Accuray and Samsung NeuroLogica Sign Agreements to Develop Volumetric Imaging for CyberKnife

Accuray Incorporated (NASDAQ: ARAY), the Madison, Wisconsin developer of the CyberKnife and Radixact radiation therapy systems, announced on September 27, 2026 that it had entered into agreements with Samsung HME America, Inc., which does business as NeuroLogica Corp., to pursue advanced volumetric imaging capabilities for the CyberKnife System. The announcement coincides with the American Society of Radiation Oncology (ASTRO) Annual Meeting in Boston, where the two companies are highlighting the collaboration. It is the second technology agreement Accuray has announced this month.

What the Agreements Cover

According to the release, Samsung NeuroLogica’s experience in mobile computed tomography (CT) and volumetric imaging will be coupled with Accuray’s expertise in precision treatment delivery, robotic radiosurgery and motion management. The stated aim is to bring additional imaging information closer to treatment decision-making. Accuray says its customers have consistently identified imaging that improves treatment efficiency and informed decision-making as an important priority.

The Royal Marsden NHS Foundation Trust is the first center worldwide to participate. Professor Nicholas van As, a consultant clinical oncologist there and chief investigator of the PACE prostate radiotherapy trials, said: “Seeing the target and surrounding anatomy together at the time of treatment could help us make more informed decisions for each patient.” In addition, Jonathan Lischalk, MD, clinical director of radiosurgery at MedStar Georgetown University Hospital, pointed to lung, pancreatic and prostate cancers as areas where the position of a tumor relative to nearby healthy organs shapes treatment decisions. He is scheduled to speak at Accuray’s clinical session at ASTRO on September 28.

The release also sets out what has not happened yet. The collaboration will progress through phased development activities as the companies evaluate technical, clinical and commercial opportunities. No commercial product offering has been announced, and future developments remain subject to ongoing evaluation and applicable regulatory requirements. The release does not disclose financial terms, the number or length of the development phases, or a timeline.

From Letters of Intent to Agreements

Both of this month’s partnerships first appeared in Accuray’s July 29, 2026 plan, which described non-binding letters of intent with Samsung HME America and with RaySearch Laboratories AB. At that point, the company said the scope, terms and benefits of any collaboration remained subject to further negotiation and the execution of definitive agreements.

The RaySearch letter became a definitive agreement on September 11. Under it, Accuray agreed to purchase specified RayStation licenses with a total order value of $8 million to support the commercialization of online adaptive radiation therapy, which the two companies will jointly market and support. The initial focus is Radixact, and the solution will be extended to the CyberKnife platform in the future. By comparison, the September 27 Samsung release refers to “agreements” and does not state whether they are definitive.

President and Chief Executive Officer Steve La Neve described the Samsung agreements as part of a broader approach. “We do not believe every capability must be developed internally,” he said. “In many cases, the strongest path forward is bringing together distinct expertise around a shared customer or patient challenge.” Alongside the partnerships, the July plan listed internally developed technologies the company is rolling out across its installed base, including ClearRT Helical kVCT imaging, Synchrony motion management and the VOLO Optimizer.

Financial Position and Listing Status

For fiscal 2026, which ended June 30, Accuray reported total net revenue of $401.9 million, down 12% from $458.5 million a year earlier. Product revenue fell 27% to $172.7 million, while service revenue rose 4% to $229.2 million. The GAAP net loss was $49.2 million, or $0.40 per share, and operating expenses included $16.2 million of restructuring charges. Adjusted EBITDA was $10.6 million for the year and $12.9 million for the fourth quarter. Order backlog was $312.5 million at June 30, approximately 27% lower than a year earlier, and the company is not providing formal revenue or adjusted EBITDA guidance for fiscal 2027.

At June 30, 2026, cash and cash equivalents were $40.6 million, against short-term debt of $1.5 million and long-term debt, net, of $146.4 million. On July 29, Accuray entered into definitive agreements with TCW Asset Management Company, which the company describes as its primary lender and largest shareholder. TCW will exchange $40 million of term loan principal for convertible preferred stock and invest $15 million in cash for additional preferred shares, convertible into common stock at $0.50 per share with an 8% annual dividend. The agreements also waive certain financial covenants through December 31, 2027 and make a delayed draw term loan of up to $5 million available, subject to conditions.

Accuray received a NASDAQ notice on February 2, 2026 that its common stock no longer met the $1.00 minimum bid price requirement. Subsequently, its listing transferred to the NASDAQ Capital Market on August 6, and the company was granted an additional 180 days, until February 1, 2027, to regain compliance. Stockholders will vote at a special meeting on October 6, 2026 on the TCW share issuance and on a reverse stock split at a ratio between 1-for-15 and 1-for-40, to be set by the board. Both are closing conditions of the TCW transaction.

Strategic Investment Summary

• Agreements Signed: Accuray Incorporated (NASDAQ: ARAY) entered into agreements with Samsung HME America, dba NeuroLogica Corp., announced September 27, 2026, to pursue advanced volumetric imaging capabilities for the CyberKnife System, with The Royal Marsden as the first participating center worldwide.
• Stated Limits: Development will proceed in phases, no commercial product offering has been announced, financial terms were not disclosed, and future developments remain subject to evaluation and applicable regulatory requirements.
• Partnership Sequence: The Samsung and RaySearch collaborations both began as non-binding letters of intent on July 29; RaySearch became a definitive agreement on September 11 that includes an $8 million RayStation license purchase.
• Fiscal 2026 Results: Revenue fell 12% to $401.9 million as product revenue declined 27% and service revenue grew 4%, with a GAAP net loss of $49.2 million, adjusted EBITDA of $10.6 million and backlog of $312.5 million at June 30.
• Capital Structure: TCW, Accuray’s primary lender and largest shareholder, agreed to exchange $40 million of debt and invest $15 million in cash for preferred stock convertible at $0.50 per share, with certain covenants waived through December 31, 2027.
• Upcoming Milestones: Stockholders vote on October 6 on the TCW issuance and a reverse split between 1-for-15 and 1-for-40, and Accuray has until February 1, 2027 to regain compliance with the NASDAQ $1.00 minimum bid price requirement.

Find out more about the latest corporate developments and financial reports at the Accuray investor portal.