NMTC — what changed in the latest 10-Q

Text added vs the prior filing · source: 10-Q · 2026-08-13

• ● our ability to maintain regulatory clearance of our commercial products;

• ● the results of our development and distribution relationship with Zimmer, Inc. (“Zimmer”), and Zimmer’s ability to commercialize our technology in the United States;

• ● our expectations about the willingness of healthcare providers to recommend our technology to people with epilepsy, Parkinson’s disease, dystonia, essential tremors, facial pain, chronic back pain and other related neurological disorders;

• ● our expectations regarding international opportunities for commercializing our products;

• The following table sets forth the results of operations for the three months ended June 30, 2026 and 2025, respectively.

Text removed vs the prior filing · source: 10-Q · 2026-05-12

• ● our ability to maintain regulatory clearance of our cortical strip and grid electrode technology, and our OneRF ablation system;

• ● our ability to successfully commercialize our technology in the United States;

• ● the clinical utility of our cortical strip, grid and depth electrode, RF ablation system, and technology under development;

• ● our ability to develop additional applications of our cortical strip, grid and depth electrode technology with the benefits we hope to offer as compared to existing technology, or at all;

• ● the results of our development and distribution relationship with Zimmer, Inc. (“Zimmer”);

Text added vs the prior filing · source: 10-Q · 2026-08-13

• In addition, the restatement of our condensed financial statements for the three and six months ended March 31, 2026 identified a further material weakness related to ineffective controls over revenue recognition, specifically with respect to: (i) the review of customer purchase order modifications …

• ● Enhancing reconciliation procedures between shipping records, billing, and recorded revenue to confirm completeness and accuracy of revenue recognized:

• ● Enhancing policies and procedures to retain adequate documented evidence for certain management review controls over certain business processes including precision of review and evidence of review procedures performed to demonstrate effective operation of such controls;

• ● Segregating key functions within our financial processes supporting our internal controls over financial reporting; and

• ● Continuing to enhance and formalize our accounting, business operations, procedures, and controls to achieve complete, accurate, and timely financial accounting, reporting and disclosures.

Text removed vs the prior filing · source: 10-Q · 2026-05-12

• However, after giving full consideration to the material weakness, and the additional analyses and other procedures that we performed to ensure that our condensed financial statements included in this Report on this Form 10-Q, our management has concluded that our condensed financial statements pres…

• ●Enhancing policies and procedures to retain adequate documentary evidence for certain management review controls over certain business processes including precision of review and evidence of review procedures performed to demonstrate effective operation of such controls;

• ●Segregating key functions within our financial processes supporting our internal controls over financial reporting; and

• ●Continuing to enhance and formalize our accounting, business operations, procedures, and controls to achieve complete, accurate, and timely financial accounting, reporting and disclosures.

• The material weakness will not be considered remediated until the applicable controls have operated for a sufficient period of time and management has concluded, through testing, that the controls are effective.

Text added vs the prior filing · source: 10-Q · 2026-08-13

• You should carefully consider the risks described below, as well as general economic and business risks and the other information in this Quarterly Report and our Annual Report on Form 10-K for the fiscal year ended September 30, 2025. The occurrence of any of the events or circumstances described b…

• We have incurred significant operating losses since inception and cannot assure you that we will ever achieve or sustain profitability.

• We have incurred losses since inception, and as of June 30, 2026, we had an accumulated deficit of $84.4 million primarily as a result of expenses incurred in connection with our operations and from our research and development programs. We expect to continue to incur significant expenses and increa…

• We have never been profitable and do not expect to be profitable in the foreseeable future. We expect our expenses to continue to increase as we pursue our objectives. The extent of our future operating losses and the timing of profitability are highly uncertain, and we expect to continue incurring …

• We have a limited operating history, making it difficult for you to evaluate our business and your investment.

Text removed vs the prior filing · source: 10-Q · 2026-05-12

• In addition to the other information set forth elsewhere in this Report, you should carefully consider the factors discussed in Part I, Item 1A “Risk Factors” of the Company’s Annual Report on Form 10-K for the year ended September 30, 2025. Such factors, if they were to occur, could cause our actua…