electroCore, Inc. Common Stock Planet MicroCap Showcase: Toronto 2026

Everyone, good morning. I do not think I need this, right? Good. We are webcasting. It is good to see some- We are webcasting. Oh, we are webcasting, so I do need this. We are webcasting. It is nice to see some familiar faces here. I saw Robert Kraft here before, so if you are still in the room, thanks so much for having us again. We were at the last conference, and it was fantastic in Vegas, and here we are again. Let us see. All right. So for those of you who are not familiar with us, electroCore is a commercial-stage bioelectronic health and wellness business. It is about as far and as different from the previous presenter as we could possibly be. We have got two main bioelectronic technologies, and these technologies use bioelectronic systems as a way to go ahead and help impact both the health and wellness of patients or consumers.

We have got two primary classes of products, both prescription as well as health and wellness. I got involved in this company late in 2019 as part of a turnaround. The idea back then was we had this amazing vagal nerve stimulation device, which is a non-invasive device that is a handheld device. We had just gotten our first FDA clearance, and we had a very successful IPO, but prior management really had a hard time transitioning from that R&D business to the commercial business, and that is sort of when I got involved. But since then, we have been able to focus really primarily on areas where we are reliably getting paid. We have been able to grow our revenues about 50% compounded annually over the course of the last five years, with full year 2025 revenues peaking at about $32 million.

Through the first six months of 2026, our revenue was $19 million, so we are at approximately a $40 million revenue run rate. We have been able to do that while expanding our gross profit margins from the low 70s to the mid to high 80s. So we have been able to develop this organization with this infrastructure that shows an ability to scale once you get past those fixed expenses. The real question here, while you are all sitting in the room, is why now? About 70% of our revenue comes from the VA. Why that is relevant to today is because in April of 2026, our former CEO retired, and we brought on a new Chief Operating Officer as well as my new Co-CEO, named Mike Fox. Mike Fox comes to us with approximately 35 years of experience in commercializing medical devices.

But more pertinently, he spent the last 10 to 15 years really focused on selling devices into the federal marketplaces. So expanding past the VA, but also opening up places like federal workers comp, active duty military, medical treatment facilities, TRICARE, so on and so forth. So when you think about the why now, and as I go through a little bit more about what it is we're looking to accomplish, is we're really doubling down on this ability to scale our medical device side of the business, which has very high contribution margins and very good unit economics, and really focus on accelerating that revenue throughout not just the VA, but other areas of the federal marketplace. Here's a nice little chart of our different devices, and I'll walk through them, but the products all the way on the left are our prescription-based products.

Those are the products primarily when we say that we sell them into the VA, those are the products we sell. The two middle products are classified as general wellness products, and what that means is we could sell them under the FDA guidance document that says if a product is safe and you don't make any sort of medical claim, you could call it a general wellness product. Good example of that would be, I could say my Truvaga device, the one in the middle, which we sell direct to consumer, helps improve your sleep, but I cannot say it improves or treats your insomnia, because insomnia is a medical diagnosis. Right? Could help with sleep, can't help with insomnia. And the product here all the way to the right is our general wellness product that's actually developed in conjunction with the Air Force Research Laboratory.

It is a B2B business product. This is a white label product that we developed for the Air Force and Special Forces units that's utilized by active duty military primarily for cognitive enhancement and human performance. And I'll talk about a little bit of that later. I see people got interested there. I'll touch on that in a bit. So this is our flagship product. It's called gammaCore. gammaCore is a non-invasive vagal nerve stimulation product. As you can see, it's a handheld device that you hold to your neck for approximately 2 minutes. It'll beep, and then depending on what the protocol may be, you would either use it again for 2 minutes, you would use it in the morning and in the evening. This product is primarily prescribed only for different forms of primary headache. Primary headache would include things like migraine, cluster headache.

We have about six different FDA clearances for this, so different areas where the FDA has said you can sell it for these particular indications, and those all are all around those different forms of primary headache. As you can understand, the reason why the VA really likes this product is because it is a non-pharmaceutical, non-opioid-based pain therapeutic. So said differently, if you're a veteran and you're on a lot of different meds, the VA likes the idea that this product doesn't have to be injected or ingested by the body. It's very safe. There are no contraindications with other devices. There are no contraindications with other medications. The other reason why the VA really likes this product is because the vagus nerve, for those of you who are not familiar, is the largest nerve in the body.

It's the 10th cranial nerve, and it touches all the visceral organs. When you stimulate the vagus nerve, the way I like to describe it, and again, we talk a lot with the military, right? It's more of a buckshot approach. It's a systemic approach to therapy. When you stimulate the vagus nerve, the entire nerve gets activated, and that activation touches all the organs for which the nerve itself is connected. So it's a systemic approach to therapy. In contrast, when you take a pill, a pharmaceutical, those are usually gene inhibitors or gene accelerators. What those do is they're like a sniper shot. They very specifically touch one particular area, and they treat one specific thing. Because the vagus nerve is activated when you stimulate it's not just the brain that's getting the therapy.

The people who have the greatest benefit with our product are the people that have a lot of things wrong with them, because they're getting activation across areas like their stomach, their liver, their spleen, of course, their brain. In May of 2025, we acquired a company called NeuroMetrix. When we acquired that company, they had this great asset called Quell Fibromyalgia. Quell Fibromyalgia is the only FDA-approved product for fibromyalgia. Now, when we acquired this business, the company was going through a bit of a turnaround themselves, and they were doing about $50,000 a month in revenue. Since acquiring this product, we've been able to put it into our bag with our individual salespeople that sell into the VA, and we've been able to grow this business about 30% sequentially. We tapped out last quarter. We did about $1.3 million worth of revenue.

Again, the reason why the VA likes this is a non-opioid-based pain therapeutic. But what's really compelling about this product is we are just barely scratching the surface. We sell this product into roughly 30% of all of our accounts, meaning there's still 70-plus accounts that exist within our marketplace that we haven't even begun to touch because we have to introduce it, we have to go through the sales team and sales individuals. But what's also compelling about this product is when you are a member of the government, or really specifically an active duty military member, about 2% of active duty military members go into deployment with having some form of fibromyalgia. That number expands to about 8%-11% coming back from deployment.

If you think about this pipeline of potential patients that we have in a marketplace where there is no other product that exists, this product has a very, very big road ahead of it, or we believe at least it does, as potential to be the leading product, really the only product, for fibromyalgia. I mentioned earlier, this is our product called Truvaga. It is a direct-to-consumer product. We sell this product through our website, www.truvaga.com. Good to see people taking notes there. This product itself is used for different forms of general wellness, and what that means is sleep, relaxation, stress. This is typically sold to people who are trying to be biohackers, or really trying to help modulate the way that their body is dealing with stress. The vagus nerve really controls the parasympathetic nerve system.

The best way to describe it is the sympathetic nerve system lifts up your fight or flight. It gets you very excited. The parasympathetic nerve system is what brings you back down to normalcy. When you stimulate the vagus nerve or utilize our product, it is a big on/off switch. It basically tells your parasympathetic nerve system, "Hey, you got to come back down to equilibrium." That affects a lot of different things like inflammation, by way of example, right? Because what inflammation is your body's reaction, a systemic reaction, to some form of outside body that needs to be brought back down to normalcy. Otherwise, you swell, you have too many white blood cells, so on and so forth. These products, again, as I mentioned, are sold direct to consumer. It is a consumer electronics business.

Fundamentally speaking, the contribution margins on this business are not as good as the medical device business, and we have said publicly that because one of our stated goals is to get to adjusted EBITDA positive by the back half of 2027, we would rather grow this business slower but more profitably than continue to accelerate the growth in this business. In 2024, we did about $2.4 million of revenue through this product. In 2025, we did about $5 million. We do not have to grow triple digits in this business because our real stated goal is to get to that adjusted EBITDA positive. This is our product called TAC-STIM, short for tactical stimulation. It was developed in conjunction with the Air Force Research Laboratory. There were two studies that were basically ongoing around the same time with one another.