Full Press Release Details
NeuroOne Reports Fiscal
Q2 2026 Financial Results and Provides Corporate Business Update
$2.4 Million up 72% Year Over Year
Successfully Completed
16 Trigeminal Neuralgia Cases to Date, With All Patients Reportedly Pain Free*
Conference Call Today at 8:30 a.m. Eastern Time
EDEN PRAIRIE, Minn., May 12, 2026 -- NeuroOne
Medical Technologies Corporation (Nasdaq: NMTC) ("NeuroOne" or the "Company"), a medical technology company dedicated
to transforming the surgical diagnosis and treatment of neurological disorders, has reported financial results and a business update for
the second quarter of fiscal year 2026 ended March 31, 2026.
Management Commentary
"This was a very productive quarter for
NeuroOne. Product revenue grew 72% year-over-year, we continued to gain clinical experience with our OneRF Trigeminal Neuralgia Ablation
System and have completed 16 procedures to date with all patients reportedly pain free. We continue to be optimistic regarding the advantages
and clinical performance of the device for treating facial pain. We also had a peer-reviewed clinical publication validate what physicians
using our platform have been telling us - that real-time temperature monitoring during sEEG-guided RF ablation is a meaningful clinical
advantage for patients with drug resistant epilepsy.
"At the same time, we executed on
the strategic priorities we laid out at the start of the year. We completed our stage 2 ISO 13485 audit, paving the way for international
expansion. We regained Nasdaq compliance, restructured our capital base through the reverse stock split, and added a highly experienced
executive - David Wambeke, as Chief Business Officer. Also, effective July 1, Christopher Volker will assume the role as our next Chief
Financial Officer. Together, these moves will help to lead our next phase of growth.
"Looking ahead, the catalysts are clear:
continued expansion of our OneRF Brain Ablation and Trigeminal Neuralgia Ablation Systems, commercial launch of our drug delivery system
in the second half of fiscal 2026 for use in investigational clinical studies or animal studies, continued progress in basivertebral nerve
ablation and spinal cord stimulation, and an expanding international footprint as we make progress towards ISO 13485 certification. We
are well-positioned for the future and I'm proud of what this team has built." concluded Dave Rosa, CEO of NeuroOne.
Operational Highlights and Updates
OneRF Trigeminal Nerve
sEEG-Based Drug Delivery Program:
Basi-Vertebral Nerve Ablation
OneRF Ablation System in the
Spinal Cord Stimulation (SCS) Percutaneous
Paddle Lead Program:
Second Quarter Fiscal 2026 Financial Results
Product revenue was $2.4 million in the second
quarter of fiscal 2026, a 72% increase compared to product revenue of $1.4 million in the second quarter of fiscal 2025. The increase
was driven by higher sales of OneRF Products. For the six months ended March 31, 2026, product revenue was $5.3 million, an increase of
13% compared to $4.7 million in the same period of the prior fiscal year. The Company had no license revenue in the second quarter or
first six months of fiscal 2026, compared to license revenue of $3.0 million in the first six months of fiscal 2025, which was derived
from the expanded exclusive distribution agreement with Zimmer.
Product gross profit was $1.3 million, or 53.8%
of product revenue, in the second quarter of fiscal 2026, compared to product gross profit of $0.8 million, or 55.6% of product revenue,
in the same quarter of the prior fiscal year. For the six months ended March 31, 2026, product gross profit was $2.9 million, or 54.0%
of product revenue, compared to $2.7 million, or 57.9% of product revenue, in the same period of the prior fiscal year.
Total operating expenses were $3.4 million in
the second quarter of fiscal 2026, compared to $3.5 million in the same quarter of the prior year. Research & Development (R&D)
expense in the second quarter of fiscal 2026 was $1.5 million, compared to $1.5 million in the same quarter of the prior year. Selling,
General & Administrative (SG&A) expense in the second quarter of fiscal 2026 was $1.9 million, compared to $1.9 million in the
same quarter of the prior year. For the first six months of fiscal 2026, total operating expenses were $6.7 million, compared to $6.7 million in
the same period of fiscal 2025. R&D expense in the first six months of fiscal 2026 were $2.9 million, compared to $2.7
million in the same period of fiscal 2025. SG&A expense in the first six months of fiscal 2026 decreased 4% to $3.8 million, compared
to $4.0 million in the prior year period.
Net loss in the second quarter of fiscal 2026
was $2.1 million, or ($0.25) per basic and diluted share, compared to net loss of $2.3 million, or ($0.44) per basic and diluted share,
in the same quarter of the prior year. The net loss in the second quarter of fiscal 2025 was favorably impacted by a $0.4 million gain
from the fair value change in the warrant liability. For the six months ended March 31, 2026, net loss was $3.5 million, or ($0.42) per
basic share and ($0.44) per diluted share, compared to net loss of $0.5 million, or ($0.09) per basic and diluted share, in the same period
of the prior year. The lower net loss in the first six months of fiscal 2025 reflected $3.0 million of license revenue recognized in the
first quarter of fiscal 2025.
As of March 31, 2026, the Company had cash and
cash equivalents of $2.8 million, compared to $6.6 million as of September 30, 2025. The Company also had $2.4 million in accounts receivable
as of March 31, 2026, which should be converted to cash in the third quarter of fiscal 2026 based on normal collection patterns.
The Company had working capital of $5.7 million
as of March 31, 2026, compared to working capital of $7.9 million as of September 30, 2025. The Company had no debt outstanding as of
Conference Call and Webcast
Management will host an investor conference call
and webcast today, Tuesday, May 12, 2026, at 8:30 a.m. Eastern time to discuss the Company's fiscal second quarter 2026 financial
results, provide a corporate update, and conclude with Q&A from telephone participants. To participate, please use the following information:
Date: Tuesday, May 12, 2026
Time: 8:30 a.m. Eastern time
U.S. Dial-In (Toll Free): 888-506-0062
International Dial-In: 973-528-0011
Participant Access Code: 224785
Please join at least five minutes before the start of the call to ensure
timely participation.
A playback of the call will be available through Tuesday, May 26, 2026.
To listen to the replay, please call 877-481-4010 within the United States or 919-882-2331 when calling internationally, using replay
passcode 53948. A webcast replay will also be available using the webcast link above through Wednesday, May 12, 2027.
NeuroOne Medical Technologies Corporation is a
medical technology company focused on improving surgical care options and outcomes for patients suffering from neurological disorders.
NeuroOne markets a minimally invasive and high-definition/high-precision electrode technology platform with four FDA-cleared product families:
Evo Cortical Electrodes, Evo sEEG Electrodes, OneRF Ablation System (for brain), and OneRF Trigeminal Nerve Ablation
System. These solutions offer the potential to reduce the number of hospitalizations and surgical procedures, lower costs, and improve
patient outcomes by offering diagnostic and therapeutic functions. The Company is engaged in research and development for drug delivery,
basivertebral nerve ablation and spinal cord stimulation programs. For more information, visit nmtc1.com.
Forward Looking Statements
This press release may include forward-looking
statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act
of 1934, as amended. Except for statements of historical fact, any information contained in this press release may be a forward looking
statement that reflects NeuroOne's current views about future events and are subject to known and unknown risks, uncertainties and other
factors that may cause our actual results, levels of activity, performance or achievements to be materially different from the information
expressed or implied by these forward-looking statements. In some cases, you can identify forward looking statements by the words or phrases
"may," "might," "will," "could," "would," "should," "expect," "intend,"
"plan," "forecasts," "objective," "anticipate," "believe," "estimate," "predict,"
"project," "potential," "target," "seek," "contemplate," "continue, "focused
on," "committed to" and "ongoing," or the negative of these terms, or other comparable terminology intended to
identify statements about the future. Forward looking statements may include statements regarding the potential sales of the sEEG-Based
Drug Delivery system in investigational clinical studies or animals in Q3 fiscal 2026, the collaborations with the University of Minnesota