Flexstem is a legendary piece of late-80s/early-90s mountain bike history. Before front suspension forks became affordable, reliable, or lightweight, Bob Girvin designed the Flexstem to give riders about a half-inch of travel right at the handlebars to take the sting out of fire roads.
This version is great because it includes the built-in cable roller/noodle guide (the red plastic wheel assembly) under the pivot. That integrated guide was essential for routing the front inner brake wire down to classic cantilever brakes.
Today, they are heavily sought after by hobbyists building period-correct retro rigid mountain bikes (like vintage Specialized Stumpjumpers, Treks, or Kleins) or by gravel cyclists who just appreciate a quirky, retro vibe to dampen road vibration.