New Alzheimer's Drugs Are Changing Brain Scans. This Company Is Preparing for What Comes Next

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1. Disclosure for the quote from the Stewart Thomson article published on September 10, 2026

1. Grey Matters Health Inc.  has paid Street Smart (an affiliate of Streetwise Reports) a fee of US$3,000 for the preparation of an independent technical research report, published on September 10, 2026.
2. Author Certification and Compensation: Stewart Thomson was retained and compensated as an independent contractor by Street Smart for writing this article. Mr. Thomson is a retired Canadian financial advisor who has passed the Canadian Securities Course as well as additional technical analysis courses that were mandated by his former employer and approved by Ontario regulatory bodies. Mr. Thomson is not an investment advisor. He does not know the financial situation or risk tolerance of any reader. For the past 15 years, he has been editing and writing numerous financial newsletters that have a strong focus on charts. The recommendations and opinions expressed in this content reflect the personal, independent, and objective views of the author regarding any and all of the companies discussed. No part of the compensation received by the author was, is, or will be directly or indirectly tied to the specific recommendations or views expressed. Mr. Thomson owns no securities in Grey Matters Health Inc., and he has no direct financial relationship with the company.

2. Ownership and Share Structure Information

Ownership percentages, named holders, share count, market capitalization, and the 52-week range for Grey Matters were compiled from company public filings and investor materials, exchange notices, insider-trade reports (SEDI / equivalent), and third-party data providers. Figures are as of 2026-11-02 unless a source was dated earlier. Pie slices are normalized to 100% of basic shares outstanding; retail is the residual after disclosed institutions, management, insiders, and strategic holders. Warrant terms are current outstanding series only. Restructures are historical consolidations, splits, and symbol or name changes. Insider buying and selling covers open-market trades from the prior six months through 2026-11-02 and excludes option exercises. These are public-source estimates and can differ from a later official register.

Key Investor Takeaways

• Alzheimer's Treatments Are Expanding the Role of Brain PET Scans: Kisunla and Leqembi require confirmation of amyloid pathology before treatment. Kisunla also uses follow-up PET imaging to assess amyloid clearance and help determine when treatment can stop.
• Medicare Removed Its Lifetime Limit on Amyloid PET Scans: A 2023 policy change eliminated the previous one-scan-per-lifetime restriction, with coverage decisions now handled by local Medicare Administrative Contractors.
• Grey Matters Health Inc. Is Targeting Specialized Brain Imaging: The company is developing NovaScan clinics dedicated exclusively to neurological PET scans, as Alzheimer's treatments increase the importance of confirming amyloid pathology.
• Brain-Only Scanning Offers Equipment and Patient Experience Differences: Grey Matters' FDA-cleared CareMiBrain scanner accommodates seated patients, weighs approximately 662 pounds, and delivers 25% less radiation exposure than the company's conventional PET/CT comparison.
• Florida Clinic Openings Remain Key Operational Milestones: Grey Matters is preparing its first NovaScan clinic in Davie, Florida, while considering a second Florida location. Tampa has been identified as a potential location, but plans remain preliminary.
• National Expansion Plans Carry Significant Capital Requirements: Grey Matters has discussed a network of up to 200 U.S. clinics, with estimated development costs of approximately US$1.1 million per location. According to the company, 100% financing is available for the brain PET scanner system, which represents approximately 85% of the cost of opening a clinic.
• Technical Analyst Identified Bullish Trading Indicators: In a September 10 report, Stewart Thomson assigned Grey Matters a "Speculative Buy" rating, identifying resistance levels of CA$0.85, CA$1.20, and CA$1.65 while acknowledging financing, dilution, and execution risks.¹

Alzheimer's Drugs Are Changing When Patients Need Brain Scans

Some patients receiving Kisunla may reach a stage of treatment when PET imaging helps physicians determine whether amyloid plaques have fallen to levels that support stopping treatment. The drug's prescribing information recommends considering treatment completion based on amyloid plaque reduction, as assessed by PET imaging. Unlike the traditional use of PET imaging to help establish an Alzheimer's diagnosis, these follow-up examinations serve a different purpose: determining whether the amyloid plaques targeted by treatment have been cleared. Combined with changes to Medicare coverage rules, the development is bringing renewed attention to the role of repeat brain PET scans in Alzheimer's care.

The changing use of imaging is relevant to Grey Matters Health Inc. (GREY:CSE; AGNPF:OTCQB; AGW2:XFRA), which is preparing to open its first dedicated brain PET imaging clinic in Davie, Florida. Through its NovaScan Neuroimaging Clinic model, the Canadian healthcare company is developing facilities focused exclusively on neurological imaging, using smaller equipment designed to accommodate patients in a seated position. As detailed in an October 13 Streetwise Reports article, the company is pursuing the U.S. market as newer Alzheimer's treatments create additional reasons for physicians to order amyloid imaging.

How New Alzheimer's Treatments Are Changing Brain PET Imaging

Two approved Alzheimer's treatments, Kisunla and Leqembi, target amyloid plaques in the brain and can slow cognitive decline in eligible patients. Both require confirmation of amyloid pathology before treatment begins, which can be established through a PET scan or cerebrospinal fluid testing. The treatments are intended for patients with mild cognitive impairment or mild dementia, making the identification of amyloid pathology an important part of determining treatment eligibility.

The distinction between the drugs becomes more pronounced after treatment begins. Leqembi is administered on an ongoing basis, while Kisunla is given until PET imaging demonstrates that amyloid plaque levels have fallen to a sufficiently low level. For patients receiving Kisunla, this means a brain PET scan can help determine not only whether treatment should begin but also when it can end. The first patients reaching that stage are bringing attention to follow-up imaging as a separate use of amyloid-confirming PET technology.

This represents a change from the way brain PET scans have traditionally been discussed in Alzheimer's care. Rather than focusing exclusively on identifying amyloid plaques during the diagnostic process, physicians can also use imaging to assess whether those plaques remain following treatment. The distinction introduces another reason for patients to undergo imaging after an initial examination, although it is not yet clear how frequently repeat scans are performed or how many patients have undergone them.

The change comes alongside an adjustment to Medicare's coverage framework. In October 2023, the Centers for Medicare & Medicaid Services removed its restrictive national coverage determination for amyloid PET imaging, eliminating the previous once-per-lifetime limitation. Coverage decisions now fall to Medicare Administrative Contractors, which determine eligibility according to applicable local criteria. The change removed the former national restriction on repeat examinations without establishing automatic coverage for every subsequent scan.

Together, the treatment protocols and Medicare policy changes have altered the circumstances under which amyloid PET imaging is used. Physicians must still determine whether imaging is clinically appropriate, and reimbursement remains subject to coverage requirements. Nevertheless, the removal of the lifetime limit means the previous national restriction no longer governs patients who may require imaging at different stages of Alzheimer's treatment.

Alzheimer's Drug Adoption and the Imaging Bottleneck

The introduction of new Alzheimer's treatments has also highlighted the availability of specialized imaging services. Leqembi sales have been growing, although Medicare spending on Leqembi and Kisunla remains below early forecasts. Limited access to imaging has been identified as one factor affecting treatment adoption, particularly because confirmation of amyloid pathology is required before eligible patients can begin either therapy.

Traditional PET/CT facilities perform examinations for several medical specialties, including cancer and cardiac imaging. According to Grey Matters Chief Executive Officer Christopher Moreau, those services frequently receive priority at conventional imaging centers, leaving neurological patients competing for available appointments. The company's proposed alternative is a network of clinics devoted specifically to brain PET scans rather than facilities that divide imaging capacity among different parts of the body.

"We're marketing to neurologists, geriatricians, psychiatrists," Moreau told Streetwise Reports in October. "These are doctors who are ordering these brain PET scans."

Technical analyst Stewart Thomson assigned Grey Matters a "Speculative Buy" rating.¹

Grey Matters is targeting a U.S. Alzheimer's diagnostics market that the company has identified at US$9.2 billion, with a projection of US$10.2 billion in 2026.

Its clinic model is designed around physician referrals, meaning patients must be referred by their doctors rather than visiting NovaScan locations for walk-in screening. The company is focusing on medical professionals who already order neurological imaging while establishing facilities specifically equipped to perform those examinations.

The growing role of amyloid imaging also extends to Alzheimer's drug development. In his September 10 analysis of Grey Matters, technical analyst Stewart Thomson noted that approximately 158 Alzheimer's drug candidates were undergoing clinical evaluation. He identified patient screening and clinical-trial imaging as additional applications for brain PET technology, alongside the examinations associated with approved treatments.¹

Where Grey Matters' Brain-Only Clinics Fit

Grey Matters' first NovaScan clinic will use the FDA-cleared CareMiBrain system developed by Spain's Oncovision. Unlike conventional PET/CT equipment, which combines PET imaging with computed tomography and accommodates examinations throughout the body, CareMiBrain is dedicated to brain imaging. Patients remain seated or reclined while the scanner moves into position around their heads, eliminating the need to lie on a narrow table that moves through a larger whole-body machine.

"The scanner comes to you," Moreau told Streetwise Reports, describing the equipment's approach to patient positioning.

The company has emphasized the differences in patient experience and radiation exposure between its brain-specific equipment and conventional PET/CT systems. Because CareMiBrain does not incorporate a CT component, Grey Matters reported that the system results in approximately 25% less radiation exposure than its PET/CT comparison. Patients still receive a radioactive tracer during the procedure, and actual radiation exposure depends on the imaging protocol.

The distinction is relevant to repeat amyloid imaging because Kisunla treatment can involve scans at different stages of care. Moreau said the scanner's seated design provides the same patient experience whether a patient receives one scan or several, and that the company's stated 25% reduction in radiation exposure applies to each brain PET scan compared with standard PET/CT.

"The patient experience is huge," Moreau said.

The smaller scanner also changes the physical requirements of establishing an imaging facility. Grey Matters listed CareMiBrain's weight at approximately 662 pounds and its acquisition cost at approximately US$850,000, compared with its estimates of US$3 million to US$5 million for conventional PET/CT equipment. Traditional systems can weigh thousands of pounds and require substantial cooling, electrical, structural, and installation infrastructure.

Grey Matters plans to use existing medical-office space for its clinics rather than construct specialized facilities around larger equipment. The approach allows the company to incorporate established reception areas, administrative offices, and examination rooms into its operations while reserving dedicated space for imaging. Management has identified this smaller physical footprint as a central part of its planned expansion strategy.

The company's initial Florida location will provide its first opportunity to demonstrate the model in operation, including the ability to attract physician referrals and establish patient volumes. Although the newer Alzheimer's treatments provide a medical reason for amyloid imaging at different stages of care, the company's materials do not establish how much of NovaScan's eventual patient volume will involve follow-up scans rather than initial examinations.

First Patient Scans, Florida Expansion, and the Development of a National Clinic Network

Grey Matters' most immediate operational milestone remains the opening of its first NovaScan Neuroimaging Clinic in Davie, Florida, near Fort Lauderdale. The facility is located at the HCA Florida University Medical Office Building on the campus of HCA Florida University Hospital. It occupies approximately 2,200 square feet and is designed to operate with two on-site staff members, while radiology interpretation will be performed remotely.

The company took delivery of its first FDA-cleared CareMiBrain scanner in July 2026 and subsequently met several regulatory and licensing requirements needed to open the clinic. On August 19, Grey Matters announced a professional services agreement with ProScan Reading Services, a neuroradiology firm that will interpret the facility's brain PET scans. The agreement covers amyloid imaging and other specified neurological applications, including standardized Centiloid reporting for Alzheimer's evaluations.

On August 20, Grey Matters received its Radioactive Materials License from the State of Florida, which the company identified as its final major regulatory requirement before beginning patient examinations. Earlier company materials had identified September 30, 2026, as the target date for scanning the first patient. However, as of October 13, the clinic is preparing to open and has not confirmed that patient imaging has begun.

The initial patient scans will be followed by the development of the clinic's physician referral base. Moreau has acknowledged that opening a facility does not automatically establish patient volume, particularly when referring physicians must become familiar with a new imaging provider. The company is marketing NovaScan to neurologists, geriatricians, and psychiatrists, while encouraging physicians to evaluate its services through initial patient referrals.

"Physicians have to get used to us; they've got to hear about us," Moreau said.

The Davie operation will also establish the company's initial workflow for interpreting and returning imaging results. Under the ProScan arrangement, subspecialty radiologists will perform readings remotely, while NovaScan intends to provide referring physicians with access to patient images. Moreau said the company aims to return reports within 24 to 48 hours, making report turnaround another operational measure associated with the clinic's launch.

Grey Matters has identified Tampa, Florida, as one possible location for a second NovaScan clinic. The company previously signed a non-binding letter of intent involving at least 200 PET scans for an Alzheimer's clinical trial at a proposed second facility. The location and agreement remain unconfirmed.

The non-binding letter of intent describes a possible clinical-trial imaging arrangement, separate from the physician-referred examinations planned for Davie.

No definitive services agreement, confirmed scanning schedule, or clinical-trial revenue has been established. The company has not committed to Tampa as its second location.

As it considers additional facilities, Grey Matters has discussed establishing an initial cluster of three or four clinics in Florida. Moreau identified Miami and The Villages among the potential markets under consideration, although he did not present those locations as finalized.

The company intends to use the first group of clinics to determine which administrative and operational responsibilities should remain at individual facilities and which can be managed centrally. This process is part of its broader plan to develop a corporate network rather than operate through a conventional clinic licensing structure.

Grey Matters is also working toward a clinic development process that would allow new locations to be established in approximately 90 to 120 days. Management plans to accomplish this by adapting existing medical offices, reducing the need for the structural modifications associated with conventional PET/CT equipment. Moreau has also discussed eventually preparing several locations simultaneously as the company develops its operating procedures.

The experience in Davie has already identified regulatory considerations associated with the newer equipment. Moreau described a municipal licensing delay after officials initially treated the brain-only PET facility as a conventional PET/CT installation. Resolving that classification added time to the opening process, even as the company separately completed its state radioactive materials licensing.

Equipment Supply and Radiology Partnerships

The planned clinic network relies on several commercial and professional services arrangements. Catalyst MedTech serves as the exclusive U.S. distributor of CareMiBrain under a supply, financing, and services agreement valued at more than CA$4 million. The relationship is central to Grey Matters' access to the equipment intended for its U.S. facilities.

Grey Matters has also identified GE HealthCare as the supplier of the Vizamyl amyloid imaging tracer for its Florida operation. Because radioactive materials used in PET imaging have limited usable lifetimes, the company must account for delivery distances and tracer availability when selecting future clinic locations. Those logistical requirements remain part of the operational considerations associated with expansion.

The ProScan Reading Services agreement provides the radiology interpretation component of the clinic model. By using remote subspecialty radiologists, Grey Matters plans to separate image acquisition at individual facilities from the professional interpretation of those examinations. The arrangement is already in place for the initial Florida clinic and forms part of the company's broader operating strategy.

Grey Matters has outlined plans for a national network of more than 100 NovaScan locations, with estimated capital requirements of approximately US$1.1 million per clinic. In the October 13 article, Moreau also described a goal of establishing at least 100 U.S. clinics within two to two-and-a-half years. According to Moreau, financing is available for 100% of the brain PET scanner system, which he said accounts for approximately 85% of the cost to open a clinic.

The company intends to pursue corporate expansion, with management discussing the possibility of larger financing relationships to support groups of new locations. Its proposed use of existing medical-office space and smaller imaging equipment is part of the development model outlined for that network.

Financing remains a significant component of the company's expansion plans. Grey Matters completed a CA$1.25 million private placement in June 2026 to fund its first U.S. clinic. On September 23, the company announced the closing of the second and final tranche of a separate private placement, bringing total gross proceeds from that offering to CA$1.12 million. The financing had originally been announced on August 20, with the first tranche closing on September 10.

The second tranche generated CA$520,000, consisting of CA$270,000 from the sale of 675,000 equity units at CA$0.40 each and CA$250,000 from unsecured convertible debenture units. Combined with the CA$600,000 raised in the first tranche, the completed financing included CA$555,000 in equity unit proceeds and CA$565,000 from convertible debenture units. According to the company, the proceeds are intended to advance its Alzheimer's disease program toward the opening of a U.S. brain-specific neuroimaging clinic, cover general and administrative expenses, and provide working capital.

Outside the NovaScan business, Grey Matters maintains several drug-development interests. These include Repirinast (NP-251), a program targeting chronic kidney disease, and a proprietary DMT program focused on stroke and traumatic brain injury recovery.

The company also holds a 20% equity interest in Seyltx, which is developing Ifenprodil for chronic cough. These programs remain separate from the brain imaging clinic business and represent additional healthcare activities identified in the company's existing portfolio.

Technical Analyst Identifies Buy Signals Following Regulatory Milestone

In a September 10, 2026, report titled "Chart Buy Signals After Co. Targeting U.S. Alzheimer's Market Reports Final Major Regulatory Milestone," technical analyst Stewart Thomson reviewed Grey Matters Health following the company's receipt of its Florida Radioactive Materials License and progress toward establishing its first U.S. brain PET imaging clinic.¹

Thomson assigned Grey Matters a "Speculative Buy" technical rating and identified short-term, medium-term, and long-term resistance levels of CA$0.85, CA$1.20, and CA$1.65, respectively. 

His technical assessment focused on trading patterns and momentum indicators, including a bull wedge formation accompanied by increased volume near the base of the pattern. Thomson reported a crossover buy signal from the Stochastics oscillator, rising Money Flow Index and On-Balance Volume indicators, and a bullish Relative Strength Index. He also examined Grey Matters' performance relative to the CDNX index, identifying a formation that had developed from a bull wedge into a rectangular base pattern.

The analyst separately examined the broader healthcare sector, identifying a ten-year uptrend in a U.S. healthcare sector ETF. His observations included trading volume that increased during rallies, supportive moving averages, a Stochastics buy signal, and money-flow indicators that he characterized as bullish.

Thomson's fundamental discussion focused on the company's planned Davie clinic opening, its relationship with Catalyst MedTech, the non-binding letter of intent for at least 200 clinical-trial scans at a potential second Florida location, and its longer-term national expansion plans. He also identified the two approved Alzheimer's antibody treatments as a source of demand for amyloid testing, while noting the approximately 158 Alzheimer's drug candidates undergoing clinical evaluation.

Frequently Asked Questions About Alzheimer's PET Scans and Grey Matters Health

Why are Alzheimer's treatments increasing the demand for brain PET scans?

New Alzheimer's treatments, including Kisunla and Leqembi, require confirmation of amyloid pathology before eligible patients begin therapy. Brain PET scans can detect amyloid plaques associated with Alzheimer's disease, helping physicians determine treatment eligibility. Kisunla also uses follow-up PET imaging to assess amyloid clearance, introducing another reason for patients to undergo brain scans after their initial examination.

Why do patients taking Kisunla need follow-up PET scans?

Kisunla is administered until PET imaging demonstrates that amyloid plaques have been cleared from the brain. Unlike an initial Alzheimer's PET scan, which helps establish the presence of amyloid pathology, a follow-up examination helps physicians determine whether treatment can stop. This creates a distinction between diagnostic brain imaging and PET scans used to monitor treatment.

What is the difference between Kisunla and Leqembi for Alzheimer's treatment?

Kisunla and Leqembi are approved Alzheimer's treatments that target amyloid plaques in the brain and can slow cognitive decline in eligible patients. Both require confirmation of amyloid pathology before treatment begins. However, Kisunla treatment can stop when PET imaging confirms amyloid clearance, while Leqembi is administered on an ongoing basis.

Does Medicare cover repeat amyloid PET scans for Alzheimer's disease?

In October 2023, the Centers for Medicare & Medicaid Services removed its previous once-per-lifetime restriction on amyloid PET imaging. Coverage decisions are now handled by Medicare Administrative Contractors according to applicable local criteria. Although the national lifetime limit has been eliminated, coverage for individual examinations remains subject to Medicare requirements.

What is Grey Matters Health Inc.?

Grey Matters Health Inc. is a Canadian healthcare company developing a U.S. network of brain-specific PET imaging facilities under its NovaScan Neuroimaging Clinic brand. The company is preparing its first clinic in Davie, Florida, and has outlined plans for additional locations, including a proposed second facility in Tampa. Its clinics are designed specifically for neurological imaging rather than conventional whole-body PET/CT examinations.

What makes Grey Matters' CareMiBrain PET scanner different from traditional PET/CT scanners?

The FDA-cleared CareMiBrain system is designed exclusively for brain imaging and allows patients to remain seated or reclined while the scanner moves into position around their heads. Conventional PET/CT scanners typically require patients to lie on a table that moves through a larger machine. CareMiBrain also eliminates the CT component, resulting in approximately 25% less radiation exposure than the company's PET/CT comparison.

Where is Grey Matters opening its first brain PET imaging clinic?

Grey Matters is preparing its first NovaScan Neuroimaging Clinic in Davie, Florida, near Fort Lauderdale. The facility is located at the HCA Florida University Medical Office Building on the campus of HCA Florida University Hospital. The clinic will use an FDA-cleared CareMiBrain scanner, with image interpretation provided remotely through ProScan Reading Services.

How many NovaScan brain PET clinics does Grey Matters plan to open in the United States?

Grey Matters has outlined plans for a national network of up to 200 NovaScan Neuroimaging Clinics, with estimated capital requirements of approximately US$1.1 million per location. Chief Executive Officer Christopher Moreau also discussed a goal of establishing at least 100 U.S. clinics within two to two-and-a-half years. The company's initial expansion plans include additional locations in Florida.

What is the market opportunity for Alzheimer's brain PET imaging?

Grey Matters has identified a US$9.2 billion Alzheimer's diagnostics market, with a projection of US$10.2 billion in 2026. The company's imaging strategy focuses on diagnostic examinations associated with Alzheimer's treatment eligibility, neurological evaluations, and clinical-trial imaging.

What are the next major catalysts for Grey Matters Health stock?

Grey Matters' principal operational milestones include opening its first NovaScan clinic in Davie, completing initial patient examinations, establishing physician referral volumes, and advancing its proposed Tampa location. Additional developments include the company's Florida expansion plans, its CareMiBrain equipment distribution agreement with Catalyst MedTech, and financing associated with its proposed national clinic network.

What is Stewart Thomson's rating for Grey Matters Health stock?

In a September 10, 2026, technical analysis, Stewart Thomson assigned Grey Matters Health a "Speculative Buy" rating. He identified short-term resistance at CA$0.85, medium-term resistance at CA$1.20, and long-term resistance at CA$1.65.¹