SONA EIS

The problem

The parasympathetic nervous system, of which the vagus nerve is a key component, regulates many of the body’s essential routine functions, including heart rate, blood pressure, digestion and breathing. When functioning well, it helps the body adapt to stress, recover effectively and maintain physical and mental performance.

Modern life can place that system under constant strain. Long hours, constant digital connectivity, a fast-paced, overstimulating environment and poor sleep can leave our parasympathetic nervous system in a persistent state of agitation. Rather than cycling naturally between stress and recovery, many spend much of their day in a heightened ‘fight-or-flight’ state.

Over time, this can impair the body’s ability to self-regulate, a condition often referred to as autonomic imbalance. Symptoms can include a constant feeling of stress, poor sleep, low energy, brain fog and anxiety. If left unaddressed, this could escalate and result in burnout, mental health disorders or chronic physical conditions.

SONA’s solution

SONA has developed a wearable neurotechnology system to help users shift their nervous system from a prolonged ‘fight-or-flight’ state towards greater calm, resilience and wellbeing. Worn on the ear for short daily sessions of 10-25 minutes, it combines personalised vagus nerve stimulation with biometric feedback.

The technology is built around neuroplasticity - the brain's ability to adapt and rewire itself over time. At its core is a wearable device that delivers non-invasive electrical pulses via the ear to stimulate the vagus nerve, a key component of the parasympathetic nervous system that helps regulate functions including heart rate, blood pressure and respiration.

Existing approaches to nervous system regulation, such as breathwork, massage, cold exposure and conventional stimulation devices, can be effective but often produce inconsistent results and are rarely tailored to the individual. SONA’s wearable combines vagus nerve stimulation with closed-loop AI, continuously analysing biometric data and adjusting stimulation in real time.

SONA’s aim is not only to provide short-term stress relief, but also to help improve a user's ability to self-regulate their nervous system over time. The Company believes this personalised approach can deliver more consistent outcomes than devices that rely on fixed or manually adjusted settings. Users report improvements including higher heart rate variability (HRV), which reflects the body’s level of adaptability – people with higher HRV indicate they’re less stressed. Users also report an additional 30-40 minutes of deep sleep per night.

The platform integrates with wearables such as Oura and WHOOP, while an accompanying app provides guided breathing exercises, progress tracking and behavioural tools designed to encourage long-term engagement.

Pre-clinical studies

The Company has worked with researchers from Imperial College, Goldsmiths, the University of Kent, the University of Sussex and Brighton and Sussex Medical School to develop and evaluate its non-invasive vagus nerve stimulation technology.

Completed and ongoing studies have explored applications in stress, tinnitus and Parkinson's disease. The Company is also collaborating with East Kent Hospitals University NHS Foundation Trust and Rescape Innovation on a project combining vagus nerve stimulation with virtual reality therapy for chronic pain, which received funding through the Innovate UK MindSet programme.

Why consider investing?

SONA operates in a Vagus Nerve Stimulation market which it reports is expected to reach c.$24 billion by 2031.

The Company is backed by several notable angels – including Cognism’s founder James Isilay; former Cerberus Chief Data & AI Officer John Tang, who previously held senior data and AI roles at Barclays and JPMorgan; and Tom James, serial founder and an early investor in Zendesk, OneLogin and Cognism.

The SONA leadership and technology team brings extensive experience from across NASA, Cognism, Neuralink and neuroscience at the likes of Oxford, Harvard and Imperial College. Founder/President Jane Ollis is a medical biochemist and environmental scientist with a career spanning NASA, Oxford and the NHS. CEO Eliot Frazier is an astrophysicist and former Head of AI at Cognism.

SONA launched its device commercially in February 2026, and quickly sold out its first 650 units, generating $700k gross sales to date. The devices were sold at $950 each, with ongoing subscriptions of $25-$99 per month. The Company anticipates selling 2,000 units in 2026, delivering revenue of $2.4 million – not guaranteed. The device currently has a waiting list of 4,500+ customers.

The plan is to eventually scale from direct-to-consumer sales to reimbursed medicine (treatment paid for by insurance or national health scheme), particularly for treatment for migraines.

The opportunity

Now, to help support its growth – namely, scale production to fulfil the waitlist of orders, expand marketing and brand-building in the US, UK and EU, and further improve its product offering – SONA is seeking to raise up to £1 million through an Advance Subscription Agreement (ASA) which is expected to be EIS-qualifying. SONA has over £500k committed to the ASA to date, including £120k from SFC Capital (the introducer of this offer).

Wealth Club has a £300k allocation – the minimum investment is £10,000 and you can apply online. Based on the Company's forecasts, the target return for this private offer is 7x after 4-7 years – high risk and not guaranteed.

As can be expected when investing early stage, the potential rewards are significant, but so are the risks. Please carefully read all investment documents prepared by the Company and SFC to form your own view.

SONA EIS – the opportunity at a glance

This is a single company offer with no diversification. It involves investing in an early-stage business, which is by nature high risk and prone to failure. There is a risk that the capital raised may not be sufficient to achieve the Company’s objectives. You could lose all the amount you invest.

Like all investments available through Wealth Club, it is only for experienced investors happy to make their own investment decisions without advice.

There is no ready market for unlisted EIS shares: they are illiquid and hard to sell and value. There will need to be an exit for you to receive a realised return on your investment. Exits are likely to take considerably longer than the three-year minimum EIS holding period; equally, an exit within three years could impact tax relief.

To claim tax relief, you will need an EIS3 certificate, normally issued once shares have been allotted, which will be when the ASA converts. This can take several months: please check the deployment timescales carefully. Tax reliefs depend on company maintaining its EIS-qualifying status. Remember, tax rules can change and benefits depend on circumstances.

Before you invest, please carefully read the Information Memorandum which contains further details on the considerable risks – alongside the Wealth Club Risks and Commitments.

Investors in this round will enter an ASA, expected to convert into Ordinary A Shares, or the most senior EIS-eligible share class available on conversion.

The ASA is expected to convert in the 2026/27 tax year and to be EIS-qualifying following conversion – not guaranteed.

Key ASA terms:

• 6-month long-stop: The ASA will convert into shares no later than six months after it is signed.
• ASA conversion scenarios:
1. If there is no financing round within six months, or the current financing round reaches £500k before six months: ASA converts at a £6.5 million pre-money valuation.
2. If there is a qualifying-priced round (£500,000+ new cash, priced above £6.5 million) before six months: ASA converts at a 20% discount to the round price (no valuation cap).

All the services Wealth Club and, where applicable, its subsidiaries provide are governed by the Terms and Conditions of the Wealth Club Services.

Investors will pay no direct initial or ongoing charges to invest, so you should be able to claim EIS tax relief on the full amount you subscribe.

SFC Capital will receive a fundraising fee, which it will share with Wealth Club. Please see the Wealth Club Schedule of Charges for more details.

This financial promotion has been communicated and approved by Wealth Club Ltd on 4 September 2026

Wealth Club aims to make it easier for experienced investors to find information on – and apply for – investments. You should base your investment decision on the offer documents and ensure you have read and fully understand them before investing. The information on this webpage is a marketing communication. It is not advice or a personal or research recommendation to buy any of the investments mentioned, nor does it include any opinion as to the present or future value or price of these investments. It does not satisfy legal requirements promoting investment research independence and is thus not subject to prohibitions on dealing ahead of its dissemination.