olivLaw · US equity research
Aclarion, Inc. ACON
Services-Medical Laboratories · SIC 8071 · Vertical: Services-Medical Laboratories (SIC 8071)
Aclarion is a medical technology company that uses magnetic resonance spectroscopy to help physicians identify the spinal discs causing chronic low back pain. The company still reports very small revenue, 75,730 USD in 2025 with 65.6% growth, while losses remain high and additional funding is becoming central to continuing operations.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 05 Nov 2026, Aclarion, Inc. (ACON) stock was 1.56 USD (−10.34% on the day), with market capitalisation 4.5 m USD, beta 1.59, 52-week range 1.56–8.17 USD. Latest reported quarter (Q3 2026): revenue of 33.7 k USD (+78.1% YoY), net income of -2.6 m USD, diluted EPS -0.94 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 25.5
- oversold (≤ 30)
- Bollinger (20, 2)
- 1.61 – 2.27
- below the lower band · %B -0.07 · band width 34.3%
- SMA 50 / 200
- 2.27 / 2.86
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.16 / -0.14
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −31.9% | −5.9% | −25.9 pp | — |
| 3 months | −33.6% | −4.6% | −29.0 pp | — |
| 6 months | −50.6% | +0.2% | −50.9 pp | — |
| Year to date | −66.1% | +7.4% | −73.5 pp | — |
| 1 year | −79.2% | +8.2% | −87.4 pp | −5.8% |
| 3 years | −100.0% | +68.4% | −168.4 pp | +63.6% |
| 5 years | unavailable | +56.5% | unavailable | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q3 2026 · 30 Sept 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 10.2 k | 19.0 k | 19.3 k | 18.9 k | 18.5 k | 21.1 k | 25.2 k | 33.7 k |
| Cost of revenue | 20.6 k | 23.5 k | 14.2 k | 14.6 k | 16.7 k | 17.4 k | 16.9 k | 18.9 k |
| Gross profit | -10.3 k | -4.5 k | 5.1 k | 4.4 k | 1.8 k | 3.8 k | 8.3 k | 14.8 k |
| Research & development | 251.8 k | 198.2 k | 270.4 k | 302.0 k | 263.1 k | 315.4 k | 297.1 k | 371.5 k |
| Operating income | -1.8 m | -1.5 m | -1.7 m | -1.8 m | -2.0 m | -3.0 m | -2.9 m | -2.8 m |
| Depreciation & amortisation | 52.2 k | 55.2 k | 52.6 k ≈ | 58.4 k ≈ | 61.3 k | 60.9 k | 61.9 k ≈ | 63.6 k ≈ |
| Pre-tax income | -2.0 m | -2.0 m | -1.6 m | -1.7 m | -1.9 m | -2.9 m | -2.7 m | -2.6 m |
| Income tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net income | -2.0 m | -2.0 m | -1.6 m | -1.7 m | -1.9 m | -2.9 m | -2.7 m | -2.6 m |
| Diluted EPS | -1,634.82 ≈ | -9.32 | -2.75 | -2.93 | -2.55 ≈ | -1.34 | -1.12 | -0.94 |
| Operating cash flow | -922.9 k | -2.5 m | -1.9 m ≈ | -1.2 m ≈ | -1.6 m | -2.6 m | -2.7 m ≈ | -2.0 m ≈ |
| Capex | 5.1 k | — | — | 7.3 k ≈ | 13.7 k | — | — | 0 ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | 60.3 k | 60.4 k | 75.4 k | 45.7 k | 75.7 k |
| Revenue YoY | unavailable | +0.3% | +24.8% | −39.4% | +65.6% |
| Net income | -5.0 m | -7.1 m | -4.9 m | -7.0 m | -7.2 m |
| Net income YoY | unavailable | unavailable | unavailable | unavailable | unavailable |
| Diluted EPS | -6.58 | -19.61 | -79,782.00 | -7,478.90 | -13.61 |
| Diluted EPS YoY | unavailable | unavailable | unavailable | unavailable | unavailable |
| net % | -8,210.5% | -11,694.4% | -6,513.4% | -15,293.8% | -9,551.9% |
| Free cash flow | unavailable | unavailable | -3.6 m | -5.3 m | -7.2 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 12.0 m USD
- Financial debt
- unavailable USD
- Net debt
- unavailable USD
- Equity
- 12.8 m USD
- Total assets
- 13.7 m USD
- Debt / equity
- unavailable
- Current ratio
- 14.81x
- ROE
- -104.8%
- ROA
- -91.6%
- FCF margin
- -9,488.6%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|
| Revenue | 60.3 k | 60.4 k | 75.4 k | 45.7 k | 75.7 k | SEC (XBRL)· 18 Mar 2026verified |
| Cost of revenue | 69.2 k | 65.3 k | 75.7 k | 84.7 k | 68.9 k | SEC (XBRL)· 18 Mar 2026verified |
| Gross profit | -8.9 k | -4.9 k | -324 | -38.9 k | 6.8 k | SEC (XBRL)· 18 Mar 2026verified |
| Research & development | 787.9 k | 1.1 m | 873.3 k | 888.8 k | 1.0 m | SEC (XBRL)· 18 Mar 2026verified |
| Operating income | -3.0 m | -5.6 m | -4.9 m | -5.5 m | -7.1 m | SEC (XBRL)· 18 Mar 2026verified |
| Depreciation & amortisation | 186.4 k | 143.6 k | 162.7 k | 193.1 k | 227.4 k | SEC (XBRL)· 18 Mar 2026verified |
| EBITDA | -2.8 m ≈ | -5.4 m ≈ | -4.7 m ≈ | -5.3 m ≈ | -6.8 m ≈ | SEC (XBRL)· 18 Mar 2026derived |
| Interest expense | 474.9 k | 1.5 m | 110.5 k | 64.1 k | — | SEC (XBRL)· 09 Apr 2025verified |
| Pre-tax income | — | -7.1 m | -4.9 m | -7.0 m | -7.2 m | SEC (XBRL)· 18 Mar 2026verified |
| Income tax | 0 | 0 | 0 | 0 | 0 | SEC (XBRL)· 18 Mar 2026verified |
| Net income | -5.0 m | -7.1 m | -4.9 m | -7.0 m | -7.2 m | SEC (XBRL)· 18 Mar 2026verified |
| Diluted EPS | -6.58 | -19.61 | -79,782.00 | -7,478.90 | -13.61 | SEC (XBRL)· 18 Mar 2026verified |
| Weighted average diluted shares | 905.7 k | 381.6 k | 62 | 943 | 532.0 k | SEC (XBRL)· 18 Mar 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|
| Cash | 432.5 k | 1.5 m | 1.0 m | 453.7 k | 12.0 m | SEC (XBRL)· 18 Mar 2026verified |
| Receivables | 6.3 k | 18.6 k | 13.3 k | 18.3 k | 29.7 k | SEC (XBRL)· 18 Mar 2026verified |
| Current assets | 732.2 k | 1.7 m | 1.3 m | 824.3 k | 12.4 m | SEC (XBRL)· 18 Mar 2026verified |
| Property, plant & equipment, net | 12.6 k | 3.3 k | 1.8 k | 5.5 k | 24.2 k | SEC (XBRL)· 18 Mar 2026verified |
| Intangibles (excl. goodwill) | 1.1 m | 1.2 m | 1.2 m | 1.3 m | 1.3 m | SEC (XBRL)· 18 Mar 2026verified |
| Total assets | 1.9 m | 2.9 m | 2.5 m | 2.1 m | 13.7 m | SEC (XBRL)· 18 Mar 2026verified |
| Accounts payable | 1.1 m | 462.2 k | 760.5 k | 531.6 k | 333.0 k | SEC (XBRL)· 18 Mar 2026verified |
| Current liabilities | 7.6 m | 688.7 k | 3.2 m | 1.2 m | 837.3 k | SEC (XBRL)· 18 Mar 2026verified |
| Total liabilities | 7.6 m | — | 3.2 m | 1.2 m | 837.3 k | SEC (XBRL)· 18 Mar 2026verified |
| Equity | 7.1 m | 2.2 m † | -728.0 k † | 970.1 k † | 12.8 m † | SEC (XBRL)· 18 Mar 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|
| Operating cash flow | -2.4 m | -4.9 m | -3.6 m | -5.3 m | -7.2 m | SEC (XBRL)· 18 Mar 2026verified |
| Capex | — | — | 0 | 5.1 k | 21.5 k | SEC (XBRL)· 18 Mar 2026verified |
| Free cash flow | — | — | -3.6 m ≈ | -5.3 m ≈ | -7.2 m ≈ | SEC (XBRL)· 18 Mar 2026derived |
| Investing cash flow | -102.0 k | -207.9 k | -119.5 k | -321.9 k | -203.9 k | SEC (XBRL)· 18 Mar 2026verified |
| Financing cash flow | 2.9 m | 6.2 m | 3.3 m | 5.0 m | 18.9 m | SEC (XBRL)· 18 Mar 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 4 of at least 6
- score weight coverage: 27.1% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 4.5 m USD
Key indicators
Coverage and freshness
Score by group
27% · Insufficient data
Estimated value range
unavailable — no valuation method could be computed
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
- DCF (discounted cash flow)unavailable · the reported interest expense is far older than the latest period (the filer changed its XBRL tag): a stale figure is not used
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/Eunavailable · the base of the ratio is not positive
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
no valuation method could be computed
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 4 of at least 6; score weight coverage: 27.1% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | -10,260.0% | 4 (vs peers) | 23% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | 7.8% | 65 (on a fixed band) | 31% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 14.2x | 100 (on a fixed band) | 15% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | -199.3% | 0 (on a fixed band) | 31% |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial100/100 · 1/3 factors with a value
- Growth· partial65/100 · 1/2 factors with a value
- Quality· partial4/100 · 1/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partial0/100 · 1/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
ACLARION, INC. (ACON). Latest full fiscal year: 2025; data up to 2026-09-30.
Figures computed from the financial statements: revenue 75.7 k USD in 2025; YoY growth 65.6%; net margin -10,260.0%; ROE -74.1%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 4 of at least 6; score weight coverage: 27.1% of at least 60%; valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Current ratio: 14.2x
What contradicts it
- Net margin: -10,260.0%
- FCF yield: -199.3%
Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, P/E (TTM), EV/EBITDA, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Services-Medical Laboratories (SIC 8071) · same industry (4-digit SIC) · compared with 23 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| NTRANatera, Inc. | 52.7 bn | — | -10.6% | -5.7% | +35.9% | +52% / +550% |
| LHLabcorp Holdings Inc. | 29.5 bn | 29.8 | 11.4% | 6.9% | +7.2% | +35% / +67% |
| DGXQuest Diagnostics Inc | 28.0 bn | 25.4 | 15.2% | 9.5% | +11.8% | +35% / +86% |
| GHGuardant Health, Inc. | 20.8 bn | — | — | -37.9% | +32.9% | +42% / +510% |
| CAICaris Life Sciences, Inc. | 7.5 bn | 76.5 | 17.2% | 9.2% | +97.0% | +2% / unavailable |
| RDNTRadNet, Inc. | 6.1 bn | — | -2.1% | -0.9% | +11.5% | −6% / +135% |
| GRALGRAIL, Inc. | 5.4 bn | — | -17.3% | -243.8% | +17.2% | +8% / unavailable |
| CDNACaredx, Inc. | 4.0 bn | 31.9 | 33.0% | 25.9% | +13.8% | +327% / +686% |
| FTREFortrea Holdings Inc. | 2.0 bn | — | -12.3% | -2.6% | +1.0% | +61% / −31% |
| VCYTVeracyte, Inc. | 1.9 bn | 15.6 | 9.4% | 21.8% | +16.0% | −49% / −6% |
| PSNLPersonalis, Inc. | 1.7 bn | — | -62.1% | -147.7% | −17.7% | +45% / +916% |
| BLLNBillionToOne, Inc. | 1.3 bn | 116.9 | 30.2% | 11.3% | +100.0% | −14% / unavailable |
| CSTLCastle Biosciences, Inc. | 1.1 bn | — | -4.9% | -6.1% | +3.7% | −14% / +71% |
| FLGTFulgent Genetics, Inc. | 521.3 m | — | -8.6% | -27.5% | +13.8% | −37% / −32% |
| YDESYD Bio Limited | 508.3 m | — | -445.1% | -1,392.6% | +16.9% | −38% / unavailable |
| BDSXBiodesix, Inc. | 220.0 m | — | -778.9% | -25.7% | +24.1% | +140% / −33% |
| XGNExagen Inc. | 184.1 m | — | -113.8% | -26.6% | +19.7% | −4% / +313% |
| SERASera Prognostics, Inc. | 60.9 m | — | -49.7% | -34,866.7% | +5.2% | −38% / +7% |
| AMSAmerican Shared Hospital Services | 7.8 m | — | -7.5% | -5.8% | −0.9% | −45% / −51% |
| MDXHMdxhealth SA | 7.8 m | — | -2,440.4% | -31.1% | +19.8% | −96% / −95% |
| ACONAclarion, Inc. | 4.5 m | — | -74.1% | -10,260.0% | +65.6% | −79% / −100% |
| ADVBAdvanced Biomed Inc. | 3.1 m | 0.4 | 84.8% | 5,231.3% | unavailable | −77% / unavailable |
| BGLCBioNexus Gene Lab Corp. | 2.5 m | — | -33.7% | -82.4% | −21.9% | −81% / −91% |
| BNRBurning Rock Biotech Limited | 0 | — | -10.1% | -10.3% | +9.2% | −39% / +60% |
1- and 3-year price returns: for ACON from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 06 Aug 2026; since then the company filed 10-Q (05 Nov 2026).
In brief
Aclarion is a medical technology company that uses magnetic resonance spectroscopy to help physicians identify the spinal discs causing chronic low back pain. The company still reports very small revenue, 75,730 USD in 2025 with 65.6% growth, while losses remain high and additional funding is becoming central to continuing operations.
SWOT
Strengths
- The company has published clinical evidence, Category III CPT codes and a patent portfolio that support the technology's position 1.
- The SaaS platform does not require new equipment for clients, instead using data from existing MRI scanners, which could simplify adoption 1.
- Revenue has grown in recent periods, and UK report volume shows the model can generate demand 1 2.
Weaknesses
- Revenue is very small relative to expenses, and net losses remain significant 1 2.
- Product compatibility is limited to certain scanner models, which restricts the currently accessible market 1.
- Dependence on external funding and a history of accumulated deficit create pressure to continue operations without new capital 1.
Opportunities
- Extending compatibility to other MRI scanner manufacturers could open new markets 1.
- Obtaining permanent coverage from insurers could accelerate adoption among physicians and imaging centers 1.
- Extending applications to conservative treatments and neck pain could enlarge the eligible patient population 1.
Threats
Risks
- Additional funding requiredhigh
The company will need capital beyond the period covered by current funds, and this capital may not be available on acceptable terms 1.
- Nasdaq listing compliancemedium
The company could fail to maintain compliance with Nasdaq Capital Market listing rules, which could limit share liquidity 1.
- Dependence on compatible scannershigh
The product works only with a limited number of scanners supplied by a few manufacturers, which can restrict the market 1.
- FDA and healthcare regulationmedium
Operations are subject to FDA requirements and healthcare fraud and kickback rules, and non-compliance could bring penalties 1.
- Intellectual property protectionmedium
Patents and licenses could be challenged or lose value, and competitors could develop similar products if protection is insufficient 1.
Investment thesis
What would need to be true (bull case)
- If published clinical results are confirmed in larger studies and insurers accept coverage, the technology could become integrated into surgical treatment of low back pain 1.
- Revenue growth in the UK shows concrete demand, and expansion into other markets could accelerate growth 2.
- A platform built on existing data and a patent portfolio could offer an advantage if it becomes the diagnostic standard for broader patient segments 1.
What would break the thesis
- Revenue remains very small, and net losses and the accumulated deficit show the model is not yet self-sustaining without new funds 1 2.
- If insurer coverage does not expand or if alternative diagnostics gain ground, adoption could remain limited 1.
- Restricted compatibility with MRI scanners and the need for further shareholder dilution could slow growth or affect the capital structure 1.
What to watch
- Progress and results of the CLARITY clinical study2026
- Insurer coverage decisions and conversion of codes to Category I2027
- Revenue trends in the UK and United States marketsQ1 2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 06 Aug 2026; since then the company filed 10-Q (05 Nov 2026).
The business
Aclarion, Inc. is a medical technology company incorporated in Delaware that develops the Nociscan SaaS platform. The product analyzes spectroscopy data from existing MRI scanners and identifies chemical biomarkers associated with disc pain, providing physicians a report on which discs could be the pain source 1. The company initially aims to improve surgical decisions for discogenic low back pain, with extension to conservative treatments, regenerative therapies and neck pain described in its plans 1. The product uses biomarkers exclusively licensed from the Regents of the University of California, San Francisco 1.
The business model relies on payment for Nociscan reports, and the company pursues insurer coverage through Category III CPT codes with the aim of converting them into Category I codes 1. The one-time cost of spectroscopy software for a compatible site ranges between 25,000 and 50,000 USD, and the product currently works only with certain Siemens scanner models, which limits the accessible market 1. Revenue growth came mainly from report sales in the UK market following local coverage decisions 2.
Segments
Nociscan: SaaS platform for lumbar disc analysis
Nociscan receives spectroscopy data from the patient's scanner through a cloud connection, extracts chemical biomarkers and applies proprietary algorithms to indicate discs that could produce pain 1. It is the company's main commercial product and the near-total source of reported revenue 1.
Market context
The company targets the low back and neck pain market, which the source places at 134.5 billion USD in the United States, described in a 2020 JAMA article as the most costly healthcare condition in the country 1. The accessible market for Aclarion is limited by the small number of compatible MRI scanners, estimated at 1,500 in the United States and 4,320 worldwide, which makes extension to other manufacturers an important condition 1.
Published study data show that when all discs identified as painful were treated surgically, 97% of patients met the clinical improvement criteria, compared with 54% when a disc identified as painful was not included 1. If these results are confirmed in larger studies, adoption could depend on surgeon acceptance and insurer decisions 1.
Trends
- High cost of low back paintailwind
Low back and neck pain is considered the most costly condition in the American healthcare system, creating economic interest in more precise diagnostic tools 1.
- Growing number of MRI scanstailwind
The number of MRI examinations performed annually in the United States continues to grow, and MRI is already the standard for spine pain, which could ease adoption of the technology 1.
- Dependence on coverage decisionsmixed
Revenue growth depends on insurer decisions and coverage codes, and the lack of broad coverage could slow expansion 1 2.
- Pressure from sales spendingheadwind
Sales and marketing costs rise with added staff and consultants, which can weigh on losses until sales volume develops 2.
Competitive position
The source does not explicitly name direct competitors, but it describes the needle-based provocation discogram (PD Test) as the current invasive diagnostic alternative, and non-surgical or regenerative treatments may compete for the same patients 1. The company acknowledges it could face other diagnostic options for low back pain 1.
The company's stated advantages are its published clinical evidence, Category III CPT codes and patented biomarkers, but these depend on continued studies and on obtaining coverage for Category I codes 1.
- Provocation discogram (PD Test)
The current invasive diagnostic alternative, which the source describes as subjective and unpleasant for the patient, though highly accurate when performed correctly 1.
- Standard spine MRI imaging
The current diagnostic standard, useful for showing abnormal structures but, according to the company, unable to reliably identify painful discs 1.
- Conservative and regenerative treatments
Non-surgical approaches that can be chosen without a precise disc diagnosis, making them alternatives for the same patients 1.
- MRI scanner manufacturers
Equipment makers whose compatibility currently limits the Nociscan platform, though the company is pursuing collaboration with them 1.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
Loading the links…
News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Quarterly report05 Nov 2026
- Quarterly report06 Aug 2026
- Current report04 Jun 2026Shareholder vote
- Quarterly report13 May 2026
- Proxy statement27 Apr 2026
- Current report22 Apr 2026Other events · Financial statements and exhibits
- Current report19 Mar 2026Material agreement · Item 3.03 · Amendments to articles or bylaws · Other events · Financial statements and exhibits
- Annual report18 Mar 2026
- Current report13 Jan 2026Regulation FD disclosure · Financial statements and exhibits
- Current report09 Jan 2026Material agreement · Financial statements and exhibits
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Aclarion, Inc. · 18 Mar 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Aclarion, Inc. · 06 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Aclarion, Inc. · 21 Feb 2024
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.