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 both in-clinic and at-home therapy components.

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

• Commercial launch began in 2023, with over 1,000 implants performed to date.

Financial performance and metrics

• Revenue grew 104.8% year-over-year to $32.0 million in 2025, up from $15.6 million in 2024.

• Gross margin was 81.1% in 2025, up from 79.6% in 2024.

• Net loss increased to $46.5 million in 2025 from $24.6 million in 2024, with an accumulated deficit of $157.8 million as of December 31, 2025.

• As of March 31, 2026, cash and cash equivalents were approximately $55.7 million, reflecting proceeds from $40 million in convertible notes.

• For Q1 2026, estimated revenue is $11.9–$12.1 million, with a net loss of $17.7–$18.1 million.

Use of proceeds and capital allocation

• Estimated net proceeds of $134.5 million (or $155.4 million if underwriters exercise their option in full) at a $15.00/share IPO price.

• Proceeds 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 material agreements are in place.