NeurAxis Expands Payer Coverage with Four New Medical Policies

(Moderate)

(Neutral)

Rhea-AI Summary

NeurAxis (NYSE: NRXS) announced four additional medical policies for Percutaneous Electrical Nerve Field Stimulation (PENFS), adding approximately 1.25 million covered lives and extending access in West Virginia, New Hampshire, South Carolina, Virginia, and Florida.

The company cited Category I CPT code recognition, inclusion in clinical guidelines, FDA clearance of IB-Stim for specified DGBI indications in patients age 8+, and disclosed an auditor’s explanatory paragraph noting substantial doubt about going concern for fiscal year 2025.

Positive

Payer coverage adds approximately 1.25 million covered lives
IB-Stim is FDA-cleared for DGBI abdominal pain in patients 8+
Recognition via a Category I CPT code and guideline inclusion

Negative

Independent auditor reported substantial doubt about going concern
New written policies currently limited to five states

Argus Apr 22 session

+3.16% close to close Open Argus

Details

News Market Reaction – NRXS

In the Apr 22 session, NRXS gained 3.16%, reflecting a moderate positive market reaction.

Data tracked by StockTitan Argus on the day of publication.

Market Context

This announcement combines incremental commercial progress with explicit financial risk disclosure. ...

Analysis

This announcement combines incremental commercial progress with explicit financial risk disclosure. Four new payer policies add about 1.25 million covered lives for PENFS, building on earlier nationwide coverage and a Category I CPT code. At the same time, the latest 10-K included a going-concern paragraph, and preliminary results showed an operating loss of about $1.7 million. Investors may track payer adoption trends, revenue growth versus losses, and the pace of utilizing existing capital programs as key future signals.

Key Figures

New covered lives: approximately 1.25 million New payer policies: four insurers Patient age range: 8 years and older +5 more

New covered lives: approximately 1.25 million; Incremental coverage from four additional health insurers for PENFS
New payer policies: four insurers; Additional medical policy coverage for PENFS announced in this release
Patient age range: 8 years and older; FDA-cleared IB-Stim indication for IBS and functional dyspepsia
Cash and equivalents: $7.1 million; Preliminary balance as of March 31, 2026 from recent 8-K
Quarter net sales: $1.6 million; Preliminary three months ended March 31, 2026; up from $0.9M prior year
Quarter gross profit: $1.4 million; Preliminary three months ended March 31, 2026 from 8-K
Quarter operating loss: $1.7 million; Preliminary three months ended March 31, 2026; company still unprofitable
ATM capacity: $11,500,000; Maximum common stock to be sold under at-the-market program per 424B5

Historical Context

5 past events · Latest: Apr 10

5 events

Apr 10
Preferred stock dividend

24h Move

-5.7%

Announced stock dividend on Series B preferred with common stock issuance.
Mar 19
Earnings results

24h Move

+2.4%

Reported strong Q4 and FY2025 revenue growth with commercial milestones.
Mar 12
Earnings call notice

24h Move

+0.5%

Announced timing of Q4 and full-year 2025 results and webcast.
Jan 08
Reimbursement milestone

24h Move

+4.3%

Category I CPT code for PENFS became effective, improving reimbursement pathway.
Dec 19
Coverage expansion

24h Move

+11.8%

New medical coverage policy added about 45M covered lives for PENFS.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Key Terms

percutaneous electrical nerve field stimulation, category i cpt code, fda-cleared, neuromodulation, +3 more

7 terms

percutaneous electrical nerve field stimulation medical

"announced four additional health insurers with medical policy coverage for Percutaneous Electrical Nerve Field Stimulation (PENFS)"

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.

category i cpt code medical

"recognizing the efficacy of IB-Stim due to the Category I CPT code now being effective"

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.

fda-cleared regulatory

"IB-Stim, is FDA-cleared for the treatment of functional abdominal pain"

FDA-cleared means a medical product—typically a device or diagnostic—has passed a U.S. regulator’s review showing it is substantially similar to an existing approved product and is safe and effective for its intended use. For investors, clearance acts like an official safety stamp that lowers regulatory risk and can speed market access, comparable to getting a trusted roadworthy certificate before selling cars, which can make sales and adoption happen faster.

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.

off-label prescription drugs medical

"off-label prescription drugs are often used, despite limited efficacy data and potential safety concerns"

A drug prescribed off-label is one that a doctor gives for a use, dose, age group, or duration not specifically approved by regulators; the medicine itself is approved, but the specific prescription is outside its official label. For investors this matters because off-label use can expand a product’s real-world market like using a household tool for an unadvertised task, while also carrying uncertainty about insurance reimbursement, regulatory scrutiny, legal liability, and the strength of clinical evidence supporting that use.

disorders of gut-brain interaction medical

"abdominal pain-related disorders of gut-brain interaction (DGBIs), a significant unmet medical need"

A group of chronic digestive conditions caused by altered communication between the gut and the brain, producing symptoms such as abdominal pain, bloating, constipation or diarrhea without a clear structural disease. Investors should care because these disorders affect a large, often underserved patient population, driving steady demand for treatments, diagnostic tools and care services; think of it as a traffic-signal problem in the body that creates ongoing market need for solutions.

going concern financial

"paragraph regarding substantial doubt about the Company’s ability to continue as a going concern"

Going concern is the accounting assumption that a company will keep operating and meeting its obligations for the foreseeable future. The phrase matters most when a company or its auditors disclose substantial doubt about it, a formal warning that the business may not have enough resources to continue without raising money, restructuring, or selling assets. That language in a filing or press release signals elevated financial risk.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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04/22/2026 - 07:00 AM

CARMEL, Ind., April 22, 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 four additional health insurers with medical policy coverage for Percutaneous Electrical Nerve Field Stimulation (PENFS), representing approximately 1.25 million covered lives. These medical policies expand incremental access to IB-Stim treatment for beneficiaries in West Virginia, New Hampshire, South Carolina, Virginia, and Florida.

“Momentum in expanding insurance coverage for IB-Stim remains strong as we work to make this therapy more accessible and affordable to patients nationwide through written policy coverage on a national scale with all payers,” said Brian Carrico, CEO of NeurAxis. “Payers across the country are increasingly recognizing the efficacy of IB-Stim due to the Category I CPT code now being effective and our PENFS technology included in leading clinical guidelines. Backed by a solid balance sheet, we are prepared to expand the commercial footprint in parallel to increased payer coverage and capitalize on accelerating demand.”

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, and FD 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 disorders of gut-brain interaction (DGBIs), 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.

The Company advises that its audited consolidated financial statements for the fiscal year ended December 31, 2025, included in the Company’s Annual Report on Form 10-K filed with the Securities and Exchange Commission on March 19, 2026, contain an audit report of the Company’s independent registered public accounting firm that includes an explanatory (emphasis-of-matter) paragraph regarding substantial doubt about the Company’s ability to continue as a going concern. This disclosure is made to satisfy Section 610(b) of the NYSE American Company Guide. This disclosure does not amend, modify, or restate the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2025, or any other previously filed disclosure.

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 payer coverage did NeurAxis (NRXS) add on April 22, 2026?

NeurAxis added four medical policies covering approximately 1.25 million lives. According to the company, the policies expand IB-Stim access in West Virginia, New Hampshire, South Carolina, Virginia, and Florida for covered beneficiaries.

What conditions is IB-Stim FDA-cleared to treat for NeurAxis (NRXS)?

IB-Stim is FDA-cleared for functional abdominal pain related to IBS and functional dyspepsia, including FD nausea, in patients age 8 years and older. According to the company, the device targets gut–brain pain signaling via auricular nerve stimulation.

How does the Category I CPT code affect NeurAxis (NRXS) reimbursement prospects?

The Category I CPT code improves procedural recognition and may ease payer adoption. According to the company, this coding plus guideline inclusion is driving stronger payer acceptance and written medical policies for IB-Stim.

What financial disclosure did NeurAxis (NRXS) include with the April 22, 2026 announcement?

NeurAxis disclosed its audited 2025 financial statements include an explanatory paragraph expressing substantial doubt about the company's ability to continue as a going concern. According to the company, this disclosure satisfies NYSE American rules.

Which states gained IB-Stim medical policy coverage from NeurAxis (NRXS) on April 22, 2026?

New written medical policies extend IB-Stim coverage in West Virginia, New Hampshire, South Carolina, Virginia, and Florida. According to the company, these policies collectively represent about 1.25 million covered lives.

NeurAxis Expands Payer Coverage with Four New Medical Policies