NeurAxis, Inc. (NRXS)

In August 2025, Neuraxis reported a 46% increase in revenue for Q2 2025 compared to the previous year. In September 2025, the company entered into a $3.3 million at-the-market equity offering agreement. In October 2025, Neuraxis received FDA clearance for its PENFS device for abdominal pain treatment and expanded its at-the-market offering, also reporting a $2.1 million operating loss for preliminary Q3 2025 financial results. In November 2025, NeurAxis reported its third-quarter 2025 results, with revenues increasing 22% year-over-year to $811,000 and unit deliveries increasing approximately 38% year-over-year; however, the operating loss widened by 27% to $2.1 million, and the company secured an additional $2.8 million through an at-the-market equity offering and warrant exercises. In December 2025, Neuraxis achieved a medical coverage policy milestone, expanding access to approximately 45 million additional covered lives, and secured a Veterans Affairs Federal Supply Schedule contract; Craig-Hallum raised Neuraxis's price target to $8 from $7. In January 2026, a major milestone was achieved with the AMA Category I CPT® Code for PENFS procedures becoming effective, establishing a permanent reimbursement pathway.

The provided search results do not contain specific information regarding the demand seasonality for NeurAxis, Inc.'s products and services. However, the company's focus on chronic conditions suggests that demand might be relatively stable throughout the year. The expansion of insurance coverage and the implementation of a Category I CPT code are expected to drive significant revenue growth and margin expansion, indicating a growing market and increasing access to their therapies rather than seasonal fluctuations.

NeurAxis, Inc. is a clinical-stage biotechnology and medical technology company based in Carmel, Indiana, specializing in neuromodulation therapies for chronic conditions in children and adults. Their flagship product is IB-Stim, a non-surgical PENFS system FDA-cleared for treating functional abdominal pain associated with IBS and functional dyspepsia in patients aged 8 years and older. The company also has a second product, the Rectal Expulsion Device (RED), which is used to evaluate the neuromuscular function of a patient's ability to expel contents from the rectum and as a qualitative test for rectal hypersensitivity.

NeurAxis, Inc. is headquartered in Carmel, Indiana, with a distribution center in Versailles, Indiana, and focuses on developing and commercializing its therapies in the United States. The company also engages with international partners to support its translational and clinical development activities.

NeurAxis's brand reputation has been positively impacted by expanded insurance coverage, FDA clearances and expanded indications, CPT code assignment, inclusion in clinical guidelines, and a Veterans Affairs contract. The company has significantly expanded its total covered lives for its PENFS technology, reaching approximately 100 million covered lives by December 2025. The FDA also cleared the expansion of the IB-Stim label to include a larger patient population and to allow for up to four devices per patient. Additionally, the company received 510(k) clearance for its Rectal Expulsion Device (RED) product. The assignment of a new Current Procedural Terminology (CPT) Category I code for PENFS procedures, effective January 1, 2026, is a significant positive for reimbursement and adoption. NeurAxis's PENFS technology has been incorporated into leading national society clinical practice guidelines for pediatric functional abdominal pain in IBS, making it the only FDA-cleared or approved treatment recommended in these guidelines. Securing a Veterans Affairs Federal Supply Schedule contract broadens access to more patients.

As of the fourth quarter of 2025, 30 institutions hold shares of NeurAxis, Inc., with a combined market value of approximately $1.73 million, accounting for 16.24% of the total shares. Institutional shareholding increased by 0.10% compared to Q3 2025. Approximately 11.77% of NeurAxis's stock is owned by institutional investors. In the past three months, NeurAxis insiders have bought more of their company's stock than they have sold, with purchases totaling $1,007,206.00 and no sales. Insiders hold 26.40% of the stock.