The EPS beat is secondary to the regulatory and funding catalysts. Monitor for FDA approval of the ketamine ANDA (target 2026) and updates on the DARPA-funded NRX-101 trial. The $26.7M cash runway supports operations for at least one year, reducing near-term dilution risk.
Price Chart
Executive Summary
NRx Pharmaceuticals reported Q2 2026 EPS of -$0.04, beating consensus of -$0.08 by 50%, though revenue was not reported. The company highlighted progress on its ANDA for preservative-free ketamine, a DARPA contract for NRX-101, and a strengthened cash position of $26.7M after a $22.3M public offering. The EPS beat is notable for a pre-revenue biotech, but the stock's movement will hinge on FDA approval timing for ketamine and the DARPA trial outcomes, not the earnings surprise itself.
Key Financial Metrics
Key Facts
- EPS of -$0.04 beat consensus of -$0.08 by 50%
- Cash and equivalents $26.7M as of June 30, 2026, up from $7.8M at Dec 31, 2025
- Completed $22.3M public offering including full exercise of underwriters' option
- ANDA for preservative-free ketamine advanced; FDA requested only a manufacturer's attestation on vial, which has been submitted
- Selected by DARPA as prime contractor for SPARC-TMS trial of NRX-101 with robotic TMS; non-dilutive funding >$11.5M
- Net loss for six months ended June 30, 2026: $18.0M vs $23.1M in prior year period
- Operating loss for six months: $11.3M vs $7.6M in prior year period
Financial Impact
EPS beat of $0.04 vs -$0.08 consensus; cash position increased to $26.7M from $7.8M; net loss improved to $18.0M from $23.1M for the six-month period
Risk Factors
- FDA may still require additional information beyond the vial attestation, delaying approval
- NRX-101 is still in Phase 2/3; clinical failure risk remains high
- Pre-revenue company with no approved products; commercialization execution risk for ketamine
- GeNeuro assets are early-stage; no guarantee of clinical success or funding
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 1 press release from GlobeNewswire.
| Document | Accession Number |
|---|---|
| PRESS-RELEASE Data (Synthetic) | press-3345963 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Sep 16, 2026 16d ago | 8-K | $3.35 $3.16 | ▼ −5.67% | ▼ −8.24% | $2.90 (−13.28%) |
Sep 14, 2026 18d ago | 8-K | $3.49 $3.29 | ▼ −5.73% | ▼ −5.84% | $2.90 (−16.76%) |
Aug 17, 2026 6w ago | 8-K | $3.43 $3.45 | ▲ +0.58% | ▲ +1.77% | $2.90 (−15.31%) |
Aug 17, 2026 6w ago | Press Release | $3.43 $3.45 | ▲ +0.58% | ▲ +1.77% | $2.90 (−15.31%) |
Aug 7, 2026 8w ago | 8-K | $3.58 $3.27 | ▼ −8.66% | ▼ −9.06% | $2.90 (−18.85%) |
Jul 22, 2026 10w ago | 8-K | $4.48 $3.23 | ▼ −27.90% | ▼ −25.50% | $2.90 (−35.16%) |
Jun 22, 2026 14w ago | Press Release | $3.90 $3.73 | ▼ −4.36% | ▼ −2.29% | $2.90 (−25.51%) |
Jun 5, 2026 17w ago | Press Release | $4.14 $3.84 | ▼ −7.25% | ▼ −7.82% | $2.90 (−29.83%) |
Jun 4, 2026 17w ago | Press Release | $4.14 $3.84 | ▲ +7.25% | ▲ +7.82% | $2.90 (+29.83%) |
Jun 3, 2026 17w ago | Press Release | $4.05 $3.76 | ▲ +7.16% | ▲ +3.34% | $2.90 (+28.27%) |
US Market Status
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