The Index
400 dossiers
A research screener for every company we cover. Search a name or ticker, then sort and triage dossiers by coverage freshness, our conviction and trading relevance.
bci13 names· avg TR 4 | ||||||||
| The softest neural interface on the planet with zero chronic human data — a genuine materials-science lead wrapped around an unproven clinical thesis and a behind-the-pack regulatory position; a WATCH, not a bet, until a Fleuron probe records cleanly past 90 days in a living brain. | — | 1 | ||||||
| The only at-scale, FDA-cleared, revenue-bearing non-invasive BCI franchise heading to a public listing — but it is a Chinese military-civil-fusion controversy with a confidential HK IPO, no public financials, and a US national-security cloud, so it is un-investable on a US/UK book until it trades and discloses. | — | 1 | ||||||
| A genuine semiconductor moat wrapped around a sub-scale, still-unprofitable medtech — the Midjourney/Embedded licensing pivot is real and re-rates the story, but at ~10x forward sales with episodic licensing revenue and a founder selling, the price already imputes the platform it has not yet proven. | — | 1 | ||||||
| A non-invasive, AR-first AAC headset with a real FDA-Breakthrough wedge and two distribution partners — but at a ~$25–46M valuation after 12 years and ~$25–32M raised, it is a mission-driven research-tools / assistive-device niche player, not a venture-scale BCI bet; the asymmetry is acquisition-by-a-giant, not an IPO. | — | 0 | ||||||
| The only European bidirectional-BCI in US human trials, backed by the BioNTech family office (Santo/Strüngmann) — a Breakthrough-Device, stroke-rehab-first asset that is structurally early and structurally under-capitalised; WATCHING for the funding round that proves the Strüngmanns will write a BioNTech-scale cheque, not just an option. | — | 8 | ||||||
| The most-cited consumer-EEG brand in research, now repricing itself as "cognitive AI infrastructure" — but 23 years in, ~$10M ever raised, and a Chilean supreme-court delete order make it the BCI category's pioneer that capital forgot, not its winner. WATCHING — a be-early IPO-readiness name, not yet investable. | — | 8 | ||||||
| Forest is a nonprofit research instrument, NOT an equity — the tradeable BCI bet it incubated walked out the door as Merge Labs (Altman/OpenAI, $850M); track Forest as the science-de-risking front-end, position via Merge or Butterfly (BFLY), never Forest itself. | — | 8 | ||||||
| The profitable, un-hyped grandfather of non-invasive BCI — a 27-year Austrian bootstrap that quietly owns the research-EEG install base and is turning recoveriX neurorehab into a franchise annuity; a real cash-flowing business but NOT a tradeable IPO candidate (no venture capital, ~$24M est. value, founder-owned), so it is a WATCH-the-category tell, not a position. | — | 8 | ||||||
H Hyperfinecatalyst in 43d | A real, FDA-cleared portable-MRI razor finally finding its blade — Q1 device units +67% and runway into 2028 de-risk the going-concern story, but at ~$22M revenue and a ~$140M cap it is still a sub-scale, founder-controlled call option on point-of-care neuro-imaging, not yet a business. | — | ||||||
| The best-positioned European BCI pure-play and the only graphene-native one — but it is a Series-B, pre-revenue spin-off two full funding rounds behind Neuralink/Precision, and its material moat is unproven precisely where its closest competitor (Precision's Layer 7) already has FDA clearance; a watch-and-wait private, not yet investable, gated on a Series C + a graphene-specific regulatory de-risking event. | — | 8 | ||||||
| A genuinely good optical-imaging instrument company wearing three failed business models — capital-starved ($158M total, no priced round since Dec-2023) and IPO-irrelevant while the rest of BCI raises billions; WATCHING, not investable, until a real revenue line or a strategic acquirer appears. | — | 8 | ||||||
| Cheapest large-cap medtech (fwd P/E ~13x, ~half of BSX/SYK) finally inflecting — PFA + Hugo + an Elliott-forced cost/portfolio reset put a credible re-rating in play, but the whole thesis rests on one unproven number: does organic growth hold above 5%? | — | 0 | ||||||
| A first-mover NGPS tools story whose commercial engine is going backwards (revenue −20% in FY25, −69% in Q1'26 to $258K) while it bets the company on Proteus by end-2026; ~$190M cash funds the bet, but a 69%-Rothberg-controlled sub-$1 microcap with collapsing instrument demand is a binary option, not an investment — WATCHING until Proteus ships and consumable pull-through proves real. | — | 1 | ||||||
bci-neuroscience6 names· avg TR 1 | ||||||||
| The most-implanted BCI on Earth and the worst-capitalized relative to its peers — a 2008-era electrode bet now owned by a stablecoin issuer, where the moat is two decades of human data and the kill-switch is glial scar tissue. Watching, not buying, until a De Novo/PMA submission and a clean secondary mark say the Tether money actually bought commercialization rather than just runway. | — | |||||||
| A blueberry-sized, battery-free epidural stimulator with a Medtronic-grade team and a clean FDA IDE — but it is a single-asset, sub-$30M minnow in a field of nine-figure whales, and its closest peer (Inner Cosmos) already has the clinical lead. | — | 1 |
| The category's brand and bandwidth leader, but the bet is binary on durable signal-at-scale and CMS reimbursement — not yet a tradeable security, and the moment a Synchron or Precision reaches a pivotal trial first, Neuralink's "lead" is narrative, not regulatory. | — | 1 |
| The highest-bandwidth intracortical BCI just put its wireless device in a human brain (17 Jun 2026) — but it is two patients into an EFS, ~3-5 years from revenue, and out-capitalized ~3-4:1 by Neuralink, so the bet is "bandwidth wins the speech-prosthesis category" against a far better-funded field. | — | 1 |
| The only FDA-cleared, commercially-shipping cortical BCI — but it is selling a 30-day surgical-monitoring tool, not the chronic implant the $500M valuation is priced on; Medtronic is the real tell, IP overhang from Rapoport's Neuralink past is the real risk. | — | 1 |
| The safest, most surgically scalable path into the brain and the only BCI Apple made a native input — but it bet the company on "good enough" 16-electrode bandwidth, and its own third-gen "whole-brain" pivot is a confession that the moat it is famous for may be the ceiling it has to escape. | — | 1 |