NeuroOne (Nasdaq: NMTC) to restate March 31 2026 results, keeps guidance
Rhea-AI Filing Summary
NeuroOne Medical Technologies announced that investors should no longer rely on its interim financial statements for the quarter ended March 31, 2026 because of revenue-recognition errors tied to modified customer purchase orders. The company will amend and restate its Form 10-Q and related disclosures.
The errors caused revenue and accounts receivable to be overstated by an estimated $529,000, gross profit to be overstated by about $296,000, and operating and net loss to be understated by about $296,000. Total assets were overstated by $296,000 and inventory understated by $233,000. The company attributes the issue in part to inadequately designed and implemented internal controls, but states that no intentional misconduct by management or employees was involved.
In the accompanying press release, NeuroOne notes the error reflects a one-time revenue overstatement of approximately $0.5 million against initially reported quarterly revenue of $2.4 million, with no impact on prior periods or cash as of March 31, 2026. The company says ongoing business activities are not affected and reaffirms product revenue guidance of at least $10.5 million for fiscal 2026.
Positive
- None.
Negative
- Financial restatement and control weakness: NeuroOne will restate its quarter ended March 31, 2026 financials after discovering revenue-recognition errors tied to modified customer orders, highlighting inadequately designed and implemented internal controls over financial reporting.
Insights
NeuroOne flags a control weakness and restates revenue but reiterates full-year guidance.
NeuroOne is restating its quarter ended March 31, 2026 financials after discovering a revenue-recognition error linked to modified customer purchase orders. Estimated impacts include a $529,000 overstatement of revenue and accounts receivable and a $296,000 understatement of operating and net loss.
The company attributes the problem partly to inadequate internal controls over evaluating certain customer order changes, indicating a weakness in its financial reporting process. It also reports total assets overstated by $296,000 and inventory understated by $233,000, though it states there was no intentional misconduct.
From an investor perspective, restatements and disclosed control issues are generally unfavorable governance signals. However, management emphasizes that no prior periods are affected, cash as of March 31, 2026 is unchanged, and it reaffirms fiscal 2026 product revenue guidance of at least $10.5 million. The eventual amended 10-Q will provide finalized figures and further context.
8-K Event Classification
Key Figures
Key Terms
Non-Reliance on Previously Issued Financial Statements regulatory
revenue recognition financial
internal controls over financial reporting regulatory
restatement financial
Management’s Discussion and Analysis of Financial Condition and Results of Operations financial
forward-looking statements regulatory
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
CURRENT REPORT
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Item 4.02. Non-Reliance on Previously Issued Financial Statements or a Related Audit Report or Completed Interim Review.
On May 21, 2026, the Audit Committee (the “Audit Committee”) of the Board of Directors of NeuroOne Medical Technologies Corporation (the “Company”), after discussion with management, determined that the Company’s previously issued interim financial statements included in the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2026, filed on May 12, 2026 (the “Previous Filing”), should no longer be relied upon and should be restated because of accounting errors relating to revenue recognition. Similarly, any previously furnished or filed reports, related earnings releases, investor presentations or similar communications of the Company describing the Company’s financial results for the quarter ended March 31, 2026 or other financial information contained in the Previous Filing should no longer be relied upon.
The errors were due in part to the inadequate design and implementation of internal controls and procedures to evaluate certain customer modified purchase orders. As a result, revenue and accounts receivable were overstated for the three months and six months ended March 31, 2026 by an estimated $529 thousand, gross profit was overstated for the three months and six months ended March 31, 2026 by an estimated $296 thousand, and operating loss and net loss were understated for the three months and six months ended March 31, 2026 by an estimated $296 thousand. In addition, as of March 31, 2026, the Company estimates that its total assets were overstated by $296 thousand and inventory was understated by $233 thousand. These matters did not involve any intentional misconduct with respect to the Company, its management or employees. These estimates reflect preliminary information based on facts available to the Company’s management as of the date of this report and are subject to potential further changes upon completion of the Company’s financial review and restatement procedures.
As a result of the accounting errors identified, in an amendment to the Previous Filing, the Company will (i) restate its unaudited condensed financial statements and the notes thereto included in the Previous Filing, and (ii) amend, among other disclosures, its Management’s Discussion and Analysis of Financial Condition and Results of Operations for the applicable period. The Company intends to file an amendment to the Previous Filing as soon as reasonably practicable.
The Audit Committee and the Company’s management have discussed the matters disclosed in this Item 4.02 with the Company’s independent registered public accounting firm, Baker Tilly US, LLP.
Cautionary Note Regarding Forward-Looking Statements
This Current Report on Form 8-K includes “forward-looking statements” within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements are all statements other than those of historical fact. Certain of these forward-looking statements can be identified by the use of words such as “anticipate,” “estimate,” “intend,” “potential,” “should,” “will,” or other similar expressions. Such statements may include, but are not limited to, statements regarding the Company’s identification of accounting errors, its intent to restate certain historical financial statements and the timing and impact of the restatement. These statements are based on the Company’s current expectations as of the date of this Current Report on Form 8-K and involve a number of risks and uncertainties that may cause actual results to differ significantly. The Company does not undertake any obligation to update or revise any such forward-looking statements, whether as the result of new developments or otherwise, except as required by law. Accordingly, readers are cautioned not to put undue reliance on forward-looking statements.
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Item 7.01 Regulation FD Disclosure.
On May 22, 2026, the Company issued a press release regarding its intention to restate the financial statements in the Previous Filing. A copy of the Company’s press release is furnished herewith as Exhibit 99.1.
The information furnished pursuant to this Item 7.01, including Exhibit 99.1, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities under such section, and shall not be deemed to be incorporated by reference into any filing of the Company under the Securities Act of 1933, as amended, or the Exchange Act.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
| Exhibit Number |
Description | |
| 99.1 | Press Release, dated May 22, 2026 | |
| 104 | Cover Page Interactive Data File (embedded within the inline XBRL document) |
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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NEUROONE MEDICAL TECHNOLOGIES CORPORATION | |
| Dated: May 22, 2026 | ||
| By: | /s/ David Rosa | |
| David Rosa | ||
| Chief Executive Officer | ||
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Exhibit 99.1
NeuroOne® Medical Technologies Announces Restatement of Financial Results for Quarter Ending March 31, 2026
Ongoing Business Not Affected, Company Reaffirms Product Revenue Guidance of at Least $10.5 Million for Fiscal Year 2026
Customer Order Modification at Quarter-End Resulted in Revenue Overstatement of Approximately $0.5 Million and Net Loss Understatement of Approximately $0.3 Million; No Prior Periods Impacted
EDEN PRAIRIE, Minn. – May 22, 2026 – NeuroOne Medical Technologies Corporation (Nasdaq: NMTC), a medical technology company dedicated to transforming the surgical diagnosis and treatment of neurological disorders, today announced that it plans to amend and restate its financial statements included in its Quarterly Report on Form 10-Q for the quarter ended March 31, 2026, filed on May 12, 2026 (the “Form 10-Q”).
During a post-release review process, on May 18, 2026, management identified an error in revenue recognition that was attributed to a customer order modification on product shipment at the end of the quarter. The restatement does not affect the Company’s product revenue guidance for fiscal year 2026, its cash position as of March 31, 2026, or continued business activities or growth plans.
“This one-time correction does not change our revenue projections for the year,” said Dave Rosa, CEO of NeuroOne. “Our operations remain strong, our growth strategy is unchanged, and we continue to anticipate product revenue for fiscal 2026 of at least $10.5 million.”
The restatement corrects a one-time revenue overstatement of approximately $0.5 million against initially reported revenue of $2.4 million for the quarter. This adjustment was driven by a customer modification to certain purchase orders and related shipping documents at the end of the quarter, which inadvertently resulted in the overstatement of related revenue entries. As a result, gross profit was overstated by approximately $0.3 million and operating loss and net loss were understated by approximately $0.3 million for the three months ended March 31, 2026. No prior periods were impacted. The Company has initiated and will continue to implement measures designed to improve its internal controls over financial reporting.
On May 21, 2026, the Audit Committee of the Board of Directors, after discussion with management, determined that the Company would restate its unaudited condensed financial statements included in the Form 10-Q, and amend its related disclosures making reference to those results. As a result, the Company’s Form 10-Q, and other documents referencing those results should no longer be relied upon. The Company intends to file an amendment to the Form 10-Q in the next few weeks.
The estimates provided in this release reflect preliminary information based on facts available to the Company’s management as of the date of this release and is subject to potential further changes upon completion of the Company’s financial review and restatement procedures.
About NeuroOne
NeuroOne Medical Technologies Corporation is a medical technology company focused on improving surgical care options and outcomes for patients suffering from neurological disorders. NeuroOne markets a minimally invasive and high-definition/high-precision electrode technology platform with four FDA-cleared product families: Evo® Cortical Electrodes, Evo® sEEG Electrodes, OneRF® Ablation System (for brain), and OneRF® Trigeminal Nerve Ablation System. These solutions offer the potential to reduce the number of hospitalizations and surgical procedures, lower costs, and improve patient outcomes by offering diagnostic and therapeutic functions. The Company is engaged in research and development for drug delivery, basivertebral nerve ablation and spinal cord stimulation programs. For more information, visit nmtc1.com.
Forward-Looking Statements
This press release may include forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Except for statements of historical fact, any information contained in this press release may be a forward looking statement that reflects NeuroOne’s current views about future events and are subject to known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance or achievements to be materially different from the information expressed or implied by these forward-looking statements. In some cases, you can identify forward looking statements by the words or phrases “may,” “might,” “will,” “could,” “would,” “should,” “expect,” “intend,” “plan,” “forecasts,” “objective,” “anticipate,” “believe,” “estimate,” “predict,” “project,” “potential,” “target,” “seek,” “contemplate,” “continue, “focused on,” “committed to” and “ongoing,” or the negative of these terms, or other comparable terminology intended to identify statements about the future. Forward looking statements may include statements regarding the Company’s future financial results, including its 2026 revenue guidance, the Company’s growth strategies and pipeline, the Company’s intention to amend and restate the financial statements in the Form 10-Q, and the expected timing of filing the amendment to the Form 10-Q. Although NeuroOne believes that we have a reasonable basis for each forward-looking statement, we caution you that these statements are based on a combination of facts and factors currently known by us and our expectations of the future, about which we cannot be certain. Our actual future results may be materially different from what we expect due to factors largely outside our control, including risks related to whether the Company will continue to maintain compliance with all Nasdaq continued listing requirements, risks that our strategic partnerships may not facilitate the commercialization or market acceptance of our technology whether due to supply chain disruptions, labor shortages or otherwise risks that our technology will not perform as expected based on results of our pre-clinical and clinical trials risks related to uncertainties associated with the Company’s capital requirements to achieve its business objectives and ability to raise additional funds: the risk that we may not be able to secure or retain coverage or adequate reimbursement for our technology uncertainties inherent in the development process of our technology risks related to changes in regulatory requirements or decisions of regulatory authorities that we may not have accurately estimated the size and growth potential of the markets for our technology risks related to clinical trial patient enrollment and the results of clinical trials that we may be unable to protect our intellectual property rights and other risks, uncertainties and assumptions, including those described under the heading “Risk Factors” in our filings with the Securities and Exchange Commission. These forward looking statements speak only as of the date of this press release and NeuroOne undertakes no obligation to revise or update any forward looking statements for any reason, even if new information becomes available in the future.
IR Contact
MZ Group MZ North America
NMTC@mzgroup.us