NRXSMEDIUM SIGNALOPERATIONAL10-K

Neuraxis expanded its FDA-cleared IB-Stim device indication from adolescents only to patients 8 years and older, while broadening its market focus to include adult gastrointestinal conditions.

The company has successfully extended its addressable market by obtaining regulatory approval for adult patients with functional abdominal pain, irritable bowel syndrome, and functional dyspepsia with nausea symptoms. This represents a significant commercial opportunity expansion beyond the original pediatric-focused indication, positioning NRXS as a "first-to-market growth-stage" company rather than just a development-stage entity.

Comparing 2026-03-19 vs 2025-03-20View on EDGAR →
FINANCIAL ANALYSIS

NRXS demonstrated solid operational progress with revenue growing 33% to $3.6M and gross profit expanding 29% to $3.0M, while stockholders' equity increased meaningfully to $3.4M. The company strengthened its balance sheet with cash increasing 34% to $5.0M and total assets growing to $6.4M, though current liabilities also rose modestly. Interest expense declined substantially, suggesting improved capital efficiency as the business scales.

FINANCIAL STATEMENT CHANGES
Stockholders Equity
Balance Sheet
+64.4%
$2.1M→$3.4M

Equity base grew 64.4% — retained earnings accumulation or equity issuance strengthening the balance sheet.

Interest Expense
P&L
-57.6%
$174K→$74K

Interest expense declined — debt repayment or refinancing at lower rates improving earnings quality.

Total Assets
Balance Sheet
+34.6%
$4.8M→$6.4M

Asset base grew 34.6% — expansion through organic growth, acquisitions, or capital deployment.

Current Assets
Balance Sheet
+34.4%
$4.3M→$5.7M

Current assets grew 34.4% — improving short-term liquidity or inventory/receivables build.

Cash & Equivalents
Balance Sheet
+34.3%
$3.7M→$5.0M

Cash position surged 34.3% — strong cash generation or capital raise providing significant financial cushion.

Revenue
P&L
+32.9%
$2.7M→$3.6M

Strong top-line growth of 32.9% — accelerating demand or successful expansion into new markets.

Gross Profit
P&L
+29.4%
$2.3M→$3.0M

Gross profit expanding — improving pricing power or product mix shift toward higher-margin offerings.

Accounts Receivable
Balance Sheet
-20%
$245K→$196K

Receivables declined — improved collection efficiency or conservative revenue recognition.

Current Liabilities
Balance Sheet
+14.7%
$2.4M→$2.8M

Current liabilities rose 14.7% — increased short-term obligations, watch current ratio.

Total Deposits
Balance Sheet
-11.9%
$33K→$29K

Deposit base contracted 11.9% — monitor funding costs and liquidity position carefully.

LANGUAGE CHANGES
NEW — 2026-03-19
PRIOR — 2025-03-20
ADDED
The registrant had 11,187,639 shares of its common stock, par value $ 0.001 , issued and outstanding as of March 12, 2026.
( we , us , the Company or Neuraxis ) is a first-to-market growth-stage medical technology company focused on neuromodulation therapies for chronic and debilitating conditions in gastrointestinal (GI) digestive system, specifically from disorders of the gut-brain interaction (DGBIs) in pediatrics and adults.
With several indications in the market and additional clinical trials of Percutaneous Electrical Nerve Field Stimulation (PENFS) in multiple pediatric and adult conditions underway, we are focused on unmet GI healthcare needs in children and adults.
We are dedicated to advancing science with our proprietary IB-Stim therapy, based on our PENFS technology, which was developed internally by the Company.
Additional clinical trials of PENFS in multiple pediatric and adult conditions are underway, focused on unmet healthcare needs in children and adults.
Our first product, IB-Stim, is a PENFS technology intended to be used in patients 8 years and older with functional abdominal pain associated with irritable bowel syndrome (IBS), functional dyspepsia (FD) and associated FD nausea symptoms.
IB-Stim is a US FDA Class II medical device that has received regulatory clearances: IB-Stim (DEN180057, 2019; K252024, 2025), under the regulation name of non-implanted nerve stimulator for functional abdominal pain relief.
Our second product, RED TM (Rectal Expulsion Device), is indicated to evaluate the neuromuscular function of a patient s ability to expel its contents from the rectum and as a qualitative test for rectal hypersensitivity.
The Company s product portfolio has achieved several key milestones, including: Academic Society Guidelines: In May 2025, the leading pediatric academic society, NASPGHAN (North American Society of Pediatric Gastroenterology, Hepatology, and Nutrition), published functional abdominal pain guidelines listing PENFS as the ONLY FDA-approved or FDA-cleared treatment in the guidelines to be recommended.
AMA Category I CPT Code (64567): In 2024 the AMA confirmed the assignment of a Category I CPT code for PENFS procedures, which takes effect on January 1, 2026.
REMOVED
The registrant had 7,215,864 shares of its common stock, par value $ 0.001 , issued and outstanding as of March 13, 2025.
( we , us , the Company or Neuraxis ) is a medical technology company focused on developing neuromodulation therapies to address chronic and debilitating conditions in children and adults.
We are dedicated to advancing science with our proprietary IB-Stim therapy, based on our Percutaneous Electrical Nerve Field Stimulation (PENFS) technology, which was developed internally by the Company.
With one FDA indication (functional abdominal pain associated with IBS in adolescents 8-21 years old) on the market, additional clinical trials of PENFS in multiple pediatric conditions are underway focused on unmet healthcare needs in children, see Our Pipeline for more information.
Our first product, IB-Stim, is a PENFS system intended to be used in patients 8-21 years of age with functional abdominal pain associated with IBS.
IB-Stim is a US FDA Class II medical device that has received one regulatory clearance: IB-Stim (DEN180057, 2019), under the regulation name of non-implanted nerve stimulator for functional abdominal pain relief.
Our second product, Rectal Expulsion Device ( RED ), is indicated to evaluate the neuromuscular function of a patient s ability to expel its contents from the rectum and as a qualitative test for rectal hypersensitivity.
Our Mission Our mission is to provide solutions that create value and provide better and safer patient outcomes.
We believe in improving lives and minimizing suffering; particularly in the pediatric population, where research and therapeutics are usually lacking.
The Company already has market clearance for its IB-Stim that targets functional abdominal pain associated with IBS, in children, with a total addressable market of up to 6 million children.
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