NeurAxis, Inc.

NeurAxis, Inc. (NRXS) reported net sales of $3.6M for FY 2025 ending December 31, 2025, a 32.9% increase from $2.7M in FY 2024, driven by higher volume from insured patients, financial assistance programs, and launch of the RED product. Gross profit reached $3.0M, yielding an 84.2% margin, down slightly from 86.5% due to increased discounts and expired inventory. Operating loss widened to -$7.8M from -$7.2M, reflecting higher selling expenses ($2.3M, +55.2%) from commissions, headcount, and marketing ahead of the Category I CPT code effective January 2026. Net loss improved to -$7.8M from -$8.2M, aided by reduced other expenses after debt conversions. Cash and equivalents stood at $5.0M, up with $7.8M financing inflows offsetting $6.4M operating cash use. Balance sheet shows $6.4M total assets, $3.4M equity. Forward-looking, growth hinges on insurance coverage expansion, CPT code adoption, and pipeline clearances for post-concussion, cyclic vomiting, and others, amid ongoing losses and going concern doubts.

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