NeurAxis (NYSE:NRXS), a medical technology company commercializing neuromodulation therapies for children and adults, announced its financial and operational results for the fourth quarter and full fiscal year ended December 31, 2025.
The company reported a 33% increase in full-year revenue to $3.6 million, with fourth-quarter revenue rising 27% to $968,000.
This growth was primarily driven by the expanded adoption of its IB-Stim™ platform, a non-surgical device used to treat functional abdominal pain associated with irritable bowel syndrome (IBS).
The 2025 fiscal year was defined by several "watershed" commercial and regulatory milestones.
Most notably, a new Category I CPT code for the company's therapy became effective on January 1, 2026, a move expected to significantly streamline insurance reimbursement and accelerate provider adoption.
Additionally, NeurAxis secured a VA Federal Supply Schedule contract, opening a direct channel to provide its neurostimulation technology to the U.S. veteran population.
The company also received expanded FDA clearance for IB-Stim, allowing the device to be used for abdominal pain in patients as young as eight years old, broadening its addressable pediatric market.
On the financial front, NeurAxis is investing heavily in its commercial infrastructure.
The company reported an operating loss of $1.7 million for the fourth quarter and $7.8 million for the full year, reflecting increased spending on sales, marketing, and clinical research to support the 2026 rollout.
NeurAxis ended the year with $5 million in cash and equivalents, a position further bolstered post-year-end by $2.6 million in proceeds from its At-The-Market (ATM) equity facility.
These funds are earmarked for inventory expansion and the targeted launch of new clinical indications.