NRX Pharmaceuticals Inc (NASDAQ: NRXP) is a clinical-stage biopharmaceutical company that develops novel therapeutics for central nervous system disorders including suicidal depression, chronic pain, post-traumatic stress disorder, and schizophrenia. The company has generated no product revenue as of its 10-K filed March 23, 2026, and has incurred significant operating losses since inception, funding operations through equity issuances including at-the-market offerings and private placements. NRX operates through its wholly-owned subsidiary NeuroRx, Inc. and is the founder and majority owner of HOPE Therapeutics, Inc., a medical services company offering interventional psychiatry care combining neuroplastic drugs, transcranial magnetic stimulation, digital therapeutics, and hyperbaric therapy. All drug development is focused on NMDA receptor modulation. The company's three lead candidates, NRX-100, KETAFREE, and NRX-101, are in the process of FDA submission as of the filing date.

Revenue model

Clinical-stage with no commercial product revenue as of the 10-K filed March 23, 2026. Operations are funded through at-the-market equity offerings, common stock and warrant issuances in private placements, and convertible notes. No dividend has been paid on common stock.

Products and services

Three lead drug candidates in FDA submission process as of March 2026: NRX-100 (preservative-free ketamine formulation for intravenous infusion), KETAFREE (generic preservative-free ketamine formulation), and NRX-101 (oral fixed-dose combination of D-cycloserine and lurasidone). HOPE Therapeutics offers interventional psychiatry services combining neuroplastic drugs, TMS, digital therapeutics, and hyperbaric therapy. In Q3 2025, the company filed a protocol with the FDA to test low-dose NRX-101 in conjunction with a one-day TMS protocol (ONE-D), with a clinical trial anticipated to initiate in Q2 2026.

Customers and end markets

Target patient populations include individuals with treatment-resistant depression, suicidal depression, PTSD, chronic pain, and schizophrenia. No commercial customers or revenue relationships disclosed in the filing excerpts.

Value-chain role

Pre-commercial drug developer and clinical-stage operator. Responsible for drug candidate development, FDA regulatory submissions, and clinical trial design. HOPE Therapeutics subsidiary provides direct patient care services in interventional psychiatry.

Geographic exposure

Operations are U.S.-based as of the 10-K filed March 23, 2026. No foreign manufacturing or distribution operations. The company has stated it may seek market clearances in foreign markets in the future but has not done so as of the filing date.

Source: SEC 10-K, filed 2026-03-23

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