Aclarion, Inc. (NASDAQ: ACON)

Aclarion is a healthcare technology company that leverages magnetic resonance spectroscopy and proprietary biomarkers to optimize clinical treatments, focusing on the diagnosis and management of low back and neck pain.

The company’s technology addresses the approximately $134.5 billion U. S. market for low back and neck pain, which a 2020 JAMA article identified as the nation’s most costly health condition.

By using magnetic resonance spectroscopy to measure chemical changes in intervertebral discs, Aclarion aims to provide an objective, noninvasive tool that helps clinicians identify painful discs and guide treatment decisions.

As of December 31, 2025, Aclarion’s patent portfolio consisted of 28 issued U. S. patents, 24 foreign patents, and numerous pending applications, supporting its proprietary approach.

The company generates revenue primarily from the sale of its NOCISCAN platform, which includes the NOCICALC and NOCIGRAM software components, as well as related services such as data transmission and reporting.

In the United Kingdom, three insurance providers reimburse for the NOCISCAN scan, while in the United States revenue comes largely from direct patient payments and from claims submitted under the Category III CPT codes effective January 1, 2021.

Additionally, Aclarion may receive income from collaborations with imaging centers that perform the procedure and remit payment for the use of its proprietary algorithms.

The company also seeks to expand its revenue base by pursuing conversion of its Category III CPT codes to Category I status, which would enable broader insurance reimbursement.

The company operates through the following segment.

• Core Business: This segment encompasses the development and commercialization of the NOCISCAN platform, which uses magnetic resonance spectroscopy to assess disc health and support treatment decisions for low back and neck pain patients. Activities within the segment include research and development of signal processing algorithms, pursuit of regulatory clearances, and efforts to expand compatibility with MRI systems from manufacturers such as Siemens and Philips. The segment also involves clinical studies to generate evidence for reimbursement and market adoption.

Aclarion occupies a specialized niche within the diagnostic imaging market by offering a noninvasive, objective test that complements standard MRI and overcomes the shortcomings of invasive provocation discography.

While established competitors such as large MRI manufacturers and providers of invasive discography tests dominate the market, Aclarion’s technology provides unique chemical information that is not available from conventional imaging.

The company’s competitive advantages include its proprietary biomarker library, its patented signal processing methods, and the demonstrated clinical improvements in surgical outcomes when its results guide treatment.

The company serves imaging centers such as RadNet, which operates three facilities capable of performing NOCISCAN exams, and healthcare providers that use MRI systems from Siemens and Philips to acquire the raw spectroscopy data.

In addition, Aclarion’s customers include insurance providers in the United Kingdom and the United States that reimburse for the procedure, as well as patients who pay directly for the NOCISCAN scan when coverage is not available.