NRXPNasdaqPharmaceutical PreparationsUS GAAP · USD

NRX Pharmaceuticals, Inc.

NRx Pharmaceuticals, Inc. is a U.S.-based clinical-stage biopharmaceutical company focused on developing therapies for serious central nervous system disorders, including suicidal depression, PTSD, chronic pain, and schizophrenia. The company operates through NeuroRx, its research and development subsidiary, and HOPE Therapeutics, its clinical care delivery subsidiary, which is intended to own and operate psychiatric treatment clinics.

Revenue1.2m USD
Operating profit (EBIT)-16.2m USD
+12.3 %y/y
EBIT margin-1,324.4%
Net income-28.6m USD
−13.9 %y/y

Fiscal year 2025 · change from previous year

Development 2020–2025

-125-100-75-50-25025m USD2020: EBIT -0.91 m USD20202021: EBIT -116 m USD20212022: EBIT -44 m USD20222023: 0.00 m USD2023: EBIT -28 m USD20232024: 0.00 m USD2024: EBIT -19 m USD20242025: 1.2 m USD2025: EBIT -16 m USD20251.2-16
RevenueOperating profit (EBIT)

Business

Share of revenue
Drug development20 %

Clinical-stage development of NMDA-targeted therapies such as NRX-101 and NRX-100.

Clinical care delivery50 %

Ownership and operation of psychiatric clinics through HOPE Therapeutics.

Interventional psychiatry services20 %

Treatment programs using TMS, ketamine, and related neuromodulatory approaches.

Medication management and digital support10 %

Ancillary psychiatric care services and patient monitoring tools.

Products

Reported · share of revenue
69.7%30.3%FY2025100 %
  • Therapy69.7 %
  • Procedures30.3 %

Source: 10-K FY2025, revenue the company reports per product line (SEC XBRL). Shares are of the lines shown and add up to 100 %.

Customers

NRx sells to physicians, clinics, and healthcare organizations that treat patients with severe psychiatric and neurologic conditions. Its drug-development business is aimed at prescribers and future commercial buyers, while HOPE serves patients directly through clinic-based care. The core end markets are treatment-resistant depression, suicidal depression, PTSD, chronic pain, and schizophrenia.

Psychiatrists and interventional psychiatry physicians

They prescribe NRX-101/NRX-100 and use TMS-based protocols for severe depression and related disorders.

Psychiatric clinics and care networks

They buy HOPE clinic services, treatment workflows, and neuromodulation-based care delivery.

Patients with severe CNS disorders

They receive clinic-based treatment for suicidal depression, PTSD, chronic pain, and schizophrenia.

Future pharmaceutical distributors and prescribers

They represent the eventual commercial channel for approved NRX-101 and NRX-100 products.

Strategy

NRx is building a two-part model: advance NMDA-targeted drug candidates through FDA review while also creating a clinic-based care platform through HOPE. The strategy combines proprietary therapeutics, interventional psychiatry services, and clinic acquisitions to create both near-term service revenue and longer-term product commercialization. Partnerships with TMS providers and clinic operators are intended to expand patient access and support outcomes-driven care delivery.

Regulatory advancement of NRX-101 and NRX-100Short term

FDA approval is the main path to product commercialization and value creation.

Expand HOPE clinic footprintShort term

Clinic ownership creates service revenue and a channel for treatment protocols.

Build outcomes-based interventional psychiatry networkMedium term

Clinical data and protocol standardization can support physician adoption and differentiation.

Geography

NRx is headquartered in the United States and its reported business activity is centered on U.S. drug development, regulatory filings, and clinic operations. The company’s clinical care footprint is being built through U.S. acquisitions and partnerships, including Florida-based activity mentioned in the filings. Geography matters because FDA regulation, clinic licensing, and patient access are all U.S.-specific and shape how the business can scale.

Risks

NRx depends on successful FDA review, clinical validation, and execution of acquisitions and clinic integrations, all of which can materially affect the business. As a clinical-stage biotech with a growing care-delivery platform, it also faces financing, regulatory, reimbursement, and operational risks typical of early commercial healthcare models. The company’s reported risks emphasize transaction uncertainty, integration challenges, and the possibility that expected benefits from acquisitions may not materialize.

Sorted by severity
Acquisition and integration failuresHigh

HOPE growth depends on closing and integrating clinic acquisitions and partnerships.

Exposure: HOPE Therapeutics

Regulatory approval may be delayed or deniedHigh

NRX-101 and NRX-100 require FDA acceptance and approval before broad commercialization.

Exposure: Drug pipeline

Clinical efficacy and safety uncertaintyHigh

Psychiatric drug development depends on trial outcomes and tolerability in high-risk patients.

ExposureNRX-101NRX-100
Reimbursement and physician adoption riskMedium

Clinic services and TMS-based protocols require payer support and provider acceptance.

Exposure: Interventional psychiatry services

Accounting

Judgemental items
Stock-based compensation

Fair value estimates drive non-cash expense and can materially affect reported losses.

Impact: Employee and director awards

Warrant valuation

Changes in share price and volatility assumptions can create large non-cash gains or losses.

Impact: Equity-linked instruments

Convertible notes payable

Monte Carlo-based valuation depends on volatility, default probability, and term assumptions.

Impact: Liability measurement

Acquisition accounting and impairment

Clinic acquisitions may create goodwill or intangibles that require future impairment testing.

Impact: HOPE acquisitions

Royalty and milestone obligations

NRX-101 licensing terms can create future cash obligations and expense recognition timing issues.

Impact: NRX-101 commercialization

Publicly listed companies with a comparable business focus.

Last updated: 24/09/2026