NRX Pharmaceuticals (NRXP)
NASDAQ:NRXP
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NRX Pharmaceuticals
(NASDAQ:NRXP)
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Rating:55Neutral
Price Target:
$3.50
▲(37.25% Upside)
Action:Reiterated
Date:05/16/26
The score is held back primarily by weak financial performance—large ongoing losses, significant cash burn, and negative equity—despite improving revenue and reduced debt. Technicals are relatively strong (price above major moving averages with positive MACD), and the earnings call included credible milestone progress, but financing and execution risk remain material. Valuation is difficult to support given negative earnings and no dividend.
Positive Factors
Improving revenue & positive gross margin
TTM revenue growth to ~$2.3M (+87%) with a ~27% gross margin shows the company is beginning to convert clinical activity into product/clinic revenue. This early commercial traction is a durable indicator that the business model can generate revenues and scale if regulatory and manufacturing milestones are met, reducing sole reliance on financing over the medium term.
Negative Factors
Limited cash runway & heavy cash burn
A modest cash balance versus sustained negative operating and free cash flow means the business lacks self-sustaining cash generation. Reliance on ATMs, milestone funding, or partner/grant support creates a persistent funding risk; any delay in approvals, clinic ramp or capital access would materially strain operations and strategic execution over the next 6–12 months.
Read all positive and negative factors
Positive Factors
Negative Factors
Improving revenue & positive gross margin
TTM revenue growth to ~$2.3M (+87%) with a ~27% gross margin shows the company is beginning to convert clinical activity into product/clinic revenue. This early commercial traction is a durable indicator that the business model can generate revenues and scale if regulatory and manufacturing milestones are met, reducing sole reliance on financing over the medium term.
Read all positive factors
NRX Pharmaceuticals (NRXP) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$116.66M
Dividend YieldN/A
Average Volume (3M)475.66K
Price to Earnings (P/E)―
Beta (1Y)0.63
Revenue GrowthN/A
EPS Growth36.33%
CountryUS
Employees2
SectorHealthcare
Sector Strength45
IndustryBiotechnology
Share Statistics
EPS (TTM)-1.28
Shares Outstanding36,228,992
10 Day Avg. Volume509,446
30 Day Avg. Volume475,656
Financial Highlights & Ratios
PEG Ratio0.05
Price to Book (P/B)-3.64
Price to Sales (P/S)47.35
P/FCF Ratio-4.11
Enterprise Value/Market Cap0.43
Enterprise Value/Revenue21.75
Enterprise Value/Gross Profit58.61
Enterprise Value/Ebitda-1.62
Forecast
1Y Price Target
$38.25Price Target Upside1400.00% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering4
EPS Forecast (FY)0.53
Revenue Forecast (FY)$85.87M
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 th...
How the Company Makes Money
NRX Pharmaceuticals is a clinical-stage company; publicly available information does not indicate a stable, material product-sales base. As a result, its ability to generate revenue is generally expected to come from (a) licensing or collaboration...
NRX Pharmaceuticals Earnings Call Summary
Earnings Call Date:Mar 24, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Aug 17, 2026
Earnings Call Sentiment Positive
The call communicated multiple concrete regulatory, manufacturing and commercialization milestones (preliminary bioequivalence for KETAFREE, FDA openness to RWE for NRX-100, expanded Fast Track, manufactured registration batches, >25,000 NRX-101 doses, EBITDA-positive acquired clinics, and expense reductions). These highlights show tangible progress toward near-term approvals and commercial scale-up. Offsetting risks include a modest cash balance ($7.8M) with an ongoing $16.2M operating loss, early-stage clinic revenues, remaining regulatory steps and formulation/clinical validation needs for the D-cycloserine program. On balance the company presented more substantive positive catalysts and de-risking actions than unresolved negatives, but execution and financing risks remain material.Positive Updates
ANDA Progress for KETAFREE — Preliminary Bioequivalence Determination
FDA approved suitability petition (Aug 2025), ANDA filed (Sep 2025), FDA found no significant deficiencies (Nov 2025), and most recently issued a preliminary determination of bioequivalence to reference drug Ketalar. Company has manufactured 3 registration batches and anticipates a summer 2026 approval window (final pre-approval checks and plant inspection still required).
Negative Updates
Limited Cash Runway and Ongoing Operating Loss
Cash and cash equivalents of $7.8M at Dec 31, 2025 with loss from operations of $16.2M for the year. Management projects runway through end of 2026 conditioned on clinic revenue growth and ATM activity — significant execution risk if revenue or financing does not materialize.
Read all updates
Q4-2025 Updates
Positive
Negative
ANDA Progress for KETAFREE — Preliminary Bioequivalence Determination
FDA approved suitability petition (Aug 2025), ANDA filed (Sep 2025), FDA found no significant deficiencies (Nov 2025), and most recently issued a preliminary determination of bioequivalence to reference drug Ketalar. Company has manufactured 3 registration batches and anticipates a summer 2026 approval window (final pre-approval checks and plant inspection still required).
Read all positive updates
Company Guidance
Management provided near‑term regulatory and financial guidance emphasizing multiple upcoming milestones and a secured runway: cash of $7.8M as of 12/31/2025 (and elimination of all convertible debt), a reduced 2025 operating loss of $16.2M (down $2.3M from $18.5M in 2024), R&D expense of $3.8M (down $2.4M from $6.2M) and G&A of $13.1M (down $0.4M from $13.5M); management believes current cash plus growing clinic revenue, ongoing cost reductions and active at‑the‑market financing will support operations through the end of 2026 and could yield pro forma profitability by year‑end if one key program succeeds. Key program timing/metrics: KETAFREE ANDA with a favorable preliminary bioequivalence determination and three registration batches manufactured (≥3 years room‑temperature stability) with a targeted mid‑2026 approval and several hundred thousand units planned at launch (U.S. ketamine market ≈$750M); NRX‑100 NDA planning to package FDA‑requested data by end of Q2 2026 with a potential PDUFA late 2026/early 2027 (expanded Fast Track and possible 2‑month priority voucher); real‑world evidence for submission includes ≈65,000 IV and ≈6,000 intranasal ketamine patients; NRX‑101: >25,000 manufactured doses, an expanded‑access program active, a Phase III TMS‑augmentation trial planned to start summer 2026, and an addressable NRX‑101 TMS market estimated >$1B (broader depression addressable population cited at ~12–13M vs a narrower active‑suicidality cohort of ~3–3.5M).NRX Pharmaceuticals Financial Statement Overview
Summary
Income Statement
18
Very Negative
Balance Sheet
22
Negative
Cash Flow
15
Very Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Mar 2024 | Dec 2022 | Mar 2022 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 2.29M | 1.23M | 0.00 | 0.00 | 0.00 | 0.00 |
| Gross Profit | 851.00K | 720.00K | -5.00K | -5.00K | -4.00K | -2.00K |
| EBITDA | -30.73M | -27.81M | -24.04M | -30.02M | -39.75M | -93.04M |
| Net Income | -24.54M | -28.62M | -25.13M | -30.15M | -39.75M | -93.06M |
Balance Sheet | ||||||
| Total Assets | 11.90M | 12.96M | 3.65M | 7.32M | 25.82M | 32.73M |
| Cash, Cash Equivalents and Short-Term Investments | 6.71M | 7.80M | 1.44M | 4.59M | 20.05M | 27.61M |
| Total Debt | 934.00K | 631.00K | 6.58M | 9.16M | 10.53M | 518.00K |
| Total Liabilities | 25.72M | 28.89M | 26.87M | 19.05M | 18.41M | 11.92M |
| Stockholders Equity | -13.82M | -15.94M | -23.22M | -11.73M | 7.41M | 20.81M |
Cash Flow | ||||||
| Free Cash Flow | -14.93M | -14.11M | -10.64M | -21.66M | -39.77M | -37.71M |
| Operating Cash Flow | -14.93M | -14.11M | -10.64M | -21.66M | -39.76M | -37.70M |
| Investing Cash Flow | -3.02M | -2.81M | 0.00 | -3.00K | -10.00K | -7.00K |
| Financing Cash Flow | 19.11M | 23.28M | 7.49M | 6.20M | 32.21M | 63.46M |
NRX Pharmaceuticals Technical Analysis
Positive
2.55
Price Trends
2.60
Positive
2.32
Positive
2.52
Positive
Market Momentum
0.13
Positive
61.27
Neutral
45.18
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For NRXP, the sentiment is Positive. The current price of 2.55 is below the 20-day moving average (MA) of 3.04, below the 50-day MA of 2.60, and above the 200-day MA of 2.52, indicating a bullish trend. The MACD of 0.13 indicates Positive momentum. The RSI at 61.27 is Neutral, neither overbought nor oversold. The STOCH value of 45.18 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for NRXP.
NRX Pharmaceuticals Risk Analysis
NRX Pharmaceuticals disclosed 93 risk factors in its most recent earnings report. NRX Pharmaceuticals reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
NRX Pharmaceuticals Peers Comparison
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
55 Neutral | $116.66M | -12.04 | 111.73% | ― | ― | 36.33% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
47 Neutral | $234.19M | -3.48 | -194.74% | ― | 160.53% | 12.32% | |
44 Neutral | $28.33M | -1.15 | -136.08% | ― | -77.56% | -50.38% | |
42 Neutral | $83.73M | -7.23 | 102.92% | ― | ― | ― | |
40 Underperform | $21.56M | -0.75 | -208.23% | ― | -100.00% | 26.30% |
* Healthcare Sector Average
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NRX Pharmaceuticals Corporate Events
Business Operations and StrategyExecutive/Board ChangesShareholder Meetings
NRx Pharmaceuticals Stockholders Approve Incentive Plan Amendment
Positive
Mar 24, 2026
At its 2025 Annual Meeting, NRx Pharmaceuticals’ stockholders approved an amendment to the company’s 2021 Omnibus Incentive Plan, expanding the annual “evergreen” share reserve from a 1% cap to the lesser of 3,187,234 share...
Private Placements and FinancingRegulatory Filings and Compliance
NRx Pharmaceuticals Establishes $20 Million ATM Stock Program
Neutral
Feb 17, 2026
On February 17, 2026, NRx Pharmaceuticals filed a prospectus supplement covering up to $20 million of its common stock under an existing at-the-market offering agreement with H.C. Wainwright Co., with shares to be issued pursuant to an effective ...
Business Operations and StrategyProduct-Related AnnouncementsRegulatory Filings and Compliance
NRx Advances NRX-100 Toward Full FDA Approval Path
Positive
Feb 17, 2026
On February 17, 2026, NRx Pharmaceuticals announced it had completed an in-person Type C meeting with senior U.S. FDA officials, together with partner Osmind, that clarified a regulatory path for NRX-100, its preservative-free intravenous ketamine...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.