NRXP

MKT CAP:$51M

NRx Pharmaceuticals, Inc.

Market Cap

$51M

Healthcare·Biotechnology·🇺🇸 United States·NASDAQ

Healthcare·Biotechnology·🇺🇸·NASDAQ

Stock Price

$2.90+$0.28 (+10.69%)

Apr 21, 2026

Company Details

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 ...

CEO

Jonathan C. Javitt

IPO Date

Dec 4, 2017

Website

www.nrxpharma.com

Key Metrics TTM

Revenue

$1M

— YoY

Net Income

-$29M

EPS (Diluted)

-$1.58

Free Cash Flow

-$14M

Revenue / Share

$0.04

Gross Margin

50.6%

Operating Margin

-1322.0%

Net Margin

-2336.6%

FCF Margin

-1152.0%

P/S

42.0x

P/E

—

Earnings Reports

FY 2025

Mar 23, 2026

$1MEPS -$1.34

Q4 2025

Mar 23, 2026

$983.0KEPS $0.01

Q3 2025

Nov 14, 2025

$242.0KEPS -$0.27

Q2 2025

Aug 18, 2025

$0EPS -$0.98

Q1 2025

May 15, 2025

$0EPS -$0.34

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 22	$0	-$1.0K	-$16M
Q2 22	$0	-$1.0K	-$10M
Q3 22	$0	-$1.0K	-$9M
Q4 22	$0	-$1.0K	-$10M
Q1 23	$0	-$1.0K	-$9M
Q2 23	$0	-$1.0K	-$8M
Q3 23	$0	-$2.0K	-$6M
Q4 23	$0	-$1.0K	-$4M
Q1 24	$0	-$1.0K	-$6M
Q2 24	$0	-$1.0K	-$7M
Q3 24	$0	-$2.0K	-$3M
Q4 24	$0	-$1.0K	-$4M
Q1 25	$0	$0	-$4M
Q2 25	$0	$0	-$4M
Q3 25	$242.0K	$145.0K	-$4M
Q4 25	$983.0K	$475.0K	-$5M

Valuation

Quarter	P/S	P/E
Q1 22	—	—
Q2 22	—	—
Q3 22	—	—
Q4 22	—	—
Q1 23	—	—
Q2 23	—	—
Q3 23	—	—
Q4 23	—	—
Q1 24	—	—
Q2 24	—	—
Q3 24	—	—
Q4 24	—	—
Q1 25	—	—
Q2 25	—	—
Q3 25	298.6x	—
Q4 25	47.2x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 22	-$10M	-$10M
Q2 22	-$15M	-$15M
Q3 22	-$6M	-$6M
Q4 22	-$8M	-$8M
Q1 23	-$6M	-$6M
Q2 23	-$8M	-$8M
Q3 23	-$5M	-$5M
Q4 23	-$3M	-$3M
Q1 24	-$4M	-$4M
Q2 24	-$4M	-$4M
Q3 24	-$2M	-$2M
Q4 24	-$1M	-$1M
Q1 25	-$3M	-$3M
Q2 25	-$4M	-$4M
Q3 25	-$3M	-$3M
Q4 25	-$4M	-$4M

Capital Expenditures

Quarter	CapEx
Q1 22	$3.0K
Q2 22	$3.0K
Q3 22	$5.0K
Q4 22	$1.0K
Q1 23	$4.0K
Q2 23	$2.0K
Q3 23	$2.0K
Q4 23	$1.0K
Q1 24	$0
Q2 24	$0
Q3 24	$0
Q4 24	$0
Q1 25	$0
Q2 25	$0
Q3 25	$0
Q4 25	$0

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 22	—	+44.9%
Q2 22	—	+91.6%
Q3 22	—	-46.6%
Q4 22	—	-81.3%
Q1 23	—	-39.9%
Q2 23	—	-17.3%
Q3 23	—	-36.5%
Q4 23	—	-55.4%
Q1 24	—	-36.4%
Q2 24	—	-11.2%
Q3 24	—	-48.0%
Q4 24	—	-17.5%
Q1 25	—	-35.9%
Q2 25	—	-47.1%
Q3 25	—	+41.2%
Q4 25	—	+53.5%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 22	$1M	—
Q2 22	$987.0K	—
Q3 22	$541.0K	—
Q4 22	$766.0K	—
Q1 23	$695.0K	—
Q2 23	$544.0K	—
Q3 23	$351.0K	—
Q4 23	-$1M	—
Q1 24	$242.0K	—
Q2 24	$97.0K	—
Q3 24	$104.0K	—
Q4 24	$43.0K	—
Q1 25	$12.0K	—
Q2 25	$67.0K	—
Q3 25	$0	0.0%
Q4 25	$81.0K	8.2%

OpEx Breakdown

Quarter	R&D	G&A	SG&A
Q1 22	$5M	—	$10M
Q2 22	$3M	—	$7M
Q3 22	$4M	—	$5M
Q4 22	$4M	—	$5M
Q1 23	$4M	—	$6M
Q2 23	$4M	—	$4M
Q3 23	$3M	—	$2M
Q4 23	$3M	—	$2M
Q1 24	$2M	$4M	—
Q2 24	$3M	—	$4M
Q3 24	$611.0K	—	$2M
Q4 24	$1M	—	$3M
Q1 25	$804.0K	$3M	—
Q2 25	$987.0K	$3M	—
Q3 25	$1M	—	$3M
Q4 25	$558.0K	—	$5M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$40M	$0	$40M
Q2 22	$25M	$0	$25M
Q3 22	$18M	$0	$18M
Q4 22	$20M	$0	$20M
Q1 23	$17M	$0	$17M
Q2 23	$15M	$0	$15M
Q3 23	$9M	$0	$9M
Q4 23	$5M	$0	$5M
Q1 24	$1M	$0	$1M
Q2 24	$2M	$0	$2M
Q3 24	$2M	$0	$2M
Q4 24	$1M	$0	$1M
Q1 25	$6M	$0	$6M
Q2 25	$3M	$0	$3M
Q3 25	$7M	$0	$7M
Q4 25	$8M	$0	$8M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 22	64M	+23.1%	+2260.7%
Q2 22	66M	+3.2%	+84.3%
Q3 22	66M	+1.1%	+56.4%
Q4 22	66M	+0.0%	+28.4%
Q1 23	67M	+1.5%	+5.9%
Q2 23	73M	+8.6%	+11.4%
Q3 23	8M	-88.8%	-87.7%
Q4 23	84M	+924.0%	+26.3%
Q1 24	9M	-89.5%	-86.9%
Q2 24	11M	+18.8%	-85.6%
Q3 24	11M	+4.3%	+33.9%
Q4 24	11M	-4.2%	-87.5%
Q1 25	16M	+56.0%	+85.4%
Q2 25	18M	+9.3%	+70.5%
Q3 25	22M	+24.0%	+102.6%
Q4 25	32M	+42.7%	+201.7%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 22	$0	2
Q2 22	$0	2
Q3 22	$0	2
Q4 22	$0	2
Q1 23	$0	2
Q2 23	$0	2
Q3 23	$0	2
Q4 23	$0	2
Q1 24	$0	2
Q2 24	$0	2
Q3 24	$0	2
Q4 24	$0	200K
Q1 25	$0	200K
Q2 25	$0	200K
Q3 25	$1	200K
Q4 25	$5	200K

Revenue / Employee