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NRx Pharmaceuticals (NRXP) investor relations material
NRx Pharmaceuticals Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary17 Nov, 2025
Executive summary
Achieved first clinical revenue in Q3 2025 following the acquisition of Dura Medical and Cohen & Associates, expanding clinical operations in Florida and marking a shift toward commercial operations.
Advanced drug approval applications for Ketaphree (NRX-100) and NRX-101, with expanded FDA Fast Track and Breakthrough Therapy designations, and filed ANDA and NDA submissions with no significant FDA deficiencies identified.
HOPE Therapeutics now operates three revenue-generating facilities in Florida, with plans to expand to six or more by year-end, offering neuroplastic drugs, TMS, hyperbaric therapy, and digital therapeutics.
Highlighted breakthrough clinical data for TMS combined with D-cycloserine (NRX-101), showing high response and remission rates in severe depression and launched an expanded access program.
Secured operating capital sufficient to fund drug development through at least Q2 2026, with expectations for increased clinical operations revenue.
Financial highlights
Reported first-ever revenue of approximately $240,000 for Q3 2025, reflecting 22 days of operations from a single clinic group post-acquisition.
Net loss for Q3 2025 was $5.9 million, compared to $1.6 million in Q3 2024, with losses driven by increased R&D and administrative expenses.
Loss from operations was $4.0 million for Q3 2025, up from $3.0 million in Q3 2024.
Cash and cash equivalents totaled $7.1 million as of September 30, 2025, with an additional $3.1 million received in early October, totaling $10.3 million.
Accumulated deficit of $307.3 million and stockholders' deficit of $25.8 million as of September 30, 2025.
Outlook and guidance
Management anticipates meaningful revenue growth in Q4 2025 and through 2026 from full-period results, additional acquisitions, and organic clinic growth.
Expects revenue from ketamine sales under ANDA in mid-2026 and continued expansion of clinic network.
Current cash position expected to support operations through at least Q2 2026, but substantial doubt exists about ability to continue as a going concern without additional financing.
NRX-100: KETAFREE™ market share post-BZT petition?
Anson Notes: Explain 172% effective interest rate.
NRX-101/TMS: What's the market expansion plan?
NRX-100 NDA: What's the competitive edge?
NRX-101 TMS augmentation trial details?
HOPE clinic network: Revenue growth strategy?
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Next NRx Pharmaceuticals earnings date
Q4 202513 Mar, 2026
Next NRx Pharmaceuticals earnings date
Q4 202513 Mar, 2026
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Frequently asked questions
NRx Pharmaceuticals Inc. (NRXP) is a clinical-stage pharmaceutical company focused on developing novel therapeutics for the treatment of central nervous system disorders. The company's portfolio includes ZYESAMI, an investigational drug for COVID-19 related respiratory failure, and oral therapeutics NRX-100 and NRX-101 for the treatment of bipolar depression in patients with acute suicidal behavior/ideation and sub-acute suicidal ideation and behavior. The company is headquartered in Wilmington, Delaware, and its shares are listed on the Nasdaq.
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