Mobia Medical, a company that makes a neurostimulation device for stroke treatment, made its public debut on Friday. The medtech startup wants to help stroke survivors recover arm function sooner using neurostimulation.
Mobia raised roughly $150 million in proceeds from the offering, which valued its shares at $15 each. By market close on Friday, Mobia’s shares had fallen by 21% to $11.75.
CEO Richard Foust said now was the right time for the company to go public, despite a volatile stock market, and that he thought this was the best way to bring Mobia’s device to as many patients as possible.
“We have a really large unmet market, when you think about 9 million stroke survivors across the U.S. just looking for options,” Foust said.
Mobia’s Vivistim device uses vagus nerve stimulation to help improve upper limb function in stroke survivors. Vivistim received Food and Drug Administration approval in 2021, and the company began marketing it in 2023. After the device is implanted, patients work with a therapist to do rehabilitation exercises while it stimulates their vagus nerve to regain hand and arm function.
Currently, Mobia’s device is the only FDA approved solution for chronic ischemic stroke survivors with moderate to severe upper extremity impairment.
Foust said he plans to use the proceeds of the IPO to increase access and awareness of Vivistim. Mobia has about 40 territory managers across the U.S., and the company plans to increase that with a planned commercial expansion.
Foust said the company plans to emphasize education for people working in stroke centers, as well as people outside of that setting, such as primary care physicians, who might not know that the company’s device is an option for their patients. Mobia also plans to work with medical societies and payers.
“We want everyone to think of this as a frontline therapy for anyone who has a chronic stroke survivor that they touch, and for them to be screened and evaluated and have a plan,” Foust said.
A randomized, controlled trial of 108 people published in the Lancet in 2021 found Vivistim improved arm function after stroke. The study was funded by Mobia, formerly known as MicroTransponder. Nearly half of the 53 people who received the treatment had a clinically meaningful response, compared with 24% of the control group. The study included people who received treatment years after stroke, on average three years later.
One concern raised in the company’s prospectus was a widening net loss. In 2025, Mobia reported a net loss of $46.5 million, compared with a $24.6 million net loss in 2024. Mobia more than doubled its revenue during that time, from $15.6 million in 2024 to $32 million last year.
When asked about the company’s finances, Foust said Mobia sees an opportunity as it grows its revenue to create operating leverage and to focus on making Vivistim the standard of care.
“What makes us excited about this journey and getting access to this capital is we now know how many more patients we will be able to treat,” Foust said.
Mobia’s public debut is one of just a few recent medtech IPOs. In March, Medtronic’s diabetes spinoff MiniMed went public for $560 million. The industry also saw a few public debuts last year, including Heartflow’s $364 million IPO and Beta Bionics’ $204 million IPO.
