Health Care · NASDAQ: ASPE
Aspen Neuroscience: how the business works
Aspen Neuroscience is developing a one-dose Parkinson's therapy made from each patient's own cells. It has no revenue yet; its FY2025 net loss was $62.1 million.
By Hardik Bhandare · Checked against filings: . Editorial policy. Corrections
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Aspen Neuroscience, Inc. · San Diego, California · Founded 2018
Updated for Six months ended Jun 30, 2026 · checked
- Revenue, FY2025
- $0
- Net loss, FY2025
- −$62.1M
- Cash and marketable securities, Jun 30, 2026, before the IPO
- $72.4M
- Full-time employees, Jun 30, 2026
- 120
- Officers and directors after the IPO, per the prospectus (before IPO purchases)
- 14.5%
The short version
Aspen Neuroscience in 5 points
1 · What it sells
Aspen Neuroscience sells nothing yet: it is testing sasineprocel, a one-dose therapy for Parkinson's disease made from each patient's own cells, with 15 people dosed by Aug 18, 2026.
2 · Who pays it
No customer pays Aspen Neuroscience, which had $0 of revenue in FY2025; investors fund it, through about $340 million of preferred stock and the $140.6 million IPO, both before costs.
3 · What it keeps from $100
With no revenue there is no $100 to split: the FY2025 operating loss was $59.3 million and the net loss $62.1 million, after $1.8 million of interest income and a $4.5 million non-cash loss.
4 · Where the operating profit comes from
There is no operating profit yet: in FY2025, research and development took $41.8 million and general and administrative costs $17.5 million, with no revenue against them.
5 · The one thing to watch
Cash and securities were $72.4 million at Jun 30, 2026, and the Oct 29, 2026 prospectus says that plus $125.8 million of net proceeds lasts into the second half of 2028, short of finishing Phase 3.
Sources: From Aspen Neuroscience's 424B4 prospectus dated Oct 29, 2026, its Nov 2, 2026 8-K and Nasdaq's price table · checked
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01The business in one line
What does Aspen Neuroscience do?
Aspen Neuroscience has no customers yet: money from investors pays for research and a clinical trial of a Parkinson's therapy made from each patient's own cells.
- No one pays Aspen Neuroscience today. It has no approved product and reported $0 of revenue in FY2025 and in the six months to Jun 30, 2026.
- Operating expenses were $59.3 million in FY2025, with $41.8 million going to research and development. The net loss was $62.1 million.
- Its shares first traded on the Nasdaq Global Select Market as ASPE on Oct 30, 2026. The IPO sold 9,375,000 new shares at $15.00 each (prospectus dated Oct 29, 2026).
02Who pays it
Who pays Aspen Neuroscience?
Customers
Not disclosed
None yet. Aspen Neuroscience reported $0 of revenue in FY2024, FY2025 and the six months to Jun 30, 2026. Any sale would first need FDA approval.
Investors (not customers)
Not disclosed
About $340 million in gross proceeds from preferred stock before the IPO, then $140.6 million from the IPO, before costs. This money pays for the research.
How spread out the customers are
With no revenue there are no customer shares to report. An $8.0 million California Institute for Regenerative Medicine (CIRM) award offsets some research cost; it is not revenue.
03Why it makes money
Why does Aspen Neuroscience make money?
Aspen Neuroscience does not make money yet: investors pay for research on a therapy that has no FDA approval.
With no product to sell, every dollar of research is a cost with no revenue against it. The operating loss went from $53.5 million in FY2024 to $59.3 million in FY2025. Selling stock has covered the gap.
Operating loss (US$ million)
−$53.5−$59.3
FY2024 to FY2025
- Investors buy shares: about $340 million of preferred stock before the IPO and $140.6 million in the IPO, both before costs
- Cash and marketable securities were $72.4 million at Jun 30, 2026, before the IPO
- Research and development took $41.8 million in FY2025, with non-personnel spending substantially all on sasineprocel
- The ASPIRO trial had dosed 15 people by Aug 18, 2026
- Any sale of sasineprocel would first need FDA approval, which it does not have
- Until then, the prospectus says more money will be needed after the IPO
↺ Step 6 feeds back into step 1.
04The numbers · Company has no subsidiaries · US$
How has Aspen Neuroscience done?
Aspen Neuroscience listed on Nasdaq on Oct 30, 2026; its IPO price was $15.00 a share. Its prospectus gives two audited years. No Form 10-Q had been filed by Nov 6, 2026.
Source: Form 424B4 final prospectus, initial public offering (dated Oct 29, 2026); Nasdaq historical prices, ASPE, Oct 30 to Nov 5, 2026
Revenue
$0MFY2025
Aspen Neuroscience reported no revenue in FY2024, FY2025 or the six months to Jun 30, 2026, because it has no approved product; no quarterly figures have been filed yet.
US$
See the numbers
Net profit
−$62.1MFY2025
Net loss grew from $48.6 million in FY2024 to $62.1 million in FY2025, and was $36.5 million in the six months to Jun 30, 2026, against $31.8 million a year earlier. The $59.43 FY2025 loss per share uses about 1 million shares before the preferred stock converted; the prospectus's pro forma figure is $4.64.
US$
See the numbers
Free cash flow
−$62.5MFY2025
Free cash flow was −$62.5 million in FY2025: $52.8 million used in operations plus $9.7 million of equipment (Cityfort calculation from the 424B4 filed Oct 30, 2026); operations used $34.5 million in the six months to Jun 30, 2026.
US$ · cash from operations minus spending on plants and equipment
See the numbers
See all yearly numbers
See the six-month numbers
EBITDA here = operating income plus depreciation and amortization (from the cash flow statement). Fiscal years are the company's own (December 31). Net profit is the share belonging to the company's owners.
Download Aspen Neuroscience's yearly and six-month numbers (CSV, with source ids)
Learn: Stock-based compensation and dilution: pay that becomes shares
05Who runs it
Who runs Aspen Neuroscience, and did they deliver?
Damien McDevitt, Ph.D.
Chief Executive Officer and director · since 2021
Total pay in 2025 was $3,757,741, per the prospectus. His Form 3 reports 561,648 common shares held through trusts, plus stock options.
Faheem Hasnain
Executive Chairman · since 2026
Also Chairman and Chief Executive Officer of Gossamer Bio. A Form 4A filing an insider must make within two business days of buying or selling the company's shares. Learn more reports 63,007 common shares after his preferred stock converted on Nov 2, 2026, plus stock options.
Dalen Meeter
Chief Financial Officer · since 2025
Total pay in 2025 was $2,098,147, per the prospectus.
Lisa Johnson-Pratt, M.D.
Sasineprocel Development Lead and Chief Commercial Officer
Kim Raineri
Chief Technology Officer
Total pay in 2025 was $1,208,835, per the prospectus.
Jeffrey Boerneke
General Counsel
Thomas Daniel, M.D.
Director · since 2020
The prospectus biography says he was a Venture Partner at ARCH Venture Partners from Oct 2016 through Jun 2021. Its related-party footnote says he "is a Venture Partner" of ARCH Venture Partners, LLC. The ARCH entities designated him to the board as a representative of Series A preferred holders.
Douglas Fisher, M.D.
Director · since 2022
Partner at Revelation Partners, a venture capital firm.
Cindy Perettie
Director · since 2025
Head of Kite Pharma, a Gilead Sciences subsidiary.
Caryn Peterson
Director · since 2021
Chief Development Officer at Gossamer Bio since May 2026.
Andrew Spaventa
Director · since 2020
Managing Partner at Axon Ventures, a venture capital firm. A Form 4 reports 308,076 common shares after Nov 2, 2026, including 250,415 held by Axon entities.
Peter A. Thompson, M.D.
Director · since 2020
Partner at OrbiMed Advisors. His Form 4 reports the same 3,589,132 OrbiMed shares as OrbiMed's own.
What they said, and what happened
2 too early to tell
Said on Oct 29, 2026
Expects Phase 3 biopsies by the end of 2026 (prospectus).
Too early to tellWhat happened
Not yet due. No filing after the prospectus reports on it; the first Form 10-Q was not on EDGAR by Nov 6, 2026.
Said on Oct 29, 2026
Expects Phase 3 dosing in the second half of 2027 (prospectus).
Too early to tellWhat happened
Not yet due.
Sources (6)
- Form 424B4 final prospectus, initial public offering (dated Oct 29, 2026)
- Form 3, Damien McDevitt (event Oct 29, 2026)
- Form 4, Faheem Hasnain (transactions Nov 2, 2026)
- Form 4, Andrew Spaventa (transactions Nov 2, 2026)
- Form 4, Peter A. Thompson (OrbiMed; transactions Nov 2, 2026)
- EDGAR submissions, Aspen Neuroscience, Inc. (CIK 0002124080), read Nov 6, 2026
06What could go wrong
What could go wrong for Aspen Neuroscience?
- Concentration
Only one main candidate
The prospectus says the business depends on sasineprocel. Its other work, the microglia programs, gets about $4.0 million of the planned proceeds and has not reached human trials.
Watch Whether sasineprocel enters Phase 3 as the company has stated.
- Technology
Early data with no comparison group
ASPIRO is open-label with no placebo or control, and 15 people were dosed by Aug 18, 2026. The prospectus says such results may not predict later trials.
Watch Design and results of the planned sham-controlled Phase 3 trial.
- Cash and liquidity
More money is needed
The prospectus dated Oct 29, 2026 says proceeds and cash will not finish ASPIRO, Phase 3 or any candidate's development. Operations used $52.8 million of cash in FY2025.
Watch Cash and marketable securities in each Form 10-Q. The company's prospectus dated Oct 29, 2026 states a runway into the second half of 2028.
- Regulation
No approval yet
Any sale needs FDA approval first. RMAT and Fast Track designations do not ensure a faster review or raise the odds of approval, per the prospectus.
Watch FDA feedback on the Phase 3 design, as the company reports it.
- Execution
Making one dose per patient
Each dose comes from one patient's cells through a new process with stages of about 3, 8 and 5 weeks. The prospectus warns of possible failures or delays.
Watch Progress on automation and the La Jolla lease that starts Jul 1, 2027.
- Concentration
Sole suppliers and others' patents
The company relies on sole sources for its stem-cell reprogramming kit and key platforms; syringe issues brought an FDA hold in 2023 and later delayed dosing. The prospectus dated Oct 29, 2026 says third-party patents may cover certain methods it may use.
Watch Changes to the Scripps, iPS Academia Japan, Sumitomo and Cleveland Clinic licenses, and any supply delay in later filings.
- Competition
Rivals already on the market or better funded
Abbott, Boston Scientific and Medtronic sell deep brain stimulation devices. Sumitomo's AMCHEPRY is approved in Japan. The prospectus says some competitors are better funded or further along.
Watch Approvals and trial results named competitors report.
- Governance
Lock-up end and large holders
The prospectus lists 19,703,600 restricted shares, substantially all under a 180-day lock-upA period after an IPO when insiders agree not to sell their shares. Learn more, and says sales could lower the trading price. Officers, directors and holders of more than 5% would own about 44% after the offering, before IPO purchases.
Watch Form 4 and Schedule 13GA filing by anyone who owns more than 5% of a company's shares and does not seek control. Learn more filings after the lock-up ends, 180 days after Oct 29, 2026.
07Both sides
What do supporters and critics point to?
What supporters point to
- The prospectus reports improvement on MDS-UPDRS Part III OFF, a movement score where lower is better. The mean change in ASPIRO was 14.6, 14.5 and 16.1 points at 6, 12 and 18 months in 8 patients.
- The prospectus cites third-party PPMI natural-history data suggesting that score worsens by about 2 points a year.
- The trial has used no immunosuppressive drugs after dosing, because the cells are the patient's own, per the prospectus.
- The FDA has given sasineprocel RMAT and Fast Track designations.
- The company's prospectus dated Oct 29, 2026 says proceeds and existing cash fund operations into the second half of 2028.
What critics point to
- ASPIRO is open-label with no placebo or control. Management set the benchmarks it uses, and the prospectus says they were not discussed with the FDA or independently validated.
- The prospectus reports 72 treatment-emergent adverse events, mostly mild to moderate. One participant had 2 surgery-related serious events, including an ischemic stroke; 2 patients had brain hemorrhages needing no surgery.
- Existing cash alone raised "substantial doubt" about continuing as a going concern, and the IPO money will not finish any trial, per the prospectus dated Oct 29, 2026.
- Abbott, Boston Scientific and Medtronic already sell deep brain stimulation devices, while sasineprocel has no FDA approval.
- The net loss rose from $48.6 million in FY2024 to $62.1 million in FY2025, with $0 of revenue in both years.
08What to watch next
What should you watch next at Aspen Neuroscience?
Next event
First quarterly report (Form 10-Q for the quarter ended Sep 30, 2026)
Date not announced yet.
The first 10-Q
No Form 10-Q was on EDGAR by Nov 6, 2026; the newest figures cover the six months to Jun 30, 2026. The company's prospectus dated Oct 29, 2026 says it expects about $1.8 million of non-cash expense from forgiven notes in the September 2026 quarter.
Cash against the stated runway
Cash and marketable securities were $72.4 million at Jun 30, 2026, before the IPO. The company's prospectus dated Oct 29, 2026 says it can fund operations into the second half of 2028.
Phase 3 milestones
The company said on Oct 29, 2026 that it expects Phase 3 biopsies by the end of 2026 and dosing in the second half of 2027.
Underwriters' option
The Nov 2, 2026 8-K mentions only the 9,375,000 shares. A later filing could show whether any of the 1,406,250 option shares were sold.
Lock-up end
The 180-day lock-up covers substantially all of the 19,703,600 restricted shares, unless the named underwriters consent to earlier sales.
09Key dates
What are the key dates for Aspen Neuroscience?
| Event | Date | Source |
|---|---|---|
| First trade on the Nasdaq Global Select MarketOffering price $15.00 (prospectus dated Oct 29, 2026). First-day open $14.70 and close $14.89, from Nasdaq's historical price table. | Nasdaq historical prices, ASPE, Oct 30 to Nov 5, 2026; Form 424B4 final prospectus, initial public offering (dated Oct 29, 2026) | |
| Offering closed | Form 8-K, IPO closing and charter effective (Nov 2, 2026) | |
| Underwriters' option window endsCityfort calculation from the 424B4 filed Oct 30, 2026: 30 days after the prospectus date. | Form 424B4 final prospectus, initial public offering (dated Oct 29, 2026) | |
| First Form 10-Q (quarter ended Sep 30, 2026)Not filed by Nov 6, 2026; the company has not announced a date. | Not yet stated | EDGAR submissions, Aspen Neuroscience, Inc. (CIK 0002124080), read Nov 6, 2026 |
| Lock-up endsCityfort calculation from the 424B4 filed Oct 30, 2026: 180 days after the prospectus date. Exceptions and earlier consent can apply. | Form 424B4 final prospectus, initial public offering (dated Oct 29, 2026) |
Learn: IPO lock-up agreements: what they are and when they end
10Key facts
Key facts about Aspen Neuroscience
- What does Aspen Neuroscience do?
- Aspen Neuroscience, Inc. is a San Diego biotechnology company developing sasineprocel, a one-dose cell therapy for Parkinson's disease made from each patient's own cells. It had no approved product as of its prospectus dated Oct 29, 2026.
- How does Aspen Neuroscience make money?
- Aspen Neuroscience does not make money yet. It reported $0 of revenue in FY2025 and in the six months to Jun 30, 2026, because it has no approved product, so it has no revenue by segment. Selling stock has paid for its work.
- What is Aspen Neuroscience's business model?
- Aspen Neuroscience develops sasineprocel, a therapy made for one patient from that patient's own cells, and makes trial doses in its own San Diego facility. It holds worldwide commercial rights to all its programs, per its prospectus dated Oct 29, 2026, and had no product revenue then.
- Is Aspen Neuroscience profitable?
- No. Aspen Neuroscience had a net loss of $62.1 million in FY2025, up from $48.6 million in FY2024. Its net loss was $36.5 million in the six months to Jun 30, 2026, and its FY2025 operating loss was $59.3 million.
- Who are Aspen Neuroscience's customers?
- Aspen Neuroscience had no customers as of its prospectus dated Oct 29, 2026, because it had no approved product and no sales force. Before its IPO it raised about $340 million in gross proceeds by selling preferred stock.
- What is sasineprocel?
- Sasineprocel is Aspen Neuroscience's main drug candidate, an investigational one-dose therapy made from a patient's own skin cells and injected into both sides of the brain. By Aug 18, 2026, 15 people had received it in the open-label Phase 1/2a ASPIRO trial.
- What are Aspen Neuroscience's microglia programs?
- Aspen Neuroscience's microglia programs target leukodystrophies, rare brain diseases in children, and had not reached human trials as of its prospectus dated Oct 29, 2026. The prospectus allots about $4.0 million of the IPO's net proceeds to them.
- How big is Aspen Neuroscience?
- Aspen Neuroscience had 120 full-time employees and $72.4 million of cash and marketable securities at Jun 30, 2026, before its IPO. Its FY2025 operating expenses were $59.3 million, and it reported no revenue.
- Who owns Aspen Neuroscience?
- Aspen Neuroscience's prospectus dated Oct 29, 2026 shows OrbiMed at 8.9%, ARCH Venture Fund X entities at 8.3% and Gilead Sciences at 5.7% after the IPO, before counting IPO purchases. Officers and directors as a group had 14.5%. Forms 4 show OrbiMed and ARCH funds bought 2,333,333 IPO shares at $15.00 on Nov 2, 2026.
- When did Aspen Neuroscience go public?
- Aspen Neuroscience's shares first traded on the Nasdaq Global Select Market as ASPE on Oct 30, 2026. Its IPO sold 9,375,000 new shares at a $15.00 offering price (prospectus dated Oct 29, 2026), $140.6 million before costs, and closed on Nov 2, 2026.
Sources (7)
- Form 424B4 final prospectus, initial public offering (dated Oct 29, 2026)
- Form 4, OrbiMed Advisors and affiliates (transactions Nov 2, 2026)
- Form 4, ARCH Venture Fund XIV and affiliates (transaction Nov 2, 2026)
- Form 4, ARCH Venture Fund X and affiliates (transactions Nov 2, 2026)
- Form 8-K, IPO closing and charter effective (Nov 2, 2026)
- Nasdaq certification of approval for listing (Form CERT)
- Nasdaq historical prices, ASPE, Oct 30 to Nov 5, 2026
Terms on this page
- Capital expenditures (capex)
- Earnings per share (EPS)
- Free cash flow
- Market cap
- Net debt
- Revenue vs net income
Each explains the term in plain English, with the same number from other companies on Cityfort.
Go deeper
More detail from the same filings. Open any section.
11What it sells
11What it sells
What does Aspen Neuroscience sell?
Sasineprocel (not approved)
A skin biopsy becomes stem cells, then early-stage dopamine brain cells, which surgeons inject into both sides of the brain. The FDA has not approved it.
Microglia programs (preclinical)
A second program for leukodystrophies, rare brain diseases in children. The company's prospectus dated Oct 29, 2026 says it expects to start studies in the second half of 2027. These studies are needed before a first human trial.
What it does
- Does: Runs the Phase 1/2a ASPIRO trial, an early human study, with 15 people dosed by Aug 18, 2026.
- Does: Makes trial doses itself in about 22,000 square feet of manufacturing space in San Diego.
- Does: Holds worldwide commercial rights to all its programs, per the prospectus.
What it does not do
- Does not: It does not sell any approved product. FDA approval would have to come first.
- Does not: It does not have a sales force, per the prospectus.
- Does not: It does not use donor cells. Each dose is made for one patient from that patient's cells.
- Does not: It has not run a placebo-controlled trial: ASPIRO is open-label, so everyone knows they got the therapy, and it has no control group.
12How the money flows
12How the money flows · FY2025
How does money flow through Aspen Neuroscience?
Money in
- Revenue (no approved product)$0M
- Interest income$1.8M
The company
Aspen Neuroscience
$1.8M came in
Money out
- Research and development$41.8M
- General and administrative$17.5M
- Other loss, mainly a lower value on the Cell X note$4.5M
- Net loss−$62.1M
- Revenue was $0 in FY2025, so there is no $100 of revenue to split. Interest on cash and securities brought in $1.8 million.
- Research and development took $41.8 million, after a $2.8 million CIRM offset. The filing says non-personnel research spending was substantially all sasineprocel.
- General and administrative costs took $17.5 million. Total operating expenses and the operating loss were both $59.3 million.
- A $4.5 million non-cash loss came mainly from a lower fair value on a note Aspen Neuroscience holds from supplier Cell X.
- That left a net loss of $62.1 million. Stock sales pay for the gap: financing brought in $115.5 million of cash in FY2025.
13What it needs to run
13What it needs to run
What does Aspen Neuroscience need to run?
Outside money
Cash used in operations was $52.8 million in FY2025 and $34.5 million in the six months to Jun 30, 2026. The company's prospectus dated Oct 29, 2026 says it will need substantial further funding after the IPO.
Patient cells and a long production run
Each dose starts from one patient's skin biopsy. The stages take about 3, 8 and 5 weeks, with 4 to 5 weeks of quality testing per stage, per the prospectus.
Licensed technology
Licenses from Scripps, iPS Academia Japan, Sumitomo and RACTHERA, and Cleveland Clinic underpin its methods. The Scripps license carries a 1.0% royalty.
Specialist suppliers
Cell X provides an automation platform, Mytos automated culture devices and ClearPoint Neuro the delivery cannula. The prospectus says some materials come from sole or single sources.
Sites and people
120 full-time employees at Jun 30, 2026, 88 of them in research and development. The headquarters lease of about 31,000 square feet runs to September 2027; a La Jolla lease of about 48,696 square feet starts Jul 1, 2027.
14Competitors and what protects it
14Competitors and what protects it
Who does Aspen Neuroscience compete with?
Abbott, Boston Scientific, Medtronic
Sell deep brain stimulation devices for advanced Parkinson's disease: Infinity and Liberta RC, Vercise, and Percept, per the prospectus.
Insightec
Makes Exablate Neuro, a focused ultrasound treatment named in the prospectus.
Hope Bio, Oryon
Developing therapies from a patient's own cells, the same broad approach as Aspen Neuroscience, per the prospectus.
BlueRock (Bayer), Sumitomo and others
Developing therapies from donor cells. Sumitomo's AMCHEPRY is approved in Japan. The prospectus also names Cellular Intelligence, Kenai, iRegene, S.Biomedics and Xellsmart.
AskBio (Bayer), MeiraGTx, Prevail
Developing gene therapies for Parkinson's disease, per the prospectus.
Genetix, Minoryx, Viking, Poxel
Named in the prospectus as competitors in leukodystrophies, the target of the microglia programs. Genetix sells Skysona.
What protects the business
Each strength is scored 1 (weak) to 5 (strong) for the business, with the reason. It is not a rating of the share.
- Patents3 of 5
As of October 2026 the company held 5 US and 15 international patents, with about 69 pending across 16 families. It also relies on licenses from others.
- In-house manufacturing3 of 5
It makes trial doses in about 22,000 square feet of its own San Diego space. Each dose is made for one patient, and the process is new.
- FDA designations2 of 5
Sasineprocel has the FDA's RMAT (Regenerative Medicine Advanced Therapy) and Fast Track designations. The prospectus says these do not ensure a faster review or raise the odds of approval.
- Products on the market1 of 5
It has no approved product and no sales force, while Abbott, Boston Scientific and Medtronic already sell deep brain stimulation devices.
Weak spot
One candidate, not yet tested in a controlled trial
The prospectus says the company depends on sasineprocel. Its only human data come from ASPIRO, an open-label trial with no placebo or control group, and 15 people dosed by Aug 18, 2026.
15Where growth could come from
15Where growth could come from
Where could Aspen Neuroscience's growth come from?
The company said in its prospectus dated Oct 29, 2026 that it expects Phase 3 biopsies by the end of 2026. It said it expects Phase 3 dosing in the second half of 2027.
Phase 3 of sasineprocel
EarlyAbout $110.0 million of net proceeds planned (prospectus)
The company's prospectus dated Oct 29, 2026 says it expects a single sham-controlled trial with an 18-month main endpoint. It says that follows preliminary FDA discussions. A sham procedure stands in for the real one in the comparison group.
Status: Early, too early to judge.
ASPIRO trial
Early15 people dosed by Aug 18, 2026; 12 with at least six months of data (prospectus)
The company's prospectus dated Oct 29, 2026 says it plans to add 3 to 6 people with genetic Parkinson's disease. It also expects further long-term data in the first half of 2028.
Status: Early, too early to judge.
Microglia programs
EarlyAbout $4.0 million of net proceeds planned (prospectus)
For leukodystrophies, rare brain diseases in children. The company's prospectus dated Oct 29, 2026 says it expects to start studies in the second half of 2027. These studies are needed before a first human trial.
Status: Early, too early to judge.
Manufacturing scale
EarlyDesign template of about 5,000 square feet of cleanroom (prospectus)
The company's prospectus dated Oct 29, 2026 says the aim is to supply "hundreds of patients annually" from that template. It is also developing automation with Cell X and Mytos.
Status: Early, too early to judge.
Status compares progress with what the company itself said it would do: Working = on track against what the company said; Mixed = partly on track; Behind = behind the company's own plan; New = recently announced; Early = too early to judge.
16Financial strength and debt
16Financial strength · Jun 30, 2026
How much debt does Aspen Neuroscience have?
- Total debt$0M
- Cash and investments$72.4M
- Net cash (cash minus debt)$72.4M
- Net worth (shareholders' money)−$251M
- Net cash of $72.4 million is a Cityfort calculation from the 424B4 filed Oct 30, 2026: cash and marketable securities minus no borrowings. Operating lease liabilities of $9.8 million are not counted as debt here.
- Net worth was −$251.1 million because $338.8 million of convertible preferred stock sat outside stockholders' equity until it converted at the IPO.
- Adjusted for the offering and the conversion, the prospectus's pro forma figures show $198.2 million of cash and marketable securities at Jun 30, 2026, and stockholders' equity of $213.5 million.
- The prospectus estimates net proceeds of about $125.8 million from the IPO. No later balance sheet has been filed: the first Form 10-Q was not on EDGAR by Nov 6, 2026.
- A loan agreement of December 2022, for $15 million plus up to $25 million more, expired undrawn in November 2025, per the prospectus.
- The prospectus presents financial statements for Aspen Neuroscience, Inc. alone and discloses no subsidiaries.
17Who owns it
17Who owns it · ownership as of Sep 15, 2026
Who owns Aspen Neuroscience?
- Officers and directors (as a group), shares
- 14.5%
Share classes
Holders of 5% or more
From the company's proxy statement (DEF 14A), later Schedule 13G filings and the share counts on its latest annual or quarterly report. Each holder row shows the date of its own filing.
Learn: How to read a proxy statement (DEF 14A): Nvidia's 2026 proxy · Form 4 insider filings: who files, the codes and the footnotes
Sources (7)
- Form 424B4 final prospectus, initial public offering (dated Oct 29, 2026)
- Form 8-K, IPO closing and charter effective (Nov 2, 2026)
- Form 4, OrbiMed Advisors and affiliates (transactions Nov 2, 2026)
- Form 4, Peter A. Thompson (OrbiMed; transactions Nov 2, 2026)
- Form 4, ARCH Venture Fund XIV and affiliates (transaction Nov 2, 2026)
- Form 4, ARCH Venture Fund X and affiliates (transactions Nov 2, 2026)
- Schedule 13G, Qatar Investment Authority (event date Oct 30, 2026)
18What it does with profit
18What it does with profit
What does Aspen Neuroscience do with its profit?
Money raised · Nov 2, 2026
IPO closed: 9,375,000 new shares at $15.00, $140.6 million before underwriting discounts and expenses. The prospectus estimates net proceeds of about $125.8 million. No existing stockholder sold shares.
$141M
19Governance signals
19Governance signals
What do Aspen Neuroscience's governance filings show?
- Auditor
- Ernst & Young LLP, since 2020
- Auditor changes
- None in the period covered
- Audit qualifications
- None reported
- Related-party dealings
- Holders of more than 5% and entities linked to directors bought Series C preferred stock in 2025, and OrbiMed and ARCH funds bought IPO shares. In 2026 the company forgave notes owed by three officers and directors. Relatives of two executives work there.
- Credit rating
- Not checked for this page
Flags to know about
other
Going-concern doubt on existing cash alone
The interim notes and risk factors in the prospectus dated Oct 29, 2026 say existing cash alone would not fund 12 months, raising "substantial doubt". This excludes IPO money. The audit opinion on FY2025 does not carry this language.
related party
Notes forgiven before the IPO
In August and September 2026 the company forgave about $2.1 million owed by the CEO, $212,928 by Faheem Hasnain and $30,550 by Andrew Spaventa. Each extended vesting on a November 2025 option grant from four to six years.
related party
Relatives on staff
The CEO's son and Dr. Johnson-Pratt's daughter work at the company. The prospectus dated Oct 29, 2026 says their 2026 pay is expected to be about $142,000 and $161,000.
disclosure
Two audited years, no quarterly report yet
As an emerging growth company, Aspen Neuroscience gives two audited years (FY2024 and FY2025) plus unaudited six-month periods. Its first Form 10-Q was not on EDGAR by Nov 6, 2026.
other
Classified board
Directors serve staggered three-year terms after the offering, so only one class is up for election each year, per the prospectus.
Sources (5)
- Form 424B4 final prospectus, initial public offering (dated Oct 29, 2026)
- Form 4, OrbiMed Advisors and affiliates (transactions Nov 2, 2026)
- Form 4, ARCH Venture Fund XIV and affiliates (transaction Nov 2, 2026)
- Form 4, ARCH Venture Fund X and affiliates (transactions Nov 2, 2026)
- EDGAR submissions, Aspen Neuroscience, Inc. (CIK 0002124080), read Nov 6, 2026
20What the market paid
20What the market paid · price as of Nov 5, 2026
What did the market pay for Aspen Neuroscience on Nov 5, 2026?
Price as of Nov 5, 2026 (shown for education; prices change daily).
Price as of Nov 5, 2026: Aspen Neuroscience closed at $11.76, from Nasdaq's historical price table. Market value = $11.76 × 29,078,600 shares outstanding after the offering = about $342.0 million (Cityfort calculation from the Nov 5, 2026 closing price and the 424B4 filed Oct 30, 2026). That share count starts from Jun 30, 2026 and leaves out the underwriters' option; no later count has been filed. The offering price was $15.00 (prospectus dated Oct 29, 2026). On the first trading day, Oct 30, 2026, the shares opened at $14.70 and closed at $14.89. P/E (price ÷ earnings per share) and price-to-sales are not shown because Aspen Neuroscience has net losses and no revenue.
- Share price
- $11.76
- Market value (market cap)
- $342M
More price-based ratios · as of Nov 5, 2026
Each ratio divides a number from the company's filings by the market value or share price on Nov 5, 2026. Prices change daily, so these ratios do too.
Free cash flow yield
−18.3%
−$62.5M free cash flow (FY2025) ÷ $342M market value = −18.3%
Cityfort calculation from the FY2025 filing and the Nov 5, 2026 closing price. Source: Nasdaq historical prices, ASPE, Oct 30 to Nov 5, 2026; Form 424B4 final prospectus, initial public offering (dated Oct 29, 2026)
What free cash flow means
Shares used for the market value: 29.08 million ($11.76 × 29.08 million shares ≈ $342M). Source: Form 424B4 final prospectus, initial public offering (dated Oct 29, 2026); Form 8-K, IPO closing and charter effective (Nov 2, 2026)
Source: Nasdaq historical prices, ASPE, Oct 30 to Nov 5, 2026; Form 424B4 final prospectus, initial public offering (dated Oct 29, 2026)
21How it got here
21How it got here
How did Aspen Neuroscience get here?
2018
Milestone
Incorporated
Incorporated in Delaware on May 18, 2018 as Aspen Biosciences, Inc.; renamed Aspen Neuroscience in October 2018.
2021
Milestone
New chief executive
Damien McDevitt became Chief Executive Officer in January 2021.
2023
Crisis
FDA clinical hold
Clearance to start human trials was delayed from January to August 2023 by an FDA hold, over insufficient information about the syringe.
2024
Milestone
CIRM award
The California Institute for Regenerative Medicine issued an $8.0 million award in March 2024 to co-sponsor the Phase 1/2a study.
2025
Milestone
Series C funding
Preferred stock sales in October and November 2025 raised about $115.6 million in gross proceeds. A loan agreement from December 2022 expired undrawn in November 2025.
2026
Milestone
IPO on Nasdaq
Shares first traded on the Nasdaq Global Select Market as ASPE on Oct 30, 2026, at a $15.00 offering price. The 9,375,000-share offering closed on Nov 2, 2026, after a 1-for-9.8821 reverse split on Oct 23.
Sources (5)
22Sources and changes
Where every number on this page comes from
Sources (14 documents)
- S1Form 424B4 final prospectus, initial public offering (dated Oct 29, 2026) · Aspen Neuroscience, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Oct 30, 2026
- S5Form 8-K, IPO closing and charter effective (Nov 2, 2026) · Aspen Neuroscience, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Nov 2, 2026
- S8Form 8-A12B, registration of common stock on Nasdaq · Aspen Neuroscience, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Oct 29, 2026
- S9Nasdaq certification of approval for listing (Form CERT) · The Nasdaq Stock Market LLC (SEC EDGAR) · Tier 1: company or exchange filing · Oct 29, 2026
- S10Form 4, OrbiMed Advisors and affiliates (transactions Nov 2, 2026) · SEC EDGAR · Tier 1: company or exchange filing · Nov 4, 2026
- S11Form 4, ARCH Venture Fund XIV and affiliates (transaction Nov 2, 2026) · SEC EDGAR · Tier 1: company or exchange filing · Nov 2, 2026
- S12Form 4, ARCH Venture Fund X and affiliates (transactions Nov 2, 2026) · SEC EDGAR · Tier 1: company or exchange filing · Nov 2, 2026
- S13Schedule 13G, Qatar Investment Authority (event date Oct 30, 2026) · SEC EDGAR · Tier 1: company or exchange filing · Nov 3, 2026
- S15Nasdaq historical prices, ASPE, Oct 30 to Nov 5, 2026 · Nasdaq · Tier 1: company or exchange filing · Nov 5, 2026
- S16Form 3, Damien McDevitt (event Oct 29, 2026) · SEC EDGAR · Tier 1: company or exchange filing · Oct 29, 2026
- S17Form 4, Faheem Hasnain (transactions Nov 2, 2026) · SEC EDGAR · Tier 1: company or exchange filing · Nov 2, 2026
- S18Form 4, Andrew Spaventa (transactions Nov 2, 2026) · SEC EDGAR · Tier 1: company or exchange filing · Nov 2, 2026
- S19EDGAR submissions, Aspen Neuroscience, Inc. (CIK 0002124080), read Nov 6, 2026 · SEC EDGAR · Tier 1: company or exchange filing · Nov 6, 2026
- S20Form 4, Peter A. Thompson (OrbiMed; transactions Nov 2, 2026) · SEC EDGAR · Tier 1: company or exchange filing · Nov 4, 2026
Changes to this page (v1 · Nov 6, 2026)
- v1 · Nov 6, 2026First version as a listed stock, from the 424B4 prospectus dated Oct 29, 2026, the Nov 2, 2026 8-K, Forms 3 and 4, a Schedule 13G and Nasdaq prices to Nov 5, 2026. (first version)
Numbers come only from tier 1 and tier 2 sources. Read how we research.
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