NRx Pharmaceuticals, Inc.
NRXPHealthcare|Biotechnology|US
$2.38
+0.11 (+4.85%)
DCF Value
$0.70
Cash / Share
$0.71
Financials
Financial Snapshot
Market Cap
$103.0M
Enterprise Value
$77.6M
Revenue (TTM)
$3.4M
Net Income (TTM)
-$23.5M
Cash & Investments
$26.7M
Net Cash
$25.4M
Free Cash Flow (TTM)
-$20.7M
Operating CF (TTM)
-$19.8M
Debt/Equity
-7.33
Cash Runway & Burn Rate
Cash on Hand
$26.7M
Quarterly Burn
$4.9M
Monthly Burn
$1.6M
Est. Runway
~5.4 quarters
| Metric | Trend | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Investments | $449.4K | $11.1K | $6.00 | $1.9M | $27.6M | $20.1M | $4.6M | $1.4M | $7.8M | $26.7M | |
| Operating Cash Flow | -$135.8K | -$473.2K | -$792.7K | -$2.3M | -$37.7M | -$39.8M | -$21.7M | -$10.6M | -$14.1M | -$19.8M | |
| Free Cash Flow | -$135.8K | -$473.2K | -$792.7K | -$2.3M | -$37.7M | -$39.8M | -$21.7M | -$10.6M | -$14.1M | -$20.7M | |
| Capital Expenditure | $0.00 | $0.00 | $1.00 | -$2.0K | -$7.0K | $0.00 | -$3.0K | $0.00 | $0.00 | -$897.0K | |
| Financing Cash Flow | $69.6M | $682.5K | -$39.5M | $3.2M | $63.5M | $32.2M | $6.2M | $7.5M | $23.3M | $47.3M |
R&D Spending
R&D (TTM)
$5.4M
R&D Intensity
159.5%
R&D Growth vs Prior
+43.3%
| Metric | Trend | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $1.2M | $3.4M | |
| R&D Expense | $0.00 | $0.00 | $0.00 | $10.6M | $20.3M | $17.0M | $13.4M | $6.2M | $3.8M | $5.4M | |
| R&D % of Revenue | — | — | — | — | — | — | — | — | 308.3% | 159.5% | |
| SG&A | $0.00 | $1.0M | $713.2K | $11.4M | $74.9M | $27.3M | $14.2M | $13.5M | $13.1M | $15.8M |
Income Statement
| Metric | Trend | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $1.2M | $3.4M | |
| Cost of Revenue | $0.00 | $1.0M | $0.00 | $2.0K | $2.0K | $4.0K | $5.0K | $5.0K | $505.0K | $2.3M | |
| Gross Profit | $0.00 | -$1.0M | $0.00 | -$2.0K | -$2.0K | -$4.0K | -$5.0K | -$5.0K | $720.0K | $1.1M | |
| R&D | $0.00 | $0.00 | $0.00 | $10.6M | $20.3M | $17.0M | $13.4M | $6.2M | $3.8M | $5.4M | |
| SG&A | $0.00 | $1.0M | $713.2K | $11.4M | $74.9M | $27.3M | $14.2M | $13.5M | $13.1M | $15.8M | |
| Operating Income | $0.00 | -$1.0M | -$713.2K | -$22.1M | -$95.2M | -$44.3M | -$27.6M | -$19.7M | -$16.2M | -$20.0M | |
| Interest Expense | $0.00 | $0.00 | $0.00 | $56.0K | $18.0K | $0.00 | $120.0K | $1.1M | $671.0K | $1.1M | |
| Pretax Income | -$105.0K | $82.4K | $492.6K | -$51.8M | -$93.1M | -$39.8M | -$30.1M | -$25.1M | -$28.6M | -$23.5M | |
| Net Income | -$105.0K | $66.1K | $408.4K | -$51.8M | -$93.1M | -$39.8M | -$30.1M | -$25.1M | -$28.6M | -$23.5M | |
| EPS (Diluted) | -0.12 | 0.07 | 0.80 | -1.51 | -7.44 | -0.60 | -3.98 | -2.39 | -1.34 | -0.74 | |
| EBITDA | -$105.0K | $82.4K | $492.6K | -$51.7M | -$93.0M | -$39.8M | -$30.0M | -$24.0M | -$27.8M | -$21.9M | |
| Shares Out. (M) | 0.90 | 0.89 | 0.51 | 0.55 | 46.92 | 65.77 | 7.58 | 10.52 | 21.40 | 37.65 |
Balance Sheet
| Metric | Trend | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $449.4K | $11.1K | $6.00 | $1.9M | $27.6M | $20.1M | $4.6M | $1.4M | $7.8M | $26.7M | |
| Short-Term Investments | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Total Current Assets | $536.4K | $30.2K | $69.5K | $2.9M | $32.7M | $25.8M | $6.9M | $3.3M | $8.9M | $29.2M | |
| Total Assets | $69.6M | $70.8M | $32.1M | $2.9M | $32.7M | $25.8M | $7.3M | $3.7M | $13.0M | $34.2M | |
| Total Current Liabilities | $93.2K | $567.4K | $622.4K | $46.2M | $11.9M | $15.6M | $19.0M | $21.9M | $28.6M | $33.9M | |
| Long-Term Debt | $0.00 | $690.0K | $2.0M | $548.0K | $0.00 | $2.8M | $0.00 | $5.0M | $0.00 | $0.00 | |
| Total Liabilities | $93.2K | $1.3M | $2.6M | $46.7M | $11.9M | $18.4M | $19.0M | $26.9M | $28.9M | $34.3M | |
| Stockholders' Equity | $69.5M | $69.5M | $29.5M | -$43.8M | $20.8M | $7.4M | -$11.7M | -$23.2M | -$15.9M | -$170.0K | |
| Retained Earnings | -$105.0K | -$38.9K | $369.5K | -$90.2M | -$183.2M | -$223.0M | -$253.1M | -$278.3M | -$306.9M | -$324.8M |
Cash Flow Statement
| Metric | Trend | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$135.8K | -$473.2K | -$792.7K | -$2.3M | -$37.7M | -$39.8M | -$21.7M | -$10.6M | -$14.1M | -$19.8M | |
| Capital Expenditure | $0.00 | $0.00 | $1.00 | -$2.0K | -$7.0K | $0.00 | -$3.0K | $0.00 | $0.00 | -$897.0K | |
| Free Cash Flow | -$135.8K | -$473.2K | -$792.7K | -$2.3M | -$37.7M | -$39.8M | -$21.7M | -$10.6M | -$14.1M | -$20.7M | |
| Investing Cash Flow | -$69.0M | -$647.6K | $40.2M | -$2.0K | -$7.0K | -$10.0K | -$3.0K | $0.00 | -$2.8M | -$3.7M | |
| Financing Cash Flow | $69.6M | $682.5K | -$39.5M | $3.2M | $63.5M | $32.2M | $6.2M | $7.5M | $23.3M | $47.3M | |
| Issuance of Stock | $69.6M | -$7.5K | $0.00 | $2.6M | $54.8M | $22.7M | $8.1M | $5.9M | $18.9M | $44.6M | |
| Repurchase of Stock | $70.0M | $0.00 | -$40.7M | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Net Debt Issuance | $0.00 | $690.0K | $1.3M | $620.0K | -$1.3M | $9.5M | -$3.1M | -$1.5M | $4.7M | $550.0K | |
| Stock Based Comp. | $0.00 | $0.00 | $0.00 | $730.0K | $7.8M | $0.00 | $387.0K | $486.0K | $228.0K | $439.0K | |
| Net Change in Cash | $449.4K | -$438.3K | -$11.1K | $982.0K | $25.7M | -$7.6M | -$15.5M | -$3.2M | $6.4M | $23.8M |
Dilution Tracker
Shares outstanding grew 3815.5% over 5 years — significant dilution
Shares Outstanding
43M
5-Year Share Growth
+3815.5%
Stock Issuance (TTM)
$44.6M
| Metric | Trend | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Shares Out. (M) | 0.90 | 0.89 | 0.51 | 0.55 | 46.92 | 65.77 | 7.58 | 10.52 | 21.40 | 37.65 | |
| Change vs Prior % | — | -1.2% | -43.0% | 7.4% | 8483.8% | 40.2% | -88.5% | 38.8% | 103.5% | 75.9% | |
| Stock Issuance | $69.6M | -$7.5K | $0.00 | $2.6M | $54.8M | $22.7M | $8.1M | $5.9M | $18.9M | $44.6M | |
| Stock Repurchase | $70.0M | $0.00 | -$40.7M | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Stock Based Comp. | $0.00 | $0.00 | $0.00 | $730.0K | $7.8M | $0.00 | $387.0K | $486.0K | $228.0K | $439.0K |
Margins & Profitability
| Metric | Trend | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin % | — | — | — | — | — | — | — | — | 58.8% | 32.7% | |
| Operating Margin % | — | — | — | — | — | — | — | — | -1324.4% | -588.2% | |
| Net Margin % | — | — | — | — | — | — | — | — | -2336.5% | -691.8% | |
| EBITDA Margin % | — | — | — | — | — | — | — | — | -2270.0% | -643.9% | |
| FCF Margin % | — | — | — | — | — | — | — | — | -1152.0% | -609.0% | |
| ROE % | -0.2% | 0.1% | 1.4% | 118.3% | -447.3% | -536.6% | 257.0% | 108.2% | 179.6% | 168.7% | |
| ROA % | -0.2% | 0.1% | 1.3% | -1760.5% | -284.3% | -154.0% | -412.2% | -688.2% | -220.9% | -68.7% | |
| ROIC % | 0.0% | -1.1% | -1.9% | 51.3% | -446.5% | -247.2% | 1072.6% | 118.4% | 106.0% | -1855.5% | |
| R&D / Revenue % | — | — | — | — | — | — | — | — | 308.3% | 159.5% |
Growth (Year over Year)
Fiscal years. Rising share count growth means dilution.
| Metric | Trend | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | |
| Gross Profit | 0.0% | 0.0% | 100.0% | 0.0% | 0.0% | -100.0% | -25.0% | 0.0% | 14500.0% | |
| Operating Income | 0.0% | 0.0% | 29.1% | -2993.3% | -331.5% | 53.4% | 37.8% | 28.6% | 17.7% | |
| Net Income | 0.0% | 163.0% | 517.9% | -12777.2% | -79.7% | 57.3% | 24.2% | 16.7% | -13.9% | |
| EPS (Diluted) | 0.0% | 161.8% | 979.6% | -288.8% | -392.7% | 91.9% | -563.3% | 39.9% | 43.9% | |
| Operating Cash Flow | 0.0% | -248.4% | -67.5% | -185.7% | -1564.6% | -5.4% | 45.5% | 50.9% | -32.7% | |
| Free Cash Flow | 0.0% | -248.4% | -67.5% | -186.0% | -1563.4% | -5.4% | 45.5% | 50.9% | -32.7% | |
| R&D Expense | 0.0% | 0.0% | 0.0% | 0.0% | 90.7% | -15.9% | -21.5% | -53.6% | -39.1% | |
| SG&A Expense | 0.0% | 0.0% | -29.1% | 1503.2% | 555.4% | -63.6% | -48.0% | -5.0% | -3.3% | |
| Total Assets | 0.0% | 1.8% | -54.7% | -90.8% | 1012.9% | -21.1% | -71.7% | -50.1% | 254.9% | |
| Book Value / Share | 0.0% | 1.3% | -25.6% | -238.1% | 100.6% | -74.6% | -1474.7% | -42.6% | 66.3% | |
| Debt | 0.0% | 0.0% | 182.9% | -59.2% | -35.0% | 1931.9% | -13.0% | -28.2% | -90.4% | |
| Diluted Shares | 0.0% | -1.2% | -43.0% | 7.4% | 8483.8% | 40.2% | -88.5% | 38.8% | 103.5% |
Valuation
P/E (TTM)At Loss
P/S30.36
P/B-527.09
10Y Low / Med / High1.26 / 1.83 / 107.79
EV/EBITDAAt Loss
EV/Revenue22.87
P/FCFAt Loss
Intrinsic Value Models (per share)
DCF Value
$0.70
Cash / Share
$0.71
| Metric | Trend | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|
| P/E Ratio | -806.67 | 1376.52 | 132.50 | -161.59 | -6.42 | -18.50 | -1.16 | -0.92 | -2.02 | -3.20 | |
| P/S Ratio | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 47.35 | 30.36 | |
| P/B Ratio | 1.26 | 1.31 | 1.83 | -3.05 | 107.79 | 98.53 | -2.97 | -1.00 | -3.64 | -527.09 | |
| EV/EBITDA | -828.71 | 1112.87 | 113.45 | -2.56 | -23.81 | -18.13 | -1.31 | -1.18 | -1.83 | -3.55 | |
| EV/Revenue | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 41.50 | 22.87 |
Analyst Estimates & Quality
Altman Z-Score
-13.74
Distress
Piotroski F-Score
4
Moderate
Forward Estimates (consensus)
| Metric | FY2026 | FY2027 | FY2028 |
|---|---|---|---|
| Revenue | $5.6M | $77.5M | $517.6M |
| Net Income | -$18.6M | -$9.3M | $722.8K |
| EPS | $-0.87 | $-0.44 | $0.03 |
| # Analysts (EPS) | 2 | 2 | 1 |
Revenue Segments
By Product
| Segment | 2025 |
|---|---|
| Therapy | $854.0K |