Neuroone Medical Technologies

3 serious warning signs in Neuroone Medical Technologies’ filings.

We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.

We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 17 Dec 2025, plus the 10-Q filed 13 Aug 2026 and 13 later 8-Ks.

• Doubt it can keep going

  Serious

  The company or its auditor warned it may not have enough money to last the next year.

  “These factors raise substantial doubt about the Company’s ability to continue as a going concern.”

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  The accompanying condensed financial statements have been prepared on the basis that the Company will continue as a going concern. The Company has incurred losses since inception, negative cash flows from operations, and an accumulated deficit of $ 84.4 million as of June 30, 2026. To date, the Company’s revenues have not been sufficient to cover its full operating costs, and as such, it has been dependent on funding operations through the issuance of debt and sale of equity securities which previously resulted in substantial doubt regarding the Company’s ability to continue as a going concern. As of June 30, 2026, the Company had $ 2.0 million in cash and cash equivalents. The Company believes its current available cash and cash equivalents, including cash received through the ATM Program subsequent to June 30, 2026, coupled with the anticipated increase in product revenues from minimum purchases and improved gross margins under the distribution agreement with Zimmer (See “Note 7– Zimmer Distribution Agreement and Other Product Revenue”) and forecasted operating expense reductions, will be sufficient to fund the Company’s operations into January 2027. The raising of additional funds is not solely within the control of the Company. These factors raise substantial doubt about the Company’s ability to continue as a going concern. The condensed financial statements do not include any adjustments that might result from the outcome of this condition. If the Company is unable to raise additional funds, or the Company’s anticipated operating results are not achieved, management believes planned expenditures may need to be reduced in order to extend the time period that existing resources can fund the Company’s operations.

  From the 10-Q filed 13 August 2026, Part I, Item 1. Financial Statements. Read it in the filing

• Weak checks on its own accounts

  Serious

  The company said its checks on its own accounts did not work at the end of its latest quarter. Mistakes could slip into the numbers.

  “Based on this evaluation, our Chief Executive Officer and our Chief Financial Officer have concluded that our disclosure controls and procedures were not effective at the reasonable assurance level as of June 30, 2026 due to the material weaknesses in our internal controls over financial reporting as discussed further below that were identified in both the Company’s Annual Report on Form 10-K for the year ended September 30, 2025 and in the Company’s Quarterly Report on the Form 10-Q for the three and six months ended March 31, 2026.”

  Show the full paragraph

  As required by Rule 13a-15(b) of the Securities Exchange Act of 1934, as amended, or the Exchange Act, under the direction of the Chief Executive Officer and the Chief Financial Officer, we have evaluated our disclosure controls and procedures as of the end of the period covered by this Quarterly Report on Form 10-Q. Based on this evaluation, our Chief Executive Officer and our Chief Financial Officer have concluded that our disclosure controls and procedures were not effective at the reasonable assurance level as of June 30, 2026 due to the material weaknesses in our internal controls over financial reporting as discussed further below that were identified in both the Company’s Annual Report on Form 10-K for the year ended September 30, 2025 and in the Company’s Quarterly Report on the Form 10-Q for the three and six months ended March 31, 2026. Notwithstanding this material weakness, our management has concluded that the condensed financial statements included elsewhere in this Quarterly Report present fairly, in all material respects, our financial position, results of operations and cash flows in conformity with generally accepted accounting principles.

  From the 10-Q filed 13 August 2026, Part I, Item 4. Controls and Procedures. Read it in the filing

• Its past accounts can't be relied on

  Serious

  It told the SEC its earlier accounts should no longer be relied on, usually because they contained errors.

  8-K Item 4.02 filed 22 May 2026: the company said its earlier financial statements should no longer be relied on.

  From an 8-K filed 22 May 2026: Previously issued accounts should no longer be relied on. Open the filing

• One big customer

  Worth knowing

  One customer brings in a big share of sales: 97% last year. Losing that customer would hurt.

  “For the year ended September 30, 2025, one customer accounted for 97% of the Company’s product revenue and 4 customers accounted for the remaining 3% of product revenue.”

  From the 10-K filed 17 December 2025, Item 8. Financial Statements and Notes - Independent auditor's report. Read it in the filing