NeuroOne Medical Technologies Corp (NASDAQ: NMTC) is a medical device company developing thin-film electrode and ablation technologies for the diagnosis and treatment of epilepsy and other neurological conditions. Revenue has come primarily from licensing arrangements, including a $3.0 million upfront payment received from Zimmer Biomet under an RF Distribution License for commercialization of the OneRF Ablation System in the brain, plus a potential $1.0 million milestone payment tied to a sales volume threshold (per the 10-K filed 2025-12-17). The company's core products, the Evo Cortical electrode and Evo sEEG depth electrode, received their first human commercial use at Mayo Clinic in December 2020. NeuroOne was incorporated in Nevada in 2009 as Original Source Entertainment, acquired NeuroOne, Inc. in July 2017, and reincorporated in Delaware. Management carries prior experience from Boston Scientific, St. Jude Medical, Stryker Instruments, and C.R. Bard. The company has no disclosed commercial-scale product revenue and remains in early-stage commercialization.

Revenue model

Licensing fees and milestone payments from distribution partners, specifically a $3.0 million RF Distribution License fee paid by Zimmer Biomet and a contingent $1.0 million milestone tied to one-time sales volume. No recurring product revenue stream is disclosed in the 10-K filed 2025-12-17.

Products and services

Evo Cortical electrode (cortical strip and grid electrode for epilepsy diagnosis), Evo sEEG depth electrode, and the OneRF Ablation System for brain ablation. The company is also developing ablation electrode technology tested at Cleveland Clinic and Emory University in bench-top and pre-clinical models, per the 10-K filed 2025-12-17.

Customers and end markets

Target customers are hospitals and neurology centers performing epilepsy surgery, including craniotomy-based diagnostic and therapeutic procedures. Clinical partners include Mayo Clinic and Cleveland Clinic. End market is epilepsy surgery, with secondary exploration of trigeminal neuralgia treatment.

Value-chain role

Medical device developer and IP licensor. NeuroOne develops and owns the electrode and ablation technology, licenses commercialization rights to distribution partners (Zimmer Biomet for the OneRF Ablation System), and relies on third-party clinical sites for pre-clinical and clinical validation.

Geographic exposure

United States primary market. Prior EDDA agreements with Zimmer Biomet granted exclusive global distribution rights, but geographic revenue breakdown is not disclosed in the 10-K filed 2025-12-17.

Source: SEC 10-K, filed 2025-12-17

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