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electrocore (ecor): Investor Fact Sheet
electroCore, Inc.
(NASDAQ: ECOR)
Market Cap: $51M
Cash: $11.6M
2026E Revenue: $44M
EV/2026E Revenue: ~1.0x
Bioelectronic Medicine for Chronic Neurological Conditions
electroCore, Inc. (NASDAQ: ECOR) is a commercial-stage bioelectronic medicine company using non-invasive neuromodulation to address chronic pain, headache, and wellness conditions.
Migraine Is One of the Most Prevalent Neurological Conditions in the World
~42M
U.S. adults living with migraine or severe headache
A chronic neurological condition with recurring, lifelong treatment needs
1.2B
People worldwide living with migraine (2021)
(GBD 2021 burden estimates)
$3.9B
U.S. migraine drugs market
Reflects chronic use rather than one-time treatment

These are recurrent, lifelong conditions, not episodic events — creating sustained demand for therapies that can be used repeatedly and safely over time.
The Limitation Isn't Efficacy — It's Chronic Use
Most current treatment approaches rely on pharmacologic therapies.
While often effective in the short term, many are limited by:
Side effects that limit sustained use
Drug–drug interactions in polypharmacy patients
Declining adherence over time
Chronic neurological conditions create recurring, long-duration treatment demand, favoring therapies designed for frequent, sustained use.
Neuromodulation Is Becoming a Third Treatment Modality…
Historically, neuromodulation required surgical implants and specialized care.
Advances in bioelectronic technology now allow non-invasive neuromodulation, enabling:
  • At-home use
  • Repeat daily therapy
  • Broad patient access

This shift parallels earlier transitions in healthcare from hospital-based to portable, patient-managed solutions.
electroCore Built a Commercial Platform Around This Shift
electroCore's technology is based on non-invasive vagus nerve stimulation (nVNS).
Delivered through the skin at the neck, nVNS targets a major neurological pathway involved in pain processing, inflammation, and autonomic regulation — without implants or systemic drug exposure.
One Neurological Pathway, Multiple End Markets
electroCore applies the same core technology across distinct markets:
gammaCore®
FDA-cleared for the prevention and acute treatment of migraine and cluster headache, gammaCore is a handheld, non-invasive neuromodulation therapy that delivers vagus nerve stimulation through the skin at the neck.
Quell®
FDA-authorized for fibromyalgia symptoms, Quell® is a non-invasive neuromodulation therapy designed for regular use to help manage chronic pain.
Truvaga™
Direct-to-consumer neuromodulation device designed to support stress reduction and sleep through non-invasive vagus nerve stimulation.
TAC-STIM™
A non-invasive neuromodulation solution developed with the U.S. Air Force to support attention, fatigue management, and cognitive performance in high-demand operational environments.
This Is Already a Business, Not a Hypothesis
Proof of Commercial Execution
1
Solid Revenue Growth
55% Five-year revenue CAGR
2
Strong Gross Margins
85% Gross Margins
3
Expanding Commercially
VA, NHS, and consumer channels
Consistent Top-line Growth Since 2019
*Revenue since 2019, ($M)

Investor Resources
For detailed financial projections, clinical data, regulatory pathway, and commercialization strategy, contact ecor@cg.capital to access additional investor materials.