Market Notes
Issue #
7
4 August – 18 August 2026

Measuring What Works

The last two weeks saw the field pushing to quantify recovery, with new evidence for objective markers of brain function landing alongside record commercial results and steady progress in neuromodulation and BCI.

Over the last two weeks, neurotech showed the value of measurement. BrainQ, Kandu, Neuralight, and Charco all published data tracking whether their brain therapies are working. BrainQ's EEG ratios and Neuralight's video-based markers attempt to replace slow, subjective assessment with something quantifiable, while Kandu and Charco paired their devices with sham-controlled evidence.The commercial side gave that ambition a backdrop. Ceribell posted a triple of CMS reimbursement, FDA clearance, and 33% revenue growth, while Brainsway reported record quarterly results paired with strong stock movement. Both show non-invasive neurotech scaling into revenue. Elsewhere, some of the most ambitious tech moved ahead as Motif opened its first RESONATE site, Grey Matter set focused ultrasound toward depression, and StairMed made a bold, still-unproven claim about ten-minute implantation.

Supported by

Brain-computer interfaces

Kandu published the first randomized controlled trial of an FDA-cleared, non-invasive brain-computer interface for chronic stroke in the journal Stroke. The IpsiHand system reads motor intent from the unaffected side of the brain and drives a robotic hand exoskeleton, used at home for an hour a day. Patients using it achieved significantly greater upper-limb recovery than those doing a home exercise program, with more than half reaching a clinically meaningful response against under 10% in the control group. The data challenge the view that recovery plateaus after the first few months.

StairMed claimed it can implant its brain-computer interface in about ten minutes, threading the device through a vein in the neck rather than opening the skull. Co-founder Zhao Zhengtuo described the transvascular approach at the Global Health Summit in Hong Kong, positioning it against Neuralink's open-skull surgery. Unlike Synchron's Stentrode, which sits inside a blood vessel, StairMed's device is designed to exit the vessel and anchor just outside its wall. The technique has so far been tested only in sheep, with human trials yet to begin.

Neuromodulation

Charco Neurotech published pilot randomized controlled trial data for CUE1+ in npj Parkinson's Disease. The wearable device attaches to the chest and delivers focused vibrotactile stimulation and rhythmic cueing to ease Parkinson's symptoms. Against a sham control, participants using the active device showed meaningful improvements across motor severity, gait, and falls risk, as well as non-motor symptoms including sleep and quality of life, with minimal adverse effects. The results add controlled evidence to a device already used by thousands of patients.

Brainsway reported record second-quarter results, with revenue up 35% to $17.1 million and adjusted EBITDA more than doubling to $3.5 million. The company shipped a record 125 Deep TMS systems in the quarter, a 42% increase year over year, and raised its full-year guidance. Brainsway makes a non-invasive deep transcranial magnetic stimulation platform for mental health disorders. The results extend a run of steady commercial growth as the company builds out its provider network and treatment indications.

Motif Neurotech activated the first site of its RESONATE study, opening enrollment at the University of Iowa. The early feasibility trial tests the DOT, a blueberry-sized wirelessly powered implant that sits in the skull above the brain without touching it, delivering stimulation to a region linked to depression. The study will expand to eight sites across six cities, evaluating safety over 12 months in patients with treatment-resistant depression. Motif positions the device as a durable alternative to repeated TMS sessions.

Grey Matter Neurosciences named treatment-resistant depression as its first clinical focus and launched a patient registry to support recruitment. The Toronto company is commercializing focused ultrasound technology developed over the past decade at Sunnybrook Research Institute, designed to reach deep brain structures without surgery, incisions, or shaving the head. Its pilot study, targeting seniors and adults with treatment-resistant depression, is expected to begin in early 2027. The company frames depression as the first step toward a broader platform for brain disorders.

Neurolief secured a US Department of Veterans Affairs contract to bring two prescription neuromodulation therapies to veterans: Proliv Rx for treatment-resistant depression and Relivion MG for acute migraine. Both are non-invasive, self-administered at home under physician supervision, and stimulate branches of the occipital and trigeminal nerves through a head-worn device. The VA is the largest integrated health system in the US, serving nine million veterans, among whom depression and migraine are especially common. In the pivotal depression trial, remission reached 21.3% with active therapy against 6% for sham.

Neuroimaging

No updates this edition!

Diagnostics and Assessment

Neuralight had its brain-function biomarkers selected for the Healthy Brain Ageing (HeBA) initiative, a European program tracking nearly 13,000 adults. The company measures core aspects of brain function from video using an AI engine, turning eye and facial movement into quantitative markers that can detect change up to a decade before symptoms appear. The deployment places Neuralight's platform inside one of the larger population-scale brain health studies, extending its work from drug trials into long-term population monitoring.

Ceribell reported a trio of milestones alongside its Q2 results. CMS granted a New Technology Add-on Payment of up to $2,171 per Medicare case for its Delirium Monitor, and the FDA cleared new epileptiform detection and artifact-reduction algorithms for its cloud portal. Revenue rose 33% to $28.1 million, and the company raised full-year guidance. Ceribell makes a rapid, portable EEG headband that lets non-specialists assess seizures and delirium at the bedside, and is building its seizure-detection base into a broader brain-monitoring platform.

Consumer Neurotech

No updates this edition!

Tools and Infrastructure

BrainQ published a study in NeuroImage: Clinical testing whether two EEG measures can track how well a stroke patient is recovering. After a stroke, the brain shifts toward slow-wave activity, and the delta/alpha and theta/alpha ratios capture how pronounced that shift is. Across 21 patients in a sham-controlled trial of its electromagnetic network targeting field therapy, patients on active treatment showed steeper declines in both ratios, consistent with recovery. The authors describe the findings as exploratory, a signal that would need a trial with pre-specified endpoints to confirm.

Beacon Biosignals featured in Takeda's FDA approval of Orzeyful (oveporexton) for narcolepsy type 1, the first therapy to target the underlying loss of orexin signaling rather than manage symptoms. Beacon is Takeda's neurodiagnostic partner, supplying its at-home EEG headband and FDA-cleared analytics to shorten the long diagnostic journey for narcolepsy and define objective sleep endpoints. The approval marks a milestone for a drug program that Beacon's platform helped support, underlining the company's position bringing large-scale neurophysiology into drug development.