Is Nexalin Technology, Inc. overvalued or undervalued?

As of 10 August 2023, the valuation grade for Nexalin Technology, Inc. has moved from risky to does not qualify, indicating a significant deterioration in its financial standing. The company appears to be overvalued, particularly given its troubling financial ratios, including a price-to-book value of 9.53 and an EV to EBITDA of -2.32. Additionally, the return on capital employed (ROCE) and return on equity (ROE) are alarmingly low at -869.22% and -367.87%, respectively.
In comparison to its peers, Nexalin's EV to EBITDA ratio of -2.32 is worse than that of Cardio Diagnostics Holdings, Inc. at 0.5065 and Vivos Therapeutics, Inc. at -1.0143, both of which are also struggling but show relatively better performance. The company's recent stock performance has been dismal, with a year-to-date decline of 61.96%, contrasting sharply with the S&P 500's modest gain of 2.44% during the same period. This further reinforces the notion that Nexalin Technology, Inc. is currently overvalued.