Neuroelectrics

Executive Summary

Neuroelectrics, founded in 2011 and headquartered in Barcelona, Spain, is a pioneering medical device company advancing non-invasive brain stimulation therapies for neurological and psychiatric disorders. The company's proprietary platform integrates wearable neurostimulation devices (e.g., Starstim) with computational modeling to deliver personalized, transcranial electrical stimulation (tES) for conditions such as epilepsy, major depressive disorder, and chronic pain. By leveraging electroencephalography (EEG) and machine learning, Neuroelectrics aims to optimize treatment parameters in real-time, enabling at-home therapy. The company has secured CE marking and FDA 510(k) clearance for its devices, and is conducting pivotal clinical trials to expand its regulatory approvals. With a focus on scalability and digital health integration, Neuroelectrics positions itself to address the growing global burden of brain disorders, offering a non-pharmacological alternative with potential for broad adoption. Its platform has been deployed in over 200 research institutions and hospitals worldwide, underscoring early clinical validation and market traction. Neuroelectrics is targeting large markets including epilepsy (50M patients globally) and depression (280M patients), with its home-use therapy reducing healthcare costs and improving access. The company has raised significant venture funding from investors such as Caixa Capital Risc and has partnerships with leading neuroscience centers. Key near-term milestones include regulatory decisions and trial data readouts that could unlock commercialization in the U.S. and Europe. While competition from other neurostimulation firms (e.g., BrainsWay, Magstim) exists, Neuroelectrics' differentiated approach combining EEG-based personalization and remote monitoring offers a unique value proposition. The company's ability to demonstrate clinical efficacy and secure reimbursement will be critical to capturing market share. Overall, Neuroelectrics is well-positioned to become a leader in personalized brain stimulation, with several catalysts expected within the next 12-18 months that could drive significant value inflection.

Upcoming Catalysts (preview)

• Q3 2026FDA approval of Starstim for treatment-resistant depression65% success
• Q2 2026Top-line results from Phase 3 pivotal trial in epilepsy60% success
• Q4 2026Strategic partnership with a major pharmaceutical company for combination therapy50% success