NeurAxis demonstrated strong revenue growth of 27% in Q4 2025 to $968k and 33% for full year 2025 to $3.6M. Key commercial milestones include a Category I CPT code effective January 2026, a VA Federal Supply Schedule contract, and expanded FDA clearance for IB-Stim. The company is positioning itself as a focused player in the neuromodulation space targeting gastrointestinal disorders.
Cyborg Score Rationale
NeurAxis shows promising revenue growth and expanding payer coverage, but faces significant profitability challenges. Operating loss widened to $1.7M in Q4 2025 and $7.8M for full year 2025, with cash at $5.0M at year-end. The company has secured recent financing and achieved regulatory wins, but the path to profitability remains uncertain.
Top Insights
In 2026, NeurAxis secured four additional medical policies for PENFS, adding approximately 1.25 million covered lives across West Virginia, New Hampshire, South Carolina, Virginia, and Florida.
Category I CPT code became effective January 1, 2026, and the company obtained a VA Federal Supply Schedule contract.
Post-year At-The-Market proceeds of $2.6M helped strengthen cash position after year-end.
Company is commercializing its proprietary IB-Stim technology and the innovative rectal expulsion device (RED).
Named Competitors
SeaStar Medical — Medical device company in electromedical therapies
Akari Therapeutics — Biotechnology and medical device development
Rein Therapeutics — Medical technology company
Recent Developments
(April 2026) Proxy statement filed for shareholder voting and corporate governance matters
(January 2026) Category I CPT code recognition effective, enabling expanded reimbursement for PENFS procedures
(Q4 2025) Revenue grew 27% to $968k; Full year 2025 revenue reached $3.6M with 33% growth
Open the full interactive NeurAxis, Inc. report
Strategic research, analyst-debate audio, full Cyborg Score breakdown across 11 dimensions, and saved-company audio playlists.