AMIX

Autonomix is a development-stage medical-device company with no product on the market and $0.00 revenue in every fiscal year of record (FY2023–FY2026). It is a pure clinical-and-regulatory story: a catheter-based transvascular nerve-sensing and RF-ablation platform still in the proof-of-concept stage, with management explicitly stating it is 'refining the design of our catheter to meet requirements for human use.' There is no commercial engine here — only cash burn against a hoped-for future approval, so the equity is a binary bet on trials and financing, not on any current business.

The balance sheet makes the risk acute. Management states outright that an accumulated deficit of $67.1M, negative operating cash flow of $12.3M and working capital of $5.9M 'raise substantial doubt about our ability to continue as a going concern,' and that current cash of $7.0M funds operations only 'into but not beyond the fourth calendar quarter of 2026' — i.e., a hard funding wall roughly one quarter out from today (July 2026). With operating burn of $17.0M against $7.0M of cash, a dilutive raise is not a risk, it is a near-certain requirement. The dilution track record is brutal: shares outstanding jumped +310% YoY to 11.4M as warrants (including 5.4M pre-funded) were exercised, and the company funds itself entirely 'from proceeds from equity sales.' Losses are widening, not narrowing — net loss of $16.7M was worse than FY2025's $11.4M, driven by R&D +51% and G&A +44% — so the burn is accelerating into the cash crunch.