NRX Pharmaceuticals, Inc.
Business
NRX Pharmaceuticals is a clinical-stage biopharmaceutical company developing novel therapeutics for central nervous system disorders including suicidal depression, PTSD, chronic pain, and schizophrenia. The company's lead drug candidates are NRX-100 (preservative-free ketamine for intravenous infusion), KETAFREE™ (generic preservative-free ketamine), and NRX-101 (an oral fixed-dose combination of D-cycloserine and lurasidone), all targeting NMDA receptor modulation. NRX also owns HOPE Therapeutics, a medical services company providing interventional psychiatry care through ketamine infusions, transcranial magnetic stimulation, digital therapeutics, and hyperbaric therapy at multiple clinical locations. The company pursues FDA approvals via ANDA and NDA pathways while building a clinical delivery network.
Summary from 10-K filed 2026-03-23
Financials
Consolidated Statement of Income
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 | FY 2022 2022-12-31 | FY 2021 2021-12-31 |
|---|---|---|---|---|---|---|
| Net patient service revenue | 1 | 0 | — | — | — | |
| Cost of patient services | 505,000 | 0 | — | — | — | |
| Research and development | 4 | 6 | 13 | 17 | 20 | |
| Selling, general and administrative | 13 | 14 | — | — | — | |
| Depreciation and amortization | 70,000 | 5,000 | — | — | — | |
| Settlement expense (income) | 36,000 | −1 | 250,000 | — | — | |
| Total operating expenses | 17 | 19 | — | — | — | |
| Loss from operations | −16 | −19 | −28 | −44 | −116 | |
| Interest income | −12,000 | −44,000 | −494,000 | — | — | |
| Interest expense | 671,000 | 230,000 | 120,000 | — | — | |
| Change in fair value of convertible notes payable | 4 | 3 | 3 | — | — | |
| Change in fair value of warrant liabilities | 5 | 2 | −20,000 | — | — | |
| Loss on issuance of Registered Direct Offering | 730,000 | 0 | — | — | — | |
| Loss on Consideration Shares and Warrants | 1 | 0 | — | — | — | |
| Convertible note default penalty | 0 | 849,000 | 0 | — | — | |
| Loss on convertible note conversions | 6 | 1 | 0 | — | — | |
| Loss from equity method investments | 35,000 | 0 | — | — | — | |
| Gain on exercise of warrants | −5 | 0 | — | — | — | |
| Total other expense, net | 12 | 7 | 2 | −5 | −23 | |
| Net loss | −29 | −25 | −30 | −40 | −93 | |
| Basic and diluted (in dollars per share) | −1.34 | −2.36 | −3.98 | −0.6 | −1.98 | |
| Basic and diluted (in shares) | 21 | 11 | 8 | 66 | 47 |
Consolidated Balance Sheet
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 | FY 2022 2022-12-31 | FY 2021 2021-12-31 |
|---|---|---|---|---|---|---|
| Cash and cash equivalents | 8 | 1 | 5 | 20 | 28 | |
| Accounts receivable, net | 161,000 | 0 | — | — | — | |
| Prepaid expense and other current assets | 934,000 | 2 | 2 | 6 | 5 | |
| Total current assets | 9 | 3 | 7 | 26 | 33 | |
| Investments | 397,000 | 0 | — | — | — | |
| Furniture and equipment, net | 63,000 | 10,000 | — | — | — | |
| Intangible assets, net (provisional) | 925,000 | 0 | — | — | — | |
| Goodwill (provisional) | 2 | 0 | — | — | — | |
| Other assets | 253,000 | 339,000 | 431,000 | 21,000 | 15,000 | |
| Total assets | 13 | 4 | 7 | 26 | 33 | |
| Accounts payable | 4 | 4 | 5 | 2 | 4 | |
| Accrued and other current liabilities | 11 | 10 | 5 | — | — | |
| Accrued clinical site costs | 351,000 | 379,000 | 524,000 | — | — | |
| Convertible note payable and accrued interest, current | 0 | 1 | 9 | — | — | |
| Insurance loan payable | 0 | 320,000 | 0 | — | — | |
| Warrant liabilities | 12 | 6 | 17,000 | 37,000 | 292,000 | |
| Total current liabilities | 29 | 22 | 19 | 16 | 12 | |
| Convertible note payable and accrued interest, long term | 0 | 5 | 0 | — | — | |
| Total liabilities | 29 | 27 | 19 | 18 | 12 | |
| Commitments and Contingencies (Note 10) | — | — | — | — | — | |
| Common Stock, $0.001 par value, 500,000,000 shares authorized; 31,734,333 and 14,591,505 shares issued and outstanding as of December 31, 2025 and 2024, respectively | 32,000 | 15,000 | 8,000 | 67,000 | 59,000 | |
| Additional paid-in capital | 291 | 255 | 241 | 230 | 204 | |
| Accumulated deficit | −307 | −278 | −253 | −223 | −183 | |
| Total stockholders deficit | −16 | −23 | −12 | 7 | 21 | |
| Total liabilities and stockholders' deficit | 13 | 4 | 7 | 26 | 33 |
Consolidated Statement of Cash Flows
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 | FY 2022 2022-12-31 | FY 2021 2021-12-31 |
|---|---|---|---|---|---|---|
| Amortization of operating right of use assets | 73,000 | 0 | — | — | — | |
| Stock-based compensation | 228,000 | 486,000 | 387,000 | 4 | 8 | |
| Provision (recovery) for expected credit losses | 40,000 | 0 | — | — | — | |
| Common Stock issued in exchange for services | 601,000 | 37,000 | 0 | — | — | |
| Change in fair value of convertible promissory notes | 4 | 3 | — | — | — | |
| Loss on issuance of registered direct Common Stock | 730,000 | 0 | — | — | — | |
| Loss on debt settlement | 1 | 0 | — | — | — | |
| Loss on equity method investments | 35,000 | 0 | — | — | — | |
| Expense for debt issuance costs due to fair value election on Anson Notes | 350,000 | 896,000 | 0 | — | — | |
| Warrant issuance costs related to Alvogen termination | 0 | 1 | 0 | — | — | |
| Prepaid expense and other assets | 865,000 | 503,000 | 3 | −632,000 | −5 | |
| Account receivable | 48,000 | 0 | — | — | 831,000 | |
| Accounts payable | 113,000 | −5 | 3 | −2 | −19,000 | |
| Operating lease liabilities | −118,000 | 0 | — | — | — | |
| Accrued expense and other liabilities | 501,000 | 10 | −531,000 | 3 | −901,000 | |
| Net cash used in operating activities | −14 | −11 | −22 | −40 | −38 | |
| Business acquisition, net of cash acquired | −2 | 0 | — | — | — | |
| Cash used in investments | −432,000 | 0 | — | — | — | |
| Net cash used in investing activities | −3 | 0 | −3,000 | −10,000 | −7,000 | |
| Repayment of convertible note | 0 | −8 | −3 | — | — | |
| Repayment of insurance note | −548,000 | −725,000 | −943,000 | — | — | |
| Expense for debt issuance costs due to fair value election on Anson Notes | −350,000 | −896,000 | 0 | — | — | |
| Proceeds from issuance of insurance loan | 227,000 | 1 | 943,000 | — | — | |
| Proceeds from Anson convertible note, net | 5 | 6 | 0 | 10 | — | |
| Proceeds from liability classified warrants | 3 | 4 | 0 | — | — | |
| ATM offering, net of offering costs | 6 | 0 | — | — | — | |
| Proceeds from issuance of Common Stock and warrants issued in private placement, net of issuance costs | 0 | 1 | 8 | — | 11 | |
| Net cash provided by financing activities | 23 | 7 | 6 | 32 | 63 | |
| Net increase (decrease) in cash and cash equivalents | 6 | −3 | −15 | — | — | |
| Cash paid for interest | 0 | 374,000 | 885,000 | — | — | |
| Cash paid for taxes | 0 | 0 | 0 | — | — | |
| Issuance of Common Stock warrants as offering costs | 0 | 188,000 | 75,000 | — | — | |
| Recognition of assets acquired as part of business combination (non-cash) | 1 | 0 | — | — | — | |
| Recognition of liabilities assumed as part of business combination (non-cash) | 1 | 0 | — | — | — | |
| Right-of-use assets obtained in exchange for operating lease liability | 339,000 | 0 | — | — | — | |
| Stock issued due to VWAP adjustments | 629,000 | 0 | 250,000 | 17,000 | — | |
| Warrants issued due to VWAP adjustments | 648,000 | 0 | — | — | — | |
| Amortization of deferred offering costs to additional paid-in capital | 161,000 | 0 | — | — | — |
Filings
Material Events
Insiders
Institutional Holders
Frequently asked questions
What is NRX Pharmaceuticals, Inc.'s CIK number?
NRX Pharmaceuticals, Inc.'s SEC CIK number is 0001719406 (1719406). The CIK (Central Index Key) is the permanent identifier the SEC assigns to every EDGAR filer — unlike a ticker symbol, it never changes.
Where can I find NRX Pharmaceuticals, Inc.'s SEC filings?
All of NRX Pharmaceuticals, Inc.'s EDGAR filings — 10-K annual reports, 10-Q quarterly reports, 8-K material events, and insider transactions — are listed on this page, sourced live from SEC EDGAR.
When did NRX Pharmaceuticals, Inc. last report earnings?
NRX Pharmaceuticals, Inc. (NRXP) most recently filed an earnings 8-K with the SEC on Aug 18, 2025, furnishing its results under Item 2.02 (Results of Operations and Financial Condition). The earnings press release is attached to that filing (accession 0001437749-25-027256). This is NRX Pharmaceuticals, Inc.'s most recent earnings filing of record — not a forecast of its next earnings date.
What is NRX Pharmaceuticals, Inc.'s most recent earnings 8-K?
NRX Pharmaceuticals, Inc.'s latest earnings 8-K (Item 2.02) was filed Aug 18, 2025 under accession 0001437749-25-027256. It carries the quarterly or annual earnings press release — the earliest official, SEC-filed version of the results.
View NRX Pharmaceuticals, Inc.'s latest earnings 8-K →
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