NRX Pharmaceuticals
NRXP on Nasdaq. Market value $124m.
Should I look at this?
Look carefully before going further
Why it could be worth it
Nothing stands out yet.
Read the warning sign in its own filings
This is not advice. Check the numbers below.
For every $100 of what the whole company costs, it produced $-7.18 of spare cash last year. A savings account pays about $4.
The filings do not give us enough to work this out.
The filings do not give us enough to work this out.
Quality score: not known. Price score: 0 of 100. Our list needs 70 on quality and 60 on price.
Five years of cash, in billions
| Revenue | ||
| Revenue | $0 | $1m |
| Operating margin | ||
| Operating margin | n/a | -1324.4% |
| Debt to equity | ||
| Debt to equity | n/a | n/a |
| Shares outstanding | ||
| Shares outstanding | 0.01bn | 0.02bn |
Health checks
- Free cash flow positive0 of 5 years
- Accounting checksSkipped: company is not yet profitable
- DebtUnknown
- Revenue growth, five yearsUnknown
- Buying back its own sharesNo, 63% more shares since 2024
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 23 March 2026
- Next quarterly (estimated, 10-Q)
- 13 November 2026
Who owns it
None of the long-term investors we follow own it. 47 funds in all.
Largest holders overall
- B Group$17mAdded
- Vanguard Capital Management$7mAdded
- Ameriprise Financial$4mNew
- Balyasny Asset Management L.P.$4mNew
- Citadel Advisors$3mNew
- AdvisorShares Investments$3mAdded
- Commonwealth Equity Services$2mAdded
- UBS Group AG$2mAdded
- Geode Capital Management$1m
- BlackRock$901,681Added
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
2 investors own more than 5%.
- The B Group, Inc.Passive investorat least 12.6%(filed with 2 related holders)Since 18 August 2025
- Anson Funds Management LPPassive investorat least 4.9%−4.4 pts(filed with 5 related holders)Since 31 March 2026
| Holder | Stake | Since | |
|---|---|---|---|
The B Group, Inc. Passive investor | at least 12.6% (filed with 2 related holders) | 18 August 2025 | |
Anson Funds Management LP Passive investor | at least 4.9%−4.4 pts (filed with 5 related holders) | 31 March 2026 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
No insider bought or sold on the open market in the last 12 months.
From Form 4 filings: insiders must report trades in their own company's shares within two days.
Warning signs in its filings
Problems the company itself reported to the SEC, in its own words.
1 serious warning sign in NRX Pharmaceuticals’ filings.
We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.
We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 23 Mar 2026, plus the 10-Q filed 14 Aug 2026 and 8 later 8-Ks.
Doubt it can keep going
SeriousThe company or its auditor warned it may not have enough money to last the next year.
“As such, the Company has concluded that substantial doubt exists regarding the Company’s ability to continue as a going concern for a period of at least twelve months from the date of issuance of these consolidated financial statements.”
Show the full paragraph
The Company has secured operating capital that it anticipates as sufficient to fund its drug development operations through at least the first quarter of 2027 solely from existing cash on hand to finance submission of FDA NDAs for KETAFREE™, NRX- 100 and NRX- 101. The Company additionally expects to continue to accrue revenue from clinical operations and utilize its existing at-the-market offering to provide cash resources to further support operations. The Company may pursue additional equity or debt financing or refinancing opportunities in 2026 to fund ongoing clinical activities and for general corporate purposes. Such arrangements may take the form of loans, equity offerings, strategic agreements, licensing agreements, joint ventures, or other agreements. The sale of equity could result in additional dilution to the Company’s existing stockholders. The Company cannot make any assurances that additional financing will be available to it and, if available, on acceptable terms, or that it will be able to refinance its existing debt obligations which could negatively impact the Company’s business and operations and could also lead to a reduction in the Company’s operations. The Company will continue to carefully monitor the impact of its continuing operations on the Company’s working capital needs and debt repayment obligations. As such, the Company has concluded that substantial doubt exists regarding the Company’s ability to continue as a going concern for a period of at least twelve months from the date of issuance of these consolidated financial statements. The accompanying consolidated financial statements have been prepared assuming the Company will continue to operate as a going concern basis, which contemplates the realization of assets and satisfaction of liabilities in the ordinary course of business. They do not include any adjustments to reflect the possible future effects on the recoverability and classification of recorded asset amounts and classifications of liabilities that might be necessary should the company be unable to continue as a going concern.
From the 10-Q filed 14 August 2026, Part I, Item 1. Financial Statements. Read it in the filing
Changed auditor
Worth knowingThe company changed its auditor (the firm that checks its books) in the last two years.
“For the reason stated above, on or around November 24, 2025 the Audit Committee of the Corporation dismissed Salberg & Company P.A. (“Salberg”) as the Corporation’s independent registered public accounting firm.”
From an 8-K filed 26 November 2025: Change of auditor. Read it in the filing
A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.
What could go wrong
Cheap for a reason is the question the numbers cannot answer.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.