0001493152-26-011505
SEC filingNeurAxis, 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.
NeurAxis reported FY 2025 net sales of $3,569,282, up 32.9% from $2,685,925 in 2024, fueled by IB-Stim volume growth and RED launch. Gross profit rose 29.4% to $3,006,366 (84.2% margin vs. 86.5%). Selling expenses climbed 55.2% to $2,279,974 on commissions and marketing. R&D increased 13.8% to $493,611 for pipeline work. G&A rose 6.4% to $8,062,689, including a $630,568 lawsuit settlement. Operating loss expanded 9.4% to $7,829,908. Net loss narrowed 5.4% to $7,800,555 from $8,241,501, boosted by $1.1M lower other expenses post-debt conversion. Cash grew to $5.0M with $1.3M net increase.
Revenue solely from IB-Stim and RED sales to hospitals/clinics. Growth from new customers, insurance coverage gains, higher prior authorizations, and RED launch. Two customers were 28% and 35% of 2025/2024 sales. No geographic breakdown disclosed. Financial assistance discounts tempered margins despite unit growth.
Gross margin dipped to 84.2% from 86.5% due to discounts, expired RED inventory ($19,973 charge). Operating margin not specified; loss driven by 55% selling expense surge on growth initiatives. No cost structure shifts beyond reclassifications ($1.1M selling, $227K R&D from G&A in 2024).
Operating cash use $6.4M (vs. $6.1M), from incentives, inventory buildup. Investing outflow $131K (property $31K, intangibles $100K). Financing inflow $7.8M (common stock $7.7M, Series B $5.3M, warrants $1.1M, offset by costs). Cash $5.0M; current assets $5.7M; total assets $6.4M. Liabilities $3.0M (current $2.8M); equity $3.4M. Short-term debt $148K.
Management prioritizes insurance coverage, Category I CPT 64567 adoption (Jan 2026), FSS contract. Pipeline: post-concussion (enrolling), cyclic vomiting (2026 start), post-op pain, fibromyalgia. Expects losses; cash sufficient into 2026 but going concern noted. Risks: reimbursement, clinical delays, competition.