Neuraxis, INC
NRXS · Electromedical & Electrotherapeutic Apparatus · 12.4M shares · +86%/yr ↑ shares · EDGAR filings ↗
Reference price $1.96 · est. market cap ~$24M — last insider purchase, 2026-04-01 (estimated from the dated SEC Form 4 price × shares outstanding — not a live quote)
Grade
F40Neuraxis — micro pediatric neuromodulation-device firm, loss-making.
Strengths
- High gross margin (84%, 89th pct); adequate liquidity (current 2.0)
Risks
- Operating margin -219%; cash runway ~3.1 quarters
- Reimbursement and commercialization risk; sub-scale
Notable findings
- Going concernAlthough we had stockholders’ equity of $3,399,372, our auditors have expressed substantial doubt about our ability to continue as a going concern in their audit opinion
- No interest coverageInterest coverage -105.85 (cannot cover interest)
- Chronic dilutionShare count +86%/yr over 2y (dilution)
- Net lossNet loss (net margin -218.5%)
- Customer concentration~35% of revenue from one customer/distributor — Our largest sales were to two customers representing approximately 28% and 35% of total sales for the years ended December 31, 2025 and 2024, respectively
- Cash burnNegative free cash flow (-6.5M)
- Insider buyingInsider buying — 5 open-market buy(s) by 4 insider(s) (cluster of 4 insiders, ~$414,787, last 6mo) Form 4 ↗
Quarterly revenue
Last 4 quarters · from SEC filings.
Key metrics
Gross margin
84.2%
Operating margin
-219.4%
Net margin
-218.5%
Return on equity
-229.5%
Return on assets
-121.8%
Revenue growth (QoQ)
66.1%
Interest coverage
-105.9×
Current ratio
2.1×
Free cash flow
-$6M
EBITDA
-$8M
Tangible book value
$3M
Cash & investments
$5M
Cash runway
3q
Stock comp / revenue
16.7%
Insider transactions · last 18 months
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| 2026-04-28 | Aharon Gil | Grant | 12K | — |
| 2026-04-28 | Aharon Gil | Grant | 222K | — |
| 2026-04-01 | Henrichs Timothy Robert | Buy | 7.6K | $1.96 |
| 2026-04-01 | Carrico Thomas Joeseph | Buy | 667 | $1.96 |
| 2026-04-01 | Carrico Brian Allen | Buy | 8.1K | $1.96 |
| 2026-02-12 | Hannasch Brian | Buy | 40K | $4.92 |
| 2026-02-11 | Hannasch Brian | Buy | 40K | $4.65 |
| 2026-01-22 | Keyser Jane Elizabeth | Grant | 22K | $4.63 |
| 2026-01-22 | Watkins Bradley Mitchell | Grant | 22K | $4.63 |
| 2026-01-22 | Aharon Gil | Grant | 22K | $4.63 |
| 2026-01-22 | Ferge Kristin A | Grant | 22K | $4.63 |
| 2025-12-23 | Aharon Gil | Buy | 286K | $3.52 |
| 2025-07-01 | Hannasch Brian | Buy | 356K | $2.25 |
| 2025-04-21 | Hannasch Brian | Buy | 18K | $1.73 |
| 2025-01-17 | Watkins Bradley Mitchell | Grant | 13K | $2.85 |
| 2025-01-17 | Keyser Jane Elizabeth | Grant | 13K | $2.85 |
| 2025-01-17 | Ferge Kristin A | Grant | 13K | $2.85 |
All non-derivative Form 4 activity (SEC), newest first.
Notable events (8-K)
| Date | Items | |
|---|---|---|
| 2026-06-12 | Shareholder vote | filing ↗ |
| 2026-04-22 | OtherExhibits | filing ↗ |
| 2026-04-21 | Results | filing ↗ |
| 2025-10-24 | OtherExhibits | filing ↗ |
| 2025-10-23 | Results | filing ↗ |
| 2025-09-02 | Material agreementExhibits | filing ↗ |
| 2025-07-03 | Material agreement1.02Exec/director changeExhibits | filing ↗ |
| 2025-06-04 | Shareholder vote | filing ↗ |
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 8-K | 2026-06-12 | 2026-06-10 | 0001493152-26-028489 ↗ |
| 10-Q | 2026-05-12 | 2026-03-31 | 0001493152-26-022384 ↗ |
| 8-K | 2026-04-22 | 2026-04-21 | 0001493152-26-018580 ↗ |
| 8-K | 2026-04-21 | 2026-04-21 | 0001493152-26-018376 ↗ |
| 10-K | 2026-03-19 | 2025-12-31 | 0001493152-26-011505 ↗ |
| 10-Q | 2025-11-10 | 2025-09-30 | 0001493152-25-021547 ↗ |
| 8-K | 2025-10-24 | 2025-10-23 | 0001493152-25-019186 ↗ |
| 8-K | 2025-10-23 | 2025-10-23 | 0001493152-25-019136 ↗ |
| 8-K | 2025-09-02 | 2025-08-29 | 0001641172-25-026158 ↗ |
| 10-Q | 2025-08-12 | 2025-06-30 | 0001641172-25-023100 ↗ |
| 8-K | 2025-07-03 | 2025-07-01 | 0001641172-25-017723 ↗ |
| 8-K | 2025-06-04 | 2025-05-29 | 0001641172-25-013632 ↗ |