Rankings Pharma & medtech MindMaze Therapeutics
MindMaze Therapeutics
36
15070100
A view of the same findings, not a new score. How it works
The model found several serious problems. That does not mean the stock will fall.
Biggest deductions
- Margin−13
- Financing and runway−12
- Absolute level−6
Strengths
- Regulated product and channel partner+1
Speculative profile
A penny stock under DKK 3. The asymmetry rating is separate from the Bjarvik score and is not a recommendation.
- Asymmetry (1–10)
- 2
- Price
- 1.19 DKK
- Market value
- DKK 202m
- Cash runway
- 4 months
- Cash / debt
- 5.3 / 0.0m CHF
- Dilution, 12 months
- +11%
Bull case
Neuro.io pays the rest and comes in as a strategic owner, the US hospital channels lift revenue to CHF 5–10m in 2027–28, and reimbursement falls into place in Switzerland and France. With lower costs after the divestment the market could re-rate the share to EV/Sales 5–8, i.e. 3–5x. A merger at a higher value could give more.
Bear case
The Neuro.io money fails to arrive or comes too late, and cash is empty around the turn of the year. Emergency financing at CHF 0.05–0.10 with 50–100%+ dilution, or wind-down or sale of the assets at a fraction of the value.
Catalysts
- 2026-09 and 2026-11Neuro.io's second tranche (2 × approx. CHF 2m) – postponed and not guaranteedbinary prnewswire.com
- Ongoing 2026-27The reimbursement studies SwissNeuroRehab (Switzerland) and REACT-AVC (France) and rollout via Vibra Healthcare in the USAgradual prnewswire.com
- OpenPossible AI partnership and merger with Neuro.iobinary theglobeandmail.com
Risk of going to zerohigh – about 4 months of cash without the uncertain tranche, cash burn of about CHF 16m a year against CHF 1m in revenue and financing with a price-dependent conversion price
Next financingNeuro.io's remaining CHF 4m is planned to come in two instalments in September and November 2026, but without a guarantee. Even with them, cash lasts only until approx. Q1 2027, and the company is seeking 'further financing'. Expect more share issues or convertible loans at prices that follow the market down, possibly a cooperation or merger with Neuro.io. No formal restructuring has been announced.
Warrants & convertiblesThe Neuro.io agreement: mandatorily convertible loans and purchase of treasury shares at the lower of CHF 0.23 and a 10% discount to the average price. The first tranche gave 4.97m treasury shares and 12.4m new shares; in total close to 30m shares are expected to be converted within 12 months. Dilution is approx. 11% since the merger; for the original Relief shareholders (approx. 14m shares before the merger) it is over 1,000%, because 140m new shares were issued to NeuroX.
Insiders, last 12 monthsNo management trades found. Neuro.io has bought 4.97m treasury shares from the company and received 12.4m new shares on conversion at no more than CHF 0.23 (May–August 2026).
Largest ownersNot verified. The former NeuroX shareholders received 140m of c. 154m shares in the merger (c. 91%), and Neuro.io now owns c. 10%. Stockanalysis shows insiders 6.2%, institutions 12.6% and free float c. 51m shares.
Circio check(1) Small market cap: yes – approx. CHF 25m. (2) Hot theme: partial – neurotechnology and AI are popular, but digital rehabilitation is not hyped. (3) Upcoming milestones: partial – mostly financing and commercial rollout, no binary data. (4) Major partner: no – Neuro.io and Vibra are small. (5) Funding for 2+ years: no – a few months. (6) Price near the bottom after a large decline: yes – −96% in a year.
Why this asymmetryThe price has fallen extremely, and the products are approved, but revenue is minimal, cash burn high and runway only a few months. The financing is priced at a discount to the daily price, so any upside largely goes to new investors.
How the score is built
From 100 to 36, step by step: points off for the business, the price and the cracks, back for documented strengths, then three data adjustments.
Start
Score
Hover or select a step to see what drove it. Steps with findings open them below.
Key numbers
As of 3 Nov 2026. Analyst targets tend to be optimistic; read upside as a hint, not a forecast.
- Price
- 0.14 CHF
- Median analyst target
- –
- Upside to median
- –
- Analysts
- none
- Target range
- –
- 52-week change
- –
- P/E (trailing)
- n/a
- Forward P/E
- n/a
- PEG
- n/a
Findings
Every deduction and every plus, with its source. Open a step to read them.
Business
Is the company getting stronger, not just bigger? · 4 findings−27 of −30
- −13MarginRevenue of only CHF 0.5m and net loss of CHF 6.9m in H1 2026; TTM operating loss CHF 12.1m on CHF 1.2m in revenue (operating margin about -1,000%).
- −5Quality of growthRevenue was CHF 0.64m in 2025, split across Asia, the USA and Europe, and only CHF 0.5m in H1 2026. After many years on the market with MindMotion/MindPod there is still no commercial traction, and reimbursement in Europe is only now being sought through studies (SwissNeuroRehab, REACT-AVC).
- −4MoatThe products are FDA-listed and CE-marked, but neurorehabilitation with games/VR is a fragmented market with many competitors and no established reimbursement. The US sales channel (Vibra Healthcare) is brand new.
- −5Capital allocationReverse merger with Relief at a combined value of CHF 1.1bn (NeuroX alone CHF 1bn), which today is worth approx. CHF 25m. Relief's activities outside neurology were sold again after a few months, and new capital is being raised at no more than CHF 0.23 per share.
Price
Today's multiples against the company's own history and its peers. · 2 findings−9 of −35
- −3Multiples vs own historyOnly about 9 months of history. P/S has fallen from 452 (end of 2025) to 21 and P/B from 7.6 to 0.7, but P/TBV is 11.4: the book value is almost entirely goodwill and intangibles from the merger.
- −6Absolute levelEV about CHF 20m (EV/Sales 16.5) for CHF 1.2m in revenue, an FCF of CHF -16.3m (FCF yield -65%) and no earnings in sight.
Cracks
Cash flow, customers, debt, insiders, guidance and what sits behind the headline numbers. · 3 findings−23 of −35
- −12Financing and runwayCash was CHF 5.3m at 30/6-2026 vs spending of about CHF 4m per quarter. Neuro.io's second tranche of CHF 4m has been postponed to two instalments in September and November 2026 'without certainty on timing or completion', and the company is actively seeking further financing.
- −6Price decline and loss of confidenceThe price has fallen from a peak of CHF 2.99 (December 2025) and CHF 1.90 at the turn of the year to about CHF 0.15 (-96% over a year); stockanalysis shows Piotroski F-score 1.
- −5Governance and dilution structureNeuro.io receives shares and mandatorily convertible loans at the lower of CHF 0.23 and a 10% discount to the daily price, in total close to 30m shares over 12 months. The price thus falls with the share price. At the same time free float is only approx. 30%, and a possible merger with Neuro.io has been mentioned.
Plus
Only documented strengths. · 1 finding+1 of +15
- +1Regulated product and channel partnerFDA-listed and CE-marked products with a two-year real-world evidence program that showed markedly better patient outcomes, and a new channel agreement with the US hospital chain Vibra Healthcare.
Caveats
What the score does not capture, or where the data is weak.
The company is the former Relief Therapeutics, which in December 2025 merged with NeuroX (MindMaze) in a reverse takeover at a combined value of CHF 1.1bn. The history is therefore only about 9 months, and the 2024 figures at stockanalysis are empty. The cash balance as of 30/6/2026 (CHF 5.32m) is from stockanalysis, as the H1 announcement does not state it. Quarterly burn is estimated from the cash movement in H1. Largest owners not verified (free float only about 51m of 170m shares). Neurorehabilitation/digital therapy placed under 'Medicine & medtech'. No analysts (forecast 404). Market cap calculated by us: 170m shares × CHF 0.1488 ≈ CHF 25.3m ≈ DKK 202m.
Also in Pharma & medtech
The highest scores in the same industry.
