Komórka kapitałowa • Airway Shield
Crowdfunding udziałowy
Airway Shield
A Spanish company selling a single-use plastic mouthpiece that helps doctors guide a breathing tube into a patient's windpipe, while shielding the patient's teeth and the medical staff from what the patient breathes out.
Key project data
Target amount
0,8 MEUR
Valuations
8,0 MEUR
Potencjalne zyski
x8
Przewidywany rok zakończenia
20230
Would AI invest?
65/100
1
100
Przegląd wygenerowany przez sztuczną inteligencję
AI project overview
Condensed summary based on project data
<p><span style="font-size:28pt"><span style="font-family:"Times New Roman",serif">Airway Shield — Crowdfunding Investor Memo</span></span></p> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><em>A Spanish company selling a single-use plastic mouthpiece that helps doctors guide a breathing tube into a patient's windpipe, while shielding the patient's teeth and the medical staff from what the patient breathes out.</em></span></span></p> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Sector: </strong>Medical devices (airway management)<strong> · Stage: </strong>Seed, CE-marked and selling<strong> · HQ: </strong>Madrid / Santander, Spain<strong> · Raise: </strong>€800,000 for 9% (maximum €1,000,000)<strong> · Platform: </strong>Capital Cell</span></span></p> <h1><span style="font-size:16pt"><span style="font-family:"Times New Roman",serif"><span style="color:#2e74b5">Snapshot</span></span></span></h1> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:6.25in"> <tbody> <tr> <td style="background-color:#f0f4f8; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:1px solid black; vertical-align:top; width:180px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">1 · Is the price fair? 💶</span></strong></span></span></p> </td> <td style="background-color:#d9ebc2; border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:1px solid black; vertical-align:top; width:420px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">4 / 5</span></strong><span style="color:black"> — Broadly supported. The €8M asking price sits below the European seed median implied by Carta's 2025 data, and is a disciplined 2.0x step-up from the company's own 2023 round at €4M — across which it earned a CE mark, ran two patient studies and had a US patent granted. The regulatory sheet also shows discounts: put in €5,000 or more and you pay €49.76 a share instead of €53.79, an effective price of about €7.4M rather than €8M. It looks high only against revenue, a poor measure six months into selling.</span></span></span></p> </td> </tr> <tr> <td style="background-color:#f0f4f8; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:180px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">2 · Can they reach an exit stage? ⭐</span></strong></span></span></p> </td> <td style="background-color:#faece7; border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:420px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">AI SCORE 63 / 100 — Average</span></strong><span style="color:black"> Strongest evidence: an approved, patented product already used on patients, in a category large firms repeatedly buy. Biggest gap: the US Patent Office records the patent covering the device as owned by a different company than the one you would be buying into.</span></span></span></p> </td> </tr> <tr> <td style="background-color:#f0f4f8; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:180px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">3 · If they do, what could it pay? 🎯</span></strong></span></span></p> </td> <td style="background-color:#f0f4f8; border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:420px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Target 8x by 2030 (about 4 years) — the company's own plan.</span></strong><span style="color:black"> If reached, illustratively 5x–12x gross, or about 4.7x–11.5x after Capital Cell's 8% success fee, and before future dilution. Method: at the €53.79 share price, every €8.8M the company is eventually sold for returns roughly 1x to this round; €45M–€110M is the band into which the two closest recorded airway-device takeovers fall (Inogen/Physio-Assist, up to $45M, 2023; Medtronic/Aircraft Medical, $110M, 2015).</span></span></span></p> </td> </tr> </tbody> </table> <h2><span style="font-size:13pt"><span style="font-family:"Times New Roman",serif"><span style="color:#2e74b5">How to read the score</span></span></span></h2> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:6.25in"> <tbody> <tr> <td style="background-color:#d9ebc2; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:1px solid black; vertical-align:top; width:147px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">85–100 · Excellent</span></strong></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:1px solid black; vertical-align:top; width:453px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">All key preconditions for reaching an exit stage are evidenced and strong — rare at this stage</span></span></p> </td> </tr> <tr> <td style="background-color:#faeeda; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:147px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">70–84 · Good</span></strong></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:453px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Preconditions largely in place, with specific gaps — named in the questions section</span></span></p> </td> </tr> <tr> <td style="background-color:#faece7; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:147px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">50–69 · Average</span></strong></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:453px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Meaningful preconditions missing or weakly evidenced</span></span></p> </td> </tr> <tr> <td style="background-color:#fcebeb; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:147px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">30–49 · Weak</span></strong></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:453px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Several core preconditions absent, or the evidence points against them</span></span></p> </td> </tr> <tr> <td style="background-color:#fcebeb; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:147px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">1–29 · Critical</span></strong></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:453px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Fundamental preconditions are not visible in the evidence</span></span></p> </td> </tr> </tbody> </table> <p> </p> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:6.25in"> <tbody> <tr> <td style="background-color:#f0f4f8; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:1px solid black; vertical-align:top; width:600px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">What we could check. </span></strong><span style="color:black">We checked 41 of the company's claims against public sources: 22 were confirmed, 5 partly confirmed, 13 could not be found either way, and one was contradicted — the claim that the company owns its patent outright. The FDA designation, the prior fundraises, the public grants, the awards and all four comparable takeovers check out against original filings and press releases. We also have the regulatory sheet the platform must publish (the KIIS), which settles the share price, the type of shares, the fees and the rights you get — and which corrects the campaign on two of them. Revenue, profit margin, cash in the bank and the share register still rest on the company's own materials or were not in the pack we reviewed — see the questions section.</span></span></span></p> </td> </tr> </tbody> </table> <p> </p> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Three answers, one honest note. </strong>The fairness score says whether the price being asked is supported by the benchmarks we could find. The AI Score is our read on whether the building blocks for reaching a sale of the company are in place, judged on the evidence disclosed — it is not a probability of success, and even companies with every building block in place fail more often than they succeed, which is why this kind of investing only works as a small part of a spread-out portfolio. The returns range is an illustration built from named benchmarks, not a forecast. Where something was missing from the pack, it did not lower any score — it appears in the questions list instead, so you can ask the company directly. The listing was reviewed by Capital Cell, a crowdfunding platform licensed by Spain's financial regulator, before it went live. Nothing here is a recommendation.</span></span></p> <h1><span style="font-size:16pt"><span style="font-family:"Times New Roman",serif"><span style="color:#2e74b5">At a glance</span></span></span></h1> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:6.25in"> <tbody> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:1px solid black; vertical-align:top; width:300px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">✅ Three reasons to look closer</span></strong></span></span></p> </td> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:1px solid black; vertical-align:top; width:300px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">⚠️ Three reasons for caution</span></strong></span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:300px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">The FDA's "Safer Technologies" designation is confirmed from the FDA's own decision letter (reference Q220427, 1 May 2022), and the patent covering the device was granted in the United States on 3 June 2025.</span></span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">Two studies in real patients — 20 at Hospital Marqués de Valdecilla and 102 at Hospital Universitario de Araba — reported every intubation successful with no complications, and the larger study found the device as good as standard technique.</span></span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">Large companies buy exactly this kind of business: Teleflex paid $276M for LMA International (2012), Ambu $120M upfront for King Systems (2013), Medtronic $110M for Aircraft Medical (2015) and Inogen up to $45M for Physio-Assist (2023) — all confirmed from company filings and press releases. The 8x target needs a sale of roughly €70M, smaller than three of those four.</span></span></span></li> </ul> </td> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:300px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">The US Patent Office records the patent covering the device as owned by Airway Medical Innovations S.L. — a different Spanish company registered at the same Santander address — while the campaign states ownership "belongs exclusively to Airway Shield SL".</span></span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">The campaign advertises "Preferential liquidation rights" and a tax deduction. The regulatory sheet the platform must publish records "Liquidation right: No" and states the investment does not qualify for tax incentives — and says expressly that it overrides the campaign page.</span></span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">The headline claims of "100% first-pass success" and "50% faster" come from tests on mannequins. In the 102-patient study the company reports no significant difference in intubation times and 73% of patients intubated on the first attempt. The five-year financial forecast also does not add up — revenues minus expenses does not equal the stated profit in any year.</span></span></span></li> </ul> </td> </tr> </tbody> </table> <p> </p> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:6.25in"> <tbody> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:1px solid black; vertical-align:top; width:600px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Deal terms. </span></strong><span style="color:black">No terms were identified that would prevent a crowdfund investor from sharing in the upside. The regulatory sheet confirms these are plain ordinary shares that share in whatever a sale produces, with no structure that would hold your return near your money back. Two points to be clear about: the campaign advertises a right to be paid back ahead of other shareholders (a "liquidation preference") and a tax deduction, and the regulatory sheet says you have neither — so you rank alongside ordinary shareholders and behind any priority earlier investors may hold. Capital Cell also charges 8% of any gain above your original stake. Full mechanics are at the end of this memo.</span></span></span></p> </td> </tr> </tbody> </table> <p> </p> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:6.25in"> <tbody> <tr> <td style="background-color:#e6f1fb; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:1px solid black; vertical-align:top; width:600px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">ℹ️ Information, not investment advice. </span></strong><span style="color:black">Capital at risk — you could lose the full amount invested. Full notes are at the end of this memo.</span></span></span></p> </td> </tr> </tbody> </table> <h1><span style="font-size:16pt"><span style="font-family:"Times New Roman",serif"><span style="color:#2e74b5">🏢 What the company does</span></span></span></h1> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Airway Shield makes a single-use plastic mouthpiece used when a patient needs a breathing tube passed into the windpipe — a procedure performed in operating theatres, intensive care units, ambulances and emergency departments. The device does three things at once: a moulded channel steers the tube towards the airway, a reinforced section shields the patient's front teeth, and a cover over the mouth reduces what the medical staff breathe in. The company reports that the customers are hospitals, bought through specialist medical-device distributors, with the company's own four-person sales team covering Spain and distributors handling other countries. Because the device is thrown away after each use, every procedure generates a new sale.</span></span></p> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The device carries a CE mark, allowing sale across Europe, and the company reports registrations in Brazil and Turkey. Selling began in Spain in January 2026; press coverage in June 2026 reported the device had been presented at more than 25 Spanish hospitals, with six starting the purchase process and two pilot programmes running in large Madrid hospitals. Manufacturing is outsourced to partners in Australia and Taiwan. The company has raised roughly €3.4M to date, including two earlier crowdfunding rounds on this same platform and public funding from ENISA and the Spanish innovation agency CDTI.</span></span></p> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">This raise of €800,000 is allocated 60% to expanding sales in Europe and preparing to enter the United States, 30% to further clinical studies, and 10% to quality systems, regulatory upkeep and patent protection. The company reports it expects a decision from the US Food and Drug Administration during 2026, which would open the American market. The round is all-or-nothing: if €800,000 is not reached by 23 August 2026 the money is returned to investors. It can be oversubscribed up to €1,000,000.</span></span></p> <h1><span style="font-size:16pt"><span style="font-family:"Times New Roman",serif"><span style="color:#2e74b5">📈 The returns picture</span></span></span></h1> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:6.25in"> <tbody> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:1px solid black; vertical-align:top; width:160px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">The target</span></strong></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:1px solid black; vertical-align:top; width:440px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">8x over about four years, with a sale of the company targeted for 2030. This is the company's own plan, not a standard assumption: the figure appears on the campaign and the company attributes the estimate to Capital Cell, based on comparable airway-device takeovers, the €8M price of this round, and the revenue the company projects by 2030.</span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:160px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">How the company plans to get there</span></strong></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:440px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Win a US clearance in 2026, open a US office, run a 750-patient trial across ten hospitals in six countries against the two tools doctors use today (the bougie and the stylet), raise a further €3M in 2027, and be sold to a large medical-device group around 2030. The company names Medtronic, Teleflex, Intersurgical, Vygon and Ambu as possible buyers, and a stock-market listing as an alternative. Its own comparable takeovers, all confirmed from original sources: LMA International bought by Teleflex for $276M in 2012 (about 2.2 times LMA's revenue); King Systems bought by Ambu for $120M upfront, up to $170M with milestones, in 2013; Aircraft Medical and its McGrath video laryngoscope bought by Medtronic for $110M in 2015; and — cited on the company's website as the closest match to its own position — Physio-Assist bought by Inogen for up to $45M in 2023, a CE-marked European device firm acquired before it had US clearance. Only the LMA deal disclosed the target's revenue, so it is the only one where a revenue multiple can be worked out.</span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:160px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">What has to be true</span></strong></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:440px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The regulatory sheet gives the share price — €53.79 — which makes this checkable for the first time. It implies about 148,700 shares before the round, so €800,000 buys 9.09% of the enlarged company. For that stake to be worth eight times what was paid, the whole company would need to be sold for roughly €70M. On the 2-to-4-times-revenue rule of thumb used for device makers, that corresponds to somewhere around €18M–€35M of annual sales at the point of sale. The company's own forecast puts 2030 revenue far higher, at €162M — at which level a €70M sale would look low. If you qualify for the €49.76 price the same 8x needs about €66M, and at €43.03 about €58M, because your money buys more shares.</span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:160px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">If reached — potential returns</span></strong></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:440px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">At the headline share price, every €8.8M the company is eventually sold for returns roughly 1x to this round. The two closest recorded takeovers by stage bracket a range of €45M to €110M, which corresponds to roughly 5x to 12x gross. Capital Cell takes 8% of any gain above what you put in, so those become about 4.7x to 11.5x in your hands, and the company's 8x target becomes about 7.4x. No fee is charged if there is no gain. The 8x target sits inside that band, at a sale of about €70M — comfortably within the range of recorded takeovers in this sector, and below three of the four the company itself cites. Sources: Inogen 8-K and 10-K filings (Physio-Assist, up to $45M, 2023); Medtronic press release of 18 November 2015 (Aircraft Medical, $110M); fee terms from the regulatory sheet, Part H. Those deals are recorded in US dollars, so the comparison with euro figures is approximate. These figures do not include dilution from future fundraising rounds, which would reduce actual returns — see the dilution section.</span></span></p> </td> </tr> </tbody> </table> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><em>One piece of context the numbers cannot carry: most early-stage companies fail or return little, whatever their targets say. A target being reachable on the arithmetic is not the same as it being reached.</em></span></span></p> <h1><span style="font-size:16pt"><span style="font-family:"Times New Roman",serif"><span style="color:#2e74b5">📊 Score breakdown</span></span></span></h1> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><em>Score = each category's score weighted by its importance; weights sum to 100%.</em></span></span></p> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:6.25in"> <tbody> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:1px solid black; vertical-align:top; width:140px"> <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 black; border-left:none; border-right:1px solid black; border-top:1px solid black; vertical-align:top; width:53px"> <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 black; border-left:none; border-right:1px solid black; border-top:1px solid black; vertical-align:top; width:60px"> <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 black; border-left:none; border-right:1px solid black; border-top:1px solid black; vertical-align:top; width:347px"> <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> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:140px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Team capability</span></strong></span></span></p> </td> <td style="background-color:#faeeda; border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:53px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">72</span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:60px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">19%</span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:347px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Good</strong> — The founder is a practising intensive-care doctor in Spain and Australia and the named inventor on six granted US patents — unusually well-evidenced technical provenance. Nine named people cover clinical, regulatory, finance and business development. No engineering lead is named; product design is credited to the founder of an outside design studio.</span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:140px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Product-market fit</span></strong></span></span></p> </td> <td style="background-color:#faece7; border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:53px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">65</span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:60px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">15%</span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:347px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Average</strong> — The device works and is safe: 122 patients across two hospital studies, every intubation successful, no complications reported, and one study published in a peer-reviewed journal. What is not yet shown in patients is that it beats what doctors already use — the 102-patient study found no significant time difference and 73% first-attempt success, while the campaign's headline figures come from mannequins.</span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:140px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Traction and growth</span></strong></span></span></p> </td> <td style="background-color:#faece7; border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:53px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">62</span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:60px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">15%</span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:347px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Average</strong> — Selling started in January 2026 and is independently reported: 25+ hospitals visited, six in the purchase process, two pilots in large Madrid hospitals, plus distribution deals in Brazil and Turkey with first shipments made. It is a genuine start but a very early one, and the dated milestone charts in the pack disagree with each other by roughly a year on when sales began and when studies finished.</span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:140px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Market size</span></strong></span></span></p> </td> <td style="background-color:#faeeda; border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:53px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">78</span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:60px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">11%</span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:347px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Good</strong> — The market is real and independently confirmed at close to the size claimed — Grand View Research puts airway devices at $2.64B in 2025 against the company's $2.61B — and the clinical problem is documented in JAMA, where 45.2% of intubations in critically ill patients led to a major complication. Published estimates for the same market range from $1.78B to $2.64B, so the figure used is at the top end, and the US sub-market figures quoted could not be traced to any source.</span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:140px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Business model</span></strong></span></span></p> </td> <td style="background-color:#faece7; border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:53px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">52</span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:60px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">8%</span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:347px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Average</strong> — A single-use device sold through distributors is a sound structure — every procedure is a repeat sale, and the company reports a 74% margin on each unit. But the only financial disclosure in the pack does not hold together: revenues minus expenses does not equal the stated profit in any of the five years, and the missing amount implies a margin nearer 66–67%. The forecast also has sales rising from €186,000 in 2026 to €162M in 2030 while expenses rise only fourteenfold.</span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:140px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Competition</span></strong></span></span></p> </td> <td style="background-color:#faece7; border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:53px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">58</span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:60px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">7%</span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:347px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Average</strong> — The combination the device offers — steering the tube, protecting the teeth and shielding the staff — does appear to be distinctive, and it is patent-protected in the US. It sits, however, in a category owned by four large firms who also make the video laryngoscopes the device needs in order to work at all, and other parties hold granted US patents on intubation shields, including Safer Medical Products LLC (US 11,957,839, granted April 2024).</span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:140px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Regulatory and compliance</span></strong></span></span></p> </td> <td style="background-color:#fcebeb; border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:53px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">45</span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:60px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">15%</span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:347px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Weak</strong> — The regulatory record is genuinely strong — a CE mark, the FDA's Safer Technologies designation confirmed from the FDA's own letter, registrations reported in Brazil and Turkey, and a US patent granted in June 2025. Set against that, the campaign states the company owns its patents outright, while the US Patent Office records the patent covering this device as belonging to Airway Medical Innovations S.L., a separate Spanish company. Five related patents are recorded to an Australian company of a similar name.</span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:140px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Technology risk</span></strong></span></span></p> </td> <td style="background-color:#faeeda; border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:53px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">70</span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:60px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">10%</span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:347px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Good</strong> — The technical risk on the product being sold today is low: it is a moulded plastic part, described in a peer-reviewed journal, CE-marked and already used on patients, made by two contract manufacturers with automated tooling. The company states plainly that it cannot be used without a video laryngoscope, and that only 57.5% of UK hospitals have one — the versions that would remove that limit are early-stage and the company says it cannot describe them while patent work is under way.</span></span></p> </td> </tr> <tr> <td style="background-color:#d9ebc2; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:140px"> <p><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="background-color:#d9ebc2; border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:53px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">63</span></strong></span></span></p> </td> <td style="background-color:#d9ebc2; border-bottom:1px solid black; border-left:none; border-right:1px solid black; 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">100%</span></strong></span></span></p> </td> <td style="background-color:#d9ebc2; border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:347px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Average</span></strong><span style="color:black"> — meaningful preconditions missing or weakly evidenced</span></span></span></p> </td> </tr> </tbody> </table> <p> </p> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><em>Weights: this is a regulated medical device, so compliance carries 15% and technology risk 10%, taken proportionally from the standard seed weightings, which were scaled to fit the remaining 75%.</em></span></span></p> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><em>The regulatory sheet published after our first review closed most of the open questions about the shares and the fees. Filling in missing information does not raise the score, because missing information never lowered it — the score reflects what the evidence shows about the business, and none of the three findings behind it changed.</em></span></span></p> <h1><span style="font-size:16pt"><span style="font-family:"Times New Roman",serif"><span style="color:#2e74b5">❓ Questions to ask before investing</span></span></span></h1> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:6.25in"> <tbody> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:1px solid black; vertical-align:top; width:600px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">These are facts the company holds and can supply on request. They were not in the materials we reviewed — they may well exist in interviews, webinars or the company's data room. The score above is based on what was available; these questions are how you close the gap.</span></span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:600px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">US patent 12,318,541 is recorded at the US Patent Office as owned by Airway Medical Innovations S.L. Can you send a current ownership extract showing who owns it today, and explain the relationship between Airway Shield S.L., Airway Medical Innovations S.L. and Airway Medical Innovations Pty Ltd?</span></span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:600px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">If there is a licence between those companies, what does it cost Airway Shield S.L. and can it be cancelled?</span></span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:600px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">The campaign says investors get preferential liquidation rights and a tax deduction; the regulatory sheet says you get neither. Which is correct, and will the campaign be corrected?</span></span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:600px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">Can you send the share register — who owns what before and after this round? The regulatory sheet links to it but the linked page was not in what we received.</span></span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:600px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">Do the 2021 or 2023 investors get paid ahead of these ordinary shares if the company is sold?</span></span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:600px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">What exactly do the anti-dilution rights give me — a right to invest again in future rounds, or a price adjustment if new shares are issued more cheaply — and do earlier investors hold the same right?</span></span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:600px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">At what shareholding percentage can a drag-along be triggered, and who can trigger it?</span></span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:600px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">How big is the employee share pool, and will it grow before the 2027 round?</span></span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:600px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">Who are your board directors by name? The regulatory sheet describes them only as "our CEO and several members".</span></span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:600px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">How many units have you sold since January 2026, to how many hospitals, and what is the revenue so far against the €186,000 you forecast for the year?</span></span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:600px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">What does one unit sell for, what does it cost you to make and ship, and what does the distributor keep?</span></span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:600px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">In your financial table, revenues minus expenses does not equal the profit figure in any year. What is the missing cost line, and can you send the full model and the accounts the regulatory sheet links to?</span></span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:600px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">How much cash do you have today, what do you spend each month, and how long does that last?</span></span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:600px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">Can you send the full report of the 102-patient study, including the first-attempt success rate in each group? And can you state plainly which headline figures come from mannequins and which from patients?</span></span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:600px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">Is the FDA route a 510(k) submission or a 510(k) exemption, what is the submission number and filing date, and what happens to the plan if the decision slips past 2026?</span></span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:600px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">Can you send the CE certificate showing the notified body, certificate number and expiry, plus the Brazil and Turkey registration numbers?</span></span></span></p> </td> </tr> </tbody> </table> <h1><span style="font-size:16pt"><span style="font-family:"Times New Roman",serif"><span style="color:#2e74b5">📜 What you own</span></span></span></h1> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">You would be buying ordinary shares in Airway Shield S.L., a Spanish private limited company, at €53.79 each with a €1,000 minimum — so €1,000 buys about 18.6 shares, roughly 0.011% of the company if the round closes at €800,000. Investors of €5,000 or more pay €49.76. By default you do not hold the shares yourself: they sit in a Dutch foundation set up by the platform, Capital Cell Stichting Administratiekantoor, and you hold units in it. You can instead be entered on the company's own share register, but only by signing a notarial power of attorney in favour of Capital Cell before the round closes; if you do nothing you go into the foundation, with the same rights as everyone else there. Either way the platform stands between you and the shareholder meeting.</span></span></p> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">These are plain ordinary shares. You have the right to attend the shareholder meeting, tag-along and drag-along rights, and anti-dilution rights whose form is not described. You do not have a right to be paid back ahead of other shareholders, and the investment does not qualify for Spanish tax relief — on both points the regulatory sheet contradicts the campaign page, and it says expressly that it takes precedence. Capital Cell keeps 8% of any gain you make above your original stake, and 8% of the price if you ever sell your units to someone else. Shares in a Spanish private limited company cannot be freely sold; there is a bulletin board for transfers but the company has to approve it first, so expect your money to stay in until the company is sold.</span></span></p> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><em>Everything below is reference detail for readers who want to go deeper.</em></span></span></p> <h1><span style="font-size:16pt"><span style="font-family:"Times New Roman",serif"><span style="color:#2e74b5">🔍 Detailed review</span></span></span></h1> <h2><span style="font-size:13pt"><span style="font-family:"Times New Roman",serif"><span style="color:#2e74b5">Team capability</span></span></span></h2> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The founder, Dr Julio Alonso, is an intensive-care specialist who has worked in hospitals in Spain and Australia, and public patent records name him as the inventor on six granted US patents in airway devices filed between 2015 and 2020 — technical provenance that can be checked rather than taken on trust. The company reports a nine-person team covering clinical work, quality and regulatory affairs, finance, medical communication and business development, with a chief financial officer whose stated background includes venture capital and two prior finance-director roles. The platform's own expert panel scored the team 74%.</span></span></p> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:6.25in"> <tbody> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:1px solid black; vertical-align:top; width:300px"> <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 black; border-left:none; border-right:1px solid black; border-top:1px solid black; vertical-align:top; width:300px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">⚠️ Concerns</span></strong></span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:300px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">The founder is a practising clinician in the exact specialty the device serves, and invented it out of his own working experience.</span></span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">Six granted US patents name him as inventor — confirmed in public patent records.</span></span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">Regulatory and quality is a named, dedicated role, which matters for a device company.</span></span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">The platform's independent expert panel reviewed the team and scored it 74%.</span></span></span></li> </ul> </td> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:300px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">No chief technology officer or in-house engineering lead is named; product development is credited to the founder of an outside industrial-design studio.</span></span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">Whether team members are employees, contractors or part-time is not stated in the pack we reviewed.</span></span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">Press coverage of a May 2026 award named a different person as leading the company at that event than the campaign lists as chief executive.</span></span></span></li> </ul> </td> </tr> </tbody> </table> <p><span style="font-size:13pt"><span style="font-family:"Times New Roman",serif"><span style="color:#2e74b5">Product-market fit</span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The company reports four studies on mannequins and two on patients. The first mannequin study was published in a peer-reviewed journal and found roughly a 95% reduction in aerosols and droplets, though it used a single operator performing eight intubations. The two patient studies covered 20 and 102 people; the company reports every intubation successful with no complications, and the larger randomised study concluded the device was as good as standard technique. What that study did not find was an advantage: the company reports no significant difference in intubation times, and 73% of patients intubated on the first attempt.</span></span></p> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:6.25in"> <tbody> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:1px solid black; vertical-align:top; width:300px"> <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 black; border-left:none; border-right:1px solid black; border-top:1px solid black; vertical-align:top; width:300px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">⚠️ Concerns</span></strong></span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:300px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">122 patients across two hospital studies, with every intubation successful and no complications reported.</span></span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">One study published in a peer-reviewed journal (European Journal of Anaesthesiology, 2022).</span></span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">Three named anaesthetists on the campaign describe the device as practical and useful in their own words.</span></span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">The device is CE-marked and already in clinical use in at least one hospital ward.</span></span></span></li> </ul> </td> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:300px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">The headline claims of 100% first-attempt success and 50% faster intubation come from mannequin tests; the patient study found neither.</span></span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">The largest mannequin study has been described as under review or in pre-print since at least September 2025, four years after its conference abstract.</span></span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">The trial that would compare the device against the tools doctors actually use — the bougie and the stylet — has not started.</span></span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">Company documents disagree on which laryngoscope was used as the comparison in the second mannequin study.</span></span></span></li> </ul> </td> </tr> </tbody> </table> <p><span style="font-size:13pt"><span style="font-family:"Times New Roman",serif"><span style="color:#2e74b5">Traction and growth</span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Selling began in January 2026 with a four-person team in Spain. Spanish trade press in June 2026 reported the device had been presented at more than 25 public and private hospitals, that six had begun the purchase process, and that two pilot programmes were running in large Madrid hospitals — which corroborates the company's own account. The company also reports distribution agreements in Brazil and Turkey with first shipments completed, and two contract manufacturers. It has raised roughly €3.4M since 2020, and the two earlier crowdfunding rounds on this platform both closed above target, one within 24 hours.</span></span></p> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:6.25in"> <tbody> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:1px solid black; vertical-align:top; width:300px"> <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 black; border-left:none; border-right:1px solid black; border-top:1px solid black; vertical-align:top; width:300px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">⚠️ Concerns</span></strong></span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:300px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">First commercial sales confirmed by independent press, not only by the company.</span></span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">Six hospitals in the purchase process within six months of launch, from a standing start.</span></span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">Distribution agreements in two export markets with first shipments already made.</span></span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">Public funding from ENISA (€210,000) and the Spanish innovation agency CDTI (€325,000) both confirmed, alongside accelerator places at MassChallenge Boston and Lanzadera.</span></span></span></li> </ul> </td> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:300px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">Commercial volume is still tiny: a handful of hospitals, against a forecast that reaches €162M of sales by 2030.</span></span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">The dated milestone charts in the pack disagree with the company's own website by roughly a year throughout — first sales are shown as 2024 on one and January 2026 on the other.</span></span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">The 2021 round stated patient studies would run in late 2021 with commercialisation to follow; the first patient study finished in early 2024 and selling began in 2026.</span></span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">The company's figure for what its lead investors have committed differs between the campaign (€185,000) and its website (€210,000).</span></span></span></li> </ul> </td> </tr> </tbody> </table> <p><span style="font-size:13pt"><span style="font-family:"Times New Roman",serif"><span style="color:#2e74b5">Market size</span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Endotracheal intubation is one of the most frequently performed hospital procedures worldwide, and the clinical problem the device addresses is well documented: a study of 2,964 patients across 197 sites in 29 countries, published in JAMA in 2021, found that 45.2% of intubations in critically ill patients were followed by at least one major complication — most often cardiovascular instability. The device market itself is independently sized close to the company's figure, and it has a track record of large firms buying small ones.</span></span></p> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:6.25in"> <tbody> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:1px solid black; vertical-align:top; width:300px"> <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 black; border-left:none; border-right:1px solid black; border-top:1px solid black; vertical-align:top; width:300px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">⚠️ Concerns</span></strong></span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:300px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">The 45% complication figure traces to a top-tier peer-reviewed source (JAMA, 2021) rather than to marketing material.</span></span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">Grand View Research puts the airway devices market at $2.64B in 2025 — close to the $2.61B the company quotes.</span></span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">Four separate takeovers of airway-device makers by large groups are on record between 2012 and 2023, all confirmed from original filings.</span></span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">The device addresses hospital, ambulance, rural and military settings, so the potential buyer base is broad.</span></span></span></li> </ul> </td> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:300px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">Published estimates for the same market range from $1.78B to $2.64B depending on definition; the company uses a figure at the top of that range.</span></span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">The US sub-market figures quoted ($719M in 2024 rising to $904M by 2030) could not be traced to any published source.</span></span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">No price per unit is given anywhere in the pack we reviewed, so a reader cannot convert 100 million procedures into a revenue opportunity.</span></span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">The JAMA finding is dominated by cardiovascular instability, which a mouthpiece does not directly address — the connection between the headline statistic and the product is looser than the framing implies.</span></span></span></li> </ul> </td> </tr> </tbody> </table> <p><span style="font-size:13pt"><span style="font-family:"Times New Roman",serif"><span style="color:#2e74b5">Business model</span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The commercial logic is straightforward and sound: the device is thrown away after each use, so every procedure is a fresh sale, and hospitals buy through medical-device distributors while the company keeps its own team focused on evidence and product. Manufacturing is outsourced. The company reports a 74% gross margin. The difficulty is with the financial disclosure itself rather than the model.</span></span></p> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:6.25in"> <tbody> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:1px solid black; vertical-align:top; width:300px"> <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 black; border-left:none; border-right:1px solid black; border-top:1px solid black; vertical-align:top; width:300px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">⚠️ Concerns</span></strong></span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:300px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">A single-use device generates repeat revenue automatically, without a renewal or subscription mechanic.</span></span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">Outsourced manufacturing on two continents keeps fixed costs low and capacity flexible.</span></span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">Use of proceeds is set out in detail, with euro amounts against named activities.</span></span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">Distribution partners are named (Celmat in Brazil, ISTIMEX in Turkey) and first shipments are reported as completed.</span></span></span></li> </ul> </td> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:300px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">The five-year forecast does not reconcile: revenues minus expenses does not equal the stated profit figure in any year, so a cost line is missing from the table shown.</span></span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">The gap implies a margin on sales of roughly 66–67%, against the 74% stated elsewhere in the same document.</span></span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">Sales are forecast to rise from €186,000 in 2026 to €162M in 2030 — roughly 870-fold — while expenses rise about fourteenfold.</span></span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">No actual revenue figure appears anywhere in the pack we reviewed, although selling began seven months before this memo was written.</span></span></span></li> </ul> </td> </tr> </tbody> </table> <p><span style="font-size:13pt"><span style="font-family:"Times New Roman",serif"><span style="color:#2e74b5">Competition</span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The company positions the device against stylets, bougies, channelled video laryngoscopes and the plastic "aerosol boxes" used during the pandemic, arguing that none combines tube guidance with protection of both patient and clinician. That combination does appear distinctive. The competitive setting is nonetheless a demanding one.</span></span></p> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:6.25in"> <tbody> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:1px solid black; vertical-align:top; width:300px"> <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 black; border-left:none; border-right:1px solid black; border-top:1px solid black; vertical-align:top; width:300px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">⚠️ Concerns</span></strong></span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:300px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">The three-in-one combination is not matched by any product identified in this review.</span></span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">A granted US patent gives a real, checkable barrier rather than a claimed one.</span></span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">The device complements video laryngoscopes rather than replacing them, which lowers the barrier to a hospital trying it.</span></span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">The same large firms that dominate the category have repeatedly bought smaller innovators rather than building in-house.</span></span></span></li> </ul> </td> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:300px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">The four dominant firms — Medtronic, Teleflex, Ambu and Intersurgical — also make the video laryngoscopes the device needs to function.</span></span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">Other parties hold granted US patents on intubation shield assemblies, including Safer Medical Products LLC (US 11,957,839, granted April 2024).</span></span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">Intersurgical holds granted US patents on intubating airway devices in the adjacent channelled-airway category.</span></span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">The direct comparators — bougies and stylets — are very low-cost consumables, and no unit price is given in the pack we reviewed, so the "competitive price" claim cannot be checked.</span></span></span></li> </ul> </td> </tr> </tbody> </table> <p><span style="font-size:13pt"><span style="font-family:"Times New Roman",serif"><span style="color:#2e74b5">Regulatory and compliance</span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">On paper this is one of the company's strongest areas. The FDA decision letter in the pack confirms the device was accepted into the Safer Technologies Program in May 2022 — though that letter also states plainly that the designation does not change the requirements for, or guarantee, a future marketing clearance. The company reports a CE mark and registrations in Brazil and Turkey, and named regulatory advisers in Spain and Houston, with the FDA letter corroborating the US adviser. The concern lies with who owns the intellectual property.</span></span></p> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:6.25in"> <tbody> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:1px solid black; vertical-align:top; width:300px"> <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 black; border-left:none; border-right:1px solid black; border-top:1px solid black; vertical-align:top; width:300px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">⚠️ Concerns</span></strong></span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:300px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">The FDA designation is confirmed from the FDA's own decision letter rather than from company material.</span></span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">A US patent covering the shielded guide and technique was granted on 3 June 2025.</span></span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">Regulatory advisers are named, and the FDA letter is addressed care of the US adviser the company names — an independent corroboration.</span></span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">A CE mark, if held as stated, permits sale across the whole European market today.</span></span></span></li> </ul> </td> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:300px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">The campaign states patent ownership "belongs exclusively to Airway Shield SL"; the US Patent Office records the granted patent as assigned to Airway Medical Innovations S.L., a separate Spanish company at the same Santander address.</span></span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">Five related patents by the same inventor are recorded to Airway Medical Innovations Pty Ltd, an Australian company. Neither entity is mentioned anywhere in the pack we reviewed.</span></span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">The pack gives four different dates for expected FDA clearance across four documents, from late 2025 to Q3 2026.</span></span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">The roadmap refers to a "510(k) exemption application", which is a different regulatory route from a 510(k) submission; which is being pursued is not clarified.</span></span></span></li> </ul> </td> </tr> </tbody> </table> <p><span style="font-size:13pt"><span style="font-family:"Times New Roman",serif"><span style="color:#2e74b5">Technology risk</span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The product being sold today carries little technical risk. It is a moulded thermoplastic elastomer part with no electronics, described in a peer-reviewed journal, already CE-marked and used on patients, and produced by two contract manufacturers using automated dual-cavity tooling. The risk sits in the pipeline and in one honest limitation the company states itself.</span></span></p> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:6.25in"> <tbody> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:1px solid black; vertical-align:top; width:300px"> <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 black; border-left:none; border-right:1px solid black; border-top:1px solid black; vertical-align:top; width:300px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">⚠️ Concerns</span></strong></span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:300px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">No electronics, no software, no sterilisation-critical complexity in the current device.</span></span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">The design is documented in a peer-reviewed journal, so the construction is publicly described.</span></span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">Two contract manufacturers on two continents with automated tooling reduces single-supplier risk.</span></span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">The company states its dependency on video laryngoscopes openly rather than glossing over it.</span></span></span></li> </ul> </td> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:300px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">The device cannot be used with a plain laryngoscope; the company notes only 57.5% of UK hospitals have a video laryngoscope, which bounds how many hospitals can use it today.</span></span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">The versions that would remove that limit — a camera-integrated device and a standalone version — are early-stage, and the company says it cannot give detail while patent work is under way.</span></span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">No development budget, timeline or stage-gate status for the pipeline appears in the pack we reviewed.</span></span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">No information on shelf life, sterilisation method or any complaint history since sales began is in the pack we reviewed.</span></span></span></li> </ul> </td> </tr> </tbody> </table> <p><span style="font-size:16pt"><span style="font-family:"Times New Roman",serif"><span style="color:#2e74b5">💶 Valuation detail</span></span></span></p> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:6.25in"> <tbody> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:1px solid black; vertical-align:top; width:187px"> <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 black; border-left:none; border-right:1px solid black; border-top:1px solid black; vertical-align:top; width:413px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">€8.0M, confirmed in Part D of the regulatory sheet.</span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:187px"> <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 black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:413px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">€8.8M if the round closes at target; €9.0M if it is oversubscribed to the €1,000,000 maximum.</span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:187px"> <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 black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:413px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Ordinary shares of a Spanish limited liability company, created by increasing the company's capital. The campaign's "EquityL" label is not explained anywhere; the regulatory sheet governs and the shares are ordinary.</span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:187px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Share price</span></strong></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:413px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">€53.79 per share. Three discounts, not cumulative — the best one you qualify for applies: €49.76 if you invest €5,000 or more; €49.76 for anything invested from launch up to and including 5 August 2026; €43.03 for commitments made before 22 June 2026. Those work out at effective prices for the whole company of about €7.4M and €6.4M rather than €8.0M.</span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:187px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Ownership % offered</span></strong></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:413px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">9.09% for the full €800,000 at €53.79 — which finally reconciles the campaign's "9%". It rises to about 9.8% if everyone pays €49.76 and about 11.1% at €43.03 or at the €1,000,000 maximum. What percentage is sold depends on how much is raised and at which price.</span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:187px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Shares in issue</span></strong></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:413px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">About 148,700 before the round — worked out from €8.0M divided by €53.79. The share register itself is linked from the regulatory sheet but the linked page was not in what we received.</span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:187px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Funding condition</span></strong></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:413px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">All-or-nothing. If €800,000 is not reached by 23 August 2026 the money is returned. The deadline can be extended by up to 60 working days, and once the target is hit the round can be closed early on 72 hours' notice.</span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:187px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Fees</span></strong></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:413px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Capital Cell takes 8% of any return above the amount you originally invested, and nothing if there is no gain. If you sell your units on the platform's bulletin board, Capital Cell takes 8% of the sale price from you as seller. The sheet gives its own example: on a €10,000 investment returning €10,000 of profit, the fee is €800.</span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:187px"> <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 black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:413px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Methodology not in the pack we reviewed. The regulatory sheet states the €8.0M figure but not how it was arrived at.</span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:187px"> <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 black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:413px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Carta's 2025 data puts the median seed price before investment at $16M, with European rounds running roughly 25–30% below US medians — around €10–11M equivalent. The company's own 2023 round on this platform was priced at €4.0M before investment, making this a 2.0x step-up over about three years. Against revenue, DealMatrix puts the medical-device sector benchmark at about 3.5 times sales as at 31 March 2025, and Nelson Advisors puts European medtech at 4–6 times sales (3–4 for smaller, unprofitable firms); €8.0M is roughly 43 times the company's own 2026 revenue forecast of €186,000, or about 34 times at the €43.03 price.</span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:187px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Valuation fairness (1–5)</span></strong></span></span></p> </td> <td style="background-color:#d9ebc2; border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:413px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">4 / 5 — broadly supported. </span></strong><span style="color:black">It rests on two named benchmarks pointing the same way: the price sits below the European seed median implied by Carta's 2025 figures, and the 2.0x step-up from the company's own 2023 round is modest given what happened in between — a CE mark, two patient studies, a granted US patent and first sales. The discounts in the regulatory sheet push the effective price lower still for most meaningful subscriptions. It looks expensive only on revenue multiples, which are a poor tool for a company six months into selling; that comparison is shown above so you can weigh it yourself.</span></span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:187px"> <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 black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:413px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Minimum investment €1,000. No Spanish tax relief — the regulatory sheet states the investment does not qualify, contradicting the campaign. Sale of the company targeted for 2030. The company states it intends to raise a further €3M in late 2027. Non-professional investors may withdraw an offer within four days without giving a reason, and cancel within seven days of signing.</span></span></p> </td> </tr> </tbody> </table> <h1><span style="font-size:16pt"><span style="font-family:"Times New Roman",serif"><span style="color:#2e74b5">🚩 Red flags & integrity checks</span></span></span></h1> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:6.25in"> <tbody> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:1px solid black; vertical-align:top; width:40px"> <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 black; border-left:none; border-right:1px solid black; border-top:1px solid black; vertical-align:top; width:560px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Missing critical data</strong> — The regulatory sheet has now closed most of what was open: the share price, share type, holding structure, funding condition, transfer rules, fees and rights are all on record. What is still missing: the share register itself and the post-round version (both linked from the sheet, but the linked pages were not in what we received); the accounts and three-year figures (same); the employee share pool; whether earlier investors get paid ahead of these shares; the anti-dilution mechanism; the drag-along threshold; the names of the board directors. No actual revenue, unit price, unit cost, cash balance or monthly spend appears anywhere, although selling began in January 2026, and there are still no certificate or registration numbers for the CE mark, Brazil, Turkey or the patents. Several fields in the regulatory sheet itself are blank or left as template text, including the update date and the name of the competent authority.</span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:40px"> <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 black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:560px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Internal inconsistencies</strong> — Twenty-four were found. The five that matter most: the campaign lists "Preferential liquidation rights" while the regulatory sheet records "Liquidation right: No"; the campaign shows a tax deduction while the sheet states the investment does not qualify for tax incentives; the financial table does not reconcile in any year (2030 shows €162,346.8k revenue less €7,531.5k expenses against a stated profit of €101,407.3k); the campaign's "100% first-pass success" and "50% faster" come from mannequins while the 102-patient study reports no significant time difference and 73% first-attempt success; and the milestone charts in the pack and on the website date the same events roughly a year apart, including first sales (Q3 2024 versus Q1 2026). On the first two, the regulatory sheet governs and says so itself.</span></span></p> </td> </tr> <tr> <td style="background-color:#fcebeb; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:40px"> <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="background-color:#fcebeb; border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:560px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">External discrepancies</span></strong><span style="color:black"> — One. The project description states: "Ownership belongs exclusively to Airway Shield SL." The US Patent Office records the assignee of US 12,318,541 — "Shielded intubation guide and method", filed 24 June 2020 and granted 3 June 2025, the patent covering this device — as Airway Medical Innovations S.L. Five further patents by the same inventor are recorded to Airway Medical Innovations Pty Ltd of Australia. Airway Medical Innovations S.L. is a separate Spanish company (tax number B88482401, incorporated 24 September 2019) registered at Calle Moctezuma 3, Santander — the same address as Airway Shield S.L. — with the founder recorded as an officer. A later transfer may exist and simply not be reflected in the patent record, or the companies may operate under a licence between them; neither is mentioned anywhere in the pack we reviewed. This is the first question in the questions section.</span></span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:40px"> <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 black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:560px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Negative public information</strong> — None found in public registries or news searches. No litigation, insolvency proceedings, regulatory action, product recall or adverse press was located concerning the company, the related entities or the founder.</span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:40px"> <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 black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:560px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Prior fundraises</strong> — This is the third consecutive round on the same platform, and both earlier ones closed above target: 2021, closed in under 24 hours against a €320,000 target with €400,000–€410,000 reported raised; and 2023, closed in 10 days against a €500,000 target at a €4.0M valuation, with €680,000 reported raised. Against stated milestones the record is mixed: the 2021 round said patient studies would run in late 2021 with commercialisation to follow in Europe, the US and Australia, whereas the first patient study completed in early 2024 and selling began in January 2026. The chief executive described the 2023 raise as a €500,000 convertible-note bridge in an October 2023 interview, while the company's funding chart records it as a €680,000 equity round. Public funding from ENISA (€210,000, 2022) and CDTI/NEOTEC (€325,000) is confirmed; a €540,000 award shown for 2024 could not be traced.</span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:40px"> <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 black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:560px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Valuation reasonableness</strong> — €8.0M before investment, for 9.09% at the €53.79 share price, with discounted tiers giving effective prices of about €7.4M and €6.4M. Carta's 2025 data puts the median seed price before investment at $16M, with European rounds around 25–30% lower, so the price sits below that benchmark. Against the company's own 2023 round at €4.0M it is a 2.0x step-up across a CE mark, two patient studies, a granted US patent and first sales. Against revenue it is high: roughly 43 times the company's own 2026 forecast at the headline price, where DealMatrix puts the medical-device sector benchmark at about 3.5 times sales and Nelson Advisors puts European medtech at 4–6 times. Only one comparable takeover disclosed the target's revenue — Teleflex paid $276M for LMA on revenue of $123.9M, about 2.2 times sales.</span></span></p> </td> </tr> </tbody> </table> <h1><span style="font-size:16pt"><span style="font-family:"Times New Roman",serif"><span style="color:#2e74b5">📜 Instrument & investor terms — full mechanics</span></span></span></h1> <h2><span style="font-size:13pt"><span style="font-family:"Times New Roman",serif"><span style="color:#2e74b5">What you own — in full</span></span></span></h2> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Ordinary shares in Airway Shield S.L., a Spanish private limited company, priced at €53.79 each with a minimum subscription of €1,000. Investors of €5,000 or more, and anyone investing before 5 August 2026, pay €49.76; commitments made before 22 June 2026 were priced at €43.03. The discounts are not cumulative and the best applicable one is used. Your money is paid into a special purpose vehicle, which then subscribes to a capital increase in the company itself.</span></span></p> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">There are two ways to end up holding. By default you hold units in Capital Cell Stichting Administratiekantoor, a Dutch foundation used by the platform for this purpose, registered at De Boelelaan 7, Amsterdam. Alternatively you can be entered on the company's own share register, but only by signing a notarial power of attorney in favour of Capital Cell before the round closes; anyone who does not do so is transferred to the foundation with the same rights as everyone else in it. In both cases the platform sits between you and the company. You have the right to attend the shareholder meeting, and the campaign notes that Capital Cell attends and represents investors there. A €800,000 subscription buying about 9% would not on its own carry enough votes to force or block a sale of the business.</span></span></p> <h2><span style="font-size:13pt"><span style="font-family:"Times New Roman",serif"><span style="color:#2e74b5">Dilution — how your share can shrink</span></span></span></h2> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The company states it intends to raise a further €3M in a Series A round in late 2027, and to open manufacturing in Europe and the United States. Issuing new shares to new investors reduces the percentage every existing shareholder owns. The regulatory sheet records that anti-dilution rights exist but does not say what they are — whether a right to invest again in future rounds to keep your percentage, or an adjustment to the price you effectively paid if new shares are issued more cheaply — nor which share classes hold them. The employee share pool is also not disclosed, and pools are commonly enlarged before a new round, which dilutes existing holders too. This round can itself run to €1,000,000 rather than €800,000, in which case investors take about 11.1% of the company rather than 9.1%.</span></span></p> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">A worked example using the disclosed share price. €1,000 at €53.79 buys 18.59 shares. The €8.0M pre-money implies about 148,727 shares before the round, so if the round closes at €800,000 entirely at the headline price the company has about 163,600 shares afterwards and your holding is roughly 0.0114% — the same answer as €1,000 divided by the €8.8M post-money valuation. If the company then raises €3M in 2027 at, say, €15M before investment, new shares equal to one sixth of the enlarged company would be issued and your holding would fall to about 0.0095%, a reduction of roughly 17%, unless your anti-dilution rights let you top up. The €15M figure is our illustration, not a company statement; the actual future valuation is unknowable.</span></span></p> <h2><span style="font-size:13pt"><span style="font-family:"Times New Roman",serif"><span style="color:#2e74b5">If the company is sold or wound down</span></span></span></h2> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Money is paid out in a fixed order: lenders and other creditors first, then any shareholders holding a right to be repaid ahead of the rest (a "liquidation preference"), then whatever remains is shared among everyone else in proportion to their shareholding. The campaign lists "Preferential liquidation rights" among investor rights and the company website lists a "liquidation preference". The regulatory sheet records "Liquidation right: No", and states expressly that where it and the campaign page differ, it takes precedence. On that basis these are plain ordinary shares: you share fully in whatever a sale produces, but you have no priority, and you would rank behind any priority that the 2021 or 2023 investors may hold. Whether they hold one is not stated anywhere in what we reviewed, and it is one of the questions above.</span></span></p> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The upside of that is worth stating plainly: there is no structure here that would repay your money but leave you only a token slice of a large sale. That is the structure this kind of check exists to catch, and it does not apply to these shares.</span></span></p> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The sheet also lists drag-along and tag-along rights. A drag-along means that if holders of a large enough stake agree to sell the company, everyone else can be compelled to sell on the same terms; the percentage that triggers it is not stated. A tag-along works the other way and lets you join a sale on the same terms rather than being left behind. The sheet defines the events that count as a sale: a transfer of shares amounting to a change of control, a sale of all or substantially all the assets, an exclusive licence of the company's most important intellectual property to a third party, a stock-market listing, or the company being wound up. No lock-up period is stated. Capital Cell provides a bulletin board on which units can be transferred, but only where the company has approved it first, and Capital Cell takes 8% of the sale price from the seller. Shares in a Spanish private limited company carry statutory restrictions on transfer in any case, so treat this money as committed until 2030 or later.</span></span></p> <h2><span style="font-size:13pt"><span style="font-family:"Times New Roman",serif"><span style="color:#2e74b5">Fees</span></span></span></h2> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Capital Cell charges a success fee of 8%. You are repaid the full amount you invested first; anything above that is split 92% to you and 8% to Capital Cell. If there is no gain there is no fee. The sheet gives its own worked example: on a €10,000 investment, a return with no profit costs nothing, and a return with €10,000 of profit costs €800. Selling units on the bulletin board costs the seller 8% of the sale price. On the illustrative range in this memo, an 8x gross outcome becomes about 7.4x in your hands. None of these charges appeared anywhere in the campaign, the website or the slide decks.</span></span></p> <h2><span style="font-size:13pt"><span style="font-family:"Times New Roman",serif"><span style="color:#2e74b5">Terms not in the pack we reviewed</span></span></span></h2> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">These exist in the shareholder documents or behind links in the regulatory sheet and could have been supplied — unlike operating figures, they are written down somewhere. Each also appears as a question above.</span></span></p> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The share register, and the post-round version. Both are linked from the regulatory sheet, but the linked pages were not in what we received.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The accounts and the three-year key financial figures, likewise linked but not supplied.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Whether the 2021 or 2023 investors get paid ahead of these ordinary shares.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The size of the employee share pool, and whether it grows before the 2027 round.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">What the anti-dilution rights actually do, and which share classes hold them.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The shareholding percentage that triggers the drag-along right.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The terms behind "key employee tenure" — whether founders are on vesting schedules and what happens if one leaves.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The names of the board directors.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Any lock-up period.</span></span></li> </ul> <p> </p> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:6.25in"> <tbody> <tr> <td style="background-color:#e6f1fb; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:1px solid black; vertical-align:top; width:600px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">ℹ️ This is not investment advice. </span></strong><span style="color:black">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> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><em>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.</em></span></span></p>
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EUR 100
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