0001104659-26-094078 | 10-Q | XBRL Viewer

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ACCOUNTS RECEIVABLE - Allowance for Doubtful Accounts (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
ACCOUNTS RECEIVABLE
Balance at Beginning of Period	$ (1,043)	$ (1,930)
Bad Debt (Expense)/ Reversal	160	(83)
Write-offs of Uncollectible Balances	330	1,093
Balance at End of Period	$ (553)	$ (920)

BASIS OF PRESENTATION	6 Months Ended
Jun. 30, 2026
BASIS OF PRESENTATION
BASIS OF PRESENTATION	2. BASIS OF PRESENTATION The accompanying consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”). Any reference in these notes to applicable guidance is meant to refer to U.S. GAAP as found in the Accounting Standards Codification (“ASC”) and Accounting Standards Updates (“ASUs”) promulgated by the Financial Accounting Standards Board (the “FASB”). Basis of Consolidation The consolidated financial statements of the Company are presented in U.S. dollars and include the accounts of the Company and its subsidiaries. All significant intercompany accounts and transactions have been eliminated in consolidation. The Company consolidates entities in which it has a controlling financial interest based on either the variable interest entity (“VIE”) or voting interest model (“VOE”). The Company is required to first apply the VIE model to determine whether it holds a variable interest in an entity, and if so, whether the entity is a VIE. ASC Topic 810, Consolidation ("Topic 810") defines the criteria for determining the existence of VIEs and provides guidance for consolidation. An entity is considered to be a VIE if (i) the entity does not have enough equity to finance its own activities without additional support, (ii) the entity's at-risk equity holders lack the characteristics of a controlling financial interest, or (iii) the entity is structured with non-substantive voting rights. The primary beneficiary of a VIE is the party that has the power to direct the activities that most significantly impact the performance of the entity and the obligation to absorb losses or the right to receive benefits that could potentially be significant to the entity. The primary beneficiary is required to consolidate the VIE for financial reporting purposes. A VIE can have only one primary beneficiary but may not have a primary beneficiary if no party meets the criteria described above. If the Company determines it does not hold a variable interest in a VIE, the Company applies the VOE model. To the extent the entity does not meet the definition of a VIE, Topic 810 guidance for voting interest entities is applied. The usual condition for a controlling financial interest, and therefore consolidation by the Company, is ownership of a majority voting interest of a corporation or a majority of kick-out rights for a limited partnership. The Company has determined that all its subsidiaries are VOEs primarily because it holds a majority voting interest in the entities. Interim Consolidated Financial Statements The accompanying unaudited interim consolidated financial statements have been prepared from the books and records of the Company in accordance with U.S. GAAP for interim financial information and Rule 10-01 of Regulation S-X promulgated by the U.S. Securities and Exchange Commission (the “SEC”), which permit reduced disclosures for interim periods. All adjustments, consisting only of normal recurring adjustments, necessary for a fair presentation of the accompanying consolidated balance sheets and consolidated statements of operations and stockholders’ equity and consolidated cash flows have been made. Although these interim consolidated financial statements do not include all of the information and footnotes required for complete annual consolidated financial statements, management believes the disclosures are adequate to make the information presented not misleading. Unaudited interim consolidated statements of operations for the three and six months ended June 30, 2026 and interim consolidated statements of cash flows for the six months ended June 30, 2026 are not necessarily indicative of the results that may be expected for the full year. Unaudited interim consolidated financial statements and footnotes should be read in conjunction with the audited consolidated financial statements and footnotes included in the Company’s Annual Report on Form 10-K filed with the SEC on March 17, 2026, wherein a more complete discussion of significant accounting policies and certain other information can be found. Reclassifications Certain prior period amounts have been reclassified for comparative purposes. Currency Risk Currency risk is the risk to the Company’s earnings that arises from fluctuations in foreign exchange rates and the degree of volatility of those rates. The Company has minimal exposure to currency risk as substantially all of the Company’s revenue, expenses, assets and liabilities are denominated in U.S. dollars. The Company pays certain vendors and payroll costs in Canadian dollars from time to time, but due to the limited size and nature of these payments, it does not give rise to significant currency risk. Use of Estimates The preparation of financial statements in accordance with U.S. GAAP and the rules and regulations of the SEC requires the use of estimates and assumptions, based on judgments considered reasonable, which affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. The Company bases its estimates and assumptions on historical experience, known trends and events and various other factors that management believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying value of assets and liabilities that are not readily apparent from other sources. Although management believes its estimates and assumptions are reasonable when made, they are based upon information available at the time they are made. Management evaluates the estimates and assumptions on an ongoing basis and, if necessary, makes adjustments. Due to the risks and uncertainties involved in the Company’s business and evolving market conditions, and given the subjective element of the estimates and assumptions made, actual results may differ materially from estimated results.

BASIS OF PRESENTATION

6 Months Ended

Jun. 30, 2026

BASIS OF PRESENTATION

BASIS OF PRESENTATION

2. BASIS OF PRESENTATION

The accompanying consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”). Any reference in these notes to applicable guidance is meant to refer to U.S. GAAP as found in the Accounting Standards Codification (“ASC”) and Accounting Standards Updates (“ASUs”) promulgated by the Financial Accounting Standards Board (the “FASB”).

Basis of Consolidation

The consolidated financial statements of the Company are presented in U.S. dollars and include the accounts of the Company and its subsidiaries. All significant intercompany accounts and transactions have been eliminated in consolidation.

The Company consolidates entities in which it has a controlling financial interest based on either the variable interest entity (“VIE”) or voting interest model (“VOE”). The Company is required to first apply the VIE model to determine whether it holds a variable interest in an entity, and if so, whether the entity is a VIE. ASC Topic 810, Consolidation ("Topic 810") defines the criteria for determining the existence of VIEs and provides guidance for consolidation.

An entity is considered to be a VIE if (i) the entity does not have enough equity to finance its own activities without additional support, (ii) the entity's at-risk equity holders lack the characteristics of a controlling financial interest, or (iii) the entity is structured with non-substantive voting rights. The primary beneficiary of a VIE is the party that has the power to direct the activities that most significantly impact the performance of the entity and the obligation to absorb losses or the right to receive benefits that could potentially be significant to

the entity. The primary beneficiary is required to consolidate the VIE for financial reporting purposes. A VIE can have only one primary beneficiary but may not have a primary beneficiary if no party meets the criteria described above.

If the Company determines it does not hold a variable interest in a VIE, the Company applies the VOE model. To the extent the entity does not meet the definition of a VIE, Topic 810 guidance for voting interest entities is applied. The usual condition for a controlling financial interest, and therefore consolidation by the Company, is ownership of a majority voting interest of a corporation or a majority of kick-out rights for a limited partnership. The Company has determined that all its subsidiaries are VOEs primarily because it holds a majority voting interest in the entities.

Interim Consolidated Financial Statements

The accompanying unaudited interim consolidated financial statements have been prepared from the books and records of the Company in accordance with U.S. GAAP for interim financial information and Rule 10-01 of Regulation S-X promulgated by the U.S. Securities and Exchange Commission (the “SEC”), which permit reduced disclosures for interim periods. All adjustments, consisting only of normal recurring adjustments, necessary for a fair presentation of the accompanying consolidated balance sheets and consolidated statements of operations and stockholders’ equity and consolidated cash flows have been made. Although these interim consolidated financial statements do not include all of the information and footnotes required for complete annual consolidated financial statements, management believes the disclosures are adequate to make the information presented not misleading. Unaudited interim consolidated statements of operations for the three and six months ended June 30, 2026 and interim consolidated statements of cash flows for the six months ended June 30, 2026 are not necessarily indicative of the results that may be expected for the full year. Unaudited interim consolidated financial statements and footnotes should be read in conjunction with the audited consolidated financial statements and footnotes included in the Company’s Annual Report on Form 10-K filed with the SEC on March 17, 2026, wherein a more complete discussion of significant accounting policies and certain other information can be found.

Reclassifications

Certain prior period amounts have been reclassified for comparative purposes.

Currency Risk

Currency risk is the risk to the Company’s earnings that arises from fluctuations in foreign exchange rates and the degree of volatility of those rates. The Company has minimal exposure to currency risk as substantially all of the Company’s revenue, expenses, assets and liabilities are denominated in U.S. dollars. The Company pays certain vendors and payroll costs in Canadian dollars from time to time, but due to the limited size and nature of these payments, it does not give rise to significant currency risk.

Use of Estimates

The preparation of financial statements in accordance with U.S. GAAP and the rules and regulations of the SEC requires the use of estimates and assumptions, based on judgments considered reasonable, which affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. The Company bases its estimates and assumptions on historical experience, known trends and events and various other factors that management believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying value of assets and liabilities that are not readily apparent from other sources. Although management believes its estimates and assumptions are reasonable when made, they are based upon information available at the time they are made. Management evaluates the estimates and assumptions on an ongoing basis and, if necessary, makes adjustments. Due to the risks and uncertainties involved in the Company’s business and evolving market

conditions, and given the subjective element of the estimates and assumptions made, actual results may differ materially from estimated results.

DESCRIPTION OF BUSINESS	6 Months Ended
Jun. 30, 2026
DESCRIPTION OF BUSINESS
DESCRIPTION OF BUSINESS	1. DESCRIPTION OF BUSINESS Neuronetics, Inc. (the “Company,” “Neuronetics,” “we,” and similar words) believes that mental health is as important as physical health. The Company’s first commercial product, the NeuroStar Advanced Therapy System (the “System”), is a non-invasive and non-systemic office-based treatment that uses transcranial magnetic stimulation (“TMS”) to create a pulsed, MRI-strength magnetic field that induces electrical currents designed to stimulate specific areas of the brain associated with mood. The System is cleared by the U.S. Food and Drug Administration (the “FDA”) to treat adult patients with major depressive disorder (“MDD”) who have failed to achieve satisfactory improvement from prior antidepressant medication in the current MDD episode. It is also cleared by the FDA as an adjunct for adults with obsessive-compulsive disorder (“OCD”) and for adolescent patients aged 15-21 with MDD. It is also cleared by the FDA to decrease anxiety symptoms in adult patients with MDD that may exhibit comorbid anxiety symptoms (anxious depression). In addition to selling the System and associated treatment sessions to customers, the Company operates Greenbrook TMS Inc. (“Greenbrook”) treatment centers (“Treatment Centers”) across the U.S., offering TMS treatment using the Systems. The Company acquired Greenbrook, a provider of mental healthcare services, pursuant to an Arrangement Agreement effective as of December 9, 2024 (the “Arrangement”). The System is safe, clinically effective, reproducible and precise, and the Company believes it is supported by the largest clinical data set of any competing TMS system. Treatment Centers also acquire SPRAVATO® to treat adults with treatment-resistant depression or depressive symptoms in adults suffering from MDD with acute suicidal ideation or behavior. The Company’s shares trade on the Nasdaq Global Market under the ticker “STIM.” Liquidity and Going concern As of June 30, 2026, the Company had cash and cash equivalents of $19.2 million and an accumulated deficit of $473.2 million. The Company incurred negative cash flows from operating activities of $10.4 million for the six months ended June 30, 2026 and $20.4 million for the year ended December 31, 2025. The Company has incurred operating losses since its inception, and management anticipates that its operating losses will continue in the near term as the Company continues to invest in sales and marketing and product development activities. The Company’s primary sources of capital to date have been from its initial public offering, borrowings under its credit facility, proceeds from its secondary public offerings of common stock (including, without limitation, the ATM Program (as defined below)), and revenues from NeuroStar and Greenbrook. As of June 30, 2026, the Company had $65.0 million of borrowings outstanding under its credit facility, which matures in July 2029. On February 10, 2025, the Company completed a secondary public offering of its common stock in which the Company issued and sold 9,200,000 shares of its common stock, which included shares pursuant to an option granted to the underwriter to purchase additional shares, at a public offering price of $2.25 per share. The Company received net proceeds of $18.9 million after deducting underwriting discounts, commissions and estimated offering expenses. On July 3, 2025, the Company entered into an Equity Distribution Agreement (the “Distribution Agreement”) with Canaccord Genuity LLC, pursuant to which the Company may offer and sell shares of its common stock having an aggregate offering price of up to $50.0 million from time to time through an at-the-market equity offering program (the “ATM Program”). Sales under the Distribution Agreement are made pursuant to the Company’s Registration Statement on Form S-3 (File No. 333-288526), and a related prospectus and prospectus supplement. During the three and six months ended June 30, 2026, the Company sold an aggregate of 6,052,953 shares of its common stock under the ATM Program at an average price of $1.31 per share, generating gross proceeds of $8.0 million. The Company paid aggregate sales commissions of $0.2 million and incurred additional offering-related expenses of $0.2 million. As a result, net proceeds from the offering are $7.6 million. The Company also amortized $0.1 million of shelf related expenses for the ATM Program. As of June 30, 2026, the Company had approximately $33.7 million remaining available for future issuance under the ATM Program. The Company is subject to certain financial covenants under its credit facility, including a liquidity and quarterly trailing twelve-month minimum revenue covenants. On March 12, 2026, the Company amended the terms of its credit agreement to modify the required quarterly revenue covenants through December 31, 2026 and the liquidity covenants through September 30, 2027. As of June 30, 2026 the Company was in compliance with the financial covenants in this agreement. The Company currently projects trailing twelve-month revenue for the period ended March 31, 2027 to be below the minimum required revenue for that period as stated in the credit agreement. Should the Company not be able to meet its March 31, 2027 minimum revenue covenant, the lender may at that time and at its discretion, call the credit facility. Should the lender call the facility, the Company is not projected to have the liquidity required to meet its requirement to pay off the loan. Therefore, substantial doubt exists about the Company’s ability to continue as a going concern. Actions within the Company's control to meet its minimum revenue covenant include improvements to its revenue cycle management, introducing new treatment options at its clinic locations and pursuing new strategies within its NeuroStar business to accelerate sales growth and optimize its product mix. The Company’s ability to meet its liquidity needs, including meeting future revenue and liquidity covenants, is dependent on growth in existing and acquired product and service lines and the realization of synergies related to its acquisition of Greenbrook. However, at this time, these actions do not fully mitigate the risk related to compliance with the revenue covenant for the March 31, 2027 period. The consolidated financial statements do not include any adjustments that might result from the outcome of this uncertainty.

DESCRIPTION OF BUSINESS

6 Months Ended

Jun. 30, 2026

DESCRIPTION OF BUSINESS

DESCRIPTION OF BUSINESS

1. DESCRIPTION OF BUSINESS

Neuronetics, Inc. (the “Company,” “Neuronetics,” “we,” and similar words) believes that mental health is as important as physical health. The Company’s first commercial product, the NeuroStar Advanced Therapy System (the “System”), is a non-invasive and non-systemic office-based treatment that uses transcranial magnetic stimulation (“TMS”) to create a pulsed, MRI-strength magnetic field that induces electrical currents designed to stimulate specific areas of the brain associated with mood. The System is cleared by the U.S. Food and Drug Administration (the “FDA”) to treat adult patients with major depressive disorder (“MDD”) who have failed to achieve satisfactory improvement from prior antidepressant medication in the current MDD episode. It is also cleared by the FDA as an adjunct for adults with obsessive-compulsive disorder (“OCD”) and for adolescent patients aged 15-21 with MDD. It is also cleared by the FDA to decrease anxiety symptoms in adult patients with MDD that may exhibit comorbid anxiety symptoms (anxious depression). In addition to selling the System and associated treatment sessions to customers, the Company operates Greenbrook TMS Inc. (“Greenbrook”) treatment centers (“Treatment Centers”) across the U.S., offering TMS treatment using the Systems. The Company acquired Greenbrook, a provider of mental healthcare services, pursuant to an Arrangement Agreement effective as of December 9, 2024 (the “Arrangement”). The System is safe, clinically effective, reproducible and precise, and the Company believes it is supported by the largest clinical data set of any competing TMS system. Treatment Centers also acquire SPRAVATO® to treat adults with treatment-resistant depression or depressive symptoms in adults suffering from MDD with acute suicidal ideation or behavior.

The Company’s shares trade on the Nasdaq Global Market under the ticker “STIM.”

Liquidity and Going concern

As of June 30, 2026, the Company had cash and cash equivalents of $19.2 million and an accumulated deficit of $473.2 million. The Company incurred negative cash flows from operating activities of $10.4 million for the six months ended June 30, 2026 and $20.4 million for the year ended December 31, 2025. The Company has incurred operating losses since its inception, and management anticipates that its operating losses will continue in the near term as the Company continues to invest in sales and marketing and product development activities. The Company’s primary sources of capital to date have been from its initial public offering, borrowings under its credit facility, proceeds from its secondary public offerings of common stock (including, without limitation, the ATM Program (as defined below)), and revenues from NeuroStar and Greenbrook. As of June 30, 2026, the Company had $65.0 million of borrowings outstanding under its credit facility, which matures in July 2029.

On February 10, 2025, the Company completed a secondary public offering of its common stock in which the Company issued and sold 9,200,000 shares of its common stock, which included shares pursuant to an option granted to the underwriter to purchase additional shares, at a public offering price of $2.25 per share. The Company received net proceeds of $18.9 million after deducting underwriting discounts, commissions and estimated offering expenses.

On July 3, 2025, the Company entered into an Equity Distribution Agreement (the “Distribution Agreement”) with Canaccord Genuity LLC, pursuant to which the Company may offer and sell shares of its common stock having an aggregate offering price of up to $50.0 million from time to time through an at-the-market equity offering program (the “ATM Program”). Sales under the Distribution Agreement are made pursuant to the Company’s Registration Statement on Form S-3 (File No. 333-288526), and a related prospectus and prospectus supplement.

additional offering-related expenses of $0.2 million. As a result, net proceeds from the offering are $7.6 million. The Company also amortized $0.1 million of shelf related expenses for the ATM Program.

As of June 30, 2026, the Company had approximately $33.7 million remaining available for future issuance under the ATM Program.

The Company is subject to certain financial covenants under its credit facility, including a liquidity and quarterly trailing twelve-month minimum revenue covenants. On March 12, 2026, the Company amended the terms of its credit agreement to modify the required quarterly revenue covenants through December 31, 2026 and the liquidity covenants through September 30, 2027. As of June 30, 2026 the Company was in compliance with the financial covenants in this agreement.

The Company currently projects trailing twelve-month revenue for the period ended March 31, 2027 to be below the minimum required revenue for that period as stated in the credit agreement. Should the Company not be able to meet its March 31, 2027 minimum revenue covenant, the lender may at that time and at its discretion, call the credit facility. Should the lender call the facility, the Company is not projected to have the liquidity required to meet its requirement to pay off the loan. Therefore, substantial doubt exists about the Company’s ability to continue as a going concern.

Actions within the Company's control to meet its minimum revenue covenant include improvements to its revenue cycle management, introducing new treatment options at its clinic locations and pursuing new strategies within its NeuroStar business to accelerate sales growth and optimize its product mix. The Company’s ability to meet its liquidity needs, including meeting future revenue and liquidity covenants, is dependent on growth in existing and acquired product and service lines and the realization of synergies related to its acquisition of Greenbrook. However, at this time, these actions do not fully mitigate the risk related to compliance with the revenue covenant for the March 31, 2027 period. The consolidated financial statements do not include any adjustments that might result from the outcome of this uncertainty.

LOSS PER SHARE - Schedule of Potentially Dilutive Securities Outstanding Excluded from Diluted Loss Per Share Calculation (Details) - shares shares in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Stock options
LOSS PER SHARE
Potentially dilutive securities outstanding excluded from diluted loss per share	1,089	1,223
Non-vested PRSUs
LOSS PER SHARE
Potentially dilutive securities outstanding excluded from diluted loss per share	727	1,622
Non-vested restricted stock units
LOSS PER SHARE
Potentially dilutive securities outstanding excluded from diluted loss per share	4,756	3,645
Common stock warrants
LOSS PER SHARE
Potentially dilutive securities outstanding excluded from diluted loss per share	1,950	1,725

SEGMENT INFORMATION - Schedule of Information About Reported Segment (Details) - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2026	Mar. 31, 2026	Jun. 30, 2025	Mar. 31, 2025	Jun. 30, 2026	Jun. 30, 2025
SEGMENT INFORMATION
Revenue	$ 41,568		$ 38,108		$ 76,022	$ 70,083
Total cost of revenues	20,345		20,350		38,645	36,587
Gross profit	21,223		17,758		37,377	33,496
Research and development - Direct	1,336		1,798		2,700	3,414
Loss from operations	(1,501)		(8,058)		(10,496)	(19,072)
Other income, net	(162)		(188)		(1,182)	(435)
Loss on extinguishment of debt					539
Interest expense	2,125		1,969		4,391	3,891
Net loss	(3,464)	$ (10,780)	(9,839)	$ (12,689)	(14,244)	(22,528)
Operating segment
SEGMENT INFORMATION
Revenue	41,568		38,108		76,022	70,083
Total cost of revenues	20,345		20,350		38,645	36,587
Gross profit	21,223		17,758		37,377	33,496
Selling, General and Administrative, Direct	14,566		16,219		29,868	32,890
Research and development - Direct	1,336		1,798		2,701	3,414
Loss from operations	5,321		(259)		4,808	(2,808)
General and Administrative	6,822		7,799		15,304	16,264
Other income, net	(162)		(188)		(1,182)	(435)
Loss on extinguishment of debt					539
Interest expense	2,125		1,969		4,391	3,891
Net loss	(3,464)		(9,839)		(14,244)	(22,528)
NeuroStar \| Operating segment
SEGMENT INFORMATION
Revenue	14,677		15,084		27,602	28,400
Total cost of revenues	3,312		4,311		6,170	7,461
Gross profit	11,365		10,773		21,432	20,939
Selling, General and Administrative, Direct	6,987		8,888		14,406	17,625
Research and development - Direct	1,248		1,739		2,553	3,304
Loss from operations	3,130		146		4,473	10
Greenbrook \| Operating segment
SEGMENT INFORMATION
Revenue	26,891		23,024		48,420	41,683
Total cost of revenues	17,033		16,039		32,475	29,126
Gross profit	9,858		6,985		15,945	12,557
Selling, General and Administrative, Direct	7,579		7,331		15,462	15,265
Research and development - Direct	88		59		148	110
Loss from operations	$ 2,191		$ (405)		$ 335	$ (2,818)

PROPERTY AND EQUIPMENT AND CAPITALIZED SOFTWARE - Summary of Composition of Property and Equipment, Net (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
PROPERTY AND EQUIPMENT AND CAPITALIZED SOFTWARE
Property and equipment, gross	$ 7,466	$ 8,518
Less: Accumulated depreciation	(4,002)	(4,052)
Property and equipment, net	3,464	4,466
Laboratory equipment
PROPERTY AND EQUIPMENT AND CAPITALIZED SOFTWARE
Property and equipment, gross	680	676
Office equipment
PROPERTY AND EQUIPMENT AND CAPITALIZED SOFTWARE
Property and equipment, gross	495	495
Auto
PROPERTY AND EQUIPMENT AND CAPITALIZED SOFTWARE
Property and equipment, gross		23
Computer equipment and software
PROPERTY AND EQUIPMENT AND CAPITALIZED SOFTWARE
Property and equipment, gross	896	873
Manufacturing equipment
PROPERTY AND EQUIPMENT AND CAPITALIZED SOFTWARE
Property and equipment, gross	618	618
Clinical equipment
PROPERTY AND EQUIPMENT AND CAPITALIZED SOFTWARE
Property and equipment, gross	278	278
Leasehold improvements
PROPERTY AND EQUIPMENT AND CAPITALIZED SOFTWARE
Property and equipment, gross	1,490	1,608
TMS devices
PROPERTY AND EQUIPMENT AND CAPITALIZED SOFTWARE
Property and equipment, gross	2,796	3,790
Rental equipment
PROPERTY AND EQUIPMENT AND CAPITALIZED SOFTWARE
Property and equipment, gross	213	157
Property and equipment, net	$ 100	$ 100

ACCOUNTS RECEIVABLE

6 Months Ended

Jun. 30, 2026

ACCOUNTS RECEIVABLE

ACCOUNTS RECEIVABLE

7. ACCOUNTS RECEIVABLE

The following table presents the composition of accounts receivable, net, as of June 30, 2026 and December 31, 2025 (in thousands):


	June 30,		December 31,
	2026		2025
Gross accounts receivable - trade	$	16,508	$	17,512
Less: Allowances for credit losses		(553)		(1,043)
Accounts receivable, net	$	15,955	$	16,469

The following table presents a roll forward of the allowance for credit losses related to accounts receivable and notes receivable (in thousands):


		Balance at			Bad Debt		Write-offs of		Balance at
		Beginning of			(Expense)/		Uncollectible		End of
		Period			Reversal		Balances		Period
Six months ended June 30, 2025		$	(1,930)		(83)		1,093		$	(920)
Six months ended June 30, 2026		$	(1,043)		160		330		$	(553)

COMMITMENTS AND CONTINGENCIES

6 Months Ended

Jun. 30, 2026

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES

18. COMMITMENTS AND CONTINGENCIES

Executive Employment Agreements

The Company has entered into an employment agreement and offer letters with certain key executives, providing for compensation and severance in certain circumstances, as defined in the agreements.

Legal Matters

The Company is subject from time to time to various claims and legal actions arising during the ordinary course of its business. Management believes that there are currently no claims or legal actions that would reasonably be expected to have a material adverse effect on the Company’s results of operations, financial condition, or cash flows.

Other Matters

We are subject to various audits from government agencies including Medicaid and Medicare which involve the potential recoupment of reimbursements received from these agencies. These audits occur in the ordinary course of business. As of June 30, 2026 the Company had $0 of expenses recorded within other payables on the consolidated balance sheets. As of December 31, 2025, the Company had $0.8 million of expenses recorded within accrued expenses on the consolidated balance sheets.

INTANGIBLE ASSETS (Tables)

6 Months Ended

Jun. 30, 2026

INTANGIBLE ASSETS

Schedule of intangible assets

Intangible assets consist of the following as of June 30, 2026 and December 31, 2025 (in thousands):


		As of June 30, 2026
	Useful Life	Gross Value		Accumulated Amortization		Net Carrying Value		Weighted Average Remaining Useful Life
Management services agreements	17-21 years	$	17,100	$	(1,463)	$	15,637	17.5 years
Trade name	5 years		2,590		(807)		1,783	3.5 years
		$	19,690	$	(2,270)	$	17,420


		As of December 31, 2025
	Useful Life	Gross Value		Accumulated Amortization		Net Carrying Value		Weighted Average Remaining Useful Life
Management services agreements	17-21 years	$	17,100	$	(993)	$	16,107	18 years
Trade name	5 years		2,590		(548)		2,042	4 years
		$	19,690	$	(1,541)	$	18,149

Schedule of amortization expense

Amortization expense over the remaining life of the intangible assets will be recognized as follows (in thousands):


Year			Amortization expense
Remainder of 2026		$	728
2027			1,457
2028			1,457
2029			1,428
2030			939
Thereafter			11,411
		$	17,420

INTANGIBLE ASSETS (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
INTANGIBLE ASSETS
Gross Value	$ 19,690	$ 19,690
Accumulated Amortization	(2,270)	(1,541)
Net Carrying Value	17,420	18,149
Management Services Agreements
INTANGIBLE ASSETS
Gross Value	17,100	17,100
Accumulated Amortization	(1,463)	(993)
Net Carrying Value	$ 15,637	$ 16,107
Weighted Average Remaining Useful Life	17 years 6 months	18 years
Management Services Agreements \| Minimum
INTANGIBLE ASSETS
Useful Life	17 years	17 years
Management Services Agreements \| Maximum
INTANGIBLE ASSETS
Useful Life	21 years	21 years
Trade Name
INTANGIBLE ASSETS
Useful Life	5 years	5 years
Gross Value	$ 2,590	$ 2,590
Accumulated Amortization	(807)	(548)
Net Carrying Value	$ 1,783	$ 2,042
Weighted Average Remaining Useful Life	3 years 6 months	4 years

ACCRUED EXPENSES (Tables)

6 Months Ended

Jun. 30, 2026

ACCRUED EXPENSES

Schedule of the composition of accrued expenses

The following table presents the composition of accrued expenses as of June 30, 2026 and December 31, 2025 (in thousands):


		June 30,			December 31,
		2026			2025
Compensation and related benefits		$	5,158		$	8,610
Consulting and professional fees			1,001			1,122
Research and development expenses			356			156
Sales and marketing expenses			972			724
Warranty			197			179
Sales and other taxes payable			595			611
Other			650			914
Accrued expenses		$	8,929		$	12,316

SHARE-BASED COMPENSATION (Tables)

6 Months Ended

Jun. 30, 2026

SHARE-BASED COMPENSATION

Schedule of share-based compensation expense

The amount of share-based compensation expense recognized by the Company by location in its consolidated statements of operations for the three and six months ended June 30, 2026 and 2025 is as follows (in thousands):


		Three Months Ended June 30,						Six Months Ended June 30,
		2026			2025			2026			2025
Cost of revenues		$	22		$	47		$	43			74
Sales and marketing			199			377			525			461
General and administrative			403			1,214			1,667			2,371
Research and development			64			176			130			352
Total		$	688		$	1,814		$	2,365		$	3,258

Schedule of stock option activity

The following table summarizes the Company’s stock option activity for the six months ended June 30, 2026:


				Weighted	Aggregate
	Number of	Weighted		average	average
	Shares under	average		Remaining	Intrinsic
	Option	Exercise Price		Contractual	Value
	(in thousands)	per Option		Life (in years)	(in thousands)
Outstanding at December 31, 2025	1,099	$	2.89
Granted	—	$	—
Exercised	—	$	—
Forfeited and Expired	(10)	$	5.94
Outstanding at June 30, 2026	1,089	$	2.86	0.4	$	—
Exercisable at June 30, 2026	1,089	$	2.86	0.4	$	—
Vested and expected to vest at June 30, 2026	1,089	$	2.86	0.4	$	—

Schedule of restricted stock units and performance restricted stock units activity

The following table summarizes the Company’s restricted stock unit and PRSU activity for June 30, 2026:


		Non-vested			Weighted		Non-vested			Weighted
		Restricted			average		PRSUs			average
		Stock Units			Grant-date					Grant-date
		(in thousands)			Fair Value		(in thousands)			Fair Value
Non-vested at December 31, 2025		4,229		$	3.33		1,398		$	3.81
Granted		3,376		$	1.53		—		$	—
Vested		(1,312)		$	4.16		—		$	—
Forfeited		(1,537)		$	2.54		(671)		$	2.95
Non-vested at June 30, 2026		4,756		$	2.08		727		$	4.64

DEBT (Tables)

6 Months Ended

Jun. 30, 2026

DEBT

Schedule of composition of debt

The following table presents the composition of debt as of June 30, 2026 and December 31, 2025 (in thousands):


		June 30,			December 31,
		2026			2025
Outstanding principal		$	65,000		$	70,000
Less debt discounts			(3,481)			(4,193)
Total debt, net			61,519			65,807
Less current portion			—			—
Long-term debt, net		$	61,519		$	65,807

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(22))
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Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
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+ Details

REVENUE AND DEFERRED REVENUE (Tables)

6 Months Ended

Jun. 30, 2026

REVENUE AND DEFERRED REVENUE

Schedule of percentages of deferred revenue by year

As of June 30, 2026, the Company expects to recognize approximately the following percentages of deferred revenue by year:


		Revenue
Year:		Recognition
Remainder of 2026		78	%
2027		15	%
2028		—	%
2029		7	%
Total		100	%

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

6 Months Ended

Jun. 30, 2026

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

The Company’s complete summary of significant accounting policies can be found in “Summary of Significant Accounting Policies” in the audited consolidated financial statements included in the Company’s Annual Report on Form 10-K filed with the SEC on March 17, 2026.

ACCOUNTS RECEIVABLE (Tables)

6 Months Ended

Jun. 30, 2026

ACCOUNTS RECEIVABLE

Schedule of composition of accounts receivable, net

The following table presents the composition of accounts receivable, net, as of June 30, 2026 and December 31, 2025 (in thousands):


	June 30,		December 31,
	2026		2025
Gross accounts receivable - trade	$	16,508	$	17,512
Less: Allowances for credit losses		(553)		(1,043)
Accounts receivable, net	$	15,955	$	16,469

Schedule of allowance for credit losses related to accounts receivable and notes receivable

The following table presents a roll forward of the allowance for credit losses related to accounts receivable and notes receivable (in thousands):


		Balance at			Bad Debt		Write-offs of		Balance at
		Beginning of			(Expense)/		Uncollectible		End of
		Period			Reversal		Balances		Period
Six months ended June 30, 2025		$	(1,930)		(83)		1,093		$	(920)
Six months ended June 30, 2026		$	(1,043)		160		330		$	(553)

SEGMENT INFORMATION (Tables)

6 Months Ended

Jun. 30, 2026

SEGMENT INFORMATION

Schedule of reporting segment


Three months ended June 30, 2026		NeuroStar		Greenbrook		Total
Revenue	$	14,677	$	26,891	$	41,568
Cost of revenues		3,312		17,033		20,345
Segment gross profit	$	11,365	$	9,858	$	21,223

Significant Segment Expense
Selling, General and Administrative
Direct	$	6,987	$	7,579	$	14,566

Research and development
Direct		1,248		88		1,336

Segment profit/(loss)	$	3,130	$	2,191	$	5,321

Unallocated expenses
General and Administrative					$	6,822
Other income, net						(162)
Interest expense						2,125

Net loss					$	(3,464)


Three months ended June 30, 2025		NeuroStar		Greenbrook		Total
Revenue	$	15,084	$	23,024	$	38,108
Cost of revenues		4,311		16,039		20,350
Segment gross profit	$	10,773	$	6,985	$	17,758

Significant Segment Expense
Selling, General and Administrative
Direct	$	8,888	$	7,331	$	16,219

Research and development
Direct		1,739		59		1,798

Segment profit/(loss)	$	146	$	(405)	$	(259)

Unallocated expenses
General and Administrative					$	7,799
Other income, net						(188)
Interest expense						1,969

Net loss					$	(9,839)


Six months ended June 30, 2026		NeuroStar		Greenbrook		Total
Revenue	$	27,602	$	48,420	$	76,022
Cost of revenues		6,170		32,475		38,645
Segment gross profit	$	21,432	$	15,945	$	37,377

Significant Segment Expense
Selling, General and Administrative
Direct	$	14,406	$	15,462	$	29,868

Research and development
Direct		2,553		148		2,701

Segment profit/(loss)	$	4,473	$	335	$	4,808

Unallocated expenses
General and Administrative					$	15,304
Other income, net						(1,182)
Loss on extinguishment of debt						539
Interest expense						4,391

Net loss					$	(14,244)


Six months ended June 30, 2025		NeuroStar		Greenbrook		Total
Revenue	$	28,400	$	41,683	$	70,083
Cost of revenues		7,461		29,126		36,587
Segment gross profit	$	20,939	$	12,557	$	33,496

Significant Segment Expense
Selling, General and Administrative
Direct	$	17,625	$	15,265	$	32,890

Research and development
Direct		3,304		110		3,414

Segment profit/(loss)	$	10	$	(2,818)	$	(2,808)

Unallocated expenses
General and Administrative					$	16,264
Other income, net						(435)
Interest expense						3,891

Net loss					$	(22,528)

ACCOUNTS RECEIVABLE - Composition of Accounts Receivable, Net (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025	Jun. 30, 2025	Dec. 31, 2024
ACCOUNTS RECEIVABLE
Gross accounts receivable - trade	$ 16,508	$ 17,512
Less: Allowances for credit losses	(553)	(1,043)	$ (920)	$ (1,930)
Accounts receivable, net	$ 15,955	$ 16,469

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	6 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	Jun. 30, 2026
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of Consolidation	Basis of Consolidation The consolidated financial statements of the Company are presented in U.S. dollars and include the accounts of the Company and its subsidiaries. All significant intercompany accounts and transactions have been eliminated in consolidation. The Company consolidates entities in which it has a controlling financial interest based on either the variable interest entity (“VIE”) or voting interest model (“VOE”). The Company is required to first apply the VIE model to determine whether it holds a variable interest in an entity, and if so, whether the entity is a VIE. ASC Topic 810, Consolidation ("Topic 810") defines the criteria for determining the existence of VIEs and provides guidance for consolidation. An entity is considered to be a VIE if (i) the entity does not have enough equity to finance its own activities without additional support, (ii) the entity's at-risk equity holders lack the characteristics of a controlling financial interest, or (iii) the entity is structured with non-substantive voting rights. The primary beneficiary of a VIE is the party that has the power to direct the activities that most significantly impact the performance of the entity and the obligation to absorb losses or the right to receive benefits that could potentially be significant to the entity. The primary beneficiary is required to consolidate the VIE for financial reporting purposes. A VIE can have only one primary beneficiary but may not have a primary beneficiary if no party meets the criteria described above. If the Company determines it does not hold a variable interest in a VIE, the Company applies the VOE model. To the extent the entity does not meet the definition of a VIE, Topic 810 guidance for voting interest entities is applied. The usual condition for a controlling financial interest, and therefore consolidation by the Company, is ownership of a majority voting interest of a corporation or a majority of kick-out rights for a limited partnership. The Company has determined that all its subsidiaries are VOEs primarily because it holds a majority voting interest in the entities.
Interim Consolidated Financial Statements	Interim Consolidated Financial Statements The accompanying unaudited interim consolidated financial statements have been prepared from the books and records of the Company in accordance with U.S. GAAP for interim financial information and Rule 10-01 of Regulation S-X promulgated by the U.S. Securities and Exchange Commission (the “SEC”), which permit reduced disclosures for interim periods. All adjustments, consisting only of normal recurring adjustments, necessary for a fair presentation of the accompanying consolidated balance sheets and consolidated statements of operations and stockholders’ equity and consolidated cash flows have been made. Although these interim consolidated financial statements do not include all of the information and footnotes required for complete annual consolidated financial statements, management believes the disclosures are adequate to make the information presented not misleading. Unaudited interim consolidated statements of operations for the three and six months ended June 30, 2026 and interim consolidated statements of cash flows for the six months ended June 30, 2026 are not necessarily indicative of the results that may be expected for the full year. Unaudited interim consolidated financial statements and footnotes should be read in conjunction with the audited consolidated financial statements and footnotes included in the Company’s Annual Report on Form 10-K filed with the SEC on March 17, 2026, wherein a more complete discussion of significant accounting policies and certain other information can be found.
Reclassifications	Reclassifications Certain prior period amounts have been reclassified for comparative purposes.
Currency Risk	Currency Risk Currency risk is the risk to the Company’s earnings that arises from fluctuations in foreign exchange rates and the degree of volatility of those rates. The Company has minimal exposure to currency risk as substantially all of the Company’s revenue, expenses, assets and liabilities are denominated in U.S. dollars. The Company pays certain vendors and payroll costs in Canadian dollars from time to time, but due to the limited size and nature of these payments, it does not give rise to significant currency risk.
Use of Estimates	Use of Estimates The preparation of financial statements in accordance with U.S. GAAP and the rules and regulations of the SEC requires the use of estimates and assumptions, based on judgments considered reasonable, which affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. The Company bases its estimates and assumptions on historical experience, known trends and events and various other factors that management believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying value of assets and liabilities that are not readily apparent from other sources. Although management believes its estimates and assumptions are reasonable when made, they are based upon information available at the time they are made. Management evaluates the estimates and assumptions on an ongoing basis and, if necessary, makes adjustments. Due to the risks and uncertainties involved in the Company’s business and evolving market conditions, and given the subjective element of the estimates and assumptions made, actual results may differ materially from estimated results.

- Definition

Disclosure of accounting policy for the use of estimates in the preparation of financial statements in conformity with generally accepted accounting principles.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 235
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

COMMON STOCK - Common Stock Warrants (Details) - Common Stock Warrants - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Class of Warrant or Right [Line Items]
Warrants granted	0	0	0	0
Warrants exercised	0	0	0	0
Warrants cancelled	0	0	0	0

SHARE-BASED COMPENSATION - Summary of Stock Option Activity (Details)	3 Months Ended	6 Months Ended
	Jun. 30, 2026 $ / shares shares	Jun. 30, 2026 $ / shares shares
SHARE-BASED COMPENSATION
Number of Shares under Option, Granted	0	0
Stock options
SHARE-BASED COMPENSATION
Number of Shares under Option, Outstanding, Beginning balance		1,099,000
Number of Shares under Option, Forfeited and Expired		(10,000)
Number of Shares under Option, Outstanding, Ending balance	1,089,000	1,089,000
Number of Shares under Option, Exercisable	1,089,000	1,089,000
Number of Shares under Option, Vested and expected to vest	1,089,000	1,089,000
Weighted average Exercise Price per Option, Outstanding, Beginning balance \| $ / shares		$ 2.89
Weighted average Exercise Price per Option, Forfeited and Expired \| $ / shares		5.94
Weighted average Exercise Price per Option, Outstanding, Ending balance \| $ / shares	$ 2.86	2.86
Weighted average Exercise Price per Option, Exercisable \| $ / shares	2.86	2.86
Weighted average Exercise Price per Option, Vested and expected to vest \| $ / shares	$ 2.86	$ 2.86
Weighted average Remaining Contractual Life, Outstanding		4 months 24 days
Weighted average Remaining Contractual Life, Exercisable		4 months 24 days
Weighted average Remaining Contractual Life, Vested and expected to vest		4 months 24 days

SHARE-BASED COMPENSATION

6 Months Ended

Jun. 30, 2026

SHARE-BASED COMPENSATION

SHARE-BASED COMPENSATION

17. SHARE-BASED COMPENSATION


		Three Months Ended June 30,						Six Months Ended June 30,
		2026			2025			2026			2025
Cost of revenues		$	22		$	47		$	43			74
Sales and marketing			199			377			525			461
General and administrative			403			1,214			1,667			2,371
Research and development			64			176			130			352
Total		$	688		$	1,814		$	2,365		$	3,258

2026 Equity Incentive Plan

On May 28, 2026 (the “Stockholder Approval Date”), the Company’s stockholders approved the 2026 Equity Incentive Plan (the “2026 Plan”), which was previously approved by the Company’s Board of Directors (the “Board”) on March 18, 2026, and which provides for the issuance of the number of shares of common stock that were available for issuance under the 2018 Plan as of the Stockholder Approval Date. The number of shares available for issuance under the 2026 Plan may be increased annually at the discretion of the Board from January 1, 2027 through January 1, 2036, by an amount equal to 4% of the Company’s outstanding shares of common stock on the applicable date. The 2026 Plan permits the grant of stock options, stock appreciation rights, restricted stock units, PRSUs, and other stock-based awards to the Company’s directors, employees, consultants, and other eligible service providers. The terms and conditions of awards granted under the 2026 Plan are determined by the Board. As of June 30, 2026, 6.0 million shares remained available for future issuance under the 2026 Plan.

2018 Equity Incentive Plan

In June 2018, the Board adopted, and the Company’s stockholders approved, the 2018 Equity Incentive Plan (the “2018 Plan”), which authorized the issuance of up to 1.4 million shares, subject to an annual 4% increase based on the number of shares of common stock outstanding, in the form of restricted stock, stock appreciation rights and stock options to the Company’s directors, employees and consultants. The amount and terms of grants were determined by the Board. All stock options granted to date have had exercise prices equal to the fair value, as determined by the closing price as reported by the Nasdaq Global Market, of the underlying common stock on the date of grant. As of June 30, 2026, there were no shares available for future issuance under the 2018 Plan because the share reserve under the 2018 Plan was decreased to the number of shares of common stock reserved for all outstanding awards under the 2018 Plan.

2020 Inducement Incentive Plan

In December 2020, the Board adopted the 2020 Inducement Incentive Plan (the “2020 Inducement Plan”), which authorized the issuance of up to 0.4 million shares in the form of stock options, stock appreciation rights, restricted stock awards, restricted stock unit awards, performance stock awards and other stock awards to eligible employees who satisfy the standards for inducement grants under Nasdaq Global Market rules. In March 2022, the Board approved an additional 0.5 million shares for issuance under the 2020 Inducement Plan. In October 2025, the Board approved an additional 0.6 million shares for issuance under the plan. An individual who previously served as an employee or director of the Company is not eligible to receive awards under the 2020 Inducement Plan other than following a bona fide period of non-employment. The amount and terms of grants are determined by the Board. As of June 30, 2026, there were 1.4 million shares available for future issuance under the 2020 Inducement Plan.

Stock Options

The following table summarizes the Company’s stock option activity for the six months ended June 30, 2026:


				Weighted	Aggregate
	Number of	Weighted		average	average
	Shares under	average		Remaining	Intrinsic
	Option	Exercise Price		Contractual	Value
	(in thousands)	per Option		Life (in years)	(in thousands)
Outstanding at December 31, 2025	1,099	$	2.89
Granted	—	$	—
Exercised	—	$	—
Forfeited and Expired	(10)	$	5.94
Outstanding at June 30, 2026	1,089	$	2.86	0.4	$	—
Exercisable at June 30, 2026	1,089	$	2.86	0.4	$	—
Vested and expected to vest at June 30, 2026	1,089	$	2.86	0.4	$	—

The Company did not recognize any share-based compensation expense related to stock options for the three and six months ended June 30, 2026 and 2025. As of June 30, 2026, there was no remaining unrecognized compensation cost related to non-vested stock options.

Restricted Stock Units and PRSUs

The following table summarizes the Company’s restricted stock unit and PRSU activity for June 30, 2026:


		Non-vested			Weighted		Non-vested			Weighted
		Restricted			average		PRSUs			average
		Stock Units			Grant-date					Grant-date
		(in thousands)			Fair Value		(in thousands)			Fair Value
Non-vested at December 31, 2025		4,229		$	3.33		1,398		$	3.81
Granted		3,376		$	1.53		—		$	—
Vested		(1,312)		$	4.16		—		$	—
Forfeited		(1,537)		$	2.54		(671)		$	2.95
Non-vested at June 30, 2026		4,756		$	2.08		727		$	4.64

The Company recognized $0.7 million and $1.8 million in share-based compensation expense related to the restricted stock units and PRSUs for the three months ended June 30, 2026 and 2025, respectively and $2.4 million and $3.3 million for the six months ended June 30, 2026 and 2025, respectively. As of June 30, 2026, there was $8.0 million of unrecognized compensation cost related to non-vested restricted stock units and PRSUs, which the Company expects to recognize over a weighted average period of 2.3 years. The total fair

value at the vesting date of restricted stock units and PRSUs vested during the six months ended June 30, 2026 was $2.0 million.

The Company has granted PRSUs to certain key employees of the Company, with vesting subject to the recipient’s continued service with the Company through the applicable vesting date and the achievement of certain performance conditions as outlined in the award document. For legacy Greenbrook employees who became Neuronetics employees in connection with the Arrangement, the awards are subject to the terms of the 2020 Inducement Plan. For legacy Neuronetics employees, the awards are subject to the 2018 Plan.

The Company offers the Board the opportunity to defer restricted stock units into an equity-based deferred equity compensation plan known as the restricted stock unit deferral election plan (the “RSUDEP”). The Company offered certain employees the opportunity to defer into the RSUDEP restricted stock units with grant dates in 2024 and 2025, and discontinued employee eligibility beginning with restricted stock units with grant dates in 2026.

Benefits from these plans are payable in shares of Neuronetics stock and the awards under these plans are unfunded to the plans’ participants. Restricted stock units deferred under the RSUDEP are counted against the total shares available for future issuance under the 2018 Plan. As of June 30, 2026, there were 0.3 million shares deferred under the RSUDEP.

The Company did not grant PRSUs during the three and six months ended June 30, 2026.

LOSS PER SHARE (Tables)

6 Months Ended

Jun. 30, 2026

LOSS PER SHARE

Schedule of potentially dilutive securities outstanding excluded from diluted loss per share calculation

The following potentially dilutive securities outstanding as of June 30, 2026 and 2025 have been excluded from the denominator of the diluted loss per share of common stock outstanding calculation (in thousands):


		June 30,
		2026		2025
Stock options		1,089		1,223
Non-vested PRSUs		727		1,622
Non-vested restricted stock units		4,756		3,645
Common stock warrants		1,950		1,725

SHARE-BASED COMPENSATION - Summary of Share-Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
SHARE-BASED COMPENSATION
Total	$ 688	$ 1,814	$ 2,365	$ 3,258
Cost of revenues
SHARE-BASED COMPENSATION
Total	22	47	43	74
Sales and marketing
SHARE-BASED COMPENSATION
Total	199	377	525	461
General and administrative
SHARE-BASED COMPENSATION
Total	403	1,214	1,667	2,371
Research and development
SHARE-BASED COMPENSATION
Total	$ 64	$ 176	$ 130	$ 352

LEASES (Details) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
LEASES (Details) $ in Thousands	Jun. 30, 2026 USD ($) ft²	Jun. 30, 2025 USD ($)	Jun. 30, 2026 USD ($) ft²	Jun. 30, 2025 USD ($)	Dec. 31, 2025 USD ($)
LEASES
Operating lease, rent expense, net	$ 2,400	$ 2,100	$ 4,900	$ 4,400
Operating lease, weighted-average remaining lease term	6 years		6 years
Operating lease, weighted-average discount rate	12.00%		12.00%
Carrying amount of lease receivables	$ 300		$ 300		$ 300
Unguaranteed residual assets	0		0
Operating lease income	60	50	100	100
Property and equipment, net	$ 3,464		$ 3,464		$ 4,466
NeuroStar Advanced Therapy Systems \| Minimum
LEASES
Lessor sales-type lease, Term	2 years		2 years
NeuroStar Advanced Therapy Systems \| Maximum
LEASES
Lessor sales-type lease, Term	4 years		4 years
Headquarters and Office Equipment, Including Copiers
LEASES
Area of lease facility \| ft²	32,000		32,000
Lessee, operating lease, extended maturity period					2033-06
Rental Equipment
LEASES
Property and equipment, net	$ 100		$ 100		$ 100
Rental equipment depreciation expense	$ 10	$ 140	$ 30	$ 160
Charlotte, North Carolina
LEASES
Area of lease facility \| ft²	9,600		9,600
Description of option to extend lease facility			true
Lessee, operating lease, renewal term	1 year		1 year

LEASES

6 Months Ended

Jun. 30, 2026

LEASES

LEASES

10. LEASES

Lessee:

The Company has operating leases for its corporate headquarters, Treatment Centers, a training facility, and office equipment. The corporate headquarters is located in Malvern, Pennsylvania, where the Company leases an approximately 32,000 square foot facility comprising office and warehouse space.

In 2025, the Company executed a lease modification for its Malvern, Pennsylvania facility, extending the lease term through June 2033.

The Company leases an approximately 9,600 square foot facility in Charlotte, North Carolina as a training facility for the Systems. The lease ends in September 2027. The Company has an option to extend the lease on its training facility for an additional one-year term; however, the Company has determined it is not reasonably certain to exercise the option at this time after assessing contract, asset, entity and market conditions present upon lease commencement.

The Company has lease agreements related to its Treatment Centers. These lease agreements range from month-to-month to six years in length.

Operating lease rent expense was $2.4 million and $2.1 million for the three months ended June 30, 2026 and 2025, respectively and $4.9 million and $4.4 million for the six months ended June 30, 2026 and 2025, respectively. As of June 30, 2026, the weighted average remaining lease term of operating leases was 6.0 years, and the weighted average discount rate was 12.0%.

The following table presents the supplemental cash flow information as a lessee related to leases (in thousands):


		Six Months Ended
		June 30, 2026			June 30, 2025
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases		$	4,551		$	3,983

The following table sets forth by year the required future payments of operating lease liabilities as of June 30, 2026 (in thousands):



		Amount
Remainder of 2026		$	4,813
2027			7,022
2028			5,617
2029			5,056
2030			4,121
Thereafter			10,973
Total lease payments			37,602
Less imputed interest			(12,598)
Present value of operating lease liabilities		$	25,004

Lessor sales-type leases:

Certain customers have purchased the Systems on a rent-to-own basis. The lease term is two to four years with a customer option to purchase the System at the end of the lease or automatic transfer of ownership of the System at the end of the lease.

The following table sets forth a maturity analysis of the undiscounted lease receivables related to sales-type leases (in thousands):


		June 30, 2026
Remainder of 2026		$	148
2027			150
Total sales-type lease receivables		$	298

As of June 30, 2026 and December 31, 2025 the carrying amount of the lease receivables was $0.3 million, for both periods. The Company does not have any unguaranteed residual assets.

Lessor operating leases:

The Systems leased to customers subsequent to January 1, 2019 for which collection is not probable are accounted for as operating leases. For the three months ended June 30, 2026 and 2025, the Company recognized operating lease income of $0.06 million and $0.05 million, respectively. For the six months ended June 30, 2026 and 2025, the Company recognized operating lease income of $0.1 million, for both periods.

The Company maintained rental equipment, net, of $0.1 million for both June 30, 2026 and December 31, 2025, which are included in property and equipment, net on the consolidated balance sheets. Rental equipment depreciation expense was $0.01 million and $0.14 million for the three months ended June 30, 2026 and 2025, respectively and $0.03 million and $0.16 million for the six months ended June 30, 2026 and 2025, respectively.

INTANGIBLE ASSETS - Amortization Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025	Dec. 31, 2025
INTANGIBLE ASSETS
Amortization expense for intangible assets	$ 400	$ 400	$ 700	$ 700
Remainder of 2026	728		728
2027	1,457		1,457
2028	1,457		1,457
2029	1,428		1,428
2030	939		939
Thereafter	11,411		11,411
Net Carrying Value	$ 17,420		$ 17,420		$ 18,149

- Definition

The aggregate expense charged against earnings to allocate the cost of intangible assets (nonphysical assets not used in production) in a systematic and rational manner to the periods expected to benefit from such assets.

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+ Details

COMMON STOCK - Common Stock Offering (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025	Jul. 03, 2025
COMMON STOCK
Additional offering-related expenses	$ 200,000		$ 200,000
ATM Program
COMMON STOCK
Aggregated offering price to be offered and sold	$ 33,700,000		$ 33,700,000		$ 50,000,000
Common stock shares issued and sold	6,052,953		6,052,953
Public offering price	$ 1.31		$ 1.31
Sales commission on stock issuance	$ 200,000		$ 200,000
Proceeds	8,000,000		7,954,000
Additional offering-related expenses	200,000		200,000
Proceeds from issuance of common stock, net	7,600,000		7,600,000
Amortization of shelf related expenses	$ 100,000	$ 0	$ 100,000	$ 0

PREPAID COMMISSION EXPENSE (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
PREPAID COMMISSION EXPENSE
Amortization period of deferred commissions			7 years
Amortization expense	$ 0.8	$ 0.8	$ 1.6	$ 1.6

DEBT - Summary of Composition of Debt (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
DEBT
Outstanding principal	$ 65,000	$ 70,000
Less debt discounts	(3,481)	(4,193)
Total debt, net	61,519	65,807
Long-term debt, net	$ 61,519	$ 65,807

- Definition

Amount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

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+ Details

LEASES - Schedule of Future Payments of Operating Lease Liabilities (Details) $ in Thousands	Jun. 30, 2026 USD ($)
LEASES
Remainder of 2026	$ 4,813
2027	7,022
2028	5,617
2029	5,056
2030	4,121
Thereafter	10,973
Total lease payments	37,602
Less imputed interest	(12,598)
Present value of operating lease liabilities	$ 25,004

PROPERTY AND EQUIPMENT AND CAPITALIZED SOFTWARE

6 Months Ended

Jun. 30, 2026

PROPERTY AND EQUIPMENT AND CAPITALIZED SOFTWARE

PROPERTY AND EQUIPMENT AND CAPITALIZED SOFTWARE

9. PROPERTY AND EQUIPMENT AND CAPITALIZED SOFTWARE

The following table presents the composition of property and equipment, net, as of June 30, 2026 and December 31, 2025 (in thousands):


		June 30,			December 31,
		2026			2025
Laboratory equipment		$	680		$	676
Office equipment			495			495
Auto			—			23
Computer equipment and software			896			873
Manufacturing equipment			618			618
Clinical equipment			278			278
Leasehold improvements			1,490			1,608
TMS devices			2,796			3,790
Rental equipment			213			157
Property and equipment, gross			7,466			8,518
Less: Accumulated depreciation			(4,002)			(4,052)
Property and equipment, net		$	3,464		$	4,466

As of June 30, 2026 and December 31, 2025, the Company had capitalized software costs, net, of $1.5 million and $0.8 million, respectively, which are included in “Prepaid expenses and other current assets” and “Other assets” on the consolidated balance sheets.

The Company disposed of $1.2 million of rental equipment, TMS devices, leasehold improvements and auto with a net book value of $0.4 million during the six months ended June 30, 2026. For the six months ended June 30, 2025, the Company had not disposed of any property and equipment.

Depreciation and amortization expense related to property and equipment and capitalized software costs was $0.4 million and $0.5 million for the three months ended June 30, 2026 and 2025, respectively and $0.8 million and $1.1 million for the six months ended June 30, 2026 and 2025, respectively.

Document and Entity Information - shares	6 Months Ended
Document and Entity Information - shares	Jun. 30, 2026	Aug. 05, 2026
Document and Entity Information
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2026
Document Transition Report	false
Entity File Number	001-38546
Entity Registrant Name	NEURONETICS, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	33-1051425
Entity Address, Address Line One	3222 Phoenixville Pike
Entity Address, City or Town	Malvern
Entity Address, State or Province	PA
Entity Address, Postal Zip Code	19355
City Area Code	877
Local Phone Number	600-7555
Title of 12(b) Security	Common Stock ($0.01 par value)
Trading Symbol	STIM
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		76,197,222
Entity Central Index Key	0001227636
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2026
Document Fiscal Period Focus	Q2
Amendment Flag	false

PROPERTY AND EQUIPMENT AND CAPITALIZED SOFTWARE (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025	Dec. 31, 2025
PROPERTY AND EQUIPMENT AND CAPITALIZED SOFTWARE
Disposal of depreciated property and equipment			$ 1.2
Property, plant and equipment, net book value			0.4
Depreciation and amortization expense	$ 0.4	$ 0.5	0.8	$ 1.1
Prepaid expenses and other current assets
PROPERTY AND EQUIPMENT AND CAPITALIZED SOFTWARE
Capitalized software cost, net	$ 1.5		$ 1.5		$ 0.8

ACCRUED EXPENSES

6 Months Ended

Jun. 30, 2026

ACCRUED EXPENSES

ACCRUED EXPENSES

12. ACCRUED EXPENSES

The following table presents the composition of accrued expenses as of June 30, 2026 and December 31, 2025 (in thousands):


		June 30,			December 31,
		2026			2025
Compensation and related benefits		$	5,158		$	8,610
Consulting and professional fees			1,001			1,122
Research and development expenses			356			156
Sales and marketing expenses			972			724
Warranty			197			179
Sales and other taxes payable			595			611
Other			650			914
Accrued expenses		$	8,929		$	12,316

LEASES - Schedule of Supplemental Cash Flow Information as Lessee Related to Leases (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$ 4,551	$ 3,983

LOSS PER SHARE

6 Months Ended

Jun. 30, 2026

LOSS PER SHARE

LOSS PER SHARE

16. LOSS PER SHARE

The Company’s basic loss per common share is computed by dividing the net loss by the weighted average number of shares of common stock outstanding during the period. The Company’s restricted stock awards (non-vested shares) are issued and outstanding at the time of grant, but are excluded from the Company’s computation of weighted average shares outstanding in the determination of basic loss per share until vesting occurs.

A net loss cannot be diluted; so, when the Company is in a net loss position, basic and diluted loss per common share are the same. If, in the future, the Company achieves profitability, the denominator of a diluted earnings per common share calculation will include both the weighted average number of shares outstanding and the number of common stock equivalents, if the inclusion of such common stock equivalents would be dilutive. Dilutive common stock equivalents potentially include warrants, stock options, non-vested restricted stock awards and non-vested performance restricted stock units (“PRSUs”) using the treasury stock method, along with the effect, if any, from the potential conversion of outstanding securities, such as convertible preferred stock.


		June 30,
		2026		2025
Stock options		1,089		1,223
Non-vested PRSUs		727		1,622
Non-vested restricted stock units		4,756		3,645
Common stock warrants		1,950		1,725

DESCRIPTION OF BUSINESS (Details) - USD ($)		3 Months Ended		6 Months Ended		12 Months Ended
DESCRIPTION OF BUSINESS (Details) - USD ($)	Feb. 10, 2025	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025	Dec. 31, 2025	Jul. 03, 2025
DESCRIPTION OF BUSINESS
Cash and cash equivalents		$ 19,197,000	$ 10,969,000	$ 19,197,000	$ 10,969,000	$ 28,134,000
Accumulated deficit		473,151,000		473,151,000		458,787,000
Negative cash flows from operating activities				10,429,000	20,497,000	$ 20,400,000
Additional offering-related expenses		$ 200,000		$ 200,000
Secondary public offering
DESCRIPTION OF BUSINESS
Common stock shares issued and sold	9,200,000
Public offering price	$ 2.25
Proceeds	$ 18,900,000				20,700,000
ATM Program
DESCRIPTION OF BUSINESS
Common stock shares issued and sold		6,052,953		6,052,953
Public offering price		$ 1.31		$ 1.31
Proceeds		$ 8,000,000		$ 7,954,000
Sales commission on stock issuance		200,000		200,000
Additional offering-related expenses		200,000		200,000
Proceeds from issuance of common stock, net		7,600,000		7,600,000
Aggregated offering price to be offered and sold		33,700,000		33,700,000			$ 50,000,000
Amortization of shelf related expenses		100,000	$ 0	100,000	$ 0
$70.0 Million Credit Facility \| Oxford Finance LLC
DESCRIPTION OF BUSINESS
Borrowings outstanding under credit facility		$ 65,000,000		$ 65,000,000

FAIR VALUE MEASUREMENT AND FINANCIAL INSTRUMENTS - Schedule of Carrying Amounts and Fair Values of Financial Instruments (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2026	Dec. 31, 2025
Assets
Investment, Type [Extensible Enumeration]	us-gaap:MoneyMarketFundsMember	us-gaap:MoneyMarketFundsMember
Carrying Amount
Assets
Money market funds (cash equivalents)	$ 432	$ 436
Money market funds (restricted cash and cash equivalents)	5,500	5,500
Fair Value
Assets
Money market funds (cash equivalents)	432	436
Money market funds (restricted cash and cash equivalents)	5,500	5,500
Quoted Prices In Active Markets (Level 1)
Assets
Money market funds (cash equivalents)	432	436
Money market funds (restricted cash and cash equivalents)	$ 5,500	$ 5,500

- Definition

Indicates type of investment. Includes, but is not limited to, common stock, preferred stock, convertible security, fixed income security, government security, option purchased, warrant, loan participation and assignment, commercial paper, bankers' acceptance, certificates of deposit, short-term security, repurchase agreement, and other investment company.

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Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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-Section S99
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-Subparagraph (SX 210.12-12(Column C)(Footnote 5))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477271/946-320-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-12B(Column A)(Footnote 1)(a))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477271/946-320-S99-3

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-12B(Column C)(Footnote 2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477271/946-320-S99-3

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 6
-Subparagraph (SX 210.12-14(Column F)(Footnote 7))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477271/946-320-S99-6

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.12-12A(Column C)(Footnote 4))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477271/946-320-S99-2

+ Details

REVENUE AND DEFERRED REVENUE

6 Months Ended

Jun. 30, 2026

REVENUE AND DEFERRED REVENUE

REVENUE AND DEFERRED REVENUE

13. REVENUE AND DEFERRED REVENUE

Contract terms typically require payment upon shipment or installation of the System and additional payments as access codes for treatment sessions are delivered, which can span several years after the System is first delivered and installed. The timing of revenue recognition compared to billings and cash collections typically results in accounts receivable. However, sometimes customer advances and deposits may be required for certain customers and are recorded as contract liabilities (deferred revenue). For multi-year agreements, the Company generally invoices customers annually at the beginning of each annual coverage period and recognizes revenue over the term of the coverage period. Deferred revenue also includes amounts received in advance of the Company completing performance obligations in relation to the research collaboration agreement with Compass Pathways on COMP360 psilocybin for treatment resistant depression.

As of June 30, 2026, the Company expects to recognize approximately the following percentages of deferred revenue by year:


		Revenue
Year:		Recognition
Remainder of 2026		78	%
2027		15	%
2028		—	%
2029		7	%
Total		100	%

Revenue recognized during both the three months ended June 30, 2026 and 2025 that was included in the contract liability balance at the beginning of the year was $0.3 million. Revenue recognized for the six months ended June 30, 2026 and 2025 that was included in the contract liability balance at the beginning of the year

was $0.7 million and $0.9 million, respectively, and, in each case, primarily represented revenue earned from separately priced extended warranties, customer deposits, milestone revenue, and clinical training.

Geographical information

Revenues generated to customers outside of the United States were $1.0 million and $0.5 million for the three months ended June 30, 2026 and 2025, respectively, and $1.2 million and $0.9 million for the six months ended June 30, 2026 and 2025, respectively.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-7

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-9

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-10

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-15

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-13

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org/606/tableOfContent

+ Details

FAIR VALUE MEASUREMENT AND FINANCIAL INSTRUMENTS (Tables)

6 Months Ended

Jun. 30, 2026

FAIR VALUE MEASUREMENT AND FINANCIAL INSTRUMENTS

Schedule of carrying amounts and fair values of financial instruments

The following tables set forth the carrying amounts and fair values of the Company’s financial instruments as of June 30, 2026 and December 31, 2025 (in thousands):


		June 30, 2026
								Fair Value Measurement Based on
								Quoted			Significant
								Prices In			Other		Significant
								Active			Observable		Unobservable
		Carrying						Markets			Inputs		Inputs
		Amount			Fair Value			(Level 1)			(Level 2)		(Level 3)
Assets
Money market funds (cash equivalents)		$	432		$	432		$	432		$	—	$	—
Money market funds (restricted cash and cash equivalents)		$	5,500		$	5,500		$	5,500		$	—	$	—


		December 31, 2025
								Fair Value Measurement Based on
								Quoted			Significant
								Prices In			Other			Significant
								Active			Observable			Unobservable
		Carrying						Markets			Inputs			Inputs
		Amount			Fair Value			(Level 1)			(Level 2)			(Level 3)
Assets
Money market funds (cash equivalents)		$	436		$	436		$	436		$	—		$	—
Money market funds (restricted cash and cash equivalents)		$	5,500		$	5,500		$	5,500		$	—		$	—

INTANGIBLE ASSETS

6 Months Ended

Jun. 30, 2026

INTANGIBLE ASSETS

INTANGIBLE ASSETS

5. INTANGIBLE ASSETS

Intangible assets consist of the following as of June 30, 2026 and December 31, 2025 (in thousands):


		As of June 30, 2026
	Useful Life	Gross Value		Accumulated Amortization		Net Carrying Value		Weighted Average Remaining Useful Life
Management services agreements	17-21 years	$	17,100	$	(1,463)	$	15,637	17.5 years
Trade name	5 years		2,590		(807)		1,783	3.5 years
		$	19,690	$	(2,270)	$	17,420


		As of December 31, 2025
	Useful Life	Gross Value		Accumulated Amortization		Net Carrying Value		Weighted Average Remaining Useful Life
Management services agreements	17-21 years	$	17,100	$	(993)	$	16,107	18 years
Trade name	5 years		2,590		(548)		2,042	4 years
		$	19,690	$	(1,541)	$	18,149

Amortization expense for intangible assets was $0.4 million for the three months ended June 30, 2026 and 2025, respectively.

Amortization expense for intangible assets was $0.7 million for the six months ended June 30, 2026 and 2025, respectively.

Amortization expense over the remaining life of the intangible assets will be recognized as follows (in thousands):


Year			Amortization expense
Remainder of 2026		$	728
2027			1,457
2028			1,457
2029			1,428
2030			939
Thereafter			11,411
		$	17,420

SHARE-BASED COMPENSATION (Details) - USD ($) $ in Thousands		1 Months Ended		3 Months Ended		6 Months Ended
SHARE-BASED COMPENSATION (Details) - USD ($) $ in Thousands	May 28, 2026	Oct. 31, 2025	Mar. 31, 2022	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2018	Dec. 31, 2020
SHARE-BASED COMPENSATION
Share-based compensation expenses				$ 688	$ 1,814	$ 2,365	$ 3,258
Number of stock options granted				0		0
Stock options
SHARE-BASED COMPENSATION
Unrecognized compensation cost related to non-vested stock options				$ 0		$ 0
Restricted Stock Units and PRSUs
SHARE-BASED COMPENSATION
Share-based compensation expenses				700	$ 1,800	2,400	$ 3,300
Unrecognized compensation cost related to non-vested restricted stock				$ 8,000		$ 8,000
Non-vested awards not yet recognized weighted-average period for recognition						2 years 3 months 18 days
Fair value of restricted stock vested						$ 2,000
Restricted stock units
SHARE-BASED COMPENSATION
Number of deferred shares				300,000		300,000
2018 Plan
SHARE-BASED COMPENSATION
Annual percentage increase in number of shares authorized for issuance								4.00%
Shares available for future issuance				0		0
2018 Plan \| Maximum
SHARE-BASED COMPENSATION
Number of shares authorized for issuance								1,400,000
2020 Plan
SHARE-BASED COMPENSATION
Number of additional shares authorized for issuance		600,000	500,000
Shares available for future issuance				1,400,000		1,400,000
2020 Plan \| Maximum
SHARE-BASED COMPENSATION
Number of shares authorized for issuance									400,000
2026 Plan
SHARE-BASED COMPENSATION
Annual percentage increase in number of shares authorized for issuance	4.00%
Shares available for future issuance				6,000,000		6,000,000

LEASES - Schedule of Maturity Analysis of Undiscounted Lease Receivables Related to Sales-Type Leases (Details) $ in Thousands	Jun. 30, 2026 USD ($)
LEASES
Remainder of 2026	$ 148
2027	150
Total sales-type lease receivables	$ 298

SHARE-BASED COMPENSATION - Summary of Restricted Stock Units and PRSUs Activity (Details) shares in Thousands	6 Months Ended
	Jun. 30, 2026 $ / shares shares
Non-vested restricted stock units
SHARE-BASED COMPENSATION
Non-vested, Beginning balance \| shares	4,229
Granted \| shares	3,376
Vested \| shares	(1,312)
Forfeited \| shares	(1,537)
Non-vested, Ending balance \| shares	4,756
Weighted average Grant-date Fair Value, Non-vested, Beginning balance \| $ / shares	$ 3.33
Weighted average Grant-date Fair Value, Granted \| $ / shares	1.53
Weighted average Grant-date Fair Value, Vested \| $ / shares	4.16
Weighted average Grant-date Fair Value, Forfeited \| $ / shares	2.54
Weighted average Grant-date Fair Value, Non-vested, Ending balance \| $ / shares	$ 2.08
Non-vested PRSUs
SHARE-BASED COMPENSATION
Non-vested, Beginning balance \| shares	1,398
Forfeited \| shares	(671)
Non-vested, Ending balance \| shares	727
Weighted average Grant-date Fair Value, Non-vested, Beginning balance \| $ / shares	$ 3.81
Weighted average Grant-date Fair Value, Forfeited \| $ / shares	2.95
Weighted average Grant-date Fair Value, Non-vested, Ending balance \| $ / shares	$ 4.64

ACCRUED EXPENSES - Summary of Composition of Accrued Expenses (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
ACCRUED EXPENSES
Compensation and related benefits	$ 5,158	$ 8,610
Consulting and professional fees	1,001	1,122
Research and development expenses	356	156
Sales and marketing expenses	972	724
Warranty	197	179
Sales and other taxes payable	595	611
Other	650	914
Accrued expenses	$ 8,929	$ 12,316

REVENUE AND DEFERRED REVENUE - Summary of Percentages of Deferred Revenue by Year (Details)	Jun. 30, 2026
REVENUE AND DEFERRED REVENUE
Revenue, remaining performance obligation	100.00%
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-07-01
REVENUE AND DEFERRED REVENUE
Revenue, remaining performance obligation	78.00%
Revenue, remaining performance obligation, expected timing of satisfaction, period	6 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-01
REVENUE AND DEFERRED REVENUE
Revenue, remaining performance obligation	15.00%
Revenue, remaining performance obligation, expected timing of satisfaction, period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2028-01-01
REVENUE AND DEFERRED REVENUE
Revenue, remaining performance obligation, expected timing of satisfaction, period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2029-01-01
REVENUE AND DEFERRED REVENUE
Revenue, remaining performance obligation	7.00%
Revenue, remaining performance obligation, expected timing of satisfaction, period	1 year

Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 19,197	$ 28,134
Restricted cash and cash equivalents	5,750	6,000
Accounts receivable, net of allowance for credit losses of $553 and $1,043 as of June 30, 2026 and December 31, 2025, respectively	15,955	16,469
Inventory	5,502	4,327
Current portion of net investments in sales-type leases	233	225
Current portion of prepaid commission expense	2,773	3,050
Current portion of notes receivable	315	424
Prepaid expenses and other current assets	3,505	2,922
Total current assets	53,230	61,551
Property and equipment, net	3,464	4,466
Goodwill	23,622	23,622
Intangible assets, net	17,420	18,149
Operating lease right-of-use assets	23,913	23,560
Net investments in sales-type leases	65	98
Prepaid commission expense	6,980	7,972
Long-term notes receivable	43	151
Other assets	2,792	1,982
Total assets	131,529	141,551
Current liabilities:
Accounts payable	12,419	10,739
Accrued expenses	8,929	12,316
Current portion of deferred revenue	1,143	753
Deferred and contingent consideration	250	500
Other payables	425	652
Current portion of operating lease liabilities	5,143	5,561
Total current liabilities	28,309	30,521
Long-term debt, net	61,519	65,807
Other long term liabilities	142
Deferred revenue	58	48
Operating lease liabilities	19,861	18,935
Total liabilities	109,889	115,311
Commitments and contingencies (Note 18)
Equity:
Preferred stock, $0.01 par value: 10,000 shares authorized; no shares issued or outstanding on June 30, 2026 and December 31, 2025
Common stock, $0.01 par value: 250,000 shares authorized; 76,193 and 68,994 shares issued and outstanding on June 30, 2026 and December 31, 2025, respectively	762	690
Additional paid-in capital	490,239	480,475
Accumulated deficit	(473,151)	(458,787)
Total Stockholders' equity	17,850	22,378
Non-controlling interest	3,790	3,862
Total equity	21,640	26,240
Total liabilities and equity	$ 131,529	$ 141,551

DEBT (Details)					3 Months Ended		6 Months Ended
DEBT (Details)	Mar. 12, 2026 USD ($)	Aug. 01, 2025 USD ($) shares	Dec. 09, 2024 USD ($) $ / shares shares	Jul. 25, 2024 USD ($) D tranche shares	Jun. 30, 2026 USD ($)	Jun. 30, 2025 USD ($)	Jun. 30, 2026 USD ($)	Jun. 30, 2025 USD ($)	Dec. 31, 2025 USD ($)
DEBT
Interest expense					$ 2,100,000	$ 2,000,000	$ 4,400,000	$ 3,900,000
Cash interest expense					1,900,000	1,800,000	3,900,000	3,500,000
Non-cash interest expense					200,000	$ 200,000	500,000	$ 400,000
Total borrowing amount					65,000,000		65,000,000		$ 70,000,000
Repayment of long-term debt							5,000,000
Total debt, net					61,519,000		61,519,000		$ 65,807,000
Loss on extinguishment of debt							(539,000)
Solar investment corp
DEBT
Line of credit facility, maximum borrowing capacity				$ 60,000,000
Perceptive credit facility
DEBT
Line of credit facility, maximum borrowing capacity				$ 90,000,000
Term loans number of tranches \| tranche				3
Basis spread on variable rate				7.00%
Threshold rate considered for calculating floating interest rate				4.50%
Number of warrants issued \| shares				1,462,500
Number of days volume weighted average price prior to closing date \| D				10
Number of days volume weighted average price on specific date \| D				10
Repayment of long-term debt	$ 5,000,000
Repayment of prepayment penalty	300,000
Total debt, net					65,000,000		65,000,000
Loss on extinguishment of debt	$ 500,000
Perceptive credit facility \| Prepaid on or Before First Anniversary of Funding
DEBT
Prepayment fees percentage				6.00%
Perceptive credit facility \| Prepaid After First and on or Before Second Anniversary of Funding
DEBT
Prepayment fees percentage				5.00%
Perceptive credit facility \| Prepaid After Second Anniversary of Funding
DEBT
Prepayment fees percentage				4.00%
Perceptive credit facility \| Prepaid After the Third Anniversary of Funding
DEBT
Prepayment fees percentage				3.00%
Perceptive, Tranche One
DEBT
Borrowings outstanding under credit facility				$ 50,000,000
Warrant exercisable \| shares				1,125,000
Perceptive, Tranche Two
DEBT
Borrowings outstanding under credit facility				$ 15,000,000
Amount drew down		$ 10,000,000		225,000
Minimum liquidity balance		$ 2,000,000
Number of warrants issued \| shares		225,000
Perceptive, Tranche Three
DEBT
Borrowings outstanding under credit facility				$ 25,000,000
Amount drew down			$ 10,000,000
Number of warrants issued \| shares			600,000
Fair value of warrants					$ 2,600,000		2,600,000
Proceeds allocated to warrants							$ 2,500,000
Perceptive, Tranche Three \| Prepaid After the Third Anniversary of Funding
DEBT
Exercise price \| $ / shares			$ 0.94

SEGMENT INFORMATION (Details)	6 Months Ended
SEGMENT INFORMATION (Details)	Jun. 30, 2026 segment
SEGMENT INFORMATION
Number of operating business segment	2
Number of reportable segments	2

Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Total revenue	$ 41,568	$ 38,108	$ 76,022	$ 70,083
Total cost of revenues	20,345	20,350	38,645	36,587
Gross profit	21,223	17,758	37,377	33,496
Operating expenses:
Sales and marketing	9,984	11,868	20,721	23,867
General and administrative	11,404	12,150	24,452	25,287
Research and development	1,336	1,798	2,700	3,414
Total operating expenses	22,724	25,816	47,873	52,568
Loss from operations	(1,501)	(8,058)	(10,496)	(19,072)
Other (income) expense:
Interest expense	2,125	1,969	4,391	3,891
Loss on extinguishment of debt			539
Other income, net	(162)	(188)	(1,182)	(435)
Net loss	(3,464)	(9,839)	(14,244)	(22,528)
Less: Net gain (loss) attributable to non-controlling interest	(25)	281	(15)	267
Net loss attributable to Neuronetics stockholders	$ (3,439)	$ (10,120)	$ (14,229)	$ (22,795)
Net loss per share of common stock outstanding, basic attributable to Neuronetics stockholders (in dollars per share)	$ (0.05)	$ (0.15)	$ (0.2)	$ (0.36)
Net loss per share of common stock outstanding, diluted attributable to Neuronetics stockholders (in dollars per share)	$ (0.05)	$ (0.15)	$ (0.2)	$ (0.36)
Weighted average common shares outstanding, basic (in shares)	73,129	66,180	71,369	63,835
Weighted average common shares outstanding, diluted (in shares)	73,129	66,180	71,369	63,835
NeuroStar
Total revenue	$ 14,677	$ 15,084	$ 27,602	$ 28,400
Total cost of revenues	3,312	4,311	6,170	7,461
Greenbrook
Total revenue	26,891	23,024	48,420	41,683
Total cost of revenues	$ 17,033	$ 16,039	$ 32,475	$ 29,126

INVENTORY

6 Months Ended

Jun. 30, 2026

INVENTORY

INVENTORY

8. INVENTORY

Inventory is stated at the lower of cost and net realizable value, with cost being determined on a first in, first out basis. The Company’s inventory is primarily comprised of finished goods and work-in-process.

FAIR VALUE MEASUREMENT AND FINANCIAL INSTRUMENTS

6 Months Ended

Jun. 30, 2026

FAIR VALUE MEASUREMENT AND FINANCIAL INSTRUMENTS

FAIR VALUE MEASUREMENT AND FINANCIAL INSTRUMENTS

6. FAIR VALUE MEASUREMENT AND FINANCIAL INSTRUMENTS

The carrying values of cash equivalents, accounts receivable, prepaids and other current assets, and accounts payable on the Company’s balance sheets approximated their fair values as of June 30, 2026 and December 31, 2025 due to their short-term nature. The carrying values of the Perceptive Facility (as defined below) approximated its fair value as of June 30, 2026 and December 31, 2025 due to its variable interest rate. The carrying value of the Company’s notes receivable approximated its fair value as of June 30, 2026 and December 31, 2025 due to its variable interest rate.

Certain of the Company’s financial instruments are measured at fair value using a three-level hierarchy that prioritizes the inputs used to measure fair value. This hierarchy maximizes the use of observable inputs and minimizes the use of unobservable inputs. The three levels of inputs used to measure fair value are as follows:

Level 1:

Inputs are quoted prices for identical instruments in active markets.

Level 2:

Inputs are quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; or model-derived valuations whose inputs are observable or whose significant value drivers are observable.

Level 3:

Inputs are unobservable and reflect the Company’s own assumptions, based on the best information available, including the Company’s own data.

The following tables set forth the carrying amounts and fair values of the Company’s financial instruments as of June 30, 2026 and December 31, 2025 (in thousands):


		June 30, 2026
								Fair Value Measurement Based on
								Quoted			Significant
								Prices In			Other		Significant
								Active			Observable		Unobservable
		Carrying						Markets			Inputs		Inputs
		Amount			Fair Value			(Level 1)			(Level 2)		(Level 3)
Assets
Money market funds (cash equivalents)		$	432		$	432		$	432		$	—	$	—
Money market funds (restricted cash and cash equivalents)		$	5,500		$	5,500		$	5,500		$	—	$	—


		December 31, 2025
								Fair Value Measurement Based on
								Quoted			Significant
								Prices In			Other			Significant
								Active			Observable			Unobservable
		Carrying						Markets			Inputs			Inputs
		Amount			Fair Value			(Level 1)			(Level 2)			(Level 3)
Assets
Money market funds (cash equivalents)		$	436		$	436		$	436		$	—		$	—
Money market funds (restricted cash and cash equivalents)		$	5,500		$	5,500		$	5,500		$	—		$	—

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
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+ Details

COMMON STOCK

6 Months Ended

Jun. 30, 2026

COMMON STOCK

COMMON STOCK

15. COMMON STOCK

Common Stock Offering

On July 3, 2025, the Company entered into the Distribution Agreement, pursuant to which the Company may offer and sell shares of its common stock having an aggregate offering price of up to $50.0 million from time to time through the ATM Program. Sales under the Distribution Agreement will be made pursuant to the Company’s Registration Statement on Form S-3 (File No. 333-288526) and a related prospectus and prospectus supplement.

During the three and six months ended June 30, 2026, the Company sold an aggregate of 6,052,953 shares of its common stock under the ATM Program at an average price of $1.31 per share, generating gross proceeds of approximately $8.0 million. The Company paid aggregate sales commissions of $0.2 million and incurred additional offering-related expenses of $0.2 million. As a result, net proceeds from the offering are $7.6 million. The Company also amortized $0.1 million of shelf related expenses for the ATM Program.There were no sales under the ATM Program for the three and six months ended June 30, 2025.

As of June 30, 2026, the Company had approximately $33.7 million remaining available for future issuance under the ATM Program.

Common Stock

The following table summarizes the total number of shares of the Company’s common stock issued and reserved for issuance as of June 30, 2026 and December 31, 2025 (in thousands):


		June 30, 2026		December 31, 2025
Shares of common stock issued		76,193		68,994
Shares of common stock reserved for issuance for:
Common stock warrants outstanding		1,950		1,950
Stock options outstanding		1,089		1,099
Restricted stock units outstanding		5,483		5,627
Shares available for grant under stock incentive plans		7,412		4,314
Shares available for sale under employee stock purchase plan		2,871		2,181
Total shares of common stock issued and reserved for issuance		94,998		84,165

Common Stock Warrants

The following table summarizes the Company’s outstanding common stock warrants as of June 30, 2026 and December 31, 2025:


Warrants
Outstanding
(in thousands)	Exercise Price		Expiration Date
1,125	$	0.94	July-2034
600	$	0.94	Dec-2034
225	$	0.94	August-2035
1,950

There have been no grants, exercises, or cancellations of warrants during the three and six months ended June 30, 2026 and 2025.

- Definition

The entire disclosure for equity.

+ References

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+ Details

COMMON STOCK - Summary of Outstanding Common Stock Warrants (Details) - $ / shares	6 Months Ended
	Jun. 30, 2026	Aug. 01, 2025
COMMON STOCK
Warrants Outstanding	1,950,000
Perceptive, Tranche Two
COMMON STOCK
Number of warrants issued		225,000
Exercise Price $0.94, expiring July-2034
COMMON STOCK
Warrants Outstanding	1,125,000
Exercise Price	$ 0.94
Expiration Date	2034-07
Exercise Price $0.94, expiring Dec-2034
COMMON STOCK
Warrants Outstanding	600,000
Exercise Price	$ 0.94
Expiration Date	2034-12
Exercise Price $0.94, expiring August-2035
COMMON STOCK
Warrants Outstanding	225,000
Exercise Price	$ 0.94
Expiration Date	2035-08

COMMON STOCK (Tables)

6 Months Ended

Jun. 30, 2026

COMMON STOCK

Schedule of common stock issued and reserved for issuance

The following table summarizes the total number of shares of the Company’s common stock issued and reserved for issuance as of June 30, 2026 and December 31, 2025 (in thousands):


		June 30, 2026		December 31, 2025
Shares of common stock issued		76,193		68,994
Shares of common stock reserved for issuance for:
Common stock warrants outstanding		1,950		1,950
Stock options outstanding		1,089		1,099
Restricted stock units outstanding		5,483		5,627
Shares available for grant under stock incentive plans		7,412		4,314
Shares available for sale under employee stock purchase plan		2,871		2,181
Total shares of common stock issued and reserved for issuance		94,998		84,165

Schedule of outstanding warrants

The following table summarizes the Company’s outstanding common stock warrants as of June 30, 2026 and December 31, 2025:


Warrants
Outstanding
(in thousands)	Exercise Price		Expiration Date
1,125	$	0.94	July-2034
600	$	0.94	Dec-2034
225	$	0.94	August-2035
1,950

- Definition

Tabular disclosure of an entity's stock, including par or stated value per share, number and dollar amount of share subscriptions, shares authorized, shares issued, shares outstanding, number and dollar amount of shares held in an employee trust, dividend per share, total dividends, share conversion features, par value plus additional paid in capital, the value of treasury stock and other information necessary to a fair presentation, and EPS information. Stock by class includes common, convertible, and preferred stocks which are not redeemable or redeemable solely at the option of the issuer. Includes preferred stock with redemption features that are solely within the control of the issuer and mandatorily redeemable stock if redemption is required to occur only upon liquidation or termination of the reporting entity. If more than one issue is outstanding, state the title of each issue and the corresponding dollar amount; dollar amount of any shares subscribed but unissued and the deduction of subscriptions receivable there from; number of shares authorized, issued, and outstanding.

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+ Details

LEASES (Tables)

6 Months Ended

Jun. 30, 2026

LEASES

Schedule of supplemental cash flow information as a lessee related to leases

The following table presents the supplemental cash flow information as a lessee related to leases (in thousands):


		Six Months Ended
		June 30, 2026			June 30, 2025
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases		$	4,551		$	3,983

Schedule of future payments of operating lease liabilities

The following table sets forth by year the required future payments of operating lease liabilities as of June 30, 2026 (in thousands):



		Amount
Remainder of 2026		$	4,813
2027			7,022
2028			5,617
2029			5,056
2030			4,121
Thereafter			10,973
Total lease payments			37,602
Less imputed interest			(12,598)
Present value of operating lease liabilities		$	25,004

Schedule of maturity analysis of the undiscounted lease receivables related to sales-type leases

The following table sets forth a maturity analysis of the undiscounted lease receivables related to sales-type leases (in thousands):


		June 30, 2026
Remainder of 2026		$	148
2027			150
Total sales-type lease receivables		$	298

COMMON STOCK - Summary of Common Stock Issued and Reserved for Issuance (Details) - shares shares in Thousands	Jun. 30, 2026	Dec. 31, 2025
COMMON STOCK
Shares of common stock issued	76,193	68,994
Shares of common stock reserved for issuance for:
Total shares of common stock issued and reserved for issuance	94,998	84,165
Common stock warrants outstanding
Shares of common stock reserved for issuance for:
Shares of common stock reserved for issuance	1,950	1,950
Stock options outstanding
Shares of common stock reserved for issuance for:
Shares of common stock reserved for issuance	1,089	1,099
Restricted stock units outstanding
Shares of common stock reserved for issuance for:
Shares of common stock reserved for issuance	5,483	5,627
Shares available for grant under stock incentive plans
Shares of common stock reserved for issuance for:
Shares of common stock reserved for issuance	7,412	4,314
Shares available for sale under employee stock purchase plan
Shares of common stock reserved for issuance for:
Shares of common stock reserved for issuance	2,871	2,181

RECENT ACCOUNTING PRONOUNCEMENTS

6 Months Ended

Jun. 30, 2026

RECENT ACCOUNTING PRONOUNCEMENTS

RECENT ACCOUNTING PRONOUNCEMENTS

4. RECENT ACCOUNTING PRONOUNCEMENTS

In December 2023, the FASB issued ASU 2023-09, Improvements to Income Tax Disclosures (“ASU 2023-09”), which requires public business entities to disclose specific categories in the rate reconciliation and provide additional information for reconciling items that meet a quantitative threshold. ASU 2023-09 is effective for annual periods beginning after December 15, 2024. ASU 2023-09 was adopted in the annual period ended December 31, 2025 using the retrospective method. Accordingly, we have expanded our consolidated financial statement disclosures to comply with the guidance.

In November 2024, the FASB issued ASU 2024-03, Income Statements–Reporting Comprehensive Income–Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses (“ASU 2024-03”), which requires enhanced disclosure of income statement expense categories to improve transparency and provide financial statement users with more detailed information about the nature, amount, and timing of expenses impacting financial performance. ASU 2024-03 is effective for the Company for the annual reporting period beginning after December 15, 2026, and interim periods beginning after December 15, 2027. Early adoption is permitted. The amendments in ASU 2024-03 may be adopted either on a prospective basis to financial statements issued for reporting periods after the effective date or on a retrospective basis to all periods presented. The Company is currently evaluating the impact of the adoption of ASU 2024-03 on its consolidated financial statements and related disclosures.

In July 2025, the FASB issued ASU 2025-05, Measurement of Credit Losses for Accounts Receivable and Contract Assets. The guidance provides a practical expedient that an entity may assume that conditions as of the balance sheet date remain unchanged over the remaining life of the asset when estimating expected credit losses for current accounts receivable and current contract assets arising from revenue transactions from contracts with customers. The guidance is effective in the first quarter of 2026 with early adoption permitted, to be applied on a prospective basis. The Company adopted this guidance in the first quarter of 2026. The adoption did not have a material impact on the Company’s consolidated financial statements and related disclosures.

In September 2025, the FASB issued ASU 2025-06, Intangibles—Goodwill and Other—Internal-Use Software Targeted Improvements to the Accounting for Internal-Use Software. The amendments modify the accounting for internal-use software development costs by replacing the existing project stage framework with a principles-based model for determining when capitalization of development costs should begin. The guidance is effective for annual reporting periods beginning after December 15, 2027, including interim periods within those annual reporting periods. Early adoption is permitted. The Company is currently evaluating the impact that adoption of this guidance will have on its consolidated financial statements.

Other than the items noted above, there have been no new accounting pronouncements not yet effective or adopted in the current year that we believe have a material impact, or potential material impact, to our unaudited interim consolidated financial statements.

- Definition

The entire disclosure for change in accounting principle. Includes, but is not limited to, nature, reason, and method of adopting amendment to accounting standards or other change in accounting principle.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended				6 Months Ended		12 Months Ended
	Jun. 30, 2026	Mar. 31, 2026	Jun. 30, 2025	Mar. 31, 2025	Jun. 30, 2026	Jun. 30, 2025	Dec. 31, 2025
Cash flows from operating activities:
Net loss	$ (3,464)	$ (10,780)	$ (9,839)	$ (12,689)	$ (14,244)	$ (22,528)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization					1,474	1,812
Allowance for credit losses					(160)	83
Inventory impairment						177
Share-based compensation					2,365	3,258
Non-cash interest expense					478	388
Loss on extinguishment of debt					539
Loss on disposal of property and equipment					369	43
Changes in certain assets and liabilities:
Accounts receivable, net					893	(2,479)
Inventory					(1,289)	(791)
Net investments in sales-type leases					24	12
Prepaid commission expense					1,268	613
Prepaid expenses and other assets					(647)	3,356
Accounts payable					1,572	(1,803)
Accrued expenses					(3,386)	(2,236)
Other liabilities					(85)	(320)
Deferred revenue					400	(82)
Net cash used in operating activities					(10,429)	(20,497)	$ (20,400)
Cash flows from investing activities:
Purchases of property and equipment and capitalized software					(614)	(471)
Proceeds from the sale of property and equipment					25
Net cash used in investing activities					(589)	(471)
Cash flows from financing activities:
Payments of debt issuance costs					(55)
Repayment of deferred and contingent consideration					(250)
Repayment of long-term debt					(5,000)
Payment for debt extinguishment costs					(250)
Distribution to non-controlling interest					(192)
Proceeds from exercises of stock options						9
Net cash provided by financing activities					1,831	18,978
Net decrease in Cash, Cash equivalents and Restricted cash					(9,187)	(1,990)
Cash and cash equivalents and restricted cash and cash equivalents, beginning of period		$ 34,134		$ 19,459	34,134	19,459	19,459
Cash and cash equivalents and restricted cash and cash equivalents, end of period	24,947		17,469		24,947	17,469	34,134
Reconciliation of cash and cash equivalents and restricted cash and cash equivalents to the consolidated balance sheet:
Cash and cash equivalents	19,197		10,969		19,197	10,969	28,134
Restricted cash and cash equivalents	5,750		6,500		5,750	6,500	6,000
Total cash and cash equivalents and restricted cash and cash equivalents	24,947		$ 17,469		24,947	17,469	$ 34,134
Supplemental disclosure of cash flow information:
Cash paid for interest					3,918	3,488
Transfer of inventory to property and equipment					114	36
Supplemental disclosure of non-cash investing and financing activities:
Purchases of property and equipment and capitalized software in accounts payable and accrued expenses					103	6
Secondary public offering
Cash flows from financing activities:
Proceeds from the issuance of common stock						20,700
Payments of common stock offering issuance costs						$ (1,731)
ATM Program
Cash flows from financing activities:
Proceeds from the issuance of common stock	$ 8,000				7,954
Payments of common stock offering issuance costs					$ (376)

Consolidated Statements of Changes in Equity (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2026	Mar. 31, 2025
Secondary public offering
Common stock issuance cost		$ 1,731
ATM offering
Common stock issuance cost	$ 483

GOVERNMENT ASSISTANCE (Details) - USD ($) $ in Millions	6 Months Ended
GOVERNMENT ASSISTANCE (Details) - USD ($) $ in Millions	Jun. 30, 2026	Jun. 30, 2025
GOVERNMENT ASSISTANCE
Proceeds from government assistance	$ 2.2	$ 2.6
Principal proceeds from government assistance		2.3
Proceeds from government assistance, interest		$ 0.3
Proceeds from government assistance transferred as per prior agreement	1.1
Non-operating expense	0.3
Non-operating income	$ 0.8

Consolidated Balance Sheets (Parenthetical) - USD ($) shares in Thousands, $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Consolidated Balance Sheets
Allowance of credit losses	$ 553	$ 1,043
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	10,000	10,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	250,000	250,000
Common stock, shares issued (in shares)	76,193	68,994
Common stock, shares outstanding (in shares)	76,193	68,994

GOVERNMENT ASSISTANCE

6 Months Ended

Jun. 30, 2026

GOVERNMENT ASSISTANCE

GOVERNMENT ASSISTANCE

21. GOVERNMENT ASSISTANCE

Employee Retention Credit

The Coronavirus Aid, Relief and Economic Security Act provided an employee retention credit (the “ERC”), a refundable tax credit related to certain payroll taxes. The Company applied the grant model and determined that the criteria for recognition of the ERC were met based on its eligibility assessment and filing of the ERC claim.

During the six months ended June 30, 2025, Neuronetics received $2.6 million related to its ERC claim, consisting of $2.3 million of claims related to fiscal year 2021 and interest of $0.3 million.

During the six months ended June 30, 2026, Greenbrook received $2.2 million related to its ERC claim. On March 2, 2026, the Company entered into an agreement with Madryn Asset Management, LP and its affiliates (collectively, “Madryn”), pursuant to which it paid $1.1 million of the ERC proceeds to Madryn. The Company incurred $0.3 million of professional fees and recognized net other income of $0.8 million. This payment to Madryn related to the Term Loan and Exchange Agreement previously executed between Madryn and Greenbrook prior to the completion of the Arrangement. Madryn is the Company’s largest stockholder, and Avinash Amin, M.D., a representative of Madryn, serves on the Board.

SEGMENT INFORMATION

6 Months Ended

Jun. 30, 2026

SEGMENT INFORMATION

SEGMENT INFORMATION

19. SEGMENT INFORMATION

The Company reports the results of its operations as two segments in its consolidated financial statements: (i) NeuroStar, formerly known as medical device and (ii) Greenbrook, formerly known as clinic services.

The determination of its reporting segments was made based on its strategic priorities, which corresponds to the way the Company’s chief operating decision maker (“CODM”) reviews and evaluates operating performance to make decisions about resources to be allocated. For our operating segments, the CODM

uses segment gross profit and segment loss before unallocated general and administrative as the primary measure of segment performance because it reflects results that are directly attributable to each reportable segment and is the measure most consistent with the Company’s consolidated results prepared in accordance with U.S. GAAP. The CODM does not regularly review any other measures of segment profit or loss for purposes of assessing segment performance or allocating resources.

On a monthly basis, the CODM considers month-to-month and budget-to-actual variances for both measures when allocating resources to segments. The accounting policies of its segment are the same as those described in the summary of significant accounting policies. The CODM is regularly provided information on total consolidated assets and liquidity; however, the CODM is not provided asset information at the reportable segment level. Accordingly, segment assets have not been disclosed.

Significant segment expenses regularly reviewed by the CODM for both segments include directly attributable cost of revenues, selling, general and administrative and research and development expenses. Unallocated general and administrative costs include corporate support functions such as executive management, corporate accounting, information technology, legal, human resources and Board fees. Additionally, unallocated general and administrative costs may include expenses such as litigation and merger and acquisition related costs, which are not specific to a segment and thus not allocated to the reportable segments.

Segment information for prior periods has been recast to conform to the current year reportable segment structure. There were no intercompany transactions between the Company’s reportable segments during the periods presented. Reportable segment information is presented below (in thousands):


Three months ended June 30, 2026		NeuroStar		Greenbrook		Total
Revenue	$	14,677	$	26,891	$	41,568
Cost of revenues		3,312		17,033		20,345
Segment gross profit	$	11,365	$	9,858	$	21,223

Significant Segment Expense
Selling, General and Administrative
Direct	$	6,987	$	7,579	$	14,566

Research and development
Direct		1,248		88		1,336

Segment profit/(loss)	$	3,130	$	2,191	$	5,321

Unallocated expenses
General and Administrative					$	6,822
Other income, net						(162)
Interest expense						2,125

Net loss					$	(3,464)


Three months ended June 30, 2025		NeuroStar		Greenbrook		Total
Revenue	$	15,084	$	23,024	$	38,108
Cost of revenues		4,311		16,039		20,350
Segment gross profit	$	10,773	$	6,985	$	17,758

Significant Segment Expense
Selling, General and Administrative
Direct	$	8,888	$	7,331	$	16,219

Research and development
Direct		1,739		59		1,798

Segment profit/(loss)	$	146	$	(405)	$	(259)

Unallocated expenses
General and Administrative					$	7,799
Other income, net						(188)
Interest expense						1,969

Net loss					$	(9,839)


Six months ended June 30, 2026		NeuroStar		Greenbrook		Total
Revenue	$	27,602	$	48,420	$	76,022
Cost of revenues		6,170		32,475		38,645
Segment gross profit	$	21,432	$	15,945	$	37,377

Significant Segment Expense
Selling, General and Administrative
Direct	$	14,406	$	15,462	$	29,868

Research and development
Direct		2,553		148		2,701

Segment profit/(loss)	$	4,473	$	335	$	4,808

Unallocated expenses
General and Administrative					$	15,304
Other income, net						(1,182)
Loss on extinguishment of debt						539
Interest expense						4,391

Net loss					$	(14,244)


Six months ended June 30, 2025		NeuroStar		Greenbrook		Total
Revenue	$	28,400	$	41,683	$	70,083
Cost of revenues		7,461		29,126		36,587
Segment gross profit	$	20,939	$	12,557	$	33,496

Significant Segment Expense
Selling, General and Administrative
Direct	$	17,625	$	15,265	$	32,890

Research and development
Direct		3,304		110		3,414

Segment profit/(loss)	$	10	$	(2,818)	$	(2,808)

Unallocated expenses
General and Administrative					$	16,264
Other income, net						(435)
Interest expense						3,891

Net loss					$	(22,528)

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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+ Details

PREPAID COMMISSION EXPENSE

6 Months Ended

Jun. 30, 2026

PREPAID COMMISSION EXPENSE

PREPAID COMMISSION EXPENSE

11. PREPAID COMMISSION EXPENSE

The Company pays a commission on both System sales and treatment session sales. Since the commission paid for the System sales is not commensurate with the commission paid for treatment sessions, the Company capitalizes commission expense associated with the System commissions paid that is incremental to specifically anticipated future treatment session orders. In developing this estimate, the Company

considered its historical treatment session sales and customer retention rates, as well as technology development life cycles and other industry factors. These costs are periodically reviewed for impairment.

The System commissions are deferred and amortized on a straight-line basis over a seven year period equal to the average customer term, which the Company deems to be the expected period of benefit for these costs.

On the Company’s consolidated balance sheets, the current portion of capitalized contract costs is presented in current portion of prepaid commission expense, while the long-term portion is included in prepaid commission expense. Amortization expense was $0.8 million for both of the three months ended June 30, 2026 and 2025 and $1.6 million for both of the six months ended June 30, 2026 and 2025.

NONCONTROLLING INTEREST

6 Months Ended

Jun. 30, 2026

NONCONTROLLING INTEREST

NONCONTROLLING INTEREST

20. NONCONTROLLING INTEREST

The Company has operating agreements with several non-wholly owned entities. The non-controlling interest percentages range from 7% to 49%. The Company has control over these entities under U.S. GAAP as the Company has power over all significant decisions made by these entities. Thus, 100% of the financial results of these subsidiaries are included in the Company’s consolidated financial results.

Consolidated Statements of Changes in Equity - USD ($) $ in Thousands	Common Stock Secondary public offering	Common Stock ATM offering	Common Stock	Additional Paid-in Capital Secondary public offering	Additional Paid-in Capital ATM offering	Additional Paid-in Capital	Accumulated Deficit	Noncontrolling Interest	Secondary public offering	ATM offering	Total
Beginning balance at Dec. 31, 2024			$ 557			$ 446,938	$ (419,789)	$ 4,093			$ 31,799
Beginning balance, shares at Dec. 31, 2024			55,679,000
Share-based awards and option exercises			$ 9			(1)					8
Share-based awards and option exercises (in shares)			941,000
Issuance of common stock, net of issuance costs	$ 92			$ 18,877					$ 18,969
Issuance of common stock, net of issuance costs (in shares)	9,200,000
Share-based compensation expense						1,444					1,444
Net income (loss)							(12,675)	(14)			(12,689)
Ending balance at Mar. 31, 2025			$ 658			467,258	(432,464)	4,079			39,531
Ending balance, shares at Mar. 31, 2025			65,820,000
Beginning balance at Dec. 31, 2024			$ 557			446,938	(419,789)	4,093			31,799
Beginning balance, shares at Dec. 31, 2024			55,679,000
Net income (loss)											(22,528)
Ending balance at Jun. 30, 2025			$ 661			469,070	(442,584)	4,360			31,507
Ending balance, shares at Jun. 30, 2025			66,113,000
Beginning balance at Mar. 31, 2025			$ 658			467,258	(432,464)	4,079			39,531
Beginning balance, shares at Mar. 31, 2025			65,820,000
Share-based awards and option exercises			$ 3			(2)					1
Share-based awards and option exercises (in shares)			293,000
Share-based compensation expense						1,814					1,814
Net income (loss)							(10,120)	281			(9,839)
Ending balance at Jun. 30, 2025			$ 661			469,070	(442,584)	4,360			31,507
Ending balance, shares at Jun. 30, 2025			66,113,000
Beginning balance at Dec. 31, 2025			$ 690			480,475	(458,787)	3,862			26,240
Beginning balance, shares at Dec. 31, 2025			68,994,000
Share-based awards and option exercises			$ 6			(6)
Share-based awards and option exercises (in shares)			589,000
Share-based compensation expense						1,677					1,677
Net income (loss)							(10,790)	10			(10,780)
Distribution to non-controlling interest								(77)			(77)
Ending balance at Mar. 31, 2026			$ 696			482,146	(469,577)	3,795			17,060
Ending balance, shares at Mar. 31, 2026			69,583,000
Beginning balance at Dec. 31, 2025			$ 690			480,475	(458,787)	3,862			26,240
Beginning balance, shares at Dec. 31, 2025			68,994,000
Issuance of common stock, net of issuance costs (in shares)										6,052,953
Net income (loss)											(14,244)
Ending balance at Jun. 30, 2026			$ 762			490,239	(473,151)	3,790			21,640
Ending balance, shares at Jun. 30, 2026			76,193,000
Beginning balance at Mar. 31, 2026			$ 696			482,146	(469,577)	3,795			17,060
Beginning balance, shares at Mar. 31, 2026			69,583,000
Share-based awards and option exercises			$ 6			(6)
Share-based awards and option exercises (in shares)			557,000
Issuance of common stock, net of issuance costs		$ 60			$ 7,411					$ 7,471
Issuance of common stock, net of issuance costs (in shares)		6,053,000								6,052,953
Share-based compensation expense						688					688
Net income (loss)							(3,439)	(25)			(3,464)
Acquisition of subsidiary non-controlling interest							(135)	135
Distribution to non-controlling interest								(115)			(115)
Ending balance at Jun. 30, 2026			$ 762			$ 490,239	$ (473,151)	$ 3,790			$ 21,640
Ending balance, shares at Jun. 30, 2026			76,193,000

PROPERTY AND EQUIPMENT AND CAPITALIZED SOFTWARE (Tables)

6 Months Ended

Jun. 30, 2026

PROPERTY AND EQUIPMENT AND CAPITALIZED SOFTWARE

Schedule of composition of property and equipment, net

The following table presents the composition of property and equipment, net, as of June 30, 2026 and December 31, 2025 (in thousands):


		June 30,			December 31,
		2026			2025
Laboratory equipment		$	680		$	676
Office equipment			495			495
Auto			—			23
Computer equipment and software			896			873
Manufacturing equipment			618			618
Clinical equipment			278			278
Leasehold improvements			1,490			1,608
TMS devices			2,796			3,790
Rental equipment			213			157
Property and equipment, gross			7,466			8,518
Less: Accumulated depreciation			(4,002)			(4,052)
Property and equipment, net		$	3,464		$	4,466

NONCONTROLLING INTEREST (Details) - Non-wholly owned entities	6 Months Ended
	Jun. 30, 2026
NON-CONTROLLING INTEREST
Percentage of financial results of these subsidiaries included in the consolidated financial results	100.00%
Minimum
NON-CONTROLLING INTEREST
Non-controlling interest percentage	7.00%
Maximum
NON-CONTROLLING INTEREST
Non-controlling interest percentage	49.00%

REVENUE AND DEFERRED REVENUE - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
REVENUE AND DEFERRED REVENUE
Revenue recognized	$ 300	$ 300	$ 700	$ 900
Revenue	41,568	38,108	76,022	70,083
International
REVENUE AND DEFERRED REVENUE
Revenue	$ 1,000	$ 500	$ 1,200	$ 900

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

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+ Details

COMMITMENTS AND CONTINGENCIES (Details) - USD ($) $ in Millions	Jun. 30, 2026	Dec. 31, 2025
COMMITMENTS AND CONTINGENCIES
Other payables and accrued expenses	$ 0.0	$ 0.8

DEBT

6 Months Ended

Jun. 30, 2026

DEBT

DEBT

14. DEBT

The following table presents the composition of debt as of June 30, 2026 and December 31, 2025 (in thousands):


		June 30,			December 31,
		2026			2025
Outstanding principal		$	65,000		$	70,000
Less debt discounts			(3,481)			(4,193)
Total debt, net			61,519			65,807
Less current portion			—			—
Long-term debt, net		$	61,519		$	65,807

For the three months ended June 30, 2026, the Company recognized interest expense of $2.1 million, of which $1.9 million was cash and $0.2 million was non-cash interest expense related to the amortization of deferred debt issuance costs and accrual of final payment fees. For the three months ended June 30, 2025, the Company recognized interest expense of $2.0 million, of which $1.8 million was cash and $0.2 million was non-cash interest expense related to the amortization of deferred debt issuance costs and accrual of final payment fees.

For the six months ended June 30, 2026, the Company recognized interest expense of $4.4 million, of which $3.9 million was cash and $0.5 million was non-cash interest expense related to the amortization of deferred debt issuance costs and accrual of final payment fees. For the six months ended June 30, 2025, the Company recognized interest expense of $3.9 million, of which $3.5 million was cash and $0.4 million was non-cash interest expense related to the amortization of deferred debt issuance costs and accrual of final payment fees.

Perceptive Credit Facility

On July 25, 2024, the Company entered into a Credit Agreement and Guaranty with Perceptive Credit Holding IV, LP (“Perceptive”) as collateral agent and other lenders defined in the agreement (the “Perceptive Facility”) which was used to partially repay the Company’s previous $60.0 million credit facility with SLR Investment Corp. (formerly known as Solar Capital Ltd.).

The Perceptive Facility permits the Company to borrow up to an aggregate amount of $90.0 million in three tranches of term loans, a “Tranche 1 Loan”, a “Tranche 2 Loan” and a “Tranche 3 Loan.” On July 25, 2024, the Company borrowed an aggregate amount of $50.0 million, which was the aggregate amount available under the Tranche 1 Loan. Under the Tranche 2 Loan, the Company was permitted to borrow, at its election, up to an aggregate amount of $15.0 million (i) upon the Company achieving a specified amount of trailing twelve months net revenue, and (ii) assuming there had been no event of default under the Perceptive Facility prior to such election. The Tranche 2 Loan was available until January 31, 2026. Under the Tranche 3 Loan, the Company was permitted to borrow, at the consent of the Majority Lenders (as defined in the Perceptive Facility), up to an aggregate amount of $25.0 million. The Tranche 3 Loan was available until June 30, 2026. There are no scheduled repayments of the principal on the Tranche 1 Loan, the Tranche 2 Loan or the Tranche 3 Loan prior to the maturity date. All amounts borrowed under the Perceptive Facility are due on July 25, 2029.

Each of the Tranche 1 Loan, the Tranche 2 Loan and the Tranche 3 Loan accrues interest from the date of borrowing through the date of repayment at a floating per annum rate of interest equal to the sum of 7.00% plus the greater of (a) 4.50% and (b) One-Month Term SOFR (as defined in the Perceptive Facility).

If the Company prepays Tranche 1 Loan, the Tranche 2 Loan, or the Tranche 3 Loan prior to the maturity date, the Company will also be required to pay prepayment fees to Perceptive equal to 6% of the principal amount of such term loan then-prepaid if prepaid on or before the first anniversary of the closing date, 5% of the principal amount of such term loan then-prepaid if prepaid after the first anniversary and on or before the second anniversary of the closing date, 4% of the principal amount of such term loan then-prepaid if prepaid after the second anniversary and on or before the third anniversary of the closing date, and 3% of the principal amount of such term loan then-prepaid if prepaid after the third anniversary and on or before the fourth anniversary of the closing date.

The Company’s obligations under the Perceptive Facility are secured by a first priority security interest in substantially all of the Company’s assets, including its intellectual property. The Perceptive Facility requires the Company to comply with a quarterly minimum trailing revenue covenant commencing March 2025 and a minimum liquidity covenant as well as affirmative and negative covenants.

The Perceptive Facility contains events of default, including, without limitation, events of default upon: (i) failure to make payment pursuant to the terms of the agreement; (ii) violation of covenants; (iii) material adverse changes to the Company’s business; (iv) insolvency; (v) material cross-defaults; (vi) significant judgments, orders, or decrees for payments by the Company; (vii) incorrectness of representations and warranties; (viii) significant adverse events related to the Employee Retirement Income Security Act of 1974; (ix) failure by the Company to be registered with the SEC in good standing; or (x) failure by the Company to maintain a valid and perfected lien on the collateral securing the borrowing.

As consideration for the Perceptive Facility, the Company agreed to issue to Perceptive warrants to purchase up to 1,462,500 shares of the Company’s common stock, with a warrant exercisable into 1,125,000 shares of the Company’s common stock issued on the closing date (the “Initial Warrant”). The per share exercise price for the Initial Warrant is equal to the lower of (x) the 10-day volume weighted average price of the Company’s common stock on the business day immediately prior to the closing date and (y) the 10-day volume weighted average price of the common stock ended on August 31, 2024. In addition to the Initial Warrant, an additional warrant was issued for 225,000 shares of common stock concurrently with the borrowing of the Tranche 2 Loan. The per share exercise price for the additional warrant will be equal to the exercise price of the Initial Warrant. Each warrant will be exercisable, in whole or in part, until the tenth anniversary of the applicable date of issuance.

Effective as of December 9, 2024, the Company amended the Perceptive Facility and borrowed against the Tranche 3 Loan in a principal amount of $10.0 million and used the proceeds thereof to finance, in part, the operations of the combined enterprise after the acquisition of Greenbrook and the related transactions

included in the Arrangement. As consideration for Tranche 3 Loan borrowing, the Company issued warrants to purchase 600,000 shares of the Company’s common stock at a per share exercise price of $0.94.

The Company calculated the issuance date fair value of the warrants using the Black-Scholes option pricing model, which resulted in a fair value of $2.6 million. Accordingly, the Company allocated the proceeds from the Perceptive Facility on a relative fair value basis resulting in $2.5 million allocated to the warrants.

On March 26, 2025, the Company entered into Amendment No. 2 to Credit Agreement and Guaranty by and between the Company, as the borrower, and Perceptive, in its capacities as administrative agent for the lenders and the majority lender, in which the parties agreed to revise the net revenue covenant to align with the Company’s pre-existing operating plan for the first quarter of 2025.

On August 1, 2025, the Company entered into Amendment No. 3 to Credit Agreement and Guaranty (the “Perceptive Third Amendment”). Pursuant to the Perceptive Third Amendment, the Company borrowed $10.0 million under Tranche 2, lowered the minimum liquidity balance requirement to $2.0 million through September 30, 2026, and issued Perceptive a warrant certificate exercisable into 225,000 shares of the Company’s common stock.

On January 15, 2026, the Company entered into Amendment No. 4 to Credit Agreement and Guaranty (the “Perceptive Fourth Amendment”). The Perceptive Fourth Amendment amended the Perceptive Facility to modify the requirements of subsidiaries joining as an obligor and subsidiary guarantor thereunder.

On March 12, 2026, the Company entered into Amendment No. 5 to the Credit Agreement and Guaranty (the “Perceptive Fifth Amendment”). Under the Perceptive Fifth Amendment, Neuronetics made a one-time principal payment of $5.0 million, and Neuronetics and Perceptive agreed to adjustments to the existing debt covenants. In connection with the amendment, the Company incurred a prepayment penalty of $0.3 million, which, together with the proportional write-off of unamortized debt issuance costs and discounts, resulted in a total loss on partial debt extinguishment of approximately $0.5 million for accounting purposes.

As of June 30, 2026, the Company had $65.0 million of borrowings outstanding under the Perceptive Facility, which has a final maturity in July 2029. The interest rate on borrowings under the credit facility is variable and resets monthly.

The Company was in compliance with the covenants under the Perceptive Facility as of June 30, 2026.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

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+ Details