NRX Pharmaceuticals (NRXP) AI Stock Analysis

• Market Cap: $54.47M
• Dividend Yield: N/A
• Average Volume (3M): 475.66K
• Price to Earnings (P/E): ―
• Beta (1Y): 1.29
• Revenue Growth: N/A
• EPS Growth: -9.32%
• Country: US
• Employees: 2
• Sector: Healthcare
• Sector Strength: 45
• Industry: Biotechnology
• EPS (TTM): -0.27
• Shares Outstanding: 29,605,150
• 10 Day Avg. Volume: 509,446
• 30 Day Avg. Volume: 475,656
• PEG Ratio: 0.02
• Price to Book (P/B): -1.00
• Price to Sales (P/S): 0.00
• P/FCF Ratio: -2.18
• Enterprise Value/Market Cap: 0.41
• Enterprise Value/Revenue: 91.75
• Enterprise Value/Gross Profit: 154.19
• Enterprise Value/Ebitda: -0.58
• 1Y Price Target: $37.67
• Price Target Upside: 2142.26% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 3
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 46 Neutral
• Price Target: $2.00 ▲(19.05% Upside)

The score is held down primarily by weak financial performance (large losses, ongoing cash burn, and negative equity) and bearish technicals (price below key moving averages with negative MACD). This is partially offset by a more positive earnings-call outlook tied to initial revenue generation, clinic expansion plans, and drug-approval progress, while valuation is difficult to assess due to negative earnings and no provided dividend yield.

Positive Factors

Regulatory Progress for KETAFREE

Acceptance of an ANDA with a defined FDA goal date is a structural milestone that can lead to a commercially approvable sterile ketamine product. Regulatory traction reduces technical risk, creates a potential revenue stream independent of novel drug approvals, and supports commercialization planning.

Clinic Network and Early Revenue

Generating recurring clinic revenue and scaling HOPE Therapeutics creates a durable commercial channel for interventional psychiatry services and neuroplastic drug adjuncts. Clinic EBITDA and outpatient volumes can diversify cash flow, accelerate real-world evidence, and support payor engagement over the medium term.

Debt Repayment and Capital Structure

Eliminating balance-sheet debt materially lowers refinancing and interest risk, improving financial flexibility. A debt-free position enhances the company’s ability to fund clinical programs, pursue strategic clinic acquisitions, and negotiate partnerships without near-term debt service constraints despite negative equity.

Negative Factors

Negative Stockholders' Equity

A persistent negative equity balance reflects accumulated losses and limits long-term financial flexibility. It can hinder strategic options, increase reliance on dilutive financings, and weaken bargaining power with partners or acquirers, creating a structural constraint on balance-sheet resilience.

Ongoing Cash Burn

Sustained negative operating and free cash flow relative to a tiny revenue base means the business remains dependent on external funding. Persistent burn risks delaying trials or clinic expansion if capital markets tighten, forcing prioritization of projects and potential dilution over the next several quarters.

Very Limited Commercial Revenue

Minimal revenue coupled with large operating losses underscores an early-stage commercialization gap. Until clinic scale, ANDA approval, or drug approvals produce material sales, margins will remain unsustainable and the company faces execution risk in translating clinical and regulatory progress into durable, self-funding operations.

NRX Pharmaceuticals Business Overview & Revenue Model

Company Description

NRX Pharmaceuticals, Inc., a clinical-stage pharmaceutical company, develops novel therapeutics for the treatment of central nervous system disorders and life-threatening pulmonary diseases. Its products include ZYESAMI, an investigational drug that has completed a Phase IIb/III clinical study for COVID-19 related respiratory failure; and NRX-100 and NRX-101 oral therapeutics for the treatment of bipolar depression in patients with acute suicidal behavior/ideation and sub-acute suicidal ideation and behavior. The company was founded in 2015 and is based in Wilmington, Delaware.

How the Company Makes Money

NRX Pharmaceuticals makes money primarily through the development and commercialization of its pharmaceutical products. The company's revenue streams include partnerships with other pharmaceutical companies for drug development and distribution, as well as potential sales from its proprietary drugs once they receive regulatory approval. Additionally, NRX Pharmaceuticals may engage in licensing agreements, where they receive upfront payments, milestone payments, and royalties based on the sales performance of their licensed products. The company's earnings are also influenced by its ability to secure funding through investments, grants, or collaborations geared towards advancing its research and development efforts.

NRX Pharmaceuticals Financial Statement Overview

Summary

Financials reflect an early-stage profile: modest TTM revenue ($0.24M) and positive gross profit, but very large net losses (~$38.1M) and continued negative operating/free cash flow (~-$11.9M). Low reported debt is a relative positive, but negative equity (-$25.8M) remains a significant balance-sheet risk.

Income Statement

TTM (Trailing-Twelve-Months) revenue is modest ($0.24M) and represents a positive shift versus several prior years with effectively no revenue, but profitability remains very weak. TTM gross profit is positive ($0.14M), yet the company is deeply loss-making with a net loss of ~$38.1M and large operating losses, indicating costs are far ahead of the current revenue base. Overall, the income profile reflects an early/transition-stage biotech with limited commercialization and significant ongoing burn.

Balance Sheet

Leverage (as measured by total debt) is relatively low in the TTM period ($0.35M), improving from higher debt levels in recent annual periods, which is a positive. However, stockholders’ equity is negative in TTM (-$25.8M) and also negative in the last two annual periods, which is a meaningful balance-sheet risk and typically signals accumulated losses and reduced financial flexibility. Total assets rose versus 2024, but the negative equity position keeps the balance sheet quality constrained despite lower debt.

Cash Flow

Cash generation remains a key weakness: TTM (Trailing-Twelve-Months) operating cash flow and free cash flow are both negative at about -$11.9M, implying the business still requires external funding. There is improvement versus the 2023–2024 annual periods (smaller cash burn than 2023 in particular), but free cash flow is still materially negative, and cash flow does not yet demonstrate self-funding operations. The trajectory is better, but the absolute level of burn remains high relative to the revenue base.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	242.00K	0.00	0.00	0.00	0.00	0.00
Gross Profit	144.00K	-5.00K	-5.00K	-4.00K	-2.00K	-2.00K
EBITDA	-38.02M	-24.04M	-30.02M	-39.75M	-93.04M	-51.72M
Net Income	-38.06M	-25.13M	-30.15M	-39.75M	-93.06M	-51.78M
Balance Sheet
Total Assets	15.00M	3.65M	7.32M	25.82M	32.73M	2.94M
Cash, Cash Equivalents and Short-Term Investments	7.18M	1.44M	4.59M	20.05M	27.61M	1.86M
Total Debt	347.00K	6.58M	9.16M	10.53M	518.00K	797.00K
Total Liabilities	40.75M	26.87M	19.05M	18.41M	11.92M	46.71M
Stockholders Equity	-25.75M	-23.22M	-11.73M	7.41M	20.81M	-43.77M
Cash Flow
Free Cash Flow	-11.86M	-10.64M	-21.66M	-39.77M	-37.71M	-2.27M
Operating Cash Flow	-11.86M	-10.64M	-21.66M	-39.76M	-37.70M	-2.27M
Investing Cash Flow	-2.56M	0.00	-3.00K	-10.00K	-7.00K	-2.00K
Financing Cash Flow	19.96M	7.49M	6.20M	32.21M	63.46M	3.25M

NRX Pharmaceuticals Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 1.68
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Positive
• STOCH: Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For NRXP, the sentiment is Negative. The current price of 1.68 is below the 20-day moving average (MA) of 2.14, below the 50-day MA of 2.27, and below the 200-day MA of 2.68, indicating a bearish trend. The MACD of -0.12 indicates Positive momentum. The RSI at 29.84 is Positive, neither overbought nor oversold. The STOCH value of 6.00 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for NRXP.

NRX Pharmaceuticals Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
OKYO	51 Neutral	$73.72M	-15.15	―	―	―	―
CAMP	49 Neutral	$183.66M	-1.46	-172.70%	―	―	5.51%
NRXP	46 Neutral	$54.47M	-0.71	―	―	―	-9.32%
CRVO	45 Neutral	$43.21M	-1.59	-71.42%	―	-38.81%	-76.96%
HOWL	44 Neutral	$31.15M	-0.37	-122.43%	―	-100.00%	-8.30%

NRX Pharmaceuticals Corporate Events

NRx Pharmaceuticals Addresses Nasdaq Meeting Compliance Requirements

On January 12, 2026, NRx Pharmaceuticals disclosed it had received a Nasdaq notice of non-compliance for failing to hold an annual shareholder meeting within 12 months of its fiscal year-end, triggering a requirement to submit a remediation plan within 45 days and placing the company on Nasdaq’s public list of non-compliant issuers, though its NRXP shares continue to trade without immediate impact. In response, the board set March 23, 2026 as the date for the delayed 2025 virtual annual meeting and February 12, 2026 as the record date, and outlined an accelerated January 26, 2026 deadline and procedural requirements for shareholder proposals and director nominations, a step that aims to restore listing compliance while clarifying the timetable and rules for investor participation in corporate governance.

The most recent analyst rating on (NRXP) stock is a Hold with a $2.00 price target. To see the full list of analyst forecasts on NRX Pharmaceuticals stock, see the NRXP Stock Forecast page.

NRx Pharmaceuticals Completes Debt Repayment, Ends 2025 Debt-Free

On December 2, 2025, NRx Pharmaceuticals announced it had repaid the remaining $5.4 million owed to Anson Funds, LLC via a conversion of debt into common stock, a transaction completed without additional warrants or repricing mechanisms, after Anson had originally lent $16.2 million to refinance prior loans and support operating expenses. The move leaves NRx expecting to end 2025 with a debt-free balance sheet, a shift the company says strengthens its capital structure and positions it to pursue accelerated growth in 2026 as it seeks potential drug approvals and clinic expansions for its CNS therapies targeting suicidal depression and PTSD, with implications for reduced financial risk and greater strategic flexibility for investors and partners.

The most recent analyst rating on (NRXP) stock is a Buy with a $40.00 price target. To see the full list of analyst forecasts on NRX Pharmaceuticals stock, see the NRXP Stock Forecast page.

NRX Pharmaceuticals Acquires Stake in Cohen & Associates

On October 17, 2025, HOPE Therapeutics, a subsidiary of NRx Pharmaceuticals, completed the acquisition of a strategic interest in Cohen & Associates, LLC, a leading interventional psychiatry clinic in Florida. This acquisition aims to expand HOPE’s presence in Western Florida and Palm Beach, with Dr. Rebecca Cohen appointed as Medical Director to oversee medical standards and drive growth. The move is expected to enhance HOPE’s revenue and EBITDA, positioning it as a leader in life-transforming therapies for depression and PTSD.

The most recent analyst rating on (NRXP) stock is a Buy with a $40.00 price target. To see the full list of analyst forecasts on NRX Pharmaceuticals stock, see the NRXP Stock Forecast page.