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NRX Pharmaceuticals
(NASDAQ:NRXP)
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Rating:49Neutral
Price Target:
$3.50
▼(-4.63% Downside)
Action:Reiterated
Date:08/18/26
The score is held back primarily by weak financial performance (large losses, sustained cash burn, and negative equity). The latest earnings call provides a meaningful offset via near-term regulatory/commercial progress and strengthened cash following financing, but technicals are only neutral-to-weak and valuation signals are limited due to negative earnings and no dividend yield provided.
Positive Factors
Early Commercial Revenue Growth
Revenue growth indicates early commercial traction and expanding product activity. If sustained, a larger revenue base could gradually improve operating leverage and reduce dependence on financing as the company advances its CNS portfolio.
Negative Factors
Persistent Losses and Cash Burn
The company remains far from profitability, with development and commercial preparation costs substantially exceeding revenue. Continued cash consumption limits financial flexibility and means successful launches or additional funding are needed to sustain operations.
Read all positive and negative factors
Positive Factors
Negative Factors
Early Commercial Revenue Growth
Revenue growth indicates early commercial traction and expanding product activity. If sustained, a larger revenue base could gradually improve operating leverage and reduce dependence on financing as the company advances its CNS portfolio.
Read all positive factors
NRX Pharmaceuticals (NRXP) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$153.70M
Dividend YieldN/A
Average Volume (3M)475.66K
Price to Earnings (P/E)―
Beta (1Y)0.88
Revenue GrowthN/A
EPS Growth67.07%
CountryUS
Employees29
SectorHealthcare
Sector Strength45
IndustryBiotechnology
Share Statistics
EPS (TTM)-0.74
Shares Outstanding43,295,770
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 Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda>-0.01
Forecast
1Y Price Target
$27.50Price Target Upside649.32% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering2
EPS Forecast (FY)-0.48
Revenue Forecast (FY)$10.18M
NRX Pharmaceuticals Business Overview & Revenue Model
Company Description
NRx Pharmaceuticals, Inc. is a clinical-stage biopharmaceutical firm focused on developing innovative therapies for disorders of the central nervous system and critical lung diseases. Its product portfolio features ZYESAMI, an experimental medicat...
How the Company Makes Money
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NRX Pharmaceuticals Earnings Call Summary
Earnings Call Date:Aug 17, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 16, 2026
Earnings Call Sentiment Positive
The call conveyed significant strategic and technical progress across multiple fronts: near-term commercialization steps (ANDA and launch-stock orders), a strengthened balance sheet (cash up ~242%), a materially expanded development pipeline via the GeNeuro acquisition, and a high-impact DARPA/military partnership with a 400-patient SPARC-TMS trial. These positives are tempered by ongoing net operating losses (operating loss up ~48.7%), regulatory/contracting uncertainties, dependence on nondilutive government funding, and the need for further financing or successful commercial milestones beyond the ~1-year cash runway. Overall, the tone is cautiously optimistic: strong strategic wins and funding momentum outweigh current financial and execution risks, but key approvals, contracts and trial execution remain critical near-term milestones.Positive Updates
ANDA for Preservative-Free Ketamine Nearing Approval
Single major deficiency (Luer lock attestation) addressed and attestation submitted to FDA; company aiming for 2026 approval and has ordered 5 million units of launch stock.
Negative Updates
Continued Net Loss and Increased Operating Loss
Net loss for the six months ended June 30, 2026 was $18.0M versus $23.1M a year earlier (improvement of ~22.1%), but net operating loss increased to $11.3M from $7.6M (worsening of ~48.7%), driven by increased R&D and SG&A related to near-term commercial launch activities.
Read all updates
Q2-2026 Updates
Positive
Negative
ANDA for Preservative-Free Ketamine Nearing Approval
Single major deficiency (Luer lock attestation) addressed and attestation submitted to FDA; company aiming for 2026 approval and has ordered 5 million units of launch stock.
Read all positive updates
Company Guidance
Management guided that the preservative‑free ketamine ANDA is targeted for 2026 approval after completing the first review cycle with a single remaining major deficiency (FDA requested manufacturer attestation that the vial Luer‑lock is used in products shipping >12 million units/year), 5 million units of launch stock have been ordered and the ketamine market is estimated at ~$750M; the NRX‑100 NDA is being advanced with a 2027 approval goal (PDUFA fee ~ $5M) supported by real‑world evidence from ~65,000 Americans; the DARPA‑backed SPARC‑TMS Phase II/III trial (NRx as prime contractor) is planned to enroll ~400 patients (240 at HOPE/Harvard‑McLean and 160 at military treatment facilities) and could expand NRX‑101’s addressable market to >15 million treatment‑resistant depression patients; GeNeuro’s GNK‑301 first‑in‑human is targeted for July 2027 with initial congressional/DoD funding efforts (first $3M CDMRP submission and ~$80M added to the 2027 Defense appropriation) under way; and financially NRx reported $26.7M cash as of June 30, 2026 (vs $7.8M at Dec 31, 2025), raised >$22M gross in its recent public offering, posted a 6‑month net loss of $18M (vs $23.1M prior year) and a net operating loss of $11.3M (vs $7.6M), and believes current resources plus its ATM facility will support operations for at least one year.NRX Pharmaceuticals Financial Statement Overview
Summary
Income Statement
18
Very Negative
Balance Sheet
22
Negative
Cash Flow
14
Very Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Mar 2024 | Dec 2022 | Mar 2022 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 3.39M | 1.23M | 0.00 | 0.00 | 0.00 | 0.00 |
| Gross Profit | 1.11M | 720.00K | -5.00K | -5.00K | -4.00K | -2.00K |
| EBITDA | -21.96M | -27.81M | -24.04M | -30.02M | -39.75M | -93.04M |
| Net Income | -23.48M | -28.62M | -25.13M | -30.15M | -39.75M | -93.06M |
Balance Sheet | ||||||
| Total Assets | 34.16M | 12.96M | 3.65M | 7.32M | 25.82M | 32.73M |
| Cash, Cash Equivalents and Short-Term Investments | 26.69M | 7.80M | 1.44M | 4.59M | 20.05M | 27.61M |
| Total Debt | 1.25M | 631.00K | 6.58M | 9.16M | 10.53M | 518.00K |
| Total Liabilities | 34.33M | 28.89M | 26.87M | 19.05M | 18.41M | 11.92M |
| Stockholders Equity | -170.00K | -15.94M | -23.22M | -11.73M | 7.41M | 20.81M |
Cash Flow | ||||||
| Free Cash Flow | -20.67M | -14.11M | -10.64M | -21.66M | -39.76M | -37.71M |
| Operating Cash Flow | -19.77M | -14.11M | -10.64M | -21.66M | -39.76M | -37.70M |
| Investing Cash Flow | -3.71M | -2.81M | 0.00 | -3.00K | -10.00K | -7.00K |
| Financing Cash Flow | 47.26M | 23.28M | 7.49M | 6.20M | 32.21M | 63.46M |
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 |
|---|---|---|---|---|---|---|---|
56 Neutral | $260.43M | -1.86 | -314.08% | ― | 40.21% | 13.40% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
50 Neutral | $45.84M | -1.28 | -166.98% | ― | ― | 55.37% | |
49 Neutral | $153.70M | -4.78 | 168.68% | ― | ― | 67.07% | |
46 Neutral | $39.31M | -0.81 | -156.02% | ― | -95.74% | -23.18% | |
46 Neutral | $87.64M | -6.98 | -200.67% | ― | ― | -39.90% |
* Healthcare Sector Average
NRXP
NRX Pharmaceuticals
3.55
0.95
36.54%
CRVO
CervoMed
2.60
-7.50
-74.24%
HOWL
Werewolf Therapeutics
0.94
-0.36
-27.46%
OKYO
OKYO Pharma Limited Sponsored ADR
1.67
-0.65
-28.02%
CAMP
CAMP4 Therapeutics Corporation
4.15
2.59
166.03%
NRX Pharmaceuticals Corporate Events
Business Operations and StrategyProduct-Related AnnouncementsRegulatory Filings and Compliance
NRx Advances FDA Review of Ketamine ANDA Packaging Issue
Positive
Aug 7, 2026
NRx Pharmaceuticals said the U.S. Food and Drug Administration completed a first-round review of its Abbreviated New Drug Application for preservative-free ketamine, filed in September 2025, and on July 30, 2026 reported no major deficiencies rela...
Business Operations and Strategy
NRx Defense Systems Advances DARPA-Backed Depression Trial
Positive
Jul 22, 2026
In April 2026, NRx Pharmaceuticals incorporated NRx Defense Systems, a Florida-based research and development subsidiary focused on neuroplastic treatments that pair D-cycloserine with robotic-enabled Transcranial Magnetic Stimulation under neuro-...
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...
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.