What Onward does

Onward Medical N.V. is a publicly listed neurotechnology company (Euronext: ONWD) headquartered in Eindhoven, Netherlands, with a Science & Engineering Center in Lausanne, Switzerland, and a US office in Boston. The company develops the ARC Therapy platform, a set of technologies that deliver targeted, programmed electrical stimulation to the spinal cord to restore movement, function, and hemodynamic stability in people with spinal cord injury (SCI). Its commercial product is the ARC-EX System, a non-invasive transcutaneous stimulator that is FDA-cleared and CE-marked to improve hand sensation and strength in adults with chronic cervical SCI, and which was further cleared by the FDA for home use. Building on the same therapeutic foundation are two investigational platforms: ARC-IM, an implantable pulse generator with a purpose-designed epidural lead targeting applications such as blood pressure instability, motor function, bladder control, and trunk stability; and ARC-BCI, a brain-computer interface that pairs ARC-IM with AI-decoded neural signals to enable thought-driven movement.

The company monetizes ARC-EX through direct hardware sales to specialized SCI rehabilitation centers and clinics, with 117 systems sold in FY2025 generating EUR 5.4 million of revenue and 70 systems sold in Q1 2026 generating EUR 2.0 million. ARC-EX is now active in over 100 clinics across the United States and Europe, supplemented by a public Center Locator that enables patient self-referral. Onward also pursues a clinical-study-driven demand generation model, recruiting patients through its pivotal trials (Up-LIFT for ARC-EX, Empower BP for ARC-IM) conducted at approximately 20 leading research centers across the US, Canada, France, Germany, Spain, and the UK.

The business is supported by a portfolio of nearly 400 issued or pending patents, 10 FDA Breakthrough Device Designations, peer-reviewed publications in Nature and Nature Medicine, and strategic research partnerships with EPFL, .NeuroRestore, and CEA-Clinatec. Cumulative funding raised is approximately EUR 207 million, most recently anchored by a EUR 25 million cornerstone investment from EQT Life Sciences in an April 2026 EUR 40.6 million private placement that extended cash runway into Q1 2028. Leadership is headed by CEO Dave Marver, with CFO Ali Kiboro (appointed January 2026) and Chairman Rob ten Hoedt.

Name

Onward

Legal name

ONWARD Medical N.V.

Website

https://onwd.com

Company type

Public

Founded year

2015

Operating status

Operating

Headcount range

51–100 employees

Short description

Onward Medical N.V. is a publicly listed neurotechnology company (Euronext: ONWD) that develops the ARC Therapy platform — FDA-cleared non-invasive (ARC-EX) and investigational implantable (ARC-IM) and brain-computer interface (ARC-BCI) spinal cord stimulation systems — to restore movement and function in people with spinal cord injury, selling primarily to rehabilitation clinics and VA centers across the US and Europe.

Ownership category

akta.pro rank

Product category

Neurostimulation Medical Devices

SIC

Electromedical & Electrotherapeutic Apparatus (3845), Orthopedic, Prosthetic & Surgical Appliances & Supplies (3842)

akta.pro primary industry

Spine Implants & Motion Preservation (Fusion/Disc/Interspinous) (HLAHAEAC)

akta.pro secondary industry

Implantable Neuromodulation & Neurostimulation (SCS/DBS/VNS/PNS) (HLAHAEAK)

Keywords

• Spinal cord stimulation
• Neurostimulation devices
• Brain-computer interface
• Spinal cord injury therapy
• Rehabilitation medical devices

Headquarters

HQ city

Eindhoven

HQ country

Netherlands

HQ region

Europe

Offices3 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Technology or R&D, Personnel, Operations, Marketing or Sales, Supply Chain, Others

Revenue model

1. ARC-EX System Sales: Direct hardware sales of the FDA-cleared ARC-EX System to rehabilitation centers and clinics. 117 systems sold in 2025 with revenue of EUR 5.4M. 70 systems supplied in Q1 2026 with revenue of EUR 2.0M. Device is sold for both in-clinic professional use and home use.
2. Future ARC-IM System Sales (planned): Investigational implantable ARC-IM System not yet commercially available. Planned commercial launch will add a higher-value implantable hardware revenue stream once FDA approval is obtained. Q1 2026 progress includes first participant enrollment in the Empower BP global pivotal study.

Go-to-market motion3 records

Distribution channels3 records

Marketing channels8 records

Core offering

ONWARD Medical develops and sells the ARC Therapy platform — a portfolio of targeted, programmed spinal cord stimulation systems — including the commercial ARC-EX non-invasive transcutaneous stimulator (FDA-cleared and CE-marked for chronic cervical SCI) and the investigational ARC-IM implantable neurostimulator and ARC-BCI brain-computer interface for blood pressure regulation, motor function, and thought-driven movement restoration.

Product overview

ONWARD Medical's offering is a platform-plus-modules architecture unified under the ARC Therapy brand. The cleared commercial product is the non-invasive ARC-EX System for hand sensation and strength in chronic cervical spinal cord injury, available in the US and Europe. Building on the same ARC Therapy foundation are two investigational modules: the implantable ARC-IM System (for blood pressure regulation, motor function, bladder control, trunk stability, and spasticity, currently in the Empower BP pivotal study) and the ARC-BCI System, which layers a brain-computer interface on top of ARC-IM to enable AI-decoded, thought-driven movement. Across all three, the underlying ARC Therapy is targeted, programmed electrical stimulation of the spinal cord, with the ARC-EX delivering it transcutaneously and ARC-IM (optionally augmented by ARC-BCI) delivering it via an implanted lead.

Differentiator

Problem solved

Functional benefit

Brands

• ARC-EX: External, non-invasive transcutaneous spinal cord stimulation system. FDA-cleared (De Novo) in the US and CE-marked in Europe for improving hand sensation and strength in people with chronic cervical spinal cord injury.
• ARC-IM
• ARC-BCI
• ARC Therapy

Products and services

• ARC-EX System Non-invasive transcutaneous spinal cord stimulation system comprising a Stimulator that delivers programmed electrical pulses to the cervical spinal cord via electrodes placed on the skin at the back of the neck. FDA-cleared (December 2024 with home use clearance) and CE-marked for improving hand sensation and strength in adults aged 18–75 with chronic, non-progressive, incomplete spinal cord injury at cervical levels C2–C8. Indicated for clinic use by Rehabilitation Professionals and home use by patients and caregivers.
• ARC-IM System Investigational minimally-invasive implantable spinal cord stimulation system consisting of an implanted Neurostimulator (IPG) and a purpose-designed epidural lead targeting specific spinal regions (including the 'Hemodynamic Hotspot' in the lower thoracic spine). Designed to address blood pressure instability (orthostatic hypotension and autonomic dysreflexia), upper/lower limb motor function, trunk stability, bladder control, and spasticity after SCI. Holds multiple FDA Breakthrough Device Designations.
• ARC-BCI System Investigational brain-computer interface system (also referenced as ARCBCI) that pairs ARC-IM Therapy with a BCI implant — the ONWARD DigitalBridge — to restore thought-driven movement of the upper and lower limbs. Uses AI to decode brain signals and translate movement intentions into stimulation instructions delivered by the ARC-IM System. Incorporates the WIMAGINE BCI platform under exclusive development and commercialization rights.
• ARC Therapy Platform ONWARD's proprietary overarching therapy platform comprising targeted, programmed electrical stimulation of the spinal cord delivered by the ARC-EX (external), ARC-IM (implantable), or ARC-BCI (brain-computer interface augmented) systems to restore movement, function, blood pressure regulation, and independence after spinal cord injury.

Quantifiable outcome

• 90% of Up-LIFT pivotal trial participants improved strength or function of their upper limbs
• +5 more outcomes

Named customers20 records

Segments6 records

Ideal customer profiles2 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

AI capability1 record

Feature6 records

Partnerships

Ten partnerships are on record, tiered lead clinical trial site, flagship research and community partner, flagship technology partner, major research consortium partner, flagship research consortium partner, major community partner and community partner.

• Craig Hospital (Denver, Colorado)lead clinical trial siteImplementation/ SI/ Consulting Partner · 4 February 2026Craig Hospital in Englewood/Denver, Colorado is the inaugural enrollment site for the Empower BP global pivotal study evaluating the ARC-IM System for blood pressure instability after SCI. Approximately 20 leading research centers participate across the US, Canada, France, Germany, Spain, and UK.
• Christopher & Dana Reeve Foundationflagship research and community partnerStrategic or Co-development Partner · 1 January 2024Christopher & Dana Reeve Foundation provides grant funding and clinical study collaboration for ARC-BCI technology. Provided a $1.1 million grant to expand a clinical study on brain-computer interface technology to restore movement in individuals with SCI, with initial results published in Nature in May 2023. Marco Baptista, Ph.D., Chief Scientific Officer, provided a partner testimonial on the ONWARD website.
• CEA-Clinatecflagship technology partnerStrategic or Co-development Partner · 1 January 2024CEA-Clinatec, the French biomedical research institute, originally developed the WIMAGINE BCI platform. In 2024, ONWARD secured exclusive rights to develop and commercialize WIMAGINE as part of the ARC-BCI System. CEA-Clinatec partnered with ONWARD and EPFL on the 2021 first-in-human BCI implant enabling thought-driven movement.
• .NeuroRestoremajor research consortium partnerStrategic or Co-development Partner · 6 November 2023.NeuroRestore is a neuroscience research center associated with EPFL/CHUV. It is a research consortium partner of ONWARD for the brain-spine interface work, including the STIMO HEMO study that Julie Verlinden participated in. Listed as a community partner on the ONWARD website.
• EPFL (École Polytechnique Fédérale de Lausanne)flagship research consortium partnerStrategic or Co-development Partner · 1 January 2021EPFL is a research consortium partner for the brain-spine interface work that resulted in the May 2023 Nature publication. EPFL's .NeuroRestore center is also a community partner of ONWARD. ONWARD co-founder Vincent Delattre recruited Miro (EPFL master's graduate) as the company's first employee. Dr. Aaron Phillips (Associate Professor at University of Calgary) is an ONWARD consultant.
• Wings for Lifemajor community partnerGTM or Marketing PartnerWings for Life is a spinal cord injury research foundation listed as a community partner of ONWARD. Provides helpful resources for those affected, relatives, and general practitioners via wingsforlife.com.
• Spinal Researchcommunity partnerGTM or Marketing PartnerSpinal Research is a UK-based spinal cord injury research charity listed as a community partner of ONWARD, providing Facebook-hosted educational content on the latest research.
• Fördergemeinschaft der Querschnittgelähmten (FGQ)community partnerGTM or Marketing PartnerFGQ (German Spinal Injuries Association) is a community partner of ONWARD. Chairman of the Executive Board Kevin Schultes provided a partner testimonial on the ONWARD website.
• Praxiscommunity partnerGTM or Marketing PartnerPraxis (praxisinstitute.org) is a Canadian spinal cord injury community advocacy initiative listed as a community partner of ONWARD.
• North American Spinal Cord Injury Consortium (NASCIC)community partnerGTM or Marketing PartnerNASCIC is a North American consortium listed as a community partner of ONWARD.

Scale indicators12 records

Recent moves8 records

Expansion highlights6 records

Direct peers

• Nevro: Nevro is a pure-play spinal cord stimulation company (Senza, HFX) focused on chronic pain. While its current indication differs from ONWARD's SCI focus, its commercial SCS business model and sales motion are directly comparable, making it a relevant listed neuromodulation peer.
• GTX Medical (.NeuroRestore): .NeuroRestore (formerly GTX Medical) is a direct SCI neuromodulation competitor co-founded by Grégoire Courtine and spun out of EPFL/CHUV; it pursues epidural stimulation for movement restoration after SCI, the same therapeutic category as ONWARD's ARC-IM. It is also a listed community partner of ONWARD, underscoring the close technology overlap.
• SpineX: SpineX is a clinical-stage neuromodulation company developing transcutaneous and implantable spinal cord stimulation therapies for SCI and other neurological conditions. Its non-invasive SCI therapy overlaps directly with ONWARD's ARC-EX indication, making it the closest head-to-head commercial-stage peer.

Emerging players

• Neuralink: Neuralink is developing high-bandwidth implantable brain-computer interfaces for movement restoration and other applications. As an emerging BCI player with significantly more capital and visibility, it competes with ONWARD's ARC-BCI for thought-driven movement outcomes and clinical-trial attention.
• Blackrock Neurotech: Blackrock Neurotech develops implantable BCIs for paralysis and motor restoration with extensive human safety data. Its direct overlap with ONWARD's ARC-BCI mission to restore thought-driven movement makes it a relevant emerging peer in the BCI category.
• Synchron: Synchron is developing a stent-based brain-computer interface to enable paralyzed patients to control digital devices. While its current focus is digital interaction rather than motor restoration, it is a direct emerging competitor in the BCI-for-paralysis category where ONWARD's ARC-BCI also competes.

Broad incumbents

• Abbott: Abbott's Proclaim family of neuromodulation devices competes in the broader spinal cord stimulation market and has the scale to pursue SCI indications. As a broad incumbent, it overlaps with ONWARD's underlying therapy modality and represents both competitive and partnership potential.
• Medtronic: Medtronic is the largest incumbent in spinal cord stimulation (Intellis, Vanta, Vercise) with a global commercial footprint. While focused on chronic pain today, its installed SCS base, regulatory capabilities, and capital make it a credible broad incumbent capable of expanding into SCI indications competitive with ONWARD.
• Boston Scientific: Boston Scientific markets the WaveWriter and Precision spinal cord stimulation systems and has a strong neuromodulation franchise. As a broad incumbent with deep clinical relationships, it represents a potential competitive threat and strategic acquirer in the SCI neuromodulation category.
• Axonics: Axonics is a publicly listed neuromodulation company specializing in sacral and tibial stimulation for incontinence and overactive bladder. While its indications differ from SCI, its business model of selling implantable neurostimulators to specialist clinics is closely analogous to ONWARD's planned ARC-IM commercial motion.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• YouTubeyoutube.com/@ONWARDMedical
• LinkedInlinkedin.com/company/onwardmedical
• Xx.com/onwdempowered
• Facebookfacebook.com/onwdempowered

Compliance7 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles13 records

Funding overview

Funding rounds17 records

Investors15 records

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M&A1 record

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Onward