BrainsWay completed an additional $6 million milestone‑based convertible loan to Neurolief, bringing its total investment in the at‑home neuromodulation developer to $11 million. The loan was triggered by Neurolief’s U.S. FDA Premarket Approval of its ProlivRx system for treatment‑resistant major depressive disorder.
The financing extends BrainsWay’s existing partnership, which began with an initial investment earlier in 2025. The milestone structure ties the loan to Neurolief’s regulatory and product‑development milestones, ensuring that BrainsWay’s capital is deployed as the company advances its at‑home neuromodulation platform.
ProlivRx is the first prescription, physician‑directed, at‑home brain‑stimulation therapy approved by the FDA for adults who have not responded to at least one antidepressant. By adding capital, BrainsWay positions itself to capture a new segment of patients who cannot easily access clinic‑based Deep TMS treatments.
BrainsWay’s 2025 financial results demonstrate the company’s capacity to fund strategic investments. Revenue rose 27% to $52.2 million, net income increased 161% to $7.6 million, and the company held $68 million in cash with no debt. The firm has delivered 10 consecutive quarters of positive free‑cash flow, underscoring its strong balance sheet.
Management highlighted the strategic fit between the two companies. CEO Hadar Levy said the partnership “expands our total addressable market and offers synergistic opportunities that complement BrainsWay’s Deep TMS platform.” Neurolief CEO Scott Drees noted that the investment “has played an important role in advancing our regulatory and commercial strategy for ProlivRx.”
The loan also includes a call option for BrainsWay to acquire Neurolief, further cementing the strategic relationship. Together, the companies aim to combine BrainsWay’s in‑clinic expertise with Neurolief’s at‑home technology to broaden access to neuromodulation therapies for patients with treatment‑resistant depression.
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