(RTTNews) - ONWARD Medical NV (ONWDB.XD), a neurotechnology company, on Tuesday reported its first quarter financial results and provided various business and operational highlights.
Q1 2026:
The company recorded a total revenue of EUR 2 million, with sales of the ARC-EX system contributing EUR 1.3 million alone.
Cash balance as of March 31, 2026, amounted to EUR 53.4 million.
ONWARD also raised EUR 40 million in equity capital and estimates that available funds will facilitate operations till the first quarter of 2028.
Business Updates:
ARC-EX is a system for non-invasive spinal cord-stimulation, used for the treatment of spinal cord injuries (SCIs). In the first quarter, the company supplied 70 ARC-EX systems to clinics and homes.
The company is also developing ARC-IM, an implanted system for managing blood pressure in SCI patients, and is currently enrolling patients in the randomized, double-blind, sham-controlled, pivotal Empower BP study. The first patient was enrolled and received the implant in the first quarter.
The investigational ARC-IM system is also being explored in a clinical feasibility study for treating blood pressure instability associated with Parkinson's disease.
Additionally, the ARC-BCI system was implanted in two SCI patients, who subsequently recovered mobility in paralyzed limbs.
ONWDB.XD is currently trading on Cboe Europe at EUR 2.85, down 3.55%.
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