NRX Pharmaceuticals (NRXP) Stock Fundamentals, Analysis & Risk Signals

Health score, price, valuation, risk signals, and key metrics at a glance.

NRX Pharmaceuticals

NasdaqCM•Healthcare•Biotechnology

$3.47-0.02(-0.01%)Pre-market

Market Cap

$127.63M

P/S

35.3x

NRx Pharmaceuticals, Inc., a clinical-stage biopharmaceutical company, develops therapeutics for the treatment of central nervous system disorders comprising suicidal depression, post-traumatic stress disorder (PTSD), and schizophrenia in the United States. It operates through NRx and Dura segments. The company develops NRX-101, an oral fixed-dose combination of D-cycloserine (DCS) and lurasidone in Phase 2/3 clinical testing for bipolar depression with sub-acute ideation and behavior; NRX-100, a preservative-free formulation of ketamine for intravenous infusion and for the treatment of suicidal depression; and KETAFREE, a generic preservative-free formulation of ketamine. It also provides precision-based interventional psychiatry services to patients with treatment-resistant depression and PTSD using a combination of neuroplastic drugs, transcranial magnetic stimulation (TMS), digital therapeutics, and hyperbaric therapy; ketamine infusion therapy; stellate ganglion blocks; Spravato administration; psychotherapy; and medication management. The company has a development and license agreement with Glytech LLC. NRx Pharmaceuticals, Inc. was founded in 2015 and is headquartered in Wilmington, Delaware.

How this company scores

WeakMetricSide Score: 33/100

Grade capped at D — Negative equity — the balance sheet is insolvent. Strongest: Profitability (12/25); weakest: Cash & Earnings Quality (4/25).

Profitability12/25

Growth10/25

Balance Sheet & Red Flags7/25

Cash & Earnings Quality4/25

Strengths

Profit converts from growthConsistent growthNet cash position

Grade capped at D

Negative equity — the balance sheet is insolvent.
Interest coverage below 1× (-20.7x) — earnings cannot cover interest.

Valuation vs. 5-year range

Today's multiple positioned against its own trailing range — a visual premium/discount check.

P/S · 35.3x5y range 26.9x – 298.6x

Currently near its 4-quarter median.

P/B · 100.7x5y range 14.9x – 539.5x

Currently above its 6-quarter median.

Watch items

Data-driven signals worth keeping an eye on across the last 8 quarters

High Risk

Margin Pressure

Red Flag

The company posted negative operating margins in recent quarters — core operations are unprofitable.

Earnings Quality

Red Flag

Free cash flow has been negative in 8 of the last 8 quarters — earnings are not translating to cash.

Price & Volume

Market Cap $127.63M

Metrics at a Glance

as of June 2026

Revenue & Profit

Revenue, EBITDA, operating income, net income, EPS, and shares

TTM Revenue: $3.61M
Q. Revenue: $1.10M
TTM EBITDA: $-19.70M
TTM Op. Income: $-19.89M
Q. Op. Income: $-6.50M
TTM Net Income: $-23.48M
Q. Net Income: $-16.52M
EPS: $-0.44
Shares Out.: $37.65M

$3.61M in TTM revenue grew from zero YoY, reaching $1.10M last quarter. TTM EBITDA of $-19.70M and TTM operating income of $-19.89M show growth is flowing through to the bottom line. However, net income is negative at $23.48M — growth is not yet reaching the bottom line. Across the last 8 quarters, TTM revenue has risen for 4 consecutive quarters — an improving trend.

Margins

Gross, EBITDA, operating, and net margin trends

EBITDA Margin: -584.8%
Op. Margin: -590.8%
Net Margin: -1500.5%

Op. margin of -590.8% is up 372999409.2% YoY — cost efficiency is improving. Net margin at -1500.5% Across the last 8 quarters, operating margin has fallen for 2 consecutive quarters — a weakening trend.

Price Ratios

P/E, P/S, P/B, EV/EBITDA, FCF yield, and earnings yield

P/E Ratio: N/A
P/S Ratio: 35.3x
P/B Ratio: N/A

P/S of 35.3x and P/B of 0.0x. P/S is high, meaning growth expectations are priced in.

Assets & Liabilities

Total assets, cash, debt, book value, and leverage

Total Assets: $34.16M
Cash: $26.69M
Long-Term Debt: N/A
Book Value: $-170,000
D/E Ratio: N/A
Debt/EBITDA: N/A

Cash Flow

Operating cash flow, free cash flow, FCF margin, and earnings quality

Op. Cash Flow: $-8.88M
TTM Free Cash Flow: $-20.67M
FCF Margin: -572.0%
FCF / Net Income: 0.9

TTM FCF of $-20.67M on $-8.88M in operating cash flow. The FCF / Net Income ratio of 0.9x means free cash flow covers net income — earnings are backed by cash. Across the last 8 quarters, free cash flow has fallen for 5 consecutive quarters — a weakening trend.