NeurAxis (NRXS) Lytham Partners Spring 2026 Investor Conference summary

Business overview and market position

• Focuses on neuromodulation therapies for chronic GI conditions in pediatric and adult populations, with first-to-market status in pediatric indications.

• Commercializes pediatric indications broadly and adult indications within VA hospitals, leveraging strong insurance coverage and a Category 1 CPT code effective January 1.

• Holds over 100 million covered lives for pediatric therapy, with significant Medicaid inclusion and a $5 billion pediatric and $12 billion adult serviceable market.

• RED (Rectal Expulsion Device) targets a $2 billion market and is resuming commercialization after recent billing and coding updates.

• Technology is FDA De Novo cleared, supported by 16 publications and research at 13 children’s hospitals.

Financial performance and outlook

• Achieved record Q1 revenue of $1.6 million, with 2025 revenue reported at just over $3 million.

• Gross margins reported at 86% in Q1, with expectations for further growth as insurance coverage expands.

• Cash position as of March 31 was $7.1 million, with a reduced cash burn rate of just over $1 million in Q1.

• Fully diluted cap table stands at 19 million shares, with a share price of $8.20 as of May 8.

• Significant cash runway anticipated, though new hires may increase burn slightly.

Commercial strategy and operational updates

• Expanding commercial footprint with W2 sales force, medical science liaisons, and new digital marketing hires.

• Actively calling on 260 children’s hospitals and 180 VA hospitals to drive utilization.

• Focused on finalizing remaining commercial insurance payers and maximizing opportunity in covered institutions.

• Integrative health programs being implemented with the addition of a psychologist to support hospital partnerships.

• IP portfolio extends through 2039, with ongoing efforts to further extend and advance technology.