NRx Pharmaceuticals, Inc. (NRXP) Stock

NRx Pharmaceuticals, Inc. (NRXP) is a Healthcare stock trading at $3.53 (as of 2026-08-21), with a market capitalization of $152.83M. Figures are sourced from first-party U.S. SEC EDGAR filings and market data.

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 drug that has completed a Phase IIb/III clinical study for COVID-19 related respiratory failure; and NRX-100 and NRX-101 oral therapeutics for the treatment of bipolar depression in patients with acute suicidal behavior/ideation and sub-acute suicidal ideation and behavior. The company was founded in 2015 and is based in Wilmington, Delaware.

Understand NRx Pharmaceuticals, Inc.: how it makes money

NRx Pharmaceuticals develops investigational drug candidates for central nervous system disorders and life-threatening pulmonary diseases, and it aims to monetize by successfully completing clinical development programs for products including ZYESAMI, NRX-100, and NRX-101.

Because NRx is clinical-stage and reported revenue is essentially minimal, its profit model is structurally driven by clinical and manufacturing execution (trial enrollment, progress to readout, and dose readiness) rather than by mature product sales.

Revenue by segment (latest quarter)
Crowd Services	$0.0B
Collocation	$0.0B
Ethereum Staking	$0.0B
Digital Asset Mining	$0.0B

Business quality (Mixed): Clear clinical-stage focus and identifiable development metrics, but current profitability and revenue visibility are weak, and near-term outcomes depend heavily on ongoing trial progress and eventual regulatory decisions.

Bull case

ZYESAMI has completed a Phase IIb/III clinical study for COVID-19 related respiratory failure: Completed late-stage work can de-risk at least one clinical path relative to fully pre-Phase studies.
Phase 2B3 execution metrics are reported as strong, including Medication Compliance (90%) and Inter-Rater Reliability Across Study Sites (94%): High operational quality metrics can support confidence in trial data integrity and reduce execution risk.
Manufacturing readiness is supported by Proven Manufacturing Capacity in Doses per Month (1,000,000) and NRX-101 Capsules Manufactured (1,000,000): Demonstrated dose readiness can help avoid delays between clinical enrollment and dosing needs.

Bear case

Reported revenue is effectively zero in the latest quarter (revenue_b is 0.0B): Limited near-term revenue means outcomes depend on future development milestones rather than current product economics.
Operating profitability is deeply negative (operating_margin_pct is -444.0%): Continued losses increase sensitivity to financing conditions and the risk that clinical outcomes take longer than expected.
Phase 2B3 is still progressing, with Phase 2B3 Trial Progress Patients Remaining to Readout at 20: The company remains exposed to timing and outcome uncertainty until remaining patients reach readout.

Valuation — source: SEC EDGAR (first-party)
Price	$3.53
Market Cap	$152.83M
Price / Sales	43.93
FCF Yield	-9.2%

Profitability & Growth — source: SEC EDGAR
Revenue (TTM)	$1.23M
Net Margin	-2336.5%

Financial Health — source: SEC EDGAR
Altman Z-Score	-36.60 (distress)

Valuation vs Sector & Industry
Sector P/E (Healthcare)	21.7
Industry P/E (Pharmaceutical Products)	17.0

Smart-Money Activity — SEC Form 4 / 13F / Congressional disclosures
Top Institutional Holder	B Group, Inc. ($6.39M)
Institutional Holders Tracked	10

Company
Sector	Healthcare
Industry	Pharmaceutical Products
CEO	Jonathan C. Javitt
Employees	2
Country	US
IPO Date	2017-12-04

Related Companies (Business model: Biotech (Clinical / Commercial-Stage); 8 closest by market cap; US-domiciled)

Data as of 2026-08-21.

Figures sourced from U.S. Securities and Exchange Commission (SEC EDGAR) filings and market data. Not personalized investment advice.