NRX Pharmaceuticals, Inc. NRXP
NRx Pharmaceuticals, Inc. (Nasdaq: NRXP) ("NRx", the "Company", "we", "us" or "our") is a clinical-stage bio-pharmaceutical company which develops and will distribute, through its wholly-owned operating subsidiary, NeuroRx, Inc., (NeuroRx), novel therapeutics for the treatment of central nervous system disorders including suicidal depression, chronic pain, post-traumatic stress disorder (PTSD) and schizophrenia. NRx is additionally the founder and majority owner of HOPE Therapeutics, Inc. (HOPE), a medical services company that offers interventional psychiatry care to patients with treatment-resistant depression and PTSD with a combination of neuroplastic drugs, transcranial magnetic stimulation (TMS), digital therapeutics, and hyperbaric therapy. All of our current drug development activities are focused on drugs that enhance neuroplasticity by modulating the N-methyl-D-aspartate (NMDA) receptor in the brain and nervous system, a neurochemical pathway that has been disclosed in detail in our annual filings. The Company has three lead drug candidates – NRX-100, a preservative-free formulation of ketamine for intravenous infusion, a generic preservative-free formulation of ketamine (KETAFREE™), and NRX-101, an oral fixed dose combination of D-cycloserine (DCS) and lurasidone. KETAFREE™, NRX-100 and NRX-101 are in the process of submission for Food and Drug Administration (FDA) approval as follows:
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.2M | $0 | $0 | — | — | — | — | — | — |
| Cost of revenue | $505.0K | $0 | — | — | — | — | — | — | — |
| Gross profit | $720.0K | $0 | — | — | — | — | — | — | — |
| R&D | $3.8M | $6.2M | $13.4M | $17.0M | $20.3M | $10.6M | — | — | — |
| SG&A | $13.1M | $13.5M | $14.2M | $27.3M | $74.9M | $11.4M | — | — | — |
| Total operating expenses | $17.4M | $18.5M | $27.8M | $44.3M | $115.8M | $51.4M | $713.2K | $1.0M | — |
| Operating income | -$16.2M | -$18.5M | -$27.8M | -$44.3M | -$115.8M | -$51.4M | -$713.2K | -$1.0M | — |
| Interest expense | $671.0K | $230.0K | $120.0K | — | $18.0K | $56.0K | $1.2M | $1.1M | — |
| Pre-tax income | -$28.6M | -$25.1M | -$30.1M | -$39.8M | -$93.1M | -$51.8M | $492.6K | $82.4K | — |
| Income tax | $0 | $0 | $0 | — | — | $17.8K | $84.2K | $16.3K | — |
| Net income | -$28.6M | -$25.1M | -$30.1M | -$39.8M | -$93.1M | -$51.8M | $408.4K | $66.1K | — |
| EPS, basic | -1.34 | -2.36 | -3.98 | -0.60 | -1.98 | -1.51 | — | — | — |
| EPS, diluted | — | — | — | -0.60 | -1.98 | -1.51 | -0.11 | -0.29 | — |
| Shares, diluted (wtd. avg.) | 21.4M | 10.6M | 7.6M | 65.8M | 46.9M | 34.3M | — | — | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 |
|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $7.8M | $1.4M | $4.6M | $20.1M | $27.6M | $1.9M | $877.0K | — | — |
| Receivables | $161.0K | $0 | — | — | — | $831.0K | — | — | — |
| Total current assets | $8.9M | $3.3M | $6.9M | $25.8M | $32.7M | $2.9M | $69.5K | $30.2K | $536.4K |
| Property, plant and equipment | $63.0K | $10.0K | — | — | — | — | — | — | — |
| Goodwill | $1.8M | $0 | — | — | — | — | — | — | — |
| Other intangibles | $925.0K | $0 | — | — | — | — | — | — | — |
| Total assets | $13.0M | $3.7M | $7.3M | $25.8M | $32.7M | $2.9M | $32.1M | $70.8M | $69.6M |
| Accounts payable | $4.3M | $4.1M | $4.6M | $2.1M | $3.7M | $3.2M | $622.4K | $551.1K | $85.7K |
| Short-term debt | — | — | $9.2M | $7.7M | — | — | — | — | — |
| Total current liabilities | $28.6M | $21.9M | $19.0M | $15.6M | $11.9M | $46.2M | $622.4K | $567.4K | $93.2K |
| Long-term debt | — | — | $9.2M | $2.8M | — | — | — | — | — |
| Total liabilities | $28.9M | $26.9M | $19.0M | $18.4M | $11.9M | $46.7M | $2.6M | $1.3M | $93.2K |
| Retained earnings | -$306.9M | -$278.3M | -$253.1M | -$223.0M | -$183.2M | -$90.2M | $369.5K | -$38.9K | -$105.0K |
| Total equity | -$15.9M | -$23.2M | -$11.7M | $7.4M | $20.8M | -$43.8M | -$4.8M | $5.0M | $5.0M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 |
|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$14.1M | -$10.6M | -$21.7M | -$39.8M | -$37.7M | -$2.3M | -$792.7K | -$473.2K | — |
| Depreciation and amortisation | $10.0K | $10.0K | $5.0K | $4.0K | $2.0K | $2.0K | — | — | — |
| Stock-based compensation | $228.0K | $486.0K | $387.0K | $3.6M | $7.8M | $730.0K | — | — | — |
| Capital expenditure | — | $0 | $3.0K | $10.0K | $7.0K | $2.0K | — | — | — |
| Investing cash flow | -$2.8M | $0 | -$3.0K | -$10.0K | -$7.0K | -$2.0K | $40.2M | -$647.4K | — |
| Financing cash flow | $23.3M | $7.5M | $6.2M | $32.2M | $63.5M | $3.2M | -$39.5M | $682.5K | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001437749-26-009418.
Plot the figures US dollars
- Revenue
- Gross profit
- Net income
| Fiscal year | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | — | — | — | — | — | — | $0 | $0 | $1.2M |
| Gross profit | — | — | — | — | — | — | — | $0 | $720.0K |
| Net income | — | $66.1K | $408.4K | -$51.8M | -$93.1M | -$39.8M | -$30.1M | -$25.1M | -$28.6M |
Recent filings and events
- Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
- Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
- Other event The catch-all. The company chose to disclose something that fits no other item, so the content is whatever it says it is. Item 8.01
- Material agreement signed The company entered an agreement outside the ordinary course of business - a large contract, a credit facility, a merger agreement. Item 1.01
- Other event Item 8.01
- Other event Item 8.01
- Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02
- Shareholder vote The results of the annual meeting or a special vote. Item 5.07
- Annual report filed A new 10-K. The figures and the business description on this site come from it. Form 10-K
- Other event Item 8.01
- Other event Item 8.01
- Officer or director change Item 5.02
Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.
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