NRX Pharmaceuticals, Inc. (NRXP)

Nasdaq: NRXP · Pharmaceutical Preparations · Wilmington, DE · filing with the SEC since 2017

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Grade2.8

◀ Past 3.7● Present 1.7▶ Future 3.2

3 est.

Overview Business Financials Grade Forecast Sentiment Ownership People Filings Patents Chart

The grade of NRX Pharmaceuticals, Inc.

Nine metrics read from its own filings, by tense

Headline grade

2.8/10

◀ Past3.725% of the headline

● Present1.735% of the headline

▶ Future3.240% of the headline

All three tenses have at least two readings, so the archetype blend applies as printed.

Of the nine metrics, 6 read as filed from the record and 3 are SI estimates, each with its reasoning, its confidence and what would change it on its card.

◀ Past

What did they actually do?

3.7/1025% of the headline grade · 2 of 3 filed, 1 estimated

Surviving crises

as filed

0.0/10

Has it survived what it has been through?

23 warning events since 2017; the latest 2026-01-16.

weight 22% of this tense · 0th percentile among 497 sector filers · read for itself

From the record

NRX Pharmaceuticals, Inc.'s filings since 2017 show 23 warning events of 5 kinds: a debt default or acceleration notice (8-K item 2.04, the latest 2024-04-30); a notice about its exchange listing (8-K item 3.01, 13 times, the latest 2026-01-16); a warning not to rely on past financial statements (8-K item 4.02, 2 times, the latest 2022-08-12); an auditor change (8-K item 4.01, 4 times, the latest 2025-11-26); a late-report notice (Form NT 10-K or NT 10-Q, 3 times, the latest 2025-08-14) (its current reports).

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Track record

as filed

5.8/10

What has it actually done, year after year?

3 filed years; profitable in 0 of 3.

weight 45% of this tense · 59th percentile among 323 sector filers · read for its customers

From the record

NRX Pharmaceuticals, Inc.'s 3 filed years say what it did: it never fell from a peak; net income was positive in 0 of 3 of those years (its annual reports).

What it rests on

the share of filed years with a profitbottom 27% of its family
the deepest fall from a revenue peak0.0%top 10% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Shareholder treatment

SI estimate

3.2/10

How has it treated the people who own it?

SI estimate 3.2/10, confidence 35 of 100 (one part).

weight 33% of this tense · 32nd percentile among 464 sector filers · read for its shareholders

SI estimate Inferred, not read as filed

Why it is an estimate: Read from one part only, the share count over the years, which ranks in the bottom 32% of 464 in its family; fewer than two of the parts can be read: the share count over the years, and the cash returned against a positive operating cash flow or net income.
What the record cannot read: Fewer than two of the parts can be read: the share count over the years, and the cash returned against a positive operating cash flow or net income.
How it was reasoned: one part: the share count over the years, the one part on file, ranked among 464 in its family.
Confidence: 35 of 100
What would change it: A filing that carries the missing parts replaces this estimate with the filed reading.

From the record

SI estimate, not a filed reading: NRX Pharmaceuticals, Inc.'s shareholder treatment is put at 3.2 of 10 with a confidence of 35 of 100, because read from one part only, the share count over the years, which ranks in the bottom 32% of 464 in its family; fewer than two of the parts can be read: the share count over the years, and the cash returned against a positive operating cash flow or net income. A filing that carries the missing parts replaces this estimate with the filed reading.

● Present

What are they doing right now?

1.7/1035% of the headline grade · 3 of 3 filed

Financial health

as filed

1.9/10

Is it financially healthy right now?

Leverage 223%: owes 223¢ per asset dollar.

weight 45% of this tense · 19th percentile among 473 sector filers · read for itself

From the record

Return on equity: in the fiscal year ended 2025-12-31, NRX Pharmaceuticals, Inc.'s shareholders' equity was below zero, so the profit on it is not read, and gross profitability: its products earned about 7 cents per dollar of everything the company owns (revenue less the cost of revenue). Leverage: it owed about 223 cents per dollar of assets, and net share issuance: its share count grew 101.1% over the year (the filed statements).

What it rests on

what it owes per dollar of assetsbottom 3% of its family
gross profit against assetsbottom 30% of its family
the share count against the year beforebottom 24% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Industry position

as filed

2.5/10

How strong is its position in its industry?

bottom 25% of 315 in its family; net margin -1980.8%.

weight 22% of this tense · 25th percentile among 315 sector filers · read for its customers

From the record

NRX Pharmaceuticals, Inc.'s standing among 315 graded names in its industry family: revenue of $1 million in fiscal 2025 ranks in the bottom 26% by size; a net margin of -1980.8% ranks in the bottom 24% (its annual reports).

What it rests on

revenue against the family$1.4Mbottom 26% of its family
net margin-1980.8%bottom 24% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Leadership

as filed

1.0/10

What are the people in charge doing?

bottom 10% of 315 in its family for leadership; chief executive since 2026.

weight 33% of this tense · 10th percentile among 315 sector filers · read for its shareholders

From the record

NRX Pharmaceuticals, Inc.'s leadership, from its insiders' filings and its current reports: the chief executive on the record is Javitt, Jonathan C (CEO and Chairman, as filed), filing under that title since 2026-11-04, under a month (bottom 1% of its family); the 6 officers and directors filing in the last fifteen months have been on the record a median of 3.9 years (bottom 23%); 9 officer or director changes were reported on Form 8-K since 2023-11-13, against the 6 people in charge now (bottom 5%; fewer changes for each person reads higher) (the Form 4 record, its Form 8-K reports). Years count from a person's first filing in the SEC's data sets, which begin in 2006, so each is a floor.

What it rests on

officer and director changes on Form 8-K, against the people in charge9 in three years among 6 peoplebottom 5% of its family
the median years the people in charge have filed3.9 yearsbottom 23% of its family
the chief executive's years on the recordunder a monthbottom 1% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

▶ Future

What are they set up to do next?

3.2/1040% of the headline grade · 1 of 3 filed, 2 estimated

Room to expand

as filed

5.1/10

How much room does it have to grow?

top 49% of 273 in its family for room to expand.

weight 33% of this tense · 51st percentile among 273 sector filers · read for itself

From the record

NRX Pharmaceuticals, Inc.'s room to grow, from the newest filed statements (fiscal 2025): cash of $8 million against no long-term debt tagged leaves 60.2% of its assets as net cash, top 27% of its family; cash from operations less capital spending is -976.6% of revenue (bottom 26%); a gross margin of 65.1% (bottom 41%); research spending of 261.4% of revenue (top 38%) (its annual report).

What it rests on

cash less debt against assets60.2%top 27% of its family
cash from operations less capital spending against revenue-976.6%bottom 26% of its family
gross margin65.1%bottom 41% of its family
research spending against revenue261.4%top 38% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Growth drivers

SI estimate

0.8/10

What could actually drive growth from here?

SI estimate 0.8/10, confidence 35 of 100 (one part).

weight 45% of this tense · 8th percentile among 323 sector filers · read for its customers

SI estimate Inferred, not read as filed

Why it is an estimate: Read from one part only, the three-year growth of research spending, which ranks in the bottom 8% of 323 in its family; the record does not carry three filed years of revenue and two of the four parts: acceleration, the newest year's growth, the growth of research and of capital spending.
What the record cannot read: The record does not carry three filed years of revenue and two of the four parts: acceleration, the newest year's growth, the growth of research and of capital spending.
How it was reasoned: one part: three-year growth of research spending, the one part on file, ranked among 323 in its family.
Confidence: 35 of 100
What would change it: A filing that carries the missing parts replaces this estimate with the filed reading.

From the record

SI estimate, not a filed reading: NRX Pharmaceuticals, Inc.'s growth drivers is put at 0.8 of 10 with a confidence of 35 of 100, because read from one part only, the three-year growth of research spending, which ranks in the bottom 8% of 323 in its family; the record does not carry three filed years of revenue and two of the four parts: acceleration, the newest year's growth, the growth of research and of capital spending. A filing that carries the missing parts replaces this estimate with the filed reading.

Expectations vs reality

SI estimate

5.3/10

Did its newest year beat what its own record pointed to?

SI estimate 5.3/10, confidence 20 of 100 (family median).

weight 22% of this tense · 50th percentile among 234 sector filers · read for its shareholders

SI estimate Inferred, not read as filed

Why it is an estimate: The record does not carry four filed years of revenue and two of the three parts: revenue against the prior pace, earnings against the prior average, the margin change, so the desk assumes the typical reading of its industry family, the median of 234 members with one.
What the record cannot read: The record does not carry four filed years of revenue and two of the three parts: revenue against the prior pace, earnings against the prior average, the margin change.
How it was reasoned: family median, 234 readings behind it.
Confidence: 20 of 100
What would change it: Its next annual report on file with the inputs replaces this estimate with the filed reading.

From the record

SI estimate, not a filed reading: NRX Pharmaceuticals, Inc.'s expectations vs reality is put at 5.3 of 10 with a confidence of 20 of 100, because the record does not carry four filed years of revenue and two of the three parts: revenue against the prior pace, earnings against the prior average, the margin change, so the desk assumes the typical reading of its industry family, the median of 234 members with one. Its next annual report on file with the inputs replaces this estimate with the filed reading.

The grade is the company against its own industry, from its filings. It is not a view on the share price. How the grade is made

SI Assistanton NRXP · research, not advice