Traders should monitor upcoming insurance coverage expansions and utilization trends in 2026, as reimbursement infrastructure is now in place. The recent cash raise improves runway, but continued losses and margin pressure suggest near-term dilution risk if growth slows.
Price Chart
Executive Summary
NeurAxis reported strong revenue growth for Q4 and full-year 2025, with 27% and 33% year-over-year increases, respectively, driven by higher unit sales and new product launches. Despite expanding gross margins and positive operational milestones—including a Category I CPT code and FDA clearance—the company widened its operating loss due to higher selling and legal expenses. Cash balance stands at $5.0 million, with $2.6 million in post-period equity raises.
Key Financial Metrics
Key Facts
- Q4 2025 revenue: $968K, up 27% YoY from $761K
- FY2025 revenue: $3.6M, up 33% YoY from $2.7M
- Gross margin declined to 84.2% in FY2025 from 86.5% in FY2024
- Operating loss increased to $7.8M in FY2025 from $7.2M in FY2024
- Net loss decreased to $7.8M in FY2025 from $8.2M in FY2024 due to absence of prior-year one-time settlements
- Cash balance: $5.0M as of Dec 31, 2025; $2.6M raised post-period via ATM and warrant exercises
- Achieved Category I CPT code for PENFS, FDA clearance expansion, and VA FSS contract
Financial Impact
Revenue up 33% to $3.6M, but operating loss increased to $7.8M; gross margin compression of 130 bps despite volume growth
Risk Factors
- Continued operating losses and negative cash flow from operations ($6.4M used in FY2025)
- Gross margin pressure from discounting in financial assistance programs and low-margin RED device
- Heavy reliance on future payer coverage wins to sustain growth trajectory
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 1 press release from GlobeNewswire.
| Document | Accession Number |
|---|---|
| PRESS-RELEASE Data (Synthetic) | press-3258872 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 14, 2026 12d 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 25w ago | DEFA14A | $7.44 $7.29 | ▼ −2.02% | ▼ −8.06% | $7.25 (−2.55%) |
Apr 21, 2026 26w ago | 8-K | $7.51 $7.25 | ▼ −3.46% | ▼ −6.63% | $7.25 (−3.46%) |
US Market Status
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