NRx Pharmaceuticals (NRXP) Q1 2026 earnings summary

Executive summary

• Generated $1.1 million in net patient service revenue for Q1 2026, driven by the Dura acquisition.

• Net loss narrowed to $1.4 million in Q1 2026 from $5.5 million in Q1 2025.

• Expanded clinical footprint with five HOPE clinics in Florida and new subsidiaries NRx Defense Systems and GeNeuro.

• Advanced regulatory filings for KETAFREE™, NRX-100, and NRX-101, with FDA reviews in progress.

• Secured $3.4 million in net proceeds from ATM equity offerings in Q1 2026.

Financial highlights

• Net patient service revenue: $1.1 million in Q1 2026 (none in Q1 2025).

• Net loss: $1.4 million in Q1 2026, improved from $5.5 million in Q1 2025.

• Cash and cash equivalents: $6.7 million as of March 31, 2026.

• Working capital deficit: $17.8 million as of March 31, 2026.

• Stockholders' deficit: $13.8 million as of March 31, 2026.

Outlook and guidance

• Management expects continued operating losses through 2026 as integration of Dura and further acquisitions proceed.

• Revenue anticipated to increase as Dura is fully integrated and clinical capacity expands.

• Sufficient capital projected to fund drug development through Q3 2026; additional financing may be required.

• FDA approval for KETAFREE™, NRX-100, and NRX-101 could drive future revenue growth.