NRXP on Nasdaq

NRX Pharmaceuticals, Inc.

American pharmaceutical preparations company based in Wilmington. Summary from the record

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Last updated Oct 19, 2026.

Overview

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  • TickerNRXP on Nasdaq1
  • IndustryPharmaceutical Preparations1
  • HeadquartersWilmington, Delaware1
  • Incorporated inDE2
  • Business address1201 Orange Street, Suite 600, Wilmington, De 198012
  • Filer categoryNon-accelerated filer, Smaller reporting company2
  • Legal formCorporation

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NRx Pharmaceuticals, Inc. (Nasdaq: NRXP) (“NRx”, the “Company”, “we”, “us” or “our”) is a clinical-stage bio-pharmaceutical company which develops and will distribute, through its wholly-owned operating subsidiary, NeuroRx, Inc., (NeuroRx), novel therapeutics for the treatment of central nervous system disorders including suicidal depression, chronic pain, post-traumatic stress disorder (PTSD) and schizophrenia. NRx is additionally the founder and majority owner of HOPE Therapeutics, Inc. (HOPE), a medical services company that offers interventional psychiatry care to patients with treatment-resistant depression and PTSD with a combination of neuroplastic drugs, transcranial magnetic stimulation (TMS), digital therapeutics, and hyperbaric therapy. All of our current drug development activities are focused on drugs that enhance neuroplasticity by modulating the N-methyl-D-aspartate (NMDA)…3 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

-1324.4%Operating margin4
-2336.5%Net margin4

What sells

Revenue by product, business segment and region, as the company reports it to the SEC.

Products and services

Therapy brought in 70% of the revenue NRX Pharmaceuticals, Inc. broke down this way in fiscal 2025.

  1. Therapy$854.0K470%
  2. Procedures$371.0K430%
Products and services by year
Products and services2025
Therapy$854.0K
Procedures$371.0K

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Cost of revenue3¢$505.0K
  • Research and development22¢$3.8M
  • Selling, general and admin75¢$13.1M

Out of $1.2M in revenue.4 The company lost money this year.

Financial statements

Revenue54$1.2M in 2025
0$500.0K$1.0M$1.5M2023: $0$020232024: $0$020242025: $1.2M$1.2M2025
Operating income678954-$16.2M in 2025+2175% since 2019
-$150.0M-$100.0M-$50.0M02019: -$713.2K-$713.2K20192020: -$51.4M-$51.4M2020+7105%2021: -$115.8M-$115.8M2021+125%2022: -$44.3M-$44.3M2022−62%2023: -$27.8M-$27.8M2023−37%2024: -$18.5M-$18.5M2024−34%2025: -$16.2M-$16.2M2025−12%
Net income678954-$28.6M in 2025
-$100.0M-$75.0M-$50.0M-$25.0M0$25.0M2019: $408.4K$408.4K20192020: -$51.8M-$51.8M20202021: -$93.1M-$93.1M2021+80%2022: -$39.8M-$39.8M2022−57%2023: -$30.1M-$30.1M2023−24%2024: -$25.1M-$25.1M2024−17%2025: -$28.6M-$28.6M2025+14%

Every line of the income statement as filed: the last 2 fiscal years, latest first.4

Period ending2025-12-312024-12-31
Net patient service revenue$1.2M$0
Cost of patient services$505.0K$0
Research and development$3.8M$6.2M
Selling, general and administrative$13.1M$13.5M
Depreciation and amortization$70.0K$5.0K
Settlement expense (income)$36.0K-$1.2M
Total operating expenses$17.4M$18.5M
Loss from operations-$16.2M-$18.5M
Interest income-$12.0K-$44.0K
Interest expense$671.0K$230.0K
Change in fair value of convertible notes payable$3.9M$2.7M
Change in fair value of warrant liabilities$4.9M$1.7M
Loss on issuance of Registered Direct Offering$730.0K$0
Loss on Consideration Shares and Warrants$1.3M$0
Convertible note default penalty$0$849.0K
Loss on convertible note conversions$6.2M$1.3M
Loss from equity method investments$35.0K$0
Gain on exercise of warrants-$5.4M$0
Total other expense, net$12.4M$6.6M
Net loss-$28.6M-$25.1M
Basic and diluted (in dollars per share)-$1.34-$2.36
Basic and diluted (in shares)21.4M shares10.6M shares

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Leadership

Who has led NRX Pharmaceuticals, Inc., and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. Richard Ackerman2017–2021
  2. Jonathan C. Javitt2021
  3. Robert Besthof2022
  4. Stephen H. Willard2022

Chair

  1. Jonathan C. Javitt2024–now

President

  1. Richard Ackerman2017–2021

Chief financial officer

  1. Lori Wittman2017
  2. William Fricker2021
  3. Ira S. Strassberg2022
  4. Voorhees Seth Van2022
  5. Richard Clavano Narido2023
  6. Michael S. Abrams2024–now

Chief operating officer

  1. Joseph Michael Casper2026–now
20202025
Board members and other officers (20)

Named in SEC Form D filings

People the company listed in its private-offering notices.

  • DirectorMichael Taylor named Mar 7, 202540
  • DirectorPatrick Flynn named Mar 7, 202540

Former names

  • Big Rock Partners Acquisition Corp.Oct 13, 2017 to May 24, 20212

Timeline

  1. Jul 22, 2022New chief executive Stephen H. Willard becomes CEO13
  2. Mar 10, 2022New chief executive Robert Besthof becomes CEO12
  3. Jun 10, 2021New chief executive Jonathan C. Javitt becomes CEO14
  4. Dec 4, 2017New chief executive Richard Ackerman becomes CEO15

Filings

275 filings to the SEC since October 2021: 10 annual reports, 17 quarterly reports, 97 major events, 46 insider forms, 8 large holders, 1 private raises, 96 other. The latest 20:

  1. Oct 5, 20268-K EDGAR
  2. Sep 16, 20268-K EDGAR
  3. Sep 14, 20268-K EDGAR
  4. Aug 17, 20268-K EDGAR
  5. Aug 14, 202610-Q EDGAR
  6. Aug 7, 20268-K EDGAR
  7. Jul 22, 20268-K EDGAR
  8. Jun 4, 20268-K EDGAR
  9. Jun 3, 2026424B5 EDGAR
  10. Jun 2, 20268-K EDGAR
  11. Jun 2, 2026424B5 EDGAR
  12. May 22, 202625-NSE EDGAR
  13. May 15, 202610-Q EDGAR
  14. May 15, 2026SCHEDULE 13G/A EDGAR
  15. Mar 24, 20268-K EDGAR
  16. Mar 23, 202610-K EDGAR
  17. Feb 24, 2026DEFA14A EDGAR
  18. Feb 23, 2026ARS EDGAR
  19. Feb 23, 2026DEF 14A EDGAR
  20. Feb 17, 20264 EDGAR

The 275 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

28 open-market trades by officers, directors and large owners since October 2021: 18 buys and 10 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Dec 17, 2024Javitt Jonathan CChairman and Chief ScientistBuy40,000$1.17$46.8KForm 4
Aug 30, 2023Gorovitz AaronDirectorBuy35,000$0.32$11.2KForm 4
Aug 30, 2023Hurvitz ChaimDirectorBuy70,000$0.29$20.3KForm 4
Aug 23, 2023Javitt Jonathan CChairman and Chief ScientistBuy100,000$0.33$33.0KForm 4
Aug 22, 2023Javitt Jonathan CChairman and Chief ScientistBuy200,000$0.32$64.0KForm 4
Dec 16, 2022Willard Stephen HCHIEF EXECUTIVE OFFICERBuy50,000$1.17$58.5KForm 4
Dec 16, 2022VAN VOORHEES SETHCHIEF FINANCIAL OFFICERBuy30,000$1.10$33.0KForm 4
Dec 7, 2022Javitt Jonathan CChairman and Chief ScientistSale400,000$1.00$400.0KForm 4
Nov 30, 2022Javitt Daniel C.10% ownerSale8,441$1.50$12.7KForm 4
Nov 29, 2022Javitt Daniel C.10% ownerSale13,730$1.50$20.6KForm 4
Nov 28, 2022Flynn Patrick JohnDirectorBuy11,750$1.25$14.7KForm 4
Nov 25, 2022VAN VOORHEES SETHCHIEF FINANCIAL OFFICERBuy16,337$1.11$18.2KForm 4
Nov 25, 2022VAN VOORHEES SETHCHIEF FINANCIAL OFFICERBuy16,337$1.11$18.2KForm 4
Nov 18, 2022Hurvitz ChaimDirectorBuy40,408$1.10$44.4KForm 4
Nov 18, 2022Hurvitz ChaimDirectorBuy40,408$1.10$44.4KForm 4
Nov 17, 2022Hurvitz ChaimDirectorBuy171,780$1.08$185.5KForm 4
Nov 17, 2022Hurvitz ChaimDirectorBuy171,780$1.08$185.5KForm 4
Nov 17, 2022Javitt Daniel C.10% ownerSale33,018$1.05$34.7KForm 4
Nov 16, 2022Hurvitz ChaimDirectorBuy287,812$0.99$284.9KForm 4
Nov 16, 2022Hurvitz ChaimDirectorBuy287,812$0.99$284.9KForm 4

All 28 trades can be filtered by person here when JavaScript is on.

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Money raised

Private offerings the company reported to the SEC on Form D.

  1. Jan 27, 2025Raised $3.5 million in a private offering of securities Form D: 2 investors so far Form D

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 46. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
B Group, Inc.4,091,767$16.7M9.5%+1,091,767
Vanguard Capital Management LLC1,618,159$6.6M0.0%+457,975
Ameriprise Financial Inc928,728$3.8M0.0%New
Balyasny Asset Management L.P.893,864$3.7M0.0%New
Citadel Advisors LLC680,043$2.8M0.0%New
AdvisorShares Investments LLC659,018$2.7M0.3%+238,551
Commonwealth Equity Services, LLC454,418$1.9M0.0%+56,987
UBS Group AG423,115$1.7M0.0%+397,888
Geode Capital Management, LLC314,659$1.3M0.0%+4,547
BlackRock, Inc.220,460$901.7K0.0%+121,465
Marshall Wace, Llp194,580$795.8K0.0%New
Vanguard Fiduciary Trust Co182,718$747.3K0.0%+13,138
Jane Street Group, LLC119,018$486.8K0.0%+74,866
Bleakley Financial Group, LLC117,216$479.4K0.0%+12
State Street Corp116,084$474.8K0.0%+29,100
Northern Trust Corp62,951$257.5K0.0%+19,482
Chicago Partners Investment Group LLC46,388$190.7K0.0%+11,909
Quadrature Capital Ltd43,605$178.3K0.0%New
One Wealth Management Investment & Advisory Services, LLC43,309$177.1K0.2%No change
Morgan Stanley40,901$167.3K0.0%+30,873
Renaissance Technologies LLC38,600$157.9K0.0%New
Global Retirement Partners, LLC33,300$136.2K0.0%New
Two Sigma Investments, LP26,429$108.1K0.0%New
Truist Financial Corp20,000$81.8K0.0%New
ExodusPoint Capital Management, LP19,308$79.0K0.0%New

13F reports cover disclosed long positions in U.S. stocks only.

Sources

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