National Research Corporation Common Stock (Delaware)
NRC evidence brief
What we can confirm
What it means
What to watch
Prepared research question
What matters most for NRC—catalysts, financial risk and supporting evidence?
Traceable citations · Unknowns marked
BioSniper AI · NRC
National Research Corporation (NRC) is a healthcare performance improvement company that provides analytics and consulting services, operating with a high debt load and modest cash reserves as of mid-2026.
Key risk: High debt leverage
BioSniper Score
Based on 2 of 6 signals
Limited data coverage
Market Cap
$483.7M
Cash Runway
—
Lead Asset
—
Next Catalyst
—
Financial data as of Jun 30, 2026.
Tracking 20 clinical trials for National Research Corporation Common Stock (Delaware).
National Research Corporation (NRC) is a healthcare performance improvement company that provides analytics and consulting services, operating with a high debt load and modest cash reserves as of mid-2026.
- Total revenue was $35.4M for the six months ended June 30, 2026, with net income of -$3.3M [sec].
- Cash and equivalents stood at $3.3M as of June 30, 2026, with access to $17.0M in unused revolving credit and $27.6M on a delayed draw term loan [sec_mda · as of 2026-08-04].
- Shareholders' equity was $14.0M and total debt was $90.0M as of June 30, 2026 [sec].
- The company has several ongoing clinical trials, including a Phase 1 study for pediatric brain tumors and a Phase 2 trial for Proteus Syndrome [catalyst].
- Management noted that Total Recurring Contact Value (TRCV) has increased each quarter since Q4 2024, with improving revenue per associate and direct selling expenses [sec_mda · as of 2026-03-05].
What works
- TRCV has increased each quarter since Q4 2024, indicating growing recurring revenue [sec_mda · as of 2026-03-05].
- Revenue per associate and direct selling expenses have improved, suggesting operational efficiency gains [sec_mda · as of 2026-03-05].
- The company has access to $44.6M in unused credit facilities (revolving and delayed draw term loan) as of June 30, 2026, providing liquidity for growth investments [sec_mda · as of 2026-08-04].
What to weigh
- Net loss of -$3.3M for the six months ended June 30, 2026, indicating ongoing unprofitability [sec].
- High total debt of $90.0M versus shareholders' equity of $14.0M as of June 30, 2026, reflecting significant leverage [sec].
- Cash reserves are low at $3.3M as of June 30, 2026, which may limit flexibility without drawing on credit [sec_mda · as of 2026-08-04].
- The company incurred non-recurring severance and compensation expenses related to management changes in 2024, which may signal organizational disruption [sec_mda · as of 2026-03-05].
From the filings
Quoted directly from source documents.
Cash and equivalents as of June 30, 2026
“As of June 30, 2026, our principal sources of liquidity included $3.3 million of cash and cash equivalents”
SEC MD&A · August 4, 2026
TRCV has increased each quarter since Q4 2024
“Since the fourth quarter of 2024, Total Recurring Contact Value ("TRCV") has increased each quarter while revenue per associate and direct selling expenses have improved”
SEC MD&A · March 5, 2026
Catalyst timeline
- 2024-09-20 · Phase 1 Start: Immunotherapy for Malignant Pediatric Brain Tumors — A Phase 1 study evaluating adoptive immunotherapy for pediatric brain tumors; status and results are pending.
- 2026-06-01 · Phase 2 Start: Multicenter Phase II Trial of NRICM102 Combined With Standard Therapy in Pneumonia — A Phase 2 trial assessing NRICM102 combined with standard therapy for pneumonia; not yet recruiting as of the catalyst date.
- 2026-07-07 · Phase 2 Start: Effect on Clinical Status, Structural and Functional Cardiac Parameters and Myocardial Fibrosis of T — A Phase 2 study evaluating cardiac parameters and myocardial fibrosis; recruiting as of the catalyst date.
Risks & what to watch (4)›
Key risks
- High debt leverage — Total debt of $90.0M far exceeds equity of $14.0M as of June 30, 2026, increasing financial risk [sec].
- Low cash reserves — Cash of $3.3M as of June 30, 2026, is low relative to debt and operating needs, requiring reliance on credit [sec_mda · as of 2026-08-04].
- Ongoing net losses — Net loss of -$3.3M for the six months ended June 30, 2026, indicates continued unprofitability [sec].
- Management transition costs — Non-recurring severance and compensation expenses from 2024 management changes may signal instability [sec_mda · as of 2026-03-05].
What to watch
- Monitor upcoming earnings reports for trends in revenue, net income, and cash flow [catalyst].
- Watch for updates on clinical trial progress, particularly the Phase 1 pediatric brain tumor study and Phase 2 Proteus Syndrome trial [catalyst].
- Track changes in TRCV and direct selling expenses as indicators of operational health [sec_mda · as of 2026-03-05].
- Observe debt management and any further drawdowns on credit facilities [sec_mda · as of 2026-08-04].
Sources: Catalysts · SEC filings · SEC MD&A · Generated August 29, 2026 · How we verify sources →
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Evidence & data
Score breakdownBased on 2 of 6 signals · derived from public data
No clinical pipeline tracked — this score reflects financial & catalyst signals only.
Profitable (positive operating cash flow)
D/E 19.79 · 0% dilution
No tracked pipeline phase
No tracked pipeline candidates
No upcoming catalysts tracked
No insider transactions in the last 180 days
Regulatory
Financials
Institutional Holdings
Source: SEC Form 13F · as of Mar 2026Institutional holders
120
Total value held
$186.1M
| Holder | Shares | Value |
|---|---|---|
| kayne anderson rudnick investment management llc | 2,636,355 | $44.8M |
| vanguard capital management llc | 1,325,674 | $22.5M |
| morgan stanley | 1,001,880 | $17.0M |
| blackrock, inc. | 975,855 | $16.6M |
| dimensional fund advisors lp | 489,740 | $8.3M |
| geode capital management, llc | 393,847 | $6.7M |
| renaissance technologies llc | 340,784 | $5.8M |
| state street corp | 300,748 | $5.2M |
| hotchkis & wiley capital management llc | 286,840 | $4.9M |
| northern trust corp | 255,601 | $4.3M |
Showing top 10 of 120 institutional holders of National Research Corporation Common Stock (Delaware). Open the full 13F history after sign-in.
Short Interest
as of Apr 30, 2026- % of float
- 14.6%
- Days to cover
- 5.2
- Shares short
- 423,069
- Daily short volume
- -
Short percent of float and days-to-cover reflect reported short positioning. Daily short volume is the exchange-reported short share of a single day's trading volume and is noisier. See the most-shorted biotech ranking →
NRC short interestGovernance
Frequently asked questions
What is the AI investment thesis for National Research Corporation Common Stock (Delaware)?
National Research Corporation (NRC) is a healthcare performance improvement company that provides analytics and consulting services, operating with a high debt load and modest cash reserves as of mid-2026.
Who is the CEO of National Research Corporation Common Stock (Delaware)?
Mr. Trent S. Green is the chief executive officer of National Research Corporation Common Stock (Delaware) (NRC).
Where is National Research Corporation Common Stock (Delaware) headquartered?
National Research Corporation Common Stock (Delaware) (NRC) is headquartered in Lincoln, NE, United States.
The AI overview and BioSniper Score are neutral, data-derived signals built from public SEC filings, ClinicalTrials.gov and FDA records — not investment advice.