Fisher Wallace
Prescription Wearables For Mental Health
Brooklyn, NY
Health Tech
Fisher Wallace Labs makes wearable brain stimulation technology that is cleared by the FDA to treat depression, anxiety, and insomnia. The company is pursuing FDA Approval for the treatment of Major Depressive Disorder and is building a Version 2.0 device, called OAK, in collaboration with the engineers and designers behind Beats, Nest, and the Microsoft Hololens.
$175,209
raised
$7,229,888
previously crowdfunded
106
Investors
$81.6M
Valuation
$8.81
Price per Share
$493.36
Min. Investment
Common
Shares Offered
Equity
Offering Type
$1.84M
Offering Max
Reg CF
Offering
Stack Owner's Bonus & Rewards!
Members get an extra 10% shares in addition to rewards below!
Rewards
Get rewarded for investing more into Fisher Wallace:
$493+
Investment
StartEngine Owner’s Bonus
This offering is eligible for the StartEngine Owner’s 10% Bonus program. For details on this program, please see the Offering Summary section below.
5
days
21
hours
8
mins
19
secs
$1,500+
Investment
Tier 1
Invest $1,500 and receive 2% bonus shares + a free device.
$5,000+
Investment
Tier 2
Invest $5,000 and receive 5% bonus shares + a free device.
$10,000+
Investment
Tier 3
Invest $10,000 and receive 10% bonus shares + a free device.
$25,000+
Investment
Tier 4
Invest $25,000 and receive 15% bonus shares + a free device.
Reasons to Invest
Over $30 million in lifetime revenue, 100,000 customers and 14,000 prescribers.
Completing a clinical trial to obtain FDA Approval for the treatment of Major Depressive Disorder.
Completing a pilot program with the Seattle and the Salt Lake City Police Departments to improve employee mental health and wellness.
Since Our Last Raise...
*OAK (Version 2) is currently under development and not yet available on the market.
Overview
Prescription wearable technology for depression, anxiety, and insomnia
Fisher Wallace has developed a wearable brain stimulation device that electrically stimulates the brain to treat depression, anxiety, and insomnia without causing serious side effects. The company’s proof-of-concept device, the Fisher Wallace Stimulator®, has been cleared by the FDA and purchased by over 100,000 patients.
In 2022, the company launched a pivotal clinical trial to obtain FDA Approval for the treatment of Major Depressive Disorder. The FDA is expected to render a decision in early 2023. The company also launched a first responder pilot program in collaboration with the Seattle Police Department and Washington State University in January 2022, and the Salt Lake City Police Department recently joined the program.
The company is nearing completion of its Version 2.0 device, called OAK, in collaboration with Alloy Product Development and Eric Fields, the engineers and designers behind Beats, Nest and the Microsoft Hololens. OAK will deliver the same treatment as the company’s Version 1.0 device and will inherit its regulatory approvals and clearances. With world-class design and scientific validation, OAK is intended to appeal to tens of millions of people seeking a better way to improve mental health and wellness.
thE Market
The US spends over $225 billion a year on mental health treatment
Source: NAMI
Depression and anxiety affect one in three Americans (source and source), and at least 50 million Americans suffer from a sleep disorder (source). Recent data shows that the pandemic accelerated antidepressant use, with 23% more Americans taking an antidepressant in the third quarter of 2020-2021 versus the same quarter in 2015-2016. (source)
The problem
Side effects, modest efficacy, and high cost make drug therapy and behavioral therapy insufficient solutions
Medication for depression, anxiety and insomnia causes a wide range of side effects, sometimes serious, and even in generic form is expensive when the cost of doctor visits is included. The average cost of seeing a therapist is $100 - $200 per session (source) and as many as half of all patients fail to complete the “homework” associated with cognitive behavioral therapy that’s needed to experience results (source). While these standards of care help millions of patients every year, millions more are in need of safe, effective alternatives or adjuncts.
the solution
Rapid treatment with minimal side effects
According to our research, brain stimulation technology is gaining acceptance in the mental health industry. In clinical trials conducted with the company’s device, the majority of patients experienced symptom reduction within two weeks of daily 20-minute treatment sessions. The device does not cause serious side effects - temporary headache and dizziness are reported by less than 1% of device users. The device may be used safely as a standalone treatment or in conjunction with medication and/or psychotherapy. Additionally, more than 40% of Fisher Wallace customers report improvements in cognitive performance in addition to symptom reduction.
*OAK (Version 2) is currently under development and not yet available on the market.
our traction
Proven product-market fit and scalability
Leveraging a vertically integrated e-commerce model with an integrated telemedicine prescription process, Fisher Wallace has succeeded in generating over $30 million in lifetime revenue from its direct-to-patient sales channel. Over 14,000 providers have prescribed the Fisher Wallace Stimulator®. In January 2022, Fisher Wallace launched its first B2B channel through a first responder pilot program in collaboration with the Seattle Police Department and Washington State University. The Salt Lake City Police Department has since joined the program.
The company’s ongoing clinical research is designed to both obtain new FDA Approval and Clearances, as well as enable the company to expand insurance coverage. Medicaid in Maine (MaineCare) became the first state Medicaid program to fully cover the purchase of the Fisher Wallace device.
*OAK (Version 2) is currently under development and not yet available on the market.
WHY INVEST
Join us as we disrupt the mental health industry
*OAK (Version 2) is currently under development and not yet available on the market.
Our team is uniquely prepared to bring a refreshing vision of mental healthcare to life. We believe we possess the technology, skills, and timing required to successfully build and scale our solution. Become a shareholder in Fisher Wallace as we disrupt the status quo to better serve tens of millions of patients. Invest $1,500+ and receive a coupon code at the conclusion of the campaign to obtain our Version 1.0 device or Version 2.0 device for free!
Offering Summary
Company | : | Fisher Wallace Laboratories Inc. |
Corporate Address | : | 630 Flushing Avenue, Suite #104, Brooklyn, NY 11206 |
Offering Minimum | : | $9,999.35 |
Offering Maximum | : | $1,844,761.14 |
Minimum Investment Amount(per investor) | : | $493.36 |
Terms
Offering Type | : | Equity |
Security Name | : | Class B Non-Voting Common Stock |
Minimum Number of Shares Offered | : | 1,135 |
Maximum Number of Shares Offered | : | 209,394 |
Price per Share | : | $8.81 |
Pre-Money Valuation | : | $81,567,587.63 |
*Maximum number of shares offered subject to adjustment for bonus shares. See Bonus info below.
Investment Incentives and Bonuses*
Loyalty Bonus | 5% Bonus Shares
As you have previously invested in Fisher Wallace, you are eligible for additional bonus shares.
Time-Based:
Super Early Bird Bonus
Invest within the first week and receive 10% bonus shares.
Early Bird Bonus
Invest within the first two weeks and receive 5% bonus shares.
Amount-Based:
$1,500+ | Tier 1
Invest $1,500 and receive 2% bonus shares + a free device.
$5,000+ | Tier 2
Invest $5,000 and receive 5% bonus shares + a free device.
$10,000+ | Tier 3
Invest $10,000 and receive 10% bonus shares + a free device.
$25,000+ | Tier 4
Invest $25,000 and receive 15% bonus shares + a free device.
*All perks occur when the offering is completed.
The 10% StartEngine Owners' Bonus:
Fisher Wallace Laboratories Inc. will offer 10% additional bonus shares for all investments that are committed by investors that are eligible for the StartEngine Crowdfunding Inc. OWNer's bonus.
This means eligible StartEngine shareholders will receive a 10% bonus for any shares they purchase in this offering. For example, if you buy 100 shares of Class B Non-Voting Common Stock at $8.81 / share, you will receive 110 shares Class B Non-Voting Common Stock, meaning you'll own 110 shares for $881. Fractional shares will not be distributed and share bonuses will be determined by rounding down to the nearest whole share.
This 10% Bonus is only valid during the investor's eligibility period. Investors eligible for this bonus will also have priority if they are on a waitlist to invest and the company surpasses its maximum funding goal. They will have the first opportunity to invest should room in the offering become available if prior investments are canceled or fail.
Investors will receive the highest single bonus they are eligible for among the bonuses based on the amount invested and time of offering elapsed (if any). Eligible investors will also receive the Owner’s Bonus and the Loyalty Bonus in addition to the aforementioned bonus.
*Investors will only receive a single bonus, which will be the highest bonus rate they are eligible for.
Irregular Use of Proceeds
The Company will not incur any irregular use of proceeds.
Show More
Most recent fiscal year-end:
Prior fiscal year-end:
Total Assets
$1,999,403.00
USD
$853,359.00
USD
Cash And Cash Equivalents
$1,929,380.00
USD
$695,749.00
USD
Accounts Receivable
$0.00
USD
$2,302.00
USD
Short Term Debt
$471,468.00
USD
$725,122.00
USD
Long Term Debt
$576,525.00
USD
$620,416.00
USD
Revenues And Sales
$4,230,290.00
USD
$4,250,866.00
USD
Costs Of Goods Sold
$623,703.00
USD
$970,761.00
USD
Taxes Paid
$250.00
USD
$1,597.00
USD
Net Income
-$3,262,291.00
USD
-$1,823,732.00
USD
Risks
A crowdfunding investment involves risk. You should not invest any funds in this offering unless you can afford to lose your entire investment. In making an investment decision, investors must rely on their own examination of the issuer and the terms of the offering, including the merits and risks involved. These securities have not been recommended or approved by any federal or state securities commission or regulatory authority. Furthermore, these authorities have not passed upon the accuracy or adequacy of this document. The U.S. Securities and Exchange Commission does not pass upon the merits of any securities offered or the terms of the offering, nor does it pass upon the accuracy or completeness of any offering document or literature. These securities are offered under an exemption from registration; however, the U.S. Securities and Exchange Commission has not made an independent determination that these securities are exempt from registration.
Updates
YOU'RE INVITED TO AN EVENING Q&A WITH FISHER WALLACE
1 hour ago
We've raised over $175,000 in committed investments in the first week of our crowdfunding campaign! Thank you to those who have invested in us, and continue to invest in us. Together we are going to revolutionize the mental healthcare industry.
We are pleased to announce another investor webinar after high demand for our last Q&A. This will be our only webinar before the early bird bonus ends. Listen in as Kelly Roman CEO of Fisher Wallace Labs answers your questions about this raise.
During the Q&A Kelly will answer audience questions about Fisher Wallace’s current and upcoming technology, the company’s overall strategy as it continues to grow the emerging prescription wearable category, and our upcoming FDA approval submission.
Register below to reserve your spot to listen in or ask Kelly any questions you may have. He will answer as many questions as possible during this live one-hour webinar.
When: 10/11/22 at 7PM EST / 12PM PST
Register in advance for this webinar:
CLICK HERE
Receive 5% Bonus Shares when you invest today via our Early Bird Bonus
Repeat investors receive an additional 5% bonus and StartEngine owners
receive an additional 10% bonus. Receive a promo code to obtain our Version 1 or Version 2 device for free when you invest $1500+
LAST CHANCE TO SIGN UP FOR OUR WEBINAR
2 days ago
Dear Investors,
Don’t miss your chance to attend our only webinar before the super early bird bonus period ends. Tune in to ask our CEO, Kelly Roman, any questions you may have about our new technology OAK or our current investment round. Be sure to reserve your spot below.
When: 10/6/22 at 3PM EST / 12PM PST
Register in advance for this webinar: CLICK HERE
Receive 10% Bonus Shares when you invest today via our Super Early Bird Bonus
Repeat investors receive an additional 5% bonus and StartEngine owners receive an additional 10% bonus.
Receive a promo code to obtain our Version 1 or Version 2 device for free when you invest $1500+
Investors are eligible for only one perk that is time-based or amount-based, whichever is the highest amount. The loyalty and owner's bonuses stack on top of that.
NEW YORK TIMES; AN URGENT NEED FOR ANXIETY SCREENING FOR MOST ADULTS
3 days ago
We encourage you to read the font page story in the New York Times entitled "Health Panel Recommends Anxiety Screening for All Adults Under 65” This article underscores the dire need for better mental health care practices and treatment options. It goes on to talk about how anxiety, especially in a post pandemic world rife with stressors such as inflation, war, and more, is one of the most under-diagnosed illnesses in the US.
“It’s a crisis in this country,” Dr. Pbert said. “Our only hope is that our recommendations throw a spotlight on the need to create greater access to mental health care — and urgently.”
With this in mind, we look forward to obtaining the results of our pivotal depression trial and submitting them to the FDA by December 11, 2022.
Receive 10% Bonus Shares when you invest today via our Super Early Bird Bonus
Repeat investors receive an additional 5% bonus and StartEngine owners receive an additional 10% bonus.
Receive a promo code to obtain our Version 1 or Version 2 device for free when you invest $1500+
Investors are eligible for only one perk that is time-based or amount-based, whichever is the highest amount. The loyalty and owner's bonuses stack on top of that.
NASHVILLE PD JOINS THE FISHER WALLACE PILOT STUDY
4 days ago
SUPER EARLY BIRD PERK - 10% BONUS SHARES - ENDS THURSDAY
We are pleased to announce that Nashville PD is participating in the first responder pilot study of Fisher Wallace technology, joining Seattle PD and Salt Lake City PD. The 8-week, 200 subject study that will conclude enrollment this month. The primary endpoint for the study is the change in the Beck Anxiety Inventory at week 4 versus baseline. The study was first reported on by GeekWire in May (prior to Salt Lake City PD and Nashville PD joining).
Lois James, PhD, serves as principal investigator. Dr. James is an associate professor in the Washington State University (WSU) College of Nursing, where she focuses on bias, stress, sleep, and performance in “high stress” populations such as police officers, military personnel, nurses, and top tier athletes. She is one of a handful of research advisors for the International Association of Chiefs of Police, has received multiple honors and awards for her work, and is internationally recognized as a leading expert in her field.
Results of the study, if positive, will support Fisher Wallace's efforts to scale its solution among first responders and veterans, as well as the company's FDA re-Clearance application for the treatment of Generalized Anxiety Disorder.
Fisher Wallace continues to raise capital via equity crowdfunding to support its research efforts. Thousands of individual investors, many of whom are Fisher Wallace customers, now own 15% of the company - making Fisher Wallace a truly "patient-owned" company (co-founders Chip Fisher and Kelly Roman also use the technology).
Receive 10% Bonus Shares when you invest today via our Super Early Bird Bonus
Repeat investors receive an additional 5% bonus and StartEngine owners receive an additional 10% bonus. Receive a promo code to obtain our Version 1 or Version 2 device for free when you invest $1500+
Investors are eligible for only one perk that is time-based or amount-based, whichever is the highest amount. The loyalty and owner's bonuses stack on top of that.
YOU’RE INVITED TO OUR WEBINAR!
7 days ago
You are invited to attend our first live webinar of this raise hosted by Kelly Roman, CEO of Fisher Wallace Labs.
Kelly will answer audience questions about Fisher Wallace’s current and upcoming technology, the company’s overall strategy as it continues to grow the emerging prescription wearable category, and our upcoming FDA approval submission.
Register below to reserve your spot to listen in or ask Kelly any questions you may have. He will answer as many questions as possible during this live one-hour webinar.
When: 10/6/22 at 3PM EST / 12PM PST
Register in advance for this webinar:
Receive 10% Bonus Shares when you invest today via our Super Early Bird Bonus
Repeat investors receive an additional 5% bonus and StartEngine owners receive an additional 10% bonus. Receive a promo code to obtain our Version 1 or Version 2 device for free when you invest $1500+
Our Newest Campaign Is Now Live!
8 days agoI am pleased to announce the launch of our final equity crowdfunding campaign before Fisher Wallace submits the results of its clinical trial to obtain FDA-Approval for the treatment of depression.
The study will complete data collection on October 14th and we will submit the results, if positive, to the FDA in November, well before the December 11th submission deadline. The principal investigator is Kyle Lapidus, MD, PhD, who previously conducted pivotal research for ketamine and deep brain stimulation. I’ve led the company for more than a decade and this is the most dynamic moment in our history.
In addition to our clinical research, we are on schedule to launch our Version 2.0 device, OAK, next year. Individuals who invested in Fisher Wallace through StartEngine now own nearly 15% of the company.
Super Early Bird Perks are available today, which I encourage you to review along with our new campaign video.
Kelly Roman
Co-Founder & CEO
Fisher Wallace Labs
Perks for early and repeat investors!
8 days ago
Dear Investor,
Our new equity crowdfunding campaign just launched, with perks for early investors and repeat investors.
We raised over $7 million in our previous campaigns on StartEngine to fund OAK product development and clinical research (to obtain new FDA Approval). VC firm SHUFL Capital has also invested a total of $2.75 million.
OAK is designed to make our technology appealing to tens of millions of potential users - a massive project that will wrap up the majority of the engineering this year.
Thank you for your consideration!
Kelly Roman
Co-Founder & CEO
Fisher Wallace Labs
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