NeuroOne Medical Technologies Corporation (Nasdaq: NMTC) reported financial results for the first quarter of fiscal year 2026 ended December 31, 2025, highlighting significant progress in its product pipeline and growing adoption of its OneRF ablation system. The company expects product revenue of at least $10.5 million in fiscal year 2026, representing a 17% increase from $9.1 million in fiscal 2025.
Nearly 50% of all ablations performed since the OneRF ablation system product launch in 2024 were conducted in the first quarter of fiscal 2026, demonstrating accelerating adoption. The company also reported successful completion of nine trigeminal neuralgia cases following FDA 510(k) clearance, with all patients reportedly pain free, according to a press release.
“The momentum we established in fiscal 2025 has accelerated into the first quarter, with progress across all target markets leveraging our OneRF platform technology,” said Dave Rosa, CEO of NeuroOne. “With a record number of ablations performed in the first quarter of fiscal 2026, we’ve demonstrated the continued expansion and real-world benefits of our technology.”
First quarter product revenue was $2.9 million, compared to $3.3 million in the same quarter last year, which included a stocking order from Zimmer. On a sequential basis, product revenue increased 5.5% from $2.7 million in the fourth quarter of fiscal 2025. The company had no license revenue in the quarter, compared to $3.0 million in the prior year from the Zimmer distribution agreement.
Product gross profit was $1.6 million, or 54.2% of revenue, compared to $1.9 million, or 58.9%, in the prior year. Total operating expenses were $3.3 million, up slightly from $3.2 million. Net loss was $1.4 million, or ($0.03) per share, compared to net income of $1.8 million, or $0.06 per share, in the prior year which included license revenue.
NeuroOne advanced several pipeline programs. The company expects its drug delivery system to be commercially ready for investigational clinical or animal studies in Q3 fiscal 2026, ahead of schedule by six months. Long-term animal studies for the percutaneous paddle electrode for spinal cord stimulation are scheduled to begin in Q2 fiscal 2026. The company also confirmed the validity of its basivertebral nerve ablation system for lower back pain through advisory board meetings.
“With several new markets targeted, we have also advanced discussions with a number of potential tier-one strategic partners to accelerate our growth,” Rosa added. The company is in advanced discussions for partnerships regarding the trigeminal neuralgia ablation system, basivertebral nerve ablation system, and percutaneous paddle lead.
As of December 31, 2025, NeuroOne had cash and cash equivalents of $3.6 million, compared to $6.6 million as of September 30, 2025. The company believes it is funded through fiscal 2026, potentially longer if certain milestones are met. Working capital was $6.8 million, and the company had no debt outstanding.
NeuroOne’s patent portfolio now includes 13 issued and pending patents in the U.S. and 4 internationally. The company appointed Jason Mills to the Board of Directors in December 2025. For more information, visit nmtc1.com.
