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Here are 1-3 brief analogies for Aclarion (ACON):

• Aclarion is like 23andMe for pinpointing the source of chronic back pain from MRI data.
• Aclarion is like Intuitive Surgical for spine diagnostics, bringing AI-driven precision to identify the exact source of back pain from an MRI.
• Aclarion is like Google for medical imaging insights, but laser-focused on using AI to identify the exact source of chronic back pain from an MRI.

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• Nociscan™ Diagnostic Medical Imaging Software Service: An AI-powered MRI analysis software service designed to identify discogenic pain sources in patients with chronic lower back pain.

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Aclarion (symbol: ACON) is an early-stage healthcare technology company that sells its Nociscan service primarily to other companies within the healthcare sector. As of its most recent financial filings (e.g., Form 10-K for fiscal year ended December 31, 2022), Aclarion reported very limited revenue and does not have any single "major customer" that accounts for a significant portion of its sales. Therefore, there are no specific customer company names to list.

However, Aclarion targets and serves the following categories of healthcare provider companies:

• Pain Management Clinics and Specialists: These medical practices are focused on diagnosing and treating chronic pain, particularly low back pain, making them primary targets for Aclarion's Nociscan technology, which aims to identify the source of such pain.
• Orthopedic Practices and Spine Surgeons: Specializing in musculoskeletal and spinal conditions, these practices frequently encounter patients with chronic back pain who could benefit from more precise diagnostic information provided by Nociscan.
• Diagnostic Imaging Centers and Radiology Groups: Facilities that perform MRI scans are key customers, as Nociscan is a software-based service that interprets MRI data to provide additional diagnostic insights for back pain patients. These centers would integrate Nociscan into their imaging interpretation workflow.

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Brent Ness, Chief Executive Officer, President, and Director

Mr. Ness became the Chief Executive Officer of Aclarion in September 2021. He brings over 25 years of experience in medical device and healthcare technology, having held various executive and senior leadership positions. Previously, Mr. Ness served as Chief Commercial Officer of Cleerly, Inc., where he established key industry partnerships. He was also the Chief Operating Officer of Mighty Oak Medical, guiding their principal products from pre-FDA clearance through international market launch. Mr. Ness has held senior leadership roles at Medtronic, GE Healthcare, and Philips North America. His career also includes roles as Chief Commercial Officer at HeartFlow Inc and ProNerve, where he focused on driving strategic growth and acquisition integration. He has been involved in successful acquisitions and private equity funding initiatives, and was President of Cleerly, which secured significant private equity funding.

Greg Gould, Chief Financial Officer

Mr. Gould was appointed Chief Financial Officer in September 2025, bringing over 30 years of experience in public and private companies. He has successfully raised more than $450 million through public company debt and equity offerings, led over ten acquisitions, and overseen the sale of three publicly-traded companies. Additionally, he has guided three organizations through uplistings to Nasdaq. Prior to Aclarion, Mr. Gould served as CFO for seven public companies, including Nanos Health, Charlotte's Web, and Aytu BioScience. His experience also includes strategic, operational, and financial executive roles at BioScrip, Inc., Coalfire, Inc., Zimmer Biomet Spine, and Lanx, which was acquired by Biomet in October 2013.

Jeff Thramann, MD, Executive Director, Executive Chairman, and Director

Dr. Thramann is a serial entrepreneur who oversees strategic initiatives, capitalization, and governance at Aclarion. He has founded multiple consumer and medtech companies, including Auddia Inc. (NASDAQ: AUUD), Lanx, LLC (sold to Biomet Inc. in November 2013), ProNerve, LLC (sold to Waud Capital Partners in 2012), and U.S. Radiosurgery (sold to Alliance Healthcare Services (NASDAQ: AIQ) in April 2011). Dr. Thramann has successfully taken six healthcare companies from inception to exit. He is also an accomplished neurosurgeon who founded and was a senior partner of Boulder Neurosurgical Associates. Dr. Thramann is the named inventor on over 100 U.S. and international patents.

Ryan Bond, Chief Strategy Officer

Mr. Bond serves as Chief Strategy Officer at Aclarion. Before this role, he was the Vice President of Business Development, where he was responsible for business development, sales, and marketing, including the limited commercial launch of Aclarion's cloud-based SaaS platform. His prior experience includes chief executive, sales leadership, and advisory positions at various technology companies.

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Here are the key risks:

1. High Probability of Financial Distress and Inability to Maintain Operations: Aclarion has a very high probability of experiencing financial distress in the coming years, with its odds of distress currently estimated to be above 80%. The company has reported a significant net income deficit of -$1,366,176 and negative free cash flow of -$1,159,349, raising concerns about its liquidity. Its high cost structure, with total expenses exceeding revenue, and a negative EBIT margin, further indicate operational inefficiency and a precarious financial position. The ability to raise additional capital is a critical factor influencing its stock price and ongoing operations.
2. Risk of Nasdaq Delisting and Stock Volatility: Aclarion has previously received notices of non-compliance with Nasdaq listing rules regarding minimum stockholders' equity and bid price. While the company has recently regained compliance, there is no assurance that it will be able to maintain these requirements in the future. A potential delisting from Nasdaq could severely limit the liquidity of its common stock, increase its volatility, and hinder the company's ability to raise capital, potentially leading to its shares being traded as a "penny stock" on over-the-counter systems. The market price for Aclarion's common stock is influenced by broad market and industry fluctuations, and given its relatively small public float, the trading market for its shares may experience increased volatility.
3. Uncertainty in Competitive Positioning and Market Acceptance: The success of Aclarion's business is influenced by the competitive landscape and the market's acceptance of its products and technologies. Uncertainty surrounding the company's competitive positioning and stakeholder concerns has already contributed to significant stock downturns.

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The rapid development and adoption of artificial intelligence (AI) and machine learning (ML) algorithms for the analysis of standard MRI scans to identify specific sources of chronic lower back pain represents a clear emerging threat.

Aclarion's Nociscan system relies on proprietary software and specific MRI protocols to identify pain-generating intervertebral discs. However, the advancement of AI in medical imaging is leading to the development of sophisticated algorithms that can analyze complex imaging data, including standard MRI scans of the spine, to detect subtle patterns and provide diagnostic insights.

Should third-party developers, academic institutions, or larger medical technology companies introduce AI-powered diagnostic tools capable of identifying nociceptive discs with comparable or superior accuracy to Nociscan, but utilizing widely available, standard MRI data (without Aclarion's specific proprietary protocols or hardware), it could significantly diminish Aclarion's unique market position. Such AI solutions could be more easily integrated into existing radiology workflows, potentially offering a more scalable, accessible, and cost-effective alternative for diagnosing chronic lower back pain, thereby disrupting Aclarion's specialized offering.

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Expected Drivers of Future Revenue Growth for Aclarion (ACON)

Over the next 2-3 years, Aclarion (ACON) is expected to drive future revenue growth through several key initiatives and market dynamics:

1. Accelerating Adoption and Utilization of the Nociscan Platform: Aclarion has demonstrated significant year-over-year growth in Nociscan scan volumes, with an impressive 132% increase in Q2 and 89% in Q3, coupled with a 76% increase in revenues in Q2 2025 and 88% in Q1 2025. This indicates growing clinical adoption and market acceptance of its Nociscan reports across the U.S., U.K., and E.U.
2. Expansion into New Geographic Markets: The company is actively pursuing a commercial expansion strategy to drive new revenue channels and strengthen its global brand visibility in 2026. This includes notable traction in the UK market, supported by the appointment of a UK Commercial Director specifically tasked with driving adoption and market expansion.
3. Positive Outcomes and Validation from the CLARITY Trial: The ongoing pivotal CLARITY trial is a crucial catalyst. This trial aims to quantify the clinical value of integrating Nociscan data into surgical planning, with full patient enrollment targeted by Q4 2026 and early 3-month interim readouts anticipated in Q2 2026. Positive results from this trial could significantly enhance Nociscan's credibility and drive broader adoption.
4. Enhancements and Development of the Nociscan Platform and Associated Software: As a healthcare technology company specializing in magnetic resonance spectroscopy, continuous innovation and development of its core Nociscan platform, including its NOCICALC and NOCIGRAM software applications, are expected to sustain and grow its market position and appeal to more clinicians and healthcare systems.
5. Increasing Industry Recognition and Clinical Validation: Aclarion's recognition as a "Rising Star" at the 2025 Digital Health Awards and its participation in key international pain meetings, such as the International Society of Pain and Neuroscience (ISPN) Annual Meeting, validate its technology's innovation and clinical impact. Such recognition can bolster confidence among potential customers and lead to increased commercial adoption.

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Share Issuance

• Aclarion closed a public offering in January 2025, generating approximately $14.4 million in gross proceeds from the sale of common stock and warrants.
• In February 2025, the company completed a registered direct offering of common stock, resulting in approximately $4.7 million in gross proceeds.
• Aclarion conducted a $2.5 million registered direct offering of common stock in October 2025.

Inbound Investments

• Aclarion is slated to become part of a new public holding company following a proposed merger between Auddia and Thramann Holdings in August 2025, with Thramann Holdings’ stakeholders receiving an 80% share in the new entity.

Capital Expenditures

• Over the last 12 months, Aclarion's capital expenditures amounted to -$5,596.
• Annual capital expenditures were $0.66 million in both 2024 and 2023, $0.14 million in 2022, $0.19 million in 2021, and $0.20 million in 2020.
• The company's capital expenditures, which exceeded $103,000 by March 2025, reflect a focus on innovation within medical diagnostics.