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NRXS January 2026 NYSEAMERICAN: NRXS | NeurAxis.com
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2 | Confidential – Do Not Distribute Forward Looking Statements Information included herein has been prepared by NeurAxis, Inc. (“NeurAxis”) or obtained from sources believed to be reliable, but the accuracy or completeness of such information is not guaranteed by and should not be construed as a representation by NeurAxis or any other person. This presentation includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. Except for statements of historical fact, any information contained in this presentation may be a forward-looking statement that reflects NeurAxis’s current views about future events and are subject to risks, uncertainties, assumptions and changes in circumstances that may cause events or NeurAxis actual activities or results to differ significantly from those expressed in any forward-looking statement. In some cases, you can identify forward-looking statements by terminology such as “may”, “will”, “could”, “would”, “should”, “plan”, “predict”, “potential”, “project”, “expect”, “estimate”, “anticipate”, “intend”, “goal”, “strategy”, “believe”, and similar expressions and variations thereof. Forward-looking statements may include statements regarding NeurAxis’s business strategy, the market size and potential growth opportunities of NeurAxis current and future product candidates, capital requirements and use of proceeds, pre-clinical and clinical development activities, the timeline for, and results of, clinical trials, regulatory submissions, and potential regulatory approval and commercialization of its current and future product candidates. Although NeurAxis believes that the expectations reflected in such forward-looking statements are reasonable, such statements are based upon numerous estimates and assumptions with respect to industry performance and competition, general business, economic, market, and financial conditions and matters specific to the business of NeurAxis, all of which are difficult to predict and many of which are beyond the control of NeurAxis. NeurAxis cannot guarantee future events, results, actions, levels of activity, performance or achievements. These forward-looking statements are subject to a number of risks, uncertainties and assumptions, including those described under the heading “Risk Factors” in NeurAxis’s filings with the Securities and Exchange Commission as well as risks, uncertainties and assumptions relating to or arising from: (1) the ability to integrate any potential new product candidates into NeurAxis’s business in a timely and cost-efficient manner; (2) the cooperation of our contract manufacturers, clinical study partners and others involved in the development of our current and future product candidates; and (3) changes in applicable laws or regulations. Actual results and the timing of events could differ from those anticipated in such forward-looking statements as a result of these risks. These forward-looking statements speak only as of the date of this presentation and NeurAxis undertakes no obligation to revise or update any forward-looking statements to reflect events or circumstances after the date hereof. This presentation also contains estimates and other statistical data made by independent parties and by NeurAxis relating to market shares and other data about the neuromodulation industry. This data involves a number of assumptions and limitations, and you are cautioned not to give undue weight to such estimates. The trademarks included herein are the property of the owners thereof and are used for reference purposes only. Such use should not be construed as an endorsement of such products. This PowerPoint discusses ongoing research activities and investor-directed information with percutaneous electrical nerve field stimulator (PENFS) technology. Please note, that the PowerPoint includes information about technology and intended uses of that technology which have not been reviewed or approved/cleared by the U.S. FDA, and is being provided for informational purposes only. NeurAxis does not recommend or suggest the use of its PENFS IB-Stim device for uses beyond those that are cleared by the U.S. FDA. See https://ibstim.com/important-information/.
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3 | Confidential – Do Not Distribute Who We Are NeurAxis is a First-to-Market growth-stage Medtech company focused on neuromodulation therapies for chronic and debilitating conditions in GI, specifically from disorders of gut-brain interaction(DGBIs) in Pediatrics and Adults. With multiple FDA indications in the market and additional clinical trials of PENFS in multiple pediatric and adult conditions underway, we are focused on unmet GI healthcare needs in children and adults. Neuromodulation Therapies for Chronic and Debilitating GI Conditions in Pediatrics and Adults PENFS Vagus Nerve
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4 | Confidential – Do Not Distribute Corporate Overview Category I CPT Code – Streamlined Billing & RVUs Effective January 1, 2026 PENFS Policy Coverage ~100M Covered Lives 2025 Revenue – >$3M GM - 84% Secured a Category I CPT® code for the PENFS technology, obtained significant expanded commercial payer coverage and have the only FDA- approved or FDA-cleared treatment recommended in the Guidelines. 2025 Units Sold ~5,000
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5 | Confidential – Do Not Distribute FDA Pipeline - Indications and Timelines Indication 2023 2024 2025E 2026E 2027E Clinical Study* Functional Abdominal Pain & IBS - - -Pediatric Children's Wisconsin RCT** Functional Dyspepsia (Nausea) - Pediatric RCT/Registry Functional Dyspepsia (Nausea) -Adult Device Extrapolation Functional Dyspepsia (Nausea) -Adult Study RCT Cleveland Clinic Post-Concussion - Pediatric Children's Hospital of Orange County RCT** Cyclic Vomiting - Pediatric RCT** Children’s Wisconsin Post-operative Pain (Opioid Sparing) RCT** UPMC (Pittsburgh) Fibromyalgia -Adults RCT** VA Emory University Clinical Study FDA Submission FDA Indication Launch/Commercialization * Independently sponsored clinical studies; NeurAxis contributes to research funding, devices and other costs. ** RCT – Randomized Controlled Clinical Trial
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6 | NeurAxis PENFS1: First FDA Indicated Treatment for Pediatric FAP/IBS 2 1. Percutaneous Electrical Nerve Field Stimulation 2. FAB/IBS: Functional Abdominal Pain/Irritable Bowel Syndrome 3. Serviceable Available Market (SAM) - Calculated by the segment of the Total Available Market (TAM) that we can realistically tar get and treat.. 4. Published patient - a patient who went through a study and the study was analyzed and now the study has been published in a peer -reviewed journal Large Global Market with Significant Unmet Need ▪ $ 22B+ SAM3 for target pipeline indications ▪ $8B+ SAM3 for target pediatric indications ▪ $14B+ SAM3 for target adult indications ▪ Current treatments are off-label pharmacological treatments with adverse side effects. Clear Commercial Pathway ▪ FDA De Novo clearance – 1st to Market ▪ Technology specific CAT I CPT billing code ▪ Major Insurance Payer Coverage momentum Unique, Innovative Product Supported by Clinical Evidence ▪ Highest GRADE Evidence via Guidelines ▪ Novel treatment targeting the brain -gut-axis ▪ ~1,000 published patients4 Seasoned Management and Board ▪ Experienced management team and Board of Directors ▪ Operations and infrastructure built to scale ▪ Path to profitability Strong Data = Strong Policy Coverage & Reimbursement = Strong Revenue Growth
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7 | Confidential – Do Not Distribute $22B+ Serviceable Available U.S. Market (SAM) for Pipeline Indications Why Pediatrics? ▪ Significant unmet need ▪ Lack of FDA approved treatment options ▪ Single call point for future indications Entering Pediatric markets first with: ▪ First FDA cleared treatment for Pediatric FAP/IBS ▪ Growing Body of Clinical Evidence ▪ Coding, Coverage and Payment ▪ KOL and AAP/NASPGHAN academic society endorsement * Serviceable Available Market (SAM) - Calculated by the segment of the Total Available Market (TAM) that we can realistically target and treat.. $14B SAM* Adult Indications $2B RED $12B FAP/IBS $8B Pediatric SAM* Pediatric Indications $1B CVS $2B Functional Dyspepsia $3B FAP/IBS $2B Concussion
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8 | Confidential – Do Not Distribute Abnormal processing of signals to and from the gut Irritable Bowel Syndrome (IBS) Characterized by abdominal discomfort or pain associated with defecation or a change in bowel habit. Functional Dyspepsia Pain or discomfort located in the upper abdomen Cyclic Vomiting Syndrome Recurrent episodes of intense nausea and vomiting lasting hours to days with intervals of normal wellbeing lasting weeks to months. Disorders of the Gut-Brain Interaction (DGBIs)
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9 | Confidential – Do Not Distribute DGBIs: A Problem with an Unmet Need ▪ No FDA-approved therapies for children with abdominal pain-related disorders of the gut-brain interactions (DGBIs). ▪ Disorders negatively impact quality of life and ability to function (attend school, sports, and social activities). ▪ Insufficient data to support the use of the most prescribed drugs, some with serious side effects. ▪ A growing number of families and providers are seeking non-pharmacologic alternatives for children
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10 | Confidential – Do Not Distribute Established Technology with Demonstrated Safety and Efficacy What is IB-Stim? ▪ PENFS system intended for patients 8 -21 years of age with functional abdominal pain (FAP) associated with IBS ▪ Aids in pain reduction via neuromodulation to branches of Cranial Nerves (V,VII,IX and X) ▪ Non-drug and non-surgical device therapy that can be placed in an outpatient clinic ▪ Used 120 hours per week for 4 consecutive weeks FDA De Novo Clearance CPT CAT I Code January 1, 2026
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11 | Confidential – Do Not Distribute IB-Stim Research: By the Numbers Strong Data = Strong Policy Coverage & Reimbursement = Strong Revenue Growth Children’s Hospital Study Sites13 16 Current Publications Utilizing NeurAxis' PENFS Technology ▪ Real World Clinical Data ▪ Pre-clinical Mechanistic Study ▪ Head-to-Head vs. SoC ▪ Health Economic Study ▪ Safety Data 10 ▪ Double Blind Placebo Controlled ▪ Long-Term Data ▪ Registry Data ▪ Clinical fMRI Study ▪ Quality of Life Data Types of Studies
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12 | Confidential – Do Not Distribute Percutaneous Electrical Nerve Field Stimulation (PENFS) How Does Neuromodulation Work? * Second Generation Device Pictured * Access Direct access to central nervous system (CNS) through peripheral cranial nerves 1 Stimulate Stimulation reduces firing of amygdala 2 Change Induces changes in brain pathways/connectivity 3
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13 | Confidential – Do Not Distribute Data Does Not Support Standard Pharmacotherapy in Children with IBS No data to support use of Antidepressants in Children with Functional Abdominal Pain ▪ Amitriptyline (TCA) did not beat placebo in RCT 1 ▪ Citalopram (SSRI) did not beat placebo in RCT 2 Significant Risk of TCA Side Effects in Children ▪ Increased risk of suicidal ideation (black box warning) 3 ▪ Mood changes ▪ EKG disturbance 4 ▪ Long-term risk of dementia 5 Substantial Patient Need for Safe & Effective, Non-Pharmacological Alternatives ▪ Growing number of families seeking alternative therapies for pain in children 6 1. Saps M, Youssef N, Miranda A, et al. Multicenter, randomized, placebo -controlled trial of amitriptyline in children with functio nal gastrointestinal disorders. Gastroenterology. 2009;137:1261 ‐1269. 2. Roohafza H, Pourmoghaddas Z, Saneian H, Gholamrezaei A. Citalopram for pediatric functional abdominal pain: a randomized, placebo -controlled trial. Neurogastroenterol Motil. 2014;26:1642 ‐1650. 3. Jick H, Kaye JA, Jick SS. Antidepressants and the risk of suicidal behaviors. JAMA. 2004;292:338 ‐343. 4. Chogle A, Saps M. Electrocardiograms changes in children with functional gastrointestinal disorders on low dose amitriptyline. World J Gastroenterol. 2014;20:11321 ‐11325. 5. Coupland CAC, Hill T, Dening T, Morriss R, Moore M, Hippisley -Cox J. Anticholinergic Drug Exposure and the Risk of Dementia: A N ested Case-Control Study [published online ahead of print, 2019 Jun 24]. JAMA Intern Med. 2019;179:1084 ‐1093. 6. Groenewald CB, Beals-Erickson SE, Ralston-Wilson J, Rabbitts JA, Palermo TM. Complementary and Alternative Medicine Use by Child ren With Pain in the United States. Acad Pediatr. 2017;17:785 ‐793.
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14 | Confidential – Do Not Distribute Growing Body of Clinical Evidence Improvement of Global Symptoms in Patients with Irritable Bowel Syndrome Kovacic K, et al. Neurostimulation for abdominal pain -related functional gastrointestinal disorders in adolescents: a randomized, double -blind, sham-controlled trial. Lancet Gastroenterol Hepatol. 2017;2(10):727 -737. *Percent of patients reporting improvement of global symptoms using Symptom Response Scale score ≥2 (*p≤0.001), ≥3 (#p=0.002) and ≥4 (p=0.077) Global Symptom Improvement
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15 | Confidential – Do Not Distribute FDA Benchmark for Clinically Meaningful Endpoint Treatment for abdominal pain-related functional gastrointestinal disorders in adolescents: ▪ Number Needed to Treat (NNT): The number of patients that need to be treated for one patient to get the targeted improvement (≥30% improvement). ▪ IB-Stim NNT=3 ▪ IBS drugs in adults (lubiprostone, linaclotide, and rifaximin) NNT=6 to 142 1. Krasaelap A, et al. Efficacy of Auricular Neurostimulation in Adolescents With Irritable Bowel Syndrome in a Randomized, Doub le-Blind Trial. Clinical Gastroenterology & Hepatology. Clin Gastroenterol Hepatol. 2020;(9):1987 -1994 2. Wall GC, et al. Irritable bowel syndrome: a concise review of current treatment concepts. World J Gastroenterol 2014. ≥30% Improvement in Pain
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16 | Confidential – Do Not Distribute Functional Disability Scores at Long-Term Follow-Up Improvement in Functional Disability in Patients with Irritable Bowel Syndrome Kovacic K, et al. Neurostimulation for abdominal pain -related functional gastrointestinal disorders in adolescents: a randomized, double -blind, sham-controlled trial. Lancet Gastroenterol Hepatol. 2017;2(10):727 -737. Improving functional disability (attending school and activities) is a marker of overall health and clinically meaningful beyond subjective pain measures.
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17 | Confidential – Do Not Distribute Largest Pediatric Registry in Children with DGBI ▪ Pediatric registry with “real world” clinical data ▪ 61% had failed ≥ 4 medications prior to treatment ▪ Sustained efficacy in abdominal pain up to 6 -12 months after 4 weeks if IB-Stim treatment A multicenter registry study on percutaneous electrical nerve field stimulation for pediatric disorders of gut -brain interaction. J Pediatr Gastroenterol Nutr. 2024
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18 | Confidential – Do Not Distribute IB-Stim was equivalent or better than standard medications used for FAPDs
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19 | Confidential – Do Not Distribute IB-Stim Go-to-Market Strategy Strong Data = Strong Policy Coverage & Reimbursement = Strong Revenue Growth Total Plans Total # Lives Covered 17 plans ~100M 2025 Policy Coverage * CPT CAT I Code Effective January 1st, 2026 Reimbursement Strategy Technology Specific CPT Coding CPT CAT I code* Effective 1/1/26 List Price $1,195 Customers Children’s Hospitals ~ 260 in the U.S. ~33k U.S. Pediatricians ~10k U.S. Adult Gastroenterologists
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20 | Confidential – Do Not Distribute NeurAxis IP Portfolio ▪ 13 issued and 9 pending patents ▪ Device ▪ Method ▪ U.S. IP runs through 2039 as of now ▪ International IP in process ▪ Freedom to operate completed
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21 | Collaborative Contract Manufacturing Partner In-House Capabilities ▪ Office and factory in Indiana ▪ 69,000 square foot facility ▪ Offices, factory, environmentally controlled room, warehouse, parts processing, assembly, quality control ▪ Medical device focused manufacturing established in 1990 Manufacturing Capacity ▪ Controlled, repeatable, monitored production process ▪ Kit production capacity sufficient for all NeurAxis projected needs ▪ New dedicated room built in 2022 for NeurAxis equipment and production ▪ All NeurAxis materials now maintained in the room ▪ Environmentally controlled build room Quality Management System ▪ ISO 13485:2016 Certified ▪ FDA registered ▪ ITAR Registered Confidential – Do Not Distribute
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22 | Medical Advisory Board Dr. Samuel Nurko Confidential – Do Not Distribute Dr. Carlo Di Lorenzo Dr. Rachel Rosen Dr. Kahlil El-Chammas Dr. Miranda van Tilburg Dr. Leonel Rodriguez
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23 | Management Team Confidential – Do Not Distribute Brian Carrico Chief Executive Officer, Board Member Dr. Chris Brown Director Of Innovation, Founder, Board Member Dr. Adrian Miranda Chief Medical Officer Timothy Henrichs Chief Financial Officer Dr. Tom Carrico Chief Regulatory Officer
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24 | Board of Directors Beth Keyser Board Member Confidential – Do Not Distribute Mitch Watkins Board Member Kirstin Ferge Board Member Brian Carrico Chief Executive Officer, Board Member Dr. Chris Brown Director Of Innovation, Founder, Board Member Collective Experience: Dr. Gil Aharon Board Member
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25 | Key Investment Highlights 1. Serviceable Available Market (SAM) - Calculated by the segment of the Total Available Market (TAM) that we can realistically tar get and treat.. 2. Published patient - a patient who went through a study and the study was analyzed and now the study has been published in a peer -reviewed journal Clear Commercial Pathway ▪ FDA De Novo clearance – 1st to Market ▪ Technology specific CAT I CPT billing code ▪ Major Insurance Payer Coverage momentum Unique, Innovative Product Supported by Clinical Evidence ▪ Highest GRADE Evidence via Guidelines ▪ Novel treatment targeting the brain -gut-axis ▪ ~1,000 published patients2 Seasoned Management and Board ▪ Experienced management team and Board of Directors ▪ Operations and infrastructure built to scale ▪ Path to profitability Strong Data = Strong Policy Coverage & Reimbursement = Strong Revenue Growth Large Global Market with Significant Unmet Need ▪ $22B+ SAM1 for target pipeline indications ▪ $8B+ SAM1 for target pediatric indications ▪ $14B+ SAM1 for target adult indications ▪ Current treatments are off label pharmacological treatments with adverse side effects Confidential – Do Not Distribute
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26 | Confidential – Do Not Distribute Expanding Portfolio of Next Generation Devices for Disorders of Gut-Brain Interaction RED – Rectal Expulsion Device ▪ Developed at the University of Michigan enabling comprehensive constipation care for every adult gastroenterology practice ▪ RED is a self-inflating balloon expulsion test that allows for point-of-care testing to effectively identify patients with an evacuation disorder ▪ FDA 510(k) clearance December 6, 2024 Responsive Design Designed to meet a specific need in the office as a point of care decision and fit into the workflow and time available of the physician Market ▪ ~$2B market opportunity ▪ Current balloon expulsion testing requires a separate visit to a GI physiology laboratory ▪ Anorectal manometry is too expensive and time consuming to be practical Unique Features ▪ Self-inflating ▪ Enables point-of-care testing (In-office use) ▪ Provides immediately actionable binary test results Reimbursement ▪ Current CAT I CPT Code 91120 ▪ Medicare reimbursement average: $463 Red Device Expanded Compressed
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27 | Confidential – Do Not Distribute Capital Structure Stock Information Listing NYSE Symbol NRXS Share Price (February 17, 2026) $5.38 Share Structure (Dec 31, 2025) Shares Outstanding 10.6 M Warrants 1.4 M Options/RSUs 2.2 M Series B Preferred 3.8 M Shares fully diluted 18.0 M Financial Position (Dec 31, 2025) Cash Position $5.0 M Long-term debt $0
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28 | Confidential – Do Not Distribute Contact Information Investor Relations Ben Shamsian Lytham Partners 646-829-9701 shamsian@lythampartners.com
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Thank you NYSEAMERICAN: NRXS | NeurAxis.com