NRX Pharmaceuticals Inc.
NRXP evidence brief
What we can confirm
What it means
What to watch
Prepared research question
What matters most for NRXP—catalysts, financial risk and supporting evidence?
Traceable citations · Unknowns marked
BioSniper AI · NRXP
NRX Pharmaceuticals Inc. (NRXP) is a clinical-stage biopharmaceutical company developing ketamine-based therapies for central nervous system disorders, including suicidal ideation and depression, with a focus on regulatory designations and a pending abbreviated new drug application (ANDA) for a preservative-free ketamine product.
Key risk: Negative shareholders' equity
BioSniper Score
Based on 4 of 6 signals
Financial data as of Jun 30, 2026.
Tracking 4 pipeline candidates for NRX Pharmaceuticals Inc..
NRX Pharmaceuticals Inc. (NRXP) is a clinical-stage biopharmaceutical company developing ketamine-based therapies for central nervous system disorders, including suicidal ideation and depression, with a focus on regulatory designations and a pending abbreviated new drug application (ANDA) for a preservative-free ketamine product.
- Cash & equivalents of $26.7M as of 2026-06-30 [sec].
- Total revenue of $1.1M and net loss of -$16.5M for the six months ended 2026-06-30 [sec].
- Shareholders' equity of -$15.9M as of 2026-06-30 [sec].
- FDA granted Fast Track designation for NRX-100 (ketamine IV) for suicidal ideation in depression, including bipolar disorder [sec · filed 2025-08-15].
- FDA granted a Suitability Petition for the company's planned single-patient, preservative-free ketamine product [sec · filed 2025-09-24].
What works
- NRX-100 has received FDA Fast Track designation for suicidal ideation in depression, which may expedite development and review [sec · filed 2025-08-15].
- The company's ANDA for preservative-free ketamine has only one identified major deficiency, with FDA committing to a shortest-possible review cycle after certification [sec · filed 2026-08-07].
- A DARPA proposal for a clinical study of NRX-101 (a fixed-dose combination) was selected for contract negotiation, targeting treatment-resistant suicidal depression [sec · filed 2026-07-22].
- NRX-100 previously received Breakthrough Therapy Designation from the FDA, indicating potential for significant improvement over existing therapies [sec · filed 2026-07-22].
What to weigh
- The company has a negative shareholders' equity of -$15.9M as of 2026-06-30, indicating accumulated deficits exceeding assets [sec].
- Net loss of $16.5M for the six months ended 2026-06-30 with only $1.1M in revenue, reflecting ongoing operating losses [sec].
- The DARPA contract negotiation is not yet awarded and remains subject to successful negotiation of definitive terms, with no guarantee of funding [sec · filed 2026-07-22].
- The company's ANDA for ketamine is still under FDA review with a single major deficiency, and there is no assurance of approval or commercial success [sec · filed 2026-08-07].
From the filings
Quoted directly from source documents.
FDA Fast Track designation for NRX-100
“the United States Food and Drug Administration has granted Fast Track designation to NRX-100, the Company's formulation of ketamine for intravenous infusion, for the treatment of suicidal ideation in patients with depression, including bipol”
SEC filings · August 15, 2025
FDA Suitability Petition granted for preservative-free ketamine product
“it was notified by the United States Food and Drug Administration that a Suitability Petition has been granted for the strength proposed by the Company for its planned single-patient, preservative-free ketamine product”
SEC filings · September 24, 2025
DARPA proposal selected for contract negotiation
“The selection of the Company's proposal for contract negotiation does not constitute a notice of award, a commitment by DARPA to make an award or an authorization for the Company to incur costs.”
SEC filings · July 22, 2026
FDA ANDA review with single major deficiency
“the FDA committed to immediately reinitiate review of the ANDA in order to resolve this single identified major deficiency and committed to completing the review in the shortest-possible review cycle.”
SEC filings · August 7, 2026
Risks & what to watch (4)›
Key risks
- Negative shareholders' equity — Shareholders' equity of -$15.9M as of 2026-06-30 indicates financial distress and reliance on external financing [sec].
- ANDA approval uncertainty — The preservative-free ketamine ANDA has one major deficiency; FDA review timeline and outcome are uncertain [sec · filed 2026-08-07].
- DARPA contract not guaranteed — Selection for negotiation does not constitute an award; funding depends on successful definitive terms [sec · filed 2026-07-22].
- Ongoing operating losses — Net loss of $16.5M on $1.1M revenue for H1 2026, with no approved products generating significant sales [sec].
What to watch
- FDA decision on the preservative-free ketamine ANDA, with a commitment to a shortest-possible review cycle [sec · filed 2026-08-07].
- Outcome of DARPA contract negotiations for the NRX-101 clinical study [sec · filed 2026-07-22].
- Progress of NRX-100 clinical development under Fast Track designation for suicidal ideation [sec · filed 2025-08-15].
- Company's ability to raise additional capital given negative equity and operating losses [sec].
Sources: SEC filings · Generated August 27, 2026 · How we verify sources →
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Evidence & data
Score breakdownBased on 4 of 6 signals · derived from public data
9.3 months
OCF -$9M · Net income -$17M
Lead: BLA Filed
4 candidates
No upcoming catalysts tracked
No insider transactions in the last 180 days
Runway
Pipeline
Financials
Institutional Holdings
Source: SEC Form 13F · as of Mar 2026Institutional holders
32
Total value held
$9.5M
| Holder | Shares | Value |
|---|---|---|
| vanguard capital management llc | 2,320,368 | $4.9M |
| advisorshares investments llc | 420,467 | $896K |
| commonwealth equity services, llc | 397,431 | $847K |
| geode capital management, llc | 310,112 | $661K |
| jane street group, llc | 180,652 | $385K |
| vanguard fiduciary trust co | 169,580 | $361K |
| susquehanna international group, llp | 102,200 | $218K |
| blackrock, inc. | 98,995 | $211K |
| state street corp | 86,984 | $185K |
| xtx topco ltd | 78,733 | $168K |
Showing top 10 of 32 institutional holders of NRX Pharmaceuticals Inc.. Open the full 13F history after sign-in.
Short Interest
as of Apr 30, 2026- % of float
- 10.4%
- Days to cover
- 3.6
- Shares short
- 3,248,961
- 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 →
NRXP short interestGovernance
Frequently asked questions
What is the AI investment thesis for NRX Pharmaceuticals Inc.?
NRX Pharmaceuticals Inc. (NRXP) is a clinical-stage biopharmaceutical company developing ketamine-based therapies for central nervous system disorders, including suicidal ideation and depression, with a focus on regulatory designations and a pending abbreviated new drug application (ANDA) for a preservative-free ketamine product.
What is NRX Pharmaceuticals Inc.'s lead drug candidate?
NRX Pharmaceuticals Inc.'s most advanced tracked candidate is htx-100 (Preclinical) for Suicidal depression, PTSD, and other serious Central Nervous System (CNS) disorders.
Who is the CEO of NRX Pharmaceuticals Inc.?
Dr. Jonathan C. Javitt M.D., M.P.H. is the chief executive officer of NRX Pharmaceuticals Inc. (NRXP).
Where is NRX Pharmaceuticals Inc. headquartered?
NRX Pharmaceuticals Inc. (NRXP) is headquartered in Wilmington, DE, United States.
What therapeutic areas does NRX Pharmaceuticals Inc. focus on?
NRX Pharmaceuticals Inc. develops therapies across Neurology, Infectious Disease.
The AI overview and BioSniper Score are neutral, data-derived signals built from public SEC filings, ClinicalTrials.gov and FDA records — not investment advice.