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    NRX Pharmaceuticals (NRXP)

    Market Price (10/15/2026): $2.65 | Market Cap: $99.8 MilSector: Health Care | Industry: Biotechnology

    NRX Pharmaceuticals (NRXP)

    Market Price (10/15/2026): $2.65
    Market Cap: $99.8 Mil
    Sector: Health Care
    Industry: Biotechnology

    Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

    0

    Cash is significant % of market cap
    Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -26%

    Megatrend and thematic drivers
    Megatrends include Precision Medicine. Themes include CNS Targeted Therapies, and Critical Care Drug Development.

    Weak multi-year price returns
    3Y Excs Rtn is -84%

    Meaningful short interest
    Short Interest Days-to-CoverDTC = (Short Interest Share Quantity) / (Average Daily Trading Volume). Reflects how many days it would take to cover (close out) the short interest based on average volumes. High DTC can signify an increased risk of a short squeeze. is 13.98

    Not profitable at operating income level
    Op Inc LTMOperating Income, Last Twelve Months is -20 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -586%

    Significant share based compensation
    SBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 13%

    Not cash flow generative
    CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -583%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -583%

    Yield minus risk free rate is negative
    ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -28%

    Significant short interest
    Short Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 26%

    Key risks
    NRXP key risks include [1] substantial doubt about its ability to continue as a going concern due to persistent net losses and a heavy reliance on raising capital, Show more.

    0 Cash is significant % of market cap
    Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -26%
    1 Megatrend and thematic drivers
    Megatrends include Precision Medicine. Themes include CNS Targeted Therapies, and Critical Care Drug Development.
    2 Weak multi-year price returns
    3Y Excs Rtn is -84%
    3 Meaningful short interest
    Short Interest Days-to-CoverDTC = (Short Interest Share Quantity) / (Average Daily Trading Volume). Reflects how many days it would take to cover (close out) the short interest based on average volumes. High DTC can signify an increased risk of a short squeeze. is 13.98
    4 Not profitable at operating income level
    Op Inc LTMOperating Income, Last Twelve Months is -20 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -586%
    5 Significant share based compensation
    SBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 13%
    6 Not cash flow generative
    CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -583%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -583%
    7 Yield minus risk free rate is negative
    ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -28%
    8 Significant short interest
    Short Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 26%
    9 Key risks
    NRXP key risks include [1] substantial doubt about its ability to continue as a going concern due to persistent net losses and a heavy reliance on raising capital, Show more.

    NRXP in ETFs

    Weight = NRXP's share of each fund

    VTI0.00%

    Valuation & Metrics

    FYE: 12/31NRXP [1]S&P 500 [2]
    REVENUE GROWTH
    LTM Revenue [3]$3.4 Mil—
    FY 2026 Sales$5.5 Mil—
    FY 2027 Sales$90.2 Mil—
    FY 2026 Sales Growth62.3%—
    FY 2027 Sales Growth1,536.5%13.3%
    EARNINGS
    LTM Net Income (GAAP) [3]$-23.5 Mil—
    FY 2026 Net Income (Non-GAAP)$-21.4 Mil—
    FY 2027 Net Income (Non-GAAP)$-8.7 Mil—
    FY 2027 Net Income Growth—19.0%
    FY 2026 EPS (Non-GAAP)$-0.87—
    FY 2027 EPS (Non-GAAP)$-0.41—
    FY 2027 EPS Growth——
    VALUATION
    FY 2026 P/S18.11.7
    FY 2027 P/S1.1—
    FY 2026 P/E—7.7
    FY 2027 P/E——

    [1] NRXP forward figures are analyst consensus for the next two fiscal years (fiscal year end 12/31). Net Income and EPS are non-GAAP (adjusted) consensus. P/S and P/E divide the current market cap by the consensus figure.
    [2] S&P 500 figures are the SPY ETF's holdings-weighted forward aggregate. P/S and P/E reflect FY1/FY2 consensus blended to the 12-month window ending 10/31/27 (~one year forward), shown when ≥90% of index weight has estimates. Growth is the aggregate next-fiscal-year vs current-fiscal-year (FY1→FY2) change. Index-level dollar Sales, Net Income and EPS are not applicable.
    [3] LTM = reported trailing-twelve-month actuals (GAAP).
    NRXPS&P 500
    REVENUE GROWTHFAIR
    Rev LTM ($ Bil)0.0
    Rev Chg Q�9.3%
    Rev Chg LTM�8.3%
    PROFITABILITYVERY POOR
    Op Inc LTM ($ Bil)-0.0
    CFO LTM ($ Bil)-0.0
    Net Inc LTM ($ Bil)-0.0
    Op Mgn LTM-586.2%18.5%
    CFO/Rev LTM-582.6%21.9%
    Net Inc Mgn-691.8%13.3%
    VALUATIONVERY HIGH
    P/S29.43.1
    P/CFO-5.014.7
    P/FCF-5.019.2
    P/E-4.222.7
    STABILITYVERY GOOD
    Debt/Equity0.010.20
    Cash/Assets0.780.07

    AI Analysis | Feedback

    MetricValueDateSource
    Number of Patients in latest Clinical Trial915062024Link
    Number of Issued Patents Worldwide482222023Link
    Number of Drug Candidates in Pipeline28202025Link
    Number of Acquired Clinics35282025Link

    Price Chart

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    Upcoming
    11/13/2026Earnings ReleaseRev: $1.0 Mil (E)
    EPS: $-0.21 (E)

    Why The Stock Moved

    Qualitative Assessment

    AI Analysis | Feedback

    Updated on 10/14/2026

    NRX Pharmaceuticals (NRXP) stock has lost about 35% since 6/30/2026 because of the following key factors:

    1. NRx Pharmaceuticals reported a significant earnings miss for fiscal Q2 2026. The company announced its fiscal Q2 2026 results around mid-August 2026, reporting an earnings per share (EPS) of -$0.44. This substantially missed the Zacks Consensus Estimate of -$0.11 or -$0.12 per share, representing a negative earnings surprise of 100% to 266.67%. Additionally, quarterly revenue came in at $1.10 million, falling short of analyst estimates of $1.33 million.

    2. Analysts downgraded earnings forecasts and overall ratings due to underperformance and dilution concerns. Following the disappointing fiscal Q2 2026 results, Ascendiant Capital Markets reduced its EPS estimates for NRx Pharmaceuticals, projecting a fiscal Q3 2026 loss of $0.15 per share (down from a prior $0.08 loss) and cutting its full-year fiscal 2026 forecast to an $0.80 loss per share. Separately, Wall Street Zen downgraded the stock from "hold" to "sell" in mid-August 2026. Analysts also noted concerns that expected annual gross equity raises of approximately $25 million from fiscal 2026 to fiscal 2028 could dilute shareholders, impacting future stock value.

    Show more
    Updated on 10/14/2026

    NRX Pharmaceuticals (NRXP) stock has lost about 35% since 6/30/2026 because of the following key factors:

    1. NRx Pharmaceuticals reported a significant earnings miss for fiscal Q2 2026. The company announced its fiscal Q2 2026 results around mid-August 2026, reporting an earnings per share (EPS) of -$0.44. This substantially missed the Zacks Consensus Estimate of -$0.11 or -$0.12 per share, representing a negative earnings surprise of 100% to 266.67%. Additionally, quarterly revenue came in at $1.10 million, falling short of analyst estimates of $1.33 million.

    2. Analysts downgraded earnings forecasts and overall ratings due to underperformance and dilution concerns. Following the disappointing fiscal Q2 2026 results, Ascendiant Capital Markets reduced its EPS estimates for NRx Pharmaceuticals, projecting a fiscal Q3 2026 loss of $0.15 per share (down from a prior $0.08 loss) and cutting its full-year fiscal 2026 forecast to an $0.80 loss per share. Separately, Wall Street Zen downgraded the stock from "hold" to "sell" in mid-August 2026. Analysts also noted concerns that expected annual gross equity raises of approximately $25 million from fiscal 2026 to fiscal 2028 could dilute shareholders, impacting future stock value.

    3. The anticipated approval timeline for KETAFREE was extended, contributing to investor uncertainty. While NRx Pharmaceuticals announced in August 2026 that its Abbreviated New Drug Application (ANDA) for preservative-free ketamine (KETAFREE) completed its first-cycle FDA review with no major drug-related deficiencies and that it targeted 2026 approval, the final GDUFA goal date was later revised. Initially set for July 29, 2026, the review goal date was updated to November 10, 2026, due to a previous major amendment being revised to a minor amendment. This delay, despite the positive initial review, likely created uncertainty among investors regarding the near-term commercialization and revenue generation from this key product.

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    Stock Movement Drivers

    Fundamental Drivers

    The -36.7% change in NRXP stock from 6/30/2026 to 10/14/2026 was primarily driven by a -50.2% change in the company's P/S Multiple.
    (LTM values as of)630202610142026Change
    Stock Price ($)4.092.59-36.7%
    Change Contribution By: 
    Total Revenues ($ Mil)2348.0%
    P/S Multiple57.728.7-50.2%
    Shares Outstanding (Mil)3238-14.1%
    Cumulative Contribution-36.7%

    LTM = Last Twelve Months as of date shown

    Market Drivers

    6/30/2026 to 10/14/2026
    ReturnCorrelation
    NRXP-36.7% 
    Market (SPY)3.1%26.6%
    Sector (XLV)9.6%-8.9%

    Fundamental Drivers

    The 21.6% change in NRXP stock from 3/31/2026 to 10/14/2026 was primarily driven by a 177.1% change in the company's Total Revenues ($ Mil).
    (LTM values as of)331202610142026Change
    Stock Price ($)2.132.5921.6%
    Change Contribution By: 
    Total Revenues ($ Mil)13177.1%
    P/S Multiple50.428.7-42.9%
    Shares Outstanding (Mil)2938-23.1%
    Cumulative Contribution21.6%

    LTM = Last Twelve Months as of date shown

    Market Drivers

    3/31/2026 to 10/14/2026
    ReturnCorrelation
    NRXP21.6% 
    Market (SPY)18.6%28.0%
    Sector (XLV)19.2%-10.5%

    Fundamental Drivers

    The -21.5% change in NRXP stock from 9/30/2025 to 10/14/2026 was primarily driven by a null change in the company's P/S Multiple.
    (LTM values as of)930202510142026Change
    Stock Price ($)3.302.59-21.5%
    Change Contribution By: 
    Total Revenues ($ Mil)039.2233720368547763E17%
    P/S Multiple∞28.7 
    Shares Outstanding (Mil)1838-52.4%
    Cumulative Contribution0.0%

    LTM = Last Twelve Months as of date shown

    Market Drivers

    9/30/2025 to 10/14/2026
    ReturnCorrelation
    NRXP-21.5% 
    Market (SPY)16.5%31.5%
    Sector (XLV)26.6%3.3%

    Fundamental Drivers

    The -0.4% change in NRXP stock from 9/30/2023 to 10/14/2026 was primarily driven by a null change in the company's P/S Multiple.
    (LTM values as of)930202310142026Change
    Stock Price ($)2.602.59-0.4%
    Change Contribution By: 
    Total Revenues ($ Mil)039.2233720368547763E17%
    P/S Multiple∞28.7 
    Shares Outstanding (Mil)738-80.6%
    Cumulative Contribution0.0%

    LTM = Last Twelve Months as of date shown

    Market Drivers

    9/30/2023 to 10/14/2026
    ReturnCorrelation
    NRXP-0.4% 
    Market (SPY)86.2%3.8%
    Sector (XLV)41.5%1.7%

    Return vs. Risk

    Price Returns Compared

     202120222023202420252026Total [1]
    Returns
    NRXP Return-80%-77%-59%-52%23%-0%-99%
    Peers Return25%32%3%10%47%12%207%
    S&P 500 Return27%-19%24%23%16%14%108%

    Monthly Win Rates [3]
    NRXP Win Rate42%50%42%25%50%40% 
    Peers Win Rate63%62%45%50%62%60% 
    S&P 500 Win Rate75%42%67%75%67%50% 

    Max Drawdowns [4]
    NRXP Max Drawdown-93%-90%-83%-98%-66%-42% 
    Peers Max Drawdown-27%-26%-27%-22%-23%-21% 
    S&P 500 Max Drawdown-5%-25%-10%-8%-19%-9% 

    [1] Cumulative total returns since the beginning of 2021
    [2] Peers: AXSM, JNJ, LLY, ABBV, PFE.
    [3] Win Rate = % of calendar months in which monthly returns were positive
    [4] Max drawdown represents maximum peak-to-trough decline within a year
    [5] 2026 data is for the year up to 10/14/2026 (YTD)

    How Low Can It Go

    EventNRXPS&P 500
    2025 US Tariff Shock
      % Loss-32.7%-18.8%
      % Gain to Breakeven48.5%23.1%
      Time to Breakeven42 days79 days
    2024 Yen Carry Trade Unwind
      % Loss-26.7%-7.8%
      % Gain to Breakeven36.4%8.5%
      Time to Breakeven139 days18 days
    Summer-Fall 2023 Five Percent Yield Shock
      % Loss-37.5%-9.5%
      % Gain to Breakeven60.1%10.5%
      Time to Breakeven84 days24 days
    2023 SVB Regional Banking Crisis
      % Loss-66.6%-6.7%
      % Gain to Breakeven199.2%7.1%
      Time to Breakeven260 days31 days
    2022 Inflation Shock & Fed Tightening
      % Loss-89.8%-24.5%
      % Gain to Breakeven878.3%32.4%
      Time to Breakeven655 days427 days

    Compare to AXSM, JNJ, LLY, ABBV, PFE

    In The Past

    NRX Pharmaceuticals's stock fell -32.7% during the 2025 US Tariff Shock. Such a loss loss requires a 48.5% gain to breakeven.

    Preserve Wealth

    Limiting losses and compounding gains is essential to preserving wealth.

    Asset Allocation

    Actively managed asset allocation strategies protect wealth. Learn more.

    EventNRXPS&P 500
    2025 US Tariff Shock
      % Loss-32.7%-18.8%
      % Gain to Breakeven48.5%23.1%
      Time to Breakeven42 days79 days
    2024 Yen Carry Trade Unwind
      % Loss-26.7%-7.8%
      % Gain to Breakeven36.4%8.5%
      Time to Breakeven139 days18 days
    Summer-Fall 2023 Five Percent Yield Shock
      % Loss-37.5%-9.5%
      % Gain to Breakeven60.1%10.5%
      Time to Breakeven84 days24 days
    2023 SVB Regional Banking Crisis
      % Loss-66.6%-6.7%
      % Gain to Breakeven199.2%7.1%
      Time to Breakeven260 days31 days
    2022 Inflation Shock & Fed Tightening
      % Loss-89.8%-24.5%
      % Gain to Breakeven878.3%32.4%
      Time to Breakeven655 days427 days

    Compare to AXSM, JNJ, LLY, ABBV, PFE

    In The Past

    NRX Pharmaceuticals's stock fell -32.7% during the 2025 US Tariff Shock. Such a loss loss requires a 48.5% gain to breakeven.

    Preserve Wealth

    Limiting losses and compounding gains is essential to preserving wealth.

    Asset Allocation

    Actively managed asset allocation strategies protect wealth. Learn more.

    About NRX Pharmaceuticals (NRXP)

    ```html

    NRX Pharmaceuticals, Inc. (NRXP) is a clinical-stage pharmaceutical company focused on developing innovative treatments for critical medical conditions. The company specializes in creating novel therapeutics primarily for central nervous system disorders, such as bipolar depression, and life-threatening pulmonary diseases, with a current focus on respiratory failure.

    The company's key product candidates include ZYESAMI, an investigational drug that has completed Phase IIb/III clinical studies for the treatment of COVID-19 related respiratory failure. Additionally, NRX Pharmaceuticals is developing NRX-100 and NRX-101, which are oral therapeutics aimed at addressing bipolar depression, specifically targeting patients experiencing acute or sub-acute suicidal behavior and ideation.

    NRX Pharmaceuticals primarily serves patients suffering from severe mental health conditions, particularly bipolar depression complicated by suicidality, and individuals critically ill with respiratory failure, such as that caused by COVID-19. Its market focus is on developing solutions for these significant unmet medical needs within the pharmaceutical industry.

    ```

    AI Analysis | Feedback

    • A clinical-stage biotech striving to be the next Moderna or Gilead, specializing in mental health and critical respiratory drugs.
    • Like a biomedical Google X, dedicated to discovering innovative drugs for mental health disorders and critical lung diseases.

    AI Analysis | Feedback

    • ZYESAMI: An investigational drug developed for COVID-19 related respiratory failure.
    • NRX-100: An oral therapeutic targeting bipolar depression in patients exhibiting acute suicidal behavior or ideation.
    • NRX-101: An oral therapeutic for the treatment of bipolar depression in patients with sub-acute suicidal ideation and behavior.

    AI Analysis | Feedback

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    AI Analysis | Feedback

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

    Dr. Jonathan C. Javitt is the co-founder, Chairman, and Chief Scientist of NRx Pharmaceuticals, and currently serves as its CEO. He has founded seven successful healthcare IT and biopharma startups that have achieved public exits. Dr. Javitt has also led drug-development engagements for prominent pharmaceutical companies including Merck, Allergan, Pharmacia, Novartis, and Pfizer. He held healthcare leadership roles under Presidents Reagan, George H.W. Bush, Clinton, and George W. Bush, notably chairing the Health Committee of the President's Information Technology Advisory Committee (PITAC) and guiding the development of Executive Order 13335, which established the Office of the National Coordinator for Health IT.

    Michael Abrams Chief Financial Officer

    Michael Abrams was appointed Chief Financial Officer of NRx Pharmaceuticals in November 2024. He possesses nearly three decades of experience as an executive officer, investment banker, director, and senior advisor. His prior experience as CFO includes roles at Arch Therapeutics, RiseIT Solutions, and FitLife Brands. Mr. Abrams' expertise encompasses financial operations, accounting, mergers and acquisitions, financial engineering, capital raising, and shareholder communications.

    Daniel C. Javitt, M.D., Ph.D. Co-Founder and Chair of the Scientific Advisory Board

    Dr. Daniel C. Javitt is a co-founder of NRx Pharmaceuticals and serves as the Chair of its Scientific Advisory Board. He is a Professor of Psychiatry and Neuroscience at Columbia University. With over 30 years dedicated to the intersection of psychiatry and brain science, his research focuses on NMDA receptors and their role in psycho-affective disorders. Dr. Javitt is credited with discovering the synergy between NMDA antagonist drugs and serotonin-targeted compounds, a foundational element of NRx Pharmaceuticals' technology platform. He has authored over 250 scientific publications and holds 10 patents in the field.

    Robert Besthof Head of Operations and Chief Commercial Officer

    Robert Besthof currently serves as the Head of Operations and Chief Commercial Officer for NRx Pharmaceuticals. He previously held the position of interim CEO before Stephen Willard's appointment in July 2022.

    Prof. Joshua C. Brown, MD, PhD Chief Medical Innovation Officer

    Prof. Joshua C. Brown was appointed Chief Medical Innovation Officer of NRx Pharmaceuticals in March 2026. He is a psychiatrist, neurologist, and neuroscientist with a focus on Transcranial Magnetic Stimulation (TMS). Prof. Brown is the current President of the Clinical TMS Society and Editor-in-Chief of the Transcranial Magnetic Stimulation journal. His background includes extensive work on neuroplasticity and its application to treating depression and PTSD.

    AI Analysis | Feedback

    ```html

    Key Risks to NRX Pharmaceuticals (NRXP)

    1. Financial Sustainability and Going Concern Risk

      NRX Pharmaceuticals faces significant challenges related to its financial viability. The company has a history of substantial operating losses, a large accumulated deficit, and negative shareholder equity. Its current cash position indicates a short cash runway, and management has explicitly expressed substantial doubt about the company's ability to continue as a going concern. While the company has secured operating capital through mid-2026 and recently repaid some debt, the underlying issue of consistent profitability and sufficient cash flow remains a primary concern.

    2. Regulatory Approval and Clinical Development Risks

      As a clinical-stage pharmaceutical company, the success of NRX Pharmaceuticals is heavily dependent on the successful development and regulatory approval of its drug candidates. There are inherent uncertainties in the FDA approval process, which could lead to delays or outright denial of marketing authorization for its lead drug candidates, NRX-100, NRX-101, and ZYESAMI. For example, ZYESAMI, an investigational drug for COVID-11 related respiratory failure, previously had its Emergency Use Authorization declined by the FDA due to insufficient data. While NRX-100 and NRX-101 are progressing through clinical development with recent positive FDA feedback for NRX-100, the path to final approval still carries significant risk.

    3. Nasdaq Delisting Risk

      NRX Pharmaceuticals has previously faced non-compliance issues with Nasdaq's continued listing requirements, specifically concerning its Market Value of Listed Securities (MVLS). Failure to maintain compliance with these requirements could result in the delisting of its common stock. A delisting would likely have a negative impact on the company's ability to raise additional capital and could significantly reduce the liquidity and market price of its shares.

    ```

    AI Analysis | Feedback

    The rapidly diminishing and evolving market for COVID-19 therapeutics poses a clear emerging threat to the commercial potential of ZYESAMI. With widespread vaccination, the availability of established treatments, and a general decline in the severity and hospitalization rates associated with new variants, the addressable market for a new drug targeting COVID-19 related respiratory failure, even one that has completed late-stage clinical studies, is significantly reduced compared to earlier stages of the pandemic. This shift in market demand and the competitive landscape could severely limit the drug's future revenue generation.

    AI Analysis | Feedback

    NRX Pharmaceuticals (symbol: NRXP) is a clinical-stage pharmaceutical company developing therapeutics for central nervous system disorders and life-threatening pulmonary diseases. The addressable markets for its main products are as follows:

    • ZYESAMI (COVID-19 related respiratory failure): The addressable market size for ZYESAMI for COVID-19 related respiratory failure is currently null, as specific market sizing information was not identified in the provided data.
    • NRX-100 (IV ketamine for suicidal depression): The addressable market for NRX-100, a preservative-free intravenous ketamine for suicidal depression, is estimated to be between $3 billion and $5 billion in the U.S.
    • NRX-101 (oral therapeutics for bipolar depression with suicidal ideation and behavior): The addressable market for NRX-101, an oral therapeutic for bipolar depression, is estimated to be over $2 billion for its initial indication in patients at risk of akathisia, with the broad bipolar market potentially exceeding $5 billion in the U.S. If approved, the market for NRx-101 combined with transcranial magnetic stimulation (TMS) for depression and suicidality could exceed $1 billion. Furthermore, an estimated initial market of $3.7 billion in the U.S. is noted for NRX-101 addressing bipolar depression in patients with akathisia.

    AI Analysis | Feedback

    NRX Pharmaceuticals (NRXP) is positioned for future revenue growth over the next 2-3 years, driven primarily by the potential commercialization of its central nervous system disorder therapeutics and the expansion of its clinical services network. Key expected drivers include:

    1. Commercialization of KETAFREE (NRX-100) via Abbreviated New Drug Application (ANDA) Pathway: NRx Pharmaceuticals has refiled its Abbreviated New Drug Application (ANDA) for KETAFREE, a preservative-free ketamine formulation, with an anticipated Goal Date for review by the second quarter of 2026. The existing generic ketamine market is estimated at approximately $750 million annually, and NRx Pharmaceuticals expects to secure a substantial share of this market upon approval. The company aims to have at least one million doses manufactured and ready for distribution by July 2026.
    2. Approval and Commercialization of NRX-101 for Suicidal Bipolar Depression: NRX-101, which holds Breakthrough Therapy Designation for suicidal bipolar depression, is progressing through its New Drug Application (NDA) filing, with a Prescription Drug User Fee Act (PDUFA) date anticipated before December 31, 2025. If approved, NRX-101 could address a significant unmet medical need for patients with acute suicidal ideation and behavior in bipolar depression.
    3. Expansion of HOPE Therapeutics Clinic Network and NRX-101 Augmentation of TMS: HOPE Therapeutics, a wholly-owned subsidiary, has initiated revenue generation from its interventional psychiatry clinics in Florida, with plans to expand its network. This expansion provides a direct revenue stream from patient services. Additionally, new real-world data indicate that NRX-101 may significantly enhance the effectiveness of Transcranial Magnetic Stimulation (TMS), potentially doubling its antidepressant and antisuicidal effects. NRx Pharmaceuticals plans a confirmatory Phase 3 trial for NRX-101 in conjunction with TMS in early 2026, targeting a potential market exceeding $1 billion for this new indication.
    4. New Drug Application (NDA) for NRX-100 (ketamine) for Suicidal Depression: NRx Pharmaceuticals is pursuing an innovative New Drug Application (NDA) pathway for NRX-100 (ketamine) under FDA Fast Track designation, aiming for a broader indication that includes suicidal ideation in depression. Following a Type C FDA meeting, the company confirmed a path to NDA submission by June 2026, utilizing existing clinical trial data alongside Real World Evidence. This innovative approach could establish NRX-100 as a treatment specifically addressing suicidal ideation in depressed patients.

    AI Analysis | Feedback

    Share Issuance

    • NRX Pharmaceuticals filed a prospectus for an at-the-market (ATM) stock offering of up to $20,000,000 of its common stock.
    • The company raised approximately $1.7 million and $2.4 million through public offerings in February and April 2024, respectively.
    • On August 18, 2025, a consortium led by B Group Capital invested $6.5 million for approximately 3.9 million shares of common stock.

    Inbound Investments

    • NRx Pharmaceuticals signed a development partnership with Alvogen and Lotus Pharmaceuticals, where partners committed to taking over phase 3 and commercial costs for NRX-101 and funding $330 million in commercial milestones, along with a double-digit royalty on sales.
    • The company received a $5.1 million advance against milestones from Alvogen and Lotus Pharmaceuticals.
    • NRx Pharmaceuticals secured $18.7 million in financing activities during the third quarter of 2025.

    Outbound Investments

    • NRX Pharmaceuticals, through its subsidiary Hope Therapeutics, acquired a strategic interest in Cohen, LLC on October 17, 2025.
    • Hope Therapeutics entered into agreements for the acquisition of Kadima Neuroscience Institute, Dura Medical, and Neurospa TMS Holdings, which are expected to represent approximately $15 million in forward-looking pro-forma revenues.
    • The company received approval for $7.8 million of debt financing to support the acquisition of Dura Medical, NeuroSpa TMS Holdings, and Cohen and Associates.

    Capital Expenditures

    • Research and Development (R&D) expenses increased by $800,000 in the third quarter of 2025 compared to the third quarter of 2024, primarily to support FDA initiatives for NRX-100 and NRX-101.
    • General and Administrative (G&A) expenses climbed by $400,000 in the third quarter of 2025, which included costs related to identifying, closing, and operating new clinic acquisition targets for the Hope Therapeutics network.
    • Research and Development expenses were reduced from $13.4 million in 2023 to $6.2 million in 2024, mainly due to the conclusion of the Phase 2 study for NRX-101 and cash conservation efforts.

    Peer Outperformance in Biotechnology

    NRXP has trailed 77% of its 360 Biotechnology peers over 5Y. Biotechnology ranks 9th of 10 industries in Health Care by median 5Y return. The sector’s gains have largely come from elsewhere.
    Share of Biotechnology constituents that NRXP has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.
    1Y
    57%
    of 450 industry peers · -13.5% return
    3Y
    59%
    of 396 industry peers · -1.9% return
    5Y
    23%
    of 360 industry peers · -97.1% return
    No Biotechnology peer with a comparable growth profile has beaten NRXP by more than 20pp over 5Y.
    Median price return by industry across the Health Care sector, ranked by 5Y. Biotechnology is NRXP's own industry. Use this to see which corners of the sector have carried the returns.
    Industry Names 1Y med3Y med5Y med Top 3 by 5Y
    Health Care Distributors 6 15.2%47.5%101.1% CAH 456% · MCK 395% · COR 193%
    Health Care Services 20 21.8%36.8%9.2% HIMS 256% · RDNT 152% · DGX 80%
    Managed Health Care 8 40.1%-2.3%8.0% OSCR 133% · HQY 42% · ELV 22%
    Health Care Facilities 24 3.2%18.1%6.2% THC 337% · NHC 272% · EHC 144%
    Health Care Equipment 50 -2.1%3.7%-13.7% UFPT 365% · GKOS 252% · TMDX 183%
    Pharmaceuticals 61 -8.9%-4.7%-32.7% LQDA 720% · KNSA 573% · CORT 459%
    Health Care Supplies 12 29.1%-4.7%-35.3% LNTH 328% · HAE 74% · MMSI 22%
    Life Sciences Tools & Services 109 -13.5%-6.4%-67.0% NTRA 257% · MEDP 232% · GH 59%
    Biotechnology ← 361 -24.8%-28.4%-81.2% DNTH 1023% · ELVN 926% · ADMA 804%
    Health Care Technology 22 -27.8%-63.0%-83.6% VEEV 1% · DOCS -61%
    Median of constituents with a full price history over each window. Top names are limited to companies above $2B market cap.

    Latest Trefis Analyses

    TitleDate
    0DASHBOARDS 
    1NRX Pharmaceuticals Earnings Notes12/16/2025
    Title
    0ARTICLES

    Recent Active Movers

    Top Gainers

    TickerCompanyMkt Cap (B)1W RtnYTD Rtn
    PCRXPacira BioSciences1.444.4%40.6%
    FIGSFIGS3.132.5%64.0%
    LQDALiquidia3.027.2%-1.6%
    HAEHaemonetics5.519.1%51.1%
    CCCCCC Intelligent Solutions4.416.6%-3.9%
    HPKHighPeak Energy1.216.3%109.1%
    ETSYEtsy7.816.0%49.6%
    COCOVita Coco3.415.6%10.5%
    MRNAModerna90.115.2%667.4%
    CCICrown Castle34.415.0%-7.2%

    Top Losers

    TickerCompanyMkt Cap (B)1W RtnYTD Rtn
    NUAINew Era Energy & Digital0.3-38.3%16.4%
    EOSEEos Energy Enterprises0.7-37.1%-83.0%
    CTNMContineum Therapeutics0.3-36.1%-28.8%
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    ASTSAST SpaceMobile12.6-30.5%-42.0%
    BRUNBoost Run0.6-29.8%-54.0%
    AAOIApplied Optoelectronics7.0-29.6%147.3%
    BLZEBackblaze0.6-29.2%108.7%
    XNDUXanadu Quantum Technologies1.0-29.0%-72.3%

    Top Gainers

    TickerCompanyMkt Cap (B)1M RtnYTD Rtn
    MYPSPLAYSTUDIOS0.5723.2%521.2%
    KODKodiak Sciences5.1145.8%190.0%
    GRALGRAIL6.084.1%63.2%
    DNAGinkgo Bioworks0.764.9%38.7%
    MRNAModerna90.157.4%667.4%
    IOVAIovance Biotherapeutics6.451.8%420.5%
    PCRXPacira BioSciences1.451.2%40.6%
    PACBPacific Biosciences of California0.648.5%6.4%
    SGSweetgreen1.248.5%50.0%
    RXORXO4.946.6%127.0%

    Top Losers

    TickerCompanyMkt Cap (B)1M RtnYTD Rtn
    CTVACorteva9.0-83.9%-79.9%
    XNDUXanadu Quantum Technologies1.0-59.1%-72.3%
    EMATEvolution Metals & Technologies0.9-54.7%-93.0%
    GLASGlass House Brands0.3-54.1%-58.3%
    EOSEEos Energy Enterprises0.7-52.1%-83.0%
    QUREuniQure1.4-51.3%-12.4%
    LQDALiquidia3.0-48.4%-1.6%
    NKTRNektar Therapeutics1.2-44.6%-12.7%
    UNITUniti1.4-42.3%-19.5%
    PCTPureCycle Technologies0.6-42.3%-62.5%

    More From Trefis

    Research & Analysis

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    Wealth Management

    Peer Comparisons

    Peers to compare with:

    Financials

    NRXPAXSMJNJLLYABBVPFEMedian
    NameNRX Phar.Axsome T.Johnson .Eli LillyAbbVie Pfizer  
    Mkt Price2.65162.16255.961,214.98287.1329.30209.06
    Mkt Cap0.18.4616.21,084.2507.9167.0337.5
    Rev LTM377797,92979,66664,38663,69564,040
    Op Inc LTM-20-18326,25639,60821,85017,01919,434
    FCF LTM-20-7222,22813,56018,21010,98512,272
    FCF 3Y Avg-15-12019,4863,29418,0769,4116,352
    CFO LTM-20-7127,60828,08319,50713,40116,454
    CFO 3Y Avg-15-12025,09314,51019,14312,19813,354

    Growth & Margins

    NRXPAXSMJNJLLYABBVPFEMedian
    NameNRX Phar.Axsome T.Johnson .Eli LillyAbbVie Pfizer  
    Rev Chg LTM-56.9%8.1%49.6%10.4%-0.2%10.4%
    Rev Chg 3Y Avg-62.1%6.0%39.4%4.9%-5.2%6.0%
    Rev Chg Q-45.5%6.6%47.7%10.2%2.6%10.2%
    QoQ Delta Rev Chg LTM48.0%9.6%1.6%10.3%2.5%0.6%6.1%
    Op Inc Chg LTM-53.9%12.2%21.4%76.5%59.5%2.1%16.8%
    Op Inc Chg 3Y Avg8.9%-9.1%6.7%71.3%11.2%233.9%10.0%
    Op Mgn LTM-586.2%-23.5%26.8%49.7%33.9%26.7%26.8%
    Op Mgn 3Y Avg--51.8%25.6%42.1%27.5%18.7%25.6%
    QoQ Delta Op Mgn LTM160.6%1.4%0.0%2.4%0.8%-0.5%1.1%
    CFO/Rev LTM-582.6%-9.2%28.2%35.3%30.3%21.0%24.6%
    CFO/Rev 3Y Avg--30.3%27.4%22.5%32.4%19.7%22.5%
    FCF/Rev LTM-582.6%-9.3%22.7%17.0%28.3%17.2%17.1%
    FCF/Rev 3Y Avg--30.5%21.2%2.5%30.6%15.1%15.1%

    Valuation

    NRXPAXSMJNJLLYABBVPFEMedian
    NameNRX Phar.Axsome T.Johnson .Eli LillyAbbVie Pfizer  
    Mkt Cap0.18.4616.21,084.2507.9167.0337.5
    P/S29.410.86.313.67.92.69.4
    P/Op Inc-5.0-45.923.527.423.29.816.5
    P/EBIT-4.5-45.123.526.343.724.223.8
    P/E-4.2-43.829.340.680.538.533.9
    P/CFO-5.0-117.922.338.626.012.517.4
    Total Yield-24.1%-2.3%5.5%3.0%3.7%8.5%3.3%
    Dividend Yield0.0%0.0%2.1%0.5%2.4%5.9%1.3%
    FCF Yield 3Y Avg-29.2%-2.2%4.6%0.3%4.5%6.7%2.4%
    D/E0.00.00.10.10.10.40.1
    Net D/E-0.3-0.00.00.00.10.30.0

    Returns

    NRXPAXSMJNJLLYABBVPFEMedian
    NameNRX Phar.Axsome T.Johnson .Eli LillyAbbVie Pfizer  
    1M Rtn-24.1%-25.1%-3.9%6.7%9.7%5.7%0.9%
    3M Rtn-40.6%-31.7%4.1%5.2%17.6%20.1%4.7%
    6M Rtn5.2%-12.0%8.4%34.7%38.7%11.5%9.9%
    12M Rtn-13.1%31.3%37.1%50.5%29.2%27.9%30.2%
    3Y Rtn-3.7%144.0%77.7%103.6%113.1%10.7%90.7%
    1M Excs Rtn-25.0%-23.5%-7.2%4.0%6.2%3.4%-1.9%
    3M Excs Rtn-41.2%-35.2%-0.8%0.4%9.2%14.9%-0.2%
    6M Excs Rtn-6.3%-23.1%-2.9%23.4%27.4%0.3%-1.3%
    12M Excs Rtn-32.8%16.5%19.6%31.8%10.9%9.4%13.7%
    3Y Excs Rtn-84.1%50.4%-4.9%36.4%32.0%-73.3%13.5%

    Comparison Analyses

    null

    Financials

    $ Mil | FY: 12/312026Q22026Q12025Q42025Q32025Q22025Q12024Q42024Q32024Q22024Q12023Q42023Q3
    Period End6/30/20263/31/202612/31/20259/30/20256/30/20253/31/202512/31/20249/30/20246/30/20243/31/202412/31/20239/30/2023
    Filing Date8/14/20265/15/20263/23/202611/14/20258/18/20255/15/20253/14/202511/14/20248/14/20245/14/20243/29/202411/14/2023
    Key Financials Quarterly            
    Total Revenue111000000000
    Ebitda-16-11-6-18-6-9-2-8-6-4-6
    Operating Income-7-5-5-4-4-4-2-3-7-6-4-6
    Net Income-17-10-6-18-6-9-2-8-7-4-6
    EPS-0.44-0.040.20-0.27-0.98-0.34-0.77-0.15-0.75-0.74-0.50-0.74
    Key Financials TTM            
    Total Revenue TTM321000000000
    Ebitda TTM-22-23-28-38-34-24-25-20-24-25-30-36
    Operating Income TTM-20-17-16-14-13-16-19-20-23-24-27-33
    Net Income TTM-23-25-29-38-34-24-25-20-25-26-30-36
    Growth Rates Quarterly            
    Total Revenue Growth------------
    EBITDA Growth8.4%81.3%112.5%-260.7%-122.7%12.5%-113.5%73.1%9.4%43.0%58.5%33.7%
    Operating Income Growth-74.3%-26.7%-90.1%-33.2%47.1%37.5%41.5%48.0%11.2%36.4%58.0%36.5%
    Net Income Growth6.0%74.1%104.0%-262.9%-122.6%15.6%-109.6%73.2%9.4%40.9%57.7%33.3%
    Margins Quarterly            
    EBITDA Margin-1462.9%-96.6%115.1%-2416.1%--------
    Operating Income Margin-590.5%-444.6%-470.4%-1662.8%--------
    Net Income Margin-1500.5%-133.9%36.6%-2433.9%--------
    Cash & Debt            
    Total Cash2778736122159
    Total Debt111101087797910
    Net Debt / (Cash)-25-6-7373557551
    Cash Flows Quarterly            
    FCF from Operations-9-4-4-3-4-3-2-2-3-4-3-5
    Cash Flows TTM            
    FCF from Operations TTM-20-15-14-12-12-10-11-12-14-19-22-27
    Returns to Shareholders Quarterly            
    Dividends000000000000
    Share Repurchases-0-0-0-0-0-0-0-0-0-0-0-0
    Return on Invested Capital (ROIC) Quarterly            
    ROIC-8.7%-6.6%-6.5%-5.7%-5.5%-5.7%-3.7%-4.7%-11.0%-9.6%-6.8%-9.5%
    Return on Invested Capital (ROIC) TTM            
    ROIC TTM-6.6%-5.9%-5.7%-4.9%-4.7%-6.2%-7.1%-7.9%-9.0%-9.6%-11.1%-13.6%

    Segment Financials

    Operating Income by Segment
    $ Mil202520242023
    Dura-0  
    NRx-16  
    Development of novel therapeutics for the treatment of central nervous system disorders including -19-28
    Total-16-19-28


    Net Income by Segment
    $ Mil202520242023
    Dura-0  
    NRx-29  
    Development of novel therapeutics for the treatment of central nervous system disorders including -25-30
    Total-29-25-30


    Assets by Segment
    $ Mil20242023202220212020
    Development of novel therapeutics for the treatment of central nervous system disorders including4726333
    Total4726333


    Price Behavior

    Price Behavior
    Market Price$2.59 
    Market Cap ($ Bil)0.1 
    First Trading Date12/04/2017 
    Distance from 52W High-43.9% 
       50 Days200 Days
    DMA Price$3.24$2.96
    DMA Trenddownup
    Distance from DMA-20.2%-12.4%
     3M1YR
    Volatility62.4%85.2%
    Downside Capture291.84236.09
    Upside Capture19.84182.17
    Correlation (S&P 500)21.9%30.3%
    NRXP Betas & Captures as of 9/30/2026

     1M2M3M6M1Y3Y
    Beta0.780.541.511.952.091.17
    Up Beta-0.31-1.010.191.032.140.97
    Down Beta2.70-2.382.240.601.904.07
    Up Capture-20%96%88%382%297%236%
    Bmk +ve Days6162766132424
    Stock +ve Days7182965120357
    Down Capture270%185%262%221%161%110%
    Bmk -ve Days16263760120328
    Stock -ve Days13223356123371

    [1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
    Based On 1-Year Data
    Annualized
    Return    		Annualized
    Volatility    		Sharpe
    Ratio    		Correlation
    with NRXP
    NRXP-17.0%85.2%0.13-
    Sector ETF (XLV)24.2%16.0%1.162.2%
    Equity (SPY)17.1%12.7%0.9630.8%
    Gold (GLD)-0.6%29.4%-0.0214.1%
    Commodities (DBC)49.3%20.7%1.82-4.3%
    Real Estate (VNQ)5.7%13.7%0.155.5%
    Bitcoin (BTCUSD)-27.9%43.7%-0.6327.8%

    Smart multi-asset allocation framework can stack odds in your favor. Learn How
    Based On 5-Year Data
    Annualized
    Return    		Annualized
    Volatility    		Sharpe
    Ratio    		Correlation
    with NRXP
    NRXP-50.4%375.2%0.37-
    Sector ETF (XLV)8.4%15.2%0.353.0%
    Equity (SPY)13.6%17.1%0.605.0%
    Gold (GLD)17.9%18.9%0.764.9%
    Commodities (DBC)10.0%19.5%0.392.0%
    Real Estate (VNQ)1.2%18.8%-0.054.6%
    Bitcoin (BTCUSD)8.5%51.8%0.346.3%

    Smart multi-asset allocation framework can stack odds in your favor. Learn How
    Based On 10-Year Data
    Annualized
    Return    		Annualized
    Volatility    		Sharpe
    Ratio    		Correlation
    with NRXP
    NRXP-31.4%340.2%0.38-
    Sector ETF (XLV)11.1%16.7%0.543.1%
    Equity (SPY)15.4%17.9%0.734.9%
    Gold (GLD)12.0%16.4%0.604.4%
    Commodities (DBC)8.2%18.1%0.371.2%
    Real Estate (VNQ)4.8%20.7%0.194.2%
    Bitcoin (BTCUSD)63.5%66.2%1.036.5%

    Smart multi-asset allocation framework can stack odds in your favor. Learn How

    Short Interest

    Short Interest: As Of Date9302026
    Short Interest: Shares Quantity9.8 Mil
    Short Interest: % Change Since 91520260.2%
    Average Daily Volume0.7 Mil
    Days-to-Cover Short Interest14.0 days
    Basic Shares Quantity37.6 Mil
    Short % of Basic Shares26.0%

    Earnings Returns History

    Updated 10/5/2026
    Expand for More
     Forward Returns
    Earnings Date1D Returns5D Returns21D Returns
    8/17/20264.9%8.9%4.0%
    8/18/2025-9.2%-2.5%5.8%
    5/21/20252.3%2.3%17.9%
    3/21/2025-0.5%-2.4%-8.2%
    11/15/20249.2%5.9%37.8%
    8/15/2024-0.6%17.2%-1.7%
    5/16/20240.6%2.8%-12.8%
    11/14/20234.3%-7.3%-1.5%
    ...
    SUMMARY STATS   
    # Positive565
    # Negative545
    Median Positive4.3%7.4%10.0%
    Median Negative-9.2%-4.9%-8.2%
    Max Positive9.2%17.2%37.8%
    Max Negative-10.6%-21.4%-22.5%
     Collapse to Preview
     Forward Returns
    Earnings Date1D Returns5D Returns21D Returns
    8/17/20264.9%8.9%4.0%
    8/18/2025-9.2%-2.5%5.8%
    5/21/20252.3%2.3%17.9%
    3/21/2025-0.5%-2.4%-8.2%
    11/15/20249.2%5.9%37.8%
    8/15/2024-0.6%17.2%-1.7%
    5/16/20240.6%2.8%-12.8%
    11/14/20234.3%-7.3%-1.5%
    3/31/2023-10.6%-21.4%-22.5%
    11/14/2022-10.0%14.0%10.0%
    SUMMARY STATS   
    # Positive565
    # Negative545
    Median Positive4.3%7.4%10.0%
    Median Negative-9.2%-4.9%-8.2%
    Max Positive9.2%17.2%37.8%
    Max Negative-10.6%-21.4%-22.5%

    SEC Filings

    Expand for More
    Report DateFiling DateFiling
    06/30/202608/14/202610-Q
    03/31/202605/15/202610-Q
    12/31/202503/23/202610-K
    09/30/202511/14/202510-Q
    06/30/202508/18/202510-Q
    03/31/202505/15/202510-Q
    12/31/202403/14/202510-K
    09/30/202411/14/202410-Q
    06/30/202408/14/202410-Q
    03/31/202405/14/202410-Q
    12/31/202303/29/202410-K
    09/30/202311/14/202310-Q
    06/30/202308/14/202310-Q
    03/31/202305/15/202310-Q
    12/31/202203/31/202310-K
    09/30/202211/14/202210-Q
     Collapse to Preview
    Report DateFiling DateFiling
    06/30/202608/14/202610-Q
    03/31/202605/15/202610-Q
    12/31/202503/23/202610-K
    09/30/202511/14/202510-Q
    06/30/202508/18/202510-Q
    03/31/202505/15/202510-Q
    12/31/202403/14/202510-K
    09/30/202411/14/202410-Q
    06/30/202408/14/202410-Q
    03/31/202405/14/202410-Q
    12/31/202303/29/202410-K
    09/30/202311/14/202310-Q
    06/30/202308/14/202310-Q
    03/31/202305/15/202310-Q
    12/31/202203/31/202310-K
    09/30/202211/14/202210-Q
    06/30/202208/15/202210-Q
    03/31/202205/16/202210-Q
    12/31/202103/31/202210-K
    09/30/202111/15/202110-Q
    06/30/202108/16/202110-Q
    09/30/202008/12/202210-Q/A
    06/30/202008/12/202210-Q/A

    Recent Forward Guidance

    Updated 10/4/2026

    Latest: Q2 2026 Earnings Reported 8/17/2026

    Forward GuidanceGuidance Change
    MetricSourceLowMidHigh% Chg% DeltaChangePrior
    2026 Anticipated Non-Dilutive FundingReported11.50 Mil11.50 Mil    
    2026 Preservative-Free Ketamine Launch StockReported 5.00 Mil    
    2026 Post-Launch Monthly Manufacturing VolumeReported 1.00 Mil    

    null

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