Here are 1-3 brief analogies for NRX Pharmaceuticals (NRXP):

• A clinical-stage Eli Lilly, but laser-focused on developing new treatments for severe mental health conditions.
• The R&D pipeline of a company like Johnson & Johnson, but as its own small, publicly traded entity.
• A small, specialized Pfizer, but dedicated to developing breakthrough therapies for severe depression and suicidal ideation.

• NRX-101: An investigational fixed-dose combination of D-cycloserine and lurasidone primarily in development for the treatment of severe bipolar depression with suicidality.

NRX Pharmaceuticals (NRXP) is a clinical-stage biopharmaceutical company. Its primary focus is on the research and development of novel therapeutics for central nervous system disorders and life-threatening respiratory diseases. As of its current stage, NRXP does not have any commercial products on the market that generate significant revenue from sales.

Therefore, NRX Pharmaceuticals (NRXP) does not currently have "major customers" in the traditional sense of companies or individuals purchasing its commercial products.

Jonathan C. Javitt, M.D., M.P.H. Chairman, Chief Executive Officer & Chief Scientist

Dr. Javitt is a physician with a background in pharmaceutical development, information technology, health economics, and public health. He is a founder of seven successful healthcare IT and biopharma startups that have had public exits, including health information technology companies that merged with Siemens, Inc., United Health Group, Inc., and Aetna, Inc. He has led drug-development engagements for major pharmaceutical companies such as Merck, Allergan, Pharmacia, Novartis, and Pfizer. Dr. Javitt held healthcare leadership roles under Presidents Reagan, George H.W. Bush, Clinton, and George W. Bush. He chaired the Health Committee of the President's Information Technology Advisory Committee (PITAC) and guided the creation of Executive Order 13335, which established the Office of the National Coordinator for Health IT. Dr. Javitt also co-founded NeuroRx, which later became NRx Pharmaceuticals.

Michael Abrams Chief Financial Officer

Mr. Abrams is a senior finance professional with nearly three decades of experience as an executive officer, investment banker, director, and senior advisor. His previous roles include serving as Chief Financial Officer for Arch Therapeutics, RiseIT Solutions, and FitLife Brands. He possesses extensive experience in financial operations, accounting, mergers and acquisitions, financial engineering, capital raising, and shareholder communications. Earlier in his career, he was the Deputy Chief Financial Officer at Cantor Fitzgerald, L.P., Chief Financial Officer at Cantor Commercial Real Estate Company, and also served as CFO of Berkeley Point Capital and Walker & Dunlop. He has also held senior audit and consulting positions at KPMG.

Matthew Duffy Chief Business Officer, Co-CEO, Hope Therapeutics

Mr. Duffy has over thirty years of experience as both a healthcare and Wall Street executive. He has extensive experience in drug development-to-market, particularly in CNS, beginning with sales management and marketing at Pfizer, Inc. He led drug commercialization efforts as head of Marketing at Medimmune (Synagis) and head of Commercial Operations at Lev Pharmaceuticals (Cinryze). Mr. Duffy also has over 20 years of experience as an investment banker, buy-side and sell-side equity research analyst, and Investor Relations professional. He has served as a Managing Director at Roberts Mitani, LLC, LifeSci Partners, LLC, and Laidlaw LTD, and co-founded Black Diamond Research, LLC, a sell-side equity research firm specializing in healthcare/biotechnology.

Rick Panicucci, Ph.D. Chief Technology Officer

Dr. Panicucci serves as the Chief Technology Officer for NRx Pharmaceuticals.

Martin Brecher, MD, DMSc, MBA Clinical & Safety Lead

Dr. Brecher has over 30 years of experience in psychiatric drug development and clinical psychiatry. He previously served as an FDA medical officer, where he led reviews of numerous psychiatry drugs. He later directed the development of novel psychiatry drugs for companies such as Hoechst Roussel (iloperidone), Janssen (risperidone), and AstraZenica (Seroquel). Dr. Brecher also held the position of Senior Medical Director for Global Product Development at PPD, a global contract research organization.

1. Going Concern and Financial Instability: NRX Pharmaceuticals faces substantial doubt regarding its ability to continue as a going concern due to persistent net losses, negative cash flow from operations, and a significant working capital deficit. The company has historically not been profitable and relies heavily on raising additional capital to fund its product development and operations. For example, as of September 30, 2025, the company had approximately $7.1 million in cash and cash equivalents against total liabilities of $40.8 million, and an accumulated deficit of roughly $307.3 million. This financial strain makes the company's ability to operate contingent on securing future financing or achieving successful regulatory approvals and revenue generation from its clinic acquisitions.
2. Regulatory Hurdles and Drug Approval Risk: As a pharmaceutical company, NRX Pharmaceuticals' success is intrinsically linked to obtaining regulatory approvals for its drug candidates, NRX-100 and NRX-101. Delays or failure to secure these approvals from bodies like the FDA could significantly impede their ability to generate revenue and continue operations. While the company is advancing its candidates through FDA Fast Track and Breakthrough Therapy pathways, and has shown regulatory progress, the final approvals are not guaranteed.
3. Share Dilution and Stock Price Volatility: NRX Pharmaceuticals has utilized various financing mechanisms, including convertible notes and warrants, which have led to and could continue to cause significant dilution for existing stockholders. The potential conversion of these notes and warrants into common stock can exert downward pressure on the company's stock price and reduce the ownership percentage of current investors. The market price of NRXP's common stock has also been highly volatile, and the company has faced risks such as potential Nasdaq delisting due to its market value falling below required thresholds.

The recent market entry of zuranolone (sold as Zurzave) developed by Sage Therapeutics and Biogen represents an emerging threat. Approved by the FDA in August 2023 for major depressive disorder (MDD) and postpartum depression (PPD), zuranolone is an oral, rapid-acting antidepressant. While NRX Pharmaceuticals' lead candidate, NRX-101, targets bipolar depression with acute suicidal ideation and behavior (BD-ASIB), the success and market penetration of an oral, rapid-acting therapy like zuranolone could significantly shape the competitive landscape for all rapid-onset treatments for severe depression. Its presence could raise the bar for new entrants, influence physician prescribing habits, and potentially impact the perceived unmet need for other rapid-acting antidepressant therapies, even in different but related indications.

NRX Pharmaceuticals (NRXP) is positioned for future revenue growth over the next 2-3 years, driven primarily by the potential commercialization of its pipeline drugs and the expansion of its clinical network. The key expected drivers include:

1. FDA Approval and Commercialization of NRX-101: The company anticipates a PDUFA (Prescription Drug User Fee Act) date for NRX-101 in 2025. This drug is intended for suicidal bipolar depression and is considered a vital unmet need, with analysts projecting significant peak sales potential.
2. FDA Approval and Commercialization of NRX-100: NRx Pharmaceuticals expects to bring its proprietary ketamine-based drug, NRX-100, to the market by early 2026, contingent on FDA approval. This represents another significant product launch that could contribute to revenue growth.
3. Expansion of Hope Therapeutics Clinic Network: NRx Pharmaceuticals is actively expanding its network of interventional psychiatry clinics through its subsidiary, Hope Therapeutics. The company aims to acquire 20 clinics, with the initial three acquired clinics alone anticipated to generate $15 million or more in annual revenue. The overarching goal is to establish a national network of these clinics with a revenue target exceeding $100 million by the end of 2025.
4. Exploration of International Markets: Beyond domestic expansion, NRx Pharmaceuticals plans to explore international markets for its products, which could open new revenue streams as its approved therapies gain traction.

Share Repurchases

• No significant share repurchases have been reported, with the 3-Month Share Buyback Ratio indicating no buybacks or potential share issuance.

Share Issuance

• In August 2025, NRx Pharmaceuticals completed a registered direct offering of approximately 3.9 million shares of common stock, generating $6.5 million in gross proceeds.
• An at-the-market (ATM) equity offering was increased to $20 million in April 2025, with about $1.8 million of common stock sold prior to this increase.
• In January 2025, the company completed a registered direct offering for $3.5 million in equity as part of a larger financing with Anson Funds.

Inbound Investments

• HOPE Therapeutics, a subsidiary, secured a $27 million funding agreement with Smith & Sauer in January 2025, including a $25 million investment in Series A Preferred Stock for HOPE and a $2 million equity purchase in NRx common stock.
• In August 2025, a consortium led by B Group Capital made a $6.5 million investment by purchasing approximately 3.9 million shares of NRx common stock.
• An $8.9 million financing was obtained from Anson Funds in January 2025, comprising $3.5 million in equity and $5.4 million in Senior Secured Notes.

Outbound Investments

• HOPE Therapeutics entered into an anticipated acquisition of Dura Medical in January 2025 to establish interventional psychiatry clinics in Florida.
• HOPE Therapeutics plans to acquire Kadima Neuropsychiatry in La Jolla, California, and a majority stake in Neurospa TMS Holdings, LLC, which operates six clinics in Florida.
• In October 2025, HOPE Therapeutics acquired a strategic interest in Cohen and Associates, LLC, incorporating it into the HOPE Network.

Capital Expenditures

• NRx Pharmaceuticals, through its subsidiary HOPE Therapeutics, is strategically investing in building a network of interventional psychiatry clinics to provide treatments for severe depression and PTSD.
• Funding from various investments is specifically earmarked for these clinic acquisitions and pharmaceutical development efforts.
• The initial three acquired clinics are projected to generate at least $15 million in annual revenue, with an objective to acquire 20 clinics.