The company maintains a lean capital structure with a low debt-to-equity ratio of 0.03, though equity volatility remains high with historical swings from a $5.3 million deficit in 2024Q2 to $5.7 million in 2026Q1.
| Total Current Assets | 8.14M | 5.73M | 4.27M | 242.61K | 476.96K | 491.01K | 2.46M |
| Cash & Short-Term Investments | 7.08M | 4.97M | 3.7M | 78.56K | 253.7K | 320.86K | 1.9M |
| Cash Only | 7.08M | 4.97M | 3.7M | 78.56K | 253.7K | 320.86K | 1.9M |
| Short-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | 385.01K | 195.7K | 244.62K | 73.17K | 174.4K | 115.3K | 311.33K |
| Days Sales Outstanding | 17.43 | 20.01 | 33.24 | 10.86 | 23.71 | 15.47 | 58.87 |
| Inventory | 238.28K | 257.13K | 44.33K | 21.22K | 48.13K | 39.18K | 106.85K |
| Days Inventory Outstanding | 104.8 | 166.73 | 44.7 | 25.53 | 59.14 | 30.58 | 81.06 |
| Other Current Assets | 441.07K | 70.59K | 280.37K | 69.66K | 726 | 0 | 0 |
| Total Non-Current Assets | 602.68K | 670.85K | 491.39K | 266.89K | 1M | 269.47K | 327.6K |
| Property, Plant & Equipment | 627.82K | 337.13K | 374.64K | 158.81K | 189.39K | 245.52K | 301.7K |
| Fixed Asset Turnover | 8.28x | 10.59x | 7.17x | 15.49x | 14.18x | 11.08x | 6.40x |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 266.49K | 274.78K | 96.59K | 108.07K | 77.56K | 23.96K | 25.9K |
| Long-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | -291.63K | 58.94K | 20.16K | 0 | 736.74K | 0 | 0 |
| Total Assets | 8.75M | 6.4M | 4.76M | 509.5K | 1.48M | 760.48K | 2.79M |
| Asset Turnover | 0.61x | 0.56x | 0.56x | 4.83x | 1.81x | 3.58x | 0.69x |
| Asset Growth % | 797.68% | 34.61% | 833.78% | -65.59% | 94.7% | -72.74% | - |
| Total Current Liabilities | 2.81M | 2.79M | 2.43M | 1.89M | 6.98M | 1.42M | 1.01M |
| Accounts Payable | 305.3K | 139.37K | 596.95K | 1.2M | 1.59M | 483.79K | 164.56K |
| Days Payables Outstanding | 255.29 | 90.37 | 601.89 | 1.45K | 1.96K | 377.59 | 124.85 |
| Short-Term Debt | 169.52K | 148.29K | 154.15K | 148.06K | 489.23K | 250.41K | 151K |
| Deferred Revenue (Current) | 90.17K | 28.66K | 32.53K | 74.95K | 59.17K | 69.34K | 0 |
| Other Current Liabilities | 2.31M | 2.41M | 1.27M | 341.7K | 4.51M | 43.84K | 8.49K |
| Current Ratio | 2.89x | 2.05x | 1.75x | 0.13x | 0.07x | 0.34x | 2.44x |
| Quick Ratio | 2.81x | 1.96x | 1.74x | 0.12x | 0.06x | 0.32x | 2.33x |
| Cash Conversion Cycle | -133.06 | 96.37 | -523.95 | -1.41K | -1.87K | -331.55 | 15.09 |
| Total Non-Current Liabilities | 184K | 212.56K | 256.5K | 27.07K | 76.2K | 161.29K | 137.18K |
| Long-Term Debt | 0 | 0 | 0 | 0 | 0 | 51.69K | 0 |
| Capital Lease Obligations | 642.38K | 202.57K | 256.5K | 27.07K | 76.2K | 109.59K | 137.18K |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 184K | 10K | 0 | 0 | 0 | 0 | 0 |
| Total Liabilities | 3M | 3M | 2.69M | 1.91M | 7.05M | 1.59M | 1.15M |
| Total Debt | 169.52K | 416.61K | 473.4K | 224.26K | 598.82K | 439.27K | 311.49K |
| Net Debt | -6.91M | -4.55M | -3.22M | 145.7K | 345.12K | 118.42K | -1.58M |
| Debt / Equity | 0.03x | 0.12x | 0.23x | - | - | - | 0.19x |
| Debt / EBITDA | -0.02x | - | - | - | - | - | - |
| Net Debt / EBITDA | 0.96x | - | - | - | - | - | - |
| Interest Coverage | -157.89x | -104.46x | -26.41x | -1.73x | -10.45x | -81.00x | -48.22x |
| Total Equity | 5.75M | 3.4M | 2.07M | -1.4M | -5.57M | -825.66K | 1.64M |
| Equity Growth % | 2596.26% | 64.4% | 247.36% | 74.82% | -575.05% | -150.23% | - |
| Book Value per Share | 0.52 | 0.37 | 0.30 | -0.22 | -0.66 | -0.15 | 0.31 |
| Total Shareholders' Equity | 5.75M | 3.4M | 2.07M | -1.4M | -5.57M | -825.66K | 1.64M |
| Common Stock | 11.45K | 10.65K | 6.99K | 6.51K | 1.96K | 2.55K | 2.52K |
| Retained Earnings | -66.36M | -64.6M | -56.8M | -48.56M | -33.93M | -29.15M | -26.12M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Liquidity and capital dependency
Based on reported financial statements, NeurAxis has experienced extreme balance sheet fluctuations, with equity swinging from a deficit of $5.3 million in 2024Q2 to a positive $5.7 million by 2026Q1, highlighting the company's ongoing reliance on external capital to offset persistent operational losses.
The rapid transition from negative to positive equity suggests that the company has successfully utilized equity financing to repair its capital base. However, the underlying trend remains precarious as the company continues to accumulate significant retained earnings deficits, which now exceed $66 million.
According to recent SEC filings, NeurAxis held approximately $7.1 million in cash as of 2026Q1, a figure that provides a temporary buffer but appears insufficient given the company's historical burn rate and the absence of consistent, self-sustaining operating cash flows from its commercial activities.
While the current ratio of 2.89 indicates a short-term improvement in liquidity, this metric is heavily influenced by the recent cash infusion rather than operational efficiency. Investors should monitor whether this liquidity can support the company's commercial expansion without necessitating further dilutive capital raises in the near term.
As reported in financial statements, the company maintains a very low debt-to-equity ratio of 0.03 as of 2026Q1, suggesting that management has avoided traditional debt financing, likely due to the high cost of capital associated with the firm's negative operating margins and early-stage commercial profile.
The limited reliance on debt is a prudent strategy for a pre-profitability firm, yet it also indicates that the company lacks the cash flow durability required to service significant interest-bearing obligations. This capital structure appears designed to prioritize survival over leverage-driven growth, leaving equity holders as the primary risk-bearers.
Based on the provided balance sheet data, NeurAxis operates with a lean asset base, where net property, plant, and equipment of $627.8K represents a small fraction of total assets, confirming that the business model is not capital-intensive in terms of physical infrastructure or manufacturing capacity.
The asset mix is heavily weighted toward cash, which underscores the company's status as a development-stage entity rather than a mature manufacturer. The lack of significant tangible assets suggests that the company's value is almost entirely tied to its regulatory clearances and intellectual property, which are not fully captured on the balance sheet.
Quick answers to the most common questions about buying NRXS stock.
As of 2025, NeurAxis, Inc. (NRXS) had total assets of $6.4M including $5.7M in current assets.
NeurAxis, Inc. (NRXS) carries total debt of $0.4M, offset by $5.0M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
NeurAxis, Inc. (NRXS) has total shareholders' equity (book value) of $3.4M ($0.37 book value per share). Book value represents the net worth of the company belonging to common stock holders.
NeurAxis, Inc. (NRXS) reported a current ratio of 2.05x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.