Neural implants—devices that interact with the human nervous system, either on its periphery or in the brain—are part of a rapidly growing category of medicine that’s sometimes called electroceuticals. Some technologies are well established, like deep-brain stimulators that reduce tremors in people with Parkinson’s disease. But recent advances in neuroscience and digital technology have sparked a gold rush in brain tech, with the outsized investments epitomized by Elon Musk’s buzzy brain-implant company, Neuralink. Some companies talk of reversing depression, treating Alzheimer’s disease, restoring mobility, or even dangle the promise of superhuman cognition.

Not all these companies will succeed, and Los Angeles–based Second Sight provides a cautionary tale for bold entrepreneurs interested in brain tech. What happens when cutting-edge implants fail, or simply fade away like yesterday’s flip phones and Betamax? Even worse, what if the companies behind them go bust?

After Second Sight discontinued its retinal implant in 2019 and nearly went out of business in 2020, a public offering in June 2021 raised US $57.5 million at $5 per share. The company promised to focus on its ongoing clinical trial of a brain implant, called Orion, that also provides artificial vision. But its stock price plunged to around $1.50, and in February 2022, just before this article was published, the company announced a proposed merger with an early-stage biopharmaceutical company called Nano Precision Medical (NPM).

Jesus fucking Christ. capitalism is so unbelievably gross. imagine having reached a point as a species where we can do things like cure blindness and having it immediately devolve into bullshit like "startup companies" and "stock prices".