NMTC

NeuroOne is finally showing the top-line inflection a pre-commercial med-tech needs: FY2025 revenue jumped 163.5% to $9.10M (from just $178K in FY2021), gross profit rose 376% to $5.14M for a 56.5% gross margin, and the net loss narrowed 70.7% to -$3.61M from -$12.3M. The balance sheet is clean for a micro-cap — $6.57M cash, liabilities/equity of only 0.53x, and equity up 760% after the April 2025 raise. Four FDA 510(k) clearances (Evo Cortical, Evo sEEG, OneRF, and the newly-cleared OneRF TN) plus a Zimmer distribution partnership give the story real substance, not just a concept.

But the quality of that revenue is the catch. The MD&A is explicit that Zimmer holds exclusive global brain-distribution rights and that 'we are reliant on Zimmer to drive the commercialization and sales of our products' — much of the FY2025 jump was milestone/upfront cash ($3.0M Zimmer upfront on OneRF, plus a $1.0M sales milestone eligibility), not durable end-market pull-through. The company still burned $2.84M in operating cash and states plainly it 'will need to raise substantial additional funds,' warning it could 'delay, limit, scale back or cease' operations without them. Shares already grew 63.5% in one year (the April 2025 deal alone sold 18.4M shares at $0.50), so further dilution is a near-certainty, not a tail risk.