Revenue missed consensus by ~20%, but gross margin expansion to 59.9% and ISO 13485 certification are positive catalysts. The cash runway is tight ($2.0M) and the company is reliant on ATM offerings — watch for further dilution or a capital raise. Monitor Q4 shipments against the $11.2M order book and StereoCED platform launch.
Price Chart
Executive Summary
NeuroOne reported fiscal Q3 2026 product revenue of $2.0M (+16% YoY), slightly below the $2.5M consensus, with a net loss of $2.0M ($-0.23 basic EPS) versus consensus $-0.22. Gross margins expanded to a record 59.9%, and the company received ISO 13485 certification ahead of schedule, enabling international expansion. However, cash burn continues with cash dropping to $2.0M from $6.6M at fiscal year start, and the company raised $1.4M via ATM offerings in Q3 and post-quarter, signaling ongoing capital needs.
Key Financial Metrics
Key Facts
- Product revenue $2.0M (+16% YoY) vs consensus $2.5M — a miss
- Product gross margins expanded to a record 59.9% from 53.9% YoY
- Net loss $2.0M ($-0.23 basic EPS) vs consensus $-0.22
- Received ISO 13485:2016 certification ahead of schedule for international expansion
- Cash burn continues: cash dropped to $2.0M from $6.6M at Sep 30, 2025
- Raised $0.4M via ATM in Q3 and another $1.0M post-quarter (July 13, 2026)
- Product orders of $2.7M outpaced revenue, creating $1.7M backlog
- Lead investor increased stake from 7.4% to 12.5% post-quarter
- StereoCED drug delivery platform expected available by end of fiscal 2026
Financial Impact
Revenue miss of ~$0.5M vs consensus; net loss widened to $2.0M from $1.5M YoY; cash burn of ~$4.6M in 9 months
Risk Factors
- Cash burn rate: cash declined from $6.6M to $2.0M in 9 months, requiring continued ATM or dilutive financing
- Revenue miss vs consensus of ~$0.5M despite 16% YoY growth
- Dilution from ATM program: $1.4M raised in Q3 and post-quarter, with 400,346 shares issued in July alone
- Dependence on manufacturing partners to convert $11.2M order book into recognized revenue
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001213900-26-088719 |
| Document: ea0301787-8k_neuroone.htm | 0001213900-26-088719 |
| Document: 0001213900-26-088719-index-headers.html | 0001213900-26-088719 |
| Document: 0001213900-26-088719-index.html | 0001213900-26-088719 |
| Document: 0001213900-26-088719.txt | 0001213900-26-088719 |
| 8-K Data (Synthetic) | 0001213900-26-088719 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 5, 2026 22d ago | 8-K | $1.12 $1.13 | ▲ +1.35% | ▲ +0.80% | $0.8500 (−23.77%) |
Oct 5, 2026 22d ago | Press Release | $1.12 $1.13 | ▲ +1.35% | ▲ +0.80% | $0.8500 (−23.77%) |
Aug 27, 2026 8w ago | 8-K | $1.98 $1.77 | ▼ −10.61% | ▼ −10.38% | $0.8500 (−57.07%) |
Aug 13, 2026 10w ago | 8-K | $1.83 $1.94 | ▲ +6.01% | ▲ +6.21% | $0.8500 (−53.55%) |
Jun 12, 2026 19w ago | 424B5 / 8-K | $3.32 $3.25 | ▲ +2.11% | ▲ +1.51% | $0.8500 (+74.40%) |
May 22, 2026 22w ago | 8-K | $3.87 $3.73 | ▲ +3.62% | ▲ +3.63% | $0.8500 (+78.04%) |
May 12, 2026 24w ago | 8-K | $4.39 $4.51 | ▲ +2.73% | ▲ +2.16% | $0.8500 (−80.64%) |
May 4, 2026 25w ago | 8-K | $4.49 $4.43 | ▼ −1.34% | ▼ −2.13% | $0.8500 (−81.07%) |
Apr 30, 2026 25w ago | 8-K | $4.70 $4.35 | ▼ −7.45% | ▼ −7.67% | $0.8500 (−81.91%) |
Feb 25, 2026 34w ago | 8-K | $4.15 $4.02 | ▼ −3.04% | ▼ −2.59% | $0.8500 (−79.50%) |
US Market Status
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