Start with the brain.
MRI-based measurement creates a foundation for interpretable profiles. BAS 2.0 brings those profiles into a conversation people can understand and act on.
Investor relations / Lifespan Brain Intelligence
The next frontier
is human.
Brain-derived evidence.
More personal intelligence.
A lifelong opportunity to understand.
Decode the Brain. Elevate the Human.
Building from MRI-based insight toward permissioned human context for AI.
2030 · IPO READINESS TARGET A strategic option, not a confirmed listing.
Foundation / MRI-based brain analysis
Preparing for relaunch / BAS 2.0 · MQR
Long-term direction / Human context + governed data
01 / The investment thesis
Understand the person.
Expand the possibilities.
Neurogazer’s thesis connects a tangible service today with two longer-term opportunities: person-specific AI context and rights-managed lifespan brain datasets.
Build across a lifetime.
Consented follow-up can connect baseline measurements with context and change. The opportunity is a qualified longitudinal resource, rather than a collection of isolated scans.
Make intelligence personal.
The target is to deliver only the person-specific context an approved AI use requires, with purpose controls, human review and evidence appropriate to that use.
02 / Platform architecture
One BAS foundation.
Two growth paths.
BAS supports two separately governed uses of brain data. Revenue from both pathways is excluded from the first three years of the post-funding plan.
Shared foundation · BAS measurement and interpretation
BAS 1.0
Quantitative MRI-derived indicators, brain ages and connectivity.
BAR / Brain Analysis Report
BAS 2.0
A structured profile, interpretation and practical guidance through MQ, BDoC and BASAR.
MQR / Guidance & follow-up
Independent growth pathways
Cohort DaaS
De-identified, rights-managed lifespan reference datasets and benchmarks.
Qualified Brain MRI Data Licensing
BAS 3.0
Person-specific human context and interaction policies for approved AI applications.
Human Context Model / WAI
Service participation does not automatically authorize AI use or data licensing. Each pathway requires appropriate consent, rights, quality controls and intended-use validation.
The person behind the data
Every profile
begins with
a human life.
The value of understanding the brain lies in the possibilities it can open for people. MQR gives that ambition a concrete expression: a clearer profile and a more useful conversation about what comes next.
Inside BAS 2.0 · MQR ↗03 / The layer we aim to build
Explore the AI approach ↗Evidence.
Rights.
Human context.
AI systems can generate responses. Neurogazer’s target architecture focuses on the evidence and permissions needed to make those responses more relevant to a particular person.
WAI — With AI — is a context-delivery development pathway. It is not a foundation model, a diagnostic system or a physical-safety controller.
Brain-derived evidence
Interpretable · Versioned · Reviewed
Permission by design
Purpose · Scope · Expiry · Audit · Revocation
Minimum-necessary context
Approved uses · Human oversight · Outcome review
04 / Commercial architecture
One foundation.
Multiple routes to value.
The business model separates service delivery, research access, managed analytics and future data licensing. Each has its own customers, operating requirements and commercial terms.
BAS solution sales
Per-engagement brain analysis and reporting for individuals and institutional channels. Service delivery supports consented follow-up and qualified cohort development.
Commercial service / Per engagement, not recurring ARRManaged Brain Analytics
Post-acquisition analytics and reporting for overseas agencies and institutional partners, with a model designed to avoid owned overseas MRI infrastructure.
Partner-led expansion pathwayResearch MRI access
Research access for universities, AI laboratories and external institutions, subject to deployment of the planned research infrastructure.
Planned / Infrastructure-dependentRights-managed data licensing
Qualified reference cohorts and benchmarks for pharmaceutical, medical-AI and research applications, under defined usage rights and license terms.
Target state / Rights and evidence-gated05 / 2026–2029 strategic horizon
Progress by milestones.
Prepare for the next scale.
Execution starts when first-close funds are received. We target IPO readiness in 2030. Listing timing depends on approvals and market conditions.
Finance and IR preparation
Prepare the financial records and investor materials.
Fundraising and BAS relaunch
Fundraising begins in January. Within six months of first-close funding, we aim to relaunch BAS 2.0 and deliver 100–300 MQRs.
Validate market entry
Assess paid conversion and repeat use across partner channels.
Test the economics of scale
Evaluate throughput and contribution per service as delivery expands.
IPO readiness conditions
- Clear equity structure
- Auditable accounting
- Revenue-plan execution
- Ages 10–80 data plan
- US R&D / IP
- Governance
Management planning horizon from the November 2026 IR materials. Milestones are targets, not reports of completion. No listing date, exchange, approval or investment return is confirmed. Timing depends on execution, financing, regulatory requirements and market conditions.
06 / Infrastructure for disciplined growth
Expand access.
Control data quality.
A two-track strategy separates the economics of customer service from the protocol control required for longitudinal research.
Partner-led reach.
Hospitals and clinics provide MRI access. Neurogazer standardizes protocols, analytics and reporting, with an asset-light approach to service expansion.
Controlled cohort production.
Planned research infrastructure would support sequence consistency, quality control and longitudinal continuity. Deployment remains subject to supplier, site, funding and operating validation.
07 / Science meets execution
Scientific depth.
Human purpose.
The team’s role is to translate brain science into understandable products, evidence-led operations and responsible commercial delivery.
Founder / CEO
Heungyeol Lee
Heungyeol Lee shapes Neurogazer’s business strategy by asking how brain data can guide support for each person. He conceived the Meta Quotient Report (MQR) and Personalized AI and led the development of both early prototypes.
Co-founder / Research Director
Daeyeol Lee
Daeyeol Lee, a Bloomberg Distinguished Professor at Johns Hopkins, helped establish the field of decision neuroscience. He leads Neurogazer’s research and guides the use of findings on brain function in its MRI-based brain analysis services.
Scientific Advisory Board
As listed in the November 2026 IR materials
Daeyeol Lee · Timothy Behrens · Marvin M. Chun
Robert T. Constable · Timothy J. Vickery
Neuroimaging · Computational neuroscience · Cognition · Behavioral interpretation
MRI acquisition and medical interpretation remain the role of medical institutions. Neurogazer’s present non-medical scope excludes diagnosis and treatment claims. Product-specific validation and applicable regulatory confirmation remain part of the execution plan.
Begin an informed conversation
Invest in a deeper
understanding of people.
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