olivLaw · US equity research
Nexalin Technology, Inc. NXL
Electromedical & Electrotherapeutic Apparatus · SIC 3845 · Vertical: Electromedical & Electrotherapeutic Apparatus (SIC 3845)
Nexalin Technology designs neurostimulation devices meant to treat anxiety, insomnia and other mental health conditions without drugs or psychotherapy. The company remains at an early stage, with very limited revenue from its first-generation devices because U.S. sales of them are paused and FDA approvals for newer generations are still pending. Fiscal 2025 revenue was 301,647 USD and the net loss was 8,222,181 USD.
At the close of 04 Nov 2026, Nexalin Technology, Inc. (NXL) stock was 1.56 USD (+1.30% on the day), with market capitalisation 34.4 m USD, beta 1.60, 52-week range 1.51–40.20 USD. Latest reported quarter (Q2 2026): revenue of 12.2 k USD (−82.8% YoY), net income of -2.2 m USD, diluted EPS -0.11 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)
- 26.8
- oversold (≤ 30)
- Bollinger (20, 2)
- 0.76 – 3.66
- in the lower half of the band · %B 0.27 · band width 130.9%
- SMA 50 / 200
- 4.12 / 10.65
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.87 / -0.95
- MACD above 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 | −71.3% | −1.1% | −70.2 pp | — |
| 3 months | −84.7% | −0.5% | −84.3 pp | — |
| 6 months | −85.1% | +4.4% | −89.4 pp | — |
| Year to date | −90.7% | +12.3% | −103.0 pp | — |
| 1 year | −96.2% | +13.5% | −109.8 pp | −0.4% |
| 3 years | −83.2% | +76.4% | −159.6 pp | −17.4% |
| 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 | 36.0 k | 27.2 k | 41.0 k | 70.6 k | 18.1 k | 171.9 k | 15.0 k | 12.2 k |
| Cost of revenue | 12.7 k | 7.5 k | 13.6 k | 22.8 k | 3.9 k | 21.0 k | 1.8 k | 3.3 k |
| Gross profit | 23.3 k | 19.7 k | 27.5 k | 47.8 k | 14.2 k | 150.9 k | 13.1 k | 8.9 k |
| Research & development | 178.6 k | 737.2 k | 406.3 k | 225.8 k | 226.5 k | 224.9 k | 346.4 k | 564.5 k |
| SG&A | 1.8 m | 1.4 m | 929.2 k | 893.8 k | 1.4 m | 1.2 m | 792.8 k | 782.6 k |
| Operating income | -2.5 m | -2.9 m | -2.0 m | -1.6 m | -2.3 m | -2.4 m | -2.1 m | -2.2 m |
| Depreciation & amortisation | — | — | — | — | — | — | 4.1 k | 2.7 k |
| Interest expense | -1.0 k | -1.8 k | -1.1 k | -4.7 k | -2.3 k | -159 | -34 | -129 |
| Pre-tax income | -2.4 m | -2.8 m | -2.0 m | -1.6 m | -2.3 m | -2.4 m | -2.1 m | -2.2 m |
| Net income | -2.4 m | -2.8 m | -2.0 m | -1.6 m | -2.3 m | -2.4 m | -2.1 m | -2.2 m |
| Diluted EPS | -0.23 | -0.26 ≈ | -0.15 | -0.10 | -0.13 | -0.13 ≈ | -0.11 | -0.11 |
| Operating cash flow | -800.2 k ≈ | -1.1 m | -1.4 m | -917.2 k ≈ | -1.5 m ≈ | -1.1 m | -1.7 m | -1.8 m ≈ |
≈ 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 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | 144.1 k | 1.3 m | 110.7 k | 168.7 k | 301.6 k |
| Revenue YoY | unavailable | +817.2% | −91.6% | +52.3% | +78.8% |
| Net income | -6.1 m | -1.7 m | -4.6 m | -7.6 m | -8.2 m |
| Net income YoY | unavailable | unavailable | unavailable | unavailable | unavailable |
| Diluted EPS | unavailable | -0.30 | -0.63 | -0.83 | -0.50 |
| Diluted EPS YoY | unavailable | unavailable | unavailable | unavailable | unavailable |
| net % | -4,218.9% | -128.5% | -4,197.6% | -4,508.7% | -2,725.8% |
| Free cash flow | unavailable | unavailable | unavailable | unavailable | unavailable |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 654.8 k USD
- Financial debt
- unavailable USD
- Net debt
- unavailable USD
- Equity
- 3.7 m USD
- Total assets
- 4.6 m USD
- Debt / equity
- unavailable
- Current ratio
- 4.85x
- ROE
- -221.5%
- ROA
- -185.6%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|
| Revenue | 144.1 k | 1.3 m | 110.7 k | 168.7 k | 301.6 k | SEC (XBRL)· 25 Mar 2026verified |
| Cost of revenue | 21.4 k | 363.2 k | 25.7 k | 36.6 k | 61.4 k | SEC (XBRL)· 25 Mar 2026verified |
| Gross profit | 122.6 k | 958.1 k | 85.1 k | 132.1 k | 240.3 k | SEC (XBRL)· 25 Mar 2026verified |
| Research & development | 139.0 k | 511.0 k | 1.9 m | 1.2 m | 1.1 m | SEC (XBRL)· 25 Mar 2026verified |
| SG&A | 5.2 m | 1.5 m | 1.9 m | 4.2 m | 4.4 m | SEC (XBRL)· 25 Mar 2026verified |
| Operating income | -6.0 m | -1.8 m | -5.7 m | -7.8 m | -8.4 m | SEC (XBRL)· 25 Mar 2026verified |
| Interest expense | 82.3 k | 59.4 k | 38.8 k | -3.2 k | -8.2 k | SEC (XBRL)· 25 Mar 2026verified |
| Pre-tax income | — | — | -4.6 m | -7.6 m | -8.2 m | SEC (XBRL)· 25 Mar 2026verified |
| Net income | -6.1 m | -1.7 m | -4.6 m | -7.6 m | -8.2 m | SEC (XBRL)· 25 Mar 2026verified |
| Diluted EPS | — | -0.30 | -0.63 | -0.83 | -0.50 | SEC (XBRL)· 25 Mar 2026verified |
| Weighted average diluted shares | — | 5.6 m | 7.4 m | 9.2 m | 16.4 m | SEC (XBRL)· 25 Mar 2026verified |
Balance sheet · USD
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|
| Cash | 661.8 k | 162.7 k | 580.2 k | 574.5 k | 654.8 k | SEC (XBRL)· 25 Mar 2026verified |
| Receivables | 16.3 k | 4.9 k | 9.4 k | 13.0 k | 81.6 k | SEC (XBRL)· 25 Mar 2026verified |
| Inventories | 31.4 k | 154.4 k | 156.4 k | 174.6 k | 131.5 k | SEC (XBRL)· 25 Mar 2026verified |
| Current assets | 752.7 k | 7.4 m | 3.4 m | 4.0 m | 4.3 m | SEC (XBRL)· 25 Mar 2026verified |
| Property, plant & equipment, net | 1.0 k | 503 | — | — | — | SEC (XBRL)· 27 Mar 2023verified |
| Intangibles (excl. goodwill) | — | — | 105.5 k | 260.7 k | 336.0 k | SEC (XBRL)· 25 Mar 2026verified |
| Total assets | 753.7 k | 7.4 m | 3.6 m | 4.2 m | 4.6 m | SEC (XBRL)· 25 Mar 2026verified |
| Accounts payable | 843.8 k | 658.4 k | 159.5 k | 155.9 k | 244.6 k | SEC (XBRL)· 25 Mar 2026verified |
| Current liabilities | 2.4 m | 1.9 m | 425.3 k | 546.7 k | 887.3 k | SEC (XBRL)· 25 Mar 2026verified |
| Total liabilities | 2.4 m | 2.0 m | 425.3 k | 546.7 k | 887.3 k | SEC (XBRL)· 25 Mar 2026verified |
| Equity | -1.7 m † | 5.5 m † | 3.2 m † | 3.7 m † | 3.7 m † | SEC (XBRL)· 25 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 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|
| Operating cash flow | -1.1 m | -2.2 m | -3.8 m | -3.9 m | -5.0 m | SEC (XBRL)· 25 Mar 2026verified |
| Investing cash flow | — | -6.8 m | 4.5 m | -577.5 k | -132.0 k | SEC (XBRL)· 25 Mar 2026verified |
| Financing cash flow | 1.7 m | 8.5 m | -200.0 k | 4.5 m | 5.2 m | SEC (XBRL)· 25 Mar 2026verified |
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: 4 of at least 6
- score weight coverage: 25.0% 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: 34.4 m USD
Key indicators
Coverage and freshness
Score by group
25% · 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 · input data missing
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- 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: 4 of at least 6; score weight coverage: 25.0% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | -4,139.4% | 0 (vs peers) | 25% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | -38.9% | 0 (on a fixed band) | 33% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | -3,496.6x | 0 (on a fixed band) | 25% |
| Current ratio · Balance sheet | 1.3x | 38 (on a fixed band) | 17% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| 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 sheet15/100 · 2/3 factors with a value
- Growth· partial0/100 · 1/2 factors with a value
- Quality· partial0/100 · 1/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partialunavailable · 0/3 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
Nexalin Technology, Inc. (NXL). Latest full fiscal year: 2025; data up to 2026-06-30.
Figures computed from the financial statements: revenue 301.6 k USD in 2025; YoY growth 78.8%; net margin -4,139.4%; ROE -240.3%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 4 of at least 6; score weight coverage: 25.0% 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
No signal among the computed factors. That is not an absence of risk: factors without data were not assessed, and business risks (margins, inventory, demand) are in the source-based analysis.
What contradicts it
- Net margin: -4,139.4%
- Revenue CAGR 3Y: -38.9%
- Interest coverage: -3,496.6x
Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, FCF yield, 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% | +147% / +117% |
| 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% | −96% / −83% |
| 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% |
| HYPRHyperfine, Inc. | 0 | — | -97.0% | -210.8% | +5.2% | −30% / −41% |
| ITOCiTonic Holdings Ltd | — | — | -82.8% | -974.7% | +16.7% | −80% / unavailable |
1- and 3-year price returns: for NXL 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
Nexalin Technology designs neurostimulation devices meant to treat anxiety, insomnia and other mental health conditions without drugs or psychotherapy. The company remains at an early stage, with very limited revenue from its first-generation devices because U.S. sales of them are paused and FDA approvals for newer generations are still pending. Fiscal 2025 revenue was 301,647 USD and the net loss was 8,222,181 USD.
SWOT
Strengths
- The proprietary 15 milliamp waveform and related patents give a declared technical differentiator.
- The NeuroCare digital platform, expanded through the PONM acquisition, could support home treatment under physician supervision.
- Existing approvals in China, Brazil and Oman provide a base for international sales.
Weaknesses
- Revenue is very small compared with operating costs, and the company keeps reporting losses.
- There is substantial doubt about going concern, and financing depends on share issuance.
- Internal controls show material weaknesses related to segregation of duties and IT access.
Opportunities
- If the FDA authorizes SYNC or HALO, the U.S. market could become accessible for the first time since 2019.
- A CE mark for SYNC could open access to the European market.
- A strategic partnership, such as the discussion with GreenLight, could bring financing or market access.
Threats
- FDA reclassifications can change device classes and lengthen approval.
- The risk of Nasdaq delisting remains if the share price does not recover.
- Competitors with approvals already obtained could win market share before Nexalin does.
Risks
- Going concernhigh
The auditor flagged substantial doubt about the company's ability to continue operating without additional funding.
- FDA approvals not yet obtainedhigh
The SYNC and HALO generations are not yet authorized, and a delay or refusal of authorization would postpone revenue.
- Dilution from share issuancemedium
Share sales through the ATM programme could significantly dilute existing shareholders.
- Nasdaq compliancemedium
The company must restore its share price above the minimum bid requirement, otherwise it could be delisted.
- Internal control weaknesseslow
Lack of segregation of duties and IT access problems could affect the reliability of financial reporting.
Investment thesis
What would need to be true (bull case)
- If FDA authorizations for SYNC or HALO are obtained, the company could access a large market with few non-drug treatment options.
- The NeuroCare platform, expanded through PONM, could create recurring revenue from consumables and monitoring subscriptions.
- Existing international approvals could support sales growth if demand in those countries strengthens.
What would break the thesis
- Revenue fell in the second quarter of 2026 while losses continue, which could accelerate the need for financing.
- If FDA authorizations were delayed, commercial plans could be pushed back for years with no U.S. revenue.
- Reliance on equity financing could seriously affect existing shareholders and limit investment.
What to watch
- Results of the FDA insomnia study with HALO2026
- FDA response to the SYNC Q-Submission for Alzheimer's2026
- Completion of the GreenLight agreementnext 10-Q
- Status of Nasdaq minimum bid price complianceQ3 2026
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
Nexalin is a medical company based in Houston, Texas, that designs neurostimulation devices built on bioelectronic technology. Its original Gen-1 device is a cranial electrotherapy stimulation device classified by the FDA as Class II, but new U.S. sales have been stopped since the December 2019 reclassification. The company now focuses on the Gen-2 SYNC and Gen-3 HALO devices, which use a 15 milliamp waveform and still await FDA approval.
Revenue comes mainly from monthly licensing fees for Gen-1 devices sold or leased before December 2019, plus sales of electrodes and cables. In fiscal 2025 revenue rose on international device sales. No international revenue was recorded in the second quarter of 2026, and quarterly revenue fell, according to the 10-Q.
In the second quarter of 2026 the company acquired PONM, Inc., which brought software for the Nexalin NeuroCare digital platform, including remote monitoring and virtual care. Plans include an FDA insomnia study with HALO, a planned pivotal trial and a CE mark application for SYNC. The filings also flag major risks: substantial doubt about going concern, the need to regain Nasdaq compliance and internal control weaknesses.
Segments
Gen-1 devices and consumables
Gen-1 devices generate revenue from licensing and from electrodes and cables, but new U.S. sales have been suspended since December 2019. Revenue remains modest and fell to 12,161 USD in the second quarter of 2026, according to the 10-Q.
Gen-2 SYNC and Gen-3 HALO
Gen-2 SYNC, whose Q-Submission for Alzheimer's and dementia the FDA accepted, and Gen-3 HALO, with an insomnia study now recruiting, are the development lines the medium-term strategy rests on. Approvals have not yet been obtained.
NeuroCare digital platform
The NeuroCare platform, expanded through the PONM acquisition, is designed for remote monitoring and virtual care so that treatment could be prescribed and tracked by physicians. Its commercial value depends on regulatory approvals.
Market context
The company targets the mental health treatment market, where conventional therapies are limited by side effects, dependency and stigma. Demand is considered high, but access in the U.S. depends on FDA authorizations that Nexalin does not yet hold for its newer generations.
International markets, including approvals in China, Brazil and Oman, offer a partial sales route, but revenue has been small and variable. If FDA authorizations were delayed, U.S. commercial plans could be postponed.
Trends
- FDA reclassification of CES devicesheadwind
The December 2019 reclassification restricted Gen-1 sales in the U.S. and required new applications for indications such as depression, which could lengthen the approval timeline.
- Interest in digital mental health treatmenttailwind
Interest in remotely prescribed treatment with digital monitoring could favour the HALO and NeuroCare platforms if authorizations allow home use.
- Capital needs of small companiesheadwind
Reliance on share sales through the ATM programme dilutes shareholders, and uncertain financing can limit product development.
- Non-invasive brain stimulation as a scientific trendmixed
Growing interest in non-invasive brain stimulation for cognitive and mental disorders could support demand for new devices if clinical studies confirm efficacy.
Competitive position
The neurostimulation industry is competitive and changes quickly. Nexalin competes with other stimulation devices and with conventional treatments such as medication and psychotherapy, which the company presents as more costly or carrying side effects.
The company's stated advantage is its 15 milliamp waveform and at-home access, but rivals that already hold FDA approvals have a regulatory advantage. The sources do not identify a competitor listed on a U.S. exchange.
- Other CES devices
Other cranial electrotherapy stimulation devices sold in the U.S. with FDA authorization already obtained compete for the same patient group.
- Drug treatments
Antidepressant and anxiolytic medications are the conventional alternative the company treats as a rival.
- Psychotherapy and tele-psychiatry services
Psychological consultations and virtual psychiatry services compete for the same patients, and the NeuroCare platform targets that segment.
- Electroconvulsive therapy
Electroconvulsive therapy is a medical alternative the company describes as carrying higher risks.
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 report01 Oct 2026Other events
- Current report01 Oct 2026Material agreement · Regulation FD disclosure · Financial statements and exhibits
- Current report28 Sept 2026Delisting notice
- Current report02 Sept 2026Departure or appointment of officers
- Current report27 Aug 2026Item 3.03 · Amendments to articles or bylaws · Regulation FD disclosure · Financial statements and exhibits
- Current report21 Aug 2026Material agreement · Creation of a direct financial obligation · Financial statements and exhibits
- Current report20 Aug 2026Material agreement · Item 3.02 · Financial statements and exhibits
- Current report17 Aug 2026Delisting notice
- Quarterly report12 Aug 2026
- Current report11 Aug 2026Shareholder vote
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Nexalin Technology, Inc. · 25 Mar 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Nexalin Technology, Inc. · 12 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.