NeurAxis, Inc. (NRXS) Balance Sheet

NYSE American: NRXSAssets, liabilities, debt and equity over 6 years.

NRXS balance sheet, 2025

December 31, 2025 · U.S. dollars

$6.4M assets = $3.0M liabilities + $3.4M equity

Both columns are drawn to the same scale: what NRXS owns equals what it owes plus shareholders’ equity. Hover a block for its value.

NRXS financial health

Current ratio2.05

Comfortable · current assets cover current liabilities 2.05×

Debt / equity0.12

Low leverage · $0.12 of debt for each $1 of equity

Equity / assets53.1%

Equity-funded · of assets funded by shareholders

Cash / debt1,191.8%

Cash covers debt · cash & short-term investments vs total debt

Goodwill & intangibles4.3%

Mostly tangible · of total assets

Descriptive bands, not a rating. Fiscal 2025.

NRXS balance sheet trends, 2020–2025

NeurAxis, Inc. balance sheet trends
Metric	Then	Latest	Change
Total assets	$2.8M2020	$6.4M2025	+18.1%/yr
Total liabilities	$1.1M2020	$3.0M2025	+21.3%/yr
Shareholders’ equity	$1.6M2020	$3.4M2025	+15.6%/yr
Cash & short-term investments	$1.9M2020	$5.0M2025	+21.2%/yr
Total debt	$311,4922020	$416,6112025	+6.0%/yr
Net cash (debt)	$1.6M2020	$4.5M2025	+$3.0M
Working capital	$1.5M2020	$2.9M2025	+$1.5M
Book value per share	$0.312020	$0.372025	+4.2%/yr
Current ratio	2.442020	2.052025	−0.39
Debt / equity	0.192020	0.122025	−0.07
Shares outstanding	5.4M2020	9.1M2025	+11.0%/yr

Change is the average annual growth (CAGR) or the difference between the first and latest year.

NRXS assets

Cash & ST investmentsReceivablesInventoryOther currentPP&EGoodwill & intangiblesLT investmentsOther non-current

NRXS liabilities and equity

Current liabilitiesLong-term debtOther long-term liabilitiesEquity

NRXS debt vs cash

Total debtCash & ST investmentsNet cash (debt)

Debt includes short- and long-term borrowings and, where reported, lease obligations.

NRXS balance sheet

NeurAxis, Inc. annual balance sheet
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	$5.0M	$3.7M	$78,560	$253,699	$320,858	$1.9M
Cash & equivalents	$5.0M	$3.7M	$78,560	$253,699	$320,858	$1.9M
Receivables	$195,703	$244,618	$73,167	$174,399	$115,301	$311,329
Inventory	$257,132	$44,328	$21,220	$48,133	$39,180	$106,846
Other current assets	$315,283	$280,367	$69,663	$726	$15,670	$148,289
Total current assets	$5.7M	$4.3M	$242,610	$476,957	$491,009	$2.5M
Property, plant & equipment (net)	$337,129	$374,638	$158,815	$189,393	$245,517	$301,705
Goodwill & intangible assets	$274,778	$96,588	$108,073	$77,558	$23,956	$25,897
Long-term investments	$0	$0	$0	$0	$0	$0
Other non-current assets	$58,939	$20,163	$0	$736,736	$0	$0
Total assets	$6.4M	$4.8M	$509,498	$1.5M	$760,482	$2.8M
Liabilities
Accounts payable	$139,365	$596,946	$1.2M	$1.6M	$483,790	$164,558
Short-term debt	$214,045	$216,906	$197,189	$522,622	$277,989	$174,316
Deferred revenue	$28,660	$32,527	$74,947	$59,174	$69,337	$667,005
Total current liabilities	$2.8M	$2.4M	$1.9M	$7.0M	$1.4M	$1.0M
Long-term debt	$0	$0	$0	$0	$51,692	$0
Lease obligations	$268,318	$319,253	$76,198	$109,594	$137,176	$160,487
Other long-term liabilities	$212,565	$256,499	$27,071	$76,199	$109,594	$137,176
Total liabilities	$3.0M	$2.7M	$1.9M	$7.1M	$1.6M	$1.1M
Shareholders' equity
Common stock & paid-in capital	$10,653	$6,990	$6,509	$1,963	$2,550	$2,523
Retained earnings (deficit)	−$64.6M	−$56.8M	−$48.6M	−$33.9M	−$29.2M	−$26.1M
Total shareholders' equity	$3.4M	$2.1M	−$1.4M	−$5.6M	−$825,660	$1.6M
Key figures
Total debt	$416,611	$473,405	$224,260	$598,821	$439,275	$311,492
Net cash (debt)	$4.5M	$3.2M	−$145,700	−$345,122	−$118,417	$1.6M
Working capital	$2.9M	$1.8M	−$1.6M	−$6.5M	−$933,847	$1.5M
Tangible book value	$3.1M	$2.0M	−$1.5M	−$5.7M	−$849,616	$1.6M
Book value per share	$0.37	$0.30	−$0.22	−$0.66	−$0.15	$0.31
Shares outstanding	9.1M	6.9M	6.3M	8.4M	5.4M	5.4M
Current ratio	2.05	1.75	0.13	0.07	0.34	2.44
Quick ratio	1.85	1.62	0.08	0.06	0.31	2.19
Debt / equity	0.12	0.23	—	—	—	0.19
Equity / assets	53.1%	43.5%	−275.4%	−376.4%	−108.6%	58.9%

NeurAxis, Inc. quarterly balance sheet
	Jun '26	Mar '26	Dec '25	Sep '25	Jun '25	Mar '25	Dec '24	Sep '24	Jun '24	Mar '24	Dec '23	Sep '23
Assets
Cash & short-term investments	$8.3M	$7.1M	$5.0M	$4.4M	$6.0M	$2.0M	$3.7M	$260,884	$1.8M	$81,752	$78,560	$761,249
Cash & equivalents	$8.3M	$7.1M	$5.0M	$4.4M	$6.0M	$2.0M	$3.7M	$260,884	$1.8M	$81,752	$78,560	$761,249
Receivables	$432,925	$385,009	$195,703	$108,504	$128,518	$243,708	$244,618	$52,594	$147,131	$90,534	$73,167	$132,382
Inventory	$277,308	$238,282	$257,132	$110,256	$131,432	$37,421	$44,328	$22,458	$42,710	$20,194	$21,220	$34,530
Other current assets	$381,654	$441,075	$315,283	$391,913	$370,325	$254,527	$280,367	$295,906	$156,446	$215,354	$69,663	$38,693
Total current assets	$9.4M	$8.1M	$5.7M	$5.0M	$6.6M	$2.5M	$4.3M	$631,842	$2.1M	$407,834	$242,610	$966,854
Property, plant & equipment (net)	$617,313	$627,815	$337,129	$362,692	$741,471	$374,653	$374,638	$392,055	$418,946	$432,443	$158,815	$158,369
Goodwill & intangible assets	$258,214	$266,494	$274,778	$283,062	$91,345	$93,967	$96,588	$99,209	$102,831	$105,452	$108,073	$110,695
Long-term investments	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0
Other non-current assets	$0	$0	$58,939	$142,827	$0	$20,163	$20,163	$20,163	$0	$0	$0	$0
Total assets	$10.0M	$8.7M	$6.4M	$5.8M	$7.1M	$3.0M	$4.8M	$1.1M	$2.6M	$945,729	$509,498	$1.2M
Liabilities
Accounts payable	$791,587	$305,296	$139,365	$886,399	$464,518	$535,017	$596,946	$962,106	$1.1M	$1.2M	$1.2M	$566,649
Short-term debt	$114,668	$169,524	$214,045	$258,492	$259,763	$150,207	$216,906	$204,075	$4.8M	$1.4M	$197,189	$239,443
Deferred revenue	$31,174	$29,585	$28,660	$37,160	$31,927	$37,684	$32,527	$84,512	$82,122	$85,754	$74,947	$68,972
Total current liabilities	$3.1M	$2.8M	$2.8M	$3.1M	$2.3M	$2.1M	$2.4M	$2.7M	$7.6M	$3.8M	$1.9M	$2.3M
Long-term debt	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0
Lease obligations	$236,666	$252,787	$268,318	$282,767	$289,045	$304,430	$319,253	$329,462	$346,090	$350,225	$76,198	$84,547
Other long-term liabilities	$164,724	$183,998	$212,565	$344,239	$487,420	$670,127	$256,499	$273,075	$297,843	$314,472	$27,071	$39,353
Total liabilities	$3.3M	$3.0M	$3.0M	$3.5M	$2.8M	$2.8M	$2.7M	$2.9M	$7.9M	$4.1M	$1.9M	$2.3M
Shareholders' equity
Common stock & paid-in capital	$12,468	$11,450	$10,653	$9,886	$9,859	$7,216	$6,990	$6,980	$6,842	$6,595	$6,509	$5,149
Retained earnings (deficit)	−$69.7M	−$66.4M	−$64.6M	−$62.9M	−$60.8M	−$59.1M	−$56.8M	−$55.4M	−$53.6M	−$50.7M	−$48.6M	−$43.2M
Total shareholders' equity	$6.7M	$5.7M	$3.4M	$2.3M	$4.3M	$258,479	$2.1M	−$1.8M	−$5.3M	−$3.2M	−$1.4M	−$1.1M
Key figures
Total debt	$279,392	$353,522	$416,611	$478,425	$479,643	$388,737	$473,405	$477,150	$5.1M	$1.7M	$224,260	$278,796
Net cash (debt)	$8.0M	$6.7M	$4.5M	$3.9M	$5.5M	$1.6M	$3.2M	−$216,266	−$3.3M	−$1.7M	−$145,700	$482,453
Working capital	$6.3M	$5.3M	$2.9M	$1.8M	$4.3M	$439,823	$1.8M	−$2.0M	−$5.5M	−$3.4M	−$1.6M	−$1.3M
Tangible book value	$6.5M	$5.5M	$3.1M	$2.0M	$4.2M	$164,512	$2.0M	−$1.9M	−$5.4M	−$3.3M	−$1.5M	−$1.2M
Book value per share	$0.56	$0.52	$0.37	$0.23	$0.50	$0.03	$0.30	−$0.26	−$0.76	−$0.49	−$0.39	−$0.17
Shares outstanding	12.1M	10.9M	9.1M	9.9M	8.5M	7.5M	6.9M	7.0M	6.9M	6.6M	3.6M	6.2M
Current ratio	3.04	2.89	2.05	1.58	2.82	1.21	1.75	0.24	0.28	0.11	0.13	0.43
Quick ratio	2.83	2.65	1.85	1.43	2.61	1.07	1.62	0.12	0.25	0.05	0.08	0.40
Debt / equity	0.04	0.06	0.12	0.21	0.11	1.50	0.23	—	—	—	—	—
Equity / assets	67.4%	65.7%	53.1%	39.6%	60.0%	8.5%	43.5%	−156.9%	−199.7%	−336.7%	−275.4%	−85.9%

Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed March 19, 2026); data from EODHD.

NRXS financial position

At the end of fiscal 2025 (December 31, 2025), NeurAxis had total assets of $6.4 million (up 34.6% from a year earlier), total liabilities of $3.0 million and shareholders' equity of $3.4 million. It held $5.0 million in cash and short-term investments against $0.4 million of debt, a net cash position of $4.5 million. Its current ratio was 2.05. In the latest quarter (ended June 30, 2026) total assets were $10.0 million and equity $6.7 million.

Related: NRXS income statement, NRXS cash flow statement, NRXS key metrics. See the NRXS stock overview for the latest quote and news.

NRXS balance sheet FAQ

What are NeurAxis's total assets?

NeurAxis reported total assets of $6.4 million at the end of fiscal 2025 (December 31, 2025), compared with $4.8 million a year earlier.

How much debt does NeurAxis have?

NeurAxis had $0.4 million of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was 0.12.

How much cash does NeurAxis have?

NeurAxis held $5.0 million in cash and short-term investments at the end of fiscal 2025; with $0.4 million of debt that is net cash of $4.5 million.

What is NeurAxis's book value?

NeurAxis's shareholders' equity (book value) was $3.4 million at the end of fiscal 2025, or $0.37 per share.

What is NeurAxis's current ratio?

NeurAxis had current assets of $5.7 million and current liabilities of $2.8 million, a current ratio of 2.05 (it can cover its short-term obligations).

How much goodwill does NeurAxis have?

NeurAxis carried $0.3 million of goodwill and intangible assets, 4.3% of total assets, at the end of fiscal 2025.