FEED

FEED is the post-reverse-merger shell of NanoVibronix, which absorbed ENvue Medical (enteral feeding devices) in the February 14, 2025 Merger. The combined entity is a $1.92M market-cap micro-cap whose business does not yet function as a going concern on the numbers provided. FY2025 revenue was $2.55M — flat (-0.2% YoY) and roughly the same as FY2024's $2.56M — but gross profit collapsed 89.9% to just $153K, a 6.0% gross margin, meaning the company barely covers the cost of the products it sells before any operating expense. Operating income was -$22.9M on that revenue (an -896.6% operating margin) and net loss was -$18.2M, nearly 4x the prior year's loss. Diluted EPS of -$26.69 alongside a +387.4% jump in shares outstanding to 3.70M confirms a reverse split layered on top of heavy issuance.

The balance sheet superficially improved — equity swung to $33.5M and assets to $41.1M — but this is merger accounting (goodwill/intangibles from acquiring ENvue), not operating strength; the retained-earnings deficit deepened to -$90.5M. What matters for survival is liquidity: cash is only $4.22M against operating cash burn of -$9.37M per year. That is well under twelve months of runway, so further dilutive financing is a near-certainty, not a risk scenario. The filing also discloses 61,346 shares of Series X Non-Voting Convertible Preferred plus pre-funded warrants outstanding after the merger — an enormous conversion overhang relative to the 3.70M common shares.