AIFF

STRUCTURAL

AIFF sits at the intersection of digital mental health and AI-assisted diagnostics - an FDA-cleared, cloud-delivered EEG/ERP analytics platform sold per-scan to neurology and psychiatry clinics. The Evoke acquisition (May 2025) collapsed the go-to-market lead time and is the source of the 957% YoY revenue print.

BULL

- FDA-cleared Brain Network Analytics is a real moat in a category where most competitors are unregulated apps.

- Department of War PTSD/TBI program is a durable, high-credibility reference customer in the largest U.S. mental-health buyer.

- $NVDA partnership for GPU-accelerated processing fits the broader AI-on-clinical-data thesis.

- $25M market cap on FDA-cleared device + DoD-adjacent revenue stream is asymmetric IF execution holds.

- Scan-as-a-service model is high-margin once installed base scales.

BEAR

- $1.14M TTM revenue against -$17.9M net loss; cash runway is the binding constraint, not the product.

- 17 employees cannot scale a hardware+software clinical sale across U.S. neurology - dilution or strategic sale is the realistic exit.

- Reverse-merger lineage (WaveDancer) and sub-$30M cap means index exclusion, low borrow, and binary tape behavior.

- Competing EEG analytics from larger med-tech ($MDT, $BSX) can starve the niche if reimbursement clarifies.

- Microcap liquidity - any thesis change forces price action faster than fundamentals can confirm.