Here are 1-2 brief analogies to describe Mobia Medical:

• Mobia Medical is like the **Edwards Lifesciences of chronic stroke recovery**, pioneering a groundbreaking device-based treatment for a previously underserved patient population.

• Mobia Medical is like **NeuroPace for chronic stroke rehabilitation**, using an implantable neurostimulation device to restore function for a severe neurological impairment.

• Vivistim Paired Vagus Nerve Stimulation (Paired VNS) System: An FDA-approved implantable medical device designed to deliver targeted stimulation to the vagus nerve for chronic ischemic stroke survivors with moderate to severe upper extremity impairments.
• Vivistim Therapy: A treatment protocol that leverages the Vivistim System to deliver intentional bursts of vagus nerve stimulation during functional movement to increase neuroplasticity and restore motor function in chronic ischemic stroke survivors.

Mobia Medical (MOBI) primarily sells its Vivistim Paired Vagus Nerve Stimulation (Paired VNS) System to other companies. Its major customers are:

• Primary and Comprehensive Stroke Centers: These are hospitals in the United States that possess cross-functional teams and infrastructure to treat acute stroke and provide neurorehabilitation capabilities. The company identifies approximately 1,500 such centers as its target customer base. The Vivistim System is sold to these centers for implantation and use in Vivistim Therapy for chronic ischemic stroke survivors.

• Limited Commercial Insurance Coverage: Mobia Medical faces a significant risk due to the current lack of broad commercial insurance coverage for its Vivistim Therapy. The company explicitly states that "most commercial insurers have determined that Vivistim Therapy is experimental or investigational and therefore, not covered." This significantly limits patient access and market penetration, despite the Vivistim System receiving FDA approval and breakthrough device status. The company's long-term strategy includes engaging with payors to communicate clinical and health economic data to impact coverage policies, underscoring this as a critical hurdle.
• Challenges in Market Acceptance and Education: As a novel treatment, the successful expansion of market acceptance for Vivistim Therapy relies heavily on Mobia Medical's ability to effectively educate healthcare providers and other stakeholders regarding its distinctive characteristics, clinical benefits, safety, durability, and ease of use. Failure to adequately inform and persuade the targeted 1,500 primary and comprehensive stroke centers in the United States, as well as referring physicians and therapists, could impede the adoption and utilization of the Vivistim System.

Mobia Medical's initial addressable market opportunity in the U.S. for its Vivistim System, targeting approximately 1 million chronic ischemic stroke survivors with moderate to severe upper extremity impairment who demonstrate the requisite health, cognition, and motivation, is estimated to be over $30 billion.

Mobia Medical (MOBI) has several expected drivers of future revenue growth over the next 2-3 years, primarily centered around expanding access and adoption of its Vivistim Paired Vagus Nerve Stimulation (Paired VNS) System.

1. Increased Adoption and Market Penetration within the Existing Large Addressable Market: Mobia Medical operates in a significant market with an estimated 4 million chronic ischemic stroke survivors in the United States living with moderate to severe upper extremity impairment who fall within the Vivistim System's on-label indication. The company estimates an initial market opportunity of over 1 million survivors who demonstrate the requisite health, cognition, and motivation for therapy, representing a potential market exceeding $30 billion. With over 1,000 implants performed since its full commercial launch in 2023, including approximately 700 in 2025, there is substantial room for growth in customer volume and penetration into this underserved patient population, including approximately 200,000 new stroke survivors each year who meet the indication for use.
2. Expanded Reimbursement Coverage: A significant driver of future revenue growth is the expansion of reimbursement coverage for Vivistim Therapy. The company notes that effective January 1, 2026, the Vivistim System implantation procedure's CPT code was assigned to a New Technology Ambulatory Payment Classification (APC) by the Centers for Medicare and Medicaid Services (CMS), establishing an elevated payment level to support sustainable access for Medicare beneficiaries. While commercial insurers, Medicaid, and Medicare Advantage often require prior authorization and currently classify Vivistim Therapy as experimental or investigational, Mobia Medical's in-house market access team is actively engaging with payors to communicate clinical and health economic data to impact coverage policies. Expanded payor coverage is expected to facilitate broader patient access and, consequently, drive revenue growth.
3. Enhanced Commercial Efforts and Healthcare Provider Education: Mobia Medical is strategically focused on expanding market acceptance through targeted education and outreach. The company's commercial organization, comprising Territory Managers (TMs) and Therapy Development Specialists (TDSs), aims to drive adoption by onboarding stroke centers, managing relationships with physicians and administrators, and providing educational information to therapy sites. These initiatives are designed to generate a consistent funnel of Vivistim Therapy candidates through physician and therapist referrals, as well as direct patient engagement, leading to increased utilization and sales of the Vivistim System.
4. Generation of Robust Clinical and Real-World Evidence: Mobia Medical is committed to building a strong body of clinical evidence to support the safety, efficacy, durability, and mechanism of action of Vivistim Therapy. With additional trials ongoing and planned in 2026 and beyond, and the GRASP registry collecting real-world evidence, the company aims to further validate the benefits of its therapy. This ongoing evidence generation is crucial for accelerating market adoption, strengthening proof of clinical utility, and supporting more favorable reimbursement coverage decisions, all of which are expected to contribute to revenue growth.

Share Issuance

• Mobia Medical set the terms for its initial public offering (IPO), intending to offer 10 million shares for between $14 and $16 each, aiming to raise approximately $150 million. The company expected net proceeds of about $134.5 million, or approximately $155.4 million if underwriters fully exercised their option to purchase additional shares. The IPO was priced at $15.00 per share.
• In early 2026, from January 30 to February 11, Mobia Medical issued convertible promissory notes to certain investors, totaling $40.0 million in principal amount. These notes are set to automatically convert into common stock immediately prior to the closing of the IPO.
• As of May 28, 2026, Mobia Medical has 33.09 million shares outstanding.

Inbound Investments

• Insiders of Mobia Medical have shown significant buying activity in the past three months, purchasing $19,024,980.00 worth of company stock.

Capital Expenditures

• Mobia Medical plans to use approximately $93.5 million of the IPO proceeds to expand its direct sales force and commercial organization. This expansion includes hiring personnel to grow its commercial team and territory coverage.
• The company's strategic focus for investment includes driving continuous innovation through research and development and expanding clinical indications to benefit a broader patient population.
• As of December 31, 2025, Mobia Medical reported $1.74 million in net property, plant & equipment, up from $0.89 million in 2024.