HELIOS TECHNOLOGIES, INC.

# Signal Note: Driehaus Capital Initiates HLIO Position Driehaus Capital's $15.8M entry into Helios Technologies suggests conviction in the company's neuromodulation pipeline, likely driven by upcoming catalysts in spasticity or movement disorder indications where the company's proprietary devices show differentiation versus existing therapies. The timing of this new position by a growth-focused allocator typically precedes Phase 2/3 data readouts or regulatory milestones; near-term catalysts should clarify clinical efficacy and commercial pathway. HLIO trades at lower multiples than pure-play neurotech peers, indicating the market may be underweighting successful execution risk.