Aclarion posts loss, addresses Nasdaq delisting notices

BROOMFIELD — Aclarion Inc. (Nasdaq: ACON), a Broomfield-based medical-device startup, recorded a loss of $1.18 million during the first quarter, compared with a loss of $773,000 during the same period a year ago.

Aclarion has recorded limited sales to date, with first-quarter revenue of $25,470, compared with $9,026 the prior year, according to a filing with the U.S. Securities and Exchange Commission.

Aclarion posted a net loss of $7.6 million in 2022, compared with a net loss of $4.95 million in 2021.

Aclarion is a health care technology company that uses biomarkers and proprietary augmented intelligence algorithms to help physicians identify the location of chronic low back pain.

The company, formerly known as Nocimed Inc., completed an initial public offering in April 2022 and subsequently relocated its corporate headquarters from San Mateo, California, to Broomfield.

“The company believes that the net proceeds from the April 2022 initial public offering, and subsequent funding … will be sufficient to fund operating plans into the third quarter of 2023,” Aclarion stated in its SEC filing. “The company has based these estimates, however, on assumptions that may prove to be wrong, and could spend available financial resources much faster than we expect. The company will need to raise additional funds to continue funding our technology development. Management plans to secure such additional funding.

“As a result of the company’s recurring losses from operations and the need for additional financing to fund its operating and capital requirements, there is uncertainty regarding the company’s ability to maintain liquidity sufficient to operate its business effectively, which raises substantial doubt as to the company’s ability to continue as a going concern.”

Since December 2022, Aclarion has received two notices of noncompliance with Nasdaq listing rules. The company failed to meet the $1 minimum-bid requirement for its stock price, but informed Nasdaq on June 15 that it had regained compliance, with its stock trading at $1 or higher from June 1 through June 14. 

In March, Aclarion received notice from Nasdaq that it was not in compliance with a requirement that it maintain $2.5 million in stockholders’ equity, according to the quarterly filing with the SEC. The company reported $1.79 million in stockholders equity at the end of 2022 and $1.12 million at the end of the first quarter. Aclarion has until Aug. 30 to regain compliance with the listing rule.

Aclarion’s stock closed Wednesday at 72 cents per share.

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