Nexalin Technology (NXL) Registration filing summary

Company overview and business model

• Designs and develops neurostimulation medical devices for treating anxiety, insomnia, and depression without drugs or psychotherapy.

• Gen-1 device is FDA Class II for anxiety and insomnia; Gen-2 and Gen-3 devices are in clinical development and regulatory review.

• Revenue currently comes from legacy device licensing and consumables; new device sales in the US are paused pending regulatory approval.

• Joint venture in China for Gen-2 device development and commercialization; device approved in China for insomnia and depression.

• Military & Government Advisory Board established to pursue opportunities with US federal agencies.

Financial performance and metrics

• Net loss of $8.2M in 2025 and $4.3M for the six months ended June 30, 2026; accumulated deficit of $97.2M as of June 30, 2026.

• Cash and cash equivalents of $1.0M and working capital of $377K as of June 30, 2026.

• Ongoing negative cash flow and substantial doubt about ability to continue as a going concern.

• Revenue is limited and primarily from legacy products; no international revenue in the first half of 2026.

Use of proceeds and capital allocation

• No proceeds from selling stockholders; up to $15M may be raised from AMPA equity facility and up to $604,830 from warrant exercises.

• Proceeds intended for working capital and general corporate purposes; 20% of each financing must be used to prepay a $1.17M promissory note.

• Additional capital will be required to fund operations beyond the next twelve months.