Neuraxis, INC (NYSE: NRXS)

Neuraxis, Inc. is a medical technology company that develops neuromodulation therapies for gastrointestinal disorders related to the gut brain axis. The company focuses on drug free treatments for functional abdominal pain, irritable bowel syndrome, functional dyspepsia and related conditions in both pediatric and adult patients. Its core technology is percutaneous electrical nerve field stimulation delivered via externally worn devices.

Neuraxis generates revenue primarily from the sale of its cleared medical devices, including the IB-Stim stimulator for abdominal pain and the RED rectal expulsion device used to assess constipation and rectal hypersensitivity. The company also has derived income from licensing agreements, such as the prior arrangement with Masimo for the NSS-2 Bridge product, although that license was terminated in mid 2025. Customers are mainly healthcare providers who purchase the devices for use in clinical settings.

Neuraxis holds a first to market position in the noninvasive auricular neuromodulation space for gut brain axis disorders, giving it an early mover advantage over competitors that rely on off label pharmaceuticals or invasive implants. Key competitive alternatives include drug therapies such as tricyclic antidepressants and SSRIs, devices like gammaCore for vagal nerve stimulation, transcranial magnetic stimulation systems, and the Roo and Sparrow therapy systems for auricular stimulation. Neuraxis differentiates itself through a robust patent portfolio, FDA cleared classifications, endorsement by pediatric gastroenterology societies, and the upcoming Category I CPT code that will simplify reimbursement and provider adoption.

The company serves children’s hospitals across the United States, with placements reported at institutions such as Children’s Hospital of Orange County, Children’s Wisconsin/Medical College of Wisconsin, University of Pittsburgh Medical Center, Emory University, VA medical centers and Cincinnati Children’s Hospital. It also targets adult gastroenterology and pain management providers within the Veterans Affairs system and aims to expand to the broader 260 children’s hospitals nationwide.