In This Story
Neuraxis Inc. (NRXS-3.79%) has filed its annual report on Form 10-K for the fiscal year ended December 31, 2024 filing.
The company reported net sales of $2,685,925 for the year, an increase from $2,460,049 in the previous year. The increase was primarily due to volume growth from financial assistance programs.
Gross profit for the year was $2,323,923, up from $2,156,704 in 2023. The gross margin decreased slightly from 87.7% to 86.5% due to higher growth in discounted programs compared to full reimbursement customers.
Neuraxis reported a net loss of $8,241,501, a decrease from $14,626,683 in 2023. The decrease in net loss was attributed to higher sales volume and the elimination of certain financial charges following the conversion of notes in the 2023 IPO.
Operating expenses included $324,708 in selling expenses, $206,107 in research and development, and $8,949,925 in general and administrative expenses. The increase in general and administrative expenses was due to higher legal, insurance, and other costs as a publicly held entity.
The company ended the year with $3,696,870 in cash and cash equivalents, compared to $78,560 at the end of 2023. Working capital improved to $1,832,858 from a negative $1,643,058 in 2023, primarily due to the issuance of Convertible Series B Preferred Stock.
Neuraxis continues to focus on developing neuromodulation therapies, with its IB-Stim device cleared by the FDA for functional abdominal pain associated with IBS in children. Additional clinical trials are underway for other pediatric conditions.
The company acknowledges the need for substantial capital to support its operations and plans to pursue further insurance coverage and FDA clearances for additional indications.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Neuraxis Inc. annual 10-K report dated March 20, 2025. To report an error, please email earnings@qz.com.