NeurAxis is a small, growth-stage medical device company focused on neuromodulation therapies for gastrointestinal disorders. Its core product, IB-Stim, delivers electrical stimulation to cranial nerve branches in the ear to reduce functional abdominal pain in patients with IBS and functional dyspepsia. The device attaches four small needle arrays to the ear for five days at a time, and a full treatment course requires four weekly devices per patient. IB-Stim is FDA-cleared for patients aged 8 and older and is the only FDA-cleared device recommended in NASPGHAN's clinical practice guidelines for pediatric functional abdominal pain — a meaningful distinction given there are no FDA-approved drug therapies for IBS or functional dyspepsia in children. NeurAxis sells IB-Stim directly to children's hospitals through a small direct sales force, targeting roughly 260 U.S. children's hospitals, of which approximately 75-80 have placed orders to date. List price is $1,195 per device, or roughly $4,780 per patient for a full course, but insurance coverage gaps significantly reduce realized revenue, pushing blended average selling prices to around $850 per device. Despite this, gross margins remain in the low-to-mid 80% range due to low manufacturing costs. The most important near-term commercial catalyst is a new Category I CPT code (effective January 2026), which introduces physician reimbursement credits and is expected to reduce insurance friction. NeurAxis is also pursuing adult indications and has pipeline programs in post-concussion syndrome, cyclic vomiting syndrome, and fibromyalgia using the same underlying technology.