• Like Foundation Medicine, but for chronic pain diagnostics using MRI data.
• An Exact Sciences (Cologuard) for degenerative pain, analyzing MRI data for biomarkers.
• A Palantir for medical imaging analysis in pain management.

• NOCICALC-LS: Software that processes acquired disc magnetic resonance spectroscopy (MRS) data to calculate levels of degenerative pain biomarkers.
• NOCIGRAM-LS: Clinical decision support software designed to assist in evaluating degenerative pain biomarkers.

Aclarion (ACON) - Major Customers

Aclarion, Inc. (ACON) is a healthcare technology company that develops software applications for magnetic resonance spectroscopy (MRS) to assist in the assessment of degenerative pain. Given the specialized nature of its products (NOCISCAN-LS Post-Processor suite, NOCICALC-LS, and NOCIGRAM-LS), Aclarion sells primarily to other companies and healthcare organizations, rather than directly to individuals.

Aclarion's primary customers are healthcare providers and institutions that utilize advanced medical imaging and pain management services. While the company does not publicly disclose the names of individual major customer companies (especially public ones), its target customer categories include:

• Pain Management Clinics
• Hospitals (particularly those with pain management or neurology departments)
• Imaging Centers

These entities integrate Aclarion's software suite into their diagnostic and clinical decision support workflows for patients experiencing degenerative pain.

Brent Ness, Chief Executive Officer, President, and Director

Mr. Ness became Aclarion's Chief Executive Officer in September 2021 and has over 25 years of experience in medical device and healthcare technology. His past executive and senior leadership roles include President/CCO at Cleerly, COO at Mighty Oak Medical, CCO at HeartFlow, President at ProNerve, and VP Global Sales & Marketing at Medtronic Navigation.

Greg Gould, Chief Financial Officer

Mr. Gould was appointed Chief Financial Officer effective in March 2025 (some sources say September 2025) and brings over 30 years of financial leadership experience. He has raised more than $450 million in public company financing, led multiple acquisitions, and guided three organizations through Nasdaq uplistings. Mr. Gould has served as CFO at seven publicly-traded companies, including Charlotte's Web and Aytu BioScience, and most recently at Nanos Health. He has successfully sold three publicly-traded companies.

Jeff Thramann, MD, Executive Chairman and Director

Dr. Thramann is a serial entrepreneur and neurosurgeon who has founded several consumer and medtech companies. These include 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 in April 2011). He has a track record of taking six healthcare companies from inception to exit.

Ryan Bond, Chief Strategy Officer

Mr. Bond is the Chief Strategy Officer at Aclarion and was previously with Nocimed, the company's predecessor. He is responsible for strategic initiatives and oversees the company's clinical strategy.

Key Risks to Aclarion (ACON)

1. Going Concern and Profitability Concerns: Aclarion has a history of incurring significant net losses since its inception and anticipates that these losses will continue for the foreseeable future, potentially never achieving or maintaining profitability. The company's past working capital deficiencies, stockholders' deficits, and recurring losses have raised substantial doubt about its ability to continue as a going concern.
2. Nasdaq Listing Compliance Risk: The company has previously faced non-compliance notices from Nasdaq regarding its minimum stockholders' equity and bid price requirements. While Aclarion recently regained compliance through a reverse stock split and a public offering, there is no assurance that it will be able to maintain compliance with all Nasdaq continued listing requirements in the future. Delisting from Nasdaq could severely affect the liquidity of its common stock and hinder its ability to raise additional capital.
3. Market Adoption and Commercialization Challenges: Aclarion faces the risk of slower-than-expected traction with both surgeons and payers for its Nociscan product, which could significantly hamper its revenue growth potential. The market price of its common stock may also be negatively influenced by changes in coverage decisions, reimbursement rates, or pricing of its technology.

Aclarion, Inc. (ACON) focuses on addressing the chronic low back pain market with its Nociscan platform, which utilizes Magnetic Resonance Spectroscopy (MRS) and proprietary augmented intelligence (AI) algorithms to identify painful discs.

The addressable markets for Aclarion's products and services include:

• Chronic Low Back Pain Market: The 7 major chronic lower back pain markets were valued at approximately $6.7 billion in 2023 and are projected to reach $10.0 billion by 2034, growing at a Compound Annual Growth Rate (CAGR) of 3.7% during 2024-2034. Globally, an estimated 266 million people suffer from chronic low back pain.
• Magnetic Resonance Spectroscopy (MRS) Market: The global Magnetic Resonance Spectroscopy (MRS) market size was approximately $1,005.1 million by the end of 2025 and is projected to reach $1,577.95 million by 2033, with a CAGR of 5.8% from 2025 to 2033.
• Pain Management Software Market: The global pain management software market size was estimated at $5.805 billion in 2024 and is projected to grow from $6.68 billion in 2025 to $27.2 billion by 2035, exhibiting a CAGR of 15.07%. North America accounts for approximately 45% of the global market share. The U.S. pain management software market size is projected to be $4,264.23 million in 2028.
• Neurological Biomarkers Market (relevant for pain biomarkers): The global neurological biomarkers market, which includes various neurological conditions, was valued at $9.5 billion in 2024 and is estimated to grow at a CAGR of 10.9% from 2025 to 2034, reaching $18.75 billion by 2030. The U.S. neurological biomarkers market was valued at $3.7 billion in 2024.

Aclarion, Inc. (ACON) is anticipated to drive future revenue growth through several key initiatives over the next 2-3 years, primarily centered on the adoption and expansion of its Nociscan diagnostic platform.

Here are the expected drivers of future revenue growth:

• Increased Nociscan Adoption and Scan Volumes: A primary driver is the continued surge in the adoption and utilization of Aclarion's Nociscan reports. The company has already demonstrated robust growth, with Nociscan report volumes increasing by 89% year-over-year in Q3 FY25, and overall scan volumes rising 114% year-over-year in Q4 2025 and 69% for the full year 2025. This growth indicates strong market demand for its proprietary technology that identifies degenerative pain biomarkers.
• Expansion into New Markets and Healthcare Facilities: Aclarion is actively pursuing commercial expansion by forming strategic agreements with healthcare institutions and increasing its footprint in new geographies. In 2025, the company successfully added 9 new imaging centers and 22 new physician users across the U.S., U.K., and Europe. This expansion into new imaging centers and physician networks is expected to further enhance market penetration and revenue stability.
• Progress in the CLARITY Clinical Trial: The acceleration of patient enrollment in the CLARITY clinical trial is a significant anticipated driver. Aclarion plans to enroll approximately 25% of patients in this trial by the end of Q2 2026, with initial interim data expected in Q3 2026. Successful outcomes and readouts from this trial could provide crucial clinical validation, bolstering physician confidence and subsequently increasing Nociscan adoption and market acceptance.
• Expansion of Access to Major MRI Manufacturers: Aclarion intends to expand access to its Nociscan platform across major MRI manufacturers. This strategic move is projected to grow its available global market size by over 30%. By broadening compatibility, Aclarion can reach a wider base of potential users and facilities, thereby increasing the overall market opportunity for its technology.

Share Issuance

• Aclarion completed its Initial Public Offering (IPO) in April 2022, raising approximately $9.4 million through the sale of 2,165,000 shares of common stock and accompanying warrants.
• In January 2025, the company closed a public offering of common stock and warrants, generating approximately $14.4 million in gross proceeds.
• The company has executed several reverse stock splits, including a 1:27 reverse split on March 28, 2025, and other splits in January 2024 and January 2025.

Capital Expenditures

• Aclarion's capital expenditures were $5K in 2024.
• In the last 12 months, capital expenditures amounted to approximately -$12,917.
• Quarterly capital expenditures include $7,318 as of September 30, 2025, and $5,113 as of December 31, 2024.