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NXL

Nexalin Technology, Inc.

NXL

Nexalin Technology, Inc. • NASDAQ
$1.08 ▲ 1.89% (+0.02)
Market Cap $20.14 M
52w High $4.49
52w Low $0.70
Dividend Yield 0%
P/E -1.64
Volume 28.67K
Outstanding Shares 18.65M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $18.149K ▼ $1.909M ▲ $-2.276M ▼ -12.542K% ▼ $-0.13 ▼ $-2.271M ▼
Q2-2025 $70.588K ▲ $1.669M ▼ $-1.581M ▲ -2.24K% ▲ $-0.1 ▲ $-1.576M ▲
Q1-2025 $41.015K ▲ $2.039M ▼ $-1.988M ▲ -4.848K% ▲ $-0.15 ▲ $-2.006M ▲
Q4-2024 $27.179K ▼ $2.895M ▲ $-2.833M ▼ -10.425K% ▼ $-0.29 ▼ $-2.871M ▼
Q3-2024 $36.031K $2.532M $-2.448M -6.795K% $-0.23 $-2.504M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $4.353M ▼ $5.126M ▼ $357.524K ▼ $4.768M ▼
Q2-2025 $5.793M ▲ $6.564M ▲ $600.584K ▲ $5.963M ▲
Q1-2025 $2.051M ▼ $2.9M ▼ $574.736K ▲ $2.325M ▼
Q4-2024 $3.48M ▼ $4.223M ▼ $546.694K ▲ $3.676M ▼
Q3-2024 $4.594M $5.257M $299.389K $4.958M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-2.276M ▼ $-1.466M ▼ $1.625M ▲ $0 ▼ $158.755K ▲ $-1.466M ▼
Q2-2025 $-1.581M ▲ $-917.165K ▲ $-3.92M ▼ $4.646M ▲ $-190.709K ▼ $-917.165K ▲
Q1-2025 $-1.988M ▲ $-1.426M ▼ $1.474M ▼ $0 $47.544K ▼ $-1.426M ▼
Q4-2024 $-2.833M ▼ $-1.134M ▼ $1.628M ▲ $0 ▼ $493.064K ▲ $-1.151M ▼
Q3-2024 $-2.448M $-800.21K $-4.483M $4.516M $-767.375K $-673.207K

Revenue by Products

Product Q3-2024Q4-2024Q1-2025Q2-2025
Equipment
Equipment
 $0 ▲$0 ▲$0 ▲$0 ▲
Licensing fee
Licensing fee
 $0 ▲$0 ▲$0 ▲$0 ▲
Other
Other
 $0 ▲$0 ▲$0 ▲$0 ▲
Device Sales
Device Sales
 $0 ▲$0 ▲$0 ▲$0 ▲

Five-Year Company Overview

Income Statement

Income Statement Nexalin looks like an early-stage, pre‑revenue medical device company. The financial history shows essentially no sales yet, but consistent operating losses. That usually reflects spending on research, clinical work, regulatory activities, and corporate overhead without any offsetting product revenue. Earnings per share have been negative and somewhat volatile, which is common for a small, developing healthcare technology company still in the build‑out and trial phase rather than in commercial scale‑up.

Balance Sheet

Balance Sheet The balance sheet appears very light, with only modest assets and equity and no meaningful debt reported. That suggests a lean capital base and a business still in the development stage. The lack of debt lowers financial strain from interest payments, but the small equity base also means limited internal resources to fund long timelines for approvals and commercialization. In practice, a company in this position typically relies on future capital raises to support ongoing operations and trials, which can lead to ownership dilution if it continues for a long period.

Cash Flow

Cash Flow Reported cash flow figures are minimal and not very informative, but the overall picture is clear: the company is not generating cash from operations and is not yet investing heavily in physical assets. This pattern is typical for a small med‑tech developer: cash is usually consumed by research, trials, and regulatory work rather than generated by sales. The key question for a business like this is how much cash runway it has and how consistently it can access outside funding while it moves through expensive clinical and regulatory milestones.

Competitive Edge

Competitive Edge Competitively, Nexalin is trying to carve out a niche in non‑invasive brain stimulation for mental health, a large and underserved area. Its technology claims deeper brain penetration than some competing neurostimulation methods, while remaining non‑invasive and drug‑free, which is a meaningful differentiator if clinical and regulatory outcomes are favorable. It already has regulatory approvals in several countries outside the U.S., and is pursuing U.S. FDA clearance and European approvals. However, it is still a very small player in a field that includes larger, better‑funded medical device and pharma companies. Its position will depend heavily on trial results, regulatory decisions, physician adoption, reimbursement, and its ability to build commercial and distribution capabilities from a small base.

Innovation and R&D

Innovation and R&D Innovation is clearly Nexalin’s main strength. The company is centered around its proprietary DIFS neurostimulation technology and has patents that run well into the next decade, which can act as a legal moat if the technology gains traction. It is pushing multiple generations of devices, including an at‑home headset integrated with a virtual clinic and data platform, aiming to match clinical efficacy with convenience and remote monitoring. R&D is being spread across several potential indications—anxiety, insomnia, Alzheimer’s, traumatic brain injury, PTSD, addiction, and gambling disorder—creating many shots on goal but also increasing complexity and cost. The real value of this innovation will only be confirmed over time through pivotal trials, peer‑reviewed results, and regulatory approvals.

Summary

Overall, Nexalin is a very early‑stage, high‑uncertainty healthcare technology story: pre‑revenue, with a thin balance sheet, but a differentiated and patent‑protected platform targeting a very large mental health market. Progress so far is more scientific and regulatory than financial, with international approvals and promising clinical work but no established commercial scale. The company’s future will likely be shaped by a few critical factors: outcomes of U.S. and international trials, success in obtaining key FDA and CE approvals, the ability to fund operations through those milestones, and eventual proof that clinicians, patients, and payers adopt its devices in meaningful numbers. Until then, financial metrics will mostly reflect development‑stage risk rather than mature business performance.

NEWS

November 18, 2025 · 9:00 AM UTC

Nexalin's 15 Milliamp Neurostimulation Device Demonstrates Promising Results in Treating Gambling Disorder with Alcohol Use Comorbidity

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November 13, 2025 · 9:15 AM UTC

Nexalin Technology Appoints Carmi Masha Technologies Ltd. as Exclusive Distributor in Israel

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November 5, 2025 · 8:30 AM UTC

Nexalin Technology's Q-Submission for Gen-2 SYNC Accepted by U.S. FDA for the Treatment of Alzheimer's Disease and Dementia

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October 30, 2025 · 8:30 AM UTC

Nexalin Technology Announces Regulatory Approval to Sell Gen 2 SYNC, 15 mA Neurostimulation DIFS™ Device in Israel

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October 21, 2025 · 9:00 AM UTC

Nexalin's DIFS™ Neurostimulation Shows Cognitive and Brain Network Improvements in Alzheimer's and Dementia Across Three Peer-Reviewed Studies

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