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NRXP

NRx Pharmaceuticals, Inc.

NRXP

NRx Pharmaceuticals, Inc. • NASDAQ
$2.45 ▲ 4.70% (+0.11)
Market Cap $42.35 M
52w High $6.01
52w Low $1.15
Dividend Yield 0%
P/E -1.06
Volume 143.04K
Outstanding Shares 17.29M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $242K ▲ $4.169M ▲ $-5.89M ▲ -2.434K% ▼ $-0.27 ▲ $-5.847M ▲
Q2-2025 $0 $3.73M ▼ $-17.581M ▼ 0% $-0.98 ▼ $-17.581M ▼
Q1-2025 $0 $3.847M ▲ $-5.512M ▲ 0% $-0.34 ▲ $-5.512M ▲
Q4-2024 $0 $3.633M ▲ $-9.078M ▼ 0% $-0.86 ▼ $-9.077M ▼
Q3-2024 $0 $3.02M $-1.623M 0% $-0.15 $-1.621M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $7.184M ▲ $14.996M ▲ $40.751M ▲ $-25.755M ▲
Q2-2025 $2.91M ▼ $4.838M ▼ $40.453M ▲ $-35.615M ▼
Q1-2025 $5.548M ▲ $7.59M ▲ $32.751M ▲ $-25.161M ▼
Q4-2024 $1.443M ▼ $3.651M ▼ $26.874M ▲ $-23.223M ▼
Q3-2024 $1.646M $4.462M $23.284M $-18.822M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-5.89M ▲ $-2.891M ▲ $-2.561M ▼ $9.726M ▲ $4.274M ▲ $-2.891M ▲
Q2-2025 $-17.58M ▼ $-4.028M ▼ $0 $1.39M ▼ $-2.638M ▼ $-4.028M ▼
Q1-2025 $-5.512M ▲ $-3.48M ▼ $0 $7.585M ▲ $4.105M ▲ $-3.48M ▼
Q4-2024 $-9.078M ▼ $-1.464M ▲ $0 $1.261M ▼ $-203K ▲ $-1.464M ▲
Q3-2024 $-1.623M $-2.306M $0 $2.054M $-252K $-2.306M

Five-Year Company Overview

Income Statement

Income Statement NRx is still purely a research-stage company, with no product sales so far. All activity runs through operating expenses, mainly R&D and overhead, which have produced steady losses each year. Those losses appear to have narrowed over the last few years, suggesting tighter cost control or a slimmer R&D program, but the business remains firmly unprofitable. The earnings per share figures are also distorted by the recent reverse stock split, so the apparent swings in per-share loss over time are more about capital structure than a change in business performance.

Balance Sheet

Balance Sheet The balance sheet is extremely light, with very modest total assets and almost no cash left as of the latest year. Equity has turned negative again, which means accumulated losses now exceed the value of the company’s recorded assets and signals a financially fragile position. Debt levels are low in absolute terms, but even small obligations can matter when cash is tight. Overall, the company appears highly dependent on raising fresh capital or securing non-dilutive funding to support its pipeline.

Cash Flow

Cash Flow Cash flow from operations has been consistently negative, reflecting ongoing spending on development and corporate costs without any offsetting revenue. Free cash flow mirrors this, since there is essentially no spending on long-term physical assets; nearly all cash use is for running the business and funding R&D. The pattern indicates a persistent cash burn and limited internal ability to extend the runway. Without new funding, partnerships, or milestone payments, the current cash profile leaves little cushion for setbacks in clinical or regulatory timelines.

Competitive Edge

Competitive Edge Competitively, NRx is trying to carve out a focused niche in severe mental health conditions, particularly suicidal depression and related central nervous system disorders. Its lead assets target a different brain pathway than standard antidepressants, and the company has secured several important FDA designations that can speed development and review, which is a meaningful advantage for a small player. The vertically integrated HOPE Therapeutics clinic network, if successfully built out, could provide a built-in channel for its therapies and differentiate it from traditional biotech peers that rely entirely on third-party providers. However, NRx remains a small, pre-revenue company going up against much larger pharmaceutical firms with more capital, broader pipelines, and established commercial infrastructures, so its competitive strength will ultimately depend on strong clinical data and its ability to execute on partnerships and commercialization.

Innovation and R&D

Innovation and R&D Innovation is the central strength of NRx’s story. The company’s NMDA-based platform underpins two main drug candidates: NRX-101, a novel oral combination aimed at suicidal bipolar depression maintenance, and NRX-100, a pH-neutral ketamine formulation designed to be more tolerable and potentially easier to deliver. Both candidates benefit from favorable FDA designations, which validate the unmet need and could streamline the path toward potential approval. The HOPE Therapeutics clinics add an innovative care-delivery angle by combining advanced treatments in specialized settings and potentially serving as early adopters of NRx’s own drugs. That said, the pipeline is concentrated in just a few key programs, so clinical or regulatory disappointments would have an outsized impact on the company’s prospects.

Summary

NRx Pharmaceuticals is a classic early-stage biotech: scientifically ambitious, focused on urgent unmet needs in mental health, but still pre-revenue and financially fragile. The company’s therapeutic approach, regulatory designations, and integrated clinic strategy make its scientific and commercial vision quite distinct within the CNS space. At the same time, the lack of revenue, ongoing cash burn, very small asset base, and negative equity highlight significant financial risk and a high degree of dependence on external funding and partnership support. The main variables to watch are clinical trial outcomes for NRX-101 and NRX-100, any major FDA updates, progress in expanding and monetizing the HOPE Therapeutics clinic network, and the company’s ability to secure capital on acceptable terms. Overall, this is a high-uncertainty profile where the long-term outcome hinges heavily on a few pivotal scientific and regulatory milestones.

NEWS

November 17, 2025 · 8:03 AM UTC

NRx Pharmaceuticals, Inc. (NASDAQ:NRXP) Reports Third Quarter 2025 Financial Results and Provides Corporate Update

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November 12, 2025 · 8:31 AM UTC

NRx Pharmaceuticals, Inc. (NASDAQ:NRXP) to Report Third Quarter 2025 Financial Results on November 17, 2025

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November 10, 2025 · 8:03 AM UTC

HOPE Therapeutics, Inc., an NRx Pharmaceuticals Subsidiary, Announces First-in-Florida Initiation of One Day (ONE-D) Depression Treatment in Partnership with Ampa Health

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October 20, 2025 · 8:03 AM UTC

HOPE Therapeutics, Inc. and NRx Pharmaceuticals, Inc. (NASDAQ:NRXP) Announce Inclusion of Cohen & Associates, LLC of Sarasota, FL into the HOPE Network and Appointment of Dr. Rebecca Cohen as HOPE Medical Director

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October 6, 2025 · 8:03 AM UTC

NRx Pharmaceuticals, Inc. (NASDAQ:NRXP) to Present at Noble Capital Markets October 2025 Emerging Growth Virtual Equity Conference

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