Helsinki, Finland

Nexstim is a targeted neuro-modulation company that has developed a proprietary navigated rTMS platform for use in diagnostics (NBS) and therapeutics (NBT). NBS is used in planning brain surgery while NBT is focused on depression and chronic pain. FDA approval for depression was given in 2017, and the focus is on commercial roll out in the US, Europe and Asia.

Investment Perspective

Nexstim started 2021 on a positive footing with its Q121 business and clinical update highlighting incremental operational progress and a growing body of evidence in depression. The successful €6.4m (net) spring rights issue provides additional funds to support execution on the company’s 2020-24 corporate strategy, including funding further development of new accelerated iTBS treatment protocols. Resolutions at this week’s AGM authorised a 100 to 1 reverse share split to facilitate trading, positioning the company to continue to deliver on its goal of revenue growth and improved profitability, catalysed longer-term by a disruptive shift in depression treatment (and its delivery) with its accurately navigated SmartFocus transcranial magnetic stimulation (TMS) NBT technology. Updating our model for the raise and share consolidation results in a valuation of €49.4m or €7.44 per share (€6.84 fully diluted).

Market information



Consolidating both shares and strategy
Update | 12 May 2021
Rights issue 178% oversubscribed
Lighthouse | 08 Apr 2021
Subscription rights issue of €6.6m at €0.03 per share
Lighthouse | 08 Mar 2021

Recent News

New customer order for NBT System in the US
30 Jul 2021
NBS System order from a University Hospital in Germany
29 Jul 2021
NBS System upgrade order from a University Hospital in Finland
16 Jul 2021
Update on Helsinki University Hospital chronic pain pilot study
01 Jul 2021