☒ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Delaware | 04-3308180 | ||||
(State or other jurisdiction of | (I.R.S. Employer Identification No.) | ||||
incorporation or organization) | |||||
4B Gill Street Woburn, Massachusetts
|
01801 | ||||
(Address of principal executive offices) | (Zip Code) |
Title of each class | Trading Symbol(s) | Name of exchange on which registered | ||||||
Common Stock, $0.0001 par value per share | NURO | The Nasdaq Stock Market LLC | ||||||
Preferred Stock Purchase Rights | ||||||||
Large accelerated filer | Accelerated filer | Non-accelerated filer | Smaller reporting company | Emerging growth company | ||||||||||||||||||||||
☐ | ☐ | ☐ |
x
|
☐ |
Item 1. | ||||||||
Balance Sheets as of September 30, 2021 (unaudited) and December 31, 2020 | ||||||||
Statements of Operations (unaudited) for the Quarters and Nine Months Ended September 30, 2021 and 2020 | ||||||||
Statements of Changes in Stockholders' Equity (unaudited) for the Quarters and Nine Months Ended September 30, 2021 and 2020 | ||||||||
Statements of Cash Flows (unaudited) for the Nine Months Ended September 30, 2021 and 2020 | 4 | |||||||
Item 2. | 10 | |||||||
Item 3. | 16 | |||||||
Item 4. | 16 | |||||||
Item 1. | 17 | |||||||
Item 1A. | 17 | |||||||
Item 2. | 17 | |||||||
Item 3. | 17 | |||||||
Item 4. | 17 | |||||||
Item 5. | 17 | |||||||
Item 6. | 17 | |||||||
18 |
September 30, 2021 | December 31, 2020 | ||||||||||
(Unaudited) | |||||||||||
Assets | |||||||||||
Current assets: | |||||||||||
Cash and cash equivalents
|
$ | 23,213,537 | $ | 5,226,213 | |||||||
Accounts receivable, net
|
639,766 | 334,297 | |||||||||
Inventories
|
996,951 | 1,051,282 | |||||||||
Prepaid expenses and other current assets
|
710,136 | 478,074 | |||||||||
Total current assets
|
25,560,390 | 7,089,866 | |||||||||
Fixed assets, net | 204,939 | 183,494 | |||||||||
Right to use asset | 499,047 | 692,692 | |||||||||
Other long-term assets | 29,293 | 28,523 | |||||||||
Total assets
|
$ | 26,293,669 | $ | 7,994,575 | |||||||
Liabilities and Stockholders’ Equity | |||||||||||
Current liabilities: | |||||||||||
Accounts payable
|
$ | 316,969 | $ | 142,316 | |||||||
Accrued expenses and compensation
|
1,028,373 | 998,442 | |||||||||
Accrued product returns
|
46,000 | 545,000 | |||||||||
Lease obligation, current
|
345,147 | 599,632 | |||||||||
Total current liabilities
|
1,736,489 | 2,285,390 | |||||||||
Lease obligation, net of current portion
|
329,169 | 461,410 | |||||||||
Total liabilities
|
2,065,658 | 2,746,800 | |||||||||
Commitments and contingencies | |||||||||||
Stockholders’ equity: | |||||||||||
Preferred stock
|
— | — | |||||||||
Convertible preferred stock
|
1 | 1 | |||||||||
Common stock, $0.0001 par value; 25,000,000 shares authorized at September 30, 2021 and December 31, 2020; 6,645,397 and 3,793,739 shares issued and outstanding at September 30, 2021 and December 31, 2020, respectively
|
665 | 379 | |||||||||
Additional paid-in capital
|
222,387,601 | 202,129,195 | |||||||||
Accumulated deficit
|
(198,160,256) | (196,881,800) | |||||||||
Total stockholders’ equity
|
24,228,011 | 5,247,775 | |||||||||
Total liabilities and stockholders’ equity
|
$ | 26,293,669 | $ | 7,994,575 |
Quarters Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Revenues | $ | 2,064,359 | $ | 2,036,228 | $ | 6,433,330 | $ | 5,568,243 | |||||||||||||||
Cost of revenues | 619,833 | 537,614 | 1,754,343 | 1,652,890 | |||||||||||||||||||
Gross profit
|
1,444,526 | 1,498,614 | 4,678,987 | 3,915,353 | |||||||||||||||||||
Operating expenses: | |||||||||||||||||||||||
Research and development
|
724,556 | 652,671 | 1,599,358 | 1,846,569 | |||||||||||||||||||
Sales and marketing
|
442,230 | 340,927 | 1,105,548 | 1,144,389 | |||||||||||||||||||
General and administrative
|
965,711 | 762,903 | 3,254,210 | 2,693,146 | |||||||||||||||||||
Total operating expenses
|
2,132,497 | 1,756,501 | 5,959,116 | 5,684,104 | |||||||||||||||||||
Loss from operations
|
(687,971) | (257,887) | (1,280,129) | (1,768,751) | |||||||||||||||||||
Other income | 882 | 774 | 1,673 | 2,323 | |||||||||||||||||||
Net loss | $ | (687,089) | $ | (257,113) | $ | (1,278,456) | $ | (1,766,428) | |||||||||||||||
Net loss per common share applicable to common stockholders, basic and diluted | $ | (0.12) | $ | (0.07) | $ | (0.28) | $ | (0.64) | |||||||||||||||
Series B Convertible Preferred Stock |
Common
Stock |
Additional
Paid-In Capital |
Accumulated
Deficit |
Total | |||||||||||||||||||||||||||||||||||||
Number of
Shares |
Amount |
Number of
Shares |
Amount | ||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2019 | 200 | $ | 1 | 1,400,674 | $ | 140 | $ | 197,319,698 | $ | (194,789,605) | $ | 2,530,234 | |||||||||||||||||||||||||||||
Stock-based compensation expense | — | — | — | — | 144,047 | — | 144,047 | ||||||||||||||||||||||||||||||||||
Issuance of common stock under at the market offering | — | — | 256,078 | 25 | 453,432 | — | 453,457 | ||||||||||||||||||||||||||||||||||
Issuance of common stock to settle compensation obligations | — | — | 31,000 | 3 | 43,748 | — | 43,751 | ||||||||||||||||||||||||||||||||||
Net loss | — | (657,371) | (657,371) | ||||||||||||||||||||||||||||||||||||||
Balance at March 31, 2020 | 200 | 1 | 1,687,752 | 168 | 197,960,925 | (195,446,976) | 2,514,118 | ||||||||||||||||||||||||||||||||||
Stock-based compensation expense | — | — | — | — | 128,862 | — | 128,862 | ||||||||||||||||||||||||||||||||||
Issuance of common stock under at the market offering | — | — | 2,092,541 | 209 | 3,689,765 | — | 3,689,974 | ||||||||||||||||||||||||||||||||||
Issuance of common stock under employee stock purchase plan | — | — | 4,364 | 1 | 7,605 | — | 7,606 | ||||||||||||||||||||||||||||||||||
Net loss | — | — | — | — | — | (851,944) | (851,944) | ||||||||||||||||||||||||||||||||||
Balance at June 30, 2020 | 200 | 1 | 3,784,657 | 378 | 201,787,157 | (196,298,920) | 5,488,616 | ||||||||||||||||||||||||||||||||||
Stock-based compensation expense | — | — | — | — | 140,269 | — | 140,269 | ||||||||||||||||||||||||||||||||||
Net loss | — | — | — | — | — | (257,113) | (257,113) | ||||||||||||||||||||||||||||||||||
Balance at September 30, 2020 | 200 | $ | 1 | 3,784,657 | $ | 378 | $ | 201,927,426 | $ | (196,556,033) | $ | 5,371,772 | |||||||||||||||||||||||||||||
Series B Convertible Preferred Stock |
Common
Stock |
Additional
Paid-In Capital |
Accumulated
Deficit |
Total | |||||||||||||||||||||||||||||||||||||
Number of
Shares |
Amount |
Number of
Shares |
Amount | ||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2020 | 200 | $ | 1 | 3,793,739 | $ | 379 | $ | 202,129,195 | $ | (196,881,800) | $ | 5,247,775 | |||||||||||||||||||||||||||||
Stock-based compensation expense | — | — | — | — | 68,863 | — | 68,863 | ||||||||||||||||||||||||||||||||||
Issuance of common stock under employee stock purchase plan | — | — | 2,408 | 1 | 4,196 | — | 4,197 | ||||||||||||||||||||||||||||||||||
Net loss | — | — | — | — | — | (59,783) | (59,783) | ||||||||||||||||||||||||||||||||||
Balance at March 31, 2021 | 200 | 1 | 3,796,147 | 380 | 202,202,254 | (196,941,583) | 5,261,052 | ||||||||||||||||||||||||||||||||||
Stock-based compensation expense | — | — | — | — | 319,863 | — | 319,863 | ||||||||||||||||||||||||||||||||||
Issuance of common stock under at the market offering | — | — | 1,207,681 | 121 | 3,766,727 | — | 3,766,848 | ||||||||||||||||||||||||||||||||||
Issuance of common stock under employee stock purchase plan | — | — | 7,055 | 1 | 18,949 | — | 18,950 | ||||||||||||||||||||||||||||||||||
Vesting of restricted stock under option plan | — | — | 13,911 | 3 | (3) | — | — | ||||||||||||||||||||||||||||||||||
Net loss | — | — | — | — | — | (531,584) | (531,584) | ||||||||||||||||||||||||||||||||||
Balance at June 30, 2021 | 200 | 1 | 5,024,794 | 505 | 206,307,790 | (197,473,167) | 8,835,129 | ||||||||||||||||||||||||||||||||||
Stock-based compensation expense | — | — | — | — | 196,361 | — | 196,361 | ||||||||||||||||||||||||||||||||||
Issuance of common stock under at the market offering | — | — | 1,549,024 | 154 | 15,804,956 | — | 15,805,110 | ||||||||||||||||||||||||||||||||||
Issuance of common stock upon exercise of stock options | — | — | 50,000 | 5 | 78,495 | — | 78,500 | ||||||||||||||||||||||||||||||||||
Vesting of restricted stock under option plan | — | — | 10,877 | 1 | (1) | — | — | ||||||||||||||||||||||||||||||||||
Net loss | — | — | — | — | — | (687,089) | (687,089) | ||||||||||||||||||||||||||||||||||
Balance at September 30, 2021 | 200 | $ | 1 | 6,634,695 | $ | 665 | $ | 222,387,601 | $ | (198,160,256) | $ | 24,228,011 |
Nine Months Ended September 30, | |||||||||||
2021 | 2020 | ||||||||||
Cash flows from operating activities: | |||||||||||
Net loss | $ | (1,278,456) | $ | (1,766,428) | |||||||
Adjustments to reconcile net loss to net cash used in operating activities:
|
|||||||||||
Depreciation | 103,594 | 67,772 | |||||||||
Stock-based compensation | 585,087 | 413,178 | |||||||||
Settlement of compensation obligation | — | 43,751 | |||||||||
Impairment charge against right of use asset | 126,748 | 280,000 | |||||||||
Changes in operating assets and liabilities: | |||||||||||
Accounts receivable | (305,469) | (334,179) | |||||||||
Inventories | 54,331 | 113,421 | |||||||||
Collaboration receivable | — | 189,008 | |||||||||
Prepaid expenses, other current and long-term assets and lease obligation | (612,661) | (23,621) | |||||||||
Accounts payable | 174,653 | (533,302) | |||||||||
Accrued expenses and compensation | 89,931 | (694,668) | |||||||||
Accrued product returns | (499,000) | (103,000) | |||||||||
Net cash used in operating activities | (1,561,242) | (2,348,068) | |||||||||
Cash flows from investing activities: | |||||||||||
Purchases of fixed assets
|
(125,039) | — | |||||||||
Net cash used in investing activities
|
(125,039) | — | |||||||||
Cash flows from financing activities: | |||||||||||
Net proceeds from issuance of stock | 19,673,605 | 4,151,037 | |||||||||
Proceeds from debt issuance | — | 773,200 | |||||||||
Repayment of debt | — | (773,200) | |||||||||
Net cash provided by financing activities | 19,673,605 | 4,151,037 | |||||||||
Net increase in cash and cash equivalents | 17,987,324 | 1,802,969 | |||||||||
Cash and cash equivalents, beginning of period | 5,226,213 | 3,126,206 | |||||||||
Cash and cash equivalents, end of period | $ | 23,213,537 | $ | 4,929,175 | |||||||
Supplemental disclosure of cash flow information: | |||||||||||
Common stock issued to settle employee compensation
|
$ | — | $ | 43,751 |
Quarters Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||||||||||||
Net loss applicable to common stockholders | $ | (687,089) | $ | (257,113) | $ | (1,278,456) | $ | (1,766,428) | |||||||||||||||||||||||||||
Weighted average number of common shares outstanding, basic and dilutive | 5,818,449 | 3,784,657 | 4,597,580 | 2,755,903 | |||||||||||||||||||||||||||||||
Net loss per common share applicable to common stockholders, basic and diluted | $ | (0.12) | $ | (0.07) | $ | (0.28) | $ | (0.64) | |||||||||||||||||||||||||||
Quarters Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Options | 533,393 | 162,373 | 447,708 | 163,303 | |||||||||||||||||||
Warrants | — | — | — | 23,040 | |||||||||||||||||||
Convertible preferred stock | 62 | 62 | 62 | 62 | |||||||||||||||||||
Total | 533,455 | 162,435 | 447,770 | 186,405 |
September 30, 2021 | December 31, 2020 | ||||||||||
Purchased components | $ | 728,225 | $ | 716,848 | |||||||
Finished goods | 268,726 | 334,434 | |||||||||
$ | 996,951 | $ | 1,051,282 |
September 30, 2021 | December 31, 2020 | ||||||||||
Professional services | $ | 209,000 | $ | 343,000 | |||||||
Compensation | 494,361 | 49,837 | |||||||||
Advertising and promotion | 11,000 | 31,000 | |||||||||
Warranty | 33,100 | 49,600 | |||||||||
Technology fees | — | 450,000 | |||||||||
Leasehold | 60,000 | — | |||||||||
Sales tax | 111,984 | 24,493 | |||||||||
Other | 108,928 | 50,512 | |||||||||
$ | 1,028,373 | $ | 998,442 |
2021 | $ | 163,790 | ||||||
2022 | 247,347 | |||||||
2023 | 165,785 | |||||||
2024 | 165,785 | |||||||
2025 | 117,431 | |||||||
Total minimum lease payments | $ | 860,138 | ||||||
Weighted-average discount rate, 14.7%
|
$ | 185,822 | ||||||
Lease obligation, current portion | 345,147 | |||||||
Lease obligation, net of current portion | 329,169 | |||||||
$ | 860,138 |
Fair Value Measurements at September 30, 2021 Using | |||||||||||||||||||||||
September 30, 2021 |
Quoted Prices in
Active Markets for Identical Assets (Level 1) |
Significant Other
Observable Inputs (Level 2) |
Significant
Unobservable Inputs (Level 3) |
||||||||||||||||||||
Assets: | |||||||||||||||||||||||
Cash equivalents | $ | 20,453,185 | $ | 20,453,185 | $ | — | $ | — | |||||||||||||||
Total | $ | 20,453,185 | $ | 20,453,185 | $ | — | $ | — |
Fair Value Measurements at December 31, 2020 Using | |||||||||||||||||||||||
December 31, 2020 |
Quoted Prices in
Active Markets for Identical Assets (Level 1) |
Significant Other
Observable Inputs (Level 2) |
Significant
Unobservable Inputs (Level 3) |
||||||||||||||||||||
Assets: | |||||||||||||||||||||||
Cash equivalents | $ | 2,374,216 | $ | 2,374,216 | $ | — | $ | — | |||||||||||||||
Total | $ | 2,374,216 | $ | 2,374,216 | $ | — | $ | — | |||||||||||||||
September 30, 2021 | December 31, 2020 | ||||||||||
Preferred stock, $0.001 par value; 5,000,000 shares authorized at September 30, 2021 and December 31, 2020; no shares issued and outstanding at September 30, 2021 and December 31, 2020
|
$ | — | $ | — | |||||||
Series B convertible preferred stock, $0.001 par value; 147,000 shares designated at September 30, 2021 and December 31, 2020; 200 shares issued and outstanding at September 30, 2021 and December 31, 2020
|
$ | 1 | $ | 1 | |||||||
Quarters Ended September 30, | |||||||||||||||||||||||
2021 | 2020 | Change | % Change | ||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||
Revenues | $ | 2,064.4 | $ | 2,036.2 | $ | 28.2 | 1.4 | % |
Quarters Ended September 30, | |||||||||||||||||||||||
2021 | 2020 | Change | % Change | ||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||
Cost of revenues | $ | 619.8 | $ | 537.6 | $ | 82.2 | 15.3 | % | |||||||||||||||
Gross profit | $ | 1,444.6 | $ | 1,498.6 | $ | (54.0) | (3.6) | % |
Quarters Ended September 30, | |||||||||||||||||||||||
2021 | 2020 | Change | % Change | ||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||
Operating expenses: | |||||||||||||||||||||||
Research and development | $ | 724.6 | $ | 652.7 | $ | 71.9 | 11.0 | % | |||||||||||||||
Sales and marketing | 442.2 | 340.9 | 101.3 | 29.7 | % | ||||||||||||||||||
General and administrative | 965.7 | 762.9 | 202.8 | 26.6 | % | ||||||||||||||||||
Total operating expenses | $ | 2,132.5 | $ | 1,756.5 | $ | 376.0 | 21.4 | % |
Quarters Ended September 30, | |||||||||||||||||||||||
2021 | 2020 | Change | % Change | ||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||
Other income | $ | 0.9 | $ | 0.8 | $ | 0.1 | 12.5 | % |
Nine Months Ended September 30, | |||||||||||||||||||||||
2021 | 2020 | Change | % Change | ||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||
Revenues | $ | 6,433.3 | $ | 5,568.2 | $ | 865.1 | 15.5 | % |
Nine Months Ended September 30, | |||||||||||||||||||||||
2021 | 2020 | Change | % Change | ||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||
Cost of revenues | $ | 1,754.3 | $ | 1,652.9 | $ | 101.5 | 6.1 | % | |||||||||||||||
Gross profit | $ | 4,679.0 | $ | 3,915.4 | $ | 763.6 | 19.5 | % |
Nine Months Ended September 30, | |||||||||||||||||||||||
2021 | 2020 | Change | % Change | ||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||
Operating expenses: | |||||||||||||||||||||||
Research and development | $ | 1,599.4 | $ | 1,846.6 | $ | (247.2) | (13.4) | % | |||||||||||||||
Sales and marketing | 1,105.5 | 1,144.4 | (38.9) | (3.4) | % | ||||||||||||||||||
General and administrative | 3,254.2 | 2,693.1 | 561.1 | 20.8 | % | ||||||||||||||||||
Total operating expenses | $ | 5,959.1 | $ | 5,684.1 | $ | 275.0 | 4.8 | % |
Nine Months Ended September 30, | |||||||||||||||||||||||
2021 | 2020 | Change | % Change | ||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||
Other income | $ | 1.7 | $ | 2.3 | $ | (0.6) | (26.1) | % |
September 30, 2021 | December 31, 2020 | Change | % Change | ||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||
Cash and cash equivalents | $ | 23,213.5 | $ | 5,226.2 | $ | 17,987.3 | 344.2 | % |
Quarters Ended September 30, |
Year Ended
December 31, |
||||||||||||||||
2021 | 2020 | 2020 | |||||||||||||||
Days sales outstanding (days) | 24 | 23 | 15 | ||||||||||||||
Inventory turnover rate (times per year) | 2.4 | 1.9 | 1.9 |
Nine Months Ended September 30, | |||||||||||
2021 | 2020 | ||||||||||
(in thousands) | |||||||||||
Net cash used in operating activities | $ | (1,561.2) | $ | (2,348.1) | |||||||
Net cash used in investing activities | (125.0) | — | |||||||||
Net cash provided by financing activities | 19,673.6 | 4,151.0 | |||||||||
Net cash provided | $ | 17,987.4 | $ | 1,802.9 | |||||||
Exhibit No. | Description | |||||||
|
Amendment No. 14 to Shareholder Rights Agreement by and between NeuroMetrix, Inc. and American Stock Transfer & Trust Company, as Rights Agent, dated July 20, 2021 (filed as Exhibit 4.1 to the Registrant’s Quarterly Report on Form 10-Q filed on July 22, 2021 and incorporated in this document by reference). | |||||||
Certification of Principal Executive Officer Under Rule 13a-14(a) of the Securities Exchange Act of 1934, as amended, and pursuant to Section 302(a) of the Sarbanes-Oxley Act of 2002. Filed herewith. | ||||||||
Certification of Principal Financial Officer Required Under Rule 13a-14(a) or Rule 15d-14(a) of the Securities Exchange Act of 1934, as amended, and pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. Filed herewith. | ||||||||
Certification of Principal Executive Officer and Principal Financial Officer Required Under Rule 13a-14(b) or Rule 15d-14(b) of the Securities Exchange Act of 1934, as amended, and 18 U.S.C. Section 1350. Furnished herewith. | ||||||||
101 | The following materials from the Company’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2021, formatted in XBRL (eXtensible Business Reporting Language): (i) Balance Sheets at September 30, 2021 and December 31, 2020, (ii) Statements of Operations for the quarters ended September 30, 2021 and 2020, (iii) Statements of Changes in Stockholders' Equity for the quarters ended September 30, 2021 and 2020, (iv) Statements of Cash Flows for the quarters ended September 30, 2021 and 2020, and (v) Notes to Financial Statements. | |||||||
NEUROMETRIX, INC. | ||||||||
October 21, 2021 | /s/ | SHAI N. GOZANI, M.D., PH. D. | ||||||
Shai N. Gozani, M.D., Ph. D. | ||||||||
Chairman, President and Chief Executive Officer | ||||||||
October 21, 2021 | /s/ | THOMAS T. HIGGINS | ||||||
Thomas T. Higgins | ||||||||
Senior Vice President, Chief Financial Officer and Treasurer |
1. | I have reviewed this Quarterly Report on Form 10-Q of NeuroMetrix, 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: | |||||||
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; | |||||||
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; | |||||||
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 | |||||||
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): | |||||||
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 | |||||||
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: | October 21, 2021 | /s/ SHAI N. GOZANI, M.D., PH. D. | ||||||
Shai N. Gozani, M.D., Ph.D. | ||||||||
Chairman, President and Chief Executive Officer |
I, Thomas T. Higgins, certify that: | ||||||||
1. | I have reviewed this Quarterly Report on Form 10-Q of NeuroMetrix, 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: | |||||||
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; | |||||||
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; | |||||||
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 | |||||||
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): | |||||||
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 | |||||||
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: | October 21, 2021 | /s/ THOMAS T. HIGGINS | ||||||
Thomas T. Higgins | ||||||||
Senior Vice President, Chief Financial Officer and Treasurer |
/s/ SHAI N. GOZANI, M.D., PH. D. | |||||
Shai N. Gozani, M.D., Ph.D. | |||||
Chairman, President and Chief Executive Officer | |||||
/s/ THOMAS T. HIGGINS | |||||
Thomas T. Higgins | |||||
Senior Vice President, Chief Financial Officer and Treasurer |