NeurAxis Share Structure: Understanding the Nuances

Overview

I’ve been burned a few times by bad share structures. The most dangerous are debt arrangements convertible to shares at a discount to market price, as these can trigger a toxic debt spiral and encourage short sellers to drive a stock down.

With that in mind, I reviewed the share structure of NeurAxis, where I hold a personal position and which is also part of our MCO mock portfolio. My analysis is based on the most recent available documents—the SEC filing for the quarter ending June 30, 2025.