Nexalin Technology, Inc. NXL
Nexalin is headquartered, and maintains its base of management and operations, in Houston, Texas. We design and develop innovative neurostimulation products to uniquely and effectively help combat the ongoing global mental health epidemic. We developed an easy-to-administer medical device — referred to as "Generation 1" or "Gen-1" — that utilizes bioelectronic medical technology to treat anxiety, insomnia and depression without the need for drugs or psychotherapy. Our original Gen-1 devices are cranial electrotherapy stimulation (CES) devices that emit a waveform at 4 milliamps during treatment and are presently classified by the U.S. Food and Drug Administration (the "FDA") as a Class II device.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 |
|---|---|---|---|---|---|---|
| Revenue | $301.6K | $168.7K | $110.7K | $1.3M | $144.1K | — |
| Cost of revenue | $61.4K | $36.6K | $25.7K | $363.2K | $21.4K | — |
| Gross profit | $240.3K | $132.1K | $85.1K | $958.1K | $122.6K | — |
| R&D | $1.1M | $1.2M | $1.9M | $511.0K | $139.0K | — |
| SG&A | $4.4M | $4.2M | $1.9M | $1.5M | $5.2M | — |
| Total operating expenses | $8.6M | $7.9M | $5.8M | $2.8M | $6.1M | — |
| Operating income | -$8.4M | -$7.8M | -$5.7M | -$1.8M | -$6.0M | — |
| Interest expense | $8.2K | $3.2K | $38.8K | $59.4K | $82.3K | — |
| Pre-tax income | -$8.2M | -$7.6M | -$4.6M | — | — | — |
| Net income | -$8.2M | -$7.6M | -$4.6M | -$1.7M | -$6.1M | — |
| EPS, basic | -0.50 | -0.83 | -0.63 | -0.30 | — | — |
| EPS, diluted | -0.50 | -0.83 | -0.63 | -0.30 | — | — |
| Shares, diluted (wtd. avg.) | $16.4M | $9.2M | $7.4M | $5.6M | — | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 |
|---|---|---|---|---|---|---|
| Cash and equivalents | $654.8K | $574.5K | $580.2K | $162.7K | $661.8K | $78.4K |
| Short-term investments | $3.1M | $2.9M | $2.4M | $6.8M | — | — |
| Receivables | $81.6K | $13.0K | $9.4K | $4.9K | $16.3K | — |
| Inventory | $131.5K | $174.6K | $156.4K | $154.4K | $31.4K | — |
| Total current assets | $4.3M | $4.0M | $3.4M | $7.4M | $752.7K | — |
| Property, plant and equipment | — | — | — | $503 | $1.0K | — |
| Other intangibles | $336.0K | $260.7K | $105.5K | — | — | — |
| Total assets | $4.6M | $4.2M | $3.6M | $7.4M | $753.7K | — |
| Accounts payable | $244.6K | $155.9K | $159.5K | $658.4K | $843.8K | — |
| Total current liabilities | $887.3K | $546.7K | $425.3K | $1.9M | $2.4M | — |
| Total liabilities | $887.3K | $546.7K | $425.3K | $2.0M | $2.4M | — |
| Retained earnings | -$92.9M | -$84.6M | -$77.0M | -$72.4M | -$70.7M | — |
| Total equity | $3.7M | $3.7M | $3.2M | $5.5M | -$1.7M | -$1.6M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 |
|---|---|---|---|---|---|---|
| Operating cash flow | -$5.0M | -$3.9M | -$3.8M | -$2.2M | -$1.1M | — |
| Depreciation and amortisation | — | — | $503 | $535 | $537 | — |
| Stock-based compensation | $3.1M | $3.6M | $2.4M | $270.7K | $4.5M | — |
| Investing cash flow | -$132.0K | -$577.5K | $4.5M | -$6.8M | — | — |
| Financing cash flow | $5.2M | $4.5M | -$200.0K | $8.5M | $1.7M | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001829126-26-002673.
Others in SIC 3845
| Ticker | Company | Market cap | P/E | Revenue growth |
|---|---|---|---|---|
| MDT | Medtronic plc | $120.46B | 25.2x | 8.4% |
| LIVN | LivaNova PLC | $4.51B | — | 10.7% |
| ITGR | Integer Holdings Corp | $4.30B | 43.8x | 8.0% |
| TMDX | TransMedics Group, Inc. | $3.12B | 18.5x | 37.1% |
| AXGN | Axogen, Inc. | $2.60B | — | 20.2% |
| BLFS | BIOLIFE SOLUTIONS INC | $1.72B | — | 28.9% |
| CNMD | CONMED Corp | $1.48B | 32.7x | 5.2% |
| CBLL | Ceribell, Inc. | $948.7M | — | 36.1% |