PART I - FINANCIAL INFORMATION This section presents NeurAxis, Inc.'s unaudited condensed financial statements and management's discussion for H1 2025 ITEM 1: FINANCIAL STATEMENTS This section presents the unaudited condensed financial statements of NeurAxis, Inc. and related notes for H1 2025 and FY 2024 Condensed Balance Sheets This section details the company's financial position, including assets, liabilities, and equity, for H1 2025 and FY 2024 Condensed Balance Sheet Highlights | Metric | June 30, 2025 (USD) | December 31, 2024 (USD) | Change (USD) | % Change | | :-------------------------- | :-------------- | :---------------- | :----- | :------- | | Total Assets | $7,087,999 | $4,757,572 | $2,330,427 | 49.0% | | Total Liabilities | $2,834,705 | $2,689,824 | $144,881 | 5.4% | | Total Stockholders' Equity | $4,253,294 | $2,067,748 | $2,185,546 | 105.7% | | Cash and cash equivalents | $5,988,456 | $3,696,870 | $2,291,586 | 62.0% | Condensed Statements of Operations This section outlines the company's financial performance, including net sales, gross profit, and net loss for Q2 and H1 2025 and 2024 Statements of Operations Highlights (Three Months Ended June 30) | Metric | 2025 (USD) | 2024 (USD) | Change (USD) | % Change | | :-------------------------- | :------------ | :------------ | :------------ | :------- | | Net Sales | $894,086 | $611,500 | $282,586 | 46.2% | | Gross Profit | $747,443 | $538,042 | $209,401 | 38.9% | | Operating Loss | $(1,717,858) | $(2,206,832) | $488,974 | -22.2% | | Net Loss | $(1,690,418) | $(2,917,710) | $1,227,292 | -42.1% | | Basic and diluted loss per share | $(0.22) | $(0.42) | $0.20 | -47.6% | Statements of Operations Highlights (Six Months Ended June 30) | Metric | 2025 (USD) | 2024 (USD) | Change (USD) | % Change | | :-------------------------- | :------------ | :------------ | :------------ | :------- | | Net Sales | $1,789,741 | $1,258,135 | $531,606 | 42.3% | | Gross Profit | $1,503,623 | $1,109,596 | $394,027 | 35.5% | | Operating Loss | $(4,012,955) | $(4,038,952) | $25,997 | -0.6% | | Net Loss | $(3,969,102) | $(5,038,361) | $1,069,259 | -21.2% | | Basic and diluted loss per share | $(0.56) | $(0.73) | $0.17 | -23.3% | Condensed Statements of Stockholders' Equity (Deficit) This section details changes in stockholders' equity, including common stock issuances, warrant exercises, and net loss for H1 2025 and 2024 Stockholders' Equity (Deficit) Changes (Six Months Ended June 30, 2025) | Item | Amount (USD) | | :------------------------------------------------ | :------------- | | Balances at January 1, 2025 | $2,067,748 | | Warrants exercised | $1,002,991 | | Common stock issued from agreements | $112,493 | | Vesting of restricted stock awards | $529,964 | | Issuance of common stock pursuant to shelf registration statement | $4,999,999 | | Offering costs | $(490,799) | | Net loss | $(3,969,102) | | Balances at June 30, 2025 | $4,253,294 | - The number of common shares outstanding increased significantly from 6,990,227 as of December 31, 2024, to 9,858,716 as of June 30, 2025, primarily due to the issuance of common stock through a shelf registration statement and warrant exercises712 Condensed Statements of Cash Flows This section summarizes cash flows from operating, investing, and financing activities for the six months ended June 30, 2025 and 2024 Cash Flow Summary (Six Months Ended June 30) | Activity | 2025 (USD) | 2024 (USD) | Change (USD) | % Change | | :-------------------------- | :------------ | :------------ | :------------ | :------- | | Net cash used in operating activities | $(3,071,145) | $(2,947,295) | $(123,850) | 4.2% | | Net cash used in investing activities | $(25,288) | $(23,408) | $(1,880) | 8.0% | | Net cash provided by financing activities | $5,388,019 | $4,657,417 | $730,602 | 15.7% | | Net Increase in Cash and Cash Equivalents | $2,291,586 | $1,686,714 | $604,872 | 35.9% | | Cash and Cash Equivalents at End of Period | $5,988,456 | $1,765,274 | $4,223,182 | 239.2% | - The increase in cash from financing activities in 2025 was primarily driven by proceeds from the issuance of common stock ($4,999,999) and exercised warrants ($1,002,991), contrasting with 2024's primary source being convertible notes13151 Notes to Condensed Financial Statements This section provides detailed explanations and disclosures supporting the condensed financial statements 1. Basis of Presentation, Organization and Other Matters This note describes the company's business, medical devices, and the basis for preparing interim financial statements - NeurAxis, Inc. specializes in medical neuromodulation devices, with four FDA-cleared products: IB-STIM, Rectal Expulsion Device (RED), NSS-2 Bridge (license terminated July 1, 2025), and the original 510(K) Electroacupuncture Device (NeuroStim, now for research only)1517116 - The company's financial statements are prepared in accordance with U.S. GAAP for interim reporting, and the unaudited interim results are not necessarily indicative of future performance16 2. Summary of Significant Accounting Policies This note outlines key accounting principles, estimates, and judgments, including revenue recognition and going concern - Management makes estimates for revenue recognition, credit losses, stock-based compensation, income tax, inventory reserves, and impairment, which are subject to change1821 Allowance for Credit Losses and Inventory Reserves | Metric | June 30, 2025 (USD) | December 31, 2024 (USD) | | :-------------------------- | :-------------- | :---------------- | | Allowance for credit losses | $5,000 | $5,000 | | Inventory reserves | $17,195 | $4,454 | - The company's Level 3 financial instruments, warrant liabilities, are valued using model-based techniques with unobservable inputs, reflecting management's estimates and judgment29 - Revenue is recognized when customers obtain control of goods, typically at the point of receipt, with provisions for patient assistance programs and provider rebates/credits37383941 - Substantial doubt exists about the Company's ability to continue as a going concern due to accumulated losses and negative cash flows, with future viability dependent on generating sufficient revenue and raising additional funds4851 - Recently issued accounting pronouncements (ASU 2024-03 and ASU 2023-09) are not expected to have a material impact on the Company's financial statements, though they require enhanced disclosures5354 3. Related Party Transactions This note discloses transactions with related parties, including demand notes, licensing, and services - The Company has two demand notes receivable from shareholders totaling $1,012,800 in principal, with an allowance for the entire balance due to repayment uncertainty55 - An exclusive, royalty-free license for auricular patent portions is held from an LLC co-owned by the CEO and Chief Regulatory Officer, with license costs of $1,317 incurred in H1 202555 - Sales of IB-STIM devices to a Board member for R&D totaled $6,351 for the six months ended June 30, 202556 - Accounting and tax services from a firm previously managed by the former CFO amounted to $31,679 for H1 2025, a decrease from $91,168 in H1 202457 4. Prepaids and Other Current Assets This note details the composition of prepaid expenses and other current assets Prepaids and Other Current Assets | Item | June 30, 2025 (USD) | December 31, 2024 (USD) | | :-------------------------- | :-------------- | :---------------- | | Prepaid insurance | $44,985 | $186,028 | | Prepaid software subscriptions | $176,940 | $39,834 | | Other | $148,400 | $54,505 | | Total | $370,325 | $280,367 | 5. Accrued Expenses This note itemizes accrued liabilities, such as compensation, litigation settlements, and legal fees Accrued Expenses | Item | June 30, 2025 (USD) | December 31, 2024 (USD) | | :-------------------------- | :-------------- | :---------------- | | Compensation and benefits | $1,040,099 | $1,261,317 | | Settled litigation | $375,000 | - | | Legal fees | $107,045 | $43,891 | | Interest | $66,648 | $66,648 | | Advisory fees | - | $176,750 | | Other | $63,996 | $29,174 | | Total | $1,652,788 | $1,577,780 | 6. Notes Payable This note describes outstanding promissory notes and the conversion of convertible notes into Series B Preferred Shares - The Company had outstanding promissory notes of $121,433 as of June 30, 2025, down from $154,152 at December 31, 2024, including a new note for software subscription fees60 - In 2024, the Company issued convertible promissory notes totaling $4,935,000, which mandatorily converted into 2,073,524 Series B Preferred Shares on August 15, 2024, at a conversion price of $2.38 per share61626466 Interest Expense | Period | 2025 (USD) | 2024 (USD) | | :-------------------------- | :------------ | :------------ | | Three Months Ended June 30 | $(13,434) | $(80,697) | | Six Months Ended June 30 | $(15,672) | $(107,257) | 7. Leases This note details the company's operating lease arrangements for office space - The Company holds operating leases for office space in Indiana, with a new lease in Carmel commencing January 1, 2024, and the Versailles lease terminated effective July 31, 2025, due to relocation686970 Operating Lease Liabilities | Item | June 30, 2025 | December 31, 2024 | | :-------------------------- | :-------------- | :---------------- | | Operating lease right-of-use assets | $256,656 | $284,656 | | Operating lease liabilities | $219,880 | $256,499 | | Weighted-average remaining lease term | 3.66 years | 2.75 years | 8. Common Stock and Warrants This note provides information on changes in common stock outstanding and warrant activity - Common stock outstanding increased from 6,990,227 shares at December 31, 2024, to 9,858,716 shares at June 30, 202572 - Key issuances in H1 2025 include 1,538,461 shares for $4,999,999 via a shelf registration statement, 720,359 shares from warrant exercises, and 426,048 shares from Series B Preferred Stock conversions737475 Warrant Activity Summary | Metric | Outstanding as of Jan 1, 2024 | Outstanding as of Dec 31, 2024 | Outstanding as of June 30, 2025 | | :-------------------------- | :---------------------------- | :----------------------------- | :------------------------------ | | Number of Warrants for Common Stock | 1,822,358 | 2,642,530 | 1,419,524 | | Weighted-Avg. Exercise Price | $4.69 | $2.41 | $2.44 | 9. Preferred Stock This note describes Series B Preferred Stock, including its authorization, outstanding shares, and dividend rights - As of June 30, 2025, 3,896,907 shares of Series B Preferred Stock were issued and outstanding, authorized with 5,000,000 shares, carrying an 8.5% cumulative dividend and 1:1 convertibility to common stock8184 - Series B Preferred Stock maintains priority preference over other capital stock classes upon liquidation, dissolution, or winding up of the Company86 Undeclared Cumulative Series B Preferred Stock Dividends | Period | Amount (USD) | Per Share (USD) | | :-------------------------- | :----------- | :-------------- | | Three Months Ended June 30, 2025 | $207,465 | $0.02 | | Six Months Ended June 30, 2025 | $421,008 | $0.05 | 10. Stock-Based Compensation This note details stock-based compensation arrangements, including RSUs and stock options - The Company granted 852,214 Restricted Stock Units (RSUs) in H1 2025, subject to a three-year cliff-vesting period, with total stock-based compensation expense related to RSUs amounting to $278,854 for the six months ended June 30, 20258889 - As of June 30, 2025, 1,319,394 stock options were outstanding and fully vested/exercisable, with a weighted-average exercise price of $6.94, and no related compensation expense recorded in H1 202590 11. Warrant Liabilities This note explains the valuation and changes in warrant liabilities using a Black-Scholes model - Warrant liabilities decreased from $9,166 at December 31, 2024, to $7,454 at June 30, 2025, primarily due to changes in fair value93 - The fair value of warrant liabilities is computed using a Black-Scholes option-pricing model, with inputs including an exercise price of $8.76, expected remaining term, estimated volatility (75.0% to 89.9%), and risk-free interest rates (3.80% to 4.38%)92 12. Segment Information This note clarifies the company operates as a single reportable segment, IB-STIM, and its performance evaluation - The Company operates as a single reportable segment, IB-STIM, focusing on a PENFS device for functional abdominal pain associated with irritable bowel syndrome in patients aged 8-2194 - The CEO, as the Chief Operating Decision Maker (CODM), evaluates segment performance based on net sales and operating loss to allocate resources and monitor cost structure94 Segment Operating Loss (Six Months Ended June 30) | Metric | 2025 (USD) | 2024 (USD) | Change (USD) | % Change | | :-------------------------- | :------------ | :------------ | :------------ | :------- | | Net Revenue | $1,789,741 | $1,258,135 | $531,606 | 42.3% | | Gross Profit | $1,503,623 | $1,109,596 | $394,027 | 35.5% | | Segment Operating Loss | $(4,012,955) | $(4,038,952) | $25,997 | -0.6% | 13. Settled Litigation This note provides details on a settled lawsuit, including the settlement amount and financial impact - A lawsuit initiated in 2019 by Ritu Bhambhani, M.D., against the Company was dismissed by the Court in 2022, and the plaintiff's appeal was denied by the Fourth Circuit in June 20249899100 - A related 2022 lawsuit by business entities owned by the same plaintiffs, alleging RICO Act violations and misrepresentation regarding NeuroStim device billing, resulted in a tentative $750,000 settlement executed on May 15, 2025, payable in 12 monthly installments starting January 2026101102103 - The Company recorded a charge of $630,568 for the six months ended June 30, 2025, related to the settlement, with $375,000 accrued as current expenses and $267,540 as non-current liabilities103 14. Commitments and Contingencies This note outlines the company's various contractual commitments and potential litigation - The Company has a manufacturing services agreement for its IB-STIM device, which automatically renews annually104 - An advisory agreement for debt, equity, and public securities market services was terminated on December 31, 2024, with a payment of $180,000 for services rendered in Q1 2025105 - Settlement agreements in 2024 included resolving a convertible note dispute for $230,824 (paid in common shares) and settling claims with pre-IPO Series A Preferred Stock shareholders for $286,458 (paid in common shares) and an additional $290,171 accrued106107 - Executive employment agreements include provisions for special bonuses contingent on stock option exercise and a successful IPO, totaling $14,821,830, to be recorded when paid109110112 - The Company is involved in threatened litigation regarding a patent interest claim valued at $2,000,000, which it intends to vigorously defend115 15. Subsequent Events This note discloses significant events occurring after the reporting period, such as license terminations and an ESPP - On July 1, 2025, the NSS-2 Bridge license with Masimo was terminated, allowing NeurAxis to recapture trademark and patent application rights in exchange for $200,000 payable in two installments116 - The NeurAxis, Inc. 2025 Employee Stock Purchase Plan (ESPP) was adopted on July 1, 2025, offering eligible employees a 15% discount on common stock purchases via payroll deductions, subject to shareholder approval117 ITEM 2: MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATION This section analyzes NeurAxis's financial performance, liquidity, and capital resources for H1 2025 compared to 2024 Overview This section introduces NeurAxis as a growth-stage neuromodulation therapy company, highlighting its financial performance and outlook - NeurAxis is a growth-stage company developing neuromodulation therapies for chronic conditions in children, with FDA-cleared IB-Stim (for IBS in children) and RED (for chronic constipation in adults) devices120 - The Company incurred net losses of $1.69 million (Q2 2025) and $3.97 million (H1 2025), and expects continued losses as it pursues widespread insurance coverage for IB-Stim and FDA clearance for new indications121 Factors Affecting our Business and Results of Operations This section discusses key drivers influencing revenue, gross margin, and operating expenses - Revenue is primarily from IB-Stim device sales to healthcare providers, with sales generally non-seasonal and mildly correlated with economic cycles, and the IB-Stim device sells for $1,195, with 3-4 devices used per patient122 - Gross margin is influenced by average selling prices, production volume, customer mix, third-party manufacturing costs, and cost-reduction strategies, with expected increases in gross profit driven by broader insurer acceptance and new product approvals125 - Expenses include cost of goods sold (contract manufacturing, shipping, expired inventory), selling expenses (commissions), research and development (clinical trials for new indications), and general and administrative (wages, professional fees, facility costs)126127128129 Results of Operations This section provides a detailed comparative analysis of net sales, gross profit, and expenses for Q2 and H1 2025 and 2024 Net Sales Performance | Period | 2025 (USD) | 2024 (USD) | Change (USD) | % Change | | :-------------------------- | :------------ | :------------ | :------------ | :------- | | Three Months Ended June 30 | $894,086 | $611,500 | $282,586 | 46.2% | | Six Months Ended June 30 | $1,789,741 | $1,258,135 | $531,606 | 42.3% | - Net sales increases were driven by volume growth from fully insured customers, financial assistance programs, and sales from the RED product launch in 2025131 Gross Profit and Gross Margin Performance | Period | Gross Profit 2025 (USD) | Gross Profit 2024 (USD) | % Change Gross Profit | Gross Margin 2025 (%) | Gross Margin 2024 (%) | Change in Margin (pp) | | :-------------------------- | :---------------- | :---------------- | :-------------------- | :---------------- | :---------------- | :--------------- | | Three Months Ended June 30 | $747,443 | $538,042 | 38.9% | 83.6% | 88.0% | -4.4 pp | | Six Months Ended June 30 | $1,503,623 | $1,109,596 | 35.5% | 84.0% | 88.2% | -4.2 pp | - Gross margin decreased due to higher discounting in financial assistance programs and expired RED inventory, despite increased sales volume132133 Expense Performance (Three Months Ended June 30) | Expense Category | 2025 (USD) | 2024 (USD) | Change (USD) | % Change | | :-------------------------- | :------------ | :------------ | :------------ | :------- | | Selling Expenses | $142,253 | $62,274 | $79,979 | 128.4% | | Research and Development | $58,319 | $54,312 | $4,007 | 7.4% | | General and Administrative | $2,264,729 | $2,628,288 | $(363,559) | -13.8% | Expense Performance (Six Months Ended June 30) | Expense Category | 2025 (USD) | 2024 (USD) | Change (USD) | % Change | | :-------------------------- | :------------ | :------------ | :------------ | :------- | | Selling Expenses | $276,206 | $142,304 | $133,902 | 94.1% | | Research and Development | $108,012 | $59,882 | $48,130 | 80.4% | | General and Administrative | $5,132,360 | $4,946,362 | $185,998 | 3.8% | - Selling expenses increased due to higher sales volume and a temporary commission structure134 - R&D expenses rose due to medical research and RED device development135 - G&A expenses decreased in Q2 2025 due to the absence of one-time costs in 2024 but increased in H1 2025 due to a lawsuit settlement and internal control enhancements136137 Operating Loss and Net Loss Performance | Period | Operating Loss 2025 (USD) | Operating Loss 2024 (USD) | % Change Operating Loss | Net Loss 2025 (USD) | Net Loss 2024 (USD) | % Change Net Loss | | :-------------------------- | :------------------ | :------------------ | :---------------------- | :------------ | :------------ | :---------------- | | Three Months Ended June 30 | $(1,717,858) | $(2,206,832) | -22.2% | $(1,690,418) | $(2,917,710) | -42.1% | | Six Months Ended June 30 | $(4,012,955) | $(4,038,952) | -0.6% | $(3,969,102) | $(5,038,361) | -21.2% | - Operating loss decreased in both periods due to higher sales volume and lower G&A (Q2 2025), partially offset by lower gross margin and higher selling/R&D costs (H1 2025)138139 - Net loss decreased significantly due to higher sales and the absence of one-time 2024 settlements142143 Liquidity and Capital Resources This section assesses the company's ability to meet financial obligations, focusing on cash, working capital, and future capital needs Liquidity and Working Capital | Metric | June 30, 2025 (USD) | December 31, 2024 (USD) | | :-------------------------- | :-------------- | :---------------- | | Cash on hand | $5,988,456 | $3,696,870 | | Working capital surplus | $4,271,446 | $1,832,858 | - The increase in working capital was primarily due to proceeds from common stock issuance and warrant exercises in H1 2025145 - Future capital requirements depend on technology development, manufacturing, marketing, patent enforcement, collaborative arrangements, and achieving widespread insurance coverage for IB-Stim147 Cash Flow Activities (Six Months Ended June 30) | Activity | 2025 (USD) | 2024 (USD) | Change (USD) | % Change | | :-------------------------- | :------------ | :------------ | :------------ | :------- | | Net cash used in operating activities | $(3,071,145) | $(2,947,295) | $(123,850) | 4.2% | | Net cash used in investing activities | $(25,288) | $(23,408) | $(1,880) | 8.0% | | Net cash provided by financing activities | $5,388,019 | $4,657,417 | $730,602 | 15.7% | - Operating cash outflow increased due to higher inventory purchases and 2024 incentive program payments, partially offset by increased cash collections149150 - Investing cash outflow increased due to capital expenditures for the RED device149 - Financing cash inflow increased significantly from common stock issuance and warrant exercises151 ITEM 3: QUANTITATIVE AND QUALITATIVE DISCLOSURE ABOUT MARKET RISK This section states that no quantitative and qualitative disclosures about market risk are applicable to the Company - The Company has no applicable quantitative and qualitative disclosures about market risk152 ITEM 4: CONTROLS AND PROCEDURES This section details management's evaluation of internal control effectiveness, material weaknesses, and remediation efforts Evaluation of Internal Control Over Financial Reporting This section discusses management's assessment of internal controls, highlighting identified material weaknesses and remediation - Management identified material weaknesses in internal control over financial reporting as of June 30, 2025, including ineffective approval processes, inadequate contract management, misapplication of U.S. GAAP, and ineffective disclosure controls155158 - Remediation efforts are underway, including hiring accounting personnel, implementing a documented internal control framework, documenting business policies, completing a formal monthly close process, and engaging a third-party firm for segregation of duties155 - Remediation efforts are expected to continue through fiscal year 2025, with management committed to maintaining a strong internal control program155156 Changes in Internal Control Over Financial Reporting This section reports on any material changes in internal controls over financial reporting during the quarter - Other than the described remediation efforts, there were no material changes in internal controls over financial reporting during the quarter ended June 30, 2025157 PART II - OTHER INFORMATION This section provides additional information including legal proceedings, risk factors, equity sales, and other disclosures ITEM 1: LEGAL PROCEEDINGS This section updates on legal proceedings, including a dismissed lawsuit, a settled lawsuit, and threatened patent litigation - A lawsuit initiated by Ritu Bhambhani, M.D., against the Company was dismissed by the Court in 2022, and the plaintiff's appeal was denied by the Fourth Circuit in June 2024160161162 - A related 2022 lawsuit by business entities, alleging RICO Act violations and misrepresentation, was tentatively settled for $750,000 on May 15, 2025, payable in 12 equal monthly installments starting January 2026163164165 - Dr. Arturo Taca asserted a $2,000,000 interest in the Company's U.S. Patent No. 10,413,719 in January 2024, which the Company denies and intends to vigorously defend166 ITEM 1A: RISK FACTORS This section refers to previously disclosed risk factors, noting no material changes since December 31, 2024 - There have been no material changes to the risk factors previously disclosed in the Form 10-K for the period ended December 31, 2024167 ITEM 2: UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS This section details unregistered equity sales during Q2 2025, including warrant exercises and Series B conversions - On June 30, 2025, 289,779 common shares were issued upon warrant exercise for $29168 - On June 9, 2025, 42,016 common shares were issued upon conversion of Series B Preferred Stock168 - On May 21, 2025, 430,580 common shares were issued upon warrant exercise for $1,002,963169 - On May 20, 2025, 342,016 common shares were issued upon conversion of Series B Preferred Stock169 - On May 15, 2025, 10,000 restricted stock units (RSUs) were issued to an employee at a fair value of $2.36 per RSU, subject to three-year pro rata annual vesting170 - These issuances were made in reliance upon exemptions provided by Section 4(a)(2) of the Securities Act, Regulation D, or Securities Act Rule 701171 ITEM 3: DEFAULTS UPON SENIOR SECURITIES This section states that there were no defaults upon senior securities during the reporting period - There were no defaults upon senior securities172 ITEM 5: OTHER INFORMATION This section confirms no director or officer adopted or terminated Rule 10b5-1 trading arrangements in Q2 2025 - No director or officer adopted or terminated any Rule 10b5-1 or non-Rule 10b5-1 trading arrangements during the quarter ended June 30, 2025174 ITEM 6: EXHIBITS This section lists all exhibits filed with the Form 10-Q, including various agreements and certifications - Exhibits include the Settlement Agreement and Mutual Release (May 15, 2025), Form of Securities Purchase Agreement (May 22, 2025), Termination Agreement with Masimo Corporation (July 1, 2025), and the Neuraxis, Inc. 2025 Employee Stock Purchase Plan175 - Certifications pursuant to Sections 302 and 906 of the Sarbanes-Oxley Act of 2002 from the Chief Executive Officer and Chief Financial Officer are filed/furnished175 SIGNATURES This section contains the required signatures for the Form 10-Q by authorized officers - The report is signed by Brian Carrico, Chief Executive Officer, and Timothy Henrichs, Chief Financial Officer, on August 12, 2025178
Neuraxis(NRXS) - 2025 Q2 - Quarterly Report