Neuraxis, Inc. (NRXS) Financials
A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Oct 10, 2026; every other figure is from the SEC filings on this page. Not financial advice.
Newest figures come from the 10-Q for Q2 FY2026, filed Aug 11, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the NRXS SEC filings page.
Neuraxis, Inc. (NRXS) reported $3.6M in revenue for fiscal year 2025, up 32.9% from the prior fiscal year. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 4 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
NeurAxis is scaling revenue, but its model still converts sales into large cash needs financed mainly through external capital.
Revenue grew32.9% from FY2024 to FY2025 even as gross margin compressed, so the improved operating margin reflects fixed-cost absorption more than richer unit economics. FY2025 operating cash flow was-$6.4M versus free cash flow of-$6.5M ; their close alignment, despite minimal capital spending, shows the shortfall is primarily operating rather than reinvestment-driven.
The balance sheet moved from negative equity of
The company’s 9.3 months of reported outflow comparison provides context for FY2025 liquidity, but it does not alter the operating picture: revenue remains modest beside operating expenses, and cash generation remains negative. The combination points to a business whose balance-sheet position improved faster than its underlying operating economics.
Financial Health Signals
Scored against emerging companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of Neuraxis, Inc.'s business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Neuraxis, Inc. held $5.0M in cash, cash equivalents and investments at the end of fiscal year 2025, and its operations used $6.4M of cash that year. Cash Runway ranks emerging companies on the size of that balance against the outflow behind it, and Neuraxis, Inc. scores 28/100 among other emerging companies.
Neuraxis, Inc. had 11M shares outstanding at the end of fiscal year 2025, against 7M in fiscal year 2024. Dilution ranks emerging companies on how fast that count has grown over three years, where a slower rise is the better one, and Neuraxis, Inc. scores 27/100 among other emerging companies.
Neuraxis, Inc. spent $494K on research and development in fiscal year 2025, which was 4.3% of its operating costs that year. R&D Intensity ranks emerging companies on the share of operating costs that goes into research, and Neuraxis, Inc. scores 22/100 among other emerging companies.
Neuraxis, Inc. reported revenue of $3.6M in fiscal year 2025, against $2.7M in fiscal year 2024. Revenue Progress ranks emerging companies on the three-year path of that line, and Neuraxis, Inc. scores 65/100 among other emerging companies.
Neuraxis, Inc.'s operations used $6.4M of cash in fiscal year 2025, against $6.1M used in fiscal year 2024. Burn Trend ranks emerging companies on which way that figure has moved over three years, and Neuraxis, Inc. scores 48/100 among other emerging companies.
Neuraxis, Inc.'s cash, cash equivalents and investments came to $5.0M at the end of fiscal year 2025, against $3.0M of total liabilities. Balance Sheet ranks emerging companies on that comparison, and Neuraxis, Inc. scores 70/100 among other emerging companies.
Neuraxis, Inc. scores 0.33, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($87.0M) relative to total liabilities ($3.0M). This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
Neuraxis, Inc. passes 3 of 8 computable financial strength tests (1 of the nine could not be computed from available data). 2 of 4 profitability signals pass, 1 of 2 leverage/liquidity signals pass, neither operating efficiency signal passes.
Neuraxis, Inc. reported a net loss of $7.8M while operations used $6.4M of cash. With neither figure positive, the ratio between the two carries no quality signal.
Neuraxis, Inc. reported an operating loss of $7.8M against $74K in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations.
Key Financial Metrics
Earnings & Revenue
Neuraxis, Inc. generated $1.9M in revenue in Q2 2026. This represents an increase of 115.7% from the same quarter a year earlier. Against the prior quarter it is up 20.0%.
Neuraxis, Inc.'s EBITDA was -$2.1M in Q2 2026, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 23.6% from the same quarter a year earlier. Against the prior quarter it is down 22.3%.
Neuraxis, Inc. reported -$2.1M in net income in Q2 2026. This represents a decrease of 23.4% from the same quarter a year earlier. Against the prior quarter it is down 18.4%.
Neuraxis, Inc. earned -$0.19 per diluted share (EPS) in Q2 2026. This represents an increase of 13.6% from the same quarter a year earlier. Against the prior quarter it is down 5.6%.
Cash & Balance Sheet
Neuraxis, Inc. held $8.3M in cash as of Q2 2026; long-term debt is not reported for that period.
Not reported for Q2 2026.
Not reported for Q2 2026.
Margins & Returns
Neuraxis, Inc.'s gross margin was 85.9% in Q2 2026, indicating the percentage of revenue retained after direct costs. This is up 2.3 percentage points from the same quarter a year earlier. Against the prior quarter it is down 0.5 percentage points.
Neuraxis, Inc.'s ROE was -31.0% in Q2 2026, measuring profit generated per dollar of shareholder equity. This is up 8.8 percentage points from the same quarter a year earlier. Against the prior quarter it is down 0.3 percentage points.
Not shown for Q2 2026: the reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.
Not shown for Q2 2026: the reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.
Capital Allocation
Neuraxis, Inc. invested $274K in research and development in Q2 2026. This represents an increase of 138.2% from the same quarter a year earlier. Against the prior quarter it is up 175.5%.
Not reported for Q2 2026.
Not reported for Q2 2026.
NRXS Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Revenue | $1.9M+115.7% | $1.6M+79.5% | $968K+27.2% | $811K+21.7% | $894K+46.2% | $896K+38.5% | $761K+43.2% | $667K+39.6% |
| Cost of Revenue | $273K+85.9% | $218K+56.6% | $141K+21.4% | $135K+39.6% | $147K+99.6% | $139K+85.8% | $116K+60.9% | $97K+44.2% |
| Gross Profit | $1.7M+121.6% | $1.4M+83.8% | $827K+28.2% | $676K+18.7% | $747K+38.9% | $756K+32.3% | $645K+40.4% | $570K+38.9% |
| R&D Expenses | $274K+138.2% | $100K-15.5% | $130K-47.6% | $131K+3.6% | $115K+112.1% | $118K+2016.1% | $247K+11043.0% | $126K+180.9% |
| SG&A Expenses | $2.6M+45.6% | $2.2M-9.3% | $1.9M+120.4% | $1.9M+7.2% | $1.8M-30.9% | $2.4M+5.0% | $876K-56.6% | $1.8M-47.2% |
| Operating Income | -$2.1M-23.7% | -$1.7M+24.2% | -$1.7M-17.1% | -$2.1M-27.2% | -$1.7M+22.2% | -$2.3M-25.3% | -$1.5M+9.9% | -$1.7M+45.4% |
| EBITDA | -$2.1M-23.6% | -$1.7M+24.7% | -$1.7M-16.0% | -$2.1M-26.9% | -$1.7M+22.4% | -$2.3M-25.7% | -$1.5M+9.8% | -$1.6M+45.5% |
| Interest Expense | $20K+47.3% | $26K+1070.7% | $29K+1095.7% | $30K-54.1% | $13K-83.4% | $2K-91.6% | $2K-86.2% | $65K-37.0% |
| Net Income | -$2.1M-23.4% | -$1.8M+22.7% | -$1.7M-18.0% | -$2.1M-20.9% | -$1.7M+42.1% | -$2.3M-7.5% | -$1.4M | -$1.8M |
| EPS (Basic) | -$0.19+13.6% | -$0.18+45.5% | -$0.17+19.0% | -$0.24+4.0% | -$0.22+47.6% | -$0.33-3.1% | -$0.21-134.4% | -$0.25+89.5% |
| EPS (Diluted) | -$0.19+13.6% | -$0.18+45.5% | -$0.17+19.0% | -$0.24+4.0% | -$0.22+47.6% | -$0.33-3.1% | -$0.21-134.4% | -$0.25+89.5% |
| Diluted Shares (Avg) | 12M+42.2% | 11M+46.7% | N/A | 10M+37.7% | 9M+23.1% | 7M+13.9% | N/A | 7M+97.8% |
Not reported in any period shown, so not listed: Income Tax.
NRXS Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $10.0M+41.0% | $8.7M+188.7% | $6.4M+34.6% | $5.8M+405.2% | $7.1M+169.2% | $3.0M+220.4% | $4.8M+833.8% | $1.1M-7.5% |
| Current Assets | $9.4M+42.2% | $8.1M+220.5% | $5.7M+34.4% | $5.0M+689.4% | $6.6M+213.5% | $2.5M+523.1% | $4.3M+1658.5% | $632K-34.6% |
| Cash & Equivalents | $8.3M+39.0% | $7.1M+253.0% | $5.0M+34.3% | $4.4M+1577.8% | $6.0M+239.2% | $2.0M+2353.0% | $3.7M+4605.8% | $261K-65.7% |
| Short-Term Investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Inventory | $277K+111.0% | $238K+536.8% | $257K+480.1% | $110K+390.9% | $131K+207.7% | $37K+85.3% | $44K+108.9% | $22K-35.0% |
| Accounts Receivable | $433K+236.9% | $385K+58.0% | $196K-20.0% | $109K+106.3% | $129K-12.7% | $244K+169.2% | $245K+234.3% | $53K-60.3% |
| Long-Term Investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Total Liabilities | $3.3M+15.0% | $3.0M+8.2% | $3.0M+11.7% | $3.5M+18.9% | $2.8M-64.1% | $2.8M-32.9% | $2.7M+40.6% | $2.9M+27.9% |
| Current Liabilities | $3.1M+31.9% | $2.8M+33.9% | $2.8M+14.7% | $3.1M+18.1% | $2.3M-69.1% | $2.1M-44.9% | $2.4M+29.0% | $2.7M+18.0% |
| Non-Current Liabilities | $165K-66.2% | $184K-72.5% | $213K-17.1% | $344K+26.1% | $487K+63.6% | $670K+113.1% | $256K+847.5% | $273K+593.9% |
| Total Equity | $6.7M+58.3% | $5.7M+2123.6% | $3.4M+64.4% | $2.3M+227.4% | $4.3M+180.9% | $258K+108.1% | $2.1M+247.4% | -$1.8M-69.1% |
| Retained Earnings | -$69.7M-14.6% | -$66.4M-12.3% | -$64.6M-13.7% | -$62.9M-13.6% | -$60.8M-13.4% | -$59.1M-16.6% | -$56.8M-17.0% | -$55.4M-17.9% |
Not reported in any period shown, so not listed: Goodwill, Long-Term Debt.
NRXS Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$1.0M+29.8% | -$1.2M+23.3% | -$1.9M-10.0% | -$1.4M-2.5% | -$1.5M+9.1% | -$1.6M-20.4% | -$1.8M+33.1% | -$1.4M+50.5% |
| Depreciation & Amortization | $17K+29.2% | $16K+156.7% | $24K+251.1% | $16K+74.8% | $13K+17.5% | $6K-40.8% | $7K-34.3% | $9K-9.4% |
| Stock-Based Compensation | $0 | $329K+211.3% | N/A | $0 | $0 | $106K-53.4% | N/A | $0 |
| Capital Expenditures | N/A | N/A | $6K | $0-100.0% | $7K-16.1% | $18K+22.3% | $0-100.0% | $4K+63.4% |
| Free Cash Flow | N/A | N/A | -$1.9M-10.3% | -$1.4M-2.2% | -$1.5M+9.2% | -$1.6M-20.4% | -$1.8M+33.5% | -$1.4M+50.4% |
| Investing Cash Flow | N/A | N/A | -$106K | $0+100.0% | -$7K+16.1% | -$18K-22.3% | $0+100.0% | -$4K+89.8% |
| Financing Cash Flow | $2.3M-58.2% | $3.3M+4886.8% | $2.6M-49.4% | -$184K-71.4% | $5.5M+65.0% | -$70K-105.2% | $5.2M+164.6% | -$107K-103.0% |
| Dividends Paid | N/A | $1.2M | N/A | N/A | N/A | N/A | N/A | N/A |
Not reported in any period shown, so not listed: Share Buybacks.
NRXS Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 85.9%+2.3pp | 86.4%+2.0pp | 85.4%+0.7pp | 83.3%-2.1pp | 83.6%-4.4pp | 84.4%-4.0pp | 84.7%-1.7pp | 85.4%-0.5pp |
| Operating Margin | -110.2% | -108.3% | -177.3% | -258.8% | -192.1% | -256.3% | -192.7% | -247.7% |
| Net Margin | -108.1% | -109.5% | -176.5% | -261.6% | -189.1% | -254.4% | -190.2% | -263.3% |
| Return on Equity | -31.0%+8.8pp | -30.6%+850.9pp | -50.3%+19.8pp | -92.9% | -39.7% | -881.6% | -70.0% | N/A |
| Return on Assets | -20.9%+3.0pp | -20.1%+55.1pp | -26.7%+3.8pp | -36.8%+116.8pp | -23.8%+87.0pp | -75.2%+149.0pp | -30.4% | -153.5% |
| Current Ratio | 3.04+0.2x | 2.89+1.7x | 2.05+0.3x | 1.58+1.3x | 2.82+2.5x | 1.21+1.1x | 1.75+1.6x | 0.24-0.2x |
| Debt-to-Equity | 0.48-0.2x | 0.52-10.2x | 0.88-0.4x | 1.53 | 0.67 | 10.72 | 1.30 | N/A |
| Asset Turnover | 0.19+0.1x | 0.18-0.1x | 0.150.0x | 0.14-0.4x | 0.13-0.1x | 0.30-0.4x | 0.16-0.9x | 0.58+0.2x |
| FCF Margin | N/A | N/A | -200.4% | -175.9% | -164.9% | -181.1% | -231.0% | -209.6% |
Reported as filed but not readable as a share of revenue in the periods where the ratio runs further from zero than a revenue base allows; no change figure is given where either compared period is one of those: Operating Margin, Net Margin, FCF Margin.
Similar Companies
Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.
| Company | Fiscal year | Revenue | Net income | Net margin | Market cap | Health score |
|---|---|---|---|---|---|---|
| Neuraxis, Inc. NRXS | FY2025 | $3.6M | -$7.8M | N/A | $87.0M | 43/100 |
| Akari Therapeutics plc AKTX | FY2025 | N/A | -$17.3M | N/A | $20.0M | — |
| SeaStar Medical Holding Corporation ICU | FY2025 | $1.2M | -$12.2M | N/A | $19.0M | 44/100 |
| Rein Therapeutics, Inc. RNTX | FY2025 | $0 | -$49.9M | N/A | $68.5M | — |
| Lixte Biotechnology Holdings, Inc. LIXT | FY2025 | N/A | -$6.1M | N/A | $125.4M | — |
| FibroBiologics, Inc. FBLG | FY2025 | N/A | -$18.6M | N/A | $8.0M | — |
Where Neuraxis, Inc. Ranks
Frequently Asked Questions
What is Neuraxis, Inc.'s annual revenue?
Neuraxis, Inc. (NRXS) reported $3.6M in total revenue for fiscal year 2025. This represents a 32.9% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Neuraxis, Inc.'s revenue growing?
Neuraxis, Inc. (NRXS) revenue grew by 32.9% year-over-year, from $2.7M to $3.6M in fiscal year 2025.
Is Neuraxis, Inc. profitable?
No, Neuraxis, Inc. (NRXS) reported a net income of -$7.8M in fiscal year 2025.
What is Neuraxis, Inc.'s EBITDA?
Neuraxis, Inc. (NRXS) had EBITDA of -$7.8M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
What is Neuraxis, Inc.'s gross margin?
Neuraxis, Inc. (NRXS) had a gross margin of 84.2% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
What is Neuraxis, Inc.'s return on equity (ROE)?
Neuraxis, Inc. (NRXS) has a return on equity of -229.5% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Neuraxis, Inc.'s free cash flow?
Neuraxis, Inc. (NRXS) recorded an outflow of $6.5M in free cash flow during fiscal year 2025. This represents a -5.5% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Neuraxis, Inc.'s operating cash flow?
Neuraxis, Inc. (NRXS) recorded an outflow of $6.4M in operating cash flow during fiscal year 2025, representing cash used by core business activities.
What are Neuraxis, Inc.'s total assets?
Neuraxis, Inc. (NRXS) had $6.4M in total assets as of fiscal year 2025, including both current and long-term assets.
What are Neuraxis, Inc.'s capital expenditures?
Neuraxis, Inc. (NRXS) invested $31K in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
How much does Neuraxis, Inc. spend on research and development?
Neuraxis, Inc. (NRXS) invested $494K in research and development during fiscal year 2025.
What is Neuraxis, Inc.'s current ratio?
Neuraxis, Inc. (NRXS) had a current ratio of 2.05 as of fiscal year 2025, which is generally considered healthy.
What is Neuraxis, Inc.'s debt-to-equity ratio?
Neuraxis, Inc. (NRXS) had a debt-to-equity ratio of 0.88 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Neuraxis, Inc.'s return on assets (ROA)?
Neuraxis, Inc. (NRXS) had a return on assets of -121.8% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Neuraxis, Inc.'s P/E ratio?
Neuraxis, Inc. (NRXS) has no price-to-earnings ratio at the moment: net loss, so no earnings multiple (trailing 12 months to June 30, 2026). The market capitalization is $87.0M as of Oct 10, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is Neuraxis, Inc.'s price-to-sales ratio?
Neuraxis, Inc. (NRXS) trades at 16.4x sales, its market capitalization divided by revenue of $5.3M revenue, trailing 12 months to June 30, 2026. The market capitalization is $87.0M as of Oct 10, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
How does Neuraxis, Inc.'s liquidity compare with its operating cash outflow?
At the end of fiscal year 2025, Neuraxis, Inc. (NRXS) held $5.0M in cash, cash equivalents and investments, and reported an operating cash outflow of $6.4M over that year. Dividing the one by the other, the reported balance equals about 9 months of the outflow reported that year. This is arithmetic over figures already filed, not a projection: it assumes nothing about future spending, financing or operations.
What is Neuraxis, Inc.'s Altman Z-Score?
Neuraxis, Inc. (NRXS) has an Altman Z-Score of 0.33, placing it in the Distress Zone (elevated bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is Neuraxis, Inc.'s Piotroski F-Score?
Neuraxis, Inc. (NRXS) has a Piotroski F-Score of 3 out of 8 computable signals; 1 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Neuraxis, Inc.'s earnings high quality?
Neuraxis, Inc. (NRXS) reported a net loss of $7.8M while operations used $6.4M of cash. With neither figure positive, the ratio between the two carries no quality signal. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can Neuraxis, Inc. cover its interest payments?
Neuraxis, Inc. (NRXS) reported an operating loss of $7.8M against $74K in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is Neuraxis, Inc.?
Neuraxis, Inc. (NRXS) scores 43 out of 100 on our Financial Health Score, indicating moderate standing within its emerging companies peer group. The score is a 0-100 composite of six dimensions (Cash Runway, Dilution, R&D Intensity, Revenue Progress, Burn Trend, Balance Sheet), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.