Onward Medical (ONWD) Q3 2024 TU earnings summary

Executive summary

• Achieved significant milestones including exclusive licensing of WIMAGINE BCI technology, €50 million capital raise with Ottobock as a strategic investor, and ARC-EX system named one of TIME Magazine's Best Inventions of 2024.

• Expanded board with experienced medtech leaders, including appointments from Medtronic, ClearChoice, and Ottobock.

• Strengthened partnership with Ottobock, now the largest shareholder holding ~10% of shares.

• Listed shares on Euronext Paris, expanding market presence.

Financial highlights

• Closed Q3 with €23.2 million in cash; cash burn of €8.9 million, in line with historical averages.

• Post-October capital raise, cash balance increased to €65.8 million, extending operational runway for two years or more.

• Successfully completed an upsized €50 million capital increase in October 2024.

• Additional access to up to €52.5 million in debt financing, with future tranches included in runway calculations.

Outlook and guidance

• FDA clearance and first commercial sale of ARC-EX system in the U.S. expected within weeks; European CE Mark submission planned for H1 2025, with launch in H2 2025.

• Preparing for Empower BP global pivotal trial for ARC-IM System, with key milestones in 1H 2025.

• Ongoing and planned clinical studies for Parkinson’s disease, stroke, and additional ARC-BCI implants.