NRXP

Rating neutralAI MemoPost-earnings T+3

NRX

As of 2026-05-16/Post-earnings T+3/Confidence medium

Open ticker Back to Memos

Data freshness

AI Memo

As of 2026-05-16 • Model: RankAlpha Sentiment Codex

Decision Panel

Action, confidence, horizon, and decision blockers at a glance.

Action

neutral

Confidence

medium

Horizon

—

Key catalyst

NRX-100 NDA filing target in Q2 2026 is still live but remains a filing milestone, not an approval • 2026-06-30

Expected move: -20%

Biggest risk

This is still a low-coverage, financing-sensitive biotech. The 10-Q shows a working-capital deficit of about $17.8 million, funding only through at least Q3 2026, explicit dilution risk from further financing, and no assurance that KETAFREE, NRX-100, or NRX-101 sales will begin soon or that clinic revenue will scale as hoped. [#10-Q-2026-05-15]

Invalidation

Break below $2 or thesis failure.

What would change my mind?

The primary-source picture improved modestly: Q1 revenue of about $1.1 million from Dura, net loss narrowed to about $1.4 million from $5.5 million a year earlier, and post-quarter ATM proceeds added roughly $7.0 million of cash support. If KETAFREE reaches a Summer 2026 approval path and NRX-100 is filed in Q2 2026, the stock could re-rate from a low base. [#10-Q-2026-05-15]

Research note

Recommendation

neutral

Confidence

medium

As of

2026-05-16

Base target

p=45%

Bull target

p=25%

Bear target

p=30%

Key bullets

Fast scan of bull, bear, and watch items

BullKey bullets

May 18, 2026 earnings release and corporate update should resolve the timing mismatch in this follow-up run
Runway extension and clinic-platform integration are necessary to bridge the pipeline to commercialization
The primary-source picture improved modestly: Q1 revenue of about $1.1 million from Dura, net loss narrowed to about $1.4 million from $5.5 million a year earlier, and post-quarter ATM proceeds added roughly $7.0 million of cash support.

BearKey bullets

HOPE and Dura integration add execution risk because the current revenue base is still small and depends on successful clinic expansion and operational scaling.
[#10-Q-2026-05-15]
Regulatory timing remains management-described: KETAFREE review is targeted for Summer 2026 and NRX-100 filing is targeted for Q2 2026, but neither is yet a completed approval milestone.

WatchKey bullets

NRX-100 NDA filing target in Q2 2026 is still live but remains a filing milestone, not an approval

Summary

High-level snapshot

Recommendation

neutral

Model confidence

medium

Timeframe

Asset

Equity

Trigger

Post-earnings T+3

Base case: $3 (p=45%)

Bull/Bear spread: +41% / -65%

Vs latest close: Bull +41% · Base -20% · Bear -65%

Scenario probabilities

Bull Target: $6 (p=25%)Base Target: $3 (p=45%)Bear Target: $2 (p=30%)

Commentary

Sentiment remains cautious and monitoring-oriented. The deterministic prior improved versus the April baseline, but the evidence still looks like a filing-led setup rather than a fully confirmed post-earnings thesis. Importantly, the queue labeled this a T+3 earnings follow-up for May 13, 2026, while the company’s own May 14 press release said first-quarter 2026 results would be released on May 18, 2026; as of May 16, delayed analyst revisions and a clean market-reaction read were still unavailable. The 10-Q does support live regulatory and liquidity milestones, but without confirmed post-print sell-side digestion this should stay low-conviction. [#PR-2026-05-14] [#10-Q-2026-05-15]

As of 2026-05-16 • Updated bi-weekly / post-earningsSource: Internal modelMethodology

Analyst Summary

Thesis highlights from the latest analysis

Bull Case

Bear Case

Drivers

Scannable catalysts and supporting factors

May 18, 2026 earnings release and corporate update should resolve the timing mismatch in this follow-up run
Runway extension and clinic-platform integration are necessary to bridge the pipeline to commercialization

Scenarios

Bull Target (Scenario probability)

$6 / p=25% prob

Base Target (Scenario probability)

$3 / p=45% prob

Bear Target (Scenario probability)

$2 / p=30% prob

Price $4 as of 2026-07-17

Nearest Scenario: Base (∆ 20%)

Targets vs latest close: Bull +41% · Base -20% · Bear -65%

Sentiment & Exposure

News Sentiment (30d)

0.00

Social Sentiment (7d)

0.00

Events

Other notable items detected

EVENT2026-06-30
NRX-100 NDA filing target in Q2 2026 is still live but remains a filing milestone, not an approval
The Q1 2026 10-Q says the NRX-100 NDA is expected to be filed during Q2 2026 and that FDA agreed in written Type C meeting minutes to review real-world evidence as part of the approval process. That is meaningful regulatory progress, but the upside depends first on filing completion and then on FDA review rather than on a de-risked approval outcome today. [#10-Q-2026-05-15]
Prob 50.00% • Move 35.00% • Priced-in 30.00%
EVENT2026-07-31
KETAFREE ANDA review remains the clearest near-term regulatory swing factor
The Q1 2026 10-Q says the KETAFREE ANDA was filed in September 2025, FDA discipline review letters identified no major deficiencies, the manufacturing site was inspected with VAI status, and management was told FDA was endeavoring to complete product review by Summer 2026. The same filing says commercial-scale manufacturing has started, but approval timing is still management-described rather than formally granted. [#10-Q-2026-05-15]
Prob 55.00% • Move 45.00% • Priced-in 35.00%

Short-term Catalysts

Next few weeks

May 18, 2026 earnings release and corporate update should resolve the timing mismatch in this follow-up run
2026-05-18
NRx said on May 14, 2026 that it plans to release first-quarter 2026 financial results before the market opens on May 18, 2026. As of May 16, 2026, that means this scheduled T+3 follow-up arrived before the company’s announced earnings release date, so delayed analyst reaction and a clean post-print market read are still unavailable. [#PR-2026-05-14]
Prob 95% • Move 18% • Priced-in 60%

Long-term Catalysts

Months to a year

Runway extension and clinic-platform integration are necessary to bridge the pipeline to commercialization
2026-09-30
The Q1 2026 10-Q reported $6.7 million of cash at March 31, 2026, said management anticipates existing cash can fund drug-development operations through at least Q3 2026, and disclosed about $7.0 million of net ATM proceeds raised from April 1 through May 14, 2026. The same filing also showed $1.068 million of Q1 patient-service revenue from Dura and described continued HOPE clinic buildout, but it also warned that additional financings may be needed and that near-term product sales and clinic revenue growth cannot be assured. [#10-Q-2026-05-15]
Prob 45% • Move 28% • Priced-in 40%

Risks

HOPE and Dura integration add execution risk because the current revenue base is still small and depends on successful clinic expansion and operational scaling. [#10-Q-2026-05-15]
Regulatory timing remains management-described: KETAFREE review is targeted for Summer 2026 and NRX-100 filing is targeted for Q2 2026, but neither is yet a completed approval milestone. [#10-Q-2026-05-15]
The company states it cannot assure near-term sales of KETAFREE, NRX-100, or NRX-101, clinic revenue growth, or availability of additional financing on acceptable terms. [#10-Q-2026-05-15]
This scheduled earnings follow-up appears early relative to the company’s own May 18, 2026 earnings-release announcement, so analyst revision signal and a settled post-print reaction are not yet available. [#PR-2026-05-14]
Working-capital deficit of about $17.8 million and management disclosure that additional equity or debt financing may be needed in 2026, creating dilution risk. [#10-Q-2026-05-15]

Peers

Symbol	Summary
VRCA	Small-cap specialty pharma/biotech peer by size band; useful mainly as a regulatory-execution and financing-risk comparator rather than a close mechanistic match to NRXP’s ketamine and psychiatry pipeline.
INO	Micro-cap biotech peer with event-driven regulatory and capital-markets sensitivity; relevant as a volatility comparator, though the therapeutic overlap with NRXP is loose.
PEPG	Development-stage biotech peer in a similar market-cap range; helpful for framing dilution and milestone-risk tolerance, but not a high-conviction indication peer.

Sources

Internal and external references used in this analysis

Model source: RankAlpha Sentiment Codex
Human targets: serper
Analysis date: 2026-05-16

AI Stock Memo: NRXP - NRX - RankAlpha