NRX Pharmaceuticals, Inc. (NRXP) - Dilution Analysis

Visualizing historical and potential share dilution over time

Dilution Analysis

High Risk
Significant dilution risk
Last updated: May 15, 2026

Risk Assessment Details

Potential Dilution: 111.76% of current shares
Recent Dilution: 192.59% (2 years)
Historical Dilution Factor: significant recent dilution
Outstanding Shares
32M
Potential Supply
36M
Additional shares possible
Splits
None
Past 2 years

Summary

NRXP currently has 32.3M outstanding shares. with significant dilution risk as 36.1M authorized shares could dilute existing holders by 111.8%. The company has significantly diluted shareholders by 192.59% over the past 2 years, indicating aggressive capital raising.

Share Structure Timeline

Outstanding Shares
Total Supply

Historical Data Points

Date Event Outstanding Supply
May 15, 2026

10-Q filing | 32.3M shares outstanding

32M 36M
Dec 12, 2025

S-3/A filing: The filing is an S-3/A registration statement for a shelf offering of up to $150 million of various securities, including common stock, preferred stock, debt securities, depositary shares, warrants, rights, purchase contracts, or units, or any combination thereof.

28M 41M
Nov 14, 2025

10-Q filing | 27.7M shares outstanding

28M 19M
Aug 18, 2025

10-Q filing | 17.9M shares outstanding

18M 29M
Jun 24, 2025

RW filing: NRx Pharmaceuticals, Inc. requests the withdrawal of its Registration Statement on Form S-1 (File No. 333-283220) and will not pursue the public offering at this time.

16M 30M
Jun 20, 2025

S-3 filing: NRx Pharmaceuticals files an S-3 shelf registration to offer and sell up to $150 million of common stock, preferred stock, debt securities, depositary shares, warrants, rights, purchase contracts or units, or any combination thereof.

16M 38M
May 15, 2025

10-Q filing | 16.4M shares outstanding

16M 0
Mar 14, 2025

10-K filing | 14.6M shares outstanding

15M 0
Feb 03, 2025

8-K filing: NRX Pharmaceuticals, Inc. entered into a Second Amended and Restated Securities Purchase Agreement with an accredited investor to sell 732,600 shares of common stock at a price of $2.73 per share. ($2.0M proceeds)

11M 0
Jan 29, 2025

8-K filing: NRx Pharmaceuticals, Inc. completed the sale of $5.435 million in Senior Secured Convertible Promissory Notes and Warrants to purchase up to 862,699 shares of Common Stock. Additionally, the company sold 1,215,278 shares of Common Stock at $2.88 per share in a registered direct offering, along with unregistered Common Stock purchase warrants to purchase up to 1,215,278 shares of Common Stock. ($3.5M proceeds)

11M 0
Jan 10, 2025

8-K filing: NRx Pharmaceuticals, Inc. entered into a binding term sheet with JGS Holdings LLC, where the Investor intends to purchase $25.0 million in shares of HOPE's Series A Preferred Stock convertible into one-third of all fully diluted outstanding equity of HOPE and 730,000 shares of the Company's common stock at $2.74 per share for $2.0 million. ($2.0M proceeds)

11M 0
Nov 14, 2024

S-1 filing: This prospectus relates to the resale from time to time of up to 3,304,374 shares of our common stock by the selling stockholders.

8.9M 0
Nov 14, 2024

10-Q filing | 11.0M shares outstanding

11M 0
Oct 15, 2024

8-K filing: NRx Pharmaceuticals sold $5.435 million in Notes and warrants to purchase up to 1,349,305 shares of Common Stock on the First Closing Date, and $5.435 million in Notes and warrants to purchase up to 1,846,128 shares of Common Stock on the Second Closing Date; the company will not proceed with the third tranche of $5.435 million in Notes under the Purchase Agreement. ($10.0M proceeds)

8.9M 0
Aug 14, 2024

10-Q filing | 10.5M shares outstanding

11M 0
Aug 14, 2024

8-K filing: NRx Pharmaceuticals, Inc. entered into a Securities Purchase Agreement to sell senior secured convertible promissory notes and warrants for up to approximately $15.0 million, and amended its bylaws to reduce the quorum requirement for stockholder meetings to one-third of outstanding shares.

8.9M 0
May 23, 2024

8-K filing: The underwriters exercised their option to purchase an additional 91,050 shares of NRx Pharmaceuticals, Inc.'s common stock at a price of $3.30 per share, closing on May 23, 2024. ($0.3M proceeds)

8.9M 0
May 14, 2024

10-Q filing | 8.9M shares outstanding

8.9M 0
Apr 19, 2024

8-K filing: NRx Pharmaceuticals, Inc. completed an underwritten public offering of 607,000 shares of common stock at a public offering price of $3.30 per share, resulting in gross proceeds of approximately $2.0 million before deducting underwriting discounts and commissions. ($2.0M proceeds)

9.6M 0
Apr 01, 2024
Stock Split

8-K filing: Stock split 1-for-10 | Outstanding: 81,946,957 → 9,569,978

9.6M 0
Mar 29, 2024

10-K filing | 75.8M shares outstanding

76M 0
Mar 06, 2024

8-K filing: NRx Pharmaceuticals, Inc. announces the closing of the underwriters' option exercise to purchase an additional 750,000 shares of common stock at $0.30 per share, completed on March 6, 2024. ($0.23M proceeds)

82M 0
Feb 28, 2024

8-K filing: NRx Pharmaceuticals, Inc. closed a public offering of 5,000,000 shares of common stock at a price of $0.30 per share on February 28, 2024, resulting in gross proceeds of approximately $1.5 million. ($1.5M proceeds)

82M 0
Feb 14, 2024

8-K filing: NRx Pharmaceuticals' subsidiary, NeuroRx, amended its License Agreement with Alvogen, receiving $5 million in advance milestone payment in exchange for issuing 4,195,978 warrants to Alvogen to purchase the company's common stock at a strike price of $0.40.

82M 0
Nov 14, 2023

10-Q filing | 81.9M shares outstanding

82M 0
Sep 01, 2023

8-K filing: The Company issued 3,000,000 shares of Series A Convertible Preferred Stock and 3,000,000 Investor Warrants for aggregate proceeds of approximately $1.2 million before expenses. ($1.2M proceeds)

73M 0
Aug 31, 2023

8-K filing: NRX Pharmaceuticals, Inc. issued 675,676 shares of common stock to GEM Global Yield LLC SCS in a private placement on August 31, 2023, under the terms of a previously disclosed settlement agreement. No proceeds were received by the company in connection with the issuance of the Settlement Shares.

73M 0
Aug 14, 2023

10-Q filing | 73.2M shares outstanding

73M 0
Jun 06, 2023

8-K filing: The company entered into a securities purchase agreement for the issuance and sale of 9,670,002 shares of common stock and warrants to purchase up to 9,670,002 shares of common stock in a registered direct offering for $0.65 per share, with gross proceeds expected to be approximately $6.28 million. ($6.28M proceeds)

67M 0
May 15, 2023

10-Q filing | 67.5M shares outstanding

67M 0
Mar 31, 2023

10-K filing | 58.8M shares outstanding

59M 0
Mar 09, 2023

8-K filing: NRx Pharmaceuticals, Inc. entered into a securities purchase agreement for the issuance and sale of 3,766,666 shares of common stock and warrants to purchase up to 3,766,666 shares of common stock in a registered direct offering priced at $0.75 per share, with gross proceeds expected to be approximately $2.85 million. ($2.85M proceeds)

66M 0
Nov 14, 2022

10-Q filing | 66.4M shares outstanding

66M 0
Aug 15, 2022

10-Q filing | 65.7M shares outstanding

66M 0
Jun 14, 2022

S-3/A filing: This is an S-3/A filing for NRX Pharmaceuticals, Inc. to register securities under the Securities Act of 1933, including exhibits related to underwriting agreements for debt, equity, depositary shares, purchase contracts, and units, as well as legal opinions and consents.

67M 0
Jun 09, 2022

S-3 filing: NRX Pharmaceuticals, Inc. files an S-3 registration statement for the potential offering of common stock, preferred stock, debt securities, depositary shares, warrants, rights, purchase contracts, or units, or any combination thereof, with an aggregate initial offering price of up to $150,000,000.

67M 0
Jun 08, 2022

POS AM filing: This prospectus relates to the primary issuance by NRX Pharmaceuticals, Inc. of up to 14,665,850 shares of common stock and the resale of up to 43,437,808 shares of Common Stock held by certain selling securityholders and selling service providers.

67M 0
May 16, 2022

10-Q filing | 63.7M shares outstanding

64M 0
Apr 29, 2022

POS AM filing: This prospectus relates to the resale of common stock by selling securityholders and service providers, as well as the issuance of common stock upon the exercise of investment options.

47M 0
Apr 29, 2022

POS AM filing: This prospectus relates to the resale of up to 8,757,258 shares of common stock by selling securityholders and the issuance of up to 3,586,250 shares of common stock upon the exercise of outstanding warrants.

47M 0
Apr 08, 2022

S-1 filing: NRX Pharmaceuticals is filing an S-1 to register 7,824,727 shares of common stock for resale by selling securityholders, 8,215,963 shares of common stock issuable upon exercise of preferred investment options, and 391,236 shares of common stock issuable upon exercise of placement agent options.

47M 0
Mar 31, 2022

10-K filing | 46.9M shares outstanding

47M 0
Mar 18, 2022

8-K filing: Ira Strassberg was appointed as Chief Financial Officer and Treasurer of NRx Pharmaceuticals, Inc. effective immediately on March 15, 2022. He also received stock options to purchase 425,000 shares of the company's common stock at an exercise price of $3.10 per share.

43M 0
Feb 03, 2022

8-K filing: NRX Pharmaceuticals, Inc. consummated the closing of a private placement issuing 7,824,727 shares of common stock and preferred investment options to purchase up to an aggregate of 7,824,727 shares of common stock at a price of $3.195 per share, resulting in gross proceeds of approximately $25.0 million. ($25.0M proceeds)

43M 0
Nov 15, 2021

10-Q filing | 43.0M shares outstanding

43M 0
Oct 21, 2021

8-K filing: NRX Pharmaceuticals, Inc. entered into a Shareholder Agreement with Shimshon Hen and David Sepiashvili to establish a joint venture, VaccineCo, for the development and commercialization of the BriLifeTM vaccine, and issued 4,000,000 shares of common stock to the Shareholders as consideration for their work as consultants prior to the formation of VaccineCo.

42M 0
Sep 03, 2021

S-1 filing: This S-1 filing relates to the resale of common stock by selling securityholders and service providers, as well as the issuance of common stock upon the exercise of investment options.

42M 0
Aug 24, 2021

8-K filing: NRX Pharmaceuticals, Inc. consummated the closing of a private placement, issuing 2,727,273 shares of common stock at $11.00 per share and investment options to purchase up to 2,727,273 additional shares at $12.00 per share, resulting in gross proceeds of approximately $30.0 million. ($30.0M proceeds)

42M 0
Aug 20, 2021

8-K filing: NRX Pharmaceuticals, Inc. announced a private placement of common stock expected to close on or about August 23, 2021. The Company will issue 2,727,273 shares of common stock and preferred investment options to purchase up to an aggregate of 2,727,273 shares of common stock, each for a purchase price of $11.00, resulting in gross proceeds of approximately $30 million before deducting fees. ($30.0M proceeds)

42M 0
Aug 16, 2021

10-Q filing | 41.7M shares outstanding

42M 0
Jul 06, 2021

S-1/A filing: This S-1/A filing registers 8,757,258 shares of common stock for resale by selling securityholders and 3,586,250 shares of common stock issuable upon exercise of outstanding warrants.

48M 0
Jun 25, 2021

S-1 filing: This S-1 filing is for the registration of 8,757,258 shares of common stock by selling securityholders and 3,586,250 shares of common stock issuable upon exercise of outstanding warrants.

48M 0
May 21, 2021

10-Q filing | 2.7M shares outstanding

2.7M 0
Apr 01, 2021

10-K filing | 2.8M shares outstanding

2.8M 0
Nov 16, 2020

10-Q filing | 2.7M shares outstanding

2.7M 0
Aug 14, 2020

10-Q filing | 2.7M shares outstanding

2.7M 0
May 15, 2020

10-Q filing | 2.7M shares outstanding

2.7M 0
Mar 30, 2020

10-K filing | 2.7M shares outstanding

2.7M 0
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