NRx Pharmaceuticals
NRx Pharmaceuticals is a clinical-stage biopharmaceutical company developing NMDA-targeting therapeutics (NRX-100, NRX-101, KETAFREE) for suicidal bipolar depression and treatment-resistant depression, supplemented by a wholly-owned Florida clinic network (HOPE Therapeutics) offering TMS and ketamine therapies.
- Company typePublic
- Founded2020
- HeadquartersWilmington, United States
- Headcount11–50
- GTM typeB2B and B2C
- OfferingHardware or Manufacturing
What NRx Pharmaceuticals does
NRx Pharmaceuticals (NASDAQ: NRXP) is a clinical-stage biopharmaceutical company developing NMDA and 5-HT2A receptor-targeting therapeutics for central nervous system disorders, with a primary focus on treatment-resistant depression, bipolar depression with suicidality, PTSD, and chronic pain. The company's core pipeline comprises NRX-100 (preservative-free intravenous ketamine targeting acute suicidal ideation), NRX-101 (a fixed-dose combination of D-cycloserine and lurasidone positioned as the first oral medication in FDA trials for suicidal bipolar depression), and KETAFREE (preservative-free IV ketamine pending ANDA approval with a July 29, 2026 GDUFA goal date). The company has accumulated four FDA regulatory designations (Fast Track for NRX-100, Breakthrough Therapy, Special Protocol Agreement, and a Biomarker Letter of Support for NRX-101) and a granted Expanded Access Protocol for NRX-101 as TMS augmentation therapy. NRx differentiates through the absence of Benzethonium Chloride preservative, non-controlled-substance scheduling of NRX-101, and a non-hallucinogenic mechanism that avoids addiction and neurotoxicity risks of traditional NMDA inhibitors.
The company's go-to-market combines pharmaceutical commercialization with direct clinical operations via its wholly-owned HOPE Therapeutics subsidiary, which operates a network of interventional psychiatry clinics in Florida offering TMS, ketamine therapies, and one-day depression protocols. Revenue generation began in Q3 2025 at approximately $240,000 from the clinic network and is scaling toward a multi-million dollar run-rate as the network expands from 5 to 8+ Florida locations through acquisitions (Dura Medical, Neurospa TMS, Cohen & Associates). The company has integrated third-party AI capabilities, including Zeta Surgical's FDA-cleared AI-guided TMS Navigation System and Emobot's EMOCARE Depression Thermometer, into the clinical workflow, and incorporated a separate NRx Defense Systems subsidiary in 2026 to pursue military, veteran, and first responder applications. NRx operates as a public company formed through a December 2020 SPAC merger with Big Rock Partners Acquisition Corp., with headquarters in Wilmington, Delaware, 11-50 employees, and a management team and board featuring former executives from Allergan, J&J, Lilly, Novartis, Pfizer, FDA, Teva, and DARPA.
NRx Pharmaceuticals firmographics
Firmographics- Name
- NRx Pharmaceuticals
- Legal name
- NRx Pharmaceuticals, Inc.
- Website
- https://nrxpharma.com
- Company type
- Public
- Founded year
- 2020
- Operating status
- Operating
- Headcount range
- 11–50 employees
- Short description
- NRx Pharmaceuticals is a clinical-stage biopharmaceutical company developing NMDA-targeting therapeutics (NRX-100, NRX-101, KETAFREE) for suicidal bipolar depression and treatment-resistant depression, supplemented by a wholly-owned Florida clinic network (HOPE Therapeutics) offering TMS and ketamine therapies.
- Ownership category
- akta.pro rank
NRx Pharmaceuticals industry classification
Industry- Product category
- CNS Pharmaceuticals
- NAICS
- Pharmaceutical and Medicine Manufacturing (32541), Pharmaceutical Preparation Manufacturing (325412)
- SIC
- Pharmaceutical Preparations (2834)
- akta.pro primary industry
- Neurology & Psychiatry (CNS) Pharmaceuticals (HLAIAAAF)
- akta.pro secondary industries
- Neurology & CNS Specialty Pharmaceuticals (HLAIACAC), Connected Therapeutics & Smart Drug Delivery Monitoring (HLACAFAL), Companion Diagnostics (CDx) & Therapy Selection Assays (HLAAALAF)
Keywords
Where NRx Pharmaceuticals is headquartered
LocationHeadquarters
- HQ city
- Wilmington
- HQ country
- United States
- HQ region
- North America
Offices1 record
Markets served
NRx Pharmaceuticals business model
Business model- GTM type
- B2B and B2C
- Offering type
- Hardware or Manufacturing
- Cost components
- Technology or R&D, Personnel, Operations, Marketing or Sales, Supply Chain, Others
Revenue model
- Pharmaceutical Product Sales: Revenue from sales of FDA-approved pharmaceutical products including preservative-free ketamine (NRX-100/NRX-101) and other CNS treatments. The company is preparing for commercial launch with anticipated approval of ANDA for KETAFREE in Summer 2026 and NDA for NRX-100 for suicidal ideation.
- Interventional Psychiatry Clinic Services: Revenue generated from HOPE Therapeutics subsidiary operating interventional psychiatry clinics offering TMS treatments, ketamine therapies, and one-day depression treatment protocols. The company has opened five Florida clinic locations and completed acquisition of Dura Medical, Neurospa TMS, and Cohen & Associates, with coverage at more than 8 locations along Florida's West Coast.
Go-to-market motion2 records
Distribution channels4 records
Marketing channels5 records
NRx Pharmaceuticals product offering
Product offeringCore offering
NRx Pharmaceuticals is a clinical-stage biopharmaceutical company developing NMDA-receptor-targeting therapeutics for central nervous system disorders, primarily suicidal bipolar depression, treatment-resistant depression, and PTSD. Its lead candidates are NRX-100 (preservative-free IV ketamine) and NRX-101 (D-cycloserine/lurasidone combination). The company also operates HOPE Therapeutics, a subsidiary running interventional psychiatry clinics in Florida offering TMS, ketamine, and AI-guided combination therapies.
Product overview
NRx Pharmaceuticals is a clinical-stage biopharmaceutical company developing a portfolio of NMDA-based therapeutics for central nervous system disorders, with its core products being NRX-100 (preservative-free IV ketamine) for acute suicidal ideation and NRX-101 (D-cycloserine/lurasidone combination) for bipolar depression with suicidality. The company operates through its HOPE Therapeutics subsidiary, a network of interventional psychiatry clinics offering TMS and ketamine treatments augmented by AI-powered monitoring tools. The pipeline is advancing through parallel FDA pathways with ANDA for KETAFREE and NDA for NRX-100, supported by real-world evidence from over 70,000 ketamine patients.
Differentiator
Problem solved
Functional benefit
Brands
- HOPE Therapeutics: Subsidiary operating a network of interventional psychiatry clinics providing TMS and other treatments for depression and suicidality
- NRx Defense Systems
- KETAFREE
- ZYESAMI
- BriLife
Products and services
- NRX-100 (Preservative-Free IV Ketamine) Investigational preservative-free intravenous ketamine formulation (free of Benzethonium Chloride) for treating suicidal ideation in patients with depression and bipolar depression. Designed as the first FDA-approved medicine specifically for suicidal ideation beyond Electroconvulsive Therapy. Has received FDA Fast Track designation and is in development with a planned NDA submission.
- NRX-101 (D-cycloserine/Lurasidone Combination) Fixed-dose combination of D-cycloserine (partial NMDA antagonist) and lurasidone (5-HT2A antagonist) for treating bipolar depression with suicidality. Being developed as adjunctive therapy with TMS for treatment-resistant depression. First oral medication in FDA trials for suicidal bipolar depression and not classified as a controlled substance by the DEA. Holds FDA Breakthrough Therapy Designation, Special Protocol Agreement, and Biomarker Letter of Support.
- KETAFREE (Preservative-Free IV Ketamine ANDA) Preservative-free IV ketamine product under FDA review via Abbreviated New Drug Application (ANDA). Would be the first preservative-free ketamine formulation in a market estimated at $750 million per year. FDA accepted the ANDA with GDUFA goal date of July 29, 2026.
- HOPE Therapeutics Clinic Services Wholly-owned subsidiary operating a network of interventional psychiatry clinics in Florida offering TMS, ketamine treatments, one-day depression treatment protocols, and AI-guided TMS therapies directly to patients with treatment-resistant depression, bipolar depression, PTSD, and chronic pain. Expanded to five Florida locations including West Palm Beach, Sarasota, Naples, and Fort Myers.
- AI-Guided TMS Treatments at HOPE Clinics Transcranial Magnetic Stimulation treatments using Zeta Surgical's FDA-cleared AI-powered Zeta TMS Navigation System, providing sub-millimetric image guidance accuracy. Reduces TMS setup times to under two minutes without conventional fiducial markers. Available at HOPE Therapeutics clinics in Florida.
- ONE-D Depression Treatment Protocol One-day depression treatment protocol combining FDA-cleared Ampa device TMS with D-cycloserine and lisdexamfetamine, designed to achieve remission in single-day therapy for treatment-resistant depression patients. Offered at HOPE Therapeutics clinic locations.
Quantifiable outcome
- 34% remission rate with IV ketamine vs 26% with intranasal esketamine; 63% response rate vs 58%; IV ketamine patients approximately 50% more likely to achieve remission (OR 1.51, P<.001)
- +4 more outcomes
Companies that use NRx Pharmaceuticals
Customer profileNamed customers3 records
Segments4 records
Ideal customer profiles3 records
NRx Pharmaceuticals technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Integration4 records
AI capability5 records
Feature4 records
NRx Pharmaceuticals partnerships and signals
Strategic signalPartnerships
Nine partnerships are on record, tiered core and minor.
- Zeta Surgical, Inc.coreStrategic partnership deploying Zeta Surgical's FDA-cleared AI-powered Zeta TMS Navigation System at HOPE Therapeutics clinics. HOPE became first commercial site to deploy the technology, using sub-millimetric image guidance for transcranial magnetic stimulation. Partnership supports planned SPARC-TMS clinical trial combining NRX-101 with robotic-enabled TMS.
- NRx Defense SystemscoreNewly incorporated R&D subsidiary focused on developing robotic-enabled TMS combined with neuroplastic therapy for military and first responder applications. Led by Dr. Dennis McBride (former DARPA program manager and Navy Captain), partnering with Zeta Surgical to address five-fold increased risk of depression and PTSD in front-line troops.
- Emobot HealthcoreStrategic partnership deploying Emobot's EMOCARE AI-powered Depression Thermometer across HOPE Therapeutics clinic network. The smartphone-based passive monitoring platform achieves 90% concordance with clinician assessments and helps detect early relapse to improve treatment outcomes.
- Osmind, Inc.coreLicensed real-world evidence data from over 70,000 patients treated with ketamine for depression and suicidal ideation, including nearly 1 million treatment sessions and hundreds of millions of datapoints, to support FDA accelerated approval of NRX-100 under Fast Track designation.
- Relief Therapeutics Holding AGminorHistorical partnership for global commercialization of ZYESAMI (aviptadil) for COVID-19 respiratory failure. Company has since focused on CNS disorders following ZYESAMI trial failures. Ongoing litigation with Relief regarding contract disputes.
- neurocare Group AGcoreStrategic partnership for neuroplastic treatment clinics, supporting the expansion of interventional psychiatry clinic network for depression and PTSD treatment.
- Ampa HealthcorePartnership deploying first-in-Florida ONE-D protocol for treatment-resistant depression combining FDA-cleared Ampa device TMS with D-cyloserine and lisdexamfetamine, aiming to achieve remission in single-day therapy at multiple HOPE clinic locations.
- Dura MedicalcoreCompleted acquisition of Dura Medical, a provider of interventional psychiatry services in Florida operating locations in Naples and Fort Myers. Revenue-generating and EBITDA positive. Founder Stephen Durand (US Army Veteran) appointed as Director of Florida Clinic Operations. Part of HOPE Therapeutics network expansion to 8+ locations.
- Neurospa TMS and Cohen & AssociatescorePending acquisitions to expand HOPE Therapeutics clinic network to more than 8 locations along Florida's West Coast, complementing existing Dura Medical locations.
Scale indicators11 records
Recent moves6 records
Expansion highlights8 records
NRx Pharmaceuticals competitors and assessment
Company assessmentDirect peers
- Johnson & Johnson (Janssen): Markets SPRAVATO (esketamine), the only FDA-approved ketamine-derived therapy for treatment-resistant depression. Directly competes with NRX-100/KETAFREE in the depression/suicidality space with established commercial infrastructure and payer coverage.
- Sage Therapeutics: Develops CNS therapeutics including ZURZUVAE (zuranolone) for postpartum depression. Comparable clinical-stage CNS biopharmaceutical company with similar regulatory and commercial challenges in depression treatment market.
- Axsome Therapeutics: Develops Auvelity (dextromethorphan/bupropion) for major depressive disorder. Direct competitor in CNS depression therapeutics with overlapping mechanism (NMDA receptor modulation) and similar small-cap public company profile.
- Neurospa TMS: Pending acquisition target of NRx that operates interventional psychiatry clinics in Florida offering TMS treatments for depression. Directly comparable clinic operations being integrated into HOPE Therapeutics network.
Emerging players
- Atai Life Sciences: Clinical-stage biopharmaceutical company developing psychedelic and NMDA-targeting therapies for depression and PTSD. Comparable pipeline focus on treatment-resistant depression and suicidality, with similar regulatory pathway through FDA.
- Compass Pathways: Pioneering psilocybin therapy for treatment-resistant depression. Comparable CNS-focused clinical-stage company targeting similar patient populations, with overlapping regulatory pathway and benefit from psychedelic medicine policy tailwinds.
- Mind Medicine (MindMed): Clinical-stage CNS company developing psychedelic-inspired therapies including LSD-based treatments for anxiety and depression. Similar clinical-stage CNS profile, target indications, and regulatory pathway as NRx.
- GH Research: Clinical-stage biopharmaceutical company developing mebufotenin (5-HT2A agonist) therapies for treatment-resistant depression. Overlapping mechanism (5-HT2A modulation) and similar target patient population with bipolar depression/suicidality.
Broad incumbents
- Eli Lilly: Major pharmaceutical company with established CNS franchise including antidepressant portfolio and active NMDA/glutamate research programs. Represents broader competitive threat and potential acquirer of NMDA-targeting assets.
Others
- Osmind: Neuropsychiatry technology and medical records platform from which NRx licenses real-world evidence data on 70,000+ ketamine patients. Ecosystem partner providing data infrastructure rather than direct competitive threat.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat5 records
Key risks7 records
Key highlights7 records
Customer concentration
NRx Pharmaceuticals social profiles
Digital presenceNRx Pharmaceuticals compliance and trust
Trust signalCompliance7 records
NRx Pharmaceuticals financial estimates
Financial estimateRevenue estimate
Valuation estimate
NRx Pharmaceuticals leadership team
Management profileNumber of profiles
Profiles10 records
NRx Pharmaceuticals subsidiaries and ownership
Company hierarchySubsidiaries4 records
NRx Pharmaceuticals funding detail
Funding detailFunding overview
Funding rounds14 records
Investors9 records
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
NRx Pharmaceuticals M&A and investment
M&A and investmentM&A1 record
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about NRx Pharmaceuticals
What does NRx Pharmaceuticals do?
NRx Pharmaceuticals is a clinical-stage biopharmaceutical company developing NMDA-receptor-targeting therapeutics for central nervous system disorders, primarily suicidal bipolar depression, treatment-resistant depression, and PTSD. Its lead candidates are NRX-100 (preservative-free IV ketamine) and NRX-101 (D-cycloserine/lurasidone combination). The company also operates HOPE Therapeutics, a subsidiary running interventional psychiatry clinics in Florida offering TMS, ketamine, and AI-guided combination therapies.
Is NRx Pharmaceuticals a public or private company?
NRx Pharmaceuticals is a public company. It is classified as public and is currently operating.
When was NRx Pharmaceuticals founded?
NRx Pharmaceuticals was founded in 2020. It employs 11 to 50 people.
Where is NRx Pharmaceuticals based?
NRx Pharmaceuticals is headquartered in Wilmington, United States, in the North America region.
How does NRx Pharmaceuticals make money?
Two revenue lines are on record. Pharmaceutical Product Sales are the primary driver. The others are interventional Psychiatry Clinic Services.
Who are NRx Pharmaceuticals's main competitors?
Direct peers on record are Johnson & Johnson (Janssen), Sage Therapeutics, Axsome Therapeutics and Neurospa TMS. Emerging players are Atai Life Sciences, Compass Pathways, Mind Medicine (MindMed) and GH Research. Eli Lilly is listed as a broad incumbent. Osmind is listed as an others.
Does NRx Pharmaceuticals have an API?
No public API is recorded for NRx Pharmaceuticals.
What industry is NRx Pharmaceuticals in?
NRx Pharmaceuticals's product category is CNS Pharmaceuticals. Its primary akta.pro industry code is HLAIAAAF, Neurology & Psychiatry (CNS) Pharmaceuticals, with a secondary code of HLAIACAC, Neurology & CNS Specialty Pharmaceuticals. Its NAICS code is 32541 and its SIC code is 2834.