The brief

Analyst view

• Evoke is the first closed-loop SCS that reads the spinal cord's electrical response and adjusts each pulse.
• Raised $140M+ total; Series D was $100M (Jan 2025). Listed on ASX as SLD in 2024.
• FDA approvals: EVA sensing (Dec 2024), CAP24 paddle lead (June 2026) expands access to neurosurgeons.

Technical approach

As reported

ECAP sensing

Recording the spinal cord's response

Electrodes directly measure the evoked compound action potential—electrical firing in response to stimulation.

Closed-loop

On-the-fly adjustment

Device adjusts stimulation in real time based on ECAPs, keeping therapy in the patient's therapeutic range.

EVA sensing

Next-generation scanning

EVA scans the spinal cord's response profile and uses machine learning to optimise therapy.