Core Insights - NeurAxis, Inc. has reported significant growth in revenues and operational milestones, indicating a new phase in its growth trajectory with the implementation of a Category I CPT code for its IB-Stim technology [3][6]. Financial Highlights - Revenues for Q4 2025 reached $968 thousand, a 27% increase from $761 thousand in Q4 2024, driven by a 35% increase in unit sales [5][6]. - For FY2025, revenues increased by 33% to $3.6 million compared to $2.7 million in FY2024, with unit sales up approximately 44% [7]. - The gross margin for Q4 2025 was 85.4%, down from 86.4% in Q4 2024, while the FY2025 gross margin was 84.2%, a decline from 86.5% in FY2024 [8]. Operational Highlights - The company has successfully transitioned to a Category I CPT code for its IB-Stim technology, enhancing market understanding and adoption potential [3][6]. - NeurAxis has secured a Veterans Affairs Federal Supply Schedule contract, facilitating access to the Veterans Affairs health system, which serves nearly 7 million patients annually [5]. - The company received FDA clearance for treating abdominal pain in functional dyspepsia for patients aged 8 and older, expanding the addressable market for IB-Stim [5]. Management Commentary - The CEO emphasized the importance of expanding medical policy coverage to increase patient access and reduce provider friction, alongside efforts to streamline reimbursement processes [4][6]. - The focus for early 2026 is on executing the commercial strategy and leveraging insights from real-world utilization to drive adoption [5][6]. Expense Overview - Selling, general, and administrative expenses for Q4 2025 were $2.5 million, a 20% increase from $2.1 million in Q4 2024, attributed to higher commissions and stock compensation costs [9]. - For FY2025, these expenses totaled $10.8 million, a 14% increase from $9.5 million in FY2024, influenced by a one-time legal settlement and increased marketing costs [10]. Loss Metrics - The operating loss for Q4 2025 was $1.7 million, up 17% from $1.5 million in Q4 2024, while the FY2025 operating loss was $7.8 million, a 9% increase from $7.2 million in FY2024 [11][12]. - The net loss for Q4 2025 was $1.7 million, an 18% increase from $1.4 million in Q4 2024, and the net loss for FY2025 was $7.8 million, a decrease of 5% from $8.2 million in FY2024 [11][12]. Cash Position - As of December 31, 2025, the company had a cash balance of $5.0 million, with short-term and long-term debt of $148 thousand and $10 thousand, respectively [13]. - Cash used in operations for FY2025 was $6.4 million, reflecting a $335 thousand increase from FY2024, primarily due to higher inventory purchases and incentive program payments [13].