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.