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NRX Pharmaceuticals, Inc.
NRXPWCIK 0001719406NasdaqNon-AcceleratedSmaller ReportingPharmaceutical PreparationsDelawareFY ends Dec 31
Period
FY 2025
Revenue
$1.20M
Net Income
$-28.60M
Total Assets
$12.96M
Equity
$-15.90M
Shares Out
33.07M
Op. Cash Flow
$-14.10M
Business
NRX Pharmaceuticals, Inc. is a clinical-stage biopharmaceutical company that develops NMDA-receptor–modulating therapeutics for serious central nervous system disorders including suicidal depression, chronic pain, PTSD and schizophrenia. Its main products and services include lead drug candidates NRX-101 (oral D‑cycloserine/lurasidone) and NRX-100 (preservative‑free ketamine), next-generation HTX‑100, antibiotic and pain indications for DCS, and a medical care delivery platform through its HOPE subsidiary. The company operates through two principal divisions: NeuroRx (drug research and development) and HOPE Therapeutics (clinic acquisition and care delivery). It pursues U.S. regulatory approvals with FDA filings, commercial licensing partnerships, clinic distribution via the HOPE network, and retained ex‑U.S. rights for international opportunities.
Summary from filing dated 2025-03-14
Financials
Consolidated Statement of Income
Year Ended · In millions, except per-share amounts
| 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
As of · In millions, except per-share amounts
| 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
Year Ended · In millions, except per-share amounts
| 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
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