ClearPoint Neuro is a small, commercial-stage medical device company focused on minimally invasive neurosurgery. Its core product is the ClearPoint system — an integrated platform combining hardware, software, and single-use disposables used to precisely navigate and deliver devices or drugs to targeted brain locations. The system supports procedures including deep brain stimulation (DBS), laser ablation (LITT), brain biopsy, and direct infusion of gene and cell therapies. In 2025, ClearPoint acquired IRRAS, adding the IRRAflow system — a neurocritical care device that actively irrigates, drains, and monitors intracranial fluid — to its portfolio. ClearPoint follows a razor-and-razorblade model: capital hardware is placed at hospitals at low margins to build an installed base, with recurring high-margin disposable sales generated per procedure. Revenue breaks into three segments: biologics and drug delivery (~50%), neurosurgery navigation and therapy (~38%), and capital equipment and software (~11%). The biologics segment serves 60+ pharma and biotech partners developing neurological gene and cell therapies, selling SmartFlow cannulas and preclinical and clinical support services. A key long-term opportunity is embedding ClearPoint's SmartFlow cannula as a co-labeled, required component of commercially approved gene therapies — the cannula is already co-labeled with KEBILIDI, the first FDA-approved neuro gene therapy. ClearPoint operates at a loss, funded by a debt and equity facility, and targets ~$200M in revenue at 70%+ gross margins as it scales its installed base and pharma partner pipeline.