NRX Pharmaceuticals, Inc. (NRXP)
CIK 1719406 · all EDGAR filings →
Same rating bands the category standard uses, but free, with the formula on the chip and the gaps in the data said out loud.
Shares outstanding over time
Latest: 43.3M shares as of Aug 14, 2026 (10-Q).⊙
Cash runway
Going-concern warning
auditor flagged substantial doubt
The company itself flagged going-concern doubt in a filing.
Full breakdown: cash runway tool
Warrants
| Tranche | Warrants | Exercise price | Term | Notes |
|---|---|---|---|---|
| Substitute Warrants | 3.8M | not tagged | — | — |
| Anson Warrants Tranche Two | 1.8M | not tagged | 5y | FV $1.9M |
| Anson Warrants Tranche One | 1.3M | not tagged | 5y | — |
| Anson Warrants | 1.3M | $1870960 | — | — |
| RD Purchase Agreement | 1.2M | $2.3 | — | FV $4.0M |
| Anson Warrants Tranche Three | 862,699 | not tagged | — | FV $2.5M |
| Third Tranche Notes Warrants | 862,699 | not tagged | — | — |
| Alvogen and Lotus Warrants | 419,598 | not tagged | — | — |
| Public Warrants | 345,000 | $115 | — | — |
| Consideration Warrants | 303,819 | not tagged | — | FV $600,000 |
| February Warrants | 270,000 | not tagged | — | — |
| Private Placement Warrants | 13,625 | not tagged | — | — |
Tranches exactly as the company dimensioned them in its 10-Q filed Aug 14, 2026 →. Groupings can overlap (a “Series E and F” row is not additive with a “Series E” row), so do not sum this column. A tranche the filer did not tag is absent here, not absent from the cap table. DOWN-ROUND = the filer tagged price-protection accounting scoped to that tranche.
Warrants outstanding: 9.0M underlying shares, as reported Jun 30, 2026 (10-Q).
Reported exercise price: $19.61 (aggregate figure as tagged; individual tranches vary).
Balance-sheet fair value of warrants: $18.6M as of Jun 30, 2026.
Down-round (price protection) accounting has been tagged in this filer’s XBRL: some instrument carries repricing protection. Which tranche requires reading the exhibits.
Rough fully diluted estimate: 52.3M = 43.3M O/S + 9.0M warrant shares. An estimate, not a filing figure: it ignores converts, options and RSUs, and the two inputs carry different as-of dates.
Convertible notes
| Note | Principal | Carrying | Conv. price | Rate | If converted |
|---|---|---|---|---|---|
| Anson Convertible Notes | $16.3M | $0 | not tagged | — | — |
| Anson First Tranche Notes | $5.4M | — | $2.4168 | 6% | ~2.2M sh |
| Anson Third Tranche Notes | $5.4M | — | $3.78 | — | ~1.4M sh |
| Anson Second Tranche Notes | $5.4M | — | $1.65 | — | ~3.3M sh |
If every note above converted at its tagged price: ~7.0M new shares on 43.3M currently outstanding. An estimate from principal ÷ conversion price, with inputs carrying different as-of dates; make-whole adjustments, capped calls and partial repurchases are not modeled.
Notes exactly as the company dimensioned them in its 10-Q filed Aug 14, 2026 →. Principal is face amount as tagged, not what remains after repurchases unless the filer updated the tag. A note the filer did not dimension is absent here, not absent from the balance sheet; the exhibits stay the ground truth.
Fully diluted build-up
Shares outstanding plus every potential-share instrument the filer tagged in XBRL, each at its own as-of date. An estimate assembled from filed figures, not a filing figure itself.
| Shares outstanding | 43.3M | Aug 14, 2026 |
| + Substitute Warrants (if exercised) | 3.8M | May 24, 2021 |
| + Anson Warrants Tranche Two (if exercised) | 1.8M | Oct 10, 2024 |
| + Anson Warrants Tranche One (if exercised) | 1.3M | Aug 14, 2024 |
| + Anson Warrants (if exercised) | 1.3M | Aug 14, 2024 |
| + RD Purchase Agreement (if exercised) | 1.2M | Jan 29, 2025 |
| + Anson Warrants Tranche Three (if exercised) | 862,699 | Jan 28, 2025 |
| + Third Tranche Notes Warrants (if exercised) | 862,699 | Jan 28, 2025 |
| + Alvogen and Lotus Warrants (if exercised) | 419,598 | Feb 7, 2024 |
| + Public Warrants (if exercised) | 345,000 | May 24, 2021 |
| + Consideration Warrants (if exercised) | 303,819 | Mar 20, 2025 |
| + February Warrants (if exercised) | 270,000 | Feb 28, 2024 |
| + Private Placement Warrants (if exercised) | 13,625 | Dec 31, 2025 |
| + Anson First Tranche Notes (if fully converted) | 2.2M | Aug 14, 2024 |
| + Anson Third Tranche Notes (if fully converted) | 1.4M | Jan 28, 2025 |
| + Anson Second Tranche Notes (if fully converted) | 3.3M | Oct 10, 2024 |
| Fully diluted estimate | 62.9M | +45.2% vs O/S |
Still excluded, because the filer does not tag them in countable form: employee options and RSUs, any instrument living only in exhibit prose, and instruments above missing a share count. Inputs carry different as-of dates, shown per row. Each figure traces to the tranche and note tables above and their cited filings.
Registrations and offerings
Last 12 months: 3 executed · 1 registered.
Full history and shelf status: offering checker · S-3 shelf checker
Source: SEC EDGAR XBRL company facts and filing metadata, fetched live and cached briefly. Share counts are cover-page figures with their form named. Warrant tranches and convertible notes come from the dimensioned facts in the latest 10-Q/10-K instance document, exactly as the company tagged them; untagged tranches and notes are absent, not disproven. Nothing on this page is manually verified and nothing is behind a login: what free data supports is shown, what it cannot support is stated. Not investment advice.
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