NRX Pharmaceuticals Inc

nrxpharma.com

What Do They Do?

Provides therapy and interventional psychiatric care to patients with treatment-resistant depression and PTSD, and develops drug treatments for depression, chronic pain, PTSD and schizophrenia.

How Do They Make Money?

Commercial insurers, Medicare, government programs and patients pay for outpatient behavioral-health, interventional psychiatry and pain care. The company earns for procedures when performed and for therapy and medication-management as sessions occur.

revenue

Segment	Share	Revenue	How money arrives
Procedures Sold outright	30%		Sold outright
Therapy Sold outright	70%		Sold outright

Who Are Their Customers?

The company provides outpatient behavioral-health, interventional psychiatry and pain care to patients. Payments come from commercial insurers, Medicare, other government programs and patients themselves.

Do Revenues Turn Into Profits?

No. It lost $28.6M in FY2025.

Operating income, FY2025

−1324% of revenue

▼ −12% (Loss) vs FY2024 (−$18.5M)

Net income, FY2025

−2335% of revenue

▲ +14% (Loss) vs FY2024 (−$25.1M)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Jun 30, 2026

Revenue
Net income: ▼ −6% (Loss); vs −$17.6M in Q2 FY2025

Therapy share of revenue

Adds patient-care services The older report describes a clinical-stage drug developer; the latest also describes HOPE as a medical-services company providing interventional psychiatric care through clinics.

Adds a generic ketamine path The older report discusses ketamine as a candidate for treating severe bipolar depression; the latest describes a separate generic-approval route for preservative-free ketamine alongside an NDA route for depression treatment.

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