Mobia Medical (MOBI) Registration filing summary

Company overview and business model

• Commercial-stage medical device company focused on stroke recovery for survivors with moderate to severe upper extremity impairments.

• Vivistim Paired Vagus Nerve Stimulation (Paired VNS) System is the first and only FDA-approved solution for chronic ischemic stroke survivors.

• Vivistim Therapy leverages neuroplasticity to restore motor function, with over 1,000 implants performed since full commercial launch in 2023.

• Target customers are approximately 1,500 primary and comprehensive stroke centers in the U.S., supported by a network of therapy sites.

• Commercial strategy includes direct sales, education, and engagement with physicians, therapists, and patients.

Financial performance and metrics

• Revenue for the year ended December 31, 2025 was $32.0 million, up 104.8% from $15.6 million in 2024.

• Gross margin was 81.1% in 2025, compared to 79.6% in 2024.

• Net loss for 2025 was $46.5 million, compared to $24.6 million in 2024; accumulated deficit as of December 31, 2025 was $157.8 million.

• Cash and cash equivalents as of December 31, 2025 were $33.6 million.

• Operating expenses increased to $72.3 million in 2025, primarily due to scaling commercial operations.

Use of proceeds and capital allocation

• Net proceeds from the IPO will be used to expand the direct sales force and commercial organization, continue R&D and clinical studies, and for working capital and general corporate purposes.

• May use a portion of proceeds for acquisitions, though no agreements are in place.