olivLaw · US equity research
Neuraxis, Inc. NRXS
Electromedical & Electrotherapeutic Apparatus · SIC 3845 · Vertical: Electromedical & Electrotherapeutic Apparatus (SIC 3845)
Neuraxis is a growth-stage medical technology company developing non-drug neuromodulation therapies for digestive disorders, mainly in children. Its main product, IB-Stim, reported net sales of 3536578 dollars in the first half of 2026, a strong increase after the Category I CPT code took effect, which makes the company interesting to investors but dependent on insurance coverage.
At the close of 04 Nov 2026, Neuraxis, Inc. (NRXS) stock was 6.86 USD (+4.26% on the day), with market capitalisation 86.1 m USD, beta 1.13, 52-week range 2.31–8.81 USD. Latest reported quarter (Q2 2026): revenue of 1.9 m USD (+115.7% YoY), net income of -2.1 m USD, diluted EPS -0.19 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 45.3
- neutral
- Bollinger (20, 2)
- 6.26 – 8.18
- in the lower half of the band · %B 0.31 · band width 26.7%
- SMA 50 / 200
- 6.87 / 6.70
- mixed trend
- MACD (12, 26, 9)
- -0.02 / 0.10
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −4.1% | −1.1% | −3.0 pp | — |
| 3 months | +1.0% | −0.5% | +1.5 pp | — |
| 6 months | −22.1% | +4.4% | −26.5 pp | — |
| Year to date | +51.1% | +12.3% | +38.8 pp | — |
| 1 year | +170.1% | +13.5% | +156.5 pp | −0.4% |
| 3 years | +174.4% | +76.4% | +98.0 pp | −29.1% |
| 5 years | unavailable | +63.7% | unavailable | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q2 2026 · 30 Jun 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 666.6 k | 761.2 k | 895.7 k | 894.1 k | 811.4 k | 968.1 k | 1.6 m | 1.9 m |
| Cost of revenue | 97.1 k | 105.1 k | 139.5 k | 146.6 k | 135.5 k | 141.7 k | 218.4 k | 272.6 k |
| Gross profit | 569.6 k | 656.1 k | 756.2 k | 747.4 k | 675.9 k | 826.5 k | 1.4 m | 1.7 m |
| Research & development | 126.2 k | 138.4 k | 117.9 k | 115.2 k | 130.9 k | 146.2 k | 99.6 k | 274.3 k |
| Operating income | -1.7 m | -1.5 m | -2.3 m | -1.7 m | -2.1 m | -1.7 m | -1.7 m | -2.1 m |
| Depreciation & amortisation | 9.3 k | 6.9 k | 6.4 k | 12.9 k | 16.2 k | 24.1 k | 16.3 k | 16.7 k |
| Interest expense | 64.7 k | 2.4 k | 2.2 k | 13.4 k | 29.7 k | 28.6 k | 26.2 k | 19.8 k |
| Net income | -1.8 m | -1.4 m | -2.3 m | -1.7 m | -2.1 m | -1.7 m | -1.8 m | -2.1 m |
| Diluted EPS | -0.25 | -0.20 ≈ | -0.33 | -0.22 | -0.24 | -0.16 ≈ | -0.18 | -0.19 |
| Operating cash flow | -1.4 m ≈ | -1.8 m | -1.6 m | -1.5 m ≈ | -1.4 m ≈ | -1.9 m | -1.2 m | -1.0 m ≈ |
| Capex | 4.4 k ≈ | 0 | 18.0 k | 7.3 k ≈ | 0 ≈ | 5.9 k | — | — |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Revenue | 2.7 m | 2.5 m | 2.7 m | 3.6 m |
| Revenue YoY | unavailable | −8.4% | +9.2% | +32.9% |
| Net income | -4.8 m | -14.6 m | -8.2 m | -7.8 m |
| Net income YoY | unavailable | unavailable | unavailable | unavailable |
| Diluted EPS | -2.77 | -4.50 | -1.22 | -0.95 |
| Diluted EPS YoY | unavailable | unavailable | unavailable | unavailable |
| net % | -178.0% | -594.6% | -306.8% | -218.5% |
| Free cash flow | -2.3 m | -6.7 m | -6.1 m | -6.5 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 5.0 m USD
- Financial debt
- 148.3 k USD
- Net debt
- -4.8 m USD
- Equity
- 3.4 m USD
- Total assets
- 6.4 m USD
- Debt / equity
- 0.04x
- Current ratio
- 2.05x
- ROE
- -285.4%
- ROA
- -139.8%
- FCF margin
- -181.1%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|
| Revenue | 2.7 m | 2.5 m | 2.7 m | 3.6 m | SEC (XBRL)· 19 Mar 2026verified |
| Cost of revenue | 297.1 k | 303.3 k | 362.0 k | 562.9 k | SEC (XBRL)· 19 Mar 2026verified |
| Gross profit | 2.4 m | 2.2 m | 2.3 m | 3.0 m | SEC (XBRL)· 19 Mar 2026verified |
| Research & development | 225.6 k | 169.3 k | 433.6 k | 493.6 k | SEC (XBRL)· 19 Mar 2026verified |
| Operating income | -3.4 m | -6.7 m | -7.2 m | -7.8 m | SEC (XBRL)· 19 Mar 2026verified |
| Depreciation & amortisation | 37.1 k | 40.7 k | 37.8 k | 59.5 k | SEC (XBRL)· 19 Mar 2026verified |
| EBITDA | -3.3 m ≈ | -6.6 m ≈ | -7.1 m ≈ | -7.8 m ≈ | SEC (XBRL)· 19 Mar 2026derived |
| Interest expense | 318.7 k | 476.4 k | 174.3 k | 74.0 k | SEC (XBRL)· 19 Mar 2026verified |
| Net income | -4.8 m | -14.6 m | -8.2 m | -7.8 m | SEC (XBRL)· 19 Mar 2026verified |
| Diluted EPS | -2.77 | -4.50 | -1.22 | -0.95 | SEC (XBRL)· 19 Mar 2026verified |
| Weighted average diluted shares | 2.0 m | 3.3 m | 6.9 m | 9.1 m | SEC (XBRL)· 19 Mar 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|
| Cash | 253.7 k | 78.6 k | 3.7 m | 5.0 m | SEC (XBRL)· 19 Mar 2026verified |
| Receivables | 174.4 k | 73.2 k | 244.6 k | 195.7 k | SEC (XBRL)· 19 Mar 2026verified |
| Inventories | 48.1 k | 21.2 k | 44.3 k | 257.1 k | SEC (XBRL)· 19 Mar 2026verified |
| Current assets | 477.0 k | 242.6 k | 4.3 m | 5.7 m | SEC (XBRL)· 19 Mar 2026verified |
| Property, plant & equipment, net | 88.0 k | 88.6 k | 90.0 k | 75.6 k | SEC (XBRL)· 19 Mar 2026verified |
| Intangibles (excl. goodwill) | 77.6 k | 108.1 k | 96.6 k | 274.8 k | SEC (XBRL)· 19 Mar 2026verified |
| Total assets | 1.5 m | 509.5 k | 4.8 m | 6.4 m | SEC (XBRL)· 19 Mar 2026verified |
| Accounts payable | 1.6 m | 1.2 m | 596.9 k | 139.4 k | SEC (XBRL)· 19 Mar 2026verified |
| Short-term debt | — | 148.1 k | 154.2 k | 148.3 k | SEC (XBRL)· 19 Mar 2026verified |
| Long-term debt | 228.3 k | — | — | — | SEC (XBRL)· 16 Apr 2024verified |
| Current liabilities | 7.0 m | 1.9 m | 2.4 m | 2.8 m | SEC (XBRL)· 19 Mar 2026verified |
| Total liabilities | 7.1 m | 1.9 m | 2.7 m | 3.0 m | SEC (XBRL)· 19 Mar 2026verified |
| Equity | -5.6 m † | -1.4 m † | 2.1 m † | 3.4 m † | SEC (XBRL)· 19 Mar 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|
| Operating cash flow | -2.3 m | -6.7 m | -6.1 m | -6.4 m | SEC (XBRL)· 19 Mar 2026verified |
| Capex | 1.4 k | 30.8 k | 27.8 k | 31.2 k | SEC (XBRL)· 19 Mar 2026verified |
| Free cash flow | -2.3 m ≈ | -6.7 m ≈ | -6.1 m ≈ | -6.5 m ≈ | SEC (XBRL)· 19 Mar 2026derived |
| Investing cash flow | -61.2 k | -71.8 k | -27.8 k | -131.2 k | SEC (XBRL)· 19 Mar 2026verified |
| Financing cash flow | 2.3 m | 6.6 m | 9.7 m | 7.8 m | SEC (XBRL)· 19 Mar 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 5 of at least 6
- score weight coverage: 33.3% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 86.1 m USD
Key indicators
Coverage and freshness
Score by group
33% · Insufficient data
Estimated value range
unavailable — no valuation method could be computed
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
- DCF (discounted cash flow)unavailable · the base of the ratio is not positive
- Peers: EV/EBITDAunavailable · the base of the ratio is not positive
- Peers: P/Eunavailable · the base of the ratio is not positive
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
no valuation method could be computed
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 5 of at least 6; score weight coverage: 33.3% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | -144.4% | 18 (vs peers) | 19% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | 10.0% | 83 (on a fixed band) | 25% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | -73.7x | 0 (on a fixed band) | 19% |
| Current ratio · Balance sheet | 3.0x | 100 (on a fixed band) | 13% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | -6.5% | 0 (on a fixed band) | 25% |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet40/100 · 2/3 factors with a value
- Growth· partial83/100 · 1/2 factors with a value
- Quality· partial18/100 · 1/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partial0/100 · 1/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
NEURAXIS, INC. (NRXS). Latest full fiscal year: 2025; data up to 2026-12-31.
Figures computed from the financial statements: revenue 3.6 m USD in 2025; YoY growth 32.9%; net margin -144.4%; ROE -139.8%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 5 of at least 6; score weight coverage: 33.3% of at least 60%; valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Revenue CAGR 3Y: 10.0%
- Current ratio: 3.0x
What contradicts it
- Net margin: -144.4%
- Interest coverage: -73.7x
- FCF yield: -6.5%
Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Electromedical & Electrotherapeutic Apparatus (SIC 3845) · same industry (4-digit SIC) · compared with 24 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| MDTMedtronic plc | 134.3 bn | 25.8 | 10.7% | 13.9% | +8.4% | −0% / +32% |
| LIVNLivaNova PLC | 5.2 bn | 31.3 | 15.5% | 13.0% | +10.7% | +48% / +110% |
| ITGRInteger Holdings Corporation | 4.3 bn | 42.5 | 6.0% | 5.7% | +8.0% | +75% / +45% |
| AXGNAxogen, Inc. | 3.1 bn | — | -10.3% | -12.0% | +20.2% | +79% / +684% |
| TMDXTransMedics Group, Inc. | 2.5 bn | 18.9 | 36.3% | 22.7% | +37.1% | −50% / −4% |
| BLFSBioLife Solutions, Inc. | 1.9 bn | 33.5 | 15.1% | 56.4% | +28.9% | unavailable / unavailable |
| CNMDConmed Corporation | 1.6 bn | 21.8 | 7.1% | 5.4% | +5.2% | +24% / −50% |
| CBLLCeriBell, Inc. | 1.1 bn | — | -52.5% | -68.0% | +36.1% | +61% / unavailable |
| INMDInMode Ltd. | 899.7 m | 9.9 | 13.5% | 25.3% | −6.2% | −0% / −40% |
| CVCapsoVision, Inc | 342.8 m | — | — | -214.7% | +15.3% | +23% / unavailable |
| ELMDElectromed, Inc. | 234.3 m | 21.5 | 23.3% | 15.3% | +15.3% | +5% / +172% |
| FOCLEdap Tms SA | 162.9 m | — | -321.7% | -49.1% | +1.6% | +81% / −17% |
| VANIVivani Medical, Inc. | 96.5 m | — | -220.4% | — | unavailable | −21% / +13% |
| STXSStereotaxis, Inc. | 95.9 m | — | -325.9% | -74.2% | +20.3% | −61% / −42% |
| NRXSNeuraxis, Inc. | 86.1 m | — | -139.8% | -144.4% | +32.9% | +170% / +174% |
| OMOutset Medical, Inc. | 83.8 m | — | -63.0% | -58.3% | +5.1% | −3% / −94% |
| ECORelectroCore, Inc. | 77.5 m | — | — | -33.5% | +27.2% | +66% / +49% |
| POCIPrecision Optics Corporation, Inc. | 53.1 m | — | -22.3% | -11.5% | +65.2% | +3% / −18% |
| NXLNexalin Technology, Inc. | 34.4 m | — | -240.3% | -4,139.4% | +78.8% | −95% / −87% |
| QTIQt Imaging Holdings, Inc. | 32.1 m | — | -2,125.0% | -77.3% | +287.9% | −64% / −99% |
| NUWENuwellis, Inc. | 19.2 m | — | — | -125.6% | −5.4% | −94% / −100% |
| IRIXIridex Corp | 12.6 m | — | -73.1% | -6.9% | unavailable | −26% / −72% |
| NDRAEndra Life Sciences Inc. | 7.4 m | — | -152.0% | — | unavailable | −16% / −100% |
| ITOCiTonic Holdings Ltd | — | — | -82.8% | -974.7% | +16.7% | −80% / unavailable |
| HYPRHyperfine, Inc. | 0 | — | -97.0% | -210.8% | +5.2% | −30% / −41% |
1- and 3-year price returns: for NRXS from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Neuraxis is a growth-stage medical technology company developing non-drug neuromodulation therapies for digestive disorders, mainly in children. Its main product, IB-Stim, reported net sales of 3536578 dollars in the first half of 2026, a strong increase after the Category I CPT code took effect, which makes the company interesting to investors but dependent on insurance coverage.
SWOT
Strengths
- The company is first to market with PENFS neuromodulation for gastrointestinal disorders, backed by a portfolio of device and method patents 1.
- The product has FDA clearance, recognition in paediatric academic guidelines and a Category I CPT code, which strengthens clinical credibility 1.
- Gross margins are high, and sales growth in 2026 shows that hospital adoption has begun to accelerate 2.
Weaknesses
- The company has not yet generated operating profits and continues to report net losses, and its auditors have expressed substantial doubt about its going concern 1.
- Revenue is concentrated in a single product and a few large customers, which raises vulnerability to changes in orders 1.
- Cash resources are limited, and management has said current resources might cover operating needs only until the end of 2026 1.
Opportunities
- Wider reimbursement and coverage by commercial insurers could support sales growth in children's hospitals 1.
- Clinical results for new indications such as post-concussion syndrome or fibromyalgia could expand the addressable market 1.
- The Federal Supply Schedule contract with the US government could open an additional sales channel 1.
Threats
Risks
- Going concernhigh
Auditors have expressed substantial doubt about the company's ability to continue as a going concern, and current cash could be insufficient without additional financing 1.
- Single-product dependencehigh
Almost all revenue comes from IB-Stim, so any regulatory or market problem could affect financial results 1.
- Insurance coveragemedium
Growth depends on acceptance of the therapy by private and public payers, and policy changes could slow adoption 1.
- Customer concentrationmedium
A few large customers account for a significant part of sales, and losing one could affect revenue 1.
- Regulatory and clinical riskmedium
Clinical studies can be delayed or give inconclusive results, and new indications might not be approved on time 1.
Investment thesis
What would need to be true (bull case)
- Sales growth in the first half of 2026 and improving gross margin suggest adoption could continue if coverage expands 2.
- Academic guideline recognition and the Category I CPT code give credibility in a market with few approved paediatric alternatives 1.
- The pipeline of additional indications and the federal contract could diversify revenue sources in coming years 1.
What would break the thesis
- The company continues to report net losses and has substantial doubt about its going concern, which could require additional financing 1.
- Dependence on one product and a few large customers makes revenue sensitive to changes in orders or policy 1.
- Approval of new indications is uncertain and may take a long time, and delays could postpone the expected growth 1.
What to watch
- Evolution of insurance coverage following the Category I CPT codeQ3 2026
- Progress on additional financing and going-concern statusnext 10-Q
- Results of randomized trials for post-concussion syndrome and cyclic vomiting2027
- Trend in gross margin and share of sales to largest customersnext 10-K
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Neuraxis, Inc. is a medical company focused on neuromodulation therapies for chronic conditions of the gastrointestinal tract, especially disorders of the gut-brain interaction in children and adults 1. Its main product, IB-Stim, uses internally developed PENFS technology and is FDA-cleared for functional abdominal pain associated with IBS and functional dyspepsia 1. The second product, RED, is a clinic test device for assessing rectal expulsion function and rectal hypersensitivity in adults 1.
The commercial model relies on direct sales to hospitals and clinics, with a list price of 1195 dollars per device, and a treated patient typically uses four devices 1. Sales are made on purchase orders with standard payment terms of 30 days 1. In December 2025 the company was awarded a Federal Supply Schedule contract with the US government that includes IB-Stim 1.
The company is investing in additional indications, including post-concussion syndrome, cyclic vomiting syndrome, post-operative pain and fibromyalgia pain, which are in randomized clinical trials 1. The July 2025 termination of the NSS-2 Bridge license with Masimo allowed the company to recapture the trademark and two patent applications 1.
Segments
IB-Stim (PENFS for gastrointestinal conditions)
IB-Stim is the company's main revenue source and is indicated for patients aged 8 and older with functional abdominal pain 1. First-half 2026 sales reached 3536578 dollars, with growth attributed to broader insurance coverage and the Category I CPT code effective January 1, 2026 2.
Market context
The company focuses on US children's hospitals, where it has concentrated marketing on the 260 hospitals in the country, of which about 80 already use IB-Stim 1. Management describes the pediatric market as multi-billion-dollar and notes an unmet need for approved treatments of functional abdominal pain in children 1.
Trends
- Category I CPT codetailwind
The Category I CPT code for PENFS procedures took effect on January 1, 2026 and gives physicians time credit and relative value units 1. This supported sales growth in the first half of 2026 2.
- Academic society recognitiontailwind
In May 2025 the NASPGHAN society published functional abdominal pain guidelines listing PENFS as the only FDA-approved or FDA-cleared treatment recommended 1. This recognition could support adoption by paediatricians.
- Dependence on insurer coveragemixed
Revenue depends on insurers expanding coverage, and the company has noted that reimbursement policy changes could affect this process 1. If coverage does not expand, growth could slow.
- Regulatory and cost pressureheadwind
The FDA review process for new indications is lengthy and hard to predict, and approval cannot be assured 1. Healthcare cost-control measures could reduce prices or volumes.
Competitive position
Competition includes off-label medicines such as tricyclic antidepressants and serotonin reuptake inhibitors, as well as drugs approved for adults with IBS, such as rifaximin and linaclotide 1. Neurostimulation devices such as gammaCore and transcutaneous auricular systems exist, but without data or clearance for functional bowel disorders 1.
The neurostimulation market is dominated by implanted technologies that are not directly comparable to PENFS, and some competitors are large companies with easier access to capital 1. The company's method patents protect access to the brain through cranial nerves in the ear, which could limit other devices targeting the same indication 1.
- Masimo CorporationMASI
The company previously licensed NSS-2 Bridge, marketed as Masimo Bridge, and the license was terminated in July 2025 1.
- gammaCore (vagus nerve stimulator)
A transcutaneous vagus nerve stimulator cleared for headache, with recent studies in adult gastroparesis 1.
- Makers of IBS drugs
Drugs approved for IBS in adults and children that serve as therapeutic alternatives in treatment settings 1.
- Transcutaneous auricular stimulation systems
Systems cleared for opioid withdrawal without a gastrointestinal indication, which can be seen as technological alternatives 1.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
Loading the links…
News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Current report14 Oct 2026Other events
- Current report19 Aug 2026Departure or appointment of officers · Other events
- Quarterly report11 Aug 2026
- Current report10 Jul 2026Other events
- Current report12 Jun 2026Shareholder vote
- Quarterly report12 May 2026
- Proxy statement28 Apr 2026
- Current report22 Apr 2026Other events · Financial statements and exhibits
- Current report21 Apr 2026Results of operations
- Annual report19 Mar 2026
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Neuraxis, Inc. · 19 Mar 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Neuraxis, Inc. · 11 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.