NeuroOne Medical Technologies Corporation (NMTC): Business Model Canvas [Dec-2025 Updated]

You're looking to cut through the noise and see exactly how NeuroOne Medical Technologies Corporation is making money with its novel neuro-tech, and honestly, the numbers from late 2025 tell a compelling story. Forget the hypotheticals; the core of their model hinges on that exclusive global distribution deal with Zimmer Biomet, which helped fuel a massive $\mathbf{163\%}$ year-over-year jump in product revenue to $\mathbf{\$9.1}$ million for FY2025, all while they secure clearances like the recent Trigeminal Nerve Ablation. This isn't just about R&D spend; it's about turning patented thin-film electrode technology into a single-system solution for surgeons. Here's the quick math: they are successfully monetizing a high-value, FDA-cleared platform. Dive below to see the full nine blocks defining NeuroOne Medical Technologies Corporation's current operational blueprint.

NeuroOne Medical Technologies Corporation (NMTC) - Canvas Business Model: Key Partnerships

You're looking at the core relationships that fuel NeuroOne Medical Technologies Corporation's commercial engine as of late 2025. These aren't just handshake agreements; they involve significant financial commitments and market access rights that directly impact the company's revenue projections.

Exclusive global distribution with Zimmer Biomet for OneRF™ Ablation System

The expanded exclusive distribution agreement with Zimmer Biomet is the most financially significant partnership. This relationship grants Zimmer Biomet exclusive rights to distribute the OneRF Ablation System across the U.S. and select international markets. This partnership is key to achieving the company's aggressive revenue targets for fiscal year 2025.

The financial impact of this distribution channel is clear in the guidance and reported figures:

The agreement included an upfront license payment of $3.0 million, which NeuroOne Medical Technologies Corporation recognized in the first quarter of fiscal 2025. This payment helped terminate a prior $3.0 million secured credit facility agreement in November 2024. Furthermore, the agreement establishes required product minimums and set pricing structures.

Strategic research and development collaboration with Mayo Clinic

NeuroOne Medical Technologies Corporation maintains an exclusive partnership for research and development with the Mayo Clinic. This collaboration is intended to leverage the institution's expertise to advance the technology platform.

The partnership is noted as one of the company's exclusive partnerships.

Contract manufacturers for thin-film electrode production

NeuroOne Medical Technologies Corporation relies on contract manufacturers for the production of its thin-film electrode technology. The company's thin-film electrodes are made of polyimide as a substrate with platinum contacts and have a thickness of 0.08 mm.

The technology has undergone long-term stimulation testing, measuring the ability to deliver the number of electrical stimulation pulses required to meet about 5 years of use using an active accelerated aging test model.

Potential new strategic partners for spinal cord and drug delivery applications

NeuroOne Medical Technologies Corporation is actively pursuing additional strategic relationships to expand the use of its OneRF platform beyond the current epilepsy indication. The company is in discussions with multiple top-tier strategic partners for new applications.

The focus areas and associated market potential include:

• Spinal Cord Stimulation (SCS) Percutaneous Paddle Lead Program.
• sEEG-Based Drug Delivery Program.
• Drug delivery market projected to reach $7 billion by 2025.

The company has also secured a patent for agent-delivering neural probe devices, supporting the push for drug delivery partnerships.

NeuroOne Medical Technologies Corporation (NMTC) - Canvas Business Model: Key Activities

You're looking at the core engine driving NeuroOne Medical Technologies Corporation right now, which is all about getting their proprietary technology from the lab bench into the operating room, and then scaling that up fast. The Key Activities are heavily weighted toward regulatory milestones and commercial execution in late 2025.

Research and development (R&D) for next-gen neurological devices.

R&D activity is clearly shifting from pure concept to platform expansion, validated by the capital structure supporting this work. The company secured an oversubscribed capital raise totaling $8.2 million in net proceeds in April 2025, which, combined with prior funding, means NeuroOne Medical Technologies Corporation is fully funded through at least fiscal year 2026. This financial runway lets them push forward on multiple fronts beyond their core epilepsy indication. They are actively developing the Spinal Cord Stimulation (SCS) Percutaneous Paddle Lead Program and the sEEG-based drug delivery system. To be fair, the drug delivery system already saw external validation with a first order from a large biopharmaceutical company for preclinical research, which opens up a completely new market for NeuroOne Medical Technologies Corporation.

Here are some of the pipeline and platform developments:

• Developing SCS Percutaneous Paddle Lead Program.
• Advancing sEEG-based drug delivery system.
• Exploring pain management applications like lower back pain treatment.

Manufacturing and quality control of FDA-cleared thin-film electrodes.

The focus here is on scaling production efficiently, which you can see reflected in the margin expansion. The manufacturing and quality control processes are clearly improving as the company scales the use of the OneRF® Ablation system for epilepsy patients. For the third quarter of fiscal year 2025, the product gross margin expanded significantly to 53.9%, a big jump from 34.1% in the same quarter of fiscal year 2024. This operational leverage is key. For the first nine months of fiscal 2025, the product gross margin hit 56.8%, up from just 29.5% in the prior year period. Management maintained their full fiscal year 2025 guidance for product gross margin to range between 50% and 53%, showing confidence in their cost reductions and scaling efforts.

Commercialization and sales support for the OneRF™ Ablation System.

This is where the rubber meets the road, and the numbers show strong early traction, even before the new indication launch. Product revenue for the third quarter of fiscal year 2025 reached $1.7 million, representing a 105% year-over-year increase. For the first nine months of fiscal 2025, product revenue was $6.4 million, doubling the $3.2 million from the same period in fiscal 2024. Preliminary, unaudited product revenue for the full fiscal year 2025, as of early October, hit a record $9.1 million, reflecting a 163% growth rate. The existing OneRF® Ablation system sales are driving this momentum, with the first patient surpassing the one-year mark of seizure freedom. The company is targeting a limited commercial launch for the newly cleared Trigeminal Nerve Ablation System in the fourth quarter of calendar 2025, which should provide an incremental revenue catalyst.

Here's a quick look at the revenue ramp:

Securing and defending intellectual property, including new European patents in 2025.

Intellectual property protection is a major activity, building a defensive moat around the technology platform. As of July 23, 2025, NeuroOne Medical Technologies Corporation's patent portfolio included 17 issued and pending patents in the United States and internationally. A major IP win was the granting of European Patent 4013481 on October 1, 2025, titled 'Spinal Cord Stimulation Systems, Methods, and Devices,' which is their first granted patent in Europe. Also, on October 7, 2025, the USPTO issued U.S. Patent 12,435,407, covering novel manufacturing methods for neural probe and spinal cord stimulation devices. They also received a Notice of Allowance on September 29, 2025, for a patent covering 'Probe Devices with Temperature Sensors and Related Systems and Methods.'

Pursuing FDA 510(k) clearances, like the one for Trigeminal Nerve Ablation in August 2025.

Regulatory achievement is a critical, near-term activity that unlocks new revenue streams. The most significant recent event was receiving U.S. Food and Drug Administration (FDA) 510(k) clearance for the OneRF® Trigeminal Nerve Ablation System on August 18, 2025. This clearance allows marketing the system for creating radiofrequency lesions to treat pain associated with the trigeminal nerve, a condition affecting approximately 150,000 people in the United States annually. The company completed the FDA submission for this indication ahead of schedule. This clearance builds on the existing 510(k) clearance the OneRF® Ablation System received in 2023 for applications in Parkinson disease, epilepsy, dystonia, and essential tremor. Honestly, getting that August 2025 clearance was the necessary precursor to the Q4 2025 limited commercial launch.

Key Regulatory Milestones:

• FDA 510(k) clearance for Trigeminal Nerve Ablation System received: August 18, 2025.
• Target for limited commercial launch of Trigeminal Nerve Ablation System: Q4 calendar year 2025.
• Existing OneRF® Ablation System clearance for neurological conditions received: 2023.

Finance: draft 13-week cash view by Friday.

NeuroOne Medical Technologies Corporation (NMTC) - Canvas Business Model: Key Resources

You're looking at the core assets NeuroOne Medical Technologies Corporation holds right now to run the business. These aren't just ideas; these are tangible, protected, and financial elements that underpin their operations as of late 2025.

The foundation rests heavily on intellectual property and regulatory approvals. The patented thin-film electrode technology platform is central, enabling their high-definition solutions for neurological disorders.

The regulatory status of their product line is a critical resource, as shown below:

Financially, liquidity is a key resource, though it requires careful monitoring. As of September 30, 2025, NeuroOne Medical Technologies Corporation reported cash and cash equivalents of approximately $6.6 million.

This cash position is supported by recent commercial activity and strategic partnerships. The exclusive distribution network access via Zimmer Biomet is a major commercial asset, providing market reach for the OneRF™ Ablation System.

Here are the key financial and partnership metrics supporting the Key Resources block:

• Cash and cash equivalents as of September 30, 2025: $6,600,000.
• Upfront payment received from Zimmer Biomet under the expanded distribution agreement: $3 million.
• FY2025 preliminary product revenue guidance range: $8,000,000 to $10,000,000.
• FY2025 raised product gross margin guidance: 50% to 53%.
• Reiterated funding runway expectation based on Zimmer minimum orders: Through at least FY2026.

The OneRF™ Ablation System is noted as the world's first FDA cleared system for both diagnostic and therapeutic procedures using this thin-film technology.

The distribution agreement with Zimmer Biomet grants exclusive rights for the OneRF™ Ablation System in the U.S. and certain OUS markets, leveraging their extensive distribution channel.

The Evo sEEG Electrode technology, cleared for temporary use (less than 24 hours), addresses an estimated worldwide market of US$100 million for diagnostic brain mapping procedures.

NeuroOne Medical Technologies Corporation (NMTC) - Canvas Business Model: Value Propositions

You're looking at the core value NeuroOne Medical Technologies Corporation (NMTC) is delivering right now, late in 2025. It's all about making complex neurological procedures less invasive and more effective, and now expanding that core platform into chronic pain management.

Minimally Invasive Diagnostics: The foundation of the value proposition rests on high-definition sEEG (stereo-electroencephalography) electrodes designed for less invasive monitoring in epilepsy patients. This approach aims to improve the diagnostic phase of care compared to more traditional, potentially more invasive methods.

• Platform supports EEG recording, monitoring, ablation, drug delivery, and stimulation solutions.
• The technology is being developed for disorders like epilepsy, Parkinson's disease, dystonia, and essential tremors.

Single-System Solution: The OneRF™ Ablation system offers a unique advantage in the epilepsy space. It is the first and only device to receive FDA 510(k) clearance that combines both diagnostic and therapeutic applications within a single sEEG electrode. This capability allows for at-the-bedside ablation, which enhances versatility and convenience by avoiding separate procedures in different clinical settings. The technology provides monitoring, mapping, and ablation all in one system. This unique combination is a key differentiator for neurosurgeons using the platform.

Expanded Treatment Options: NeuroOne Medical Technologies Corporation expanded its platform significantly in August 2025 by receiving FDA 510(k) clearance for the OneRF® Trigeminal Nerve Ablation System. This system is designed to treat trigeminal neuralgia, a chronic facial pain condition. The target market is substantial, affecting approximately 150,000 people in the United States annually. The company is targeting a limited commercial launch for this pain management application in the fourth quarter of calendar 2025. This clearance leverages the existing OneRF® RF generator platform, marking the first step into broader pain management therapies beyond neurosurgery.

Improved Patient Outcomes: Clinical validation supports the efficacy of the OneRF® Ablation System in epilepsy treatment. For example, an early patient treated in June 2024, Clara, successfully surpassed the one year milestone of being seizure-free. Prior to treatment with the OneRF® platform, Clara was experiencing up to 10 seizures daily. Generally, the technology has demonstrated seizure reduction or complete seizure freedom for most patients that have received an ablation with the OneRF System. This translates directly into improved quality of life, allowing patients like Clara to enroll in college full-time and participate in previously hindered activities.

Here's a quick look at the financial performance supporting this commercialization effort as of late 2025. The preliminary unaudited product revenue for fiscal year 2025 reached a record $9.1 million, representing a 163% growth from the previous year. The company is debt-free and anticipates being fully funded through at least fiscal year 2026 following an $8.2 million capital raise in April 2025.

NeuroOne Medical Technologies Corporation (NMTC) - Canvas Business Model: Customer Relationships

You're looking at how NeuroOne Medical Technologies Corporation (NMTC) manages its connections with the people who buy and use its technology. It's a mix of heavy-hitting partnerships and direct clinical engagement, which is typical when you're selling specialized medical devices.

Partner-managed relationship with Zimmer Biomet handling end-user sales

The relationship with Zimmer Biomet is central to getting the OneRF™ Ablation System into operating rooms. This is a classic distribution channel relationship, where a smaller innovator relies on a giant for scale. Zimmer Biomet, one of the largest global medical device companies in The United States, handles the commercialization exclusively across the U.S. and select international markets. This partnership kicked off with a significant financial component, as NeuroOne Medical Technologies Corporation received a $3.0 million upfront license payment in November 2024, which helped strengthen the balance sheet, leaving the company with no debt outstanding as of December 31, 2024.

The sales performance under this channel shows clear acceleration. For fiscal year 2024, product revenue was $3.5 million. The initial stocking orders with Zimmer Biomet were completed in the first quarter of fiscal 2025, where product revenue hit $3.3 million, a 235% increase year-over-year. The company is reiterating its full fiscal year 2025 product revenue guidance between $8.0 million and $10.0 million, representing a projected growth of 132% to 190% over fiscal year 2024. As of the third quarter of fiscal 2025, preliminary unaudited product revenue reached $9.1 million, showing 163% growth from the previous year.

This partnership also drives margin improvement. Product gross margin for fiscal year 2024 was 31%. For fiscal year 2025, the expectation is for product gross margins to range between 50% and 53%, up from the previous guidance of 47% to 51%. This compares favorably to the Q1 FY2025 product gross margin of 58.9%.

Here's a quick look at the financial impact of the Zimmer Biomet relationship:

Clinical support and training for neurosurgeons and hospital staff

The relationship extends beyond just delivery; it requires deep clinical integration. The OneRF ablation system is the first and only FDA-cleared product that uses the same sEEG electrode for both diagnostic and therapeutic applications in the brain. Clinical success is a key driver of adoption, with the majority of patients treated to date now being seizure free, and one patient reported seizure free for almost an entire year as of May 2025. Furthermore, a new ICD-10-PCS code for the 1RF ablation procedure became effective on October 1, 2024, which directly helps hospitals accurately report and process reimbursement claims.

NeuroOne Medical Technologies Corporation is focused on expanding the utility of its platform, which involves educating the clinical community:

• The OneRF ablation system is commercially available and treating epilepsy patients.
• The company has 3 FDA 510(k) cleared products for use in the brain.
• The company is planning additional submissions in 2025.

Direct engagement with key opinion leaders (KOLs) for clinical validation

Direct engagement with leading physicians is crucial for clinical validation and market acceptance. NeuroOne Medical Technologies Corporation utilizes discussions with neurosurgeon advisers who participated in their advisory board for brain ablation. This engagement is targeted toward expanding into new indications, such as trigeminal neuralgia, which affects roughly 150,000 people in the U.S. annually. The company was on track to submit its trigeminal nerve RF ablation 510(k) in the first half of 2025.

The broader medical affairs landscape shows that KOLs are increasingly relying on digital channels for knowledge. Proprietary research suggests that 54% of scientific knowledge gained by KOLs now stems from nonpersonal sources. This context shapes how NeuroOne Medical Technologies Corporation must approach its direct engagement strategy, balancing personal interactions with digital knowledge dissemination.

Investor relations and corporate updates for public shareholders

Maintaining transparency with public shareholders is a continuous effort, especially for a company that reported an EBITDA of -$11.64 million in the last twelve months (as of January 2025). The company communicates through formal filings and direct letters. A Letter to Shareholders was released on January 14, 2025, and an Investor Presentation was issued on May 13, 2025. A Virtual Investor Webinar was held on October 7, 2025.

Financially, the company bolstered its position by completing an oversubscribed capital raise in April 2025, totaling $8.2 million in net proceeds from institutional investors, which they believe funds the company through at least fiscal 2026. As of September 30, 2025, cash and cash equivalents stood at $6.6 million.

The ownership structure reflects significant retail investor interest:

• Share price as of November 21, 2025, was $0.64 / share.
• Approximately 61.30% of the stock is held by Public Companies and Individual Investors (retail).
• Institutional investors hold approximately 27.27% of the stock.
• There are 44 institutional owners and shareholders on record, holding a total of 14,703,530 shares.

Finance: draft 13-week cash view by Friday.

NeuroOne Medical Technologies Corporation (NMTC) - Canvas Business Model: Channels

You're looking at how NeuroOne Medical Technologies Corporation (NMTC) gets its OneRF® technology into the hands of surgeons and hospitals as of late 2025. The strategy heavily leans on a major established partner, but they're also pushing for direct market access with new indications.

Zimmer Biomet's established global sales and distribution network.

This partnership is the backbone for broad market reach. The expanded exclusive distribution agreement with Zimmer Biomet, one of the world's largest medical device manufacturers, is key to scaling up. This channel was immediately monetized; NMTC received a $3.0 million upfront payment from Zimmer Biomet, which was recognized in the first quarter of fiscal year 2025. This deal covers the exclusive commercialization of the OneRF™ Ablation System across U.S. and international markets, leveraging Zimmer Biomet's extensive channels.

Direct sales team for strategic accounts and partnership management.

While Zimmer Biomet handles much of the volume, a direct sales presence is necessary for managing the relationship and securing strategic accounts. This team also focuses on new product lines, like the recently cleared OneRF® Trigeminal Nerve Ablation System, where they continue ongoing discussions with strategic partners who may also use the existing OneRF® brain ablation system.

Medical conferences and trade shows for product awareness and training.

Product awareness and training rely on direct engagement at industry events. This channel is critical for educating the surgical community on the differentiated features of the OneRF® technology, such as the multi-contact RF probe that allows for both precise localization and tailored ablation under temperature-controlled conditions.

Regulatory submissions (e.g., FDA 510(k)) to enable market access.

Market access is gated by regulatory success, and NMTC has been hitting milestones. The company already had three product families that achieved FDA 510(k) clearance before the newest indication. The OneRF® Trigeminal Nerve Ablation System received U.S. Food and Drug Administration ("FDA") clearance on August 18, 2025, after the submission was completed in May 2025. This clearance targets the trigeminal neuralgia market, which is expected to grow from $262 million in 2024 to over $416 million by 2030. The company targeted a limited commercial launch for this new system in the fourth quarter of calendar year 2025.

Here's the quick math on how the channel performance is translating into financial results for the fiscal year 2025 guidance and Q1 actuals:

The Q1 FY 2025 total revenue hit $6.3 million, which included that $3 million license payment from Zimmer Biomet. Still, the momentum from the core product sales is clear, with product revenue in Q1 reaching $3.3 million.

NeuroOne Medical Technologies Corporation (NMTC) - Canvas Business Model: Customer Segments

You're looking at the core groups NeuroOne Medical Technologies Corporation (NMTC) serves to drive its revenue, which, as of late 2025, is showing significant acceleration.

Neurosurgeons and Epileptologists: These are the primary clinical users who directly interact with the technology in the operating room. They are the champions for the OneRF® Ablation System, which is the first and only FDA-cleared single-electrode solution capable of both diagnostic recording and therapeutic ablation for epilepsy procedures. The positive clinical outcomes are a key driver for adoption; for instance, the first patient treated with the OneRF® Ablation System reached the milestone of over one year of seizure freedom. These specialists are also the target audience for the newly FDA-cleared OneRF® Trigeminal Nerve Ablation System, which received clearance on August 18, 2025.

Hospitals and Medical Centers: These entities are the purchasers of the capital equipment and the recurring disposable electrodes. Their decision-making is influenced by the system's ability to offer a better methodology, potentially reducing hospital stays and the number of surgeries required for a patient. The commercial traction is evident in the financial results; NeuroOne Medical Technologies Corporation reported preliminary unaudited product revenue for the fiscal year 2025 reached a record $9.1 million, a 163% growth from the previous year. For the third quarter of fiscal year 2025, product revenue was $1.7 million, up 105% year-over-year. The improved operational efficiency is reflected in the product gross margin expanding to 53.9% in Q3 2025.

Patients with Neurological Disorders: This segment represents the ultimate beneficiaries, primarily those with epilepsy, but increasingly those with trigeminal neuralgia and chronic pain. The company is targeting multiple billion-dollar markets with its minimally invasive approach. For the trigeminal neuralgia indication, where the OneRF® Trigeminal Nerve Ablation System is aimed, the therapeutics market is projected to grow from $262 million in 2024 to $416 million by 2030. Overall, the global neuralgia treatment market is estimated to be valued at USD 2.57 Bn in 2025.

The customer base is segmented by the product application and the purchasing entity, which can be summarized as follows:

Strategic medical device partners for licensing and co-development: This segment is crucial for scaling beyond direct sales, especially for new indications. The company has an expanded exclusive distribution partnership with Zimmer Biomet Holdings (ZBH). This relationship provided a significant financial boost, including a $3 million upfront license payment in the first quarter of fiscal 2025. Furthermore, NeuroOne Medical Technologies Corporation received its first order for its sEEG-based drug delivery system from a large biopharmaceutical company for preclinical research, opening a completely new market avenue. The company's ability to fund operations into at least fiscal year 2026 was bolstered by an oversubscribed capital raise totaling $8.2 million in April 2025.

The company's current focus is on expanding its cleared product families-it had three FDA-cleared product families as of early 2025-and leveraging these platforms across new customer segments like trigeminal neuralgia, with potential revenue generation anticipated in late calendar year 2025 if cleared.

• The OneRF® Ablation System for epilepsy is driving the core product revenue growth.
• The OneRF® Trigeminal Nerve Ablation System targets a market segment valued at $255.09 million in 2024 globally.
• The company reported cash and cash equivalents of $6.6 million as of September 30, 2025.
• The management team is also advancing development for spinal cord stimulation and drug delivery technologies, seeking further partnerships.

Finance: draft 13-week cash view by Friday.

NeuroOne Medical Technologies Corporation (NMTC) - Canvas Business Model: Cost Structure

You're looking at the costs NeuroOne Medical Technologies Corporation (NMTC) is managing as it scales its commercial efforts, and honestly, for a med-tech firm, the cost structure is heavily weighted toward future pipeline development and getting the current product into more hands.

High R&D expenses to fund pipeline development represent a necessary cash burn to secure future revenue drivers. For the first quarter of fiscal year 2025, Research & Development expense was reported at $1.2 million. This compares to $1.5 million in the same period of fiscal year 2024, showing a slight reduction in that specific quarter, though pipeline funding remains a core cost driver for the company's long-term value proposition. The ongoing work includes the 510(k) submission for the OneRF Trigeminal Nerve Ablation System, which carries associated development and submission costs.

Manufacturing and inventory costs for disposable electrodes are directly reflected in the product gross margin. Management has raised its full fiscal year 2025 guidance for product gross margin to range between 50% and 53%, up from the initial guidance of 47% to 51%. This margin improvement suggests increasing operating leverage and efficiency in manufacturing and inventory management as volumes rise. To give you a snapshot of the margin improvement trend, the product gross margin in Q1 FY2025 actually hit 58.9%, which is significantly higher than the 31% seen in fiscal year 2024.

Selling, General & Administrative (SG&A) expenses are a key component of operating costs. Specifically for Q1 FY2025, SG&A expense was $2.0 million, down from $2.2 million in Q1 FY2024. Looking at the first nine months of fiscal year 2025, total SG&A expense decreased 8% to $5.6 million compared to the prior year period. These costs cover commercialization activities, administrative overhead, and supporting the Zimmer Biomet distribution network.

To break down the total operating expenses for that key quarter, here's what the numbers looked like:

The total operating expenses for Q1 FY2025 were $3.2 million, a decrease of 12% compared to $3.7 million in Q1 FY2024.

Regulatory compliance and patent maintenance costs are essential, though specific figures aren't always broken out separately in the top-line reports. These costs are embedded within the operating expenses, particularly R&D and SG&A, as NeuroOne Medical Technologies Corporation manages its intellectual property portfolio and seeks necessary clearances, such as the 510(k) submission for the trigeminal nerve ablation system.

• Ongoing costs support the existing OneRF Ablation system's regulatory status.
• Costs are incurred for new product submissions, like the trigeminal nerve system.
• Patent maintenance fees secure the company's core technology platform.

Finance: draft 13-week cash view by Friday.

NeuroOne Medical Technologies Corporation (NMTC) - Canvas Business Model: Revenue Streams

NeuroOne Medical Technologies Corporation (NMTC) revenue streams are primarily anchored in the sale of its medical devices and strategic partnership income.

The core product sales come from the OneRF™ Ablation System and the Evo sEEG electrodes, which are used for the surgical diagnosis and treatment of neurological disorders like epilepsy.

For the preliminary fiscal year 2025, the product revenue reached $9.1 million, representing a 163% year-over-year increase. This preliminary figure was within the initial full-year guidance range of $8.0 million to $10.0 million for product revenue.

A significant component of non-product revenue involves one-time license payments, such as the $3.0 million upfront payment received from Zimmer Biomet in relation to the expanded exclusive distribution agreement. The first quarter of fiscal year 2025 alone included this $3.0 million collaboration payment.

The Zimmer Biomet distribution agreement also creates a stream for potential future milestone payments, contingent upon the achievement of certain performance criteria.

Here's a quick look at some of the key revenue and guidance figures for the period:

The revenue streams can be broken down by source type:

• Product sales from the OneRF™ Ablation System and Evo sEEG electrodes.
• One-time license payments, like the $3.0 million received from Zimmer Biomet.
• Potential future milestone payments from the Zimmer Biomet distribution agreement.

To give you a sense of the growth trajectory, product revenue for the first six months of fiscal 2025 totaled $4.7 million, up from $2.4 million in the same period of 2024.

The company also reported cash and cash equivalents of $6.6 million as of September 30, 2025.

Finance: draft 13-week cash view by Friday.