1. Investment Snapshot
2. Thesis
3. Valuation & Price Target
4. Business & Product Moat
5. People & Governance
6. Market & Macro
7. Financial Quality
8. Risk Register
9. Prediction Market
10. 𝕏 Posts
Discussion
1. Investment Snapshot
2. Thesis
3. Valuation & Price Target
4. Business & Product Moat
5. People & Governance
6. Market & Macro
7. Financial Quality
8. Risk Register
9. Prediction Market
10. 𝕏 Posts
Discussion
1. Investment Snapshot
2. Metrics vs Peers
3. Price Chart
4. Valuation
5. Offer Terms
6. Financial Statements
Discussion
Research report, target price, DCF and forensic scores are for subscribers. View plans
Symbol
NRXS
Listed on
2023-08-09
Sector
Health Care
Subsector
Health Care Equipment & Supplies
Offer Price
$6.00
first filed $7.00–$9.00Shares Offered
1.1M
6.14M
$36.8M
17.9%
Implied Upside vs Midpoint
Description
We are a medical technology company focused on developing neuromodulation therapies to address chronic and debilitating conditions in children and adults. We are dedicated to advancing science with our proprietary IB-Stim therapy, based on our PENFS technology, which we developed. We believe that superior science and evidence-based research are necessary for adoption by the medical and scientific community. With one FDA indicationÑfunctional abdominal pain associated with IBS in adolescents 11-18 years oldÑon the market, additional clinical trials of PENFS in multiple pediatric conditions are underway focused on unmet healthcare needs in children. We expect to incur significant expenses and operating losses for the foreseeable future as we continue to pursue widespread insurance coverage of our IB-Stim device and seek FDA clearance of our device for other indications. There are a number of milestones and conditions that we must satisfy before we will be able to generate sufficient revenue to fund our operations, including FDA clearance of our IB-Stim device to treat future indications. Our mission is to provide solutions that create value and provide better and safer patient outcomes. We believe in improving lives and minimizing suffering, particularly in the pediatric population, where research and therapeutics are usually lacking. The FDA has already cleared our IB-Stim therapy for functional abdominal pain, associated with IBS, in children. Through innovation and research, we are reimagining the future of patient care. --- We incorporated in Indiana on April 17, 2012, under the name Innovative Health Solutions, Inc. On March 11, 2022, we amended our Articles of Incorporation to change our name to Neuraxis, Inc. On June 23, 2022, we changed our state of incorporation from Indiana to Delaware. Our principal executive offices are located at 11550 N. Meridian Street, Suite 325, Carmel, IN 46032, and our telephone number is (812) 689-0791. Our website: www.neuraxis.com.
| Metric | Value | Peer median | Among peers | |
|---|---|---|---|---|
EV / revenue | 13.7x | 48.9x | ||
Gross margin | 88.9% | 54.2% | ||
Operating margin | -126% | -275% | ||
Net margin | -178% | -311% | ||
Free cash flow margin | -85.6% | -180% | ||
Net cash / market cap | 0.1% | 1.7% | ||
Debt / equity | neg. equity | 0.00 | ||
Current ratio | 0.07 | 0.90 | ||
Stock comp / revenue | 1.0% | 193% | ||
9 premium metrics: DCF value / price, Growth the price needs: how common, Last 12 months vs full year and 6 more Unlock | ||||
▼ Priced at $6.00, 25% below the midpoint of the first filed range ($7.00–$9.00, 2023-01-26).
Each filing is plotted ahead of the first trading day on the price chart.
| Filed | Form | Price range | Price | Shares offered | Deal size |
|---|---|---|---|---|---|
| 2023-01-26 | S-1/A | $7.00–$9.00 | — | 1,875,000 | $15.0M |
| 2023-02-06 | S-1/A | $7.00–$9.00 | — | 1,875,000 | $15.0M |
| 2023-02-13 | S-1/A | — | $8.00 | 1,875,000 | $15.0M |
| 2023-02-13 | S-1/A | — | $8.00 | 1,875,000 | $15.0M |
| 2023-06-29 | S-1/A | — | $8.00 | 937,500 | $7.5M |
| 2023-07-21 | S-1/A | — | $6.00 | 1,166,667 | $7.0M |
| 2023-07-28 | S-1/A | — | $6.00 | 1,166,667 | $7.0M |
| 2023-08-11 | 424B4 | — | $6.00 | 1,098,667 | $6.6M |
Neuraxis, INC income statement and balance sheet, FY Dec 2022 to FY Dec 2025, as reported in SEC filings.
| Metric | FY Dec 2022 | FY Dec 2023after listing | FY Dec 2024after listing | FY Dec 2025after listing |
|---|---|---|---|---|
| Revenue | $2.7M | $2.5M | $2.7M | $3.6M |
| Gross profit | $2.4M | $2.2M | $2.3M | $3.0M |
| Operating income | ($3.4M) | ($6.7M) | ($7.2M) | ($7.8M) |
| Net income | ($4.8M) | ($14.6M) | ($8.2M) | ($7.8M) |
| Revenue growth | — | −8.4% | 9.2% | 32.9% |
| Gross margin | 88.9% | 87.7% | 86.5% | 84.2% |
| Operating margin | −126% | −271% | −266% | −219% |
| Net margin | −178% | −595% | −307% | −219% |
| Metric | FY Dec 2022 | FY Dec 2023after listing | FY Dec 2024after listing | FY Dec 2025after listing |
|---|---|---|---|---|
| Total assets | $1.5M | $509K | $4.8M | $6.4M |
| Total liabilities | $7.1M | $1.9M | $2.7M | $3.0M |
| Total equity | ($5.6M) | ($1.4M) | $2.1M | $3.4M |
| Cash & equivalents | $254K | $78.6K | $3.7M | $5.0M |