NeurAxis Achieves Major Milestone with AMA Category I CPT® Code Now in Effect, Establishing a Permanent Reimbursement Pathway

Rhea-AI Summary

NeurAxis (NYSE American: NRXS) announced that an AMA Category I CPT code for Percutaneous Electrical Nerve Field Stimulation (PENFS) is now in effect as of Jan. 8, 2026. The code establishes a permanent, nationally recognized coding and billing pathway for NeurAxis’ IB-Stim therapy, signaling broad clinical acceptance and meeting AMA criteria for widespread utilization and clinical efficacy. Management said the code should improve payer alignment, reimbursement predictability, and scalability across health systems, potentially accelerating patient access and supporting long-term commercial growth. Management will present at the Lytham Partners Healthcare Investor Summit on Jan. 15, 2026.

Positive

• Category I CPT code effective Jan. 8, 2026
• Permanent national coding pathway for PENFS therapy
• Improved payer alignment and reimbursement predictability
• Supports scalability across health systems and access

Negative

• None.

Key Figures

Investor summit presentation January 15, 2026, 9:30 a.m. ET Lytham Partners Healthcare Investor Summit webcast time

Market Reality Check

$4.86 Last Close

Volume Volume 45,627 is only 0.05x the 20-day average of 919,083, showing limited pre-news activity. low

Technical Shares at $4.44 are trading above the 200-day MA of $2.65, reflecting a previously improving trend.

Peers on Argus 1 Down

NRXS was roughly flat (-0.45%) while close peers showed mixed moves, with some down (e.g., FBLG in momentum scanner) and others up, indicating stock-specific dynamics rather than a broad sector move.

Historical Context

Date	Event	Sentiment	Move	Catalyst
Dec 19	Coverage expansion	Positive	+11.8%	Major insurer policy raised PENFS coverage to roughly 100M lives.
Dec 01	VA contract win	Positive	-4.0%	VA Federal Supply Schedule listing opened access to ~7M VA patients.
Nov 12	State coverage win	Positive	+7.9%	Michigan policy added 566,000 covered lives, lifting U.S. coverage base.
Nov 11	Q3 2025 earnings	Positive	-5.9%	Q3 revenue grew 22% but with wider operating loss and higher expenses.
Nov 04	Earnings call notice	Neutral	-5.2%	Announcement of timing and access details for Q3 2025 call.

Pattern Detected

Access and coverage wins have often aligned with positive price moves, while operational or contract news and earnings have sometimes seen negative reactions, showing a mixed but generally news-sensitive pattern.

Recent Company History

Over the last few months, NeurAxis has focused on reimbursement expansion and commercialization. Coverage wins in Michigan and from a major national insurer added tens of millions of covered lives and previously highlighted a Category I CPT code effective Jan 1, 2026. The VA Federal Supply Schedule contract opened a federal pathway, while Q3 2025-11-11 earnings showed revenue growth but wider losses. Today’s confirmation that the Category I CPT code is now in effect builds directly on those earlier reimbursement and access milestones.

Market Pulse Summary

This announcement confirms that the AMA Category I CPT code for NeurAxis’ PENFS therapy is now in effect, formalizing a permanent reimbursement pathway after prior coverage and policy wins. It reinforces themes seen in recent news around expanding covered lives and federal access. At the same time, past SEC filings have noted operating losses and going-concern risk, so tracking revenue growth, payer adoption, and financing activity will be critical for assessing future progress.

Key Terms

category i cpt code regulatory

"The assignment of a Category I CPT® code demonstrates a strong message to payers"

A Category I CPT code is a five-digit medical billing number used to describe commonly performed procedures and services so insurers and providers speak the same language when submitting claims and paying bills. For investors, these codes matter because they determine how easily and consistently a treatment or test can be billed and reimbursed—think of them like a standardized barcode that helps forecast revenue, adoption, and insurance coverage risks for healthcare products and services.

cpt code regulatory

"The new CPT code reflects the latest efficacious medical care available to patients"

A CPT code is a standardized numeric label used by healthcare providers and insurers to identify medical procedures, tests, and services for billing and reimbursement. Think of it as a SKU or price tag for each clinical service: which code is used and how it’s reimbursed directly affects a provider’s revenue and a medical product’s market adoption, so investors watch codes and payment rules to estimate financial impact.

percutaneous electrical nerve field stimulation medical

"Category I CPT® code for Percutaneous Electrical Nerve Field Stimulation (PENFS) is now in effect"

A non-surgical therapy that delivers small electrical pulses through the skin to stimulate specific peripheral nerves, usually via tiny adhesive electrodes placed near nerve-rich areas. Investors should care because devices and treatments using this method can open new markets or revenue streams if they gain clinical proof, regulatory approval, and reimbursement; conversely, their commercial success depends on safety data, patient acceptance, and competing options.

neuromodulation medical

"a medical technology company commercializing neuromodulation therapies for chronic and debilitating conditions"

Neuromodulation is the use of devices or targeted treatments to change how nerves or brain circuits send signals, much like adjusting the volume or tuning on an audio system to alter what you hear. For investors, it matters because these therapies can treat chronic conditions (pain, movement disorders, depression) where existing medicines fall short, creating potential markets, regulatory milestones, and durable revenue streams if technologies prove safe and effective.

AI-generated analysis. Not financial advice.

• The new CPT code reflects the latest efficacious medical care available to patients, facilitating adoption and utilization.
• The assignment of a Category I CPT® code demonstrates a strong message to payers, both commercial and government, that there is now a path to consistent reporting and reimbursement for providers in the medical community.

CARMEL, Ind., Jan. 08, 2026 (GLOBE NEWSWIRE) -- NeurAxis, Inc. (“NeurAxis” or the “Company”) (NYSE American: NRXS), a medical technology company commercializing neuromodulation therapies for chronic and debilitating conditions in children and adults, today announced that the Category I CPT code for Percutaneous Electrical Nerve Field Stimulation (PENFS) is now in effect, completing a successful commercial milestone for the Company.

The assignment of the Category I CPT code is one of the most significant breakthroughs in efforts towards widespread adoption of IB-Stim®. This establishes a permanent, nationally recognized coding and billing pathway for NeurAxis’ PENFS therapy, reflecting broad clinical acceptance and meeting the American Medical Association’s (AMA) criteria for widespread utilization, clinical efficacy, and established standards of care.

“Achieving this long-awaited milestone significantly strengthens the foundation of our business,” said Brian Carrico, Chief Executive Officer of NeurAxis. “With a Category I CPT code now in effect, we have greater commercial clarity due to a consistent and recognized code, improved payer alignment, and enhanced scalability across health systems. We believe this will accelerate access to care for patients in need, and in turn, support additional coverage expansion, and drive long-term revenue growth.”

Category I CPT codes are routinely used by Medicare, Medicaid, and commercial insurers as a basis for coverage and payment determinations. NeurAxis believes the code’s implementation will expand patient access, reinforce the durability of its reimbursement model, and enhance the predictability of its commercial trajectory.

NeurAxis management will present at the Lytham Partners Healthcare Investor Summit on Thursday January 15, 2026 at 9:30 a.m. ET. The webcast can be accessed by visiting the conference home page at https://lythampartners.com/hc2026/ or directly at https://lythampartners.com/hc2026/nrxs. A replay will also be available through the same links.

About NeurAxis, Inc.
NeurAxis, Inc., is a medical technology company focused on neuromodulation therapies to address chronic and debilitating conditions in children and adults. NeurAxis is dedicated to advancing science and leveraging evidence-based medicine to drive adoption of IB-Stim® , which is its proprietary Percutaneous Electrical Nerve Field Stimulation (PENFS) technology, by the medical, scientific, and patient communities. IB-Stim is FDA cleared for functional abdominal pain associated with irritable bowel syndrome (IBS), functional dyspepsia (FD), and FD-related nausea symptoms in patients 8 years and older. Additional clinical trials of PENFS in multiple pediatric and adult conditions with large unmet healthcare needs are underway.

For more information, please visit http://neuraxis.com.

For contraindications, precautions, warnings, and IFU, please see: https://ibstim.com/important-information/.

Forward-Looking Statements

Certain statements in this press release are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical fact are forward-looking statements. Forward-looking statements are based on management’s current assumptions and expectations of future events and trends, which affect or may affect the Company’s business, strategy, operations or financial performance, and actual results and other events may differ materially from those expressed or implied in such statements due to numerous risks and uncertainties. Forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified. There are a number of important factors that could cause actual results, developments, business decisions or other events to differ materially from those contemplated by the forward-looking statements in this press release. These factors include, among other things, the conditions in the U.S. and global economy, the trading price and volatility of the Company’s stock, public health issues or other events, the Company’s compliance with applicable laws, the results of the Company’s clinical trials and perceptions thereof, the results of submissions to the FDA, and factors described in the Risk Factors section of NeurAxis’s public filings with the Securities and Exchange Commission (SEC). Because forward-looking statements are inherently subject to risks and uncertainties, you should not rely on these forward-looking statements as predictions of future events. These forward-looking statements speak only as of the date of this press release and, except to the extent required by applicable law, the Company undertakes no obligation to update or revise these statements, whether as a result of any new information, future events and developments or otherwise.

Contacts:

Company
NeurAxis, Inc.
info@neuraxis.com
For contraindications, precautions, warnings, and IFU, please see: https://ibstim.com/important-information/.

Investor Relations
Lytham Partners
Ben Shamsian
646-829-9701
shamsian@lythampartners.com

FAQ

What did NeurAxis (NRXS) announce about CPT coding on Jan. 8, 2026?

NeurAxis announced a new Category I CPT code for PENFS is now in effect, creating a national coding and billing pathway.

How could the new Category I CPT code affect NRXS reimbursement?

The code is expected to provide consistent reporting and improve payer alignment used by Medicare, Medicaid, and commercial insurers.

Will the CPT code for PENFS immediately expand patient access to IB-Stim for NRXS?

The company states the code should accelerate access and support coverage expansion, though actual timing depends on payer decisions.

When and where will NeurAxis management present following the CPT announcement?

Management will present at the Lytham Partners Healthcare Investor Summit on Jan. 15, 2026 at 9:30 a.m. ET with a webcast and replay available.

Does the Category I CPT code guarantee payer coverage for NRXS (NRXS)?

A Category I CPT code is commonly used as a basis for coverage, but it does not itself guarantee specific payer policies or rates.