Aclarion, Inc.

What they do

Aclarion uses Magnetic Resonance Spectroscopy and proprietary UCSF-licensed biomarkers to produce NOCISCAN reports that indicate whether an intervertebral disc is consistent with pain. The company initially targets surgical decisioning for chronic discogenic low back pain in the lumbar spine, with aspirations to expand into conservative and biologic therapies, neck pain and other tumor diagnostics. Its patent portfolio as of December 31, 2025 included 28 U.S. patents, 24 foreign patents, 7 pending U.S. applications and 12 pending foreign applications. The Company states it has limited sales to date.

Revenue drivers

• NOCISCAN reports — The only disclosed revenue source; revenue is per-report and was $25,208 in Q2 2026 and $75,730 for full-year 2025, so it is a very small base.
• UK market volume — Q2 2026 revenue growth of 30.5% year over year was attributed primarily to growing NOCISCAN report volume in the UK following recent local coverage decisions.
• U.S. payor and scan volume — Management expects revenue to increase as more insurance payors are added and scan volumes rise, though no payor contracts are quantified in the excerpts.
• Cost of revenue components — Direct costs include hosting and software, field support, UCSF royalty, Radnet partner fees and credit card fees; Q2 2026 cost of revenue was $16,911 against $25,208 revenue, a 32.9% gross margin.

Recent performance

Q2 2026 revenue was $25,208, up $5,889 or 30.5% from $19,319 in Q2 2025, driven by UK NOCISCAN volume. Gross profit was $8,297 (32.9% margin) versus $5,140 (26.6%). Operating expenses rose to $2,908,019 from $1,741,648, with sales and marketing up 155.2% to $877,160 and G&A up to $1,733,789. Net loss was $2,747,551, or $1.12 per share, compared with $1,600,757, or $2.75 per share, a year earlier. Full-year 2025 revenue was $75,730 with a net loss of $7.2M and operating cash flow of negative $7.2M; cash and equivalents were $16.3M at June 30, 2026.

Strategy

Aclarion is investing in commercial infrastructure, adding three salespeople in the U.S. and UK, which drove the Q2 2026 sales and marketing increase. It continues to fund the CLARITY Trial and post-clearance clinical services to support adoption, with $189,724 of such costs in Q2 2026. It is collecting raw and post-processed spectroscopy data from every NOCISCAN to train machine learning algorithms linking MRS data to clinical outcomes, though it describes the AI application as early-stage or aspirational. Management also intends to expand beyond lumbar surgical decisioning into conservative and biologic therapies, neck pain and potentially brain, breast and prostate tumor diagnosis.

Risks

• Nasdaq listing compliance — Aclarion cites the risk that it may not maintain Nasdaq Capital Market continued listing rules, which could limit liquidity, increase volatility and hinder capital raising.
• Need for additional funding — The company states it will need additional capital, and failure to obtain it on acceptable terms may force delays, limits or termination of product development or operations.
• Limited scanner compatibility — Its MR data post-processing products depend on compatible use with only a limited number of MR scanners provided by a few manufacturers.
• Adoption and referral risk — Failure to build awareness, drive referrals from surgeons and clinicians, and expand the eligible patient population would negatively affect sales and results, and the company notes it has limited sales to date.

Outlook

Management expects revenue to continue increasing as more insurance payors are added and scan volume grows, following UK local coverage decisions. It expects sales and marketing salaries and benefits to continue at the elevated Q2 2026 rate through 2026. The company also plans ongoing R&D on AI quality-control and machine-learning applications using accumulated NOCISCAN data. No specific revenue, earnings or cash guidance is provided in the excerpts.