AIFF | Market Cap: $17.9M (07/13/26)
Industry:
Healthcare Equipment, Supplies, & Technology

DESCRIPTION

Firefly Neuroscience makes a clinical platform that captures and analyzes brain electrical activity to help clinicians diagnose and monitor neurological and psychiatric conditions. The core product is the Evoke System, an FDA-cleared hardware and software platform that uses a 19-electrode cap to record electroencephalographic (EEG) and event-related potential (ERP) data from patients. That data is sent to Firefly's cloud analytics engine, which compares it against a proprietary reference database of over 191,000 standardized EEG/ERP records and returns a structured diagnostic report to the clinician. Key clinical use cases include distinguishing between conditions with overlapping presentations, early detection of Mild Cognitive Impairment and Alzheimer's disease, treatment selection support, and longitudinal patient monitoring. The Evoke System is designed for standard clinical staff without specialized neurophysiology training, and is sized and priced for ordinary office settings — a deliberate contrast to MRI and CT infrastructure. Firefly sells access to the Evoke System through a tiered monthly subscription that bundles hardware, a defined number of assessments, and the analytics platform; additional assessments above the monthly allotment are billed as overages. Revenue scales with both the number of clinical sites and utilization per site. The Evoke System is deployed at more than 85 U.S. clinical sites. Firefly also generates secondary revenue from pharmaceutical and academic research partnerships, where sponsors use Firefly's platform as a biomarker tool in CNS drug development trials.

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