Forensic Analysis · Industrial & Scientific Instruments · as of Nov 9, 2026
Neuraxis, Inc (NRXS)
A forensic read on Neuraxis, Inc built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
D · Weak — demands caution
Forensic grade
Distress
Financial health
-36.9
Distress distance
Clean
Earnings quality
3
Forensic signals
-285.4%
ROE
32.9%
Revenue growth
This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (auditor quality, say on pay, board independence, going concern). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.
Neuraxis, Inc earns a D (Weak — demands caution) forensic quality grade, and its balance-sheet distress test reads -36.9, placing it in the Distress zone. 3 forensic signals were flagged in its latest SEC filings, led by inventory days.
What the filings flag
98d
FY2024→FY2025
Inventory days.Days inventory outstanding moved from 33 to 98 FY2024→FY2025 (against cost of goods sold; inventory +480% vs +56% in cost of sales). Inventory is outrunning what's being sold — a flag for softening demand or obsolescence risk ahead.
+67.1%/yr
FY2023–FY2025
Share-count dilution.Diluted share count changed +179% over the last 2 years to FY2025 (+67.1%/yr). The count is growing — 3.3M shares in FY2023, 9.1M in FY2025: more stock was issued than repurchased over this window, so aggregate results grew faster than their per-share equivalents. That's ~67.1% shaved off per-share growth every year — total profit has to grow that much just to keep earnings-per-share flat, and a stake held since FY2023 has been diluted ~64%.
17% of rev
FY2025
Stock-based comp load.Stock-based compensation ran 17% of revenue in FY2025 — about $0.07 per diluted share. No cash left the business to pay it, which is why operating cash flow adds it back. Net of repurchases the diluted count still rose about 67.1% a year across FY2023–FY2025, and the rate is falling. Stock compensation is one source of that issuance; acquisition consideration, equity raises, convertibles and other employee plans also net into the count, and these figures do not separate them.
Key fundamentals
Latest Revenue$3.6M
Revenue Growth YoY+32.9%
Revenue CAGR (2yr)+20.5%
Net Margin-218.5%
Free Cash Flow-$6.5M
Return on Equity-285.4%
The forensic grade and screens above are free — no account needed. Want the AI investment read on top — the 0–100 rating, thesis, bull-vs-bear, red flags and the 12-month scenario, written from Neuraxis, Inc's actual 10-K/10-Q/8-K filings?