Nexstim Plc announced that it has disagreements regarding the licensing of the Company?s technology to medical technology company Magnus Medical Inc. (?Magnus Medical?). The technology licensed is related to the NBT system developed by the Company, with certain restrictions, and the related patents, and the use of the license is restricted to the treatment of neuropsychiatric disorders. Nexstim e-field modeling and application software are not included in the license.

In February 2022, Nexstim announced the sale of a license for technology related to Nexstim's NBT system to Magnus Medical Inc. The total value of the agreement was estimated at approximately EUR 17 million, including a five-year royalty period. Magnus Medical has now provided Nexstim with additional information regarding the launch of its first commercial product. According to analyses conducted by Nexstim and an external party, the additional information provided by Magnus Medical creates a disagreement regarding the use of the licensed technology.

Nexstim continues to collect information on Magnus Medical?s commercial product and plans next steps to protect its financial interests and intellectual property rights according to the long-term agreement. Nexstim repeats the estimate the Company gave as part of its financial statements bulletin in February 2024, stating that the Company does not currently estimate to receive any royalty revenue from Magnus Medical during 2024 in its business forecasts. In addition, Magnus Medical has itself informed Nexstim that it uses a third-party solution in its product, which would not be covered by the contract at all.

Nexstim does currently not give an estimate on the total value or financial expectations of the royalty period due to the ongoing disagreement.