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NRX Pharmaceuticals (NRXP)

Market Price (7/16/2026): $4.7 | Market Cap: $151.9 MilSector: Health Care | Industry: Biotechnology

NRX Pharmaceuticals (NRXP)

Market Price (7/16/2026): $4.7
Market Cap: $151.9 Mil
Sector: Health Care
Industry: Biotechnology

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

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

Trading close to highs
Dist 52W High is -3.5%

Weak multi-year price returns
3Y Excs Rtn is -75%

Meaningful 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 17%

Not profitable at operating income level
Op Inc LTMOperating Income, Last Twelve Months is -17 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -747%

Stock price has recently run up significantly
6M Rtn6 month market price return is 107%

Significant share based compensation
SBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 16%

Not cash flow generative
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -651%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -651%

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 -21%

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 Megatrend and thematic drivers
Megatrends include Precision Medicine. Themes include CNS Targeted Therapies, and Critical Care Drug Development.
1 Trading close to highs
Dist 52W High is -3.5%
2 Weak multi-year price returns
3Y Excs Rtn is -75%
3 Meaningful 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 17%
4 Not profitable at operating income level
Op Inc LTMOperating Income, Last Twelve Months is -17 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -747%
5 Stock price has recently run up significantly
6M Rtn6 month market price return is 107%
6 Significant share based compensation
SBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 16%
7 Not cash flow generative
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -651%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -651%
8 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 -21%
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]$2.3 Mil—
FY 2026 Sales$13.9 Mil—
FY 2027 Sales$165.6 Mil—
FY 2026 Sales Growth505.9%—
FY 2027 Sales Growth1,091.9%8.1%
EARNINGS
LTM Net Income (GAAP) [3]$-24.5 Mil—
FY 2026 Net Income (Non-GAAP)$-7.9 Mil—
FY 2027 Net Income (Non-GAAP)$7.5 Mil—
FY 2027 Net Income Growth—16.3%
FY 2026 EPS (Non-GAAP)$-0.37—
FY 2027 EPS (Non-GAAP)$0.35—
FY 2027 EPS Growth——
VALUATION
FY 2026 P/S10.93.3
FY 2027 P/S0.9—
FY 2026 P/E—19.9
FY 2027 P/E20.3—

[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 7/31/27 (~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�8.9%
Rev Chg LTM�7.5%
PROFITABILITYVERY POOR
Op Inc LTM ($ Bil)-0.0
CFO LTM ($ Bil)-0.0
Net Inc LTM ($ Bil)-0.0
Op Mgn LTM-746.9%18.4%
CFO/Rev LTM-651.0%21.4%
Net Inc Mgn-1,070.3%13.0%
VALUATIONVERY HIGH
P/S60.63.3
P/CFO-9.315.1
P/FCF-9.319.7
P/E-5.724.2
STABILITYVERY GOOD
Debt/Equity0.010.20
Cash/Assets0.560.07

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
8/17/2026Earnings ReleaseRev: $1.0 Mil (E)
EPS: $-0.09 (E)

Why The Stock Moved

Qualitative Assessment

AI Analysis | Feedback

Updated on 7/15/2026

NRX Pharmaceuticals (NRXP) stock has gained about 110% since 3/31/2026 because of the following key factors:

1. Favorable Regulatory Progress for Ketamine Programs, including Manufacturing Scale-Up.

NRX Pharmaceuticals advanced its preservative-free ketamine programs with an anticipated FDA decision on the KETAFREE™ Abbreviated New Drug Application (ANDA) in fiscal Q3 2026. The FDA Office of Generic Drugs provided favorable preliminary determinations regarding bioequivalence, labeling, drug product, drug substance, and safety. Furthermore, the FDA reclassified the manufacturing site to "VAI" status, enabling the company to initiate commercial manufacturing at a one-million-unit-per-batch scale, with at least 1 million units expected in inventory at launch. This progress addresses a continued sterile intravenous ketamine shortage in the U.S., as noted on the ASHP national drug shortage database as of April 7, 2026.

2. Advancement of NRX-101 (D-cycloserine/lurasidone) through FDA Clearance and Expanded Access.

The company received FDA clearance on May 7, 2026, to initiate the MIND1 clinical trial for NRX-101 in combination with robotic-enabled Transcranial Magnetic Stimulation (TMS) for patients with depression and suicidality. This Phase 2/3 trial is designed to enroll 400 participants, with non-dilutive federal funding anticipated. Building on this, on June 22, 2026, the FDA authorized an Intermediate Population Expanded Access Protocol for NRX-101 to augment accelerated TMS in Treatment-Resistant Depression, making the investigational drug available to eligible patients during pivotal trials.

Show more
Updated on 7/15/2026

NRX Pharmaceuticals (NRXP) stock has gained about 110% since 3/31/2026 because of the following key factors:

1. Favorable Regulatory Progress for Ketamine Programs, including Manufacturing Scale-Up.

NRX Pharmaceuticals advanced its preservative-free ketamine programs with an anticipated FDA decision on the KETAFREE™ Abbreviated New Drug Application (ANDA) in fiscal Q3 2026. The FDA Office of Generic Drugs provided favorable preliminary determinations regarding bioequivalence, labeling, drug product, drug substance, and safety. Furthermore, the FDA reclassified the manufacturing site to "VAI" status, enabling the company to initiate commercial manufacturing at a one-million-unit-per-batch scale, with at least 1 million units expected in inventory at launch. This progress addresses a continued sterile intravenous ketamine shortage in the U.S., as noted on the ASHP national drug shortage database as of April 7, 2026.

2. Advancement of NRX-101 (D-cycloserine/lurasidone) through FDA Clearance and Expanded Access.

The company received FDA clearance on May 7, 2026, to initiate the MIND1 clinical trial for NRX-101 in combination with robotic-enabled Transcranial Magnetic Stimulation (TMS) for patients with depression and suicidality. This Phase 2/3 trial is designed to enroll 400 participants, with non-dilutive federal funding anticipated. Building on this, on June 22, 2026, the FDA authorized an Intermediate Population Expanded Access Protocol for NRX-101 to augment accelerated TMS in Treatment-Resistant Depression, making the investigational drug available to eligible patients during pivotal trials.

3. Progress Towards New Drug Application (NDA) for NRX-100 (Ketamine) with FDA Support.

NRx Pharmaceuticals made significant strides towards filing a New Drug Application (NDA) for NRX-100 (preservative-free ketamine) for the treatment of suicidal depression. Following a Type C meeting, the FDA confirmed its willingness to review the application based on existing Adequate and Well Controlled Clinical Trial data and Real World Evidence from over 65,000 patients, without requiring additional clinical trials. The company intends to submit this NDA in fiscal Q2 2026.

4. Strategic Capital Raise and Pipeline Expansion.

NRX Pharmaceuticals strengthened its financial position and expanded its therapeutic pipeline during the period. The company closed a public offering of common stock around June 3, 2026, raising approximately $22.3 million in gross proceeds to support growth and working capital. This was complemented by the anticipated acquisition of Geneuro's Phase 2 HERV-targeted assets, expected to close in fiscal Q2 2026, broadening NRx's development pipeline. Additionally, the company's majority-owned subsidiary, HOPE Therapeutics, continued to expand its interventional psychiatry network, operating five Florida clinics with plans for eight or more by the end of fiscal Q2 2026.

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Stock Movement Drivers

Fundamental Drivers

The 109.4% change in NRXP stock from 3/31/2026 to 7/15/2026 was primarily driven by a 87.2% change in the company's Total Revenues ($ Mil).
(LTM values as of)33120267152026Change
Stock Price ($)2.134.46109.4%
Change Contribution By: 
Total Revenues ($ Mil)1287.2%
P/S Multiple50.462.924.9%
Shares Outstanding (Mil)2932-10.4%
Cumulative Contribution109.4%

LTM = Last Twelve Months as of date shown

Market Drivers

3/31/2026 to 7/15/2026
ReturnCorrelation
NRXP109.4% 
Market (SPY)16.1%28.1%
Sector (XLV)8.0%-10.7%

Fundamental Drivers

The 64.6% change in NRXP stock from 12/31/2025 to 7/15/2026 was primarily driven by a 847.5% change in the company's Total Revenues ($ Mil).
(LTM values as of)123120257152026Change
Stock Price ($)2.714.4664.6%
Change Contribution By: 
Total Revenues ($ Mil)02847.5%
P/S Multiple249.062.9-74.7%
Shares Outstanding (Mil)2232-31.2%
Cumulative Contribution64.6%

LTM = Last Twelve Months as of date shown

Market Drivers

12/31/2025 to 7/15/2026
ReturnCorrelation
NRXP64.6% 
Market (SPY)11.0%34.0%
Sector (XLV)2.7%5.9%

Fundamental Drivers

The 36.8% change in NRXP stock from 6/30/2025 to 7/15/2026 was primarily driven by a 9.2233720368547763E17% change in the company's Total Revenues ($ Mil).
(LTM values as of)63020257152026Change
Stock Price ($)3.264.4636.8%
Change Contribution By: 
Total Revenues ($ Mil)029.2233720368547763E17%
P/S Multiple∞62.9 
Shares Outstanding (Mil)1632-49.2%
Cumulative Contribution0.0%

LTM = Last Twelve Months as of date shown

Market Drivers

6/30/2025 to 7/15/2026
ReturnCorrelation
NRXP36.8% 
Market (SPY)23.2%31.3%
Sector (XLV)19.0%10.2%

Fundamental Drivers

The -7.8% change in NRXP stock from 6/30/2023 to 7/15/2026 was primarily driven by a null change in the company's P/S Multiple.
(LTM values as of)63020237152026Change
Stock Price ($)4.834.46-7.8%
Change Contribution By: 
Total Revenues ($ Mil)029.2233720368547763E17%
P/S Multiple∞62.9 
Shares Outstanding (Mil)732-79.4%
Cumulative Contribution0.0%

LTM = Last Twelve Months as of date shown

Market Drivers

6/30/2023 to 7/15/2026
ReturnCorrelation
NRXP-7.8% 
Market (SPY)76.3%3.5%
Sector (XLV)24.9%1.9%

Return vs. Risk

Price Returns Compared

 202120222023202420252026Total [1]
Returns
NRXP Return-80%-77%-59%-52%23%60%-98%
Peers Return25%32%3%10%47%14%213%
S&P 500 Return27%-19%24%23%16%10%101%

Monthly Win Rates [3]
NRXP Win Rate42%50%42%25%50%57% 
Peers Win Rate63%62%45%50%62%54% 
S&P 500 Win Rate75%42%67%75%67%57% 

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 7/15/2026 (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)

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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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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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AI Analysis | Feedback

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

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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.

Latest Trefis Analyses

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

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TickerCompanyCategory1W RtnYTD Rtn
UNGUnited States Natural Gas Fund LPCommodity-9.1%-13.9%
NASATema Space Innovators ETFEquity-7.1%-1.8%
EWYiShares MSCI South Korea ETFEquity-6.1%76.5%
XBIState Street SPDR S&P Biotech ETFEquity-4.1%28.1%
IBBiShares Biotechnology ETFEquity-3.3%12.6%
XLVState Street Health Care Select Secto...Equity-2.5%2.7%
MISLFirst Trust Indxx Aerospace & Defense...Equity-2.4%2.3%
VHTVanguard Health Care ETFEquity-2.4%4.6%
ARKXARK Space & Defense Innovation ETFEquity-2.3%-9.6%
XOVREntrepreneurShares Series Trust ERSha...Equity-2.0%0.8%

Top Gainers

TickerCompanyCategory1M RtnYTD Rtn
XBIState Street SPDR S&P Biotech ETFEquity16.8%28.1%
ETHAiShares Ethereum Trust ETFCryptocurrency15.5%-35.3%
IBBiShares Biotechnology ETFEquity11.3%12.6%
IAIiShares U.S. Broker-Dealers & Securit...Equity6.5%9.9%
MAGSRoundhill Magnificent Seven ETFEquity6.3%4.6%
XLFState Street Financial Select Sector ...Equity6.0%3.8%
IHFiShares U.S. Healthcare Providers ETFEquity5.7%18.3%
HGERHarbor Commodity All-Weather Strategy...Commodity5.3%28.0%
ARKKARK Innovation ETFEquity5.2%3.5%
ARKWARK Next Generation Internet ETFEquity4.8%0.3%

Top Losers

TickerCompanyCategory1M RtnYTD Rtn
NASATema Space Innovators ETFEquity-22.6%-1.8%
SLViShares Silver TrustCommodity-14.8%-19.0%
LITGlobal X Lithium & Battery Tech ETFEquity-13.7%9.6%
EWYiShares MSCI South Korea ETFEquity-13.1%76.5%
URAGlobal X Uranium ETFEquity-10.1%-4.3%
ICLNiShares Global Clean Energy ETFEquity-8.8%16.1%
RINGiShares MSCI Global Gold Miners ETFEquity-8.2%-13.3%
SOXQInvesco PHLX Semiconductor ETFEquity-7.3%75.2%
UNGUnited States Natural Gas Fund LPCommodity-7.0%-13.9%
SOXXiShares Semiconductor ETFEquity-6.9%84.5%

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Peer Comparisons

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Financials

NRXPAXSMJNJLLYABBVPFEMedian
NameNRX Phar.Axsome T.Johnson .Eli LillyAbbVie Pfizer  
Mkt Price4.46237.53247.021,156.63244.1124.82240.82
Mkt Cap0.112.2595.01,034.6432.1141.3286.7
Rev LTM270896,36272,25062,81963,31463,066
Op Inc LTM-17-17725,79234,17220,84415,50818,176
FCF LTM-15-7117,41310,36819,9809,4839,926
FCF 3Y Avg-15-12818,0741,73419,0858,6035,168
CFO LTM-15-7122,87020,48021,22411,98416,232
CFO 3Y Avg-15-12723,61511,15820,10411,51711,337

Growth & Margins

NRXPAXSMJNJLLYABBVPFEMedian
NameNRX Phar.Axsome T.Johnson .Eli LillyAbbVie Pfizer  
Rev Chg LTM-63.9%7.9%47.4%9.5%1.4%9.5%
Rev Chg 3Y Avg-69.9%4.4%37.9%3.6%-9.2%4.4%
Rev Chg Q-57.4%9.9%55.5%12.4%5.4%12.4%
QoQ Delta Rev Chg LTM87.2%10.9%2.3%10.8%2.7%1.2%6.8%
Op Inc Chg LTM-5.4%26.2%20.7%73.3%61.4%3.1%23.4%
Op Inc Chg 3Y Avg21.3%-13.6%5.7%67.4%12.1%203.9%16.7%
Op Mgn LTM-746.9%-24.9%26.8%47.3%33.2%24.5%25.6%
Op Mgn 3Y Avg--59.3%25.6%39.7%26.9%17.3%25.6%
QoQ Delta Op Mgn LTM569.4%1.6%-0.4%1.7%0.3%-0.7%1.0%
CFO/Rev LTM-651.0%-10.0%23.7%28.3%33.8%18.9%21.3%
CFO/Rev 3Y Avg--38.0%26.2%19.2%34.7%18.9%19.2%
FCF/Rev LTM-651.0%-10.0%18.1%14.4%31.8%15.0%14.7%
FCF/Rev 3Y Avg--38.2%20.1%0.3%33.0%14.0%14.0%

Valuation

NRXPAXSMJNJLLYABBVPFEMedian
NameNRX Phar.Axsome T.Johnson .Eli LillyAbbVie Pfizer  
Mkt Cap0.112.2595.01,034.6432.1141.3286.7
P/S62.917.26.214.36.92.210.6
P/Op Inc-8.4-68.923.130.320.79.114.9
P/EBIT-6.1-66.322.928.948.613.318.1
P/E-5.9-64.628.340.9118.918.923.6
P/CFO-9.7-171.926.050.520.411.816.1
Total Yield-17.0%-1.5%5.6%3.0%3.6%12.2%3.3%
Dividend Yield0.0%0.0%2.1%0.5%2.7%6.9%1.3%
FCF Yield 3Y Avg-19.1%-2.7%4.1%0.2%5.4%5.7%2.2%
D/E0.00.00.10.00.20.50.1
Net D/E-0.0-0.00.10.00.10.40.0

Returns

NRXPAXSMJNJLLYABBVPFEMedian
NameNRX Phar.Axsome T.Johnson .Eli LillyAbbVie Pfizer  
1M Rtn9.3%-6.3%4.8%2.4%10.9%-4.5%3.6%
3M Rtn77.0%29.0%4.1%28.0%18.0%-7.2%23.0%
6M Rtn107.4%34.2%14.3%8.1%12.6%0.3%13.4%
12M Rtn43.4%115.7%63.2%50.9%35.0%7.9%47.2%
3Y Rtn20.5%222.6%68.7%162.9%99.1%-17.6%83.9%
1M Excs Rtn14.2%-8.8%0.7%0.2%6.1%-7.2%0.4%
3M Excs Rtn69.7%20.3%-5.2%16.9%9.2%-15.6%13.1%
6M Excs Rtn92.4%25.8%10.6%-1.2%5.0%-7.0%7.8%
12M Excs Rtn18.1%90.7%40.7%24.9%11.7%-16.0%21.5%
3Y Excs Rtn-74.8%151.2%-2.7%89.0%31.8%-87.9%14.6%

Comparison Analyses

null

Financials

$ Mil | FY: 12/312026Q12025Q42025Q32025Q22025Q12024Q42024Q32024Q22024Q12023Q42023Q32023Q2
Period End3/31/202612/31/20259/30/20256/30/20253/31/202512/31/20249/30/20246/30/20243/31/202412/31/20239/30/20236/30/2023
Filing Date5/15/20263/23/202611/14/20258/18/20255/15/20253/14/202511/14/20248/14/20245/14/20243/29/202411/14/20238/14/2023
Key Financials Quarterly            
Total Revenue110000000000
Ebitda-11-6-18-6-9-2-8-6-4-6-9
Operating Income-5-5-4-4-4-2-3-7-6-4-6-8
Net Income-10-6-18-6-9-2-8-7-4-6-9
EPS-0.040.20-0.27-0.98-0.34-0.77-0.15-0.75-0.74-0.50-0.74-1.21
Key Financials TTM            
Total Revenue TTM210000000000
Ebitda TTM-23-28-38-34-24-25-20-24-25-30-36-39
Operating Income TTM-17-16-14-13-16-19-20-23-24-27-33-36
Net Income TTM-25-29-38-34-24-25-20-25-26-30-36-39
Growth Rates Quarterly            
Total Revenue Growth------------
EBITDA Growth81.3%112.5%-260.7%-122.7%12.5%-113.5%73.1%9.4%43.0%58.5%33.7%-24.9%
Operating Income Growth-26.7%-90.1%-33.2%47.1%37.5%41.5%48.0%11.2%36.4%58.0%36.5%17.3%
Net Income Growth74.1%104.0%-262.9%-122.6%15.6%-109.6%73.2%9.4%40.9%57.7%33.3%-24.8%
Margins Quarterly            
EBITDA Margin-96.6%115.1%-2416.1%---------
Operating Income Margin-444.6%-470.4%-1662.8%---------
Net Income Margin-133.9%36.6%-2433.9%---------
Cash & Debt            
Total Cash7873612215915
Total Debt1110108779791013
Net Debt / (Cash)-6-7373557551-2
Cash Flows Quarterly            
FCF from Operations-4-4-3-4-3-2-2-3-4-3-5-8
Cash Flows TTM            
FCF from Operations TTM-15-14-12-12-10-11-12-14-19-22-27-28
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-6.6%-6.5%-5.7%-5.5%-5.7%-3.7%-4.7%-11.0%-9.6%-6.8%-9.5%-13.4%
Return on Invested Capital (ROIC) TTM            
ROIC TTM-5.9%-5.7%-4.9%-4.7%-6.2%-7.1%-7.9%-9.0%-9.6%-11.1%-13.6%-15.3%

Segment Financials

Operating Income by Segment
$ Mil20252024
Dura-0 
NRx-16 
Development of novel therapeutics for the treatment of central nervous system disorders including -19
Total-16-19


Net Income by Segment
$ Mil20252024
Dura-0 
NRx-29 
Development of novel therapeutics for the treatment of central nervous system disorders including -25
Total-29-25


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


Price Behavior

Price Behavior
Market Price$4.46 
Market Cap ($ Bil)0.1 
First Trading Date12/04/2017 
Distance from 52W High-3.5% 
   50 Days200 Days
DMA Price$3.73$2.74
DMA Trendupup
Distance from DMA19.6%62.8%
 3M1YR
Volatility107.2%87.5%
Downside Capture263.06242.13
Upside Capture426.88228.80
Correlation (SPY)28.6%31.5%
NRXP Betas & Captures as of 6/30/2026

 1M2M3M6M1Y3Y
Beta1.892.371.842.302.131.08
Up Beta3.002.350.912.342.411.03
Down Beta-3.04-1.79-0.181.381.653.88
Up Capture343%608%505%481%360%159%
Bmk +ve Days11244067140429
Stock +ve Days9223763119355
Down Capture313%289%233%187%166%109%
Bmk -ve Days10172358112321
Stock -ve Days9162355123374

[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
NRXP39.1%87.4%0.74-
Sector ETF (XLV)18.8%15.8%0.9011.3%
Equity (SPY)21.9%12.6%1.3031.4%
Gold (GLD)21.0%27.9%0.6712.4%
Commodities (DBC)29.1%18.9%1.22-0.0%
Real Estate (VNQ)12.6%13.9%0.615.7%
Bitcoin (BTCUSD)-46.2%42.9%-1.3231.3%

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-47.0%378.4%0.41-
Sector ETF (XLV)5.8%14.9%0.213.3%
Equity (SPY)13.2%17.1%0.594.7%
Gold (GLD)17.2%18.4%0.764.9%
Commodities (DBC)9.0%19.5%0.351.9%
Real Estate (VNQ)2.7%18.9%0.044.1%
Bitcoin (BTCUSD)13.8%53.5%0.445.9%

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-27.6%346.8%0.41-
Sector ETF (XLV)10.0%16.6%0.493.3%
Equity (SPY)15.6%17.9%0.744.8%
Gold (GLD)11.1%16.1%0.564.3%
Commodities (DBC)6.7%18.0%0.291.3%
Real Estate (VNQ)5.0%20.7%0.204.3%
Bitcoin (BTCUSD)57.9%66.2%0.986.5%

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

Short Interest

Short Interest: As Of Date6302026
Short Interest: Shares Quantity5.4 Mil
Short Interest: % Change Since 6152026-5.5%
Average Daily Volume1.0 Mil
Days-to-Cover Short Interest5.4 days
Basic Shares Quantity32.3 Mil
Short % of Basic Shares16.7%

Earnings Returns History

Updated 6/4/2026
Expand for More
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
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%
...
SUMMARY STATS   
# Positive454
# Negative545
Median Positive3.3%5.9%13.9%
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
8/18/2025-9.2%-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   
# Positive454
# Negative545
Median Positive3.3%5.9%13.9%
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
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
 Collapse to Preview
Report DateFiling DateFiling
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

Industry Resources

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