NeurAxis Achieves Medical Coverage Policy Milestone, Expanding Access to Approximately 45 million additional Covered Lives

Rhea-AI Summary

NeurAxis (NYSE American: NRXS) announced new medical policy coverage from a major national health insurer for Percutaneous Electrical Nerve Field Stimulation (PENFS), adding approximately 45 million covered lives and bringing PENFS total national coverage to roughly 100 million covered lives.

The company’s FDA-cleared IB-Stim is approved for patients 8 years and older with functional abdominal pain related to IBS and functional dyspepsia. NeurAxis noted a Category I CPT code effective January 1, 2026, incorporation of PENFS into national clinical guidelines, and a strengthened balance sheet as positioning factors for expected revenue growth and margin expansion.

Positive

• Coverage adds approximately 45 million covered lives
• Total national coverage footprint reaches roughly 100 million covered lives
• IB-Stim is FDA-cleared for patients aged 8+ with functional abdominal pain
• Category I CPT code effective Jan 1, 2026

Negative

• New coverage is from a single major insurer to date, requiring additional payer wins

Key Figures

New coverage lives 45 million members Additional health plan members under new national insurer policy

Total coverage footprint 100 million lives Approximate national PENFS coverage after new policy

Eligible age 8 years and older FDA-cleared treatment population for IB-Stim

CPT code effective date January 1, 2026 Category I CPT code for PENFS procedures

Market Reality Check

$2.88 Last Close

Volume Volume 90,501 is about 1.9x the 20-day average of 47,594, signaling elevated interest ahead of this coverage update. high

Technical Shares traded above the 200-day MA at 2.54, with the stock at 2.88 pre-announcement, indicating an improving trend before this news.

Peers on Argus 1 Down

NRXS was up 4.35% while the only momentum-scanned peer, ICU, was down 11.68%. Other close peers showed mixed moves, suggesting the reaction was more company-specific than sector-driven.

Historical Context

Date	Event	Sentiment	Move	Catalyst
Dec 01	Access expansion	Positive	-4.0%	VA Federal Supply Schedule contract adding IB-Stim access to VA system.
Nov 12	Coverage expansion	Positive	+7.9%	New Michigan coverage adding 566,000 lives, lifting total to ~55 million.
Nov 11	Earnings results	Positive	-5.9%	Q3 2025 revenue up 22% with higher units but wider operating loss.
Nov 04	Earnings preview	Positive	-5.2%	Announcement of upcoming Q3 2025 results and business update call.
Oct 24	FDA clearance	Positive	-8.6%	First FDA clearance for treating adult functional dyspepsia-related pain.

Pattern Detected

Recent NRXS news has often been followed by negative price reactions even on seemingly positive milestones, with one notable positive reaction to a prior coverage expansion.

Recent Company History

Over the last few months, NeurAxis has reported several commercial and regulatory milestones. On Oct 24, it gained FDA 510(k) clearance expanding PENFS indications to adults. Late October and November brought preliminary and then full Q3 2025 results, showing revenue growth but ongoing losses. The company also expanded coverage to about 55 million lives and secured a VA Federal Supply Schedule contract serving nearly 7 million patients. Today’s large coverage addition and move toward ~100 million covered lives builds directly on this access and reimbursement momentum.

Market Pulse Summary

This announcement highlights a major commercialization milestone, with PENFS coverage expanding by approximately 45 million lives and total access reaching about 100 million. It reinforces IB-Stim’s position as an FDA-cleared, non‑drug option for functional abdominal pain in patients aged 8 years and older, ahead of a Category I CPT code effective January 1, 2026. In context of prior coverage gains and FDA clearances, key watchpoints remain real-world utilization, payer uptake, revenue trends, and management’s execution on broader insurer contracting.

Key Terms

percutaneous electrical nerve field stimulation medical

"announced significant new medical policy coverage from a major national health insurer for Percutaneous Electrical Nerve Field Stimulation"

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.

functional dyspepsia medical

"and Functional Dyspepsia (FD) including associated nausea symptoms in patients 8 years and older"

A common chronic disorder of the upper digestive tract that causes recurring stomach discomfort, bloating, early fullness, and nausea without an obvious structural cause. Think of it as a repeatedly upset stomach that persists and interferes with daily life; for investors it matters because its high prevalence and limited effective treatments drive demand for new drugs, diagnostics, and therapies, affecting commercial prospects and regulatory attention in the gastrointestinal market.

category i cpt code technical

"With a Category I CPT code taking effect January 1, 2026, and our proprietary PENFS technology"

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.

AI-generated analysis. Not financial advice.

Total national coverage footprint for PENFS increases to roughly 100 million covered lives

CARMEL, Ind., Dec. 19, 2025 (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 significant new medical policy coverage from a major national health insurer for Percutaneous Electrical Nerve Field Stimulation (“PENFS”). The coverage spans multiple states and represents approximately 45 million health plan members.

NeurAxis’ proprietary PENFS technology, IB-Stim, is FDA-cleared for the treatment of functional abdominal pain associated with irritable bowel syndrome (IBS) and Functional Dyspepsia (FD) including associated nausea symptoms in patients 8 years and older. IB-Stim is a non-invasive neuromodulation device that gently stimulates cranial nerve bundles in the ear to help regulate pain signaling between the gut and the brain. Currently, no FDA-approved drug therapies exist for pediatric patients with abdominal pain related to functional dyspepsia, a significant unmet medical need. In the absence of approved options, off-label prescription drugs are often used, despite limited efficacy data and potential safety concerns—underscoring IB-Stim’s unique position as the only FDA-cleared therapy specifically designed for this large and underserved pain related patient population.

“We are extremely pleased to see medical policy coverage for PENFS from one of the nation’s leading health insurers, and we are working aggressively to secure additional large national insurers,” said Brian Carrico, Chief Executive Officer of NeurAxis. “This milestone demonstrates the growing clinical and payer recognition of IB-Stim as a necessary, evidence-based therapy for pediatric gastrointestinal disorders. With a Category I CPT code taking effect January 1, 2026, and our proprietary PENFS technology incorporated into leading national society clinical practice guidelines, NeurAxis is well positioned for significant revenue growth and margin expansion. Supported by a strengthened balance sheet, the Company is prepared to capitalize on the accelerating demand ahead.”

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 its IB-Stim™ therapy, 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) and functional dyspepsia 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 on December 19, 2025 regarding payer coverage?

NeurAxis announced new medical policy coverage from a major national insurer adding about 45 million covered lives, raising total PENFS coverage to roughly 100 million.

How does the December 2025 coverage change affect IB-Stim reimbursement for NRXS?

The coverage expands payer access for PENFS and coincides with a new Category I CPT code effective Jan 1, 2026, supporting billing and reimbursement efforts.

For which patients is IB-Stim FDA-cleared as referenced by NeurAxis (NRXS)?

IB-Stim is FDA-cleared for treatment of functional abdominal pain associated with IBS and functional dyspepsia, including nausea, in patients aged 8 years and older.

Does the NeurAxis announcement state PENFS is included in clinical practice guidelines?

Yes; the company said its PENFS technology is incorporated into leading national society clinical practice guidelines.

How large is the incremental covered lives gain reported by NeurAxis (NRXS)?

The company reported an incremental increase of approximately 45 million health plan members under the new insurer policy.

What near-term commercial risks did NeurAxis acknowledge in the December 19, 2025 release?

The company noted it is actively pursuing additional large national insurers, indicating current reliance on the newly announced insurer to expand access.