Channel partnership with Vibra boosts US commercial footprint, provides validation
MindMaze signed a definitive channel partnership agreement with Vibra Healthcare, a leading recognised provider of neurological care and rehabilitation
services, which we expect to expand the US sales reach of MindMaze’s pioneering neurotherapeutic
solutions without requiring any meaningful increase in the company’s commercial and
sales expenditures. As explained in our April 2026 outlook note, Vibra has been an ongoing collaborator with MindMaze and has robust experience with
the neurotherapeutics platform in its facilities, supported by Vibra’s own two-year,
multi-site deployment of the MindMaze Therapeutics platform across five inpatient
rehabilitation centres. The two parties collaborated on a large-scale real-world evidence
study across five US inpatient rehab facilities, with positive results reported in
March at the American Society of Neurorehabilitation meeting (ASNR 2026). The data
demonstrated that the high-dose, high-intensity therapy recommended by treatment guidelines
can be applied at scale without increasing staffing burden. MindMaze estimates that
for some busy healthcare facilities, the ability of the platform to potentially reduce
in-patient duration stays by as little as one day can potentially result in
US$3–4m in annual savings (given that Medicare payments are usually ‘bundled’ and not necessarily
based on the duration of the stay).
More importantly, as Vibra operates more than 30 facilities in the US, it has established itself as a leader in the rehabilitation services and
neurological care areas, and its endorsement of the MindMaze platform carries meaningful
weight, in our view, with potential new customers and healthcare and rehabilitation
care industry participants. Even though Vibra is a competitor to such healthcare providers
in some instances, in many others (for instance, for healthcare facilities lacking
specialised neurological rehabilitation services but looking to expand), Vibra can
act as a partner or collaborator where introducing them to high-quality technologies
that reduce staffing requirements (like MindMaze’s platform) can strengthen the value
proposition. Vibra has specialised expertise in the rehabilitation segment, and, given
its clinicians’ experience with the MindMaze platform, it can provide clinical insights
on real-world usage to potential customers. Ultimately, under their channel partnership,
MindMaze expects Vibra to help introduce new potential customers to MindMaze’s platform
through multiple channels, such as conferences and joint presentations and other arrangements.
MindMaze’s internal team will provide project management, ongoing service and support
to the introduced customers who sign onto the platform. The partnership calls for
a profit-sharing arrangement for new customers introduced to MindMaze by Vibra.
Vibra expects to leverage its national relationships and operational credibility to
connect MindMaze Therapeutics with providers seeking to advance their neurorehabilitation
capabilities. Notably and indicative of Vibra’s confidence in the MindMaze platform
and its commitment to supporting its roll-out, Vibra’s founder and CEO, Brad Hollinger,
is running for election on MindMaze’s board at its upcoming AGM on 25 June.
MindMaze expects that the Vibra collaboration would be a key driver of new customer
acquisitions starting in H226. As the relationship with Vibra is non-exclusive, MindMaze
is also looking at other channel partners in the US to further extend the commercial
footprint, as this would be a capital and resource-light approach to maximise the
platform’s sales reach. MindMaze CEO Zach Henderson has had previous experience at
multiple healthcare companies where he was successfully able to leverage channel partners
to optimise sales and limit costs. He cites a long-term goal for MindMaze to rely
on channel partners for up to 50% of future revenue, both in the US and internationally.
We believe this is a sensible approach, particularly given the high gross margins
expected for MindMaze’s software-as-a-service type platform, which provides sufficient
margin that can be shared with potential partners and a mechanism to expand reach
without committing substantial amounts of capital (ie reducing the need to expand
a dedicated salesforce).
Simplification of organisation through sale of non-core assets
As highlighted in our outlook report, MindMaze had commented that it is evaluating
strategic alternatives for selected non-core assets outside neurology, including potential
out-licensing or disposal. To this end, in June, the company announced a non-core asset sale to simplify its organisational structure. It is selling the US and Canadian commercial
rights to RLF-OD032, a phenylketonuria programme, for
US$3m, along with royalties on future net sales of the product.
MindMaze has also executed term sheets that would lead to the disposal of substantially
all remaining non-neurology legacy operations (all of which were acquired through
the business combination with Relief Therapeutics in late 2025). These transactions
are anticipated to further simplify the organisation and reduce the company’s cost
base by approximately one-third. Subject to the execution of definitive agreements,
the company expects this organisational simplification initiative to be substantially
completed in Q326.
These steps and this organisational focus on the neurotherapeutic assets are consistent
with the company’s reporting of its FY25 results, discussed further below, where legacy
assets (in areas not related to the neurotherapeutics business) were not included
in the FY25 results nor in the restated FY24 financials.
CHF8m strategic financing with Neuro.io extends runway
In late May MindMaze entered into a definitive agreement for a CHF8.0m equity financing with Neuro.io Group (Neuro.io), an emerging computing and AI hyperscaler infrastructure company focused
on frontier reasoning and dedicated to regulated industries such as healthcare. The
proceeds will support MindMaze’s efforts and priorities as it continues to scale its
US commercial footprint and advance deployment of its neurotherapeutics platform.
Neuro.io was founded by Dr Tej Tadi, who was also a founder and prior CEO of MindMaze.
Through the transaction, Neuro.io will acquire a strategic equity position in MindMaze.
The financing is divided into two tranches. The initial CHF4.0m tranche closed one
week following the announcement and consisted of the purchase of 4.97m treasury shares
and the subscription for CHF2.85m in mandatory convertible loan notes. Neuro.io has
committed to purchasing a second tranche consisting of an additional CHF4.0m in mandatory
convertible loan notes, and this is expected to close by the end of June, subject
to customary closing conditions. The sale and conversion prices were set at CHF0.23
per share, and following the closing of the transaction and assuming conversion of
all the included convertible notes, MindMaze’s shares outstanding will have increased
by 29.79m shares, or by c 19.3%, with gross cash rising by CHF8m.
Concurrently with the financing, MindMaze Therapeutics and Neuro.io entered into a
letter of intent to explore possible strategic opportunities between the parties,
including a potential business combination. The discussions aim to explore combining
MindMaze’s clinically validated neurotherapeutics platform with Neuro.io’s healthcare-focused
AI and compute capabilities to expand the deployment of AI-enabled interventions for
the treatment of neurological disorders. At this stage, it is premature to speculate
whether the two parties will combine or whether any synergies will be identified,
but we believe these discussions could provide some optionality to future revenue
opportunities for MindMaze. As a private company, there is limited public information
on Neuro.io’s scale and operations, but we believe the company’s financial scale could
be substantial, evidenced by its announcement in 2025 that it will be investing
US$100m through 2035 to develop an innovation campus in Louisiana, termed BrainHUB, that
will aim to advance large-scale AI applications and brain technology and create more
than 1,100 new jobs across AI engineering, healthcare and advanced manufacturing.
Financials
Consistent with the sale of non-core assets described above, MindMaze’s FY25 financial results included a restatement of FY24’s financials, which served to remove all legacy (ie
Relief Therapeutics) assets not related to the neurotherapeutic business. Effectively,
as the FY24 results predate NeuroX’s (the predecessor firm to MindMaze) purchase of
the neurotherapeutics assets in early CY25, the restated FY24 results are essentially
nil.
MindMaze in March issued a pro forma snapshot of its FY25 performance, with combined revenue of CHF4.6m (CHF4.0m coming from Relief
Therapeutics legacy assets and CHF0.6m from NeuroX), COGS of CHF2.9m (predominantly
from Relief Therapeutics), operating expenses of CHF17.7m (of which CHF9.1m was attributable
to NeuroX) and a combined adjusted EBITDA loss of CHF16.0m. As the legacy assets and
non-neurotherapeutics operations have been removed in the formal FY25 results, the
company’s reported FY25 revenue of CHF0.64m is consistent with the previously reported
snapshot. The company reported an EBITDA loss of CHF8.9m (driven by CHF5.3m in R&D
expenses) and an operating loss of CHF10.5m.
Given the company’s initiatives to streamline operations (RLF-OD032 out-licensing
and its expectation to simplify its organisation and out-license remaining non-neurology
legacy assets by end-Q326) are bearing fruit, we have reduced our FY26 SG&A expenditure
assumptions. We now expect FY26 SG&A of CHF8.1m versus our prior estimate of CHF11.2m.
Our model had already assumed some rationalisation of legacy operations by FY27, which
explains why our FY27 SG&A assumption of CHF8.8m is largely unchanged. We have also
slightly pushed back the timing of FY26 neurotherapeutics operating revenue, but this
is largely offset by the
US$3m upfront payment for the RLF-OD032 transaction described above. We have kept our FY27
and beyond neurotherapeutic revenue assumptions largely unchanged (please refer to
our outlook note for our most recent revenue assumptions). Altogether, we now expect FY26 and FY27
revenue of CHF5.9m and CHF43.2m, versus our prior estimates of CHF5.5m and CHF44.0m.
We expect FY26 and FY27 free cash flows of negative CHF6.9m (thus inflow) and positive
CHF10.9m (outflow), versus our prior estimates of negative CHF12.4m and positive CHF10.8m
inflow.
MindMaze had a gross cash position of CHF9.5m at 31 December 2025 (with no debt, excluding
CHF1.8m in lease liabilities). Assuming full completion of the Neuro.io strategic
financing described above, we model that the company’s pro forma net cash position
at 30 June 2026 would be CHF13.0m. While we previously assumed that MindMaze would
raise CHF15m in funding prior to achieving sustainable profitability, given the Neuro.io
fund-raising and our lower near-term SG&A assumptions, we now model that the company
will have sufficient funds on hand to reach profitability in FY27. However, this remains
contingent on the company meeting the ambitious sales growth targets (both with its
channel partners and with its internal sales efforts) implied by our estimates. Should
the company’s growth trajectory be lower than anticipated, we believe it may need
to seek additional capital to reach sustainable profitability.
Valuation
We continue to value MindMaze using a risk-adjusted (50%) net present value analysis
based on our forecasts (with our probability of success applied to each of the major
revenue drivers, as shown in Exhibit 1 below). One notable change from our prior valuation
approach (which resulted in an assessment of CHF542.7m or CHF3.41 per share) is that
we have removed the shareholder equity book value (excluding cash) from Relief Therapeutics’
H125 financials (CHF20m) from our valuation, as the company has now out-licensed RLF-OD032,
and there is limited visibility on whether the other Relief assets will generate meaningful
additional value for the company. While it remains possible that RLF-OD032 and the
other Relief legacy assets may provide upside to our estimates and valuation, for
conservatism, our valuation approach no longer includes a specific value for these
assets. Our valuation assumes full completion of the Neuro.io financing, and we assume
a pro forma net cash position at 30 June of CHF13.0m.
| Exhibit 1: MindMaze rNPV valuation |
 |
| Source: Edison Investment Research |
Given these changes, we now determine a valuation of CHF528.4m, or CHF2.73 per share.
The largest driver for the reduction in the per-share value is the c 19% expected
increase in shares outstanding assuming full completion of the Neuro.io financing
arrangement (and conversion of the mandatory convertible shares into new MindMaze
shares). Nonetheless, the renewed valuation, based on our forecasts and risk assessments,
represents meaningful upside to MindMaze’s current share price. We continue to use
a forex assumption of $1.25/CHF.
The US commercialisation opportunity is the largest driver of our valuation, followed
by our assessment of the EU5 countries’ self-commercialisation of the product and
then our preliminary assessment of the Pill+ partnership opportunity described in
our outlook note.
While MindMaze has the regulatory freedom to operate in the US and EU5 countries,
we continue to believe a 50% risk adjustment is appropriate, given the early stage
of the commercialisation effort in the US and EU5 countries and limited immediate
visibility on revenue trends. As the company meets growth expectations, demonstrates
positive margins, delivers positive clinical data and generates progress on a potential
conversion to CPT CAT I reimbursement, and/or provides definitive clarity on its Pill+
pharma partnership, we plan to revise our probability assessments. We note that, in
a scenario where the risk assessment was assigned at 100%, the valuation would increase
to CHF896m, or CHF4.62 per share.
| Exhibit 2: Financial summary |
 |
| Source: Edison Investment Research, company accounts |
