Here are 1-3 brief analogies for NeuroOne Medical Technologies (NMTC):

• A focused Medtronic for advanced brain and spinal electrodes.
• Dexcom for brain activity monitoring and mapping.

• OneRF™ sEEG Electrode System: A comprehensive system featuring stereoelectroencephalography electrodes used to precisely localize seizure onset zones in patients with drug-resistant epilepsy.
• Cortical Stimulation Mapping (CSM) Electrode: An electrode designed for intraoperative brain mapping to identify and preserve critical brain functions during neurosurgical procedures.
• Automated Brain Lesioning (ABL) System (in development): An investigational system intended for precise and controlled lesioning of brain tissue for neurological disorders.

NeuroOne Medical Technologies (NMTC) sells its products primarily to other companies and institutions, rather than directly to individuals.

Based on their public filings and business model, NeuroOne Medical Technologies does not have any single "major customer" company that accounts for more than 10% of its revenue. Their customer base is diversified across numerous medical institutions. Therefore, instead of listing specific named companies, it is more accurate to describe the categories of institutional customers they serve:

• Hospitals and Medical Centers: These are the primary end-users of NeuroOne's sEEG and ECOG electrodes. Specifically, departments focusing on neurology, neurosurgery, and epilepsy monitoring units utilize these devices for diagnostic procedures related to neurological conditions.
• Research Institutions and Universities: Various academic and research organizations utilize NeuroOne's advanced electrode technology for neuroscience research and development.

NeuroOne also partners with companies like Zimmer Biomet and RIS for distribution, particularly for their sEEG and ECOG electrodes. While these partners facilitate sales, they are primarily distribution channels rather than direct major end-user customers in the context of the question.

• Medical Manufacturing Technologies LLC
• Orchid Orthopedic Solutions

Dave Rosa, President & Chief Executive Officer

Mr. Rosa has over 25 years of experience in the medical device industry and joined NeuroOne in July 2017. He previously served as CEO of Sunshine Heart Corporation, which developed a heart assist device, and was a Board Member of MilkSmart Inc. His background includes senior roles in marketing, product development, and business development at C.R. Bard Inc., Boston Scientific Inc., and St. Jude Medical. Mr. Rosa is named inventor on multiple medical device patents, serves on seven corporate boards, and has raised $200M in capital markets. He was instrumental in the formation of NeuroOne, which originated from a partnership with Mayo Clinic and the University of Wisconsin.

Ron McClurg, Chief Financial Officer

Mr. McClurg possesses over 30 years of financial leadership experience in both private and public companies. Before joining NeuroOne, he was VP - Finance & Administration and CFO of Incisive Surgical, Inc., a privately-held medical device manufacturer. He also served as CFO and Treasurer of Wavecrest Corporation, a privately-held manufacturer of electronic test instruments. His public company CFO roles include Video Sentry Corporation, Insignia Systems, Inc., and Orthomet, Inc. Mr. McClurg started his career in public accounting with Ernst & Young.

Christopher R. Volker, Chief Operating Officer

Mr. Volker brings over 20 years of experience in the medtech industry, with prior roles at Abbott, Cardiovascular Systems, Inc. (CSI), and St. Jude Medical. At CSI, he held the position of Vice President & General Manager of International, overseeing international commercial expansion. He began his career in public accounting with Ernst & Young.

Steve Mertens, Chief Technology Officer

Mr. Mertens is a key member of the NeuroOne leadership team, responsible for technology development and advancing the company's vision in innovative medical solutions.

Mark Christianson, Co-Founder, Business Development Director, Medical Sales Liaison

Mr. Christianson has over 15 years of executive sales, sales management, marketing, and project management experience with development-stage companies. Prior to co-founding NeuroOne, he served as North American Sales Manager for Cortec Corporation and Regional Sales Manager for PMT Corporation. He holds an accounting degree from Augsburg College.

1. Limited Revenue and Financial Challenges: NeuroOne Medical Technologies has reported limited revenue and significant net losses, which are typical challenges for early-stage medical technology companies. As of Q4 2023, the company's total revenue was $1.23 million, with a net loss of $12.4 million for fiscal year 2023. This financial position often necessitates securing additional capital through stock offerings, which can dilute existing shareholders, or by incurring debt. While a recent capital raise has extended its cash runway, the ongoing need for funding to support operations, research and development (R&D), and expansion remains a prominent risk. "Finance & Corporate" is identified as the top risk category for NMTC.
2. Intense Competition in the Neurotechnology Market: The neurotechnology market is highly competitive, with a global market size of $13.4 billion in 2023 and a projected compound annual growth rate (CAGR) of 12.7% from 2024-2030. NeuroOne Medical Technologies competes with larger, more established companies such as Medtronic, Boston Scientific, and Neuropace. The company's current focus on a limited range of neurological medical technologies, primarily the Evo Surgical System, could constrain its market penetration and diversification, making it vulnerable in a rapidly evolving and competitive landscape. The absence of a clear competitive advantage or "moat" further contributes to this long-term risk.
3. Stringent Regulatory Approval Processes and Product Development Risks: As a medical technology company, NeuroOne Medical Technologies is subject to rigorous regulatory pathways, primarily involving the U.S. Food and Drug Administration (FDA). The ability to commercialize new products and expand market opportunities, such as treatments for trigeminal nerve ablation, is contingent upon obtaining necessary regulatory clearances. Delays in the approval process, or a failure to secure such approvals, could significantly impede product development timelines and impact the company's ability to generate future revenue. The high R&D costs associated with developing innovative solutions, which totaled $7.8 million in 2023, further underscore the financial burden and risk tied to these development efforts.

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NeuroOne Medical Technologies (NMTC) operates in several addressable markets related to neurological diagnostics and treatment. The primary products and their associated market sizes are detailed below:

Evo® sEEG and Cortical Electrodes (Diagnostic Brain Mapping)

NeuroOne's Evo® sEEG (stereoelectroencephalography) and cortical electrodes are utilized for diagnostic brain mapping procedures, which involve recording, monitoring, and stimulating electrical signals in the brain to diagnose neurological conditions, such as epilepsy.

• The estimated addressable market for patients requiring diagnostic brain mapping procedures is $100 million in the U.S..
• The estimated addressable market for patients requiring diagnostic brain mapping procedures is also cited as $100 million globally.

OneRF® Ablation System (Therapeutic Electrodes for Pain Management)

The OneRF® Ablation System is NeuroOne's therapeutic electrode technology, designed for creating radiofrequency lesions to treat pain or for lesioning nerve tissue in functional neurosurgical procedures.

• For the treatment of facial pain, the addressable market in the U.S. is estimated to be between 100,000 to 200,000 patients.
• More broadly, the market for "therapeutic electrode technologies" is estimated to be between $500 million and $6 billion.
• The global neurostimulation devices market, a related category, was valued at $5.6 billion in 2022 and is projected to reach $9.2 billion by 2030.

Broader Brain Monitoring and EEG Devices Markets (General Categories)

NeuroOne's technologies also fall under the larger categories of brain monitoring devices and electroencephalography (EEG) equipment.

• The global brain monitoring market was valued at approximately $4.7 billion in 2023 and is estimated to reach over $8.2 billion by 2032. Other estimates place the global market at $6.67 billion in 2024, growing to around $12.64 billion by 2034.
• The North American brain monitoring market accounted for $2.1 billion in revenue in 2023. The U.S. brain monitoring devices market was valued at $1.87 billion in 2024 and is predicted to reach around $3.61 billion by 2034.
• The global EEG equipment market was estimated at $1.4 billion in 2024 and is projected to reach $3.95 billion by 2035. Another source reported the global EEG devices market at $1.38 billion in 2024, projected to reach approximately $3.65 billion by 2034.
• The U.S. electroencephalography (EEG) devices market size was approximately $397.44 million in 2024 and is projected to reach around $1,072.46 million by 2034.

NeuroOne is also developing products for spinal cord stimulation for low back pain treatment and drug delivery solutions, with the drug delivery market projected to reach $7 billion by 2025.

NeuroOne Medical Technologies (NMTC) is anticipated to drive future revenue growth over the next 2-3 years through several key initiatives:

1. Commercialization and Expanded Distribution of OneRF Ablation System: The company's OneRF Ablation System, particularly the version cleared by the FDA for both diagnostic and therapeutic applications, is a central growth product. A significant driver is the expanded exclusive distribution agreement with Zimmer Biomet, which includes an upfront license payment and established minimum product purchase requirements. This partnership is projected to lead to a substantial increase in product revenue, with fiscal year 2025 guidance expecting product revenues to increase by 132% to 190% compared to fiscal year 2024.
2. Expansion into New Therapeutic Applications: NeuroOne is actively pursuing new indications and product development. This includes accelerating the 510(k) submission timeline for trigeminal nerve ablation to treat facial pain, with potential for commercial revenues as early as late calendar year 2025 if cleared. Additionally, the company is developing applications for basivertebral nerve ablation for lower back pain and has launched a chronic animal study for its spinal cord stimulation (SCS) program, targeting first-in-human implants for early 2026. A drug delivery platform is also in development, with an initial order secured for bench testing.
3. Increased Market Penetration and Direct Sales: Beyond the Zimmer Biomet partnership, NeuroOne aims to increase revenue through direct sales to specialized neurosurgical centers across the United States for its Evo Cortical Stimulation System. While the primary focus remains the U.S. neurosurgical market, the company also has an international expansion strategy under development, which could represent significant future revenue in the coming years if successful.

Share Issuance

• In April 2025, NeuroOne completed an oversubscribed capital raise, securing $8.3 million ($8.2 million net proceeds) from institutional investors.
• The company closed a $2.65 million private placement in August 2024, which included the issuance of 2,944,446 shares of common stock and warrants.
• The number of outstanding shares for NeuroOne Medical Technologies increased by 41.06% in one year.

Inbound Investments

• NeuroOne secured $8.3 million in funding from institutional investors in April 2025, which is expected to fund operations through fiscal year 2026.
• The company received a $3.0 million upfront payment in November 2024 as part of an expanded partnership with Zimmer Biomet for exclusive distribution rights of the OneRF® Ablation System.
• In August 2024, NeuroOne also gained access to an additional $3 million credit facility.

Capital Expenditures

• In the last 12 months, capital expenditures for NeuroOne Medical Technologies were approximately -$108,040.
• The primary focus of the company's investments is on developing and commercializing minimally invasive and high-definition solutions for EEG recording, brain stimulation, ablation, and drug delivery for patients with neurological disorders.