Responsive / Closed-Loop Neural Devices

Onward Medical reported H1 2026 revenue of EUR4.2 million, up 250% year-over-year, with EUR3.4 million coming from product revenues and gross profit of EUR2.9 million at roughly 70% gross margin. The company sold or supplied 159 ARC-EX systems via paid evaluation in H1 2026, more than a 5x increase year-over-year, including 89 units sold in Q2 2026 alone, with the device now available in over 150 clinics worldwide, including over 130 in the US, covering an estimated 35-40% of US facilities managing spinal cord injury. Operating expenses rose to EUR26.3 million from EUR21 million in H1 2025, producing an operating loss of EUR23.3 million and a net loss of EUR24.7 million, while cash burn reached EUR26 million. The company ended June 2026 with EUR81.5 million in cash, up from EUR68.1 million at the start of the year, after raising over EUR40 million in new equity capital including EUR25 million from EQT Life Sciences, and secured a debt facility of up to EUR50 million from BlackRock replacing its existing loan, with EUR20 million drawn at closing, extending its cash runway into Q1 2028. On the clinical side, the EMPOWER-BP pivotal trial has enrolled 22 participants across 14 active sites, with interim analysis expected by end of Q1 or early Q2 2027, and the company completed its CMS coding submission with a decision expected in Q4 2026.