Shareholder update · July 2026
Where we are and where we are going
What we have built since the Seed, the milestones and the direction
Confidential document for shareholders
The company
From a photo to a clinical measurement
AI medical device that objectively assesses the severity of more than 300 skin conditions from a photo.
Clinical practice
Hospitals, insurers and telemedicine. Triage, severity measurement and patient follow-up.
Clinical research
Pharma companies and CROs. Reliable severity measurements as endpoints in clinical trials.
The only AI medical device that, beyond detection, measures the severity of 300+ conditions, with regulatory certification and published clinical evidence
What we built
What we have built since the Seed
Since the last round (Seed, Sep 2024), with every asset for the next phase already in place.
Recurring ARR
158K→401K
Markets
5→7
Team
19→27
Peer-reviewed papers
4→9
€401K
Recurring ARR, June 2026
x2.5 since 2024 close
Traction
ARR has more than doubled
Recurring revenue growing, ARR as of June 2026, verified against the P&L.
158K2024 close
300K2025 close
€401KJun 2026
ARR: run-rate of recurring revenue (subscription + usage)
Alongside the recurring base, a second engine of projects and pilots from pharma and CROs. In 2025: €604K of recognized revenue (+49%), €848K invoiced (+145%) and €903K contracted in backlog (includes multi-year), seeding future recurring revenue. Two engines, not one.
x2.5
ARR since 2024 close
92%
retention of key customers
0%
churn in multi-year pharma
Product usage
Clinical usage is multiplying
Diagnostic reports generated in real production, from the Seed to today.
2,429Sep 2024 · Seed
10,302Dec 2025
24,528Jun 2026
Diagnostic reports per month, in real production
In total, more than 256,000 reports processed since 2024: from 30,756 in 2024 to 118,282 in 2025 (x3.8), and 103,338 in the first half of 2026 alone. The product is integrated into the daily clinical workflow, and its usage grows every month.
x10
reports per month since the Seed (Sep 2024 → Jun 2026)
256K+
diagnostic reports processed in total
24,528
reports in June 2026 alone, record month
Customers by segment
Three complementary segments
Revenue diversified across three segments, with pharma-CRO leading.
8
new logos since the Seed
Clinical practice · 30%
SESPARibera SaludIGDermaTeladocVisiba CareCHU Rennes
Insurers · 30%
Sanitas / BUPALux MedCignaIMQ
Pharma and CRO · 40%
J&JBoehringerEli LillyNovartisAlmirallPierre FabreQuantifiCareICON
New since the Seed: SESPA, BUPA ELA, IMQ, QuantifiCare, CHU Rennes, Lux Med, Novartis Brazil and J&J US.
Strategic partnerships
Partnerships that multiply reach
Channels that scale acquisition without one-to-one business development.
CRO channel, access to pharma
ICON (top-5 CRO)QuantifiCare
A CRO puts us in front of dozens of pharma companies without one-to-one BD. QuantifiCare brings 5 Sanofi studies into the pipeline.
Telefónica, public sector
TelefónicaSESPA
Channel partner in public administration. SESPA came through this route; replicable across the other autonomous communities.
BUPA / Sanitas network
Sanitas / BUPALux Med
Expansion template replicable across the BUPA insurer network in Europe; validated with Lux Med in Poland.
Product advances
A clinical platform that keeps getting deeper
More conditions, more validated scales and more evidence since the last round.
300+
conditions (232+ with proprietary dataset)
22+
validated severity scales
59
AI models (54 clinical)
1M+
images annotated by specialists
New algorithms and scales published since the Seed
ALADIN (acne)AGPPGA (pustular psoriasis)APASI (psoriasis)Body surface areaNMSC malignancy (AUC 0.93)
Intellectual property
IP strengthened since the Seed
Trademark, patents and design that raise the barrier to entry.
3
registered trademarks (EU, US via Madrid, Hong Kong); +2 in progress (BR, UK)
2
patent families (image calibration + co-patent)
EUIPO
registered industrial design (EU)
59
proprietary AI models (trade secret + copyright)
Co-patent with Pierre Fabre (50/50), October 2024
A pharma company decided to co-patent and fully fund a predictive algorithm with us: external validation of our algorithmic capability. If they were to walk away, their 50% passes to Legit.Health at no cost. In addition, trademark registered in the US via the Madrid Protocol since the Seed.
Regulatory milestones
Each approval opens a market
Multi-jurisdiction regulatory portfolio; a barrier of years and hundreds of thousands of euros to replicate.
✓ CE (MDD I) · 2020
✓ ISO 13485 (BSI) · Aug 2024
✓ UK MHRA (Class I) · 2023
✓ ANVISA II (Brazil) · Q1 2025
✓ ENS High category · Jun 2026
Firm today, already monetizing in 7 markets
•
MDR Class IIb
Rule 11, underway with BSI
Resolution expected in the coming months
•
FDA
Pre-submission in preparation (510(k) route)
Opens the US in clinical practice (in research we already operate there)
Raising the regulatory bar (MDR IIb, FDA) on a base that is already certified and generating revenue
Scientific moat and capital efficiency
Maximum evidence with minimum capital
Scientific defensibility and financial discipline.
Clinical evidence engine
9
peer-reviewed papers published
+7 in pipeline; 5 new since the Seed.
PASISCORADUASIHS4Malignancy
Non-dilutive funding (64% of capital)
Historical
3.44M
grants secured
795K
soft loans
Since the Seed (Sep 2024)
290K
non-dilutive secured
~1.9M
in progress (Red.es, CDTI, SPRI)
External recognition
The market validates us
Awards, pharma and press, sustained since 2021.
16
awards won
+15 more recognitions
Jun 2026 · Startup World Cup
Winners, regional final (Bilbao)
Direct ticket to the world final in San Francisco; competing for $1M (Pegasus Tech Ventures)
2026 · Faro de Impacto Social
II Desafía (ICEX + Red.es)
Recognition for social impact through technology
May 2026 · ZITEK
Trajectory
Its incubator recognizes Legit.Health's evolution since the early days
2023 · South Summit
Winners
Health and Best Team, +3,500 startups
2023 · Santander X
Global Winner
The AI Revolution, +1,000 startups, Silicon Valley
2023 · Boehringer Ingelheim
Call for Startups
Best technology for GPP, immersion in Boston
2024 · EmprendeXXI (CaixaBank)
Basque Country Winner
Startup with the greatest potential in the Basque Country; +ESADE Moonshot, ENISA
2025 · Lideremos
Health Award
Young leadership in health innovation
And also: CDTI Seal of Excellence (€2.5M, Next Generation EU), Top101 Spain Up Nation (ENISA, Foro ADR and Andalucía Emprende, 2024), eHealth Award (Castres-Mazamet), 100startups Best eHealth Europe, Quality Innovation Award (Finland), European Patient Digital Health Awards, Expansión Startup, AEDV (scientific publication).
In the press 2025-2026El MundoYoDonaEl EconomistaForbesCinco DíasLa RazónEl EspañolEl ConfidencialLa VanguardiaTelecincoTelemadridRNEEuropa Press+130 more appearances
The team
Founders and a senior layer that has done it before
27
people today
Andy Aguilar
CEO
Taig Mac Carthy
COO
Gerardo Fernández
CTO
Antonio Martorell
Chief Medical Officer
Alfonso Medela
Chief AI Officer
Senior non-founder team, strengthened since the Seed
Alba Santacreu
Head of People
Scaled Adsmurai from 28 to 200
Giuseppe Razzani
BD Director
3.5M ARR portfolio at DocPlanner
Saray Ugidos
RA/QA Manager
Lead ISO 13485 auditor (BSI); CE marking and FDA obtained at previous medtechs
Alejandra Salat
Head of Legal
From the team that took TravelPerk to unicorn
Chris McKee
UK expansion director
PhD melanoma; UK/NHS healthtech
The commercial engine
This is what the Seed was for: a real commercial team
From founder-dependent selling to a commercial team structured by function.
Giuseppe Razzani
BD Director, leads the commercial team · 3.5M ARR portfolio at DocPlanner
Business development (BDM)
Agustín OyhamburuJorge JuanIrene González · Life Science
Lead strategy
María Ribagorda
Pipeline generation (SDR)
Natasha Rodrigues
UK expansion director
Chris McKee
Customer Success
Jon Roca
Project management and sales support
Alba RodriguezJosé Luis Hernández
Live pipeline
The engine is already producing
Open pipeline as of July 2026, verified in HubSpot, with major new names.
€1.8M
in advanced stages
64
open opportunities
€1.23M
signed (project and multi-year)
€685K
largest deal: J&J Phase 3
10
major new names
New names entering
AbbVieSanofiTakedaChiesiSiemens HealthineersVisterra (Otsuka)Triveni BioTaxa TechnologiesLusíadasCUF Hospitais
Customers scaling up
Johnson & Johnson · from a pilot to a Phase 3 psoriasis trial (€685K)
Novartis · new country, Brazil
Sanitas · group renewal
Teladoc · Adeslas
Aggregable value of the open pipeline: €2.67M (floor; 27 of the 64 opportunities still without an amount loaded). Source: HubSpot, July 2026.
Where we are going
On course to €1M of ARR
From 401K (recurring ARR, June 2026) toward the million, with the levers already in motion.
401K → 1M
next ARR milestone
Commercial expansion. Commercial team strengthened on the current base.
Signed pipeline. SESPA and new regions; BUPA in Europe.
Recurring pharma. Conversion of one-off projects into multi-year contracts.
Pipeline in CRM. 64 open opportunities; ~€1.8M in advanced stages.
What is coming
Our roadmap
Short term
Consolidate and expand
MDR IIb, FDA pre-submission, path to a million in ARR, 9-10 markets
With Series A
Accelerate the FDA to open the US in clinical practice
In clinical research we already operate in the US; Series A speeds up the FDA, which opens the care market
After that
Scale globally
Multiple markets at scale
The opportunity the FDA opens
In clinical research we already operate in the US with J&J. The FDA opens the other, much larger market: clinical care practice (diagnosis, triage and follow-up in US healthcare).
Barriers to entry
Regulatory certifications, published clinical evidence, a tier-1 customer network and proprietary data that improves with each patient.
The next round
The bridge to Series A, open to shareholders
We finance now the milestones that take us to Series A on better terms.
✓ Mutua Ventures has already confirmed its participation (pro-rata)
Why a bridge
Finance the milestones that raise the valuation before opening the large round: regulatory progress on FDA (510k) and MDR IIb, ARR to a million and pipeline conversion.
Raise Series A from a position of strength, at a better valuation.
A bridge tranche, agile and bounded, not a full round.
Most of the bridge is non-dilutive (grants + debt); the note only catalyzes and unlocks the rest.
What you gain by joining us
You keep your percentage: exercising your pro-rata prevents you from being diluted in Series A.
You secure better terms: entering the note means entering earlier, and better, than in the large round.
You join the next phase of the company, alongside Mutua.
We built something real, and the best is yet to come
The company grows, customers stay, and the regulatory path opens markets that multiply the opportunity.
Andy Aguilar, CEO · andy@legit.health