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NRX Pharmaceuticals

NRXP Rare disease Lead: Approved 16 Biotech Distilled articles ↓ 44 filings & releases ↓ Cash $26.7M (Jun 30, 2026) ↓ 16 verdicts ↓ 1 timing quote ↓
Neurology Small Molecule

Market cap $103M 43.3M shares (10-Q, Aug 14, 2026) × $2.38 close Nov 6, 2026

Most recent annual filing: 2026-03-23

Catalyst timeline

3 trackedQuarter catalyst calendar →
  1. NRX-101 Ph3 start2026NRX-101 Ph3 start, 2026, routine
  2. SPARC-TMS TMS trial start4Q 2026SPARC-TMS TMS trial start, 4Q 2026, routine
  3. Corporate financials filingNov 2026Corporate financials filing, Nov 2026, notable

Bar width shows how precise the guidance is — a pin is a stated date, a wide band a six-month window. Deeper blue means more of the thesis rides on the event; it is not a view on the stock.

Pipeline (7 active programs)

Technology platforms

NMDA platform

NMDA receptor-targeting platform for central nervous system disorders including suicidal depression, chronic pain, and PTSD

Targets: NMDA

NMDA receptor platform

NMDA receptor-targeting drug development platform focused on central nervous system disorders including suicidal depression, chronic pain, and PTSD

Targets: NMDA receptor

Capital (as filed)

Cash
$26.7M cash and cash equivalents · Jun 30, 2026 (10-Q)
Operating cash flow
−$8.9M quarter Mar 31, 2026 → Jun 30, 2026, year-to-date difference (10-Q)
As stated in coverage
$20.0M cash, runway Q1 2027 per the update of Oct 30, 2026 — the company's own words as read there, not the filed figure

Offering documents (1)

Cash, investments and operating cash flow are the company's own XBRL facts as filed with the SEC, each shown with its period end and tag. As-stated figures come from the company's own words as read in Biotech Distilled coverage, dated, and routinely count securities and planned financing that a balance sheet does not. Offering rows are the SEC cover pages as filed. Not investment advice. Figures as of Nov 7, 2026.

Biotech Distilled coverage (16)

Articles open on Substack. Some are subscriber-only; those marked ★ Distilled Pro are for Distilled Pro members.

Verdict history (16 calls)

Every verdict Biotech Distilled has published on NRX Pharmaceuticals, oldest first — the full history, never a selection. How calls are scored: the track record.

  1. 2026-01-13 Watch NRx Pharmaceuticals (NRXP): Scientific Deep Dive for KETAFREE™ Science is plausible but the balance sheet is terrifying and the regulatory strategy is aggressive, so wait for an FDA signal on the preservative ban before committing capital.
  2. 2026-02-14 Watch UPDATE: NRx Pharmaceuticals (NRXP) — The Proxy Drops (And the Math is Ugly) Proxy confirms massive dilution is being modeled into executive compensation; corporate finance reality is toxic despite plausible science, so remain on the sidelines.
  3. 2026-03-21 Watch UPDATE: NRX Pharmaceuticals (NRXP) - The FDA Blinks... FDA has de-risked the NRX-100 pathway materially but a capital raise is likely imminent ahead of the earnings call, so wait for dilution to wash through before entering.
  4. 2026-03-28 Watch UPDATE: NRX Pharmaceuticals - The 10-K Drops, The ATM Spins, and the Evergreen Grab Passes 10-K confirms 100%+ share dilution in 2025, active ATM, and going-concern warning; dilution gap thesis validated so retail investors should avoid providing exit liquidity.
  5. 2026-04-27 Speculative buy speculative UPDATE: NRx Pharmaceuticals (NRXP) - The Hail Mary Becomes a Layup Three FDA review disciplines cleared, Presidential EO tailwind, and launch-grade CCO hired materially de-risk the regulatory thesis; wait for the inevitable capital raise to price before entering.
  6. 2026-05-08 Speculative buy speculative UPDATE: NRx Pharmaceuticals (NRXP) - The Fertilizer Trial Gets a Green Light FDA IND clearance for MIND1 validates the NRX-101 fertilizer-effect thesis but is a 2027-2028 catalyst; entry still gated on the inevitable capital raise into the Summer 2026 GDUFA decision.
  7. 2026-05-16 Speculative buy speculative UPDATE: NRx Pharmaceuticals (NRXP) - The ATM Receipts Arrive (And a Swiss Surprise) NRX-100 thesis intact and tracking toward Summer 2026 approval; ATM drip already happened at $2.00-$2.94 so wait for ATM pace to slow or approval-driven re-rate rather than a discrete offering.
  8. 2026-06-02 Speculative buy speculative UPDATE: NRx Pharmaceuticals (NRXP) - The Underwritten Raise Finally Prints The underwritten secondary has finally been filed, creating the defined post-dilution entry point sketched in April; wait for the offering to price and look for entry below the offering price with a defined exit at the Summer GDUFA decision.
  9. 2026-06-03 Speculative buy speculative UPDATE: NRx Pharmaceuticals (NRXP) - The Print Lands at $3.50 Offering priced at $3.50 (24% discount), dilution gap bridged through GDUFA with ~$32M cash, 60-day insider lock-up in place; consider entering near the offering price as the post-deal soft patch forms with a defined exit at the Summer GDUFA decision.
  10. 2026-06-24 Speculative buy speculative UPDATE: NRx Pharmaceuticals (NRXP) - Kadima Sues, Zeta Goes Live Regulatory thesis on NRX-100 intact and dilution gap bridged through GDUFA; Kadima litigation narrows HOPE footprint but doesn't move the NRX-100 binary, so maintain position with entry near the $3.50 offering print.
  11. 2026-07-22 Speculative buy speculative UPDATE: NRx Pharmaceuticals (NRXP) - DARPA Picks Up the Phone DARPA selected NRx's SPARC-TMS proposal for negotiation, providing a plausible non-dilutive funder for NRX-101; near-term binary remains the Summer GDUFA decision on NRX-100, and the entry-point window has closed above the $3.50 print.
  12. 2026-08-08 Speculative buy speculative UPDATE: NRx Pharmaceuticals (NRXP) - The Cap, Not the Compound FDA found zero drug-related deficiencies but flagged a luer-lock vial cap as a Major Deficiency; this is a schedule problem not a science problem, and the June raise funds through the extra review cycle.
  13. 2026-08-15 Hold UPDATE: NRx Pharmaceuticals (NRXP) - The ATM Never Went Dormant Burn rate re-based to $2.2M/month (57% above model), ATM ran continuously through the quarter described as dormant, and runway now only reaches Q1 2027; downgrading on arithmetic not science, with a hold into the certification decision.
  14. 2026-09-16 Speculative buy speculative UPDATE: NRx Pharmaceuticals (NRXP) - Major Becomes Minor, and the Clock Gets a Date FDA reclassified the vial-cap amendment from Major to Minor and set a hard GDUFA goal date of November 10, 2026, converting an open-ended cash drain into a defined eight-week hold with a dated outcome.
  15. 2026-10-01 Speculative buy speculative UPDATE: NRx Pharmaceuticals (NRXP) - The Contract Number Arrives DARPA converted its selection letter into an $11.2M prime contract for SPARC-TMS, meeting the exact bar set in May; trade still turns on the November 10 GDUFA date for NRX-100.
  16. 2026-10-31 Speculative buy speculative UPDATE: NRx Pharmaceuticals (NRXP) - The Envelope Passed. The Tape Didn't Care. FDA approved the NRX-100 ANDA ahead of the November 10 goal date but the stock fell 14.7% as the market priced generic economics and ongoing ATM dilution; the trade is now a launch-and-dilution bet rather than a regulatory bet.

Every verdict Biotech Distilled has published on this company, in order, with the post it came from — the full history, never a selection. Position figures are the same ones shown on /track-record, computed by the same method. Editorial opinion, not investment advice.

Timing, in the company's words (1 quote from 1 filing)

Sentences quoted verbatim from the company's SEC filings, newest filing first. Each sits under the filing it appeared in; the "matched to" tag names the calendar row it was read for.

Timing sentences quoted from the company's own SEC filings, each under the filing it appeared in. The 'matched to' tag is the calendar row the sentence was read for; the filing is the source. Not investment advice.

Filings & releases (44)

SEC filings from EDGAR and press releases captured from the company's investor-relations site, newest first. Releases captured from May 7, 2026; filings from March 2026. Summaries come from the BD update that read the document; "BD extracted" counts point at the pipeline table above. All companies →

1 more filing (13G holder notices, S-8, proxy material, SEC correspondence …)