Mobia Medical priced its initial public offering on May 7, 2026: 10 million shares at $15.00, for gross proceeds of about $150M. The price landed at the midpoint of the $14 to $16 range. Shares began trading on the Nasdaq Global Select Market on May 8 under the ticker MOBI, with closing expected May 11. Underwriters hold a 30-day option on 1.5 million more shares. BofA Securities, J.P. Morgan and Goldman Sachs ran the book, with BTIG as passive bookrunner and the Wolfe | Nomura Alliance as manager.
The company was incorporated in Delaware on March 5, 2007, as MicroTransponder and took the Mobia name in 2026. Its Vivistim Paired VNS System is an implanted vagus nerve stimulator that pairs stimulation with rehabilitation exercises. The indication is chronic ischemic stroke survivors with moderate to severe upper limb impairment. FDA approved it under PMA P210007 in 2021, and the company launched commercially in 2023.
Revenue reached $32.0M in 2025, up from $24M in 2024, on a net loss of $46.5M. Physicians have performed more than 1,000 implants, about 700 of them in 2025. Cash stood at $55.7M at the end of March 2026, after $40M in convertible notes issued in January and February.
The S-1 earmarks $93.5M of proceeds for the sales force and commercial expansion. A single-product PMA company going public on about $32M of revenue is the test case for whether the device IPO window is open.