NRXS

MKT CAP:$75M

NeurAxis, Inc.

Market Cap

$75M

Healthcare·Biotechnology·🇺🇸 United States·NASDAQ

Healthcare·Biotechnology·🇺🇸·NASDAQ

Stock Price

$8.05+$3.59 (+80.49%)

Apr 24, 2026

Company Details

NeurAxis, Inc. operates as a neuromodulation therapy device company in the United States. It offers IB-Stim, a percutaneous electrical nerve field stimulation system intended to be used in patients 11-18 years of age with functional abdomin...

CEO

Brian Carrico

IPO Date

Aug 9, 2023

Website

neuraxis.com

Key Metrics TTM

Revenue

$4M

+32.9% YoY

Net Income

-$8M

EPS (Diluted)

-$0.95

Free Cash Flow

-$6M

Revenue / Share

$0.39

Gross Margin

84.2%

Operating Margin

-219.4%

Net Margin

-218.5%

FCF Margin

-181.1%

P/S

21.1x

P/E

—

Earnings Reports

FY 2025

Mar 19, 2026

$4M+32.9%EPS -$0.95

Q4 2025

Mar 19, 2026

$968.1K+27.2%EPS -$0.16

Q3 2025

Nov 10, 2025

$811.4K+21.7%EPS -$0.24

Q2 2025

Aug 12, 2025

$894.1K+46.2%EPS -$0.22

Q1 2025

May 12, 2025

$895.7K+38.5%EPS -$0.33

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 22	$770.3K	$695.1K	-$513.3K
Q2 22	$682.6K	$603.6K	-$669.6K
Q3 22	$618.8K	$551.2K	-$1M
Q4 22	$613.1K	$537.9K	-$986.2K
Q1 23	$805.1K	$709.2K	-$896.3K
Q2 23	$646.0K	$578.2K	-$1M
Q3 23	$477.5K	$410.2K	-$3M
Q4 23	$531.5K	$459.1K	-$2M
Q1 24	$646.6K	$571.6K	-$2M
Q2 24	$611.5K	$538.0K	-$2M
Q3 24	$666.6K	$569.6K	-$2M
Q4 24	$761.2K	$656.1K	-$1M
Q1 25	$895.7K	$756.2K	-$2M
Q2 25	$894.1K	$747.4K	-$2M
Q3 25	$811.4K	$675.9K	-$2M
Q4 25	$968.1K	$826.8K	-$2M

Valuation

Quarter	P/S	P/E
Q1 22	—	—
Q2 22	—	—
Q3 22	7.3x	—
Q4 22	6.9x	—
Q1 23	6.8x	—
Q2 23	6.9x	—
Q3 23	5.0x	—
Q4 23	4.0x	—
Q1 24	5.1x	—
Q2 24	8.1x	—
Q3 24	8.4x	—
Q4 24	6.4x	—
Q1 25	5.1x	—
Q2 25	5.6x	—
Q3 25	7.9x	—
Q4 25	11.6x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 22	-$193.9K	-$193.9K
Q2 22	-$978.0K	-$978.0K
Q3 22	-$911.8K	-$923.2K
Q4 22	-$214.3K	-$204.3K
Q1 23	-$622.9K	-$630.5K
Q2 23	-$625.2K	-$629.7K
Q3 23	-$3M	-$3M
Q4 23	-$3M	-$3M
Q1 24	-$1M	-$1M
Q2 24	-$2M	-$2M
Q3 24	-$1M	-$1M
Q4 24	-$2M	-$2M
Q1 25	-$2M	-$2M
Q2 25	-$1M	-$1M
Q3 25	-$1M	-$1M
Q4 25	-$2M	-$2M

Capital Expenditures

Quarter	CapEx
Q1 22	$0
Q2 22	$0
Q3 22	$11.4K
Q4 22	$10.0K
Q1 23	$7.6K
Q2 23	$4.5K
Q3 23	$2.7K
Q4 23	$16.0K
Q1 24	$14.7K
Q2 24	$8.7K
Q3 24	$4.4K
Q4 24	$0
Q1 25	$18.0K
Q2 25	$7.3K
Q3 25	$0
Q4 25	$5.9K

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q4 22	+31.3%	+22.3%
Q1 23	+4.5%	+32.6%
Q2 23	-5.4%	+30.4%
Q3 23	-22.8%	+92.1%
Q4 23	-13.3%	+34.7%
Q1 24	-19.7%	+45.7%
Q2 24	-5.3%	+59.8%
Q3 24	+39.6%	-33.8%
Q4 24	+43.2%	+3.4%
Q1 25	+38.5%	+28.7%
Q2 25	+46.2%	-7.3%
Q3 25	+21.7%	+25.6%
Q4 25	+27.2%	+20.5%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 22	$12.0K	1.6%
Q2 22	$12.1K	1.8%
Q3 22	$3.2K	0.5%
Q4 22	$0	0.0%
Q1 23	$0	0.0%
Q2 23	$0	0.0%
Q3 23	$0	0.0%
Q4 23	-$2M	-338.7%
Q1 24	$277.1K	42.8%
Q2 24	$781.3K	127.8%
Q3 24	$271.7K	40.8%
Q4 24	$74.1K	9.7%
Q1 25	$105.8K	11.8%
Q2 25	$173.0K	19.4%
Q3 25	$0	0.0%
Q4 25	$157.1K	16.2%

OpEx Breakdown

Quarter	R&D	G&A	S&M
Q1 22	$44.4K	$1M	$135.9K
Q2 22	$13.7K	$1M	$127.4K
Q3 22	$86.2K	$2M	$81.6K
Q4 22	$81.4K	$1M	$66.0K
Q1 23	$16.8K	$1M	$107.9K
Q2 23	$109.8K	$2M	$78.8K
Q3 23	$45.0K	$3M	$64.2K
Q4 23	—	$2M	$72.6K
Q1 24	$5.6K	$2M	$80.0K
Q2 24	$54.3K	$3M	$62.3K
Q3 24	$72.4K	$2M	$95.4K
Q4 24	$73.8K	$2M	$98.3K
Q1 25	$60.6K	$3M	$134.0K
Q2 25	$58.3K	$2M	$142.3K
Q3 25	$130.8K	$2M	$762.5K
Q4 25	$243.9K	$1M	$1M

Revenue Segments

Quarter	Operating Segments
Q1 25	$895.7K
Q2 25	$894.1K
Q3 25	$811.4K

War Chest

Quarter	Cash	Short-term Investments	Total
Q4 21	$320.9K	$0	$320.9K
Q3 22	$7.8K	$0	$7.8K
Q4 22	$253.7K	$0	$253.7K
Q1 23	$45.5K	$0	$45.5K
Q2 23	$51.4K	$0	$51.4K
Q3 23	$761.2K	$0	$761.2K
Q4 23	$78.6K	$0	$78.6K
Q1 24	$81.8K	$0	$81.8K
Q2 24	$2M	$0	$2M
Q3 24	$260.9K	$0	$260.9K
Q4 24	$4M	$0	$4M
Q1 25	$2M	$0	$2M
Q2 25	$6M	$0	$6M
Q3 25	$4M	$0	$4M
Q4 25	$0	$0	$0

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 22	5M	0.0%	—
Q2 22	8M	+56.3%	—
Q3 22	8M	0.0%	—
Q4 22	8M	0.0%	+56.3%
Q1 23	6M	-27.0%	+14.1%
Q2 23	6M	-1.6%	-28.2%
Q3 23	6M	+2.1%	-26.7%
Q4 23	6M	+2.1%	-25.2%
Q1 24	7M	+4.0%	+6.7%
Q2 24	7M	+5.7%	+14.5%
Q3 24	7M	+0.9%	+13.1%
Q4 24	7M	-0.9%	+9.9%
Q1 25	7M	+7.9%	+13.9%
Q2 25	9M	+14.2%	+23.1%
Q3 25	10M	+15.9%	+41.5%
Q4 25	9M	-8.0%	+31.3%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 22	—	—
Q2 22	—	—
Q3 22	—	—
Q4 22	—	—
Q1 23	—	—
Q2 23	—	—
Q3 23	—	—
Q4 23	$28.0K	19
Q1 24	$34.0K	19
Q2 24	$32.2K	19
Q3 24	$35.1K	19
Q4 24	$36.2K	21
Q1 25	$42.7K	21
Q2 25	$42.6K	21
Q3 25	$38.6K	21
Q4 25	$40.3K	24

Revenue / Employee