NRX Pharmaceuticals (NRXP)
Market Price (8/31/2026): $3.53 | Market Cap: $132.9 MilSector: Health Care | Industry: Biotechnology
NRX Pharmaceuticals (NRXP)
Market Price (8/31/2026): $3.53Market Cap: $132.9 MilSector: Health CareIndustry: Biotechnology
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -19% Megatrend and thematic driversMegatrends include Precision Medicine. Themes include CNS Targeted Therapies, and Critical Care Drug Development. | Weak multi-year price returns3Y Excs Rtn is -49% | Not profitable at operating income levelOp 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 compensationSBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 13% Not cash flow generativeCFO/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 negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -22% Significant short interestShort 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 23% Key risksNRXP 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. |
| Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -19% |
| Megatrend and thematic driversMegatrends include Precision Medicine. Themes include CNS Targeted Therapies, and Critical Care Drug Development. |
| Weak multi-year price returns3Y Excs Rtn is -49% |
| Not profitable at operating income levelOp 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 compensationSBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 13% |
| Not cash flow generativeCFO/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 negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -22% |
| Significant short interestShort 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 23% |
| Key risksNRXP 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. |
Qualitative Assessment
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NRX Pharmaceuticals (NRXP) stock has gained about 20% since 4/30/2026 because of the following key factors:
1. Positive FDA Review for Preservative-Free Ketamine ANDA.
NRx Pharmaceuticals experienced a significant positive catalyst in August 2026 when the FDA completed its first-cycle review of the Abbreviated New Drug Application (ANDA) for the company's preservative-free ketamine with no major drug-related deficiencies. This outcome is notable, as only 14-18% of ANDAs typically clear the first cycle without major issues. NRx aims for 2026 approval and has initiated commercial-scale manufacturing, building a launch stock of 5 million doses. This regulatory progress substantially de-risks the path to potential approval and commercialization.
2. Strengthened Financial Position through Public Offering.
The company significantly enhanced its financial runway by completing a public offering in June 2026, which generated gross proceeds of $22.3 million. This offering boosted the company's cash and cash equivalents to approximately $26.7 million as of the end of fiscal Q2 2026 (June 30, 2026), a substantial increase from $7.8 million at December 31, 2025. Management projects these funds, alongside anticipated clinic revenue and an at-the-market offering facility, will support operations for at least one year.
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NRX Pharmaceuticals (NRXP) stock has gained about 20% since 4/30/2026 because of the following key factors:
1. Positive FDA Review for Preservative-Free Ketamine ANDA.
NRx Pharmaceuticals experienced a significant positive catalyst in August 2026 when the FDA completed its first-cycle review of the Abbreviated New Drug Application (ANDA) for the company's preservative-free ketamine with no major drug-related deficiencies. This outcome is notable, as only 14-18% of ANDAs typically clear the first cycle without major issues. NRx aims for 2026 approval and has initiated commercial-scale manufacturing, building a launch stock of 5 million doses. This regulatory progress substantially de-risks the path to potential approval and commercialization.
2. Strengthened Financial Position through Public Offering.
The company significantly enhanced its financial runway by completing a public offering in June 2026, which generated gross proceeds of $22.3 million. This offering boosted the company's cash and cash equivalents to approximately $26.7 million as of the end of fiscal Q2 2026 (June 30, 2026), a substantial increase from $7.8 million at December 31, 2025. Management projects these funds, alongside anticipated clinic revenue and an at-the-market offering facility, will support operations for at least one year.
3. Expansion of NRX-101 Program and Non-Dilutive Funding.
In May 2026, the FDA granted clearance for NRx Pharmaceuticals to initiate a Phase 2/3 clinical trial (SPARC-TMS) of NRX-101 in combination with robotic-enabled Transcranial Magnetic Stimulation for patients suffering from depression and suicidality. This program is slated to receive substantial non-dilutive funding, with anticipated amounts exceeding $11.5 million, through NRx's selection as a prime contractor by the Defense Advanced Research Projects Agency (DARPA). This military partnership has the potential to significantly expand the addressable market for NRX-101 to over 15 million Americans with treatment-resistant depression.
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Stock Movement Drivers
Fundamental Drivers
The 19.1% change in NRXP stock from 4/30/2026 to 8/30/2026 was primarily driven by a 177.1% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 4302026 | 8302026 | Change |
|---|---|---|---|
| Stock Price ($) | 2.98 | 3.55 | 19.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1 | 3 | 177.1% |
| P/S Multiple | 70.5 | 39.4 | -44.1% |
| Shares Outstanding (Mil) | 29 | 38 | -23.1% |
| Cumulative Contribution | 19.1% |
Market Drivers
4/30/2026 to 8/30/2026| Return | Correlation | |
|---|---|---|
| NRXP | 19.1% | |
| Market (SPY) | 7.1% | 29.3% |
| Sector (XLV) | 17.2% | -14.0% |
Fundamental Drivers
The 69.0% change in NRXP stock from 1/31/2026 to 8/30/2026 was primarily driven by a 1302.5% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 1312026 | 8302026 | Change |
|---|---|---|---|
| Stock Price ($) | 2.10 | 3.55 | 69.0% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 0 | 3 | 1302.5% |
| P/S Multiple | 192.9 | 39.4 | -79.6% |
| Shares Outstanding (Mil) | 22 | 38 | -41.0% |
| Cumulative Contribution | 69.0% |
Market Drivers
1/31/2026 to 8/30/2026| Return | Correlation | |
|---|---|---|
| NRXP | 69.0% | |
| Market (SPY) | 11.5% | 33.6% |
| Sector (XLV) | 11.1% | -0.1% |
Fundamental Drivers
The 32.0% change in NRXP stock from 7/31/2025 to 8/30/2026 was primarily driven by a 9.2233720368547763E17% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 7312025 | 8302026 | Change |
|---|---|---|---|
| Stock Price ($) | 2.69 | 3.55 | 32.0% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 0 | 3 | 9.2233720368547763E17% |
| P/S Multiple | ∞ | 39.4 | |
| Shares Outstanding (Mil) | 16 | 38 | -56.4% |
| Cumulative Contribution | 0.0% |
Market Drivers
7/31/2025 to 8/30/2026| Return | Correlation | |
|---|---|---|
| NRXP | 32.0% | |
| Market (SPY) | 22.7% | 30.3% |
| Sector (XLV) | 32.9% | 6.5% |
Fundamental Drivers
The -9.0% change in NRXP stock from 7/31/2023 to 8/30/2026 was primarily driven by a null change in the company's P/S Multiple.| (LTM values as of) | 7312023 | 8302026 | Change |
|---|---|---|---|
| Stock Price ($) | 3.90 | 3.55 | -9.0% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 0 | 3 | 9.2233720368547763E17% |
| P/S Multiple | ∞ | 39.4 | |
| Shares Outstanding (Mil) | 7 | 38 | -82.3% |
| Cumulative Contribution | 0.0% |
Market Drivers
7/31/2023 to 8/30/2026| Return | Correlation | |
|---|---|---|
| NRXP | -9.0% | |
| Market (SPY) | 74.0% | 3.6% |
| Sector (XLV) | 33.6% | 1.6% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| NRXP Return | -80% | -77% | -59% | -52% | 23% | 34% | -99% |
| Peers Return | 25% | 32% | 3% | 10% | 47% | 17% | 222% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 13% | 106% |
Monthly Win Rates [3] | |||||||
| NRXP Win Rate | 42% | 50% | 42% | 25% | 50% | 50% | |
| Peers Win Rate | 63% | 62% | 45% | 50% | 62% | 62% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| NRXP Max Drawdown | -93% | -90% | -83% | -98% | -66% | -38% | |
| Peers Max Drawdown | -27% | -26% | -27% | -22% | -23% | -17% | |
| 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 8/28/2026 (YTD)
How Low Can It Go
| Event | NRXP | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -32.7% | -18.8% |
| % Gain to Breakeven | 48.5% | 23.1% |
| Time to Breakeven | 42 days | 79 days |
| 2024 Yen Carry Trade Unwind | ||
| % Loss | -26.7% | -7.8% |
| % Gain to Breakeven | 36.4% | 8.5% |
| Time to Breakeven | 139 days | 18 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -37.5% | -9.5% |
| % Gain to Breakeven | 60.1% | 10.5% |
| Time to Breakeven | 84 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -66.6% | -6.7% |
| % Gain to Breakeven | 199.2% | 7.1% |
| Time to Breakeven | 260 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -89.8% | -24.5% |
| % Gain to Breakeven | 878.3% | 32.4% |
| Time to Breakeven | 655 days | 427 days |
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.
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| Event | NRXP | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -32.7% | -18.8% |
| % Gain to Breakeven | 48.5% | 23.1% |
| Time to Breakeven | 42 days | 79 days |
| 2024 Yen Carry Trade Unwind | ||
| % Loss | -26.7% | -7.8% |
| % Gain to Breakeven | 36.4% | 8.5% |
| Time to Breakeven | 139 days | 18 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -37.5% | -9.5% |
| % Gain to Breakeven | 60.1% | 10.5% |
| Time to Breakeven | 84 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -66.6% | -6.7% |
| % Gain to Breakeven | 199.2% | 7.1% |
| Time to Breakeven | 260 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -89.8% | -24.5% |
| % Gain to Breakeven | 878.3% | 32.4% |
| Time to Breakeven | 655 days | 427 days |
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)
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.
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- 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.
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- 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.
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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.
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Key Risks to NRX Pharmaceuticals (NRXP)
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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.
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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.
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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.
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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.
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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.
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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:
- 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.
- 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.
- 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.
- 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.
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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
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Health Care Distributors | 7 | 11.3% | 87.6% | 129.3% | CAH 398% · MCK 348% · COR 178% |
| Managed Health Care | 8 | 29.5% | -0.6% | 2.9% | OSCR 95% · HQY 50% · ELV 13% |
| Health Care Services | 20 | 19.7% | 40.8% | 1.0% | HIMS 266% · RDNT 138% · DGX 75% |
| Health Care Facilities | 24 | 6.2% | -4.5% | -18.3% | THC 254% · NHC 246% · ENSG 114% |
| Health Care Equipment | 51 | -3.6% | -6.4% | -20.1% | POCI 10900% · UFPT 329% · GKOS 202% |
| Health Care Supplies | 12 | 32.6% | -15.8% | -36.7% | LNTH 282% · HAE 66% · MMSI 26% |
| Pharmaceuticals | 63 | -3.1% | 8.0% | -38.3% | LQDA 2435% · INDV 1218% · ETON 1034% |
| Life Sciences Tools & Services | 108 | 1.5% | -32.7% | -70.0% | SNWV 1808% · MEDP 229% · AXGN 202% |
| Health Care Technology | 21 | -25.9% | -57.7% | -75.1% | SPOK 79% · HSTM -2% · VEEV -17% |
| Biotechnology ← | 365 | 10.0% | -25.2% | -79.0% | BRTX 99450% · DNTH 1554% · CELZ 1529% |
Latest Trefis Analyses
| Title | Date | |
|---|---|---|
| DASHBOARDS | ||
| NRX Pharmaceuticals Earnings Notes | 12/16/2025 |
| Title | |
|---|---|
| ARTICLES |
Research & Analysis
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Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 227.25 |
| Mkt Cap | 305.6 |
| Rev LTM | 64,040 |
| Op Inc LTM | 19,434 |
| FCF LTM | 12,272 |
| FCF 3Y Avg | 6,352 |
| CFO LTM | 16,454 |
| CFO 3Y Avg | 13,354 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 10.4% |
| Rev Chg 3Y Avg | 6.0% |
| Rev Chg Q | 10.2% |
| QoQ Delta Rev Chg LTM | 6.1% |
| Op Inc Chg LTM | 16.8% |
| Op Inc Chg 3Y Avg | 10.0% |
| Op Mgn LTM | 26.8% |
| Op Mgn 3Y Avg | 25.6% |
| QoQ Delta Op Mgn LTM | 1.1% |
| CFO/Rev LTM | 24.6% |
| CFO/Rev 3Y Avg | 22.5% |
| FCF/Rev LTM | 17.1% |
| FCF/Rev 3Y Avg | 15.1% |
Segment Financials
Operating Income by Segment| $ Mil | 2025 | 2024 | 2023 |
|---|---|---|---|
| Dura | -0 | ||
| NRx | -16 | ||
| Development of novel therapeutics for the treatment of central nervous system disorders including | -19 | -28 | |
| Total | -16 | -19 | -28 |
| $ Mil | 2025 | 2024 | 2023 |
|---|---|---|---|
| Dura | -0 | ||
| NRx | -29 | ||
| Development of novel therapeutics for the treatment of central nervous system disorders including | -25 | -30 | |
| Total | -29 | -25 | -30 |
| $ Mil | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|
| Development of novel therapeutics for the treatment of central nervous system disorders including | 4 | 7 | 26 | 33 | 3 |
| Total | 4 | 7 | 26 | 33 | 3 |
Price Behavior
| Market Price | $3.55 | |
| Market Cap ($ Bil) | 0.1 | |
| First Trading Date | 12/04/2017 | |
| Distance from 52W High | -23.2% | |
| 50 Days | 200 Days | |
| DMA Price | $3.70 | $2.82 |
| DMA Trend | up | down |
| Distance from DMA | -4.0% | 26.0% |
| 3M | 1YR | |
| Volatility | 78.3% | 88.4% |
| Downside Capture | 333.97 | 210.71 |
| Upside Capture | 206.70 | 216.26 |
| Correlation (SPY) | 31.9% | 30.1% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 2.88 | 2.20 | 2.56 | 2.55 | 2.22 | 1.12 |
| Up Beta | 2.22 | 2.94 | 2.53 | 1.99 | 2.34 | 1.07 |
| Down Beta | 3.88 | -0.67 | -0.45 | 1.65 | 1.97 | 3.93 |
| Up Capture | 74% | 227% | 460% | 599% | 386% | 166% |
| Bmk +ve Days | 11 | 22 | 35 | 67 | 138 | 427 |
| Stock +ve Days | 11 | 20 | 33 | 65 | 122 | 357 |
| Down Capture | 427% | 322% | 299% | 206% | 164% | 109% |
| Bmk -ve Days | 11 | 21 | 28 | 59 | 114 | 326 |
| Stock -ve Days | 11 | 20 | 27 | 56 | 122 | 374 |
[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 | 37.8% | 89.1% | 0.74 | - |
| Sector ETF (XLV) | 26.7% | 16.0% | 1.29 | 3.8% |
| Equity (SPY) | 20.1% | 12.8% | 1.16 | 29.9% |
| Gold (GLD) | 30.9% | 29.0% | 0.92 | 13.4% |
| Commodities (DBC) | 39.9% | 20.3% | 1.54 | -1.2% |
| Real Estate (VNQ) | 9.9% | 13.7% | 0.44 | 1.7% |
| Bitcoin (BTCUSD) | -30.1% | 43.7% | -0.70 | 31.1% |
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 | -50.6% | 375.5% | 0.37 | - |
| Sector ETF (XLV) | 6.3% | 15.1% | 0.23 | 3.1% |
| Equity (SPY) | 13.1% | 17.2% | 0.59 | 4.9% |
| Gold (GLD) | 19.7% | 18.7% | 0.85 | 5.1% |
| Commodities (DBC) | 11.5% | 19.6% | 0.46 | 2.3% |
| Real Estate (VNQ) | 2.0% | 18.9% | 0.00 | 4.6% |
| Bitcoin (BTCUSD) | 9.6% | 52.7% | 0.37 | 6.2% |
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 | -29.2% | 343.5% | 0.40 | - |
| Sector ETF (XLV) | 10.5% | 16.7% | 0.51 | 3.1% |
| Equity (SPY) | 15.2% | 17.9% | 0.72 | 4.9% |
| Gold (GLD) | 12.2% | 16.3% | 0.61 | 4.4% |
| Commodities (DBC) | 7.3% | 18.0% | 0.33 | 1.2% |
| Real Estate (VNQ) | 5.0% | 20.7% | 0.20 | 4.2% |
| Bitcoin (BTCUSD) | 63.4% | 66.1% | 1.03 | 6.5% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Earnings Returns History
Updated 8/7/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/18/2025 | -9.2% | -2.5% | 5.8% |
| 5/21/2025 | 2.3% | 2.3% | 17.9% |
| 3/21/2025 | -0.5% | -2.4% | -8.2% |
| 11/15/2024 | 9.2% | 5.9% | 37.8% |
| 8/15/2024 | -0.6% | 17.2% | -1.7% |
| 5/16/2024 | 0.6% | 2.8% | -12.8% |
| 11/14/2023 | 4.3% | -7.3% | -1.5% |
| 3/31/2023 | -10.6% | -21.4% | -22.5% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 4 | 5 | 4 |
| # Negative | 5 | 4 | 5 |
| Median Positive | 3.3% | 5.9% | 13.9% |
| Median Negative | -9.2% | -4.9% | -8.2% |
| Max Positive | 9.2% | 17.2% | 37.8% |
| Max Negative | -10.6% | -21.4% | -22.5% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/18/2025 | -9.2% | -2.5% | 5.8% |
| 5/21/2025 | 2.3% | 2.3% | 17.9% |
| 3/21/2025 | -0.5% | -2.4% | -8.2% |
| 11/15/2024 | 9.2% | 5.9% | 37.8% |
| 8/15/2024 | -0.6% | 17.2% | -1.7% |
| 5/16/2024 | 0.6% | 2.8% | -12.8% |
| 11/14/2023 | 4.3% | -7.3% | -1.5% |
| 3/31/2023 | -10.6% | -21.4% | -22.5% |
| 11/14/2022 | -10.0% | 14.0% | 10.0% |
| SUMMARY STATS | |||
| # Positive | 4 | 5 | 4 |
| # Negative | 5 | 4 | 5 |
| Median Positive | 3.3% | 5.9% | 13.9% |
| Median Negative | -9.2% | -4.9% | -8.2% |
| Max Positive | 9.2% | 17.2% | 37.8% |
| Max Negative | -10.6% | -21.4% | -22.5% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/14/2026 | 10-Q |
| 03/31/2026 | 05/15/2026 | 10-Q |
| 12/31/2025 | 03/23/2026 | 10-K |
| 09/30/2025 | 11/14/2025 | 10-Q |
| 06/30/2025 | 08/18/2025 | 10-Q |
| 03/31/2025 | 05/15/2025 | 10-Q |
| 12/31/2024 | 03/14/2025 | 10-K |
| 09/30/2024 | 11/14/2024 | 10-Q |
| 06/30/2024 | 08/14/2024 | 10-Q |
| 03/31/2024 | 05/14/2024 | 10-Q |
| 12/31/2023 | 03/29/2024 | 10-K |
| 09/30/2023 | 11/14/2023 | 10-Q |
| 06/30/2023 | 08/14/2023 | 10-Q |
| 03/31/2023 | 05/15/2023 | 10-Q |
| 12/31/2022 | 03/31/2023 | 10-K |
| 09/30/2022 | 11/14/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/14/2026 | 10-Q |
| 03/31/2026 | 05/15/2026 | 10-Q |
| 12/31/2025 | 03/23/2026 | 10-K |
| 09/30/2025 | 11/14/2025 | 10-Q |
| 06/30/2025 | 08/18/2025 | 10-Q |
| 03/31/2025 | 05/15/2025 | 10-Q |
| 12/31/2024 | 03/14/2025 | 10-K |
| 09/30/2024 | 11/14/2024 | 10-Q |
| 06/30/2024 | 08/14/2024 | 10-Q |
| 03/31/2024 | 05/14/2024 | 10-Q |
| 12/31/2023 | 03/29/2024 | 10-K |
| 09/30/2023 | 11/14/2023 | 10-Q |
| 06/30/2023 | 08/14/2023 | 10-Q |
| 03/31/2023 | 05/15/2023 | 10-Q |
| 12/31/2022 | 03/31/2023 | 10-K |
| 09/30/2022 | 11/14/2022 | 10-Q |
| 06/30/2022 | 08/15/2022 | 10-Q |
| 03/31/2022 | 05/16/2022 | 10-Q |
| 12/31/2021 | 03/31/2022 | 10-K |
| 09/30/2021 | 11/15/2021 | 10-Q |
| 06/30/2021 | 08/16/2021 | 10-Q |
| 09/30/2020 | 08/12/2022 | 10-Q/A |
| 06/30/2020 | 08/12/2022 | 10-Q/A |
NRX Pharmaceuticals — Investor Video Playlist
Industry Resources
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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