NeurAxis Secures Veterans Affairs Federal Supply Schedule Contract, Broadening Access to More Patients with Functional Abdominal Pain

Rhea-AI Summary

NeurAxis (NYSE American: NRXS) was awarded a Veterans Affairs Federal Supply Schedule contract effective December 1, 2025, listing its IB-Stim device as the first product on the FSS.

The award creates a federal commercial pathway into the VA health system, which serves nearly 7 million active patients annually. IB-Stim is an FDA-cleared percutaneous electrical nerve field stimulator for functional abdominal pain, approved for patients age 8 and older and described as the only FDA-cleared therapy for functional dyspepsia (FD). The company cited a Category I CPT code effective January 1, 2026 and said it will dedicate sales resources to VA channels to support commercialization into 2026.

Positive

• VA FSS contract effective Dec 1, 2025
• VA system access to nearly 7 million active patients annually
• FDA-cleared device and only FDA-cleared therapy for FD
• Category I CPT code effective Jan 1, 2026

Negative

• None.

News Market Reaction

-3.96%

1 alert

-3.96% News Effect

On the day this news was published, NRXS declined 3.96%, reflecting a moderate negative market reaction.

Data tracked by StockTitan Argus on the day of publication.

Key Figures

VA patient base: 7 million patients IB-Stim age range: 8 years and older CPT effective date: January 1, 2026

3 metrics

VA patient base 7 million patients Active patients served annually by VA health system

IB-Stim age range 8 years and older Indicated patient age for functional abdominal pain and FD

CPT effective date January 1, 2026 Category I CPT code for IB-Stim procedures

Market Reality Check

Price: $4.86 Vol: Volume 44,726 vs 20-day a...

normal vol

$4.86 Last Close

Volume Volume 44,726 vs 20-day average 56,473 (relative volume 0.79) ahead of this news. normal

Technical Trading modestly above 200-day MA ($2.63 vs $2.52) before the VA contract news.

Peers on Argus

Momentum scanner shows 2 peers (e.g., FBLG) moving down with median change aroun...

2 Down

Momentum scanner shows 2 peers (e.g., FBLG) moving down with median change around -4.6%, while NRXS was up 2.22% pre-news, suggesting stock-specific dynamics versus a weak sector tape.

Historical Context

5 past events · Latest: Dec 01 (Positive)

Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Dec 01	VA FSS contract	Positive	-4.0%	VA Federal Supply Schedule listing IB-Stim and opening VA commercial channel.
Nov 12	Coverage expansion	Positive	+7.9%	New Michigan PENFS policy adding ~566,000 covered lives to ~55M total.
Nov 11	Q3 2025 earnings	Positive	-5.9%	Q3 revenues up 22% to $811,000 but wider operating loss and cash focus.
Nov 04	Earnings call preview	Neutral	-5.2%	Announcement of timing and access details for Q3 2025 results call.
Oct 24	FDA clearance FD	Positive	-8.6%	First FDA 510(k) clearance for PENFS to treat functional dyspepsia pain.

Pattern Detected

Recent history shows several clearly positive catalysts (FDA clearance, coverage wins, today’s VA contract) often coinciding with negative next-day price reactions, indicating a pattern of selling into strength.

Recent Company History

Over the last few months, NeurAxis reported multiple milestones, including FDA 510(k) clearance for functional dyspepsia on Oct 24, 2025, preliminary and then full Q3 2025 results with 22% revenue growth, and expanded Michigan coverage adding about 566,000 lives and lifting coverage to ~55 million. Despite these positives, several events saw negative 24-hour moves. Today’s Dec 1, 2025 VA Federal Supply Schedule contract adds a federal access channel, building on the same IB-Stim platform and upcoming Category I CPT code.

Market Pulse Summary

This announcement highlights a VA Federal Supply Schedule contract that establishes NeurAxis as a fe...

Analysis

This announcement highlights a VA Federal Supply Schedule contract that establishes NeurAxis as a federal contractor and lists IB-Stim for veterans with functional abdominal pain. It builds on the company’s FDA-cleared PENFS technology and leverages an upcoming Category I CPT code effective January 1, 2026. In light of recent filings that discuss ongoing losses and going-concern risks, key metrics to watch include VA adoption trends, reimbursement execution, and how new access channels translate into revenue and margins.

Key Terms

federal supply schedule, neuromodulation, percutaneous electrical nerve field stimulator, functional dyspepsia, +2 more

6 terms

federal supply schedule regulatory

"awarded a Veterans Affairs (VA) Federal Supply Schedule (FSS) contract"

A federal supply schedule is a government-approved list of products and services sold to federal agencies at pre-negotiated prices and terms, like a vetted catalog that agencies can order from without redoing contracts each time. For investors, being on such a schedule can mean steadier, predictable sales, lower marketing and sales costs to the government, and a competitive advantage that can help revenue grow more reliably over time.

neuromodulation medical

"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.

percutaneous electrical nerve field stimulator medical

"IB-Stim, is an FDA-cleared percutaneous electrical nerve field stimulator (PENFS)"

A percutaneous electrical nerve field stimulator is a small medical device that uses tiny electrical pulses delivered through the skin to target specific nerves and change how the body senses pain or regulates certain bodily responses. For investors it matters because approval, clinical results, insurance coverage and patient adoption determine whether the device becomes a cost-effective alternative to drugs or surgery, directly affecting sales, reimbursement and company valuation like a new, more efficient tool entering an existing market.

functional dyspepsia medical

"irritable bowel syndrome (IBS), functional dyspepsia (FD), and FD-related nausea"

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 financial

"With a Category I CPT code taking effect January 1, 2026"

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.

off-label medical

"off-label prescription drugs for functional dyspepsia are often used"

Off-label describes the use of an approved drug or medical device for a purpose, patient group, dose, or method that is not listed on its official regulatory label. Think of it like using a tool for a different job than the manufacturer describes: it can expand real-world demand but also raises questions about safety, reimbursement, and legal risk. Investors watch off-label use because it can boost sales quickly but may increase regulatory scrutiny, liability, or unpredictable revenue sustainability.

AI-generated analysis. Not financial advice.

CARMEL, Ind., Dec. 01, 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 that it has been awarded a Veterans Affairs (VA) Federal Supply Schedule (FSS) contract, effective December 1, 2025. The first product listed on the FSS is the IB-Stim^®, a drug-free treatment for functional abdominal pain in patients 8 years and older. This contract award establishes NeurAxis as a federal contractor and creates a clear commercial pathway into the VA health system, which serves nearly 7 million active patients annually. The Company expects the VA award, combined with broadening reimbursement and increasing clinical adoption, to support sustained commercial momentum entering 2026.

NeurAxis’ proprietary technology, IB-Stim, is an FDA-cleared percutaneous electrical nerve field stimulator (PENFS) for the treatment of functional abdominal pain associated with irritable bowel syndrome (IBS), functional dyspepsia (FD), and FD-related 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 functional dyspepsia, a significant unmet medical need in the care of both pediatric and adult patients. In the absence of approved options, off-label prescription drugs for functional dyspepsia are often used, despite limited efficacy data and potential safety concerns—underscoring IB-Stim’s unique position as the only FDA-cleared therapy for FD.

“We are pleased to expand access to IB-Stim for the hundreds of thousands of veterans suffering from functional abdominal pain and nausea due to FD,” said Brian Carrico, CEO of NeurAxis. “The VA contract award represents an important commercial milestone and supports our ongoing channel expansion strategy. With a Category I CPT code taking effect January 1, 2026, guideline-level clinical recognition, and a strengthened balance sheet, NeurAxis is well-positioned for meaningful revenue growth and margin expansion. We are dedicating sales resources to the VA and will scale our efforts as utilization grows.”

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 stimulator (PENFS), 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.

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 1, 2025 regarding the VA?

NeurAxis announced it was awarded a Veterans Affairs Federal Supply Schedule contract effective Dec 1, 2025 listing IB-Stim.

How many VA patients could IB-Stim potentially reach under the NRXS contract?

The VA health system serves nearly 7 million active patients annually.

What is IB-Stim and which conditions is it FDA-cleared to treat for NRXS?

IB-Stim is an FDA-cleared percutaneous electrical nerve field stimulator for functional abdominal pain, IBS, and FD in patients 8+.

How might the Category I CPT code affect NRXS commercialization timeline?

A Category I CPT code takes effect Jan 1, 2026, which supports guideline-level recognition and reimbursement pathways.

Will NeurAxis allocate sales resources to the VA after the NRXS FSS award?

Yes, the company said it will dedicate sales resources to the VA and scale efforts as utilization grows.

Does IB-Stim require drugs to treat functional dyspepsia according to NRXS?

No; IB-Stim is described as a drug-free neuromodulation therapy and the only FDA-cleared option for FD.