Nexalin Technology, Inc.

Listed Company

NXLCIK 0001527352NasdaqEmerging GrowthElectromedical & Electrotherapeutic ApparatusDelawareAUFY ends Dec 31

Period

FY 2025

Revenue

$301.6K

Net Income

$-8.22M

Total Assets

$4.64M

Equity

$3.75M

Shares Out

20.58M

Op. Cash Flow

$-4.96M

Business

Nexalin Technology, Inc. develops bioelectronic neurostimulation medical devices to treat anxiety, insomnia and depression without drugs or psychotherapy. Products include Gen-1 cranial electrotherapy devices and next-generation Gen-2 and Gen-3 15 mA headset systems, plus single-use electrodes, patient cables, firmware and a patient app. Key business areas cover R&D, clinical trials and regulatory submissions, manufacturing, intellectual property and a China joint venture. The company distributes via clinical providers, a proprietary virtual telehealth clinic and regulatory channels in the U.S., China, Brazil, Oman and other territories.

Summary from filing dated 2025-03-14

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Revenues, net (includes related party of $49,671 and $6,180 for the year ended December 31, 2025 and December 31, 2024, respectively)	301,647	168,721	110,748	1	144,065
Cost of revenues	61,373	36,593	25,688	363,212	21,442
Gross profit	240,274	132,128	85,060	958,145	122,623
Professional fees	1	966,815	574,598	605,329	697,063
Salaries and benefits	2	2	1	694,108	228,738
Selling, general and administrative	4	4	2	1	5
Research and development	1	1	2	—	—
Total operating expenses	9	8	6	3	6
Loss from operations	−8	−8	−6	−2	−6
Interest income, net	8,240	3,193	−38,835	−59,382	−82,319
Gain on sale of short-term investments	126,940	130,110	231,880	—	—
Other income	34,568	9,310	239,542	171,681	—
Total other income, net	169,748	142,613	1	135,215	−59,403
Loss before provision for income taxes	−8	−8	−5	—	—
Provision for income taxes	—	—	—	—	—
Loss before net (loss)/earnings of affiliate	−8	−8	—	—	—
Net (loss)/earnings of affiliate	−1,048	4,851	—	—	—
Net loss	−8	−8	−5	−2	−6
Unrealized gain (loss) from short-term investments	919	−108	−36,718	36,313	—
Comprehensive loss	−8	−8	−5	−2	−6
Net loss per share attributable to common stockholders - Basic	−0.5	−0.83	−0.63	−0.3	—
Net loss per share attributable to common stockholders - Diluted	−0.5	−0.83	−0.63	−0.3	—
Weighted Average Shares Outstanding - Basic	16	9	7	6	—
Weighted Average Shares Outstanding - Diluted	16	9	7	6	—

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	654,783	574,485	580,230	162,743	661,778
Short-term investments	3	3	2	7	—
Accounts receivable (includes related party of $37,812 and $3,007, respectively)	81,571	13,043	9,369	4,875	16,303
Inventory	131,473	174,578	156,420	154,370	31,410
Prepaid expenses and other current assets	363,014	293,597	315,670	272,282	43,168
Total Current Assets	4	4	3	7	752,659
Intangible assets, net	336,049	260,727	105,528	—	—
Other assets	—	864	—	—	—
Total Assets	5	4	4	7	753,698
Accounts payable	244,579	155,949	159,534	658,367	843,794
Accrued expenses	642,754	390,745	261,284	539,822	611,795
Total Current Liabilities	887,333	546,694	425,281	2	2
Total Liabilities	887,333	546,694	425,281	2	2
Common stock, $0.001 par value; 100,000,000 shares authorized; 19,186,346 and 13,303,523 shares issued and outstanding at December 31, 2025 and December 31, 2024, respectively	19,186	13,304	7,437	7,287	4,880
Accumulated other comprehensive gain (loss)	406	−513	−405	36,313	—
Additional paid in capital	97	88	80	78	69
Accumulated deficit	−93	−85	−77	−72	−71
Total Stockholders Equity	4	4	3	5	−2
Total Liabilities and Stockholders Equity	5	4	4	7	753,698

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Stock compensation	3	4	2	270,670	4
Amortization	21,537	15,107	3,751	0	—
Non-cash lease expense	—	496	5,675	5,188	—
Write off of inventory	16,380	0	5,762	19,892	—
Return on investment in Joint Venture	864	95,136	—	—	—
Accounts receivable	−33,722	—	−880	253	−9,704
Accounts receivable - related party	−34,805	−3,674	−3,614	—	—
Prepaid assets	−69,417	22,073	−43,388	−229,114	−33,974
Inventory	26,725	−18,158	−7,812	−142,852	−8,754
Accounts payable	88,629	−3,585	−238,833	−46,107	382,633
Accrued expenses	252,009	129,461	−163,538	99,107	99,413
Lease liability	—	−4,463	−50,797	−46,033	−36,973
Net cash used in operating activities	−5	−4	−4	−2	−1
Sale of short-term investments	41	33	41	—	—
Purchase of short-term investments	−41	−34	−37	−7	—
Purchase of patents	−59,942	−116,812	−98,970	—	—
Purchase of trademarks	−36,917	−53,494	−10,309	—	—
Net cash used in investing activities	−131,991	−577,539	4	−7	—
Sale of common stock for cash, net of financing fees	5	5	—	9	1
Proceeds from ATM, net of fees	523,550	—	−200,000	—	—
Net cash provided by financing activities	5	5	−200,000	9	2
Net increase (decrease) in cash and cash equivalents	80,298	−5,745	417,487	−499,035	583,342
Unrealized gain (loss) on short-term investments	919	−108	−36,718	36,313	—

Filings

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