NeurAxis (NRXS) Planet MicroCap Showcase: VEGAS 2025 summary

Strategic milestones and regulatory progress

• Achieved a category one CPT code, effective January 1, 2026, enabling permanent reimbursement and greater physician adoption.

• Expanded insurance policy coverage from 4 million to 51 million covered lives, with expectations to surpass 200 million pending publication of academic guidelines.

• Published guidelines list the therapy as the highest level of evidence, with a position paper expected to recommend first-line use later this year.

• Expanded pediatric indication age range from 11–18 to 8–21, nearly doubling the addressable market.

• Licensed new RED technology for adult constipation, already reimbursed by Medicare and commercial insurance.

Financial performance and market opportunity

• Reported $2.7 million in 2024 revenue with 88% gross margins, targeting over 90% by 2026.

• Cash burn reduced from $600–800K to $350–400K per quarter, with profitability in sight.

• Less than 0.1% of the debilitated pediatric market treated in 2023, indicating significant growth potential.

• Functional abdominal pain in children represents a $3 billion U.S. market, with 600,000 severely affected children.

• Two hospital accounts projected to generate $600K each in 2024, with potential for $3M per account across 260 hospitals.

Clinical data and competitive landscape

• Strong clinical data: number needed to treat is 3, outperforming adult IBS drugs (NNT 6–14).

• Largest pediatric registry (300 patients) showed significant improvement, even in patients who failed multiple medications.

• 16 publications and 10 study types at 13 leading institutions, all investigator-initiated.

• No direct FDA-approved competitors in pediatric IBS; pharmaceuticals are off-label and have significant side effects.

• IP portfolio includes 13 issued and 9 pending U.S. patents, with international filings in progress.