Mobia Medical (MOBI) Registration filing summary

Company overview and business model

• Commercial-stage medical device company focused on stroke recovery for patients with chronic motor impairments.

• Vivistim Paired Vagus Nerve Stimulation (Paired VNS) System is FDA-approved for chronic ischemic stroke survivors with moderate to severe upper extremity impairments.

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

• Target customers are primary and comprehensive stroke centers in the U.S., supported by a direct sales force and therapy development specialists.

• Business model includes direct sales to hospitals and therapy centers, with ongoing patient and provider education to drive adoption.

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, compared to 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.

• Cash and cash equivalents were $33.6 million at year-end 2025.

• Operating expenses rose to $72.3 million in 2025, primarily due to increased investment in commercial and R&D activities.

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 allocate a portion of proceeds to potential acquisitions, though no current agreements exist.