptions were made. Some of these judgments can be subjective and complex, and, consequently, actual results could differ from those estimates.

*Cash and Cash Equivalents*

The Company considers all highly liquid accounts with original maturities of *three* months or less at the date of acquisition to be cash equivalents. Periodically, the Company *may* carry cash balances at financial institutions in excess of the federally insured limit of *$0.25* million. The Company has *not* experienced losses on these accounts and management believes, based upon the quality of the financial institutions, that the credit risk with regard to these deposits is *not* significant.

*Offering and Financing Costs*

Offering costs consist of professional costs incurred through the balance sheet date that were direct and incremental to the Company's equity financing activities, as defined in *Note *3* - Equity*. Specifically, offering costs for the year ended *March 31, 2026* were incurred on the Company's ATM agreement, and subsequent increase, inducement letter and purchase agreement. Offering costs for the year ended *March 31, 2025* were incurred on the offering and the registration statement. The costs for the registration statement are recorded in deferred offering costs on the balance sheet as of *March 31, 2025.* Costs associated with salaries and other period costs were expensed as incurred. See *Note 3 - Equity* for additional detail on financing activities.

*Property and Equipment*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Property and equipment are stated at historical cost and depreciated on a straight-line basis over their estimated useful lives, generally *three* years. Upon disposition of the assets, the costs and related accumulated depreciation are removed from the accounts and any resulting gain or loss is included in the results of operations.

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*Accrued Expenses*

Accrued expenses consist of the following (in thousands):

---

| | | |
|:---|:---|:---|
|  | **March 31,** | **March 31,** |
|  | **2026** | **2025** |
| Accrued compensation | $593 | $626 |
| Accrued clinical research costs | 275 | 134 |
| Accrued product development costs | 30 | 111 |
| Accrued professional fees | 38 | 52 |
| Accrued franchise tax | 50 | 50 |
| Accrued director fees |  | 46 |
| Other miscellaneous accrued expenses | 19 | 12 |
| Total accrued expenses | $1005 | $1031 |

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*Convertible Notes*

The Company previously evaluated, in prior periods when the instruments were issued, embedded redemption, conversion and other features within its debt to determine whether any embedded features should be bifurcated from the host instrument and accounted for as a derivative at fair value, with changes in fair value recorded in the statements of operations. The Company's debt was carried on the balance sheets on a historical cost basis, net of unamortized discounts and premiums, because the Company did *not* elect the fair value option of accounting. Costs associated with acquiring debt, including detachable warrants issued in connection with the financing, were capitalized as a debt discount. The debt discount was presented in the balance sheets, in prior year periods, as a direct deduction from the carrying amount of the debt liability.

There is *no* debt outstanding in either period as the last convertible notes converted in *March 2025.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The costs were amortized over the estimated contractual life of the related debt instrument using the effective interest method and were included in interest expense in the statements of operations.

In addition, since the instruments included a substantive conversion feature as of time of issuance, the issuance of equity securities to settle the outstanding notes with the conversion were accounted for as a contractual conversion with *no* gain or loss recognized related to the equity securities issued to settle the instrument. See *Note *2* - Convertible Notes Payable* for additional information.

*Fair Value of Financial Instruments*

Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value maximize the use of observable inputs and minimize the use of unobservable inputs. The Company utilizes a *three*-level valuation hierarchy for disclosures of fair value measurements, defined as follows:

Level *1* – inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets.

Level *2* – inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the assets or liability, either directly or indirectly, for substantially the full term of the financial instruments.

Level *3* – inputs to the valuation methodology are unobservable and significant to the fair value and require significant judgment and estimation.

Financial assets and financial liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. While the Company believes that its valuation methods are appropriate, the Company recognizes that the use of different methodologies or assumptions to determine the fair value could result in a different estimate of fair value at the reporting date. The primary assumptions that would significantly affect the fair values are the probability weighting of the different settlement outcomes used.

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The Company accounted for the Purchase Agreement as a derivative asset measured at fair value on an on-going basis. At inception and as of *March 31, 2026*, the fair value of the derivative asset generated from the Purchase Agreement is $0.

The Company did not have any additional assets or liabilities measured at fair value as of *March 31, 2026* and *2025*, respectively.

The carrying value of short-term instruments, including cash, accounts payable and accrued expenses, approximate fair value due to the relatively short period to maturity for these instruments.

*Related Parties*

The Company follows ASC *850, Related Party Disclosures*, for the identification of related parties and disclosure of related party transactions.

*Income Taxes*

The Company uses the asset and liability method of accounting for income taxes. Under this method, deferred tax assets and liabilities are determined based on the differences between the financial reporting and the tax basis of reported assets and liabilities and are measured using the enacted tax rates and laws that will be in effect when the differences are expected to reverse. The Company must then assess the likelihood that the resulting deferred tax assets will be realized. A valuation allowance is provided when it is more likely than *not* that some portion or all of a deferred tax asset will *not* be realized. Any tax-related interest or penalties will be recognized in the statement of operations within general and administrative expense. As of *March 31, 2026* and *March 31, 2025* the Company determined a full valuation allowance was required to offset its deferred tax assets as a result of recurring operating losses.

The Company accounts for uncertain tax positions in accordance with the provisions of ASC *740*-*10* which prescribes a recognition threshold and measurement attribute for financial statement disclosure of tax positions taken, or expected to be taken, on its tax return. The Company evaluates and records any uncertain tax positions based on the amount that management deems is more likely than *not* to be sustained upon examination and ultimate settlement with the tax authorities in the tax jurisdictions in which it operates. As of *March 31, 2026* and *March 31, 2025* the Company had no uncertain tax positions.

*Stock-based Compensation*

Employee and non-employee share-based compensation is measured at the grant date, based on the fair value of the award, and is recognized as an expense over the requisite service period. For awards with a performance condition, compensation expense is recognized over the requisite service period if it is probable that the performance condition will be satisfied. For awards to non-employees, the Company recognizes compensation expense in the same manner as if the Company had paid cash for the goods or services. The Company estimates the fair value of options and equity classified warrants granted using an options pricing model. Expense is recognized within general and administrative and research and development expenses and forfeitures are recognized as they are incurred.

*Warrants*

The Company accounts for warrants as either equity-classified or liability-classified instruments based on an assessment of the warrant's specific terms and applicable authoritative guidance in Financial Accounting Standards Board ("FASB") ASC *480,* Distinguishing Liabilities from Equity ("ASC *480"*) and ASC *815,* Derivatives and Hedging ("ASC *815"*). The assessment considers whether the warrants are freestanding financial instruments pursuant to ASC *480,* meet the definition of a liability pursuant to ASC *480,* and whether the warrants meet all of the requirements for equity classification under ASC *815,* including whether the warrants are indexed to the Company's own ordinary shares and whether the warrant holders could potentially require "net cash settlement" in a circumstance outside of the Company's control, among other conditions for equity classification. This assessment, which requires the use of professional judgment, is conducted at the time of warrant issuance and as of each subsequent quarterly period end date while the warrants are outstanding.

For issued or modified warrants that meet all of the criteria for equity classification, the warrants are required to be recorded as a component of additional paid-in capital at the time of issuance. For issued or modified warrants that do *not* meet all the criteria for equity classification, the warrants are required to be recorded at their initial fair value on the date of issuance, and each balance sheet date thereafter. Changes in the estimated fair value of the warrants are recognized as a non-cash gain or loss on the statements of operations. The fair value of the warrants is estimated using a Black-Scholes pricing model or a Monte Carlo simulation.

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*Loss Per Common Share*

Basic loss per common share is computed by dividing net loss by the weighted-average number of common shares outstanding during the period, which includes shares issuable for little to *no* consideration upon the exercise of certain equity-classified warrants. Diluted loss per common share is determined using the weighted-average number of common shares outstanding during the period, adjusted for the dilutive effect of common stock equivalents. In periods when losses are reported, the weighted-average number of common shares outstanding excludes common stock equivalents, because their inclusion would be anti-dilutive.

Generally, the Company's warrants issued to investors in connection with capital transactions are participating securities as the holders receive the right to participate pro rata in distributions, but they are *not* obligated to fund losses. In periods of loss, since *no* income is allocated to these securities, the Company's use of the "treasury stock method" derives the same result. The dilutive effect of convertible securities is calculated using the "if-converted method." Under the if-converted method, securities are assumed to be converted at the beginning of the period, and the resulting common shares are included in the denominator of the diluted calculation for the entire period being presented.

For the *twelve* months ended *March 31, 2026* and *2025*, dilutive securities that were *not* included in the calculations of the loss per common share because they would be anti-dilutive included the following:

---

| | | |
|:---|:---|:---|
|  | ***March 31,*** | ***March 31,*** |
|  | ***2026*** | ***2025*** |
| Equity based warrants to purchase common shares | 4334 | 87531 |
| Bridge financing warrants | 25003 | 25003 |
| Stock options granted | 13500 | 243483 |
| Series A warrants | 55500 | 1533096 |
| Series B warrants | 1477596 |  |
| Series C warrants | 9003332 |  |
| Representative Warrants | 180641 | 91985 |
| Total potentially dilutive securities | 10759906 | 1981098 |

---

*Research and Development Costs*

Research and development costs are expensed as incurred.

*Advertising*

It is our policy to expense advertising costs as incurred. Advertising expenses are included within general and administrative expenses within the statement of operations. For the years ended *March 31, 2026* and *2025*, the Company recorded $0 and less than $0.1 million, respectively.

*JOBS Act Accounting Election*

The Company qualifies as an emerging growth company ("EGC"), as defined in the Jumpstart Our Business Startups Act of *2012* (the "JOBS Act"). The JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private companies are required to comply with the new or revised financial accounting standards. The JOBS Act provides that a company can elect to opt out of the extended transition period and comply with the requirements that apply to non-emerging growth companies but any such election to opt out is irrevocable. The Company has elected *not* to opt out of such extended transition period which means that when a standard is issued or revised and it has different application dates for public or private companies, the Company, as an emerging growth company, can adopt the new or revised standard at the time private companies adopt the new or revised standard. This *may* make comparison of the Company's financial statements with another public company which is neither an early-stage company nor an emerging growth company which has opted out of using the extended transition period difficult or impossible because of the potential differences in accounting standards used.

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*Segments*

Operating segments are defined as components of an enterprise about which separate discrete information is available for evaluation by the chief operating decision maker ("CODM"), or decision-making group, in deciding how to allocate resources in assessing performance. Management has determined that the Company operates in one reportable segment, which is advancing the development of innovative technologies for sensing and treating disorders relating to the nervous system. The Company is initially focused on developing the technology for patients with pancreatic cancer, however, the Company believes the technology constitutes a platform with the potential to address several indications, including chronic pain management, hypertension, cardiovascular disease and a wide range of other nerve-related disorders. The Company's CODM is its Chief Executive Officer.

The accounting policies of the segment are the same as those described in the summary of significant accounting policies. The CODM assesses performance based on net loss, which is reported on the Statements of Operations. The measure of segment assets is reported on the balance sheet as total assets.

To date, the Company has *not* generated any product revenue. The Company expects to continue to incur significant expenses and operating losses for the foreseeable future as it advances its' technology through all stages of development and clinical trials and, ultimately, seeks regulatory approval.

As such, the CODM primarily evaluates performance of the Company using various financial metrics, including the combined net income (loss) from operations, also shown on the Statements of Operations, forecasted cash expenditures and existing and forecasted cash balances. These financial metrics are used by the CODM to make key operating decisions, such as the assessment of segment performance and allocation of resources. All of the assets are located in the United States. The significant expense categories within net loss from operations that the CODM regularly reviews are expenses related to research and development and general and administrative. The significant expense categories are reported on the Statements of Operations.

*Recent Accounting Pronouncements*

In *December 2025,* the FASB issued *ASU *2025*-*12* Codification Improvements*: The amendments in this update are effective for all entities for annual reporting periods beginning after *December 15, 2026,* and interim reporting periods within those annual reporting periods. Early adoption is permitted in both interim and annual reporting periods in which financial statements have *not* yet been issued or made available for issuance. If an entity adopts the amendments in this update in an interim period, it must adopt them as of the beginning of the annual reporting period that includes that interim reporting period. An entity *may* elect to early adopt the amendments on an issue-by-issue basis. An entity should apply the amendments in this update (except for the amendments to Topic *260,* Earnings Per Share) using *one* of the following transition methods: *1.* Prospectively to all transactions recognized on or after the date that the entity *first* applies the amendments *2.* Retrospectively to the beginning of the earliest comparative period presented. An entity should adjust the opening balance of retained earnings (or other appropriate components of equity or net assets in the statement of financial position) as of the beginning of the earliest comparative period presented. An entity *may* elect the transition method on an issue-by-issue basis. For the amendments in this update to Topic *260,* an entity should apply the amendments retrospectively to each prior reporting period presented in the period of adoption. The Company is currently evaluating the new guidance to determine the impact it *may* have on its financial statements and related disclosures.

In *December 2025,* the FASB issued *ASU *2025*-*11* Interim Reporting (Topic *270*): Narrow-Scope Improvements*: The amendments in this update are effective for interim reporting periods within annual reporting periods beginning after *December 15, 2027,* for public business entities and for interim reporting periods within annual reporting periods beginning after *December 15, 2028,* for entities other than public business entities. Early adoption is permitted for all entities. The amendments in this update can be applied either (*1*) prospectively or (*2*) retrospectively to any or all prior periods presented in the financial statements. The Company is currently evaluating the new guidance to determine the impact it *may* have on its financial statements and related disclosures.

In *November 2024* and *January 2025,* FASB issued ASU *2024*-*03* and ASU *2025*-*01,* Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic *220*-*40*): Disaggregation of Income Statement Expenses, which requires disclosure in the notes to the financial statements of specified information about certain costs and expenses. The amendments to the standards are effective for fiscal years beginning after *December 15, 2026,* and for interim periods within fiscal years beginning after *December 15, 2027.* Early adoption is permitted. The amendments should be applied either prospectively to financial statements issued for reporting periods after the effective date of this ASU or retrospectively to any or all prior periods presented in the financial statements. The Company is currently evaluating the new guidance to determine the impact it *may* have on its financial statements and related disclosures.

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In *December 2023,* the Financial Accounting Standards Board, or FASB, issued Accounting Standards Update, or ASU *2023*-*09,* Income Taxes (Topic *740*): Improvements to Income Tax Disclosures. ASU *2023*-*09* improves the transparency of income tax disclosures by requiring consistent categories and greater disaggregation of information in the effective tax rate reconciliation and income taxes paid disaggregated by federal, state and foreign taxes as well as the amount of income taxes paid by jurisdiction. It also includes certain other amendments to improve the effectiveness of income tax disclosures. This guidance will be effective for the annual periods beginning after the year ended *December 31, 2024.* This ASU is effective for our Form *10*-K for fiscal *2026* and the Company has applied the application on a prospective basis. Refer to *Note *6* - Income Taxes*.

There are *no* other effective pronouncements, or pronouncements issued but *not* yet effective, if adopted, that would have a material effect on the accompanying financial statements.

**Note *2***– **Convertible Notes Payable**

On *September 9, 2023,* the Company's Board authorized an offering up to $2.0 million in unsecured, non-interest bearing convertible promissory notes (the "Notes") and accompanying warrants (the "Bridge Financing Warrants") (collectively, the "Bridge Offering") which were to mature on *December 31, 2025.* The Notes provided that, on the closing date of the IPO, the outstanding principal would be automatically converted into common stock at the conversion price of $40.00. Each dollar in principal amount of Notes purchased were accompanied by a five-year Bridge Financing Warrant to purchase 0.0125 shares of Common stock with an exercise price of $20.00 per share. The Company records the Bridge Financing Warrants as a discount to the Notes.

The Bridge Financing Warrants can be exercised from the date of Notes issuance through the *five*-year anniversary of the issuance of the Notes. The Note holders were *not* permitted to convert their Notes when the holders or any of their affiliates would beneficially own in excess of 4.99% of the Company's common stock after such conversion.

The Company received proceeds of $2.0 million of Notes from the Bridge Offering. The Company's effective interest rate for the Notes was 15.3% due to the amortization of the discount stemming from the issuance of the Bridge Financing Warrants. On *January 26, 2024,* the Company consummated its initial public offering ("IPO"). In connection with the closing of the IPO, a portion of the Notes were converted into 16,750 shares of common stock. Upon the closing of the IPO, certain Notes that were to be automatically converted according to their terms into common stock were *not* converted due to restrictions on the holders of the Notes or any of their affiliates beneficially owning in excess of 4.99% of the Company's common stock after such conversion. The remaining portion of the Notes were converted into 33,250 shares of common stock in *March 2025.*

*Warrants - Convertible Promissory Notes*

From *September* to *December 2023,* the Company issued the Notes with the detachable Bridge Financing Warrants. The Company utilized a Monte Carlo simulation model to determine the fair value of each Bridge Financing Warrant. The key inputs to the Monte Carlo simulation used to determine the fair value of each Bridge Financing Warrant include, the Company's stock price fair value, which was determined through a back solve calculation such that the stock price results in the average total value of the Notes and the Bridge Financing Warrants being equal to the cash proceeds received, volatility based on a selection of publicly held peer companies of 101.88%, expected term of 5 years, risk free rate of 4.40%, discount rate of 20.00% and a discount for lack of marketability of 15.77%.

During the year ended *March 31, 2026* and *2025*, the Company recorded $0 and less than $0.2 million, respectively, in interest expense related to the amortization of the debt discount.

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The following table presents a summary of activity for the Bridge Financing Warrants issued in connection with the Company's Notes:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | ***Warrants*** | ***Weighted-Average Exercise Price Per Share*** | ***Remaining Life (In Years)*** | ***Aggregate Intrinsic Value\**** |
| Outstanding and exercisable, March 31, 2024 | 25003 | $20.00 | 4.48 | $1010000 |
| Outstanding and exercisable, March 31, 2025 | 25003 | $20.00 | 3.48 | $— |
| Outstanding and exercisable, March 31, 2026 | 25003 | $20.00 | 2.48 | $— |

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\*Aggregate Intrinsic Value = Excess of market value over the exercise price of all in-the-money warrants.

**Note *3*** – **Equity**

On *November 29, 2023,* the Company's Board of Directors and applicable shareholders approved to amend and restate the Company's certificate of incorporation and increased the authorized shares to 500,000,000 shares of common stock, with a par value of $0.001 per share, and 10,000,000 shares of preferred stock, with a par value of $0.001 per share. The specific rights of the preferred stock shall be determined by the Board of Directors.

*Preferred Stock* 

As of the *twelve* months ended *March 31, 2026* and *2025*, the Company had no shares of preferred stock outstanding.

*Restricted Stock*

On *February 15, 2024,* the Company issued 1,750 restricted shares of common stock to the Company's marketing consultant at the closing price of $76.00 of the Company's common stock. The total value of these shares was $133,000. These shares vested monthly over a 12-month period beginning on the issue date.

The following table summarizes stock-based compensation related to restricted stock as follows:

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| | | |
|:---|:---|:---|
|  | ***Year ended March 31,*** | ***Year ended March 31,*** |
|  | ***2026*** | ***2025*** |
| Recognized in general and administrative expense | $— | $116375 |
| Total | $— | $116375 |

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As of *March 31, 2026*, there was no unrecognized stock-based compensation expense related to restricted stock.

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*Common Stock* 

On *February 28, 2025,* the Company entered into an At Market Issuances Sales Agreement (the "ATM Agreement") with Ladenburg, Thalmann & Co. Inc. (the "Agent"). Pursuant to the terms of the ATM Agreement, the Company was initially able to sell from time to time through the Agent, as sales agent or principal, shares of its common stock with an initial aggregate sales price of up to $2.1 million. On *August 25, 2025,* the Company increased the aggregate sales price of shares of its common stock that *may* be sold pursuant to the ATM Agreement by $1.4 million. As of *December 31, 2025,* the revised aggregate sales price of shares that *may* be sold under the ATM Agreement was $3.5 million. As of *March 31, 2026,* the Company sold 2,386,216 shares for net proceeds of approximately $3.4 million. The Company paid offering costs of $0.1 million.

On *August 25, 2025,* the Company entered into a purchase agreement (the "Purchase Agreement") with Lincoln Park Capital Fund, LLC ("Lincoln Park"), under which, subject to specified terms and conditions, the Company *may* sell up to $15.0 million in shares of the Company's common stock. The Company's net proceeds under the Purchase Agreement will depend on i) the frequency of sales; ii) the number of shares sold; and iii) the prices at which we sell shares to Lincoln Park. The Company also issued 261,932 shares of Company common stock (the "Commitment Shares") to Lincoln Park in consideration for its commitment to purchase shares of Company common stock under the Purchase Agreement from time to time at the Company's direction. As of *March 31, 2026,* the Company has sold 10,000 shares of the Company's common stock under the Purchase Agreement. The Company paid non-cash expenses for shares and fees of $0.3 million.

*Stock Plan and Stock Options*

In *June 2023,* the Company adopted, and the Company's shareholders approved, the Autonomix Medical, Inc. *2023* Stock Plan (the "Plan"). The Plan is a stock-based compensation plan that provides for discretionary grants of stock options, stock awards and stock unit awards to key employees, non-employee directors, and consultants, subject to certain individual threshold limitations. The Plan initially provided for up to 200,000 shares to be issued, subject to adjustments as provided in the Plan. Shares that are surrendered because of forfeiture, expiration, termination, or cancellation are available for re-issuance.

In *August 2023,* the Plan was amended to allow for an automatic increase of the available shares for issuance, whereby on the *1st* of each fiscal year, beginning on *April 1, 2024* and ending on (and including) *April 1, 2033* in an amount equal to *five* percent (5%) of the total number of shares of the Company's common stock outstanding on the *March 31st* immediately preceding the applicable date. However, the Board *may* act prior to the automatic increase of a given year to provide that there will be *no* increase for such year, or that the increase for such year will be a lesser number of shares of the Company's common stock. On *April 1, 2025* and *2026,* the Plan was increased by 124,852 shares and 570,467 shares, respectively.

In *July 2025,* the Company entered into stock option cancellation agreements with certain employees to cancel an aggregate of 57,331 stock options. Employees that elected to cancel their stock options were granted severance agreements for three, *six* or *nine* months of their base salary (under certain conditions). On *August 11, 2025,* the Company entered into stock option cancellation agreements with Board members and certain officers of the Company to cancel an aggregate of 177,652 stock options. The Company's Board members included Mr. Walter Klemp, Executive Chairman of the Board; Ms. Lori Bisson, Executive Vice Chairman of the Board; and Mr. Chris Capelli, Director, respectively, and included amounts of 8,773; 65,542; and 3,750, respectively. The Company's officers included Mr. Brad Hauser, Chief Executive Officer and President; Mr. Landy Toth, Chief Technology Officer; Mr. Robert Schwartz, Chief Medical Officer; and Mr. Trent Smith, Chief Financial Officer, respectively, and included amounts of 45,000; 8,773; 13,159; and 32,655, respectively. Mr. Hauser was granted *three* months of his base salary, in addition to the *twelve* months of his base salary per his *July 17, 2024* employment agreement. Mr. Toth and Mr. Schwartz were granted severance agreements that amounted to *nine* months of their base salary. Mr. Smith was granted *three* months of his base salary, in addition to the *nine* months of his base salary per his *July 24, 2023* employment agreement. During the year ended *March 31, 2026,* as a result of the cancellation, the Company accelerated the recognition of $3.7 million of stock-based compensation expense. In exchange for the cancellation of the stock options, the Company entered into severance agreements with the certain employees, Board members and officers of the Company to provide the terms and conditions that would govern salary and benefits in the event of any future reductions in force. This was accounted for as a repurchase for *no* consideration.

In *October 2025,* the Company adopted, and the Company's shareholders approved the Plan, as amended and restated. Pursuant to this amendment and restatement, the Plan was increased by 1,900,000 shares. As of *March 31, 2026*, there were 2,270,968 shares remaining available in the Plan.

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The following table summarizes the stock option activity for the year ended *March 31, 2026*.

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| | | | | |
|:---|:---|:---|:---|:---|
|  | ***Options*** | ***Weighted-Average Exercise Price Per Share*** | ***Weighted-Average Remaining Life (In Years)*** | ***Aggregate Intrinsic Value\**** |
| Outstanding, March 31, 2024 | 100180 | $46.59 | 9.35 | $1680672 |
| Granted | 143303 | 23.02 | *—* | *—* |
| Outstanding, March 31, 2025 | 243483 | $32.72 | 8.92 |  |
| Exercisable, March 31, 2025 | 37923 | $44.35 | 8.20 |  |
| Outstanding, March 31, 2025 | 243483 | $32.72 | 8.92 |  |
| Granted | 5000 | 1.85 | *—* | *—* |
| Forfeited/Cancelled | (234983) | 33.67 | *—* | *—* |
| Outstanding, March 31, 2026 | 13500 | $4.75 | 8.37 |  |
| Exercisable, March 31, 2026 | 2875 | $15.21 | 5.99 |  |

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\*Aggregate Intrinsic Value = Excess of market value over the exercise price of all in-the-money stock.

During the year ended *March 31, 2026*, the Company granted options to purchase 5,000 shares of common stock with a contractual term that vests annually over four years on the anniversary date. The options had an aggregate grant date fair value of approximately $9 thousand that was calculated using the Black-Scholes option pricing model. Variables used in the Black-Scholes option pricing model included the following: (*1*) fair value of common stock on the measurement date; (*2*) discount rate of 4.06% based on the daily yield curve rates for U.S. Treasury obligations, (*3*) expected life of 6.25 years based on the simplified method (vesting plus contractual term divided by *two*) and (*4*) expected volatility of 139% based on the historical volatility of comparable companies' stock.

During the year ended *March 31, 2025,* the Company granted certain individuals options to purchase 143,303 shares of common stock with contractual terms of ten years, and vesting periods of annually over four years. The options had an aggregate grant date fair value of $2.6 million that was calculated using the Black-Scholes option pricing model. Variables used in the Black-Scholes option pricing model included the following: (*1*) fair value of common stock on the measurement date ranging from $1.99 and $56.20 per share; (*2*) discount rate ranging from 4.17% to 4.39% based on the daily yield curve rates for U.S. Treasury obligations, (*3*) expected life of 6.25 years based on the simplified method (vesting plus contractual term divided by *two*), and (*4*) expected volatility ranging from 110% to 138% based on the historical volatility of comparable companies' stock.

All options issued and outstanding are being amortized over their respective vesting periods. The unrecognized compensation expense at *March 31, 2026* was less than $0.1 million. During the year ended *March 31, 2026*, the Company recorded stock-based compensation - option expense of $3.6 million in general and administrative expense and $0.6 million in research and development expense. The amounts during the year ended *March 31, 2026* include the recognition of the remaining unamortized stock-based compensation - option expense related to the stock option cancellation agreements stated above. During the year ended *March 31, 2025*, the Company recorded stock-based compensation - option expense of $1.3 million in general and administrative expense and $0.2 million in research and development expense.

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*License Agreement*

On *July 10, 2024,* we entered into a license agreement (the "Agreement") with RF Innovations, Inc. ("RFI"), a privately held medical technology company, to license products utilizing RFI's intellectual property related to its Apex *6* Radiofrequency Generator (the "Licensed Products"). The Apex *6* Generator is a United States Food and Drug Administration ("FDA") cleared ablation technology designed to lesion neural tissue for pain management in the peripheral nervous system. Pursuant to the Agreement, RFI granted us a perpetual non-exclusive worldwide royalty free fully paid license related to the Licensed Products, provided that the license did *not* include the right to sell certain products to customers for the treatment of spine pain. In connection with the Agreement, we issued RFI 12,500 unregistered shares of our common stock as consideration for the license. The Company determined that the fair value of the shares granted was $0.1 million, which represented its stock price on the date of the Agreement less a 25.6% discount for lack of marketability ("DLOM"). The Company concluded a DLOM was appropriate as the shares are subject to an initial lock-up period of *six*-months until they are eligible for registration pursuant to SEC Rule *144* followed by restrictions that allow for a maximum of 10% of total shares to be sold within a *30*-day period. The DLOM effectively reflects the value of an average strike put option relative to our stock price and was calculated based on the Finnerty average put model. The Company concluded that the licensed technology qualified as a research and development expense pursuant to ASC Topic *730,* Research and Development, as the Company does *not* have an alternative future use for the technology and the Company does *not* have a plan to otherwise monetize the Licensed Products. The Company recognized $0.1 million in Research and Development expense in its statement of income for the year ended *March 31, 2025.* The Agreement provides RFI the right to terminate the license if we breach any representation, warranty or covenant contained in the Agreement, subject to any relevant cure periods, or if we are subject to a bankruptcy or insolvency event.

*Offering Agreement* 

On *November 22, 2024,* the Company entered into an Underwriting Agreement (the "Underwriting Agreement") with Ladenburg Thalmann & Co. Inc., as representative of the several underwriters (the "Underwriters"), in connection with a firm commitment underwritten public offering (the *"November 2024* Offering") of: (i) 458,691 common units (the "Common Units"), each Common Unit consisting of one share of Company common stock and one series A warrant to purchase one share of common stock (the "Series A Warrants"); and (ii) 917,596 pre-funded units (the "Pre-Funded Units") and together with the Common Units, the "Units", each Pre-Funded Unit consisting of one pre-funded warrant to purchase one share of common stock (the "Pre-Funded Warrant") and one Series A Warrant. The purchase price of each Common Unit was $6.540, and the purchase price of each Pre-Funded Unit was $6.539. In addition, the Company granted the Underwriters a 45-day option to purchase an additional 206,422 shares of common stock, and/or an additional 206,422 Series A Warrants, solely to cover over-allotments, if any. The Pre-Funded Warrants had an exercise price of $0.001 per share and were immediately exercisable. The Series A Warrants

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; had an exercise price of $6.540 per share, were immediately exercisable and *may* be exercised at any time until the five-year anniversary of the date of issuance. Both the Pre-Funded Warrants and the Series A Warrants are subject to a beneficial ownership limitation of 4.99%. The *November 2024* Offering closed on *November 25, 2024.* On *November 22, 2024,* the Underwriters partially exercised their over-allotment option with respect to 156,809 shares of common stock and 156,809 Series A Warrants. Under the terms of the Underwriting Agreement, the Underwriters received an underwriting discount of 8.0% to the public offering price for the Units. The Company also issued to the representative of the Underwriters (the "Representative") Representative's Warrants to purchase up to 91,985 shares of common stock. The aggregate gross proceeds to the Company, including the partial exercise of the over-allotment option, were approximately $10.0 million, before deducting underwriting discounts and other expenses by the Company of $1.5 million, including $0.5 million of non-cash expenses. The net cash proceeds to the Company were approximately $9.0 million.

The Pre-Funded Warrants and Series A Warrants were issued pursuant to a Warrant Agency Agreement between the Company and Equity Stock Transfer, LLC. The Series A Warrants and the Representative's Warrants, largely have the same terms and conditions, except the Representative's Warrants were *not* exercisable until *May 21, 2025* and were subject to a 180-day lock-up prior to being transferable. The Series A Warrants and Representative's Warrants *may,* at the option of the holder be settled upon a change of control at the Black-Scholes value, as defined in the agreement. Upon a change of control the holder *may* receive cash, other assets or shares of the successor entity, depending on the specific nature of the change of control transaction and the settlement options afforded to the holders of common stock. The Company analyzed the Pre-Funded Warrants, the Series A Warrants, and the Representative's Warrants (collectively the "Offering Warrants") in accordance with ASC Topic *480,* Distinguishing Liabilities from Equity and ASC Topic *815,* Derivatives and Hedging. Management concluded that the Offering Warrants meet all the requirements for equity classification. Since the Offering Warrants meet the requirements for equity classification and the Offering represents an arms-length cash transaction, the Common Units and Pre-Funded Units were recorded in equity based on the proceeds received, net of issuance costs.

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At issuance, the Pre-Funded Warrants had a fair value of $6.3290 per share, which represented the common stock issuance price less the $0.001 exercise price. At issuance, the Series A Warrants and the Representative's Warrants had a fair value of $5.3597 and $5.2125 per share, respectively, which was determined using a Black-Scholes option pricing model. Variables used in the Black-Scholes option pricing model included the following: (*1*) fair value of common stock on the measurement date; (*2*) discount rate of 4.17% based on the daily yield curve rates for U.S. Treasury obligations, (*3*) the contractual term of the warrants and (*4*) expected volatility of 144.15% based on the historical volatility of comparable companies' stock. Due to the relative volume of Series A Warrants and Representative's Warrants issued compared with the Company's outstanding shares, the Company's stock price was adjusted for the effects of dilution.

**Equity-Based Stock Warrants**

 *November 2025* Securities Purchase Agreement*

On *November 18, 2025,* the Company entered into a Securities Purchase Agreement (the "Agreement") with an institutional investor (the "Investor"), pursuant to which the Investor purchased in a private placement: (i) pre-funded warrants to purchase 4,501,666 shares of the Company's common stock (the "Pre-Funded Warrants"); and (ii) Series C Warrants to purchase up to an aggregate of 9,003,332 shares of the Company's common stock (the "Common Warrants") (the *"November 2025* Offering"). The Common Warrants and Pre-Funded Warrants are collectively referred to herein as the "Warrants". The combined purchase price of *one* Pre-Funded Warrant and accompanying Common Warrants was $1.1097. Subject to certain ownership limitations, the Warrants are exercisable immediately upon issuance (the "Initial Exercise Date"). The exercise value of Pre-Funded Warrants was $0.001 per warrant share of the Company's common stock. The Common Warrants are exercisable into one share of the Company's common stock at a price per share of $0.8607 (as adjusted from time to time in accordance with the terms thereof) and expire five and *one*-half years from the Initial Exercise Date. The Common Warrants were immediately exercisable for cash and could have been exercised on a cashless basis if, at any time after the *six*-month anniversary of the Initial Exercise Date, there was *no* registration statement registering, or the prospectus contained therein was *not* available for, the issuance or resale of shares of the Company's common stock underlying the Common Warrants to or by the holder. The holder of a Common Warrant is prohibited from exercising any Common Warrants to the extent that such exercise would result in the number of shares of the Company's common stock beneficially owned by such holder and its affiliates exceeding 4.99% of the total number of shares of Common Stock outstanding immediately after giving effect to the exercise, which percentage *may* be increased or decreased at the holder's election *not* to exceed 9.99%. In the event of certain fundamental transactions, the holder of the Common Warrants will have the right to receive the Black Scholes Value (as defined in the Common Warrants) of its Common Warrants calculated pursuant to a formula set forth in the Common Warrants, payable either in cash or in the same type or form of consideration that is being offered and being paid to the holders of Common Stock. With limited exceptions, the Company has agreed *not* to enter into or announce any transaction for the sale of any of its equity securities or securities convertible into its equity securities for a period of *60* days from the effective date of the Registration Statement pursuant to which the resale of the shares of the Company's common stock underlying the Warrants was registered. The Company has agreed *not* to effect or enter into an agreement to effect any issuance of the Company's common stock or any securities convertible into or exercisable or exchangeable for shares of the Company's common stock involving a Variable Rate Transaction (as defined in the Agreement) until *six* months after the effective date of the Registration Statement; provided that after *60* days from the effective date of the Registration Statement, the Company will be permitted to make sales under its "at-the-market offering" sales agreement if the price per share of the Company's common stock in such transaction is greater than $1.1107 per share. The gross proceeds to the Company from the *November 2025* Offering were approximately $5.0 million, before deducting the Placement Agent's commission and fees of $450 thousand and other offering expenses of $36 thousand and excluding the proceeds from the exercise of the Warrants. As of *March 31, 2026,* all 4,501,666 of these Pre-Funded Warrants were exercised at an exercise price of $0.001 per warrant share for incremental proceeds of $4.5 thousand.

At issuance, the Series C Warrants had a fair value of $0.81 per share, respectively, which was determined using a Black-Scholes option pricing model. Variables used in the Black-Scholes option pricing model included the following: (*1*) fair value of common stock on the measurement date; (*2*) discount rate of 3.76% based on the daily yield curve rates for U.S. Treasury obligations, (*3*) the contractual term of the warrants and (*4*) expected volatility of approximately 154.8% based on the historical volatility of the company's common stock, respectively. Due to the relative volume of Series C Warrants issued compared with the Company's outstanding shares and trading volume, the Company's stock price was adjusted for the effects of dilution.

The Company accounted for the *November 2025* Offering as a capital transaction for the cash proceeds received, net of issuance costs. As a result of the application of ASC Sub-topic *815*-*40,* it was determined that the Pre-Funded Warrants and Series C Warrants both met the requirements for equity classification. The proceeds from the Agreement were recorded in additional paid-in capital, net of the costs incurred.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In connection with the above *November 2025* Offering, on *November 18, 2025,* the Company entered into a placement agency agreement with Maxim Group LLC (the "Placement Agent") (the "Placement Agreement"), pursuant to which the Company agreed to pay the Placement Agent an aggregate fee equal to up to 8% of the gross proceeds received by the Company from the sale of the securities in the transaction. The Company also reimbursed the Placement Agent $50,000 for the Placement Agent's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Company agreed to file a registration statement (the "Registration Statement") registering the resale of the Common Stock underlying the Warrants, within *20* days from the date the Agreement was executed, and to use its commercially reasonable best efforts to cause such Registration Statement to be declared effective by the SEC within *60* days from the date of the Agreement (or *90* days from the date of the Agreement if the SEC reviews the Registration Statement).

The Company filed a Registration Statement with the SEC on *November 26, 2025* and was granted effectiveness on *December 11, 2025.*

 *July 2025* Warrant Inducement Agreement*

On *July 21, 2025,* the Company entered into warrant exercise inducement offer letters (each, an "Inducement Letter") with the holders ("Holders") of certain existing warrants issued in the *November 2024* Offering to purchase up to 1,477,596 shares of the Company's common stock (the "Existing Warrants"). The Existing Warrants had an exercise price of $6.54 per share. Pursuant to the Inducement Letters, the Company agreed to reduce the exercise price of the Existing Warrants to $1.723 per share and the Holders agreed: (i) to exercise Existing Warrants to purchase 855,000 shares of Company common stock for $1.723 per share; and (ii) to prepay $1.722 per share of the reduced exercise price for Existing Warrants to purchase 622,596 shares of Company common stock in consideration of the Company further reducing the exercise price of such Existing Warrants with a modified exercise term of 5.5 years. In consideration of the foregoing, the Company agreed to issue the Holders new warrants to purchase up to a number of shares of Company common stock equal to 100% of the number of shares of Company common stock underlying the Existing Warrants, comprised of new Series B warrants to purchase up to 1,477,596 shares of Company common stock (the "Inducement Warrants" and the shares of Company common stock underlying the Inducement Warrants, the "Inducement Warrant Shares") at $1.723 per share with an exercise term of 5.5 years from the initial exercise date. In addition, the Company issued 88,656 Placement Agent Warrants at $2.671 per share with an exercise term of 5 years. The Company received total gross proceeds of approximately $2.5 million, less cash expenses paid to the Placement Agent and advisors of approximately $0.3 million. Upon a change in control, the holder of warrants outstanding after the inducement transaction *may* receive cash, other assets or shares of the successor entity, depending on the specific nature of the change of control transaction and the settlement options afforded to the holders of common stock. All warrants issued or modified by the transaction meet the requirements for equity classification pursuant to ASC Sub-Topic *815*-*40.*

At issuance the Inducement Warrants and the Placement Agent Warrants had a fair value of $1.56 and $1.50 per share, respectively, which was determined using a Black-Scholes option pricing model. Variables used in the Black-Scholes option pricing model included the following: (*1*) fair value of common stock on the measurement date; (*2*) discount rate of 3.93 and 3.88% based on the daily yield curve rates for U.S. Treasury obligations, (*3*) the contractual term of the warrants and (*4*) expected volatility of approximately 150% and 151% based on the historical volatility of comparable companies' stock, respectively. Due to the relative volume of Series A Warrants and Placement Agent Warrants issued compared with the Company's outstanding shares, the Company's stock price was adjusted for the effects of dilution.

The Company accounted for the Inducement Letter as a capital transaction for the cash proceeds received, net of issuance costs. As a result of the application of ASC Sub-topic *815*-*40,* the Company considered the modification of the Existing Warrants and the issuance of the Inducement Warrants to represent a cost of the capital transaction.

The Company *may not* effect the exercise of certain Inducement Warrants, which upon giving effect to such exercise, would cause the aggregate number of shares of common stock beneficially owned by the Holder (together with its affiliates) to exceed 4.99% of the number of shares of common stock outstanding immediately after giving effect to the exercise, as such percentage of ownership is determined in accordance with the terms of such Inducement Warrants.

Subsequent to the Inducement Letter, 622,596 modified Existing Warrants were exercised at the remaining exercise price of $0.001 per share. The table below reflects the Existing Warrants modification, exercise and issuance as 1,477,596 Existing Warrants exercised at a weighted average exercise price of $1.723 per share, which is less than the previous $6.54 exercise price, and 1,477,596 Inducement Warrants granted at a weighted average exercise price of $1.723 per share.

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The Company will periodically grant warrants to investors in connection with equity financing or to *third*-party service providers in exchange for services rendered. The following table summarizes the stock warrant activity for the year ended *March 31, 2026*:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | ***Warrants*** | ***Weighted-Average Exercise Price Per Share*** | ***Weighted-Average Remaining Life (In Years)*** | ***Aggregate Intrinsic Value\**** |
| Outstanding and exercisable, March 31, 2024 | 287231 | $1.64 | 4.80 | $17072147 |
| Granted | 2542677 | 4.31 | *—* | *—* |
| Exercised | (892432) | 0.04 | *—* | *—* |
| Forfeited/Cancelled | (2602) | 0.20 | *—* | *—* |
| Outstanding, March 31, 2025 | 1934874 | $5.89 | 4.09 | $532060 |
| Exercisable, March 31, 2025 | 1842889 | $5.67 | 4.06 | $532060 |
| Outstanding and exercisable, March 31, 2025 | 1934874 | $5.89 | 4.09 | $532060 |
| Granted | 15071250 | 0.70 | *—* | *—* |
| Exercised | (6254963) | 0.41 | *—* | *—* |
| Forfeited/Cancelled | (961) | 0.02 | *—* | *—* |
| Outstanding and exercisable, March 31, 2026\*\* | 10750200 | $1.14 | 5.06 | $10047 |

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\*Aggregate Intrinsic Value = Excess of market value over the exercise price of all in-the-money stock.

\*\*Amount includes 33,131 common warrants, 55,500 Series A Warrants, 1,477,596 Series B Warrants, 9,003,332 Series C Warrants and 180,641 Representative Warrants.

The unrecognized compensation expense at *March 31, 2026* for warrants issued to *third*-party service providers was $0. During the year ended *March 31, 2026*, the Company recorded no stock-based compensation - warrant expense. During the year ended *March 31, 2025*, the Company recorded stock-based compensation - warrant expense of less than $0.1 million.

**Note *4***– **Commitments and Contingencies**

**Legal Proceedings**

From time to time, we *may* be involved in claims that arise during the ordinary course of business. Although the results of litigation and claims cannot be predicted with certainty, we do not currently have any pending litigation to which we are a party or to which our property is subject that we believe to be material. Regardless of the outcome, litigation can be costly and time consuming, and it can divert management's attention from important business matters and initiatives, negatively impacting our overall operations.

**Employment Agreements**

The Company has agreements with key employees to provide certain benefits, including salary and other wage-related benefits, in the event of termination. In addition, the Company has adopted a severance policy for certain key members of executive management to provide certain benefits, including salary and other wage-related benefits, in the event of termination without cause. In total, these benefits would amount to a range of $1.9 million to $2.5 million using the rate of compensation in effect at *March 31, 2026*.

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**Fractional Shares**

On *November 1, 2024,* the Company received notice from the Depository Trust and Clearing Corporation ("DTCC") on behalf of the brokerage firms that hold the shares of Company common stock held in "street name" that, in connection with the rounding of fractional shares in connection with the reverse stock split ("Reverse Stock Split"), the Company would need to issue 271,846 shares of common stock (the "Shares") for the rounding of shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; On *October 24, 2024,* the Company completed a *one*-for- twenty reverse stock split of its common stock.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In connection with the approval of the reverse stock split, the Company agreed that *no* fractional shares will be issued in connection with the reverse stock split and that it would issue *one* full share of the post-reverse stock split common stock to any shareholder who would have been entitled to receive a fractional share as a result of the process. T

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; he Company does *not* believe the number of Shares being requested is correct based on the historical number of shareholders of its common stock and is aware of similar anomalies in recent months for other companies completing a Reverse Stock Split. As such, the Company has begun an inquiry into the calculations set forth in the request. During the pendency of this inquiry, the Company does *not* intend to issue any shares in connection with the fractional shares being requested and has concluded that an obligation should *not* be recorded in its financial statements. The Company is *not* currently subject to any pending litigation as a result of the fractional roundup shares.

**Note *5***– **Related Party Transactions**

On *December 21, 2021,* the Company entered into a license agreement with a company controlled by a significant stockholder of the Company ("Licensee"). On *July 7, 2023,* the Company and the Licensee entered into an Exclusive License Termination Agreement (the "Termination Agreement") in exchange for the issuance, upon the closing of the Company's initial public offering within *one* year of the agreement's execution, of a warrant to purchase shares of the Company for a variable number of shares.

On *January 29, 2024,* pursuant to the Termination Agreement, the Company issued a warrant to purchase 80,000 shares (the "Warrant") pursuant to the Termination Agreement to the Licensee*.* In *August 2025,* 54,400 shares of the Warrant, with an exercise price of $0.02, were exercised on a cashless basis for 53,569 shares of the Company's common stock.

**Note *6–* Income Taxes** 

The Company files U.S. federal and various U.S. state income tax returns. Due to the Company's losses, there was no income tax expense for the years ended *March 31, 2026* and *2025*.

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The Company adopted ASU *2023*-*09* "Income Taxes (Topic *740*): Improvements To Income Tax Disclosures" on a prospective basis beginning with the year ended *March 31, 2026.* The following table presents required disclosure pursuant to ASU *2023*-*09* and reconciles the U.S. federal statutory tax amount and rate to our actual global effective amount and rate for the year ended *March 31, 2026 (*in thousands):

---

| | | |
|:---|:---|:---|
|  |  | **%** |
|  | ***Year Ended March 31, 2026*** | ***Year Ended March 31, 2026*** |
|  | ***Amount*** | ***Percent*** |
| Federal benefit at statutory rate | $(3510) | 21.00% |
| Nontaxable or nondeductible items: |  |  |
| Cancellation of prior stock compensation deferred tax asset | 1360 | (8.13)% |
| Equity-based compensation | 8 | (0.06)% |
| State tax expense | (53) | 0.32% |
| Valuation allowance | 2195 | (13.13)% |
| Effective income tax rate | $— | —% |

---

The effective income tax rate varied from the statutory rate in *2026* primarily due to and the increase in the valuation allowance. The effective income tax rate varied from the statutory rate in *2025* primarily as a result of the increase in the valuation allowance.

The following table presents the Company's effective income tax rate reconciliation for the year ended *March 31, 2025,* in accordance with the guidance prior to the adoption of ASU *2023*-*09* (in thousands):

---

| | | |
|:---|:---|:---|
|  | ***Year Ended March 31, 2025*** | ***Year Ended March 31, 2025*** |
|  | ***Amount*** | ***Percent*** |
| Tax benefit at the U.S. federal statutory rate | $(2396) | 21.00% |
| Permanent differences | 5 | (0.05)% |
| Return to provision | (44) | 0.39% |
| Change in state rate | 234 | (2.05)% |
| State tax (net of federal benefit) | (63) | 0.55% |
| Valuation allowance | 2264 | (19.84)% |
| Effective income tax rate | $— | —% |

---

**Deferred tax assets and liabilities consist of the following (in thousands):**

---

| | | |
|:---|:---|:---|
|  | ***March 31,*** | ***March 31,*** |
|  | ***2026*** | ***2025*** |
| Deferred tax assets: |  |  |
| Capitalized research and development expense | $1275 | $1380 |
| Net operating loss carryforwards | 1965 | 761 |
| Accrual expenses and other current liabilities | 4677 | 3438 |
| Stock-based compensation |  | 450 |
| Total deferred tax assets | 7917 | 6029 |
| Less: valuation allowance | (7917) | (5723) |
| Net deferred tax assets |  | 306 |
| Deferred tax liabilities: |  |  |
| Section 481A method change |  | (306) |
| Total deferred tax liabilities |  | (306) |
| Net deferred tax assets | $— | $— |

---

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At *March 31, 2026,* the Company had U.S. federal net operating loss ("NOL") carry forwards of $9.4 million. Approximately $0.6 million of the U.S. federal NOLs will start expiring in *2037.* Additionally, the Company generated a U.S. federal NOL carry-forward of approximately $8.8 million post-*2017* to *2025.* Under the new Tax Act, post-*2017* federal NOL carry forwards do *not* expire, but can only offset *80%* of taxable income in the year the loss carry forward is used.

Sections *382* and *383* of the Internal Revenue Code limit the annual use of NOL carry-forwards and tax credit carry forwards, respectively, following an ownership change. NOL carry-forwards *may* be subject to annual limitations under Internal Revenue Code Section *382* (Section *382*) (or comparable provisions of state law) if certain changes in ownership were to occur. Determination of ownership change, or limitation hasn't been calculated; however, the Company will perform the NOL limitation analysis under Section *382* before any NOLs are expected to be utilized.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sections *382* and *383* of the Internal Revenue Code limit the annual use of NOL carry-forwards and tax credit carry forwards, respectively, following an ownership change. NOL carry- forwards *may* be subject to annual limitations under Internal Revenue Code Section *382* (Section *382*) (or comparable provisions of state law) if certain changes in ownership were to occur. Determination of ownership change, or limitation hasn't been calculated; however, the Company will perform the NOL limitation analysis under Section *382* before any NOLs are expected to be utilized. The Company has recorded a full valuation allowance against its net total deferred tax assets as of *March 31, 2026* and *2025* because management determined that it is not more-likely-than *not* that those assets will be realized. In assessing the realization of deferred tax assets, management considers whether it is more likely than *not* that some portion or all of deferred assets will *not* be realized. The ultimate realization of the deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. During the year ended *March 31, 2026,* the valuation allowance increased by $2.2 million mainly due to additional capitalized R&D and Start-up Costs.

The Company is subject to income taxes in the U.S. federal jurisdiction and various state jurisdictions. Tax regulations within each jurisdiction are subject to the interpretation of the related tax laws and regulations and require significant judgment to apply. As of *March 31, 2026*, all of the tax years remained open to examination by the federal and state taxing authorities, for *three* or *four* years from the tax year in which net operating losses or tax credits are utilized completely.

As of *March 31, 2026*, the Company has no uncertain tax positions.

**Item 9 - Changes in and Disagreements with Accountants on Accounting and Financial Disclosures.**

None.

**Item 9A - Controls and Procedures.**

**Evaluation of Disclosure Controls and Procedures**

Our management, including our Chief Executive Officer ("CEO"), who serves as our principal executive officer, and our Chief Financial Officer ("CFO"), who serves as our principal financial officer, evaluated the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act), as of the end of the period covered by this Annual Report on Form 10-K. Based on this evaluation, our CEO and our CFO concluded that as a result of the material weaknesses in our internal control over financial reporting discussed below, our disclosure controls and procedures were not effective at ensuring that information required to be disclosed in the reports we file or submit under the Exchange Act is recorded, processed, summarized and reported, within the time periods specified in the SEC's rules and forms and that such information is accumulated and communicated to our management, including our CEO and CFO, or persons performing similar functions, as appropriate to allow timely decisions regarding disclosure.

**Attestation Report of the Registered Public Accounting Firm**

Our independent registered public accounting firm is not required to formally attest to the effectiveness of our internal controls over financial reporting for as long as we are an "emerging growth company" pursuant to the provisions of the Jumpstart Our Business Startups Act.

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**Management**'**s Report on Internal Control Over Financial Reporting**

Our CEO and our CFO are responsible for establishing and maintaining adequate internal control over financial reporting, as such term is defined in Exchange Act Rule 13a-15(f). Management conducted an assessment of the effectiveness of our internal control over financial reporting as of March 31, 2026. In making this assessment, management used the criteria described in Internal Control-Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission ("COSO"). Based upon such assessment and due to both the limited staffing of the Company at its early stage of development and the existence of the material weaknesses in our internal control over financial reporting described below, our CEO and CFO have concluded that, as of March 31, 2026, our internal control over financial reporting was not effective.

A material weakness is a deficiency, or a combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of the company's annual or interim financial statements will not be prevented or detected on a timely basis. Our management, including our CEO and CFO, concluded that our internal control over financial reporting was, and continues to be, ineffective as of March 31, 2026 due to material weaknesses in our internal controls arising from a lack of segregation of duties; general technology controls; and financial statement reporting. It should be noted that any system of controls, however well designed and operated, can provide only reasonable and not absolute assurance that the objectives of the system are met. In addition, the design of any control system is based in part upon certain assumptions about the likelihood of certain events. Because of these and other inherent limitations of control systems, there can be no assurance that any design will succeed in achieving its stated goals under all potential future conditions, regardless of how remote.

Due to our size and the limited number of qualified personnel available, the segregation of certain duties, the proper review of complex accounting transactions and the availability of specific accounting expertise on critical and infrequent or unusual accounting matters may not always be possible and may not be economically feasible. However, to the extent possible, the initiation of daily transactions, the custody of assets and the recording, review and disclosure of complex and unusual accounting transactions are performed by separate individuals, and where possible, with input from outside accounting subject matter experts. Management evaluated the impact of our failure to maintain effective segregation of duties on our assessment of our internal control over financial reporting and has concluded that the control deficiency represents a material weakness. We hired executive officers and management with significant financial and accounting experience in both private and public companies. We have added the use of additional consulting firms to assist with significant and complex accounting transactions and to assist with our segregation of duties and create a more structured financial statement reporting environment. We plan to hire experienced personnel in the accounting and finance department and upgrade appropriate consultants as soon as it becomes economically feasible and sustainable. In addition, management has added additional mitigating controls with regards to cash disbursements; changes were made in our authorization processes to improve segregation of duties; and we performed additional analysis and other post-closing procedures to ensure our financial statements were prepared in accordance with generally accepted accounting principles. Accordingly, we believe that the financial statements included in this report fairly present, in all material respects, our financial condition, results of operations and cash flows for the periods presented.

**Changes in Internal Control over Financial Reporting**

Our employees primarily work remotely, and we have not experienced any material impact to our internal controls over financial reporting as a result of our remote work environment. We continually monitor and assess the design and operating effectiveness of our internal controls.

Other than as described above, there has been no change in our internal control over financial reporting during our most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

**Item *9B.***&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Other Information**

During the *twelve* months ended *March 31, 2026*, no director or officer of the Company adopted or terminated a "Rule 10b5-1 trading arrangement" or "non-Rule 10b5-*1* trading arrangement," as each term is defined in Item *408*(a) of Regulation S-K.

**Item 9C.**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Disclosure Regarding Foreign Jurisdictions that Prevent Inspections**

Not applicable.

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**PART III**

**Item *10.***&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Directors, Executive Officers and Corporate Governance**

The information required by Part III, Item *10* is incorporated herein by reference to our definitive proxy statement relating to the *2026* Annual Meeting of Stockholders to be filed with the SEC within *120* days after the end of the fiscal year covered by this Annual Report on Form 10-K.

Our Board of Directors has adopted a written Code of Business Conduct and Ethics applicable to all officers, directors and employees, which is available on our website (www.autonomix.com) under "Investors" within the "Corporate Governance" section. We intend to satisfy the disclosure requirement under Item *5.05* of Form *8*-K regarding amendment to, or waiver from, a provision of this Code and by posting such information on the website address and location specified above.

**Item *11.***&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Executive Compensation**

The information required by Part III, Item *11* is incorporated herein by reference to our definitive proxy statement relating to the *2026* Annual Meeting of Stockholders to be filed with the SEC within *120* days after the end of the fiscal year covered by this Annual Report on Form 10-K.

**Item 12.**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters**

The information required by Part III, Item 12 is incorporated herein by reference to our definitive proxy statement relating to the 2026 Annual Meeting of Stockholders to be filed with the SEC within 120 days after the end of the fiscal year covered by this Annual Report on Form 10-K.

**Item 13.**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Certain Relationships and Related Transactions, and Director Independence**

The information required by Part III, Item 13 is incorporated herein by reference to our definitive proxy statement relating to the 2026 Annual Meeting of Stockholders to be filed with the SEC within 120 days after the end of the fiscal year covered by this Annual Report on Form 10-K.

**Item 14.**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Principal Accounting Fees and Services**

The information required by Part III, Item 14 is incorporated herein by reference to our definitive proxy statement relating to the 2026 Annual Meeting of Stockholders to be filed with the SEC within 120 days after the end of the fiscal year covered by this Annual Report on Form 10-K.

The independent registered public accounting firm is Forvis Mazars, LLP (PCAOB Firm ID No. 686) located in Atlanta, Georgia.

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**PART IV**

**Item 15.**&nbsp;&nbsp;&nbsp;&nbsp; **Exhibits, Financial Statement Schedules**

&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The following documents are filed or furnished as part of this Form 10-K:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial Statements

Reference is made to the Index to Financial Statements under Item 8, Part II hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial Statement Schedules

The Financial Statement Schedules have been omitted either because they are not required or because the information has been included in the financial statements or the notes thereto included in this Annual Report on Form 10-K.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exhibits

**Exhibit Index**

---

| | |
|:---|:---|
| **Exhibit**<br> **Number** | **Description of Document** |
| 3.1 | [Amended and Restated Certificate of Incorporation of Autonomix Medical, Inc. (incorporated by reference from exhibit 2.1 of the Form 1-A POS, file number 024-12296, filed January 19, 2024)](http://www.sec.gov/Archives/edgar/data/1617867/000168316824000350/autonomix_ex0201.htm) |
| 3.2 | [<u>Certificate of Amendment to the Amended and Restated Certificate of Incorporation of Autonomix Medical, Inc., filed with the Secretary of State of the State of Delaware (incorporated by reference from exhibit 3.1 of the Form 8-K filed October 28, 2024)</u>](http://www.sec.gov/Archives/edgar/data/1617867/000143774924032175/ex_738091.htm) |
| 3.3 | [Amended and Restated Bylaws of Autonomix Medical, Inc. dated August 12, 2025 (incorporated by reference from exhibit 3.4 of the Form 10-Q filed August 13, 2025)](http://www.sec.gov/Archives/edgar/data/1617867/000143774925026564/ex_851445.htm) |
| 4.1 | [Form of Warrant Agreement issued in SAFE offering (incorporated by reference from exhibit 3.1 of the Form 1-A POS, file number 024-12296, filed January 19, 2024)](http://www.sec.gov/Archives/edgar/data/1617867/000168316823005969/autonomix_ex0301.htm) |
| 4.2 | [Form of Selling Agent Warrant (incorporated by reference from exhibit 3.2 of the Form 1-A POS, file number 024-12296, filed January 19, 2024)](http://www.sec.gov/Archives/edgar/data/1617867/000168316823005969/autonomix_ex0302.htm) |
| 4.3 | [Form of Pre-Funded Warrant issued in November 2024 offering (incorporated by reference from exhibit 4.1 of the Form 8-K filed November 25, 2024)](http://www.sec.gov/Archives/edgar/data/1617867/000143774924036182/ex_752263.htm) |
| 4.4 | [<u>Form of Series A Warrant issued in November 2024 offering (incorporated by reference from exhibit 4.2 of the Form 8-K filed November 25, 2024)</u>](http://www.sec.gov/Archives/edgar/data/1617867/000143774924036182/ex_752264.htm) |
| 4.5 | [<u>Form of Representative</u><u>'</u><u>s Warrant issued in November 2024 offering (incorporated by reference from exhibit 4.4 of the Form 8-K filed November 25, 2024)</u>](http://www.sec.gov/Archives/edgar/data/1617867/000143774924036182/ex_752266.htm) |
| 4.6 | [<u>Warrant Agency Agreement, dated November 22, 2024, with Equity Stock Transfer, LLC (incorporated by reference from exhibit 4.3 of the Form 8-K filed November 25, 2024)</u>](http://www.sec.gov/Archives/edgar/data/1617867/000143774924036182/ex_752265.htm) |
| 4.7\* | [Description of the Company's Securities](ex_912491.htm) |
| 4.8 | [Form of Series B Warrant issued in July 2025 offering (incorporated by reference from exhibit 4.1 of the Form 8-K filed July 22, 2025)](http://www.sec.gov/Archives/edgar/data/1617867/000143774925023246/ex_841679.htm) |
| 4.9 | [Form of Pre-Funded Warrant issued in November 2025 offering (incorporated by reference from exhibit 4.1 of the Form 8-K filed November 19, 2025)](http://www.sec.gov/Archives/edgar/data/1617867/000143774924036182/ex_752263.htm) |

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| | |
|:---|:---|
| 4.10 | [Form of Series C Warrant issued in November 2025 offering (incorporated by reference from exhibit 4.2 of the Form 8-K filed November 19, 2025)](http://www.sec.gov/Archives/edgar/data/1617867/000143774924036182/ex_752263.htm) |
| 10.1\*\* | [Employment Letter dated January 4, 2022 between the Company and Robert Schwartz](http://www.sec.gov/Archives/edgar/data/1617867/000168316823005969/autonomix_ex0601.htm)[(incorporated by reference from exhibit 6.1 of the Form 1-A POS, file number 024-12296, filed January 19, 2024)](http://www.sec.gov/Archives/edgar/data/1617867/000168316823005969/autonomix_ex0601.htm) |
| 10.2\*\* | [Amended and Restated Consulting Agreement effective January 4, 2022 between the Company and Landy Toth (incorporated by reference from exhibit 6.2 of the Form 1-A POS, file number 024-12296, filed January 19, 2024)](http://www.sec.gov/Archives/edgar/data/1617867/000168316823005969/autonomix_ex0602.htm) |
| 10.3\*\* | [Employment Agreement between the Company and Lori Bisson dated June 30, 2023 (incorporated by reference from exhibit 6.3 of the Form 1-A POS, file number 024-12296, filed January 19, 2024)](http://www.sec.gov/Archives/edgar/data/1617867/000168316823005969/autonomix_ex0603.htm) |
| 10.4\*\* | [Employment Agreement between the Company and Trent Smith dated July 24, 2023 (incorporated by reference from exhibit 6.4 of the Form 1-A POS, file number 024-12296, filed January 19, 2024)](http://www.sec.gov/Archives/edgar/data/1617867/000168316823005969/autonomix_ex0604.htm) |
| 10.5\*\* | [Autonomix Medical, Inc. 2023 Stock Plan, as amended and restated and forms of award agreements (incorporated by reference from exhibit 4.4 of the Form S-8 (file number 333-294858)](http://www.sec.gov/Archives/edgar/data/1617867/000143774926011167/ex_937978.htm) |
| 10.6 | [Form of Indemnification Agreement with Executive Officers and Directors of the Company (incorporated by reference from exhibit 6.6 of the Form 1-A POS, file number 024-12296, filed January 19, 2024)](http://www.sec.gov/Archives/edgar/data/1617867/000168316823006484/autonomix_ex0606.htm) |
| 10.7 | [Form of Lock-Up Agreement to be entered into between the Company and its officers and directors (incorporated by reference from exhibit 6.7 of the Form 1-A POS, file number 024-12296, filed January 19, 2024)](http://www.sec.gov/Archives/edgar/data/1617867/000168316823005969/autonomix_ex0607.htm) |
| 10.8+ | [Exclusive License Agreement dated December 21, 2021 between Autonomix Medical, Inc. and Impulse Medical, Inc. (incorporated by reference from exhibit 6.8 of the Form 1-A POS, file number 024-12296, filed January 19, 2024)](http://www.sec.gov/Archives/edgar/data/1617867/000168316823006484/autonomix_ex0608.htm) |
| 10.9 | [Exclusive License Termination Agreement dated July 7, 2023 between Autonomix Medical, Inc. and Impulse Medical, Inc. (incorporated by reference from exhibit 6.9 of the Form 1-A POS, file number 024-12296, filed January 19, 2024)](http://www.sec.gov/Archives/edgar/data/1617867/000168316823006484/autonomix_ex0609.htm) |
| 10.10\*\* | [<u>Employment Agreement between Brad Hauser and Autonomix Medical, Inc. dated June 17, 2024. (incorporated by reference from exhibit 10.1 of the Form 8-K filed June 17, 2024)</u>](http://www.sec.gov/Archives/edgar/data/1617867/000143774924020534/ex_688939.htm) |
| 10.11\*\* | [<u>Employment Agreement between Lori Bisson and Autonomix Medical, Inc. dated June 17, 2024. (incorporated by reference from exhibit 10.2 of the Form 8-K filed June 17, 2024)</u>](http://www.sec.gov/Archives/edgar/data/1617867/000143774924020534/ex_688940.htm) |
| 10.12 | [<u>License Agreement between Autonomix Medical, Inc. and RF Innovations, Inc. (incorporated by reference from exhibit 10.1 of the Form 8-K filed July 15, 2024)</u>](http://www.sec.gov/Archives/edgar/data/1617867/000143774924022711/ex_698206.htm) |
| 10.13\*\* | [<u>Non-Employee Director Compensation Plan (incorporated by reference from exhibit 10.2 of the Form 10-Q filed November 8, 2024)</u>](http://www.sec.gov/Archives/edgar/data/1617867/000143774924034230/ex_745156.htm) |
| 10.14 | [<u>At Market Issuance Sales Agreement, dated February 28, 2025, by and between Autonomix Medical, Inc. and Ladenburg Thalmann & Co. Inc. (incorporated by reference from exhibit 1.1 of the Form 8-K filed February 28, 2025)</u>](http://www.sec.gov/Archives/edgar/data/1617867/000143774925005739/ex_783987.htm) |
| 10.15\*\* | [Stock Option Cancellation and Severance Agreement between Autonomix Medical, Inc. and Brad Hauser dated August 11, 2025 (incorporated by reference from exhibit 10.2 of the Form 10-Q filed August 13, 2025)](http://www.sec.gov/Archives/edgar/data/1617867/000143774925026564/ex_848526.htm) |
| 10.16\*\* | [Stock Option Cancellation and Severance Agreement between Autonomix Medical, Inc. and Trent Smith dated August 11, 2025 (incorporated by reference from exhibit 10.3 of the Form 10-Q filed August 13, 2025)](http://www.sec.gov/Archives/edgar/data/1617867/000143774925026564/ex_848527.htm) |
| 10.17\*\* | [Stock Option Cancellation and Severance Agreement between Autonomix Medical, Inc. and Landy Toth dated August 11, 2025 (incorporated by reference from exhibit 10.4 of the Form 10-Q filed August 13, 2025)](http://www.sec.gov/Archives/edgar/data/1617867/000143774925026564/ex_851487.htm) |
| 10.18 \*\* | [Stock Option Cancellation and Severance Agreement between Autonomix Medical, Inc. and Robert Schwartz dated August 11, 2025 (incorporated by reference from exhibit 10.5 of the Form 10-Q filed August 13, 2025)](http://www.sec.gov/Archives/edgar/data/1617867/000143774925026564/ex_851488.htm) |

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| | |
|:---|:---|
| 10.19 + | [Purchase Agreement, dated August 25, 2025, by and between the Company and Lincoln Park Capital Fund, LLC (incorporated by reference from exhibit 10.1 of the Form 8-K filed August 26, 2025)](http://www.sec.gov/Archives/edgar/data/1617867/000143774925027719/ex_856934.htm) |
| 10.20 | [Registration Rights Agreement, dated August 25, 2025, by and between the Company and Lincoln Park Capital Fund, LLC (incorporated by reference from exhibit 10.2 of the Form 8-K filed August 26, 2025)](http://www.sec.gov/Archives/edgar/data/1617867/000143774925027719/ex_856935.htm) |
| 10.21 | [Form of Securities Purchase Agreement, dated November 18, 2025 (incorporated by reference from exhibit 10.1 of the Form 8-K filed November 19, 2025)](http://www.sec.gov/Archives/edgar/data/1617867/000143774925035733/ex_890601.htm) |
| 19 | [Autonomix Medical, Inc. Insider Trading Policy](http://www.sec.gov/Archives/edgar/data/1617867/000143774925018831/ex_819986.htm)[(incorporated by reference from Exhibit 19 of the Form 10-K filed May 29, 2025)](http://www.sec.gov/Archives/edgar/data/1617867/000143774925018831/ex_819986.htm) |
| 23.1\* | [Consent of Forvis Mazars, LLP](ex_912493.htm) |
| 31.1\* | [Certification of Chief Executive Officer pursuant to Rule 13a-14 of the Securities Exchange Act of 1934, as amended](ex_912494.htm) |
| 31.2\* | [Certification of Principal Financial Officer pursuant to Rule 13a-14 of the Securities Exchange Act of 1934, as amended](ex_912495.htm) |
| 32.1\* | [Certification of Chief Executive Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002](ex_912496.htm) |
| 32.2\* | [Certification of Principal Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002](ex_912497.htm) |
| 97 | [Autonomix Medical, Inc. Restatement Recoupment Policy <u>(incorporated by reference from exhibit 97 of the Form 10-K filed May 31, 2024)</u>](http://www.sec.gov/Archives/edgar/data/1617867/000143774924018932/ex_681785.htm) |
| 101.INS\* | Inline XBRL Instance Document |
| 101.SCH\* | Inline XBRL Taxonomy Extension Schema Document |
| 101.CAL\* | Inline XBRL Taxonomy Extension Calculation Linkbase Document |
| 101.DEF\* | Inline XBRL Taxonomy Extension Definition Linkbase Document |
| 101.LAB\* | Inline XBRL Taxonomy Extension Label Linkbase Document |
| 101.PRE\* | Inline XBRL Taxonomy Extension Presentation Linkbase Document |
| 104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) |

---

------

\* Filed herewith.

\*\* Denotes a management contract or compensatory plan or arrangement.

---

| | |
|:---|:---|
| + | Pursuant to Item 601(b)(10)(iv) of Regulation S-K promulgated by the SEC, certain portions of this exhibit have been redacted. The Company hereby agrees to furnish supplementally to the SEC, upon its request, an unredacted copy of this exhibit. |

---

**Item 16.**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **10-K Summary**

None.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 69

------

[**Table of Contents**](#toc)

**SIGNATURES**

Pursuant to the requirements of Section 13 or 15(d) Securities Exchange Act of 1934, the Registrant has duly caused this Report to be signed on its behalf by the undersigned, thereunto duly authorized.

AUTONOMIX MEDICAL, INC.<br>

---

| | | |
|:---|:---|:---|
| Date: May 27, 2026 | By: | /s/&nbsp;&nbsp;&nbsp;&nbsp;BRAD HAUSER |
|  |  | **Brad Hauser**<br> **Chief Executive Officer, President and Director**<br> **(Principal Executive Officer)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed by the following persons on behalf of the Registrant in the capacities and on the dates indicated. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed by the following persons on behalf of the Registrant in the capacities and on the dates indicated. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed by the following persons on behalf of the Registrant in the capacities and on the dates indicated. |
| Date: May 27, 2026 | By: | /s/&nbsp;&nbsp;&nbsp;&nbsp;BRAD HAUSER |
|  |  | **Brad Hauser**<br> **Chief Executive Officer, President and Director**<br> **(Principal Executive Officer)** |
| Date: May 27, 2026 |  | /s/&nbsp;&nbsp;&nbsp;&nbsp;TRENT SMITH |
|  |  | **Trent Smith**<br> **Chief Financial Officer**<br> **(Principal Financial and Accounting Officer)** |
| Date: May 27, 2026 |  | /s/&nbsp;&nbsp;&nbsp;&nbsp;WALTER KLEMP |
|  |  | **Walter Klemp**<br> **Executive Chair of the Board of Directors** |
| Date: May 27, 2026 |  | /s/&nbsp;&nbsp;&nbsp;&nbsp;LORI BISSON |
|  |  | **Vice Chair of the Board of Directors** |
| Date: May 27, 2026 |  | /s/&nbsp;&nbsp;&nbsp;&nbsp;JONATHAN FOSTER |
|  |  | **Jonathan Foster**<br> **Director** |
| Date: May 27, 2026 |  | /s/&nbsp;&nbsp;&nbsp;&nbsp;DAVID ROBINS |
|  |  | **David Robins**<br> **Director** |
| Date: May 27, 2026 |  | /s/&nbsp;&nbsp;&nbsp;&nbsp;CHRISTOPHER CAPELLI, MD |
|  |  | **Christopher Capelli**<br> **Director** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 70

## Exhibit 4.7

**Exhibit 4.7**

**DESCRIPTION OF THE COMPANY**'**S SECURITIES**

*The following summary is a description of the material terms of our capital stock. This summary is not complete and is qualified by reference to our amended and restated certificate of incorporation, as amended, and our amended and restated bylaws, which are filed as exhibits to this Annual Report on Form 10-K and are incorporated by reference herein. We encourage you to read our amended and restated certificate of incorporation, as amended, our amended and restated bylaws and the applicable provisions of the Delaware General Corporation Law for additional information.*

**Common Stock**

We are authorized to issue up to 500,000,000 shares of common stock. Shares of our common stock have the following rights, preferences and privileges:

*Voting*

Each holder of common stock is entitled to one vote for each share of common stock held on all matters submitted to a vote of stockholders. Any action at a meeting at which a quorum is present will be decided by a majority in voting power of the votes cast (excluding abstentions and broker non-votes), except in the case of any election of directors, which will be decided by a plurality of votes cast. There is no cumulative voting.

*Dividends*

Holders of our common stock are entitled to receive dividends when, as and if declared by our board of directors out of funds legally available for payment, subject to the rights of holders, if any, of any class of stock having preference over the common stock. Any decision to pay dividends on our common stock will be at the discretion of our board of directors. Our board of directors may or may not determine to declare dividends in the future. The board's determination to issue dividends will depend upon our profitability and financial condition any contractual restrictions, restrictions imposed by applicable law and the SEC, and other factors that our board of directors deems relevant.

*Liquidation Rights*

In the event of a voluntary or involuntary liquidation, dissolution or winding up of the company, the holders of our common stock will be entitled to share ratably on the basis of the number of shares held in any of the assets available for distribution after we have paid in full, or provided for payment of, all of our debts and after the holders of all outstanding series of any class of stock have preference over the common stock, if any, have received their liquidation preferences in full.

*Other*

Our issued and outstanding shares of common stock are fully paid and nonassessable. Holders of shares of our common stock are not entitled to preemptive rights. Shares of our common stock are not convertible into shares of any other class of capital stock, nor are they subject to any redemption or sinking fund provisions.

**Preferred Stock**

We are authorized to issue up to 10,000,000 shares of preferred stock. Our certificate of incorporation authorizes the board to issue these shares in one or more series, to determine the designations and the powers, preferences and relative, participating, optional or other special rights and the qualifications, limitations and restrictions thereof, including the dividend rights, conversion or exchange rights, voting rights (including the number of votes per share), redemption rights and terms, liquidation preferences, sinking fund provisions and the number of shares constituting the series. Our board of directors could, without stockholder approval, issue preferred stock with voting and other rights that could adversely affect the voting power and other rights of the holders of common stock and which could have the effect of making it more difficult for a third party to acquire, or of discouraging a third party from attempting to acquire, a majority of our outstanding voting stock.

------

**Warrants**

*License Termination Warrants*

As of March 31, 2026, we have outstanding warrants to purchase 25,600 shares of our common stock at an exercise price of $0.02 per share expiring January 2029. The shares underlying the warrant are subject to a lockup agreement for a period of six months after the closing of our IPO with respect to 12.5% of the shares issued and twelve months after the closing of our IPO for the remainder of the shares. We have agreed to register the resale of the shares of common stock underlying the warrant upon a notice of 20 business days by the warrant holder.

*Post-IPO Warrants*

As of March 31, 2026, we have outstanding Series A, B and C warrants, respectively, to purchase 55,500, 1,477,596 and 9,003,332 shares, respectively of our common stock at a weighted average exercise price per share of $6.54, $1.723 and $0.8607, respectively, expiring through May 2031 and representative warrants to purchase 91,985 and 88,656 shares of our common stock at a weighted average exercise price of $10.137 and $2.6707 per share, respectively, expiring through November 2029 and July 2030.

*Pre-IPO Warrants*

As of March 31, 2026, we have outstanding warrants to purchase 4,543 shares of our common stock at a weighted average exercise price of $12.00 per share expiring through March 2032 and warrants to purchase 25,003 shares of our common stock at an exercise price of $20.00 per share expiring through October 2028. The foregoing warrants provide that no holder of these warrants will be permitted to exercise such warrants to the extent that the holder or any of its affiliates would beneficially own in excess of 4.99% of our common stock after such exercise.

*Selling Agent Warrants*

In connection with our IPO, we issued 2,988 shares of our common stock issuable upon exercise of warrants issued to the selling agent in our IPO (the "Selling Agent's Warrants"). The Selling Agent's Warrants are exercisable commencing six months after the date of commencement of sales in our IPO and will be exercisable until the fifth anniversary of such date. The exercise price for the Selling Agent's Warrants is $125.00 per share. The Selling Agent's Warrants are not redeemable.

**Limitations on Liability and Indemnification of Officers and Directors**

Our certificate of incorporation and bylaws limit the liability of our officers and directors and provide that we will indemnify our officers and directors, in each case, to the fullest extent permitted by the Delaware General Corporation Law.

We have entered into separate indemnification agreements with each of our directors and executive officers. Insofar as indemnification for liabilities arising under the Securities Act may be permitted to directors or executive officers, we have been informed that in the opinion of the Commission such indemnification is against public policy and is therefore unenforceable.

**Certificate of Incorporation and Bylaw Provisions**

Our certificate of incorporation and bylaws include a number of anti-takeover provisions that may have the effect of encouraging persons considering unsolicited tender offers or other unilateral takeover proposals to negotiate with our board of directors rather than pursue non-negotiated takeover attempts. These provisions include:

*Advance Notice Requirements.* Our bylaws establish advance notice procedures with regard to stockholder proposals relating to the nomination of candidates for election as directors or new business to be brought before meetings of stockholders. These procedures provide that notice of stockholder proposals must be timely and given in writing to our corporate Secretary. Generally, to be timely, notice must be received at our principal executive offices not less than ninety days nor more than one hundred twenty days prior to the one-year anniversary of the preceding year's annual meeting. The notice must contain the information required by the bylaws, including information regarding the proposal and the proponent.

------

*Special Meetings of Stockholders*. Our certificate of incorporation provides that special meetings of stockholders may be called at any time by only the Chairman of the Board, the Chief Executive Officer, the President or the board of directors.

*No Written Consent of Stockholders*. Our certificate of incorporation provides that any action required or permitted to be taken by stockholders must be effected at a duly called annual or special meeting of stockholders and may not be effected by any consent in writing by such stockholders.

This choice of forum provision may limit a stockholder's ability to bring a claim in a judicial forum that it finds favorable for disputes with us or our directors, officers or other employees, which may discourage such lawsuits against us and our directors, officers and employees. In addition, this forum selection provision may impose additional litigation costs on stockholders in pursuing the claims identified above, particularly if the stockholders do not reside in or near the State of Delaware. Alternatively, a court could find these provisions of our certificate of incorporation to be inapplicable or unenforceable in respect of one or more of the specified types of actions or proceedings, which may require us to incur additional costs associated with resolving such matters in other jurisdictions, which could adversely affect our business and financial condition.

*Amendment of Bylaws*. Our stockholders may amend any provisions of our bylaws by obtaining the affirmative vote of the holders of a majority of each class of issued and outstanding shares of our voting securities, at a meeting called for the purpose of amending and/or restating our bylaws.

*Preferred Stock*. Our certificate of incorporation authorizes our board of directors to create and issue rights entitling our stockholders to purchase shares of our stock or other securities. The ability of our board to establish the rights and issue substantial amounts of preferred stock without the need for stockholder approval may delay or deter a change in control of us. See "<u>Preferred Stock</u>" above.

**Delaware Takeover Statute**

We are subject to Section 203 of the DGCL which, subject to certain exceptions, prohibits a Delaware corporation from engaging in any "business combination" (as defined below) with any interested stockholder for a period of three years following the date that such stockholder became an interested stockholder, unless: (1) prior to such date, the board of directors of the corporation approved either the business combination or the transaction that resulted in the stockholder becoming an interested stockholder; (2) on consummation of the transaction that resulted in the stockholder becoming an interested stockholder, the interested stockholder owned at least 85% of the voting stock of the corporation outstanding at the time the transaction commenced, excluding for purposes of determining the voting stock outstanding those shares owned (a) by persons who are directors and also officers and (b) by employee stock plans in which employee participants do not have the right to determine confidentially whether shares held subject to this plan will be tendered in a tender or exchange offer; or (3) on or subsequent to such date, the business combination is approved by the board of directors and authorized at an annual or special meeting of stockholders, and not by written consent, by the affirmative vote of at least 66 2⁄3% of the outstanding voting stock that is not owned by the interested stockholder.

------

Section 203 of the DGCL defines generally "business combination" to include: (1) any merger or consolidation involving the corporation and the interested stockholder; (2) any sale, transfer, pledge or other disposition of 10% or more of the assets of the corporation involving the interested stockholder; (3) subject to certain exceptions, any transaction that results in the issuance or transfer by the corporation of any stock of the corporation to the interested stockholder; (4) any transaction involving the corporation that has the effect of increasing the proportionate share of the stock of any class or series of the corporation beneficially owned by the interested stockholder; or (5) the receipt by the interested stockholder of the benefit of any loans, advances, guarantees, pledges or other financial benefits provided by or through the corporation. In general, Section 203 defines an "interested stockholder" as any entity or person beneficially owning 15% or more of the outstanding voting stock of the corporation and any entity or person affiliated with or controlling or controlled by such entity or person.

**Transfer Agent**

The transfer agent for our common stock is Equity Stock Transfer, LLC.

## Exhibit 23.1

**Exhibit 23.1**

**Consent of Independent Registered Public Accounting Firm**

We consent to the incorporation by reference in the Registration Statements on Forms S-3 and S-8 (Nos. 333-285464, 333-279894, 333-294858 and 333-291825) of our report dated May 27, 2026, with respect to the financial statements of Autonomix Medical, Inc. included in this Annual Report on Form 10-K for the year ended March 31, 2026.

/s/ Forvis Mazars, LLP

Atlanta, Georgia

May 27, 2026

## Exhibit 31.1

**Exhibit 31.1**

**OFFICER**'**S CERTIFICATION PURSUANT TO** 

**SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002**

I, Brad Hauser, certify that:

1. I have reviewed this Annual Report on Form 10-K for the period ended March 31, 2026 of Autonomix Medical, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: May 27, 2026

---

| |
|:---|
| /s/ Brad Hauser |
| Brad Hauser |
| Chief Executive Officer and President |
| (Principal Executive Officer) |

---

## Exhibit 31.2

**Exhibit 31.2**

**OFFICER**'**S CERTIFICATION PURSUANT TO** 

**SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002**

I, Trent Smith, certify that:

1. I have reviewed this Annual Report on Form 10-K for the period ended March 31, 2026 of Autonomix Medical, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: May 27, 2026

---

| |
|:---|
| /s/ Trent Smith |
| Trent Smith |
| Chief Financial Officer and Executive Vice-President |
| (Principal Financial Officer and Accounting Officer) |

---

## Exhibit 32.1

**Exhibit 32.1**

**CERTIFICATION PURSUANT TO**

**18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO**

**SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002**

In connection with the Annual Report on Form 10-K for the fiscal year ended March 31, 2026 of Autonomix Medical, Inc. (the "Company") as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, Brad Hauser, Chief Executive Officer of the Company, do hereby certify, pursuant to 18 USC Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

&nbsp;&nbsp;&nbsp;&nbsp;1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 (15 U.S.C 78m or 78o(d)); and

&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date: May 27, 2026

---

| |
|:---|
| /s/ Brad Hauser |
| Brad Hauser |
| Chief Executive Officer and President |
| (Principal Executive Officer) |

---

## Exhibit 32.2

**Exhibit 32.2**

**CERTIFICATION PURSUANT TO**

**18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO**

**SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002**

In connection with the Annual Report on Form 10-K for the fiscal year ended March 31, 2026 of Autonomix Medical, Inc. (the "Company") as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, Trent Smith, Chief Financial Officer of the Company, do hereby certify, pursuant to 18 USC Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

&nbsp;&nbsp;&nbsp;&nbsp;1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 (15 U.S.C 78m or 78o(d)); and

&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date: May 27, 2026

---

| |
|:---|
| /s/ Trent Smith |
| Trent Smith |
| Chief Financial Officer and Executive Vice-President |
| (Principal Financial Officer and Accounting Officer) |

---