Neuraxis Lytham Partners Fall 2026 Investor Conference

Hello, everyone, and thank you all for joining us during the Lytham Partners Fall 2026 Investor Conference. My name is Ben Shamsian, Vice President of Lytham Partners. Today, Brian Carrico, CEO of NeurAxis, will be taking us through a brief slide presentation. NeurAxis trades under the ticker NRXS. Let's get started. Brian, welcome, and I'll turn the floor over to you for your presentation.

Thank you, Ben. Welcome to those who are new to the NeurAxis story and to those who've been following the story since the IPO several years ago. Who are we? NeurAxis is a first-to-market growth stage med tech company. We're focused on neuromodulation therapies for chronic and debilitating conditions in GI, specifically disorders of the gut-brain interaction in pediatrics, and now adults. We've always been a pediatric company. We're a pediatric company first, but we are transitioning into the adult space, which we'll talk about today. From a corporate overview standpoint, for those who follow med tech, you understand how critical it is to have a Category I CPT code. This is a seven or eight-year venture for a company that's first to market. We secured our Category I CPT code effective January 1, 2026, so we're about eight and nine months into that Category I CPT code.

We just recently had a large announcement around new insurance policy coverage with Cigna that added about 18 million covered lives, which took us following the Anthem announcement late last year, early this year. Anthem took us to about 100 million, and then Cigna took us to. We had some other small victories in there that took us to 120 million covered lives. This obviously translates to revenue. The Anthem, and the Category I CPT code translated to revenue. 2025 first half was $1.8 million. 2026 first half was $3.5 million. Gross margins from 2025 first half to 2026 increased from 84% to 86%. I expect as we continue to gain more insurance policy coverage in the coming months and quarters, that that gross margin continues to tick up a little bit. What indications do we have in the market today?

As I mentioned earlier, we are a pediatric company first. We had functional abdominal pain and functional dyspepsia and nausea in patients 8 to 21 in children. Late last year, we were able to do a reverse extrapolation or an extrapolation, however you look at it, with the FDA, and that took us into the adult space. Now we have these indications for 8 and over for both of these indications, abdominal pain and IBS, functional dyspepsia, and nausea. The important part around those indications are that 8 to 21 years of age is where all of our insurance coverage lies, and over 21 years of age, we have no insurance policy coverage as a general rule because we've not done any adult-specific studies.

To combat that and to gain insurance policy coverage there, we just began what was started as an RCT double-blind placebo-controlled trial at the Cleveland Clinic. That's now turned into a multi-site RCT, which will be Cleveland Clinic, Stanford, Hoag, IU, Louisville, and Marshall. That will kick off this fall, and that will be a 350 to 400-patient RCT. The final point I would make about the adult space is we do have a Federal Supply Schedule with the Veterans Administration, VA hospitals. As I mentioned on our last earnings call, we just hired 10 or 12 1099 reps to sell IB-Stim in the VA for adults. What are some highlights about the company? First, I've always told investors we've been very disciplined when it comes to strong data.

We built this company on a foundation of data, and that strong data turns into strong policy coverage and reimbursement, and that turns into strong revenue growth. We've got a very large global market opportunity, with a significant unmet need. We have a clear commercial pathway as we were first to market through the FDA De Novo clearance. We now have a Category I technology-specific Category I CPT code, major insurance policy coverage in place, a unique innovative product. We have the highest grade evidence via the academic society guidelines, and we're now around 1,000 published patients. Our seasoned management board, which we have an exciting announcement about today, we just hired a Chief Commercial Officer.

We announced that this morning through a PR, and he comes, and we'll talk more about him later, but he comes with the experience necessary to take this company where we expect it to go in the coming quarters and years. This is a quick slide on the total addressable market, which breaks down into the serviceable available market in the pediatric side and the adult side. Right now we've got about a $5 billion market opportunity in the pediatric side and about a $2 billion market opportunity in the adult side with the adult FAP private side insurance policy coverage pending the RCT. Again, back to we'll touch high level on the data.

Disorders of the gut-brain interaction, this is what we're treating, functional dyspepsia, Irritable Bowel Syndrome, and then cyclic vomiting syndrome is also a pediatric gastroenterology call point, and that RCT is in play right now, and we'll find out late next year what that data looks like. DGBIs, this is what we're treating. This is a problem with an unmet need. For 50 years, these children have just simply received medications that are off-label. They have FDA black box warnings, and there have been no FDA-approved therapies for children or adults with functional dyspepsia and only one peripheral acting drug approved for pediatric IBS. These are disorders that are negatively affecting kids' quality of life. This means they're not going to school, or they're missing school. They're missing sports. They're missing social activities. There's insufficient data to support the use of most prescribed drugs.

Many of these, as I mentioned, with serious side effects. What is the technology look like? This is what our current technology looks like. We are in the process of redeveloping this to make it look more like, I would tell you, an Apple product. It is smaller. It looks nicer. This technology right now is $1,200, and each patient gets four. It is a $4,800 to our company, to NeurAxis, and then the children's hospital bills the insurance company, and then they are reimbursed based on their contract. This technology is placed on a Monday, for example, by a physician, a pediatric gastroenterologist, or a nurse practitioner, or a PA, and then that patient wears that device for 5 days.