NeurAxis, Inc.
NRXSHealthcare|Biotechnology|US
$6.24
+0.13 (+2.13%)
Tangible Book / Share
$0.53
Cash / Share
$0.69
Financials
Financial Snapshot
Market Cap
$78.4M
Enterprise Value
$70.3M
Revenue (TTM)
$5.3M
Net Income (TTM)
-$7.9M
Cash & Investments
$8.3M
Net Cash
$8.0M
Free Cash Flow (TTM)
-$5.6M
Operating CF (TTM)
-$5.6M
Debt/Equity
0.04
Cash Runway & Burn Rate
Cash on Hand
$8.3M
Quarterly Burn
$1.4M
Monthly Burn
$468.4K
Est. Runway
~5.9 quarters
| Metric | Trend | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|
| Cash & Investments | $1.9M | $320.9K | $253.7K | $78.6K | $3.7M | $5.0M | $8.3M | |
| Operating Cash Flow | -$4.1M | -$2.2M | -$2.3M | -$6.7M | -$6.1M | -$6.4M | -$5.6M | |
| Free Cash Flow | -$4.2M | -$2.2M | -$2.4M | -$6.8M | -$6.1M | -$6.5M | -$5.6M | |
| Capital Expenditure | -$27.7K | -$1.4K | -$61.2K | -$71.8K | -$27.8K | -$31.1K | -$12.2K | |
| Financing Cash Flow | $6.1M | $661.1K | $2.3M | $6.6M | $9.7M | $7.8M | $8.1M |
R&D Spending
R&D (TTM)
$748.6K
R&D Intensity
14.1%
R&D Growth vs Prior
+51.7%
| Metric | Trend | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|
| Revenue | $1.9M | $2.7M | $2.7M | $2.5M | $2.7M | $3.6M | $5.3M | |
| R&D Expense | $166.8K | $203.4K | $225.6K | $169.3K | $206.1K | $493.6K | $748.6K | |
| R&D % of Revenue | 8.6% | 7.5% | 8.4% | 6.9% | 7.7% | 13.8% | 14.1% | |
| SG&A | $5.4M | $5.0M | $5.5M | $8.7M | $9.3M | $10.3M | $11.5M |
Income Statement
| Metric | Trend | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|
| Revenue | $1.9M | $2.7M | $2.7M | $2.5M | $2.7M | $3.6M | $5.3M | |
| Cost of Revenue | $481.1K | $467.7K | $297.1K | $303.3K | $362.0K | $562.9K | $767.7K | |
| Gross Profit | $1.4M | $2.3M | $2.4M | $2.2M | $2.3M | $3.0M | $4.5M | |
| R&D | $166.8K | $203.4K | $225.6K | $169.3K | $206.1K | $493.6K | $748.6K | |
| SG&A | $5.4M | $5.0M | $5.5M | $8.7M | $9.3M | $10.3M | $11.5M | |
| Operating Income | -$4.1M | -$3.0M | -$3.4M | -$6.7M | -$7.2M | -$7.8M | -$7.7M | |
| Interest Expense | $75.7K | $36.9K | $417.6K | $5.4M | $300.7K | $74.0K | $51.9K | |
| Pretax Income | -$3.7M | -$3.0M | -$4.8M | -$14.6M | -$8.2M | -$7.8M | -$7.7M | |
| Net Income | -$3.7M | -$3.0M | -$4.8M | -$14.6M | -$8.2M | -$7.8M | -$7.9M | |
| EPS (Diluted) | -0.80 | -0.62 | -0.78 | -2.32 | -1.22 | -0.95 | -0.77 | |
| EBITDA | -$3.6M | -$3.0M | -$4.3M | -$9.2M | -$7.9M | -$7.7M | -$7.5M | |
| Shares Out. (M) | 5.38 | 5.38 | 8.41 | 6.30 | 6.92 | 9.08 | 12.12 |
Balance Sheet
| Metric | Trend | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $1.9M | $320.9K | $253.7K | $78.6K | $3.7M | $5.0M | $8.3M | |
| Short-Term Investments | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Total Current Assets | $2.5M | $491.0K | $477.0K | $242.6K | $4.3M | $5.7M | $9.4M | |
| Total Assets | $2.8M | $760.5K | $1.5M | $509.5K | $4.8M | $6.4M | $10.0M | |
| Total Current Liabilities | $1.0M | $1.4M | $7.0M | $1.9M | $2.4M | $2.8M | $3.1M | |
| Long-Term Debt | $0.00 | $51.7K | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Total Liabilities | $1.1M | $1.6M | $7.1M | $1.9M | $2.7M | $3.0M | $3.3M | |
| Stockholders' Equity | $1.6M | -$825.7K | -$5.6M | -$1.4M | $2.1M | $3.4M | $6.7M | |
| Retained Earnings | -$26.1M | -$29.2M | -$33.9M | -$48.6M | -$56.8M | -$64.6M | -$69.7M |
Cash Flow Statement
| Metric | Trend | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$4.1M | -$2.2M | -$2.3M | -$6.7M | -$6.1M | -$6.4M | -$5.6M | |
| Capital Expenditure | -$27.7K | -$1.4K | -$61.2K | -$71.8K | -$27.8K | -$31.1K | -$12.2K | |
| Free Cash Flow | -$4.2M | -$2.2M | -$2.4M | -$6.8M | -$6.1M | -$6.5M | -$5.6M | |
| Investing Cash Flow | -$27.7K | -$1.4K | -$61.2K | -$71.8K | -$27.8K | -$131.2K | -$112.2K | |
| Financing Cash Flow | $6.1M | $661.1K | $2.3M | $6.6M | $9.7M | $7.8M | $8.1M | |
| Issuance of Stock | $4.0M | $510.0K | $0.00 | $4.8M | $0.00 | $8.8M | $11.9M | |
| Repurchase of Stock | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Net Debt Issuance | -$716.9K | $151.1K | $3.2M | $2.1M | $4.7M | -$281.8K | -$242.3K | |
| Stock Based Comp. | $48.8K | $48.6K | $27.3K | $750.0K | $1.4M | $596.9K | $1.3M | |
| Net Change in Cash | $1.9M | -$1.6M | -$67.2K | -$175.1K | $3.6M | $1.3M | $2.3M |
Dilution Tracker
Shares outstanding grew 68.8% over 5 years — significant dilution
Shares Outstanding
13M
5-Year Share Growth
+68.8%
Stock Issuance (TTM)
$11.9M
| Metric | Trend | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|
| Shares Out. (M) | 5.38 | 5.38 | 8.41 | 6.30 | 6.92 | 9.08 | 12.12 | |
| Change vs Prior % | — | 0.0% | 56.3% | -25.2% | 9.9% | 31.3% | 33.4% | |
| Stock Issuance | $4.0M | $510.0K | $0.00 | $4.8M | $0.00 | $8.8M | $11.9M | |
| Stock Repurchase | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Stock Based Comp. | $48.8K | $48.6K | $27.3K | $750.0K | $1.4M | $596.9K | $1.3M |
Margins & Profitability
| Metric | Trend | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|
| Gross Margin % | 75.1% | 82.8% | 88.9% | 87.7% | 86.5% | 84.2% | 85.6% | |
| Operating Margin % | -213.5% | -109.1% | -125.6% | -270.9% | -266.5% | -219.4% | -144.5% | |
| Net Margin % | -193.0% | -111.3% | -178.0% | -594.6% | -306.8% | -218.5% | -148.0% | |
| EBITDA Margin % | -187.3% | -108.6% | -161.1% | -375.1% | -294.2% | -214.8% | -141.1% | |
| FCF Margin % | -215.9% | -82.2% | -87.9% | -275.0% | -228.1% | -181.1% | -106.0% | |
| ROE % | -226.7% | 366.7% | 85.8% | 1042.4% | -398.6% | -229.5% | -173.3% | |
| ROA % | -133.6% | -398.2% | -322.8% | -2870.8% | -173.2% | -121.8% | -78.7% | |
| ROIC % | -210.8% | 768.7% | 67.8% | 565.3% | -281.6% | -204.7% | -109.5% | |
| R&D / Revenue % | 8.6% | 7.5% | 8.4% | 6.9% | 7.7% | 13.8% | 14.1% |
Growth (Year over Year)
Fiscal years. Rising share count growth means dilution.
| Metric | Trend | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| Revenue | 0.0% | 41.0% | -1.3% | -8.4% | 9.2% | 32.9% | |
| Gross Profit | 0.0% | 55.5% | 5.9% | -9.7% | 7.8% | 29.4% | |
| Operating Income | 0.0% | 27.9% | -13.5% | -97.6% | -7.4% | -9.4% | |
| Net Income | 0.0% | 18.7% | -57.9% | -206.0% | 43.7% | 5.4% | |
| EPS (Diluted) | 0.0% | 22.5% | -25.8% | -197.4% | 47.4% | 22.1% | |
| Operating Cash Flow | 0.0% | 46.0% | -2.8% | -191.3% | 8.9% | -5.5% | |
| Free Cash Flow | 0.0% | 46.3% | -5.5% | -186.8% | 9.5% | -5.5% | |
| R&D Expense | 0.0% | 22.0% | 10.9% | -25.0% | 21.7% | 139.5% | |
| SG&A Expense | 0.0% | -7.1% | 10.2% | 56.3% | 7.2% | 11.5% | |
| Total Assets | 0.0% | -72.7% | 94.7% | -65.6% | 833.8% | 34.6% | |
| Book Value / Share | 0.0% | -150.2% | -331.9% | 66.4% | 234.1% | 25.2% | |
| Debt | 0.0% | 41.0% | 36.3% | -62.5% | 111.1% | -12.0% | |
| Diluted Shares | 0.0% | 0.0% | 56.3% | -25.2% | 9.9% | 31.3% |
Valuation
P/E (TTM)At Loss
P/S14.74
10Y Low / Med / High6.05 / 11.87 / 18.80
P/B11.23
10Y Low / Med / High7.86 / 12.13 / 19.65
EV/EBITDAAt Loss
EV/Revenue13.23
10Y Low / Med / High4.85 / 11.91 / 18.93
P/FCFAt Loss
Intrinsic Value Models (per share)
Tangible Book / Share
$0.53
Net Current Assets / Share
$0.49
Graham Net-Net
$0.46
Cash / Share
$0.69
| Metric | Trend | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|
| P/E Ratio | -7.50 | -9.68 | -10.53 | -1.15 | -1.93 | -4.78 | -8.10 | |
| P/S Ratio | 16.73 | 11.87 | 18.80 | 6.83 | 6.05 | 11.55 | 14.74 | |
| P/B Ratio | 19.65 | -39.11 | -9.06 | -11.98 | 7.86 | 12.13 | 11.23 | |
| EV/EBITDA | -8.50 | -10.97 | -11.75 | -1.84 | -1.65 | -4.79 | -9.37 | |
| EV/Revenue | 15.91 | 11.91 | 18.93 | 6.89 | 4.85 | 10.28 | 13.23 |
Analyst Estimates & Quality
Altman Z-Score
3.45
Safe
Piotroski F-Score
3
Weak
Forward Estimates (consensus)
| Metric | FY2026 | FY2027 | FY2028 |
|---|---|---|---|
| Revenue | $8.3M | $19.8M | $32.7M |
| Net Income | -$6.9M | -$2.5M | $2.8M |
| EPS | $-0.76 | $-0.27 | $0.31 |
| # Analysts (EPS) | 1 | 1 | 1 |
Revenue Segments
By Geography
| Segment | 2023 | 2024 | 2025 |
|---|---|---|---|
| All Other States | $844.4K | — | — |
| CALIFORNIA | $601.2K | $778.2K | $898.2K |
| FLORIDA | $186.8K | $150.0K | $143.9K |
| MASSACHUSETTS | $127.3K | $154.4K | $265.2K |
| OHIO | $407.6K | $431.3K | $578.8K |
| All other States | — | $768.0K | $1.2M |
| ILLINOIS | — | $246.2K | $222.4K |