Here are 1-3 brief analogies to describe Neuraxis (NRXS):

• Insulet for pediatric functional abdominal pain. (Neuraxis, like Insulet, develops specialized, non-invasive, and "wearable" medical devices to manage chronic conditions in specific patient populations, particularly children and adolescents.)

• Dexcom for pediatric IBS pain management. (Similar to Dexcom providing a wearable device for chronic diabetes management, Neuraxis offers a wearable medical device for the chronic management of IBS-related pain in adolescents.)

• ResMed for pediatric chronic pain. (ResMed develops specialized medical devices for chronic conditions like sleep apnea, which patients use over time, often at home. Neuraxis similarly provides a specialized medical device for chronic pain conditions in children.)

• IB-Stim: A non-implanted percutaneous electrical nerve field stimulator (PENFS) system cleared by the FDA to aid in the reduction of functional abdominal pain associated with IBS in adolescents aged 11-18.
• IB-Stim Training and Certification: A service provided to medical professionals to train them on the proper placement and use of the IB-Stim device.

Neuraxis (NRXS) sells its IB-Stim devices primarily to other companies, specifically healthcare organizations and medical professionals, rather than directly to individual patients. The company trains and certifies "Medical providers" who then place the device in "outpatient clinics."

The provided background information does not name any specific customer companies (e.g., hospital chains, clinic networks, or large medical groups) that are major purchasers of Neuraxis's products. Therefore, specific names and symbols of customer companies cannot be provided. However, the customers can be described by the following categories of healthcare entities:

1. Outpatient Clinics: These are facilities where medical providers are trained to place the IB-Stim device for treatment. This would include specialized pediatric clinics, gastroenterology clinics, or pain management clinics.
2. Medical Practices/Physician Offices: Individual or group medical practices, particularly those focused on pediatric care, gastroenterology, or general pain management, that adopt and offer the IB-Stim therapy.
3. Hospital Outpatient Departments: Larger hospital systems may have dedicated outpatient departments that integrate the IB-Stim treatment into their service offerings for adolescents with functional abdominal pain associated with IBS.

Brian Carrico, President & Chief Executive Officer

Brian Carrico joined NeurAxis in 2012 and has held multiple leadership positions, including Vice President of Sales and President, before becoming CEO on January 1, 2018. He was instrumental in setting the strategic agenda for NeurAxis, raising start-up capital, championing new product development, and bringing the company's technology to market. Prior to joining NeurAxis, he worked in sales at Bard Medical and St. Jude Medical.

Timothy Henrichs, Chief Financial Officer

Timothy Henrichs was appointed Chief Financial Officer effective February 5, 2024, bringing over 20 years of global leadership experience across various industries, including healthcare. He previously served as CFO of Renovo Home Partners and was the Executive Vice President and CFO of Follett Corporation from 2008 to 2022. Mr. Henrichs also held leadership positions at General Electric Company's Healthcare Clinical Systems division, Federal Signal Corporation, and Ernst & Young LLP.

Dr. Adrian Miranda, Senior VP of Science & Technology and Chief Medical Officer

Dr. Adrian Miranda brings research and clinical expertise to his role, having previously served as an Assistant Professor at the Medical College of Wisconsin. He is a board-certified Pediatric Gastroenterologist and completed his medical degree, residency, and subspecialty training at the Medical College of Wisconsin and Children's Hospital of Wisconsin (CHW).

Dr. Chris Brown DDS, MPS, Director of Innovation, Founder and Director

Dr. Chris Brown is a co-founder of NeurAxis and is listed as the sole or principal inventor on all NeurAxis patents. He developed clinical protocols, initial practice guidelines, designed and implemented the practitioner certification program, and personally financed the company's first two years. Dr. Brown has a history of purchasing and managing distressed clinics, restructuring them into profitable enterprises.

Dr. Thomas Carrico, Chief Regulatory Officer

Dr. Thomas Carrico has over 40 years of experience in the healthcare field, joining NeurAxis in 2012 after 30 years of prior experience. He has been involved in the study and application of techniques and treatments affecting the autonomic nervous system and has worked with attorneys on state and national boards, which prepared him for his regulatory responsibilities at NeurAxis.

The key risks to Neuraxis's business operations include:

1. High concentration on a single product and limited FDA-cleared indication: Neuraxis's primary revenue and market focus are currently reliant on a single product, the IB-Stim device, cleared only for functional abdominal pain associated with IBS in adolescents aged 11-18 years. While additional clinical trials for other pediatric conditions are underway, the company's immediate commercial success and growth prospects are heavily dependent on this very specific and limited market segment. Any unforeseen challenges with the IB-Stim device, or delays/failures in expanding its indications through further clinical trials, could significantly impact the company's financial performance and future viability.
2. Challenges with market adoption and securing favorable reimbursement: Even with FDA clearance for the IB-Stim device, its widespread commercial adoption faces potential hurdles. Medical providers require specific training and certification to place the device, which could slow down its integration into clinical practice. Furthermore, the cost of the IB-Stim device, at $1,195 per device with patients typically requiring three to four devices, necessitates robust strategies for securing broad insurance coverage and favorable reimbursement rates. Without strong market adoption and adequate reimbursement, patient access and commercial penetration could be significantly limited.

The addressable market for Neuraxis's IB-Stim therapy, which targets functional abdominal pain associated with Irritable Bowel Syndrome (IBS) in adolescents aged 11-18, is estimated to be between 1.7 million and 5.1 million individuals in the U.S.

This market size is derived from an estimated U.S. adolescent population (11-18 years old) of approximately 34.3 million.

The prevalence of IBS in U.S. adolescents ranges from a conservative estimate of 5% in children aged 4 to 18 years old to a higher estimate of up to 15% for children and adolescents. Another study indicated that approximately 14% of high school students, which aligns with the older end of the 11-18 age group, were suggested to have IBS.

Neuraxis (NRXS) is poised for future revenue growth over the next 2-3 years, driven by several key factors:

1. Enhanced Reimbursement and Market Access through Category 1 CPT Code: The implementation of a Category 1 CPT code for Percutaneous Electrical Nerve Field Stimulation (PENFS) procedures, effective January 1, 2026, is expected to significantly enhance revenue. This transition will allow for full reimbursement with insurance coverage, moving away from currently discounted device sales, and is anticipated to improve gross margins and drive stronger growth for IB-Stim in 2026 and beyond.
2. Expansion of IB-Stim's FDA Label and Addressable Market: Neuraxis has secured FDA clearance to expand the IB-Stim's indication to a broader pediatric age range (8-21 years, up from 11-18 years) and for the treatment of pediatric Functional Dyspepsia (FD) and associated nausea symptoms. This expansion substantially increases the total addressable market for IB-Stim, allowing the company to reach a larger patient population.
3. Targeting New Patient Populations, including Adult and VA Markets: Beyond its core pediatric focus, Neuraxis is actively pursuing the adult and Veterans Affairs (VA) markets. The company's commercialization strategy for IB-Stim now includes both pediatric and adult patient populations, leveraging its expanded product indications and neuromodulation technology to enter these new customer segments.
4. Increased Adoption and Unit Deliveries within Existing and Expanding Markets: Neuraxis has demonstrated consistent revenue growth driven by a notable increase in unit deliveries, reflecting growing acceptance and utilization of IB-Stim among healthcare providers and patients. The company's ongoing commercialization strategy aims to further expand medical policy coverage and accelerate the adoption of IB-Stim, leading to continued volume growth.
5. Introduction and Commercialization of New Products like the RED Device: The company has received 510(k) clearance from the FDA for its rectal expulsion device (RED) product. While its initial launch experienced a slower ramp-up, the RED device represents a new product line aimed at simplifying anorectal function testing in adult patients, offering an additional avenue for revenue growth, particularly as Neuraxis expands into adult markets.

Share Issuance

• In May 2025, Neuraxis completed a registered direct offering, generating approximately $5.0 million in gross proceeds from the sale of 1,538,461 shares of its common stock at $3.25 per share.
• The company further strengthened its liquidity in October 2025 by raising an additional $2.8 million through an at-the-market equity offering and warrant exercises.
• As of February 27, 2026, Neuraxis had 10.7 million shares outstanding, an increase from 6,594,897 shares as of April 12, 2024.

Inbound Investments

• Neuraxis secured approximately $5.0 million in May 2025 through a registered direct offering, which, combined with over $1 million from warrant exercises, was intended to strengthen its balance sheet and provide growth capital.
• An additional $2.8 million was raised in October 2025 through an at-the-market equity offering and warrant exercises, further improving the company's liquidity position.

Capital Expenditures

• Neuraxis plans to increase its research and development (R&D) investments in 2026 to support the expansion of its indications and explore opportunities in the adult market.
• The company is actively investing in ongoing clinical studies, with 16 peer-reviewed publications supporting its PENFS technology.
• Development of a second-generation IB-Stim device is underway, with a targeted release in 2026, focusing on enhancements such as user feedback indicators and potential diagnostic capabilities.