2025 in Review

by James Cavuoto, editor

As was the case in 2024, the year 2025 continued the progression of good news for the neurotechnology industry. And as was the case last year, this year was marked by large financial transactions. While Boston Scientific’s $600 million purchase of Nalu was less than that firm’s $3.7 billion deal with Axonics in 2024, it pointed out the potential for startup PNS firms. As Jeremy Koff point out in his article on page 6 of this issue, disappointing exits of SCS players Nevro and Saluda Medical may be an indication that the SCS gravy train has run its course.

But if SCS deals fade into the background, investors have no reticence for BCI startups. Significant funding rounds in this space in the last year include $200 million for Synchron, $102 million for Precision Neuroscience, and INBRAIN and Echo, each of which raised a $50 million round. These, of course, are in addition to the vast sums raised by Neuralink.

Outside of BCI, it was encouraging to see other neuromodulation applications attract investor interest. MicroTransponder raised a $65 million round for its stroke intervention, Salvia $60 million for migraine, Neuros got $56 million for amputation pain, Cala raised $50 million for movement disorders, and Noctrix Health got $33.5 million for restless leg syndrome. Even early rounds were lucrative for neurotech startups with novel technologies and applications, including Nervonik’s $13 million for PNS, Sanmai’s $12 million for ultrasound applications, and Ampa’s $8.5 million seed round for TMS.

And neurotech investment was not confined to therapeutic interventions in 2025. Neurosensing and neurodiagnostic firms did well, including Beacon Biosignals, which pulled in $86 million and Zeto, who raised $21 million for its EEG technology.

Outside of financial activity, there were a number of other noteworthy events and trends that emerged in 2025. In January, the leaders of the three prominent pain societies, North American Neuromodulation Society, North American Spin Society, and the American Society of Pain and Neuroscience, forged an unprecedented collaboration in an effort to speak with one voice on matters relating to chronic back pain. Our first ever European Neurotech Leaders Forum at imec in Belgium brought together key industry players from two continents. Investigators and commercial firms made progress in treating addiction with neuromodulation.

As the year came to a close, some promising developments emerged that may help grow the industry in 2026. Earlier this month, CMS announced a new reimbursement model, called ACCESS (Advancing Chronic Care with Effective Scalable Solutions). This trial program includes potential participants in musculoskeletal pain and behavioral health. Though details are sketchy at this point, the optional program could help tie payment levels to measurable improvements in patient health.

On behalf of the editors of Neurotech Reports, we wish our readers a prosperous and eventful 2026.