NeurAxis (NRXS) Lytham Partners Fall 2026 Investor Conference summary

Commercial progress and reimbursement

• Category I CPT code took effect Jan. 1, 2026; coverage expanded to 30+ medical policy plans and more than 120 million covered lives, including ~18 million added through Cigna.

• First-half revenue rose to $3.5 million in 2026 from $1.8 million in 2025; gross margin increased to 86% from 84%.

• Priorities for coming quarters: finalize nationwide coverage and expand sales and marketing to drive pediatric-hospital revenue.

• W2 sales force is expanding in areas with coverage; VA sales effort added 10–12 1099 representatives to sell IB-Stim to adults.

Indications and adult expansion

• FDA extrapolation expanded indications to patients age 8 and older; current insurance coverage is concentrated in ages 8–21, with adult private coverage contingent on adult-specific evidence.

• A 350–400-patient, multisite, double-blind, placebo-controlled adult RCT is set to begin this fall at Cleveland Clinic, Stanford, Hoag, IU, Louisville and Marshall.

• Adult private-insurance coverage is a goal following the RCT; a separate pediatric cyclic vomiting syndrome RCT is underway, with data expected late next year.

• Estimated serviceable markets: $5 billion pediatric and $2 billion adult, with adult private-insurance coverage pending RCT results.

Product and clinical evidence

• IB-Stim uses auricular needles to stimulate cranial nerves V, VII, IX and X, including the vagus nerve; patients wear each device for five days weekly over four weeks.

• List price is $1,195 per device; each patient receives four. The current treatment cycle generates $4,800 in product revenue, with hospitals billing insurers.

• Evidence base includes 21 PENFS-related studies, 10 research types across 13 children’s hospital sites, and ~1,000 published patients.

• In a Lancet placebo-controlled IBS trial, IB-Stim’s number needed to treat was 3 for >30% improvement; adult IBS drugs cited had NNTs of 6–14.

• A seven-center registry of ~300 children found 61% had failed at least four medications; abdominal-pain efficacy was sustained 6–12 months after treatment.