NRXS on NYSE
Neuraxis, INC
American electromedical and electrotherapeutic apparatus company. Summary from the record
Price unavailable
Last updated Oct 19, 2026.
Overview
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- TickerNRXS on NYSE1
- IndustryElectromedical & Electrotherapeutic Apparatus1
- HeadquartersCarmel, Indiana1
- Incorporated inDE2
- Business address11611 N. Meridian St, Suite 330, Carmel, In 460322
- Filer category, Emerging growth company2
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This lack of evidence for drugs has been supported in by the American Academy of Pediatrics and NASPGHAN.3 From its latest annual report
Financials
From the company’s reports to the SEC. Every number links to the filing it came from.
Key numbers, fiscal 2025
84.2%Gross margin4
-219.4%Operating margin4
-218.5%Net margin4
32.9%Revenue growth, 20254
-229.5%Return on equity4
-$6.5MFree cash flow4
What sells
Revenue by product, business segment and region, as the company reports it to the SEC.
Regions
All Other States brought in 35% of the revenue Neuraxis, INC broke down this way in fiscal 2025.
Regions by year
| Regions | 2024 | 2025 |
|---|---|---|
| All Other States | $768.0K | $1.2M |
| CA [member] | $778.2K | $898.2K |
| OH | $431.3K | $578.8K |
| MAMember | $154.4K | $265.2K |
| Israel | $246.2K | $222.4K |
| WI | $157.8K | $215.4K |
| Florida | $150.0K | $143.9K |
Where the money goes
Where each dollar of revenue went, fiscal 2025
- Cost of revenue16¢$562.9K
- Research and development14¢$493.6K
- Other costs68¢$2.4M
- Interest2¢$74.0K
Out of $3.6M in revenue.4 The company lost money this year.
Financial statements
Every line of the income statement as filed: the last 2 fiscal years, latest first.4
| Period ending | 2025-12-31 | 2024-12-31 |
|---|---|---|
| Net sales | $3.6M | $2.7M |
| Cost of goods sold | $562.9K | $362.0K |
| Gross profit | $3.0M | $2.3M |
| Selling expenses | $2.3M | $1.5M |
| Research and development | $493.6K | $433.6K |
| General and administrative | $8.1M | $7.6M |
| Operating loss | -$7.8M | -$7.2M |
| Financing charges | -$30.2K | -$230.8K |
| Interest expense | -$74.0K | -$174.3K |
| Change in fair value of warrant liability | -$7.6K | -$941 |
| Amortization of debt discount and issuance cost | -$126.4K | |
| Other income | $141.2K | $33.6K |
| Other expense | -$585.8K | |
| Total other income (expense), net | $29.4K | -$1.1M |
| Net loss | -$7.8M | -$8.2M |
| Preferred stock dividends | -$814.6K | -$211.3K |
| Net loss available to common stockholders | -$8.6M | -$8.5M |
| Basic loss per share | -$0.95 | -$1.22 |
| Diluted loss per share | -$0.95 | -$1.22 |
| Basic | 9.1M shares | 6.9M shares |
| Diluted | 9.1M shares | 6.9M shares |
No quarter-by-quarter statement was filed.
Every line of the balance sheet as filed: the last 3 fiscal years (annual) or 3 quarters (quarterly), latest first.4
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Cash and cash equivalents | $5.0M | $3.7M | |
| Accounts receivable, net of credit losses of $7,326 and $5,000 as of December 31, 2025 and 2024, respectively | $195.7K | $244.6K | |
| Inventories, net of reserves of $34,524 and $4,454 as of December 31, 2025 and 2024, respectively | $257.1K | $44.3K | |
| Prepaids and other current assets | $315.3K | $280.4K | |
| Total current assets | $5.7M | $4.3M | |
| Property and Equipment, at Cost: | $382.5K | $464.4K | |
| Less - accumulated depreciation | -$306.9K | -$374.4K | |
| Property and equipment, net | $75.6K | $90.0K | |
| Operating lease right of use asset, net | $261.6K | $284.7K | |
| Intangible assets, net | $274.8K | $96.6K | |
| Other non-current assets | $58.9K | $20.2K | |
| Total Assets | $6.4M | $4.8M | |
| Accounts payable | $139.4K | $596.9K | |
| Accrued expenses | $2.4M | $1.6M | |
| Notes payable | $148.3K | $154.2K | |
| Current portion of operating lease payable | $65.8K | $62.8K | |
| Customer deposits | $28.7K | $32.5K | |
| Warrant liabilities | $16.8K | $9.2K | |
| Total current liabilities | $2.8M | $2.4M | |
| Operating lease payable, net of current portion | $202.6K | $256.5K | |
| Other non-current liabilities | $10.0K | ||
| Total non-current liabilities | $212.6K | $256.5K | |
| Total liabilities | $3.0M | $2.7M | |
| Convertible Series B Preferred stock, $0.001 par value; 5,000,000 shares authorized; 3,796,907 and 4,280,939 shares issued and outstanding as of December 31, 2025 and 2024, respectively | $3.8K | $4.3K | |
| Common stock, $0.001 par value; 100,000,000 shares authorized; 10,652,812 and 6,990,227 issued and outstanding as of December 31, 2025 and 2024, respectively | $10.7K | $7.0K | |
| Additional paid in capital | $68.0M | $58.9M | |
| Accumulated deficit | -$64.6M | -$56.8M | |
| Total stockholders equity | $3.4M | $2.1M | -$1.4M |
| Total Liabilities and Stockholders Equity | $6.4M | $4.8M | |
| Accounts receivable, net of credit losses | $7.3K | $5.0K | |
| Inventories, net of reserves | $34.5K | $4.5K | |
| Common stock, par value | $0.00 | $0.00 | |
| Common stock, shares authorized | 100.0M shares | 100.0M shares | |
| Common stock, shares issued | 10.7M shares | 7.0M shares | |
| Common stock, shares outstanding | 10.7M shares | 7.0M shares |
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Cash and cash equivalents | $5.0M | $3.7M | |
| Accounts receivable, net of credit losses of $7,326 and $5,000 as of December 31, 2025 and 2024, respectively | $195.7K | $244.6K | |
| Inventories, net of reserves of $34,524 and $4,454 as of December 31, 2025 and 2024, respectively | $257.1K | $44.3K | |
| Prepaids and other current assets | $315.3K | $280.4K | |
| Total current assets | $5.7M | $4.3M | |
| Property and Equipment, at Cost: | $382.5K | $464.4K | |
| Less - accumulated depreciation | -$306.9K | -$374.4K | |
| Property and equipment, net | $75.6K | $90.0K | |
| Operating lease right of use asset, net | $261.6K | $284.7K | |
| Intangible assets, net | $274.8K | $96.6K | |
| Other non-current assets | $58.9K | $20.2K | |
| Total Assets | $6.4M | $4.8M | |
| Accounts payable | $139.4K | $596.9K | |
| Accrued expenses | $2.4M | $1.6M | |
| Notes payable | $148.3K | $154.2K | |
| Current portion of operating lease payable | $65.8K | $62.8K | |
| Customer deposits | $28.7K | $32.5K | |
| Warrant liabilities | $16.8K | $9.2K | |
| Total current liabilities | $2.8M | $2.4M | |
| Operating lease payable, net of current portion | $202.6K | $256.5K | |
| Other non-current liabilities | $10.0K | ||
| Total non-current liabilities | $212.6K | $256.5K | |
| Total liabilities | $3.0M | $2.7M | |
| Convertible Series B Preferred stock, $0.001 par value; 5,000,000 shares authorized; 3,796,907 and 4,280,939 shares issued and outstanding as of December 31, 2025 and 2024, respectively | $3.8K | $4.3K | |
| Common stock, $0.001 par value; 100,000,000 shares authorized; 10,652,812 and 6,990,227 issued and outstanding as of December 31, 2025 and 2024, respectively | $10.7K | $7.0K | |
| Additional paid in capital | $68.0M | $58.9M | |
| Accumulated deficit | -$64.6M | -$56.8M | |
| Total stockholders equity | $3.4M | $2.1M | -$1.4M |
| Total Liabilities and Stockholders Equity | $6.4M | $4.8M | |
| Accounts receivable, net of credit losses | $7.3K | $5.0K | |
| Inventories, net of reserves | $34.5K | $4.5K | |
| Common stock, par value | $0.00 | $0.00 | |
| Common stock, shares authorized | 100.0M shares | 100.0M shares | |
| Common stock, shares issued | 10.7M shares | 7.0M shares | |
| Common stock, shares outstanding | 10.7M shares | 7.0M shares |
Cash flow is reported year to date, not quarter by quarter, so there are no separate quarterly figures.
Every line of the cash flow as filed: the last 2 fiscal years, latest first.4
| Period ending | 2025-12-31 | 2024-12-31 |
|---|---|---|
| Net loss | -$7.8M | -$8.2M |
| Amortization of debt discount and issuance cost | $126.4K | |
| Depreciation and amortization | $59.5K | $37.8K |
| Provisions for losses on accounts receivable | $2.3K | $7.4K |
| Provision for losses on inventory | $30.1K | $4.5K |
| Loss on disposal of property and equipment | $7.9K | |
| Non-cash lease expense | $23.1K | $32.1K |
| Stock based compensation | $596.9K | $227.0K |
| Issuance of common stock for non-cash consideration | $1.2M | |
| Fair value of warrants issued for non-cash consideration | $157.7K | |
| Finance charges | $30.2K | $230.8K |
| Change in fair value of warrant liabilities | $7.6K | $941 |
| Accounts receivable | $46.6K | -$178.8K |
| Inventory | -$242.9K | -$32.5K |
| Prepaids and other current assets | $241.0K | $56.2K |
| Accounts payable | -$457.6K | -$607.3K |
| Accrued expenses | $1.1M | $949.7K |
| Customer deposits | -$3.9K | -$42.4K |
| Operating lease liability | -$50.9K | -$3.4K |
| Other non-current liabilities | -$4.9K | |
| Net cash used by operating activities | -$6.4M | -$6.1M |
| Additions to property and equipment | -$31.1K | -$27.8K |
| Additions to intangible assets | -$100.0K | |
| Net cash used by investing activities | -$131.2K | -$27.8K |
| Proceeds from issuance of common stock, net of issuance costs | $7.7M | |
| Proceeds from issuance of Series B preferred stock | $5.3M | |
| Deferred offering costs paid | -$712.7K | |
| Proceeds from exercised warrants | $1.1M | $26.2K |
| Principal payments on notes payable | -$281.8K | -$276.0K |
| Proceeds from convertible notes | $4.9M | |
| Financing fees paid | -$194.5K | |
| Net cash provided by financing activities | $7.8M | $9.7M |
| Net Increase in Cash and Cash Equivalents | $1.3M | $3.6M |
| Cash paid for interest | $11.9K | $33.8K |
| Cash refunded for state income taxes | $13.1K | $10.2K |
| Recognition of right of use asset | $38.0K | $284.3K |
| Derecognition of right of use asset | $29.0K | |
| Conversion of convertible promissory notes to Series B preferred stock | $4.9M | |
| Fair value of warrants from debt discount in convertible notes classified as additional paid in capital | $97.5K | |
| Write-off of debt discount on convertible notes classified as additional paid in capital | $165.6K | |
| Issuance of note payable to financing company for insurance premiums and software subscription | $292.3K | $282.1K |
| Common stock issued upon cashless exercise of warrants | $186 | |
| Common stock issued upon cashless conversion of Series B Preferred Stock | $484 | |
| Common stock issued for services accrued as of December 31, 2024 | $112.5K | |
| Common stock issued upon settlement of certain claims | $3.7K | |
| Intangible asset purchase | $100.0K |
No quarter-by-quarter statement was filed.
Leadership
Who has led Neuraxis, INC, and when. Pick a name to see everywhere that person has worked.
Chief executive
Chief financial officer
Chief operating officer
2025
- Chief executive officerBrian Allen Carrico Aug 8, 2023 to now9
- Chief financial officerTimothy Robert Henrichs Sep 10, 2025 to now10
- Chief financial officerJohn G. Seale Aug 8, 2023 to Aug 8, 202311
- Chief operating officerDaniel Jerome Clarence Aug 9, 2023 to Aug 9, 202312
Board members and other officers (8)
- CHIEF REGULATORY OFFICERThomas Joeseph Carrico Aug 8, 2023 to now13
- DIR.OF DESIGN & ENGINEERINGGary Merril Peterson Aug 9, 2023 to Aug 9, 202314
- Chief Medical Officer, SVPAdrian Miranda Sep 13, 2023 to now15
- Board memberKristin A. Ferge Mar 15, 2024 to now16
- Board memberGil Aharon Nov 26, 2024 to now17
- Board memberBrian Allen Carrico Aug 8, 2023 to now9
- Board memberJane Elizabeth Keyser Aug 8, 2023 to now18
- Board memberTimothy Robert Henrichs Aug 8, 2023 to Aug 8, 202319
Timeline
- Aug 8, 2023New chief executive Brian Allen Carrico becomes CEO9
Filings
193 filings to the SEC since October 2021: 3 annual reports, 10 quarterly reports, 36 major events, 61 insider forms, 12 large holders, 71 other. The latest 20:
- Oct 14, 20268-K EDGAR
- Oct 8, 20264 EDGAR
- Oct 8, 20264 EDGAR
- Oct 8, 20264 EDGAR
- Sep 29, 20263 EDGAR
- Aug 26, 20264 EDGAR
- Aug 26, 20264 EDGAR
- Aug 26, 20264 EDGAR
- Aug 19, 20268-K EDGAR
- Aug 17, 20264 EDGAR
- Aug 17, 20264 EDGAR
- Aug 17, 20264 EDGAR
- Aug 17, 20264 EDGAR
- Aug 17, 20264 EDGAR
- Aug 17, 20264 EDGAR
- Aug 17, 20264 EDGAR
- Aug 17, 20264 EDGAR
- Aug 11, 202610-Q EDGAR
- Aug 6, 2026424B3 EDGAR
- Aug 3, 2026EFFECT EDGAR
The 193 filings since October 2021 can be filtered by form type and year here when JavaScript is on.
Every filing from the last five years, summarized. The full record is on SEC EDGAR.
Insider trades
10 open-market trades by officers, directors and large owners since October 2021: 8 buys and 2 sales. Grants, option exercises and gifts are left out.
| Date | Who | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| Apr 1, 2026 | Henrichs Timothy RobertChief Financial Officer | Buy | 7,593 | $1.96 | $14.9K | Form 4 |
| Apr 1, 2026 | Carrico Thomas JoesephCRO, CCO, CPO | Buy | 667 | $1.96 | $1.3K | Form 4 |
| Apr 1, 2026 | Carrico Brian AllenChief Executive Officer | Buy | 8,060 | $1.96 | $15.8K | Form 4 |
| Feb 12, 2026 | Hannasch Brian10% owner | Buy | 40,000 | $4.92 | $196.8K | Form 4 |
| Feb 11, 2026 | Hannasch Brian10% owner | Buy | 40,000 | $4.65 | $186.0K | Form 4 |
| Dec 23, 2025 | Aharon GilDirector | Buy | 286,138 | $3.52 | $1.0M | Form 4 |
| Jul 1, 2025 | Hannasch Brian10% owner | Buy | 355,556 | $2.25 | $800.0K | Form 4 |
| Jul 1, 2025 | MASIMO CORP10% owner | Sale | 821,327 | $2.25 | $1.8M | Form 4 |
| Apr 21, 2025 | Hannasch Brian10% owner | Buy | 18,065 | $1.73 | $31.3K | Form 4 |
| Dec 28, 2023 | Hannasch Brian10% owner | Sale | 76 | $2.61 | $198 | Form 4 |
From Forms 4 filed with the SEC.
Major holders
Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.
- BIGGER CAPITAL FUND L PSCHEDULE 13G/A, 5 filings Oct 9, 2025 to Aug 3, 202620
- Brian HannaschSCHEDULE 13G/A, 5 filings Dec 26, 2023 to Jul 2, 202521
- Rosalind Advisors, Inc.SC 13D, 2 filings Dec 2, 202422
Held by these funds
The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 31. Change is in shares since the quarter before.
13F reports cover disclosed long positions in U.S. stocks only.
Sources
The numbers on this page point here. Each one links to the record it came from.
- 1SEC EDGARNeuraxis, INC filings on SEC EDGAR
- 2SEC EDGARNeuraxis, INC filings on SEC EDGAR
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- 4SEC EDGARNeuraxis, INC 10-K for fiscal 2025
- 5SEC EDGARNeuraxis, INC 10-K for fiscal 2022
- 6SEC EDGARNeuraxis, INC 10-K for fiscal 2023
- 7SEC EDGARNeuraxis, INC 10-Q for fiscal 2026
- 8SEC EDGARNeuraxis, INC 10-Q for fiscal 2026
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- 12
- 13
- 14
- 15
- 16SEC EDGARKristin A. Ferge, Board member
- 17SEC EDGARGil Aharon, Board member
- 18SEC EDGARJane Elizabeth Keyser, Board member
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