NRX Pharmaceuticals, Inc.

Clinical/early-stage biotech — near-insolvent.

Strengths

• Liquidity — current ratio 0.31 (7th)

Risks

• Pre-revenue, deep losses — per metrics
• Pre-revenue/clinical-stage — history of losses & need for capital per risk factors
• Binary clinical & funding risk — per 10-K

Notable findings

• Going concernAs such, the Company has concluded that substantial doubt exists about the Company’s ability to continue as a going concern for a period of at least twelve months from the date of issuance of these co
• Net lossNet loss (net margin -2336.5%)
• Weak liquidityCurrent ratio 0.31 (<1)
• Exec changeRecent 8-K item 5.02 8-K ↗
• Fund exitedNotable fund(s) exited this quarter: VANGUARD GROUP INC
• Chronic dilutionShare count +37%/yr over 1y (dilution, book value/share -74%)
• Notable holderHeld by 2 notable fund(s): STATE STREET CORP, CITADEL ADVISORS LLC (as of 2026-03-31)