KBC Securities - ONWARD MEDICAL NV (ONWD) Onward Medical Two additional BCI implants completed

Report

KBC Securities

Jacob Mekhael

Onward Medical Two additional BCI implants completed

Onward announced the successful 6th and 7th implants of its brain-computer interface (BCI) device in two additional spinal cord injury (SCI) patients, bringing the total number of human implants to seven. Onward's ARC-BCI effectively combines its proprietary implantable ARC-IM technology to affect movement and function with Clinatec's pioneering BCI device for thought-steered control, and we believe the joint technology could trigger a major step forward for patients suffering from spinal cord injury. The additional 2 implants of ARC-BCI in patients with SCI will add to the evidence generated in the first 5 implants, and further broadens the dataset in the clinical feasibility study, which will enable Onward to make data-informed decisions about the next steps for this program. We adjust our TP to € 8.9 (from € 8.4), and reiterate our BUY rating.

22/01/2026 1 EN

Underlying

ONWARD MEDICAL NV

See profile

NL0015000HT4 Euronext Brussels Netherlands

Provider

KBC Securities

We are a financial services provider for several types of professional clients, each with distinct needs.

See profile

Analysts

Jacob Mekhael

Other Reports on these Companies

KBC Securities

Morning Notes : AKZA NA, ELI BB, MELE BB, UCB BB, ONWD BB

: AKZA NA, ELI BB, MELE BB, UCB BB, ONWD BB

February 4, 2026 February 4, 2026 1 EN

KBC Securities

Onward Medical Announces enrolment of first participant in Empower BP trial

Onward announces enrolment of the first participant in the Empower BP trial. The trial evaluates the ARC-IM system to address blood pressure instability in SCI patients. We note that Onward plans an interim analysis of the efficacy results in 2H26, which could accelerate timelines if fewer total patients are required. Short-term, we look forward to the FY25 results to gain a view on the ARC-EX commercial launch (9M25: 70 devices sold). We reiterate our € 8.9 TP and BUY rating.

February 4, 2026 February 4, 2026 1 EN

GlobeNewsWire

ONWARD Medical Announces First Participant Enrolled in Global Pivotal Study Evaluating ARC-IM System to Address Blood Pressure Instability After Spinal Cord Injury

ONWARD Medical Announces First Participant Enrolled in Global Pivotal Study Evaluating ARC-IM System to Address Blood Pressure Instability After Spinal Cord Injury Empower BP is a landmark global pivotal study evaluating the safety and effectiveness of the implantable ARC-IM® System to address blood pressure instability after spinal cord injury (SCI)Blood pressure instability is a key unmet need after SCI, with a significant impact on cardiovascular health and quality of lifeThe first participant was enrolled at Craig Hospital in Denver, Colorado, USA EINDHOVEN, the Netherlands, Feb. 04, ...

February 4, 2026 February 4, 2026 1 EN

DSM-Firmenich Biting the ANH bullet

The long awaited divestment of ANH disappointed on deal value (EV € 2.2bn, including a potential earn-out of up to € 0.5bn), but creates a group with a much more comprehensive activity and earnings profile. We still appreciate dsm-firmenich for its broad portfolio and market leading positions in consumer-oriented businesses in Nutrition, Health and Beauty. We remind that we have already lowered our target price upon the ANH divestment announcement last week so we maintain our current € 82 target price and Accumulate rating.

4h / 49m 4h / 49m 1 EN

Hilde Van Boxstael ... (+3)

Hilde Van Boxstael
Wim Hoste
Wim Lewi

Morning Notes : DSFIR NA, RET BB

: DSFIR NA, RET BB

4h / 56m 4h / 56m 1 EN

Wim Lewi

Wim Lewi

Retail Estates 9m25/26 results, hit by Dutch Tax bill and Bankruptcies

NRI 9m25/26 amounts to €108.7m, +2.4% YoY vs. our expectation of €108.8m. The lfl growth amounted to 2.1%. EPRA EPS came in at €4.57, -2.97% YoY vs. €4.77 expected. The EPS was diluted by the stock dividend that raised €18m and added 2.2% to the share count (35% acceptance). The statement also mentions a 1.9m impact from the Dutch FBI abolition. We believe that the bankruptcies of Leen Bakker and Carpet Right also weighed on the operational results. Despite many bankruptcies, occupancy remained relatively stable at 97.79%, an improvement from last March at 97.26%. The debt ratio decreased to 4...

5h / 14m 5h / 14m 1 EN

Sign-up for free to access full reports immediately

Email Address*

Choose Password* ( 6 or more characters )

Due to regulatory restrictions regarding the distribution of financial research, this report is restricted to a specific region or investor type. Get access to exclusive reports by answering the questions below.

Select your country*

Get financial insights straight to your inbox

By clicking "register" you accept the Terms and Conditions & Privacy Policy

Already on ResearchPool?

Almost there...

Are you a professional investor?

Select your country

REGISTER

Create a free ResearchPool account to access full reports, get a personalised dashboard and follow providers or companies

In order to access this report please create an account.

LOGIN

Onward Medical Two additional BCI implants completed

We are a financial services provider for several types of professional clients, each with distinct needs.

Morning Notes : AKZA NA, ELI BB, MELE BB, UCB BB, ONWD BB

Onward Medical Announces enrolment of first participant in Empower BP trial

ONWARD Medical Announces First Participant Enrolled in Global Pivotal Study Evaluating ARC-IM System to Address Blood Pressure Instability After Spinal Cord Injury

DSM-Firmenich Biting the ANH bullet

Morning Notes : DSFIR NA, RET BB

Retail Estates 9m25/26 results, hit by Dutch Tax bill and Bankruptcies

Create a free ResearchPool account to access full reports, get a personalised dashboard and follow providers or companies

Sign-up for free to access full reports immediately

ResearchPool Subscriptions

Get the most out of your insights

Why subscribe?

How to subscribe

ResearchPool Subscriptions

This report is only available to subscribers

Why subscribe?

How to subscribe