Monitor upcoming 10-Q filing for final Q1 2026 financials to confirm revenue growth and assess cash burn rate. The continued operating losses despite revenue growth suggest margin pressures that could limit the positive impact of sales growth. Watch for pace of ATM share issuance which could create near-term dilution.
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Executive Summary
Neuraxis, Inc. filed a 424B5 prospectus supplement to increase its at-the-market (ATM) offering capacity to $11.5 million, disclosing preliminary unaudited financials showing revenue growth to $1.6 million for Q1 2026 from $0.9 million in Q1 2025, while maintaining an operating loss of $1.7 million. The company has already sold $5.8 million under the prior ATM agreement and has $10.79 million in securities sold over the past 12 months under Form S-3 rules.
Key Facts
- Company is increasing ATM offering capacity to $11.5 million from prior amount
- Preliminary Q1 2026 revenue: $1.6 million vs $0.9 million in Q1 2025 (78% YoY growth)
- Preliminary Q1 2026 operating loss: $1.7 million
- Cash and cash equivalents expected to be $7.1 million as of March 31, 2026
- Company has already sold $5.8 million under current ATM program and $10.79 million in past 12 months under Form S-3
- Public float valued at $66.88 million as of April 20, 2026
Financial Impact
Potential dilution from up to $11.5 million in new shares issuance, while showing revenue growth but continued operating losses. Company has burned approximately $8.8 million in cash over the period (from $7.1 million cash + $5.8 million raised - $1.6 million revenue = negative operating cash flow)
Risk Factors
- Continued operating losses despite revenue growth indicates potential margin or cost structure issues
- Potential dilution from up to $11.5 million in new share issuance through ATM program
- Preliminary financials are unaudited and subject to change upon final reporting
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 4 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 424B5 Filing (Primary) | 0001493152-26-018361 |
| Document: 0001493152-26-018361-index-headers.html | 0001493152-26-018361 |
| Document: 0001493152-26-018361-index.html | 0001493152-26-018361 |
| Document: 0001493152-26-018361.txt | 0001493152-26-018361 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 14, 2026 13d ago | 8-K | $7.74 | awaiting T+20 | — | $7.25 (−6.33%) |
Aug 19, 2026 9w ago | 8-K | $6.27 $7.61 | ▲ +21.37% | ▲ +21.37% | $7.25 (+15.63%) |
Aug 11, 2026 11w ago | Press Release | $6.35 $5.73 | ▼ −9.76% | ▼ −8.70% | $7.25 (+14.17%) |
Aug 4, 2026 12w ago | EFFECT | $7.01 $5.81 | ▲ +17.12% | ▲ +15.88% | $7.25 (−3.42%) |
Jul 30, 2026 12w ago | S-3/A | $6.28 $6.02 | ▲ +4.14% | ▲ +8.11% | $7.25 (−15.45%) |
Jul 10, 2026 15w ago | 8-K | $7.14 $7.09 | ▼ −0.70% | ▼ −3.13% | $7.25 (+1.54%) |
May 12, 2026 24w ago | Press Release | $8.27 $6.80 | ▼ −17.78% | ▼ −16.05% | $7.25 (−12.33%) |
May 5, 2026 25w ago | Press Release | $8.69 $7.01 | ▼ −19.33% | ▼ −24.29% | $7.25 (−16.57%) |
Apr 28, 2026 26w ago | DEFA14A | $7.44 $7.29 | ▼ −2.02% | ▼ −8.06% | $7.25 (−2.55%) |
Apr 21, 2026 27w ago | 8-K | $7.51 $7.25 | ▼ −3.46% | ▼ −6.63% | $7.25 (−3.46%) |
US Market Status
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