Capital Cell • Time is Brain
Equity crowdfunding
Time is Brain
Time is Brain, a spin‑off from Germans Trias Hospital (Barcelona), providing advanced stroke care to +1.8M people, and a pioneer in clinical trials shaping global stroke guidelines.
Key project data
Target amount
2.5 MEUR
Valuations
12.0 MEUR
Potential Returns
13x
Expected Exit Year
2029
End Date
2026-08-14
Would AI invest?
63/100
1
100
AI-Generated Overview
AI project overview
Condensed summary based on project data
<h1><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Time is Brain, S.L. — Crowdfunding Investor Memo</span></span></h1> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><em>A portable, real-time device that reads a brain-signal biomarker (N20) to help decide which stroke patients should receive clot-removal surgery.</em></span></span></p> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Sector: <strong>Medtech (Class IIb device / NACE 7210)</strong> · Stage: <strong>Seed / pre-CE-mark, pre-revenue</strong> · HQ: <strong>Badalona / Barcelona, Spain</strong> · Raise: <strong>€2.5M target (€430k via Capital Cell)</strong></span></span></p> <table cellspacing="0" class="Table" style="border-collapse:collapse; width:6.5in"> <tbody> <tr> <td style="background-color:#faeeda; vertical-align:top; width:208px"> <p style="text-align:center"><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">AI SCORE</span></strong></span></span></p> </td> <td style="vertical-align:top; width:416px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Why this score:</strong></span></span></p> </td> </tr> <tr> <td style="background-color:#faeeda; height:.75in; vertical-align:top; width:208px"> <p style="text-align:center"> </p> </td> <td style="height:.75in; vertical-align:top; width:416px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Peer-reviewed pivotal evidence (PROMISE, n=223): the N20 signal predicted good recovery with sensitivity 93% and an adjusted odds ratio of 9.9 — unusually strong clinical grounding for a seed-stage device.</span></span></li> </ul> </td> </tr> <tr> <td style="background-color:#faeeda; vertical-align:top; width:208px"> <p style="text-align:center"><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="font-size:26.0pt"><span style="color:black">63 / 100</span></span></strong></span></span></p> </td> <td style="vertical-align:top; width:416px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Founders are genuine stroke key opinion leaders (CSO Antoni Dávalos, co-PI of the landmark REVASCAT trial, H-index 77), independently verifiable.</span></span></li> </ul> </td> </tr> <tr> <td style="background-color:#faeeda; vertical-align:top; width:208px"> <p style="text-align:center"><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">⭐ Moderate</span></strong></span></span></p> </td> <td style="vertical-align:top; width:416px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Still pre-CE-mark: the CE target has already slipped from Q4-2024/Q1-2025 to “during 2026,” and 50% of the round is gated on milestones (CE Mark, first sales) that have slipped once.</span></span></li> </ul> </td> </tr> <tr> <td style="background-color:#faeeda; vertical-align:top; width:208px"> <p style="text-align:center"> </p> </td> <td style="vertical-align:top; width:416px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Pre-revenue with the cap table and financial statements link-only (not in the materials), and deal terms (liquidation preference, anti-dilution type, drag threshold) marked “Yes” but undetailed.</span></span></li> </ul> </td> </tr> <tr> <td style="background-color:#faeeda; vertical-align:top; width:208px"> <p style="text-align:center"> </p> </td> <td style="vertical-align:top; width:416px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">One unreconciled funding figure: €3.3M EIC grant in the company annex vs €2.5M in all public sources and the peer-reviewed paper.</span></span></li> </ul> </td> </tr> </tbody> </table> <p> </p> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:6.5in"> <tbody> <tr> <td style="background-color:#e6f1fb; border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:1px solid #cccccc; vertical-align:top; width:624px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">ℹ️ <strong>This is not investment advice.</strong> The purpose of this overview is to help potential investors preselect crowdfunding projects quickly. Before investing, the final selected project should be reviewed in detail based on the information provided by the company on the respective crowdfunding platform, and you may want to seek independent professional advice.</span></span></span></p> </td> </tr> </tbody> </table> <p> </p> <h1><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">🎯 Key goal</span></span></h1> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:6.5in"> <thead> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:1px solid #cccccc; vertical-align:top; width:107px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Target return</span></strong></span></span></p> </td> <td style="background-color:#f4f2ec; border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:1px solid #cccccc; vertical-align:top; width:113px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Time horizon</span></strong></span></span></p> </td> <td style="background-color:#f4f2ec; border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:1px solid #cccccc; vertical-align:top; width:204px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Target basis</span></strong></span></span></p> </td> <td style="background-color:#f4f2ec; border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:1px solid #cccccc; vertical-align:top; width:200px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">AI view on reaching this goal</span></strong></span></span></p> </td> </tr> </thead> <tbody> <tr> <td style="border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:107px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>🎯 ~10x</strong></span></span></p> </td> <td style="border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:113px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>⏱ 5–7 yrs</strong></span></span></p> </td> <td style="border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:204px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Mix</strong> — Two scenarios presented default x10 and ~x13 provided by company (high level). </span></span></p> </td> <td style="border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:200px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Plausible only on a clean CE-mark-and-commercialisation path; binary regulatory and adoption risk make the outcome wide, from total loss to a multiple.</span></span></p> </td> </tr> </tbody> </table> <p> </p> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:6.5in"> <tbody> <tr> <td style="background-color:#fbf1dc; border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:1px solid #cccccc; vertical-align:top; width:624px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">⚠️ <strong>Why aim for ~10x?</strong> Startup investing is high risk. Most early-stage companies fail or return little. A small number of winners must compensate for the losers, so each individual investment is typically targeted at roughly 10x over 5–7 years. A lower target across a portfolio of risky bets usually does not produce a positive overall return. This is why the platform applies a 10x / 5–7 year target when the company does not specify its own.</span></span></span></p> </td> </tr> </tbody> </table> <p> </p> <h2><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">📈 Path to target return</span></span></h2> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:6.5in"> <tbody> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:1px solid #cccccc; vertical-align:top; width:173px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Sector heuristic</span></strong></span></span></p> </td> <td style="border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:1px solid #cccccc; vertical-align:top; width:451px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">For a pre-CE medical device, a ~10x outcome typically requires reaching CE Mark, then either meaningful unit sales across several markets or a trade sale to a larger neuro/medtech acquirer. Hospital-by-hospital adoption is slow; centralised reimbursement (NICE, CADTH, CMS) is the faster route but demands cost-effectiveness evidence the company does not yet hold.</span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:173px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Current key metric</span></strong></span></span></p> </td> <td style="border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:451px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Pre-revenue. Clinical proof exists (PROMISE, n=223, published 2023); device-specific validation (PROMISE20 / PROMISE-GLOBAL) was ongoing per public trial registries, and CE Mark is not yet obtained (as of June 2026).</span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:173px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Required scale at exit</span></strong></span></span></p> </td> <td style="border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:451px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">On a €12M pre-money, a ~10x equity return implies the company being worth roughly €120M+ at exit — achievable only with CE Mark, demonstrated clinical/economic value, and either multi-market sales traction or acquisition interest.</span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:173px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Implied IRR</span></strong></span></span></p> </td> <td style="border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:451px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">A 10x over 5–7 years implies roughly a 39–58% annualised return — the high bar early-stage equity must target to compensate for the high failure rate.</span></span></p> </td> </tr> </tbody> </table> <p> </p> <h2><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Exit scenario (company-stated)</span></span></h2> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:6.5in"> <tbody> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:1px solid #cccccc; vertical-align:top; width:173px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Company-stated exit case</span></strong></span></span></p> </td> <td style="border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:1px solid #cccccc; vertical-align:top; width:451px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The company outlines a potential exit by 2030 in the €200M–€400M range, with upside toward ~€500M if BraiN20® becomes an established part of the EVT treatment workflow or attracts competitive bidding among buyers. Named potential acquirers span neurovascular devices (Medtronic, Stryker, Johnson & Johnson MedTech), neurodiagnostics (Nihon Kohden) and imaging/workflow (GE HealthCare, Philips). This is a company-stated scenario, not an independent valuation.</span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:173px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Conditions attached</span></strong></span></span></p> </td> <td style="border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:451px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Explicitly conditional on CE Mark and US clearance, robust stroke-specific clinical validation, and demonstrable early commercial traction (install base and consumable usage). None of these conditions is yet met as of this memo.</span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:173px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Gross vs net multiple</span></strong></span></span></p> </td> <td style="border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:451px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The headline multiples are gross and undiluted. A €200M exit is roughly 14x the current ≈€14.5M post-money valuation only if your stake is never diluted. Because the company states this round is runway to its next funding round, your stake will almost certainly be diluted before any exit, so the multiple you would actually realise is lower — illustratively, one further substantial round could bring a €200M gross exit closer to ~8–9x for today’s crowdfunding investor. The €300M–€500M figures imply roughly 20x–35x gross, so the company’s own “~13x” framing aligns only with the bottom of its stated range.</span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:173px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">On the named acquirers</span></strong></span></span></p> </td> <td style="border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:451px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">These are credible categories of strategic buyer for stroke/neuro technology, but naming them does not constitute evidence of acquisition interest. No comparable transactions, term sheets, or approaches are disclosed in the provided materials.</span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:173px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">How to read it</span></strong></span></span></p> </td> <td style="border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:451px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Treat the scenario as an indication of the company’s ambition and the type of buyer that exists in this space — an aspirational, condition-heavy target rather than a forecast — and remember the realisable return to a crowdfunding investor would be reduced by dilution the headline figures do not reflect.</span></span></p> </td> </tr> </tbody> </table> <p> </p> <h1><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">🏢 Company description</span></span></h1> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Time is Brain, S.L. (TiB) is a Spanish medtech spin-off from Hospital Germans Trias i Pujol, founded in July 2020 by neurologists Alicia Martínez Piñeiro (CEO), Antoni Dávalos (CSO) and Jaume Coll-Cantí. It has developed BraiN20®, a portable, non-invasive device — a tablet-style unit plus single-use electrodes — that automatically records and interprets the N20 somatosensory-evoked potential, an electrical brain signal the company positions as a real-time marker of how much brain tissue is still salvageable after an acute ischemic stroke. The intended use is to help clinicians decide which stroke patients will benefit from endovascular thrombectomy (EVT), the gold-standard clot-removal procedure. The clinical basis is the peer-reviewed PROMISE study (223 patients, published in Stroke: Vascular and Interventional Neurology, 2023), where the N20 signal predicted good functional recovery with high sensitivity. The company reports the device increases treatment-eligible patients by up to 15%, saves 60–140 minutes of time-to-treatment, and raises treatment success by 26% — these are company-stated figures whose full derivation is not in the provided materials. The device is pre-CE-mark; the company expects CE Mark during 2026. This €2.5M round (with €430k opened via the Capital Cell platform) is to fund market entry, runway to CE Mark, first commercial sales, and team build-out.</span></span></p> <h1><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">💶 Valuation</span></span></h1> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:6.5in"> <tbody> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:1px solid #cccccc; vertical-align:top; width:173px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Pre-money valuation</span></strong></span></span></p> </td> <td style="border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:1px solid #cccccc; vertical-align:top; width:451px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">€12.0M</span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:173px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Post-money valuation</span></strong></span></span></p> </td> <td style="border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:451px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">≈ €14.5M (at €2.5M raised)</span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:173px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Instrument</span></strong></span></span></p> </td> <td style="border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:451px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Equity — ordinary shares of a limited liability company (S.L.), syndicated via a nominee/SPV.</span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:173px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">How the valuation was set</span></strong></span></span></p> </td> <td style="border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:451px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Methodology not disclosed in provided materials — no comparable set, DCF, or scorecard basis is given for the €12M pre-money.</span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:173px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">External benchmarks</span></strong></span></span></p> </td> <td style="border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:451px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">A €12M pre-money for a pre-CE, pre-revenue Class IIb device sits within the broad range seen for clinically de-risked European medtech seed/bridge rounds, but cannot be checked against a disclosed comparable set.</span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:173px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Notable terms</span></strong></span></span></p> </td> <td style="border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:451px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Share price €18.55 (capital + premium); a discount schedule is referenced but not populated in the provided sheet. Round is split into milestone tranches: ~50% now, 25% on CE Mark, 25% on first sales. Stated soft commitments: €1.5M from a named lead (“The Foundry”), ~€315k from current shareholders, €255k from new business angels. No investor tax incentives apply.</span></span></p> </td> </tr> </tbody> </table> <p> </p> <h1><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">📜 Instrument & investor terms</span></span></h1> <h2><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">What you own</span></span></h2> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">You would own ordinary shares in Time is Brain, S.L. — the most basic form of equity, with no special preference attached. Most crowdfunding investors do not hold these shares directly: they are pooled through a nominee/special-purpose vehicle (SPV) run by the platform (Capital Cell Stichting Administratiekantoor, based in the Netherlands), which holds the shares on investors’ behalf. A “direct” route exists if you sign a notarial power of attorney before the round closes; otherwise you are placed in the SPV with the same rights as other SPV investors. The materials state you have the right to attend the shareholder meeting, but in practice your vote is exercised through the SPV rather than individually, so your influence on company decisions — including any decision to sell the company — is minimal. In short: you own a small slice of ordinary equity, pooled with others, with little individual voting power.</span></span></p> <h2><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Dilution and future rounds</span></span></h2> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">“Dilution” means your ownership percentage shrinks when the company issues new shares to raise more money. The company has explicitly said this round is runway to its “next valuation inflection point,” so further rounds are intended, though no size or date for the next round is disclosed. The materials list an “anti-dilution right: Yes,” but give no detail on what type it is or whether it actually protects crowdfunding investors — so you should not assume meaningful protection.</span></span></p> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Worked example (standard cap-table mechanics, not advice): If you invest €1,000 today at the ≈€14.5M post-money valuation, you own roughly 0.0069% of the company (about €1,000 ÷ €14.5M). If the company later raises €4M at a €20M pre-money valuation (a successful up-round, post-money €24M), your stake is diluted to roughly 0.0042%. If instead the next round is a down-round at €8M pre-money raising €4M (post-money €12M), your stake dilutes to roughly 0.0058% and the implied value of your holding falls from €1,000 to about €690 — a ~31% drop — because the company is now worth less and your smaller slice is of a smaller pie.</span></span></p> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The company has an incentive (phantom-share) plan for staff and board, but whether the pool will be expanded before the next priced round — which would dilute you further — is not disclosed. Pre-emption rights (the right to put in more money in future rounds to keep your percentage) are not clearly granted to crowdfunding investors; the materials note pre-emption may even be waived when units are allocated. Treat your percentage as likely to fall over time with limited ability to defend it.</span></span></p> <h2><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Exit and liquidation mechanics</span></span></h2> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">A “liquidation preference” sets who gets paid first if the company is sold or wound down. The materials list a “liquidation right: Yes” but disclose no multiple (1x, 2x), no participating/non-participating detail, and no payout order. Liquidation preference order and multiple not disclosed — in a sale below or near the current valuation, the order of payouts determines who gets what, and without disclosure you cannot assess whether founders or earlier investors rank ahead of crowdfunding investors.</span></span></p> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Drag-along and tag-along rights are both listed as “Yes” but without thresholds. A “drag-along” lets a defined majority of shareholders force everyone else — including you — to sell on the same terms; the triggering percentage is not disclosed, so you cannot tell how easily a sale could be forced over your objection. A “tag-along” lets you join a sale on the same terms as a large seller, which is protective for minority investors, but again the specific terms are not given.</span></span></p> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">There is no fixed lock-up period, but there is also no guaranteed way out. Resale depends on the platform making a “bulletin board” available and the company approving the transfer, and a 6% fee applies to the seller. The platform itself warns you may be unable to sell when you wish. You should treat this investment as illiquid for the typical 5–7 years of early-stage equity — possibly longer — and assume you cannot exit until a trade sale or other liquidity event.</span></span></p> <h2><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Key risks specific to this instrument</span></span></h2> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Votes only through the SPV nominee — as a pooled investor you cannot individually influence company decisions, including the decision to sell, and pre-emption may be waived at allocation.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Liquidation preference not disclosed — in a low or moderate exit you cannot tell whether founders or earlier investors are paid ahead of you, so your share of proceeds is unknowable in advance.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Anti-dilution listed as “Yes” but undetailed — you cannot confirm it protects the crowdfunding pool; in a down-round, dilution may fall disproportionately on you.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Drag-along present with no disclosed threshold — a qualifying majority could force you into a sale on terms you did not choose.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Liquidity is conditional, not guaranteed — resale needs platform infrastructure plus company approval and carries a 6% seller fee; the platform warns sale may be impossible.</span></span></li> </ul> <h2><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Items not disclosed</span></span></h2> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Absence of disclosure means you cannot assess these before investing:</span></span></p> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Liquidation preference order and multiple (1x / 2x, participating or not).</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Drag-along threshold (the % that can force a sale).</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Anti-dilution type and whether it actually protects crowdfunding investors.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Founder vesting schedule and leaver provisions.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Detailed current and post-round cap table (link-only, not provided).</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Information rights — how often and in what form investors will receive reporting (field left blank).</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The discount schedule applied to the €18.55 share price (referenced but not populated).</span></span></li> </ul> <p> </p> <h1><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">📊 Score breakdown</span></span></h1> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:6.5in"> <thead> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:1px solid #cccccc; vertical-align:top; width:220px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Category</span></strong></span></span></p> </td> <td style="background-color:#f4f2ec; border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:1px solid #cccccc; vertical-align:top; width:60px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Score</span></strong></span></span></p> </td> <td style="background-color:#f4f2ec; border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:1px solid #cccccc; vertical-align:top; width:67px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Weight</span></strong></span></span></p> </td> <td style="background-color:#f4f2ec; border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:1px solid #cccccc; vertical-align:top; width:277px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Verdict & key reason</span></strong></span></span></p> </td> </tr> </thead> <tbody> <tr> <td style="border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:220px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Product, technology & clinical evidence</strong></span></span></p> </td> <td style="background-color:#faeeda; border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:60px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">72</span></strong></span></span></p> </td> <td style="border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:67px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">25%</span></span></p> </td> <td style="background-color:#faeeda; border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:277px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Moderate-strong</span></strong><span style="color:black"> — Peer-reviewed pivotal study (OR 9.9, sensitivity 93%), but a ~25% non-assessable artifact rate, single-site data, and no published device-reliability results yet.</span></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:220px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Team & governance</strong></span></span></p> </td> <td style="background-color:#d9ebc2; border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:60px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">80</span></strong></span></span></p> </td> <td style="border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:67px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">22%</span></span></p> </td> <td style="background-color:#d9ebc2; border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:277px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Strong</span></strong><span style="color:black"> — Genuine, independently verifiable stroke KOLs (Dávalos co-PI REVASCAT); commercial/scale-up leadership is newer and partly plan-stage.</span></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:220px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Regulatory pathway & status</strong></span></span></p> </td> <td style="background-color:#faece7; border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:60px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">52</span></strong></span></span></p> </td> <td style="border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:67px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">18%</span></span></p> </td> <td style="background-color:#faece7; border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:277px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Caution</span></strong><span style="color:black"> — Pre-CE-mark with a target that already slipped from Q4-2024/Q1-2025 to “during 2026,” and half the raise is gated on it.</span></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:220px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Market, demand & willingness-to-pay</strong></span></span></p> </td> <td style="background-color:#faece7; border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:60px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">58</span></strong></span></span></p> </td> <td style="border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:67px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">15%</span></span></p> </td> <td style="background-color:#faece7; border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:277px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Caution</span></strong><span style="color:black"> — Real KOL-confirmed need, but willingness-to-pay data is highly dispersed (ambulance n=2) and company efficacy claims are not fully sourced.</span></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:220px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Competition & differentiation</strong></span></span></p> </td> <td style="background-color:#faece7; border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:60px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">55</span></strong></span></span></p> </td> <td style="border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:67px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">10%</span></span></p> </td> <td style="background-color:#faece7; border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:277px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Caution</span></strong><span style="color:black"> — Clear prognosis niche, but well-funded AI-imaging incumbents (Viz.AI, RAPID, Nicolab) are embedded in guidelines and trials.</span></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:220px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Commercial model, traction & financials</strong></span></span></p> </td> <td style="background-color:#fcebeb; border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:60px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">38</span></strong></span></span></p> </td> <td style="border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:67px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">10%</span></span></p> </td> <td style="background-color:#fcebeb; border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:277px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Weak</span></strong><span style="color:black"> — Pre-revenue; financial statements and cap table are link-only and not in the provided materials.</span></span></span></p> </td> </tr> </tbody> </table> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Why these weights? </strong>This is a deeptech, heavily regulated medical device at seed/pre-CE stage, so the two categories that most determine the outcome — the underlying science/product and the regulatory path — carry the most weight (25% and 18%). Team is weighted high (22%) because clinical-founder credibility is central to medtech, but slightly below product because the commercial team is newer. Market and competition are mid-weight (15% and 10%), and commercial/financials is held at 10% and capped because the company is pre-revenue with financials not provided. All six categories were evaluable, so no weight redistribution was needed; weights sum to exactly 100. Data-quality caps were applied: regulatory, market and competition (MODERATE data) were capped at 85, and commercial/financials (LIMITED data) at 70.</span></span></p> <h1><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">🔍 Detailed review</span></span></h1> <h2><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Product, technology & clinical evidence</span></span></h2> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">BraiN20® reads the N20 brain signal automatically and at the bedside, aiming to tell clinicians in real time whether tissue is still salvageable. The evidence base is unusually strong for a seed-stage device: the peer-reviewed PROMISE study (n=223) reported sensitivity 93% and an adjusted odds ratio of 9.9 for predicting good recovery, rising to 100% sensitivity when the signal was present after surgery. The company reports the device improves treatment eligibility and outcomes, though those specific commercial figures are company-stated.</span></span></p> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:6.5in"> <thead> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:1px solid #cccccc; vertical-align:top; width:312px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">✅ Strengths</span></strong></span></span></p> </td> <td style="background-color:#f4f2ec; border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:1px solid #cccccc; vertical-align:top; width:312px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">⚠️ Gaps</span></strong></span></span></p> </td> </tr> </thead> <tbody> <tr> <td style="border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:312px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Peer-reviewed pivotal data (Stroke: Vascular and Interventional Neurology, 2023) with strong predictive metrics.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Patented N20 biomarker IP (two patent applications) and a formal ISO 14971 risk file.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Addresses a documented clinical gap — predicting EVT benefit — that KOLs independently flagged.</span></span></li> </ul> </td> <td style="border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:312px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">~25% of recordings in the pivotal study were non-assessable due to interference — the exact problem the device must solve, and device-specific reliability is not yet published.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Pivotal data is single-site; broader/global validation was still ongoing.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Company efficacy claims (15% more patients, 26% better success) are not fully derived in the materials.</span></span></li> </ul> </td> </tr> </tbody> </table> <p> </p> <h2><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Team & governance</span></span></h2> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The founding team are practising stroke neurologists with deep, verifiable credentials. CSO Antoni Dávalos was co-PI of the landmark REVASCAT trial and has an H-index of 77; CEO Alicia Martínez Piñeiro led the PROMISE study as her PhD. Governance includes experienced investors and observers from BStartup10 (Banco Sabadell) and the IGTP research institute.</span></span></p> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:6.5in"> <thead> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:1px solid #cccccc; vertical-align:top; width:312px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">✅ Strengths</span></strong></span></span></p> </td> <td style="background-color:#f4f2ec; border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:1px solid #cccccc; vertical-align:top; width:312px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">⚠️ Risks</span></strong></span></span></p> </td> </tr> </thead> <tbody> <tr> <td style="border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:312px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Internationally recognised stroke KOLs as founders — independently corroborated in public sources.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Relevant operational depth: CTO built the device prototype; QA/RA and BD hires in place.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Credible board and observers from active Spanish investment vehicles.</span></span></li> </ul> </td> <td style="border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:312px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Commercial and scale-up leadership (sales, reimbursement, manufacturing) is newer and partly still in the hiring plan.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Heavy reliance on a small number of clinical founders for the scientific narrative.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Most of the broad EU/US/APAC/LATAM commercial org is plan-stage and capital-contingent.</span></span></li> </ul> </td> </tr> </tbody> </table> <p> </p> <h2><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Regulatory pathway & status</span></span></h2> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The device is not yet CE-marked. The company expects CE Mark during 2026, and the second and third tranches of this very round are gated on CE Mark and first sales. A formal MDR technical file and risk matrix are in preparation.</span></span></p> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:6.5in"> <thead> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:1px solid #cccccc; vertical-align:top; width:312px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">✅ Advantages</span></strong></span></span></p> </td> <td style="background-color:#f4f2ec; border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:1px solid #cccccc; vertical-align:top; width:312px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">⚠️ Risks</span></strong></span></span></p> </td> </tr> </thead> <tbody> <tr> <td style="border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:312px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Structured MDR technical file and ISO 14971 risk documentation already in progress.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Documentation also adapted toward US (FDA) requirements for later expansion.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Clear, milestone-linked use of proceeds tied to the CE pathway.</span></span></li> </ul> </td> <td style="border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:312px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">CE target already slipped from Q4-2024/Q1-2025 to “during 2026” — a milestone that has moved once.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">50% of the raise depends on hitting CE Mark and first sales, so capital availability is contingent.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Without cost-effectiveness evidence, market access defaults to slow hospital-by-hospital adoption.</span></span></li> </ul> </td> </tr> </tbody> </table> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Market, demand & willingness-to-pay</span></span></p> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The clinical need is real and independently surveyed: in a 33-KOL study across 11 countries, clinicians pointed to pre-hospital identification, transport time, and lack of tools to predict EVT outcome as key gaps. Willingness-to-pay was probed but the data is thin and widely dispersed.</span></span></p> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:6.5in"> <thead> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:1px solid #cccccc; vertical-align:top; width:312px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">✅ Strengths</span></strong></span></span></p> </td> <td style="background-color:#f4f2ec; border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:1px solid #cccccc; vertical-align:top; width:312px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">⚠️ Gaps</span></strong></span></span></p> </td> </tr> </thead> <tbody> <tr> <td style="border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:312px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">KOL survey confirms demand for exactly the decision-support BraiN20 targets.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Hospital willingness-to-pay averaged ≈€2,207/patient in the survey.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Large underlying problem: only a fraction of eligible stroke patients currently receive EVT.</span></span></li> </ul> </td> <td style="border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:312px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Willingness-to-pay ranged from €200 to €15,000 with high variance — weak pricing signal.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Ambulance-setting WTP came from only 2 respondents.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Company market-impact figures are stated without full underlying derivation.</span></span></li> </ul> </td> </tr> </tbody> </table> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Competition & differentiation</span></span></p> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The company’s own competitor matrix catalogues 30+ comparators: clinical scales, CT/MRI imaging, AI-imaging software, and portable biomarker/EEG devices. BraiN20’s differentiation is providing prognosis (is the tissue salvageable?) rather than just detection, in a portable, non-specialist, sub-5-minute form.</span></span></p> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:6.5in"> <thead> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:1px solid #cccccc; vertical-align:top; width:312px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">✅ Edge</span></strong></span></span></p> </td> <td style="background-color:#f4f2ec; border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:1px solid #cccccc; vertical-align:top; width:312px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">⚠️ Threats</span></strong></span></span></p> </td> </tr> </thead> <tbody> <tr> <td style="border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:312px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Occupies a prognosis niche few direct competitors target.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Portable, automated, usable by non-specialists pre- and in-hospital.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">SEP-based rivals (Dolosys, inomed) are not positioned for stroke prognosis.</span></span></li> </ul> </td> <td style="border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:312px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Well-funded AI-imaging incumbents (Viz.AI, RAPID, Nicolab) are embedded in guidelines and clinical trials.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Portable LVO-detection rivals (Cerebrotech, EEG players) are advancing quickly.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">BraiN20 must still clear CE and prove economic value hospital-by-hospital against entrenched tools.</span></span></li> </ul> </td> </tr> </tbody> </table> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Commercial model, traction & financials</span></span></p> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The company is pre-revenue; this round is explicitly to generate first commercial revenues. Historic funding is substantial (company-stated €4.25M public + €1.8M private, plus an EIC Accelerator grant), but current financial statements and the cap table were link-only and not in the provided materials.</span></span></p> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:6.5in"> <thead> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:1px solid #cccccc; vertical-align:top; width:312px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">✅ Strengths</span></strong></span></span></p> </td> <td style="background-color:#f4f2ec; border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:1px solid #cccccc; vertical-align:top; width:312px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">⚠️ Risks</span></strong></span></span></p> </td> </tr> </thead> <tbody> <tr> <td style="border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:312px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Meaningful prior non-dilutive and grant funding, plus competition awards.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Named soft commitments toward this round (lead investor, angels, existing shareholders).</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Milestone-tranched structure aligns capital release with value events.</span></span></li> </ul> </td> <td style="border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:312px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">No revenue yet and no financial statements provided for review.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Cap table not disclosed in the materials, so existing dilution is unknown.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Commercial scale-up is largely a future hiring plan, not demonstrated execution.</span></span></li> </ul> </td> </tr> </tbody> </table> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">🚩 Red flags & integrity checks</span></span></p> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:6.5in"> <tbody> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:1px solid #cccccc; vertical-align:top; width:47px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">1</span></strong></span></span></p> </td> <td style="border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:1px solid #cccccc; vertical-align:top; width:577px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Missing critical data</strong> — Cap table and financial statements are link-only and not in the provided materials; key deal terms (liquidation preference multiple, anti-dilution type, drag-along threshold, founder vesting, information rights) are marked present but undetailed.</span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:47px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">2</span></strong></span></span></p> </td> <td style="border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:577px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Internal inconsistencies</strong> — The EIC Accelerator grant is stated as €3.3M in the company annex but €2.5M in the company’s own peer-reviewed paper’s funding note — an internal conflict that is unreconciled.</span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:47px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">3</span></strong></span></span></p> </td> <td style="border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:577px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>External discrepancies</strong> — Public sources (CORDIS, EIT Health, EISMEA) consistently report the EIC grant as €2.5M, matching the paper but not the €3.3M annex figure; separately, the CE-mark target slipped from earlier public guidance (Q4-2024/Q1-2025) to “during 2026.”</span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:47px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">4</span></strong></span></span></p> </td> <td style="border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:577px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Negative public information</strong> — <em>None found in public registries or news searches — founder identities, the pivotal publication, trial registrations, the EIC project, and the Capital Cell campaign all corroborate as genuine.</em></span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:47px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">5</span></strong></span></span></p> </td> <td style="border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:577px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Prior fundraises</strong> — Company-stated prior funding of ≈€4.25M public + €1.8M private plus an EIC Accelerator grant and competition awards; however, the CE-mark milestone tied to that progress has slipped at least once.</span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:47px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">6</span></strong></span></span></p> </td> <td style="border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:577px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Valuation reasonableness</strong> — The €12M pre-money is plausible for a clinically de-risked, pre-CE Class IIb device but is unsupported by any disclosed methodology or comparable set, so it cannot be independently validated.</span></span></p> </td> </tr> </tbody> </table> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">📝 Data quality notes</span></span></p> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Categories scored N/A: </strong>None — all six categories were evaluable.</span></span></p> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Categories with LIMITED data quality: </strong>Commercial model, traction & financials — pre-revenue with financial statements and cap table not provided (capped at 70).</span></span></p> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Most material missing items that would change the evaluation if obtained:</strong></span></span></p> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Current and post-round cap table, plus liquidation-preference and anti-dilution specifics — these determine what investors actually receive in an exit.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Financial statements and any current revenue or pipeline — needed to judge commercial traction and runway.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Definitive CE-mark status and published device-reliability (PROMISE20) results — the single biggest swing factor for the regulatory and product scores.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Reconciliation of the €2.5M vs €3.3M EIC grant figure.</span></span></li> </ul> <p> </p> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:6.5in"> <tbody> <tr> <td style="background-color:#e6f1fb; border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:1px solid #cccccc; vertical-align:top; width:624px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><em><span style="color:black">Memo generated by AI from public information and platform-disclosed company materials. Investors must perform their own due diligence. Past fundraising or operational performance does not guarantee future results. Crowdfunding investments are illiquid, high-risk, and capital loss is possible.</span></em></span></span></p> </td> </tr> </tbody> </table> <p> </p>
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Platform offering this project
Capital Cell ES
Risk Level
High
Return Level
Very High
Risk Return Level
Good
Min. Investment
EUR 100
Total Funded
EUR 144.0M
