[8-K] Neuronetics, Inc. Reports Material Event

Rhea-AI Filing Summary

Boundless Bio (Nasdaq: BOLD) – Q2-25 10-Q highlights

The clinical-stage oncology company reported no revenue and a H1-25 net loss of $31.4 m (vs. $32.4 m LY). Q2 operating loss narrowed to $17.1 m as R&D spend fell 17% YoY to $12.2 m after winding down the STARMAP study of RNR inhibitor BBI-825 and halting single-agent arms of POTENTIATE for CHK1 inhibitor BBI-355. G&A rose to $4.8 m, mainly lease expense for the new San Diego HQ.

Cash, cash equivalents and short-term investments totaled $127.1 m; management projects runway into H1-2028 after a workforce reduction (~33%) and portfolio focus.

Pipeline update: 1) A new arm combining BBI-355 with BBI-825 opened for enrolment based on pre-clinical synergy; initial proof-of-concept data is expected within existing cash runway. 2) Kinesin degrader BBI-940 named development candidate; IND filing targeted H1-26. 3) ATM facility allows up to $14.5 m of additional equity but no shares sold to date.

Balance sheet: total assets $179.5 m; accumulated deficit $232.9 m. Lease liabilities for the 10-year HQ total $49.5 m PV. No debt outstanding. Company remains a non-accelerated filer and an emerging growth company.

Outlook: focus on ecDNA-directed therapeutics with near-term catalysts (BBI-355/825 combo data, IND for BBI-940). Continued losses and reliance on external financing persist until clinical validation and eventual approvals.

Insights

Equity Research Analyst

TL;DR: Cash runway to 1H-28 and pipeline focus reduce burn, but value remains tied to early-stage clinical proof.

The trimmed Q2 loss shows early effects of the portfolio prioritization: R&D dropped $2.5 m YoY while maintaining key programs. With $127 m on hand, Boundless projects >3-year runway, unusual for a micro-cap biotech. The new ATM adds optionality without dilution today. However, the story now hinges on the BBI-355/825 combo delivering clean safety and efficacy; prior monotherapy toxicity and auto-induction risk remain concerns. BBI-940 offers another shot on goal but IND is a year away. Net: neutral near term; catalyst driven.

Oncology Drug Development Specialist

TL;DR: Scientific rationale for CHK1+RNR combo is solid, yet clinical validation and biomarker selection are critical.

The mechanistic synergy between CHK1 inhibition and nucleotide depletion is compelling for ecDNA-driven tumors, especially with intermittent dosing that may mitigate hematologic toxicities. ECHO diagnostic could enrich responders, improving trial efficiency. Still, prior narrow therapeutic index of BBI-355 and self-induction of BBI-825 metabolism signal formulation and schedule challenges. The kinesin degrader is innovative but unproven. Overall impact neutral until clinical signals emerge.

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported) August 5, 2025

NEURONETICS, INC.

(Exact name of registrant as specified in its charter)

Delaware		001-38546		33-1051425
(State or other jurisdiction of incorporation)		(Commission File Number)		(I.R.S. Employer Identification No.)

3222 Phoenixville Pike, Malvern, PA		19355
(Address of principal executive offices)		(Zip Code)

Registrant’s telephone number, including area code (877) 600-7555

(Former name or former address, if changed since last report.) Not applicable.

Securities registered pursuant to Section 12(b) of the Act:

Title of each class		Trading Symbol (s)		Name on each exchange on which registered
Common Stock ($0.01 par value)		STIM		The Nasdaq Global Market

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 or Rule 12b-2 of the Securities Exchange Act of 1934.

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 1.01. Entry into a Material Definitive Agreement.

As previously disclosed, on July 25, 2024, Neuronetics, Inc. (the “Company”) entered into a Credit Agreement and Guaranty with Perceptive Credit Holdings IV, LP, (“Perceptive”) as collateral agent and other lenders defined in the agreement (the “Perceptive Facility”).

On August 1, 2025, the Company entered into Amendment No. 3 to Credit Agreement and Guaranty (the “Amendment”). The Amendment amends the Perceptive Facility to (i) permit the Company to borrow a Tranche 2A Loan in a principal amount of $10,000,000 on the date of the Amendment, (ii) lower the minimum liquidity balance requirement to $2,000,000 through September 30, 2026, and (iii) issue Perceptive a Warrant Certificate exercisable into 225,000 shares of the Company’s common stock.

The foregoing summary of the Amendment does not purport to be complete and is qualified in its entirety by reference to the Amendment, a copy of which is filed as Exhibit 10.1 hereto and incorporated herein by reference.

Item 2.02 Results of Operations and Financial Condition.

The Company issued a press release on August 5, 2025, announcing its financial results for the three months ended June 30, 2025. A copy of the press release is being furnished to the Securities and Exchange Commission (“SEC”) as Exhibit 99.1 to this report on Form 8-K and is incorporated by reference to this Item 2.02.

The information furnished pursuant to Item 2.02, including Exhibit 99.1, shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed to be incorporated by reference into any of the Company’s filings with the SEC under the Exchange Act or the Securities Act of 1933, as amended (the “Securities Act”), whether made before or after the date hereof, regardless of any general incorporation language in such a filing, except as expressly set forth by specific reference in such a filing. Except as required by law, the Company undertakes no duty or obligation to publicly update or revise the information so furnished.

Item 7.01 Regulation FD Disclosure.

On August 5, 2025, the Company released a presentation (the “Presentation”) that it may present to certain investors. A copy of the Presentation is attached hereto as Exhibit 99.2. The information contained in Exhibit 99.2 is incorporated herein by reference.

The information in this report furnished pursuant to Item 7.01, including Exhibit 99.2, shall not be deemed “filed” for the purposes of Section 18 of the Exchange Act, or otherwise subject to the liabilities of that section, nor shall it be deemed to be incorporated by reference into any of the Company’s filings with the SEC under the Exchange Act or the Securities Act whether made before or after the date hereof, regardless of any general incorporation language in such a filing, except as expressly set forth by specific reference in such a filing. Except as required by law, the Company undertakes no duty or obligation to publicly update or revise the information so furnished.

“Safe harbor” statement under the Private Securities Litigation Reform Act of 1995:

Certain statements in this report, including the documents incorporated by reference herein, include “forward-looking statements” within the meaning of Section 27A of the Securities Act, Section 21E of the Exchange Act which are intended to be covered by the safe harbors created by those laws and other applicable laws and “forward-looking information” within the meaning of applicable Canadian securities laws. Statements in this report that are not historical facts constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements may be identified by terms such as “may,” “will,” “would,”

“should,” “expect,” “plan,” “design,” “anticipate,” “could,” “intend,” “target,” “project,” “contemplate,” “believe,” “estimate,” “predict,” “potential,” “outlook” or “continue” as well as the negative of these terms and similar expressions. These statements are subject to significant risks and uncertainties and actual results could differ materially from those projected. The Company cautions investors not to place undue reliance on the forward-looking statements contained in this report. These risks and uncertainties include, without limitation, risks and uncertainties related to: the effect of the transaction with Greenbrook on our business relationships; operating results and business generally; our ability to execute our business strategy; our ability to achieve or sustain profitable operations due to our history of losses; our reliance on the sale and usage of our NeuroStar Advanced Therapy System to generate revenues; the scale and efficacy of our salesforce; our ability to retain talent; availability of coverage and reimbursement from third-party payors for treatments using our products; physician and patient demand for treatments using our products; developments in respect of competing technologies and therapies for the indications that our products treat; product defects; our revenue has been concentrated among a small number of customers; our ability to obtain and maintain intellectual property protection for our technology; developments in clinical trials or regulatory review of the NeuroStar Advanced Therapy System for additional indications; developments in regulation in the U.S. and other applicable jurisdictions; the terms of our credit facility; our ability to successfully roll-out our Better Me Provider Program on the planned timeline; our self-sustainability and existing cash balances; and our ability to achieve cash flow breakeven in the third quarter of 2025. For a discussion of these and other related risks, please refer to the Company’s recent filings with the SEC, which are available on the SEC’s website at www.sec.gov, including, without limitation, the factors described under the heading “Risk Factors” in Neuronetics’ Annual Report on Form 10-K for the fiscal year ended December 31, 2024, as updated or supplemented by subsequent reports that Neuronetics has filed or files with the SEC. These forward-looking statements are based on the Company’s expectations and assumptions as of the date of this report. Except as required by law, the Company undertakes no duty or obligation to update any forward-looking statements contained in this report as a result of new information, future events, or changes in the Company’s expectations.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.

Exhibit Number		Description
10.1		Amendment No. 3 to Credit Agreement and Guaranty, dated August 1, 2025
99.1		Press Release, dated August 5, 2025, of Neuronetics, Inc.
99.2		Company Presentation August 2025
104		Cover Page Interactive Data File (embedded within the Inline XBRL document)

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.

				NEURONETICS, INC.
				(Registrant)
Date: August 5, 2025				By:		/s/ Steven E. Pfanstiel
				Name:		Steven E. Pfanstiel
				Title:		EVP, Chief Financial Officer and Treasurer