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Press release, Helsinki, 22 October 2025, at 9 AM (EEST)
Nexstim Plc Business Update Q3 2025
Nexstim Plc (NXTMH:HEX) (”Nexstim” or ”Company”) announces the key highlights of the Company’s business operations during Q3 2025.
CEO Mikko Karvinen’s Business Update
During the third quarter of 2025, we have focused on making progress in our key strategic objectives. In line with our strategy, Nexstim will continue to enable patients to receive personalized and effective treatment and diagnostics for severe brain diseases and disorders.
In line with our main strategic objective, we have continued to focus on profitable net sales growth. There has been good progress with system sales, and between January and September 2025, we delivered a total of 13 (1–9/2024: 5) new diagnostics systems and 3 (1–9/2024: 6) new therapy systems. In addition to the delivered systems, we had an open order backlog of 7 undelivered systems at the end of Q3 2025.
In the Diagnostics Business, more than 250 systems have been sold to research universities and leading hospitals across the world to date. In the Therapy Business, at the end of Q3 2025 there were a total of 121 Nexstim systems with therapy capabilities installed worldwide (45 in the U.S. and 76 in Europe and the rest of the world) for the treatment of depression and chronic neuropathic pain. In addition to therapy systems, this number includes diagnostics systems that have an optional therapy add-on software installed.
Our second key strategic objective for 2025 is to successfully support the long-term collaboration between Nexstim and Brainlab SE (“Brainlab”) and to expand the network of other partners and clinics, primarily in the US. The Brainlab collaboration refers to the development and distribution agreement and equity investment in Nexstim as announced in late November 2024. During the third quarter of the year, we have advanced this strategic objective for example by taking part in significant events in the field as partners. In the United States, we have attended the Brain Computer Interface (BCI) symposium in New York and the Congress of Neurological Surgeons (CNS) in Los Angeles. Elsewhere in the world, the events attended include the European Association of Neurosurgical Societies (EANS) event in Vienna, Austria, and the Neurosurgical Society of Australasia Annual Scientific Meeting (NSA) in Gold Coast, Australia. The events mentioned showed increased demand for Nexstim motor and speech mapping integrated into the current product portfolio of Brainlab.
Another partnership that we have taken steps forward with is the planned collaboration with Sinaptica Therapeutics, Inc. (“Sinaptica”). In July, we attended the Alzheimer’s Association International Conference (AAIC) in Toronto, Canada as guests of the Sinaptica management team. As part of the signed exclusivity agreement, Sinaptica undertakes to order the research system it needs for clinical trials from Nexstim, and Nexstim will not commercialize its technology in the field of Alzheimer's disease independently or with partners other than Sinaptica. The agreed exclusivity is conditional upon payments of EUR 1.5 million in multiple installments to Nexstim during 2025. The planned partnership would be a global, 10-year exclusive arrangement. The financial structure of the partnership consists of a signing fee for the disclosed exclusivity rights, a milestone-based development project, and the sale of clinical and commercial system. The milestone-based project and purchases of clinical system are defined in more detail in the final agreements, which may be subject to change during negotiations. The long-term exclusive rights arrangement also depends on payments to be made by Sinaptica during 2025 and the signing of final agreements before the end of 2025. During the third quarter of the year, the parties have worked towards accomplishing these objectives.
Our third strategic objective for 2025 is to launch the new NBS 6 diagnostics system in our main markets, enabling ease of use and future add-on modules in the same system. The development and launch of a new product generation will continue to be an essential part of Nexstim's operations during the 2025–2028 strategy period. NBS 6 is a new combination system built on Nexstim's unique, clinically established technology, with a modular system concept that makes it easy to add new features to existing systems. Modularity is an essential aspect of supporting the development of recurring revenue. In early October 2025, we reached an important milestone as we received certification for the NBS 6 diagnostics product under MDR (Regulation (EU) 2017/745) in the European Union. With the certification received, Nexstim is allowed to start marketing and selling the NBS 6 system for pre-procedural mapping of the speech and motor cortices of the brain within the European Union. The following day we announced the release of the NBS 6 diagnostics system in the United States as the system gained FDA-clearance for the pre-procedural mapping of the motor and speech cortices of the brain. With the regulatory clearances gained, for the rest of 2025 we will continue our marketing efforts in close collaboration with Brainlab.
Our expectations for the end of the year 2025 are positive. Our current business is heavily focused on the EU and the US, but with our new partners, we will continue to actively expand Nexstim's technology into the Asian market. Nexstim will continue its determined efforts to develop personalized and effective methods for the treatment and diagnosis of severe brain diseases and disorders. We strongly believe that our work will support long-term shareholder value growth in the form of increasingly strong competitive advantages, rapid growth, and improved financial results.
Further information is available on the website www.nexstim.com or by contacting:
Mikko Karvinen, CEO
+358 50 326 4101
About Nexstim Plc
Nexstim is a Finnish, globally operating growth-oriented medical technology company. Our mission is to enable personalized and effective diagnostics and therapies for challenging brain diseases and disorders.
Nexstim has developed a world-leading non-invasive brain stimulation technology for navigated transcranial magnetic stimulation (nTMS) with highly sophisticated 3D navigation providing accurate and personalized targeting of the TMS to the specific area of the brain.
Nexstim’s Diagnostics Business focuses on commercialization of the NBS System 6, which is the only FDA-cleared and CE-marked navigated TMS system for pre-surgical mapping of the speech and motor cortices of the brain.
Nexstim’s Therapy Business markets and sells the NBS System 6 which is FDA-cleared for marketing and commercial distribution for the treatment of major depressive disorder (MDD) in the United States. In Europe, the NBS 6 system is CE-marked for the treatment of major depression and chronic neuropathic pain.
Nexstim shares are listed on Nasdaq First North Growth Market Finland.
For more information, please visit www.nexstim.com