Nexalin Technology is a pre-commercial medical device company developing non-invasive neurostimulation devices to treat mental health conditions, including anxiety, insomnia, depression, and potentially Alzheimer's disease and dementia. Nexalin's devices deliver a proprietary electrical waveform through electrodes placed on the forehead and behind the ears, and the company argues its 15 milliamp waveform penetrates deeper into the brain than competing devices, stimulating mid-brain structures without discomfort. The core appeal is a drug-free, non-invasive alternative to pharmaceuticals. Nexalin's device lineup includes the Gen-2 SYNC, a 15 milliamp clinical device approved in China, Oman, and Brazil but awaiting FDA clearance in the U.S., and the Gen-3 HALO, a home-use headset prescribed via telehealth, also not yet FDA cleared. Nexalin's intended business model has two components: physicians purchase or lease the Gen-2 SYNC for in-clinic use, generating recurring revenue from proprietary single-use electrodes; and the Gen-3 HALO is prescribed via telehealth and shipped to patients, with recurring revenue from monthly physician authorizations and electrode consumables. Currently, Nexalin generates only minimal revenue from legacy Gen-1 device service contracts, which are in run-off. Revenue growth is entirely contingent on FDA clearance for the Gen-2 and Gen-3 devices. Outside the U.S., Nexalin operates in China through a joint venture and holds approvals in Brazil and Oman, with EU approval also being pursued.