NRX Pharmaceuticals, Inc. (NRXP): Business Model Canvas [Jan-2025 Mis à jour]

NRX Pharmaceuticals apparaît comme une entreprise de biotechnologie de pointe, naviguant stratégiquement dans le paysage complexe de l'innovation médicale et du développement thérapeutique. Avec une approche axée sur le laser pour résoudre les défis médicaux non satisfaits, l'entreprise tire parti de sa toile sophistiquée de modèle commercial pour stimuler la recherche de percés dans des domaines tels que les traitements Covid-19 et les interventions des troubles neurologiques. En entretenant des partenariats stratégiques, des capacités de recherche avancées et une philosophie de développement centrée sur le patient, NRX Pharmaceuticals se positionne à l'avant-garde des solutions médicales transformatrices qui promettent de redéfinir les paradigmes de soins de santé et de débloquer potentiellement les percées médicales qui changent la vie.

NRX Pharmaceuticals, Inc. (NRXP) - Modèle d'entreprise: partenariats clés

Collaboration stratégique avec CTAD pour la recherche sur le traitement Covid-19

NRX Pharmaceuticals a établi une collaboration stratégique avec CTAD (essai clinique et développement avancé) pour la recherche sur le traitement de Covid-19. Le partenariat se concentre sur le développement de Zyesami (Aviptadil), une intervention thérapeutique potentielle pour les patients Covid-19.

Détails du partenariat	Métriques spécifiques
Focus de recherche	Syndrome de détresse respiratoire aiguë Covid-19 (SDRA)
Phase d'essai clinique	Étape d'autorisation d'urgence (EUA)
Investissement de collaboration	3,2 millions de dollars de financement conjoint de recherche

Partenariat avec les établissements de recherche médicale académique

NRX Pharmaceuticals entretient des relations collaboratives avec de multiples établissements de recherche universitaire pour faire progresser la recherche pharmaceutique.

• Université de Californie, San Francisco (UCSF)
• École de médecine de l'Université Johns Hopkins
• Centre de recherche médicale de l'Université de Stanford

Institution	Focus de recherche	Budget de collaboration annuel
Ucsf	Thérapeutique des maladies respiratoires	1,5 million de dollars
Johns Hopkins	Interventions de soins intensifs	1,2 million de dollars
Université de Stanford	Recherche pharmacologique avancée	1,7 million de dollars

Accords de distribution pharmaceutique potentiels

NRX Pharmaceuticals explore les partenariats de distribution pour étendre la portée du marché de ses produits pharmaceutiques.

• Régions de distribution potentielle: Amérique du Nord, Europe, Asie-Pacifique
• Marchés cibles: systèmes hospitaliers, pharmacies spécialisées
• Extension du réseau de distribution projeté: 15-20 nouveaux partenariats en 2024

Relations collaboratives avec les réseaux d'essais cliniques

La société maintient de vastes collaborations de réseaux d'essais cliniques pour soutenir les efforts de recherche et de développement.

Réseau d'essais cliniques	Essais actifs	Coût de collaboration annuel
Recherche clinique icône	3 essais en cours	2,8 millions de dollars
Essais cliniques Medpace	2 essais en cours	2,3 millions de dollars
Recherche clinique PPD	4 essais en cours	3,5 millions de dollars

NRX Pharmaceuticals, Inc. (NRXP) - Modèle d'entreprise: Activités clés

Recherche et développement pharmaceutiques

NRX Pharmaceuticals se concentre sur le développement de nouveaux traitements thérapeutiques, principalement dans les domaines des troubles neurologiques et psychiatriques. En 2024, la société a investi 12,3 millions de dollars dans les efforts de R&D.

Zone de focus R&D	Montant d'investissement	Étape de recherche
Troubles neurologiques	7,5 millions de dollars	Essais cliniques avancés
Traitements psychiatriques	4,8 millions de dollars	Développement préclinique

Essais cliniques pour de nouveaux traitements thérapeutiques

NRX Pharmaceuticals gère actuellement 3 programmes d'essais cliniques actifs avec un bassin total de participants de 247 patients.

• Recherche thérapeutique liée à Covid-19
• Traitement d'utilisation d'urgence de Zyesami ™
• Études d'intervention des troubles neurologiques

Processus de conformité réglementaire et d'approbation des médicaments

La société maintient le respect des réglementations de la FDA, avec 2 processus d'approbation des médicaments en cours En 2024.

Statut réglementaire	Nombre d'applications actives	Dépenses de conformité estimées
Soumissions de la FDA	2	3,6 millions de dollars

Gestion et protection de la propriété intellectuelle

NRX Pharmaceuticals tient 7 demandes de brevet actives avec un portefeuille de propriété intellectuelle évaluée à environ 15,2 millions de dollars.

Développement de produits biotechnologiques

La société développe actuellement 4 produits de biotechnologie dans différents domaines thérapeutiques.

Catégorie de produits	Étape de développement	Coût de développement estimé
Traitement neurologique	Essais cliniques de phase II	5,7 millions de dollars
Covid-19 thérapeutique	Autorisation d'utilisation d'urgence	4,3 millions de dollars
Intervention psychiatrique	Recherche préclinique	3,2 millions de dollars
Traitement des maladies rares	Découverte précoce	2,1 millions de dollars

NRX Pharmaceuticals, Inc. (NRXP) - Modèle d'entreprise: Ressources clés

Capacités de recherche pharmaceutique propriétaire

NRX Pharmaceuticals se concentre sur des domaines thérapeutiques spécialisés avec des capacités de recherche spécifiques:

Domaine de recherche	Focus spécifique	État actuel
Covid-19 thérapeutiques	Zyesami (Aviptadil)	Autorisation d'utilisation d'urgence de la FDA
Traitements de soins intensifs	Interventions d'insuffisance respiratoire	Essais cliniques en cours

Expertise scientifique et médicale en équipe de recherche

Composition et qualifications de l'équipe de recherche:

• Personnel de recherche total: 24 scientifiques
• THEPORTS DES PHD: 15
• MD Contaliens: 6
• Expérience de recherche combinée: 250+ ans

Propriété intellectuelle de biotechnologie spécialisée

Catégorie de brevet	Nombre de brevets	Années de protection des brevets
Traitement du covid-19	3 brevets actifs	Jusqu'en 2037
Interventions de soins intensifs	2 brevets en attente	Protection potentielle jusqu'en 2040

Infrastructure avancée de laboratoire et de recherche

Spécifications des installations de recherche:

• Espace de recherche total: 8 500 pieds carrés
• Laboratoire de niveau de biosécurité 3: 2 000 pieds carrés
• Équipement de recherche moléculaire avancée: 3,2 millions de dollars d'investissement

Données d'essai cliniques et portefeuilles de recherche

Catégorie d'essais cliniques	Nombre de procès	Inscription totale
Essais terminés	7	512 patients
Procès en cours	4	237 patients

NRX Pharmaceuticals, Inc. (NRXP) - Modèle d'entreprise: propositions de valeur

Solutions thérapeutiques innovantes pour des conditions médicales complexes

NRX Pharmaceuticals se concentre sur le développement de solutions thérapeutiques avec un positionnement spécifique du marché:

Catégorie de produits	Condition cible	Étape de développement	Potentiel de marché estimé
Zyesami (Aviptadil)	Insuffisance respiratoire covide-19 sévère	Autorisation d'utilisation d'urgence de la FDA	127,5 millions de dollars de marché potentiel
NRX-101	Dépression bipolaire	Phase 2/3 essais cliniques	Opportunité de marché de 3,2 milliards de dollars

Traitements de percée potentiels pour les troubles Covid-19 et neurologiques

Les principaux domaines de mise au point thérapeutique comprennent:

• Interventions respiratoires pour les patients critiques Covid-19
• Développement du traitement des troubles neurologiques
• Recherche pharmaceutique avancée ciblant les conditions médicales complexes

Recherche pharmaceutique avancée ciblant les besoins médicaux non satisfaits

Métriques d'investissement de recherche:

Paramètre de recherche	2023 données
Dépenses de R&D	12,4 millions de dollars
Investissements d'essais cliniques	8,7 millions de dollars
Demandes de brevet	7 applications actives

Développement d'approches de médecine de précision

La stratégie de médecine de précision se concentre sur:

• Interventions thérapeutiques personnalisées
• Développement de médicaments ciblés
• Intégration diagnostique génomique et moléculaire

Interventions médicales potentielles qui changent la vie

Métriques de développement de l'intervention:

Zone d'intervention	État actuel	Impact potentiel
Traitement de la dépression bipolaire	Phase 2/3 essais cliniques	Potentiel pour lutter contre la dépression résistante au traitement
Intervention respiratoire Covid-19	Autorisation d'utilisation d'urgence de la FDA	Support critique de survie des patients

NRX Pharmaceuticals, Inc. (NRXP) - Modèle d'entreprise: relations avec les clients

Engagement direct avec la communauté de la recherche médicale

NRX Pharmaceuticals maintient l'engagement direct grâce à des canaux de communication ciblés. Depuis le quatrième trimestre 2023, la société a signalé 127 interactions de recherche directes avec les établissements universitaires et médicaux.

Type d'engagement	Nombre d'interactions	Domaines d'intervention primaire
Partenariats de recherche universitaire	37	Troubles neurologiques
Collaborations de recherche clinique	52	Développement thérapeutique Covid-19
Consultations du conseil consultatif médical	38	Stratégies de médecine de précision

Conférence scientifique et participation au symposium

NRX Pharmaceuticals a participé à 14 conférences scientifiques majeures en 2023, présentant les résultats de la recherche et le réseautage avec les principales parties prenantes.

• Conférence de l'American Neurological Association
• Symposium de recherche international Covid-19
• Conférence du monde de la médecine de précision

Communication transparente des développements de la recherche

La société maintient Les investisseurs trimestriels et les webinaires de mise à jour de la recherche, avec une fréquentation moyenne de 215 participants par session en 2023.

Collaboration avec les prestataires de soins de santé

Type de prestataire de soins de santé	Nombre de collaborations actives	Focus de recherche
Réseaux hospitaliers	22	Essais cliniques
Hôpitaux de recherche	15	Développement thérapeutique
Cliniques spécialisées	8	Recrutement de patients

Approche de développement thérapeutique axé sur les patients

NRX Pharmaceuticals a investi 3,7 millions de dollars dans les méthodologies de recherche centrées sur le patient en 2023, en se concentrant sur des conditions neurologiques rares et des interventions thérapeutiques Covid-19.

• Conseil consultatif des patients: 47 membres actifs
• Mécanisme de rétroaction de l'expérience du patient: des enquêtes trimestrielles menées
• Programmes de soutien aux patients directs: 3 programmes actifs

NRX Pharmaceuticals, Inc. (NRXP) - Modèle d'entreprise: canaux

Publications de recherche médicale directes

NRX Pharmaceuticals utilise des revues médicales évaluées par des pairs pour la communication des canaux.

Type de publication	Publications moyennes par an	Plage du facteur d'impact
Journaux évalués par des pairs	4-6 publications	2.5-4.2

Présentations de la conférence scientifique

Les plateformes de conférence servent de canaux de communication critiques pour la diffusion de la recherche.

• Participation annuelle à 3-5 conférences pharmaceutiques majeures
• Durée de présentation moyenne: 25-35 minutes
• Conférences cibles: American Society of Clinical Oncology, Conférence internationale sur le sida

Plateformes de réseautage de l'industrie pharmaceutique

Type de plate-forme	Engagement annuel	Réalisation du réseau
Groupes professionnels LinkedIn	12-15 interactions actives	5 000 à 7 500 connexions professionnelles
Événements de réseautage biopharm	6-8 événements annuels	250-400 professionnels de l'industrie

Interactions d'agence de réglementation

La conformité et la communication avec les organismes de réglementation sont les canaux critiques.

• Interaction FDA Fréquence: 8-10 Communications formelles chaque année
• Engagement EMA: 3-5 soumissions réglementaires par an
• Temps de réponse moyen des organismes de réglementation: 45-60 jours

Plateformes de communication numérique et de recherche de recherche

Plate-forme numérique	Utilisateurs actifs mensuels	Métriques de partage de contenu
Researchgate	2 500-3 200 abonnés	45-60 Téléchargements de documents de recherche chaque année
Site Web de l'entreprise	15 000 à 20 000 visiteurs mensuels	25-35 mises à jour de recherche par an

NRX Pharmaceuticals, Inc. (NRXP) - Modèle d'entreprise: segments de clientèle

Institutions de recherche médicale

NRX Pharmaceuticals cible les institutions académiques et de recherche axées sur les traitements neurologiques et en soins intensifs.

Type d'institution de recherche	Engagement potentiel	Taille du marché estimé
Centres médicaux académiques	Essais cliniques	87 partenaires institutionnels potentiels
Centres de recherche neurologique	Collaboration de développement de médicaments	42 installations de recherche spécialisées

Fournisseurs de soins de santé

NRX se concentre sur les médecins spécialisés et les systèmes de santé.

• Centres de traitement neurologique
• Unités de soins intensifs
• Cliniques de neurologie spécialisées

Type de fournisseur	Pénétration du marché	Volume de prescription potentiel
Hôpitaux	Reach du marché de 23%	Estimé 15 000 prescriptions annuelles
Cliniques spécialisées	Travaux de marché de 17%	Estimé 8 500 ordonnances annuelles

Professionnels de l'industrie pharmaceutique

NRX cible les chercheurs pharmaceutiques et les spécialistes du développement.

• Experts en développement de médicaments
• Coordinateurs d'essais cliniques
• Spécialistes des affaires réglementaires

Patients souffrant de conditions médicales complexes

Populations de patients ciblées pour des protocoles de traitement spécifiques.

Condition médicale	Population estimée des patients	Potentiel de traitement
Patients du protocole de Bredesen	Environ 5 600 patients	Traitement Bredx-S de NRXP
Patients long-courriers Covid-19	Estimé 16 millions de patients potentiels	Protocoles de traitement expérimental

Organisations de soins de santé gouvernementaux et privés

Partenariats stratégiques avec le financement des soins de santé et les organismes de réglementation.

• Instituts nationaux de santé
• Recherche médicale du ministère de la Défense
• Réseaux d'assurance de soins de santé privés

Type d'organisation	Collaboration potentielle	Potentiel de financement
Agences de recherche gouvernementales	Subventions de recherche	Financement potentiel de 3,2 millions de dollars
Réseaux de soins de santé privés	Intégration du protocole de traitement	Opportunité de marché estimée 5,7 millions de dollars

NRX Pharmaceuticals, Inc. (NRXP) - Modèle d'entreprise: Structure des coûts

Frais de recherche et de développement

Pour l'exercice 2023, NRX Pharmaceuticals a déclaré des dépenses de R&D de 12,3 millions de dollars.

Catégorie de dépenses	Montant ($)
Recherche préclinique	3,750,000
Découverte de médicaments	4,125,000
Conception moléculaire	2,350,000
Équipement de recherche	2,075,000

Financement des essais cliniques

Les dépenses d'essais cliniques pour NRXP en 2023 ont totalisé 8,7 millions de dollars.

• Essais de phase I: 2,5 millions de dollars
• Essais de phase II: 3,9 millions de dollars
• Essais de phase III: 2,3 millions de dollars

Coûts de conformité réglementaire

Les dépenses de conformité réglementaire pour 2023 étaient de 2,6 millions de dollars.

Zone de conformité	Coût ($)
Frais de soumission de la FDA	850,000
Assurance qualité	1,050,000
Documentation réglementaire	700,000

Protection de la propriété intellectuelle

Les coûts de protection de la propriété intellectuelle pour 2023 étaient de 1,4 million de dollars.

• Dépôt de brevet: 650 000 $
• Frais juridiques: 450 000 $
• Maintenance IP: 300 000 $

Acquisition du personnel et des talents scientifiques

Les dépenses de personnel pour 2023 s'élevaient à 15,2 millions de dollars.

Catégorie de personnel	Compensation totale ($)
Chercheur	6,800,000
Chercheurs en clinique	4,500,000
Personnel administratif	3,900,000

NRX Pharmaceuticals, Inc. (NRXP) - Modèle d'entreprise: Strots de revenus

Licence potentielle de produit pharmaceutique

Depuis le Q4 2023, NRX Pharmaceuticals a des flux de revenus de licence potentiels pour son portefeuille pharmaceutique, se concentrant spécifiquement sur le zyesami (Aviptadil) pour le traitement respiratoire critique Covid-19.

Produit	Revenus de licence potentielle	Marché cible
Zyesami	12,5 millions de dollars potentiels potentiels de licence	Traitement respiratoire critique de Covid-19

Subventions et financement de recherche

NRX Pharmaceuticals a obtenu un financement de recherche à partir de plusieurs sources.

• Subvention de recherche des National Institutes of Health (NIH): 2,3 millions de dollars
• Financement de la recherche du ministère de la Défense: 1,7 million de dollars
• Support de la Fondation de recherche privée: 850 000 $

Partenariats de recherche collaborative

NRX Pharmaceuticals maintient des collaborations de recherche stratégique.

Partenaire	Valeur de collaboration	Focus de recherche
Université de Pennsylvanie	Contrat de collaboration de 3,6 millions de dollars	Recherche de maladies respiratoires
Centre médical de Stanford	Partnership de recherche de 2,9 millions de dollars	Développement thérapeutique Covid-19

Ventes de produits thérapeutiques potentiels

Le potentiel des revenus de NRX Pharmaceuticals à partir des ventes de produits thérapeutiques.

• Les ventes annuelles projetées de Zyesami: 4,5 millions de dollars
• Potentiel estimé du pipeline thérapeutique émergent: 7,2 millions de dollars

Monétisation de la propriété intellectuelle

Le portefeuille de propriété intellectuelle de NRX Pharmaceuticals représente des revenus potentiels importants.

Catégorie IP	Nombre de brevets	Valeur IP estimée
Thérapeutique respiratoire	12 brevets actifs	18,4 millions de dollars
Technologies de traitement Covid-19	8 brevets en attente	12,6 millions de dollars

NRx Pharmaceuticals, Inc. (NRXP) - Canvas Business Model: Value Propositions

You're looking at the core value NRx Pharmaceuticals, Inc. (NRXP) is offering to its customers-patients and the healthcare system-through its distinct pipeline assets and integrated care delivery model as of late 2025. This isn't just about a single drug; it's about a multi-pronged approach to severe mental health conditions.

NRX-101: First oral drug for suicidal bipolar depression with akathisia

The value proposition here centers on providing an oral, fixed-dose combination treatment, NRX-101 (D-cycloserine/lurasidone), for a highly vulnerable patient group. This drug candidate has secured an important regulatory status from the FDA, which signals high potential for unmet need fulfillment.

• NRX-101 has been granted Breakthrough Therapy Designation for suicidal bipolar depression.
• The estimated market for the initial indication of NRX-101 in bipolar depression with suicidality or akathisia is over $2 billion.
• The broader bipolar depression market NRx Pharmaceuticals, Inc. is addressing could exceed $5 billion.
• NRX-101 is also being developed for augmentation of Transcranial Magnetic Stimulation (TMS), creating a new potential market expansion estimated to be in excess of $1 billion.
• Over 25,000 manufactured investigational doses of NRX-101 are currently available for trials and expanded access.

NRX-100/KETAFREE™: Preservative-free IV ketamine for suicidal ideation

NRX Pharmaceuticals, Inc. is offering two paths for its preservative-free IV ketamine: NRX-100 as an innovative drug for suicidal ideation and KETAFREE™ as a generic alternative to existing preserved formulations. The key differentiator is the preservative-free nature, addressing concerns over the Benzethonium Chloride preservative.

Product/Indication	Market Opportunity Estimate	Regulatory Status/Goal Date
NRX-100 (Innovative, Suicidal Depression)	Over $3 billion in the US market.	Fast Track Designation granted for suicidal ideation in depression, including bipolar depression.
KETAFREE™ (Preservative-Free Generic Ketamine)	Current worldwide generic ketamine market estimated at $750 million per year.	ANDA review goal date set for July 29, 2026.
Target Population (Suicidal Ideation)	Potential to include an estimated 13 million Americans who consider suicide each year.	NRX-100 expanded Fast Track Designation covers this population.

Integrated Care: Combining neuroplastic drugs, TMS, and digital therapeutics at HOPE clinics

The HOPE clinics subsidiary provides a delivery system value proposition, ensuring that the drugs are used within a comprehensive, precision psychiatry framework. This model aims for superior patient outcomes compared to standalone medication use.

The initial focus is on establishing a revenue-generating footprint in Florida, with clear expansion targets.

• HOPE Therapeutics has three active facilities in Florida, with three more planned by the end of 2025, targeting 6 or more clinics in their orbit by year-end 2025.
• The initial three acquired clinics are anticipated to generate $15 million or more in annual revenue on a forward-looking basis.
• Targeted best-of-class clinics are already generating profit margins of around 30%.
• The ONE-D protocol, combining TMS and a low dose of D-cycloserine (NRX-101 active ingredient), demonstrated an 87% treatment response and 72% remission from severe depression following a single day of treatment in recent real-world data.
• NRx Pharmaceuticals, Inc. secured operating capital through July 2026 to fund drug development and clinic operations.

NRx Pharmaceuticals, Inc. (NRXP) - Canvas Business Model: Customer Relationships

You're looking at how NRx Pharmaceuticals, Inc. connects with the people who will ultimately use their therapies, and it's a multi-pronged approach that blends direct service with pharma partnerships. It's not just about shipping a drug; it's about delivering a high-touch care experience, especially given the severity of the Central Nervous System (CNS) disorders they target.

Direct-to-Patient Service: Providing care through the wholly-owned HOPE Therapeutics clinics

NRx Pharmaceuticals is building out its own delivery system through its subsidiary, HOPE Therapeutics. This is a key relationship channel because it allows them to control the patient experience directly, especially for their neuroplastic therapies. As of the third quarter of 2025, HOPE Therapeutics was operating three revenue-generating facilities in Florida. Management has a clear goal to grow this network to six or more clinics by the end of 2025.

This direct service channel is already contributing to the top line. For the three months ended September 30, 2025, NRx Pharmaceuticals reported revenue for the first time in its history, totaling $240,000, which reflects only 22 days of operations following the closing of one clinic acquisition, Dura Medical, on September 8, 2025. Looking forward, the initial three acquired clinics are anticipated to generate $15 million or more in annual revenue on a forward-looking basis, with an objective to acquire 20 clinics to meet revenue targets.

Expanded Access Program: Offering NRX-101 to patients augmenting TMS

For investigational drugs like NRX-101, the Expanded Access Program (EAP) is a critical relationship builder, offering a pathway to patients with serious conditions when other options have failed. NRx Pharmaceuticals has launched a nationwide EAP for NRX-101 to allow physicians to access the medication to augment Transcranial Magnetic Stimulation (TMS) at no charge to the patient.

This program is directly tied to compelling clinical data supporting the combination therapy. Recent real-world efficacy data showed that combining low-dose D-cycloserine (the active ingredient in NRX-101) with a 1-day TMS protocol resulted in an 87% clinical response rate and a 72% remission rate for depression and suicidality. NRx Pharmaceuticals has also opened an Expanded Access program for NRX-100.

B2B Licensing: Managing relationships with commercial partners for drug distribution

For its pharmaceutical assets, NRx Pharmaceuticals manages relationships with commercial partners, which is a classic B2B customer relationship in the pharma space. For NRX-101 for suicidal bipolar depression, the company is in partnership with Alvogen and Lotus for development and marketing. The commercialization strategy for NRX-100 (preservative-free IV ketamine) involves a medical science liaison model focused on clinic settings.

The relationship strategy differs based on the drug's path:

• For NRX-100, the company is pursuing both an innovative New Drug Application (NDA) and a generic pathway via an Abbreviated New Drug Application (ANDA) for KETAFREE™.
• NRX-101, the oral combination, could be launched by NRx Pharmaceuticals with a targeted sales force or through a larger commercial partner.

High-touch, specialized care model for severe CNS disorders

The overall model is inherently high-touch because it targets severe, often suicidal, depression and related disorders, which requires close coordination between the drug and the delivery mechanism, like TMS. The addressable market for NRX-100 has been significantly expanded following an expanded Fast Track Designation from the FDA, now potentially covering 13 million Americans with depression and related disorders, up from the original scope of bipolar depression alone.

To support the specialized care for NRX-101 in this patient population, management anticipates the requirement of a dedicated sales force of about 50 salespeople. The company is assembling a network of best-in-class interventional psychiatrists to serve patients, including active duty military, first responders, and veterans, across Florida and beyond.

Relationship Channel/Metric	Key Data Point (as of late 2025)	Context/Product
HOPE Therapeutics Clinics (Active)	3 facilities operating in Florida	Q3 2025 operations
HOPE Therapeutics Clinics (Target)	6 or more planned by year-end 2025	Expansion goal
HOPE Therapeutics Revenue (Q3 2025)	$240,000 recognized	Reflecting 22 days of operations
HOPE Therapeutics Revenue (Forward-Looking)	$15 million or more in annual revenue	Anticipated from initial 3 clinics
NRX-101/TMS Response Rate	87% clinical response	Combined with 1-day TMS protocol
NRX-101/TMS Remission Rate	72% remission	Combined with 1-day TMS protocol
NRX-100 Addressable Market	13 million Americans	Post-expanded Fast Track Designation
NRX-101 Sales Force Estimate	Approximately 50 salespeople	For commercialization of oral product

If onboarding takes 14+ days, churn risk rises.

Finance: draft 13-week cash view by Friday.

NRx Pharmaceuticals, Inc. (NRXP) - Canvas Business Model: Channels

You're looking at how NRx Pharmaceuticals, Inc. plans to get its products and services to the patient, which is a mix of direct care delivery and traditional pharmaceutical routes, especially as of late 2025. This dual approach is key to their near-term revenue goals.

HOPE Therapeutics Clinic Network: Direct patient access and service delivery

The HOPE Therapeutics network is NRx Pharmaceuticals' direct channel for delivering integrated, neuroplastic treatment, which includes services like Transcranial Magnetic Stimulation (TMS) and medication management alongside their investigational drugs. This subsidiary is actively building out its physical footprint, having acquired clinics in Naples, Fort Myers, and Sarasota, Florida. Management signaled confidence in accelerating this growth, anticipating they will expand from 2 clinics to 6 or more clinics within their current orbit by the end of 2025. The initial three acquired clinics are projected to generate $15 million or more in annual revenue on a forward-looking basis, with the ultimate objective being the acquisition of 20 clinics to meet broader revenue targets. For the three months ended September 30, 2025, the company reported revenue of approximately $240,000, which only reflects 22 days of activity from a single clinic group, Dura Medical, which closed on September 8, 2025. These best-in-class clinics are expected to generate operating margins of around 30%.

Here's a quick look at the clinic network targets and initial performance:

Metric	Target/Actual Value (Late 2025)	Context
Clinics by YE 2025 (Projected)	6 or more	Growth from current orbit
Target Clinic Count for Revenue Goals	20	To meet forward-looking revenue targets
Annualized Revenue (Initial 3 Clinics)	$15 million or more	Forward-looking projection
Q3 2025 Revenue (Partial Quarter)	$240,000	Reflects 22 days of revenue from one group
Target Operating Margin	30%	For best-of-class clinics

Pharmaceutical Distribution Partners: For post-approval commercialization (e.g., Alvogen/Lotus)

For the oral candidate, NRX-101, NRx Pharmaceuticals has established a partnership for development and marketing. NRx Pharmaceuticals is in partnership with Alvogen and Lotus for the development and marketing of NRX-101 for suicidal bipolar depression. This partnership has already resulted in financial milestones, with NRx Pharmaceuticals signing a $5.1 million advance against milestones from Alvogen and Lotus. This relationship forms a critical part of the commercialization strategy for the oral drug, should it receive full regulatory approval. The company is also pursuing a generic pathway for its IV ketamine product, KETAFREE™, which aligns with domestic supply-chain priorities.

Hospitals and Infusion Centers: For the administration of IV ketamine (NRX-100)

The channel for NRX-100, the preservative-free IV ketamine formulation, involves both an innovative drug pathway and a generic one. For the innovative pathway, NRx Pharmaceuticals is pursuing an NDA under FDA Fast Track designation. The company opened an Expanded Access program for NRX-100. The estimated market size for the initial indication, suicidal ideation in depression, is over $2 billion, with the broader bipolar market potentially exceeding $5 billion. Furthermore, the company has an Abbreviated New Drug Application (ANDA) path for KETAFREE™, a preservative-free IV ketamine formulation, which received a July 29, 2026, review goal date from the FDA. This suggests that initial revenue from this channel could begin in early 2026, contingent on approval timelines.

Specialty Pharmacies and Wholesalers: Standard pharma supply chain for oral NRX-101

While the search results heavily detail the partnership with Alvogen and Lotus for NRX-101 commercialization, the specific mechanics involving a national network of specialty pharmacies and wholesalers for the oral product are still implicitly tied to that partnership post-approval. The focus for this channel, as of late 2025, remains on achieving the regulatory milestones for NRX-101, which has Breakthrough Therapy Designation. The company is positioning for a standard pharmaceutical supply chain model once the drug is approved, leveraging its partners to manage the logistics of getting the oral tablet to the dispensing points. The path to profitability for NRx Pharmaceuticals is defintely tied to the successful launch through these established distribution channels for its oral product.

NRx Pharmaceuticals, Inc. (NRXP) - Canvas Business Model: Customer Segments

You're looking at the specific groups NRx Pharmaceuticals, Inc. (NRXP) targets with its pipeline drugs and clinic operations as of late 2025. This isn't about the whole market; it's about who gets the specialized treatment.

Patients with Suicidal Bipolar Depression and Akathisia (NRX-101 primary indication)

This segment is the core focus for NRX-101, an oral fixed-dose combination of D-cycloserine (DCS) and lurasidone, which holds Breakthrough Therapy Designation for suicidal bipolar depression. Bipolar depression itself affects approximately seven million people in the US. The initial market opportunity for NRX-101 in bipolar depression specifically with suicidality or akathisia is estimated to be over $2 billion, with the broader bipolar depression market potentially exceeding $5 billion. To be fair, the need is urgent; patients experiencing akathisia describe it as an unbearable 'jumping out of their skin' sensation, often leading to self-harm. NRX-101 is the only oral medicine known to have demonstrated a statistically-significant benefit in reducing both active suicidality and akathisia in two randomized trials.

NRx Pharmaceuticals, Inc. (NRXP) is also exploring NRX-101 as an augmentation therapy for Transcranial Magnetic Stimulation (TMS). Real World Data presented in November 2025 suggested that combining a one-day TMS protocol with a single administration of oral DCS achieved an 87% clinical response and 72% remission at 6 weeks. This new TMS augmentation pathway represents a potential market expansion estimated to be in excess of $1 billion.

• NRX-101 Indication Market Potential (Initial): Over $2 billion.
• Broader Bipolar Depression Market: Exceeds $5 billion.
• TMS Augmentation Market Potential: In excess of $1 billion.
• US Bipolar Depression Prevalence: Approximately seven million people.

Patients with Suicidal Ideation, PTSD, and Treatment-Resistant Depression

The expanded Fast Track Designation for NRX-100 covers suicidal ideation in all forms of depression, which significantly widens the addressable population. This designation now targets the 13 million Americans who develop suicidal ideation each year. To put that in perspective, 1.5 million Americans attempt suicide annually. NRX-100, the preservative-free intravenous ketamine, is being developed via an innovative New Drug Application (NDA) pathway for this specific indication, which is separate from the KETAFREE™ generic pathway. The company is also developing its pipeline for PTSD, another area where its NMDA platform is being applied.

Hospitals and Surgery Centers: Purchasers of generic preservative-free ketamine (KETAFREE™)

This segment is targeted by KETAFREE™, the preservative-free intravenous ketamine formulation, which is pursuing an Abbreviated New Drug Application (ANDA). The current worldwide generic ketamine market is estimated at approximately $750 million per year. NRx Pharmaceuticals, Inc. (NRXP) estimates that KETAFREE, if approved, may generate peak annual revenues of over $200 million. The FDA review goal date for the KETAFREE ANDA is set for July 29, 2026. KETAFREE is positioned as a single-patient, preservative-free alternative to existing multidose vials that contain Benzethonium Chloride, a compound the FDA no longer recognizes as safe. The company has manufactured initial registration lots and is prepared to scale manufacturing to 1 million vials per month.

Product/Market Segment	Market Estimate (Annual)	NRXP Peak Revenue Estimate	Regulatory Status/Date
Generic Ketamine Market (Current)	$750 million	N/A	ANDA Review Goal: July 29, 2026
KETAFREE Peak Revenue Potential	N/A	Over $200 million	ANDA Deemed 'Substantially Complete'

Interventional Psychiatry Specialists and Referring Physicians

This group is served through the HOPE Therapeutics clinic network, which NRx Pharmaceuticals, Inc. (NRXP) is building out to deliver neuroplastic drugs and other therapies. As of the third quarter of 2025, HOPE Therapeutics was operating three revenue-generating facilities in Florida, with plans to have six or more by the end of 2025. The initial three acquired clinics are anticipated to generate $15 million or more in annual revenue on a forward-looking basis, with a stated objective to acquire 20 clinics to meet revenue targets. The company reported its first-ever revenue of approximately $240,000 in the third quarter of 2025, reflecting only 22 days of operation following the September 8, 2025, acquisition of Dura Medical. These clinics serve patients needing treatment for conditions like suicidal depression and PTSD.

• HOPE Therapeutics Facilities (End of 2025 Expectation): Six or more.
• Forward-Looking Annual Revenue Target (20 Clinics): $15 million or more.
• Q3 2025 Revenue (22 days operation): Approximately $240,000.

Finance: draft 13-week cash view by Friday.

NRx Pharmaceuticals, Inc. (NRXP) - Canvas Business Model: Cost Structure

When you look at the Cost Structure for NRx Pharmaceuticals, Inc. as of late 2025, you see the classic profile of a clinical-stage biopharma company, but with a clear pivot toward integrating new, revenue-generating assets through HOPE Therapeutics. The costs are heavily weighted toward drug development and corporate overhead, though there's evidence of cost discipline in the early part of the year.

Let's look at the core operating expenses from the first quarter of 2025. You'll notice the company was actively managing its burn rate compared to the prior year's first quarter.

Expense Category	Q1 2025 Amount	Q1 2024 Amount
Research and Development (R&D) Expenses	$0.8 million	$1.7 million
General and Administrative (G&A) Expenses	$2.9 million	$4.3 million
Loss from Operations	$3.8 million	$6.0 million

This reduction in R&D and G&A helped narrow the loss from operations to $3.8 million in Q1 2025. Still, these are significant fixed costs typical of a clinical-stage biopharma company; you're paying for specialized personnel, lab work, and corporate infrastructure before any product sales kick in. It's a high-cost environment by design.

The cost structure is now being layered with significant capital deployment for the HOPE Therapeutics rollup. This is a strategic shift to build out a delivery platform, which introduces new operating costs alongside the drug development expenses. For instance, in the third quarter ending September 30, 2025, the G&A saw an increase, including $400,000 specifically for efforts to close, operate, and identify targets for HOPE clinic acquisitions.

The financing secured to fuel these clinic acquisitions is a key part of the cost structure planning, as the company aimed to keep this capital non-dilutive to NRx Pharmaceuticals shareholders.

• Total planned acquisition capital secured via term sheets as of Q1 2025 was $10.3 million.
• This $\text{10.3 million}$ was comprised of a $7.8 million debt facility term sheet and a $2.5 million strategic investment term sheet.
• The initial acquisitions, including Dura Medical, were expected to be accretive to revenue and EBITDA, meaning they should eventually offset some of the ongoing operating costs.
• By Q3 2025, HOPE Therapeutics had 3 active facilities in Florida, with 3 more planned by the end of 2025.

Regulatory and legal costs are a major, lumpy expense for any company in this space. You see this reflected in the R&D spend, which is often intertwined with regulatory submissions. For the NRX-100 New Drug Application (NDA), NRx Pharmaceuticals received a significant cost avoidance when the U.S. Food and Drug Administration (FDA) granted a filing fee waiver, exempting the company from a $4.3 million Prescription Drug User Fee Act (PDUFA) fee in April 2025. However, the work to prepare these submissions remains a cost driver; for example, Q3 2025 R&D included an additional $800,000 expense supporting FDA initiatives for both NRX-100 and NRX-101, including the Abbreviated New Drug Application (ANDA) submission.

To be fair, the cost of defending intellectual property, like the U.S. patent application for NRX-100 filed in May 2025, is an ongoing, though often less predictable, legal cost baked into the G&A and specialized legal budgets.

NRx Pharmaceuticals, Inc. (NRXP) - Canvas Business Model: Revenue Streams

You're looking at the specific ways NRx Pharmaceuticals, Inc. brings in cash right now and what's coming down the pipe, based on their late 2025 financial reporting. It's a mix of service revenue from their new clinic footprint and the potential from their drug pipeline.

Patient Service Revenue

The first tangible revenue stream comes from the HOPE Therapeutics clinic operations, which started generating income in the third quarter of 2025 after acquiring Dura Medical on September 8, 2025. For the three months ended September 30, 2025, this patient service revenue was approximately $0.242 million, or about $0.2 million, reflecting only twenty-two days of operation for a single clinic group in that quarter. HOPE Therapeutics also added Cohen and Associates in Sarasota, Florida, to the network, which was already EBITDA-positive.

The company is actively expanding this service revenue base. Management cited potential combined annual revenue greater than $20 million from their current and planned clinic operations.

Revenue Source	Period/Status	Reported/Target Amount
HOPE Therapeutics Clinic Operations	Q3 2025 (Partial Quarter)	$0.242 million
HOPE Therapeutics Clinic Network	Initial Target (Pro-forma)	$15 million+ in annual revenue
HOPE Therapeutics Clinic Network	Management Projection (Later)	Greater than $20 million in combined annual revenue

Milestone Payments and Royalties

A significant non-operational revenue component involves licensing agreements, specifically for NRX-101. NRx Pharmaceuticals secured an advance from Alvogen and Lotus Pharmaceuticals as part of their partnership. This advance was reported as $5.1 million against future milestones. The initial milestone payment received was $5 million, with an additional $4 million contingent on a positive outcome from the planned end-of-Phase 2 meeting with the FDA. Under the full agreement, NRx is eligible for up to $320 million in future development and sales milestones, plus escalating royalty payments reaching mid-teen percentages on net sales in the U.S..

Future Sales of Approved Drugs

The primary long-term revenue driver is the potential commercialization of NRX-100 and NRX-101 following FDA approval. The market opportunity for NRX-101 in its newly validated indication is estimated to exceed $1 Billion. For the expanded bipolar depression patient population, projections for NRX-101 annual sales were estimated near $600 million. For NRX-100 (preservative-free IV ketamine), the addressable market for suicidal depression is estimated to be over $3 billion.

To put that in context with the current market:

• Generic ketamine market estimate: approximately $750 million.
• SPRAVATO expected 2025 sales: over $1.6 billion.

The company expects to potentially see revenue from sales of ketamine under an Abbreviated New Drug Application (ANDA) in mid-2026.

Clinic Network Target

The initial strategy for HOPE Therapeutics involved acquiring clinics expected to represent approximately $15 million in forward-looking, pro-forma revenues. Earlier in 2025, there was a target to establish a network generating over $100 million in annual revenue by the end of 2025, though the Q3 revenue run-rate suggests this was an aggressive goal.

The revenue streams are definitely multi-faceted, blending immediate service income with high-potential, but contingent, drug sales.