Neuraxis, Inc.
NRXS Healthcare Biotechnology
Neuraxis, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $3.6 million, up 32.9% from fiscal 2024. In the quarter to June 2026, revenue grew 115.7%, EPS grew 13.6% and free cash flow grew 29.8%, each against the same quarter a year earlier. Insiders bought in the last twelve months.
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Neuraxis, Inc. (NRXS) Beneish M-score
Neuraxis, Inc.'s Beneish M-score for fiscal 2025 is −3.37; values above −1.78 are the model's flag for possible earnings manipulation — a statistical screen, not a finding.
Beneish M-score, annual
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Annual newest first
| Period | Beneish M-score | Change (points) |
|---|---|---|
| FY2025 | −3.37 | (0.81) |
| FY2024 | −2.56 | 73.61 |
| FY2023 | −76.17 | (73.29) |
| FY2022 | −2.88 | 9.78 |
| FY2021 | −12.66 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 0.60 | — | 0.55 | |
| Gross margin index | 1.03 | — | 0.54 | |
| Asset quality index | 1.10 | — | 0.45 | |
| Sales growth index | 1.33 | — | 1.19 | |
| Depreciation index | 1.47 | — | 0.17 | |
| SG&A index | 0.86 | — | −0.15 | |
| Total accruals to total assets | (0.21) | — | −1.00 | |
| Leverage index | 0.85 | — | −0.28 | |
| Beneish M-score | Low — no pattern the model associates with manipulation | −3.37 | ||
How the Beneish M-score works
M = −4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI (Beneish, 1999): eight changes in the accounts from one fiscal year to the next, which the model weighs for the pattern seen in companies that later restated their earnings. Higher is worse.
| below −2.22 | Low — no pattern the model associates with manipulation |
|---|---|
| −2.22 to −1.78 | Elevated |
| above −1.78 | Flagged by the model |
−1.78 is the cut-off usually quoted from the paper, −2.22 a common conservative one. A statistical screen, not a finding of wrongdoing.
When asset quality, depreciation or SG&A cannot be worked out, that index is set to 1, as Beneish did, and the breakdown says so; with all three missing there is no score. Depreciation includes amortisation, and asset quality leaves out securities. Not worked out for banks, insurers and REITs.
Beneish M-score against peers
| Company | Beneish M-score |
|---|---|
| CBUS Cibus, Inc. compare | −4.3× |
| NRXS Neuraxis, Inc. | −3.4× |
| ICCC ImmuCell Corporation compare | −3.1× |
| ATRA Atara Biotherapeutics, Inc. compare | 16.9× |
| PMVP PMV Pharmaceuticals, Inc. compare | — |
| ANIX ANIXA BIOSCIENCES INC compare | — |
| IMUX Immunic, Inc. compare | — |
| PYPD PolyPid Ltd. compare | — |
| MIST Milestone Pharmaceuticals Inc. compare | — |
What Beneish M-score is
The Beneish M-Score combines eight year-on-year changes in the accounts into a statistical screen for patterns seen in companies that overstated earnings.
−4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI