Free cash flow remains consistently negative, with the company failing to generate positive cash flow in any of the last ten quarters, highlighting a total reliance on external capital.
| Cash from Operations | -6.06M | -6.43M | -6.1M | -6.69M | -2.3M | -2.23M | -4.14M |
| Operating CF Margin % | - | -180.23% | -227.05% | -272.11% | -85.6% | -82.11% | -214.45% |
| Operating CF Growth % | 19.95% | -5.49% | 8.9% | -191.3% | -2.85% | 46.02% | - |
| Net Income | -7.28M | -7.8M | -8.24M | -14.63M | -4.78M | -3.03M | -3.73M |
| Depreciation & Amortization | 69.46K | 59.5K | 37.83K | 40.73K | 37.13K | 36.71K | 35.79K |
| Stock-Based Compensation | 659.61K | 596.85K | 1.4M | 750K | 27.32K | 48.64K | 48.77K |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 41.11K | 0 |
| Other Non-Cash Items | 762.7K | 101.24K | 559.82K | 7.81M | 1.15M | 22.81K | -202.29K |
| Working Capital Changes | -267.42K | 610.12K | 141.4K | -665.75K | 1.27M | 644.43K | -295.45K |
| Change in Receivables | -143.52K | 46.59K | -178.84K | 75.95K | -78.6K | 184.26K | -223.01K |
| Change in Inventory | -224.46K | -242.87K | -32.5K | 26.91K | -8.95K | 67.67K | 323.76K |
| Change in Payables | -651.6K | -457.58K | -607.27K | -387.9K | 1.11M | 319.23K | -664.25K |
| Cash from Investing | -113.15K | -131.15K | -27.78K | -71.78K | -61.2K | -1.39K | -27.72K |
| Capital Expenditures | -13.15K | -31.15K | -27.78K | -30.78K | -1.39K | -1.39K | -27.72K |
| CapEx % of Revenue | 0.31% | 0.87% | 1.03% | 1.25% | 0.05% | 0.05% | 1.44% |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - |
| Other Investing | -100K | -100K | 0 | -41K | -59.81K | 0 | 0 |
| Cash from Financing | 11.25M | 7.83M | 9.74M | 6.59M | 2.29M | 661.1K | 6.05M |
| Debt Issued (Net) | -269.46K | -281.75K | 4.66M | 2.07M | 3.16M | 151.09K | -716.94K |
| Equity Issued (Net) | 6.32M | 8.83M | 5.25M | 4.85M | 0 | 1.02M | 4.04M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 5.19M | -712.67K | -168.32K | -322.9K | -866.74K | -510K | 2.73M |
| Net Change in Cash | 5.07M | 1.27M | 3.62M | -175.14K | -67.16K | -1.57M | 1.89M |
| Free Cash Flow | -6.07M | -6.46M | -6.13M | -6.77M | -2.36M | -2.24M | -4.17M |
| FCF Margin % | -141.82% | -181.1% | -228.08% | -275.03% | -87.87% | -82.16% | -215.88% |
| FCF Growth % | 5.14% | -5.52% | 9.46% | -186.78% | -5.52% | 46.35% | - |
| FCF per Share | -0.55 | -0.71 | -0.89 | -1.07 | -0.28 | -0.42 | -0.77 |
| FCF Conversion (FCF/Net Income) | 0.83x | 0.82x | 0.74x | 0.46x | 0.48x | 0.74x | 1.11x |
| Interest Paid | 1.46K | 11.85K | 33.83K | 214.56K | 202.78K | 0 | 74.49K |
| Taxes Paid | 0 | 13.14K | 10.16K | 0 | 0 | 0 | 0 |
Liquidity and capital dependency
According to historical cash flow statements, NeurAxis consistently reports operating cash flow that is significantly less negative than net income, with an OCF/NI ratio frequently below 1.0, suggesting that non-cash charges and working capital adjustments are currently masking the true extent of the company's underlying cash burn.
The persistent gap between net income and operating cash flow indicates that accounting accruals are providing a temporary buffer against the company's actual cash outflows. Investors should monitor whether this conversion quality deteriorates further as the company attempts to scale its commercial operations without achieving a corresponding improvement in cash-based profitability.
As reported in recent financial filings, NeurAxis has failed to generate positive free cash flow in any of the last ten quarters, with FCF margins consistently deep in negative territory, reflecting a business model that is currently entirely dependent on external capital to fund its ongoing commercial expansion.
The trajectory of free cash flow suggests that the company's current revenue growth is insufficient to cover the high fixed costs associated with its specialized sales force and clinical research initiatives. Without a clear path to narrowing this FCF deficit, the company appears to remain in a high-risk phase of value destruction.
Based on the provided financial data, NeurAxis maintains an exceptionally low capital expenditure profile, with CapEx/Revenue ratios often below 2%, which suggests that the company's current growth strategy is not constrained by physical asset investment but rather by the high cost of human capital and clinical support.
The minimal investment in property, plant, and equipment implies that the company is operating as a lean, service-oriented entity rather than a traditional manufacturer. While this keeps capital intensity low, it also suggests that the company lacks the physical infrastructure that might otherwise provide a defensive moat against potential competitors.
Analysis of quarterly financial statements reveals significant volatility in working capital changes, with swings ranging from a $778.9K inflow to a $436.4K outflow, indicating that the company's cash cycle is highly sensitive to the timing of hospital collections and inventory management for the IB-Stim device.
These fluctuations suggest that the company's cash position is subject to unpredictable timing differences in revenue recognition and payment cycles. Investors should monitor whether these working capital swings become more pronounced as the company expands its footprint into a larger number of pediatric academic medical centers.
As indicated by the company's reported cash flow statements, stock-based compensation frequently represents a material portion of the operating expense structure, effectively acting as a non-cash subsidy that hides the true economic cost of maintaining the company's current headcount and operational footprint.
By adding back significant stock-based compensation to arrive at operating cash flow, the company presents a more favorable liquidity picture than the underlying income statement suggests. This practice warrants further investigation to determine the true cash-based cost of talent acquisition and retention in the competitive neuromodulation sector.
Quick answers to the most common questions about buying NRXS stock.
NeurAxis, Inc. (NRXS) generated $-6.4M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
NeurAxis, Inc. (NRXS) reported negative free cash flow of $6.5M in 2025, indicating capital requirements exceeded cash from operations.
NeurAxis, Inc. (NRXS) spent $0.0M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.