NRX Pharmaceuticals (NRXP)
NASDAQ:NRXP
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NRX Pharmaceuticals
(NASDAQ:NRXP)
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Rating:55Neutral
Price Target:
$4.00
▲(56.86% Upside)
Action:Reiterated
Date:06/05/26
The score is held back primarily by weak financial performance (large losses, sustained cash burn, and negative equity). Offsetting this, technicals show a clear upward trend, and the latest earnings call pointed to meaningful regulatory/manufacturing progress and improved reported losses, though funding and execution risks remain elevated; recent equity financing improves liquidity but adds dilution pressure.
Positive Factors
Regulatory & manufacturing progress (KETAFREE)
Concrete FDA bioequivalence feedback plus domestic blow-fill-seal manufacturing capable of ~1M units/week materially raises commercial readiness. Durable manufacturing scale and regulatory alignment reduce supply bottlenecks, shorten time-to-launch, and support sustainable product availability for clinics and wholesalers.
Negative Factors
Persistent cash burn and negative equity
Sustained multi-million dollar cash burn and an accumulated deficit constrain strategic flexibility over months. Continued negative equity signals reliance on external capital; absent durable revenue growth, recurring dilutive financing may be required, complicating long-term execution and investor returns.
Read all positive and negative factors
Positive Factors
Negative Factors
Regulatory & manufacturing progress (KETAFREE)
Concrete FDA bioequivalence feedback plus domestic blow-fill-seal manufacturing capable of ~1M units/week materially raises commercial readiness. Durable manufacturing scale and regulatory alignment reduce supply bottlenecks, shorten time-to-launch, and support sustainable product availability for clinics and wholesalers.
Read all positive factors
NRX Pharmaceuticals (NRXP) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$146.73M
Dividend YieldN/A
Average Volume (3M)475.66K
Price to Earnings (P/E)―
Beta (1Y)0.74
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 Cap0.48
Enterprise Value/Revenue30.80
Enterprise Value/Gross Profit82.99
Enterprise Value/Ebitda-2.30
Forecast
1Y Price Target
$38.25Price Target Upside1400.00% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering4
EPS Forecast (FY)-0.08
Revenue Forecast (FY)$47.06M
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:May 18, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Aug 17, 2026
Earnings Call Sentiment Positive
The call emphasized substantial forward progress across multiple fronts: near-term regulatory and manufacturing milestones for KETAFREE, an NRX-100 NDA supported by >65,000-patient RWE, FDA clearance to proceed with a sizable NRX-101 TMS augmentation trial (MIND1), expansion of HOPE clinics, and acquisition of Geneuro assets to broaden the pipeline. Financially, reported net loss improved materially (a 74% reduction year-over-year) and the company raised ~$7.0M post-quarter, while becoming debt-free. Counterbalancing these positives are near-term operational cash sensitivity, increased operating losses driven by higher R&D and G&A spend, ongoing regulatory timing risk, the need to build commercial channels (particularly to displace compounding pharmacy supply to clinics), and dependence on anticipated nondilutive funding for certain programs. Overall, the balance of concrete regulatory/operational advances and capital actions alongside manageable but material execution and timing risks supports a constructive outlook.Positive Updates
KETAFREE Regulatory and Manufacturing Progress
FDA provided a preliminary determination of bioequivalence for KETAFREE with only minor labeling and administrative quality items remaining; FDA leadership expressed support for addressing remaining items within the current review cycle targeting summer 2026. Manufacturing site reclassified to VAI status and the company transmitted its first commercial manufacturing order at a 1 million unit per batch scale. The blow-fill-seal (BFS) process offers >10x throughput vs traditional vial methods and is claimed capable of producing ~1 million units per week. KETAFREE will be the first U.S.-manufactured preservative-free ketamine and is free of benzethonium chloride; launch inventory target is at least 1 million units in warehouse.
Negative Updates
Increased Operating Loss and Higher Expenses
Loss from operations increased to $4.7M for Q1 2026 from $3.8M in Q1 2025, a ~24% increase, driven by costs tied to strategic initiatives. Research & development expense rose to ~$1.3M from ~$0.8M (+62.5% year-over-year) and general & administrative expense increased to ~$3.8M from ~$2.9M (approx. +31%).
Read all updates
Q1-2026 Updates
Positive
Negative
KETAFREE Regulatory and Manufacturing Progress
FDA provided a preliminary determination of bioequivalence for KETAFREE with only minor labeling and administrative quality items remaining; FDA leadership expressed support for addressing remaining items within the current review cycle targeting summer 2026. Manufacturing site reclassified to VAI status and the company transmitted its first commercial manufacturing order at a 1 million unit per batch scale. The blow-fill-seal (BFS) process offers >10x throughput vs traditional vial methods and is claimed capable of producing ~1 million units per week. KETAFREE will be the first U.S.-manufactured preservative-free ketamine and is free of benzethonium chloride; launch inventory target is at least 1 million units in warehouse.
Read all positive updates
Company Guidance
The call guided toward near-term regulatory and commercial milestones: KETAFREE is in final FDA review with a summer 2026 approval goal after a preliminary bioequivalence finding, received only minor labeling/quality comments, has been reclassified VAI, transmitted its first commercial manufacturing order on May 5 at a 1 million‑unit‑per‑batch scale, can manufacture up to ~1 million units per week using blow‑fill‑seal (>10x throughput vs glass), and plans at least 1 million units (±0.5–1.0M) in inventory at launch; NRX‑100’s NDA is expected in Q2 2026 supported by clinical data on >1,000 patients plus real‑world evidence on >65,000 patients, has Fast Track engagement and an SAP response expected by month‑end, and the company has applied for a national priority voucher; NRX‑101 has Module 3 submitted/rolling review under Breakthrough designation and MIND1 was cleared May 7 as a Phase IIb/III trial to enroll 400 participants (non‑dilutive federal funding anticipated) for a >$1B market opportunity; operational and financial guidance included 5 HOPE clinics today (target ≥8 by end‑Q2), cash of ~$6.7M as of March 31, ~$7M raised post‑quarter, net loss of ~$1.4M ($0.04/sh) in Q1 vs ~$5.5M ($0.34/sh) a year ago (74% reduction), loss from operations $4.7M vs $3.8M, R&D $1.3M vs $0.8M, G&A $3.8M vs $2.9M, and management believes existing resources and ATM availability support operations through at least 2026.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
3.03
Positive
2.49
Positive
2.60
Positive
Market Momentum
0.39
Negative
63.30
Neutral
50.39
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 3.63, below the 50-day MA of 3.03, and below the 200-day MA of 2.60, indicating a bullish trend. The MACD of 0.39 indicates Negative momentum. The RSI at 63.30 is Neutral, neither overbought nor oversold. The STOCH value of 50.39 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 | $146.73M | -5.45 | 107.73% | ― | ― | 36.33% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
47 Neutral | $223.28M | -2.76 | -194.74% | ― | 160.53% | 12.32% | |
44 Neutral | $28.89M | -0.91 | -136.08% | ― | -77.56% | -50.38% | |
42 Neutral | $86.30M | -13.14 | 102.92% | ― | ― | ― | |
40 Underperform | $20.90M | -0.34 | -208.23% | ― | -100.00% | 26.30% |
* Healthcare Sector Average
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NRX Pharmaceuticals Corporate Events
Business Operations and StrategyPrivate Placements and Financing
NRx Pharmaceuticals Announces $20 Million Public Stock Offering
Positive
Jun 4, 2026
On June 3, 2026, NRx Pharmaceuticals, Inc. priced an underwritten public offering of 5,714,286 shares of common stock at $3.50 per share, granting underwriters a 30-day option to buy up to an additional 857,142 shares. The company estimated gross ...
Business Operations and StrategyPrivate Placements and Financing
NRx Pharmaceuticals Plans Underwritten Public Stock Offering
Positive
Jun 2, 2026
On June 2, 2026, NRx Pharmaceuticals, Inc. announced plans for an underwritten public offering of its common stock, with BTIG, LLC as lead bookrunner and Lucid Capital Markets, LLC as joint bookrunning manager. The company may grant the underwrite...
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...
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.