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 is embarking on the next stage of its journey in commercialising its Navigated Brain Therapy (NBT) platform in MDD (major depressive disorder). The recently reported FY18 results confirmed operational progress was much as expected. A sizeable rights issue is planned, with the aim of securing sufficient funding to support the commercial roll-outs of NBT in depression in North America and Europe. It was also announced that the NBS pre-surgical mapping platform may be divested. We have updated our valuation and financial model to reflect the expected changes. We now value the company at €10.5m or €3.23 per share (also €3.23 diluted), against €32.0m, or €10.5/share (also €10.5 diluted) were financial risk removed.

Market information

SymbolPrimary exchangeCurrency
NXTMHFirst North HelsinkiEUR
Last PriceMarket Cap
52 Week Low52 Week High


Terms of the rights issue announced
Lighthouse | 28 Mar 2019
Securing the commercial future of NBT in depression
Update | 18 Mar 2019
Achieving commendable outcomes in depression
Update | 20 Dec 2018

Recent News

Professor Turo Nurmikko joins Scientific Advisory Board
16 Apr 2019
Professor Alvaro Pascual-Leone joins Scientific Advisory Board
10 Apr 2019
EC Certificate renewed
09 Apr 2019
Professor Linda Carpenter joins Scientific Advisory Board
05 Apr 2019