Nrx Pharmaceuticals Inc Financials

NRXP

Source SEC Filings (10-K/10-Q) Updated Mar 23, 2026 Currency USD FYE March

This page shows Nrx Pharmaceuticals Inc (NRXP) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 8 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Financial Health Signals

Earnings Quality Low Quality

0.49x

For every $1 of reported earnings, Nrx Pharmaceuticals Inc generates $0.49 in operating cash flow (-$14.1M OCF vs -$28.6M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.

Interest Coverage At Risk

-24.2x

Nrx Pharmaceuticals Inc earns $-24.2 in operating income for every $1 of interest expense (-$16.2M vs $671K). This narrow margin raises concern about the company's ability to service its debt if operating income declines.

Key Financial Metrics

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Earnings & Revenue

Revenue

$1.2M

Nrx Pharmaceuticals Inc generated $1.2M in revenue in fiscal year 2025.

EBITDA

-$16.2M

YoY+12.7%

Nrx Pharmaceuticals Inc's EBITDA was -$16.2M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 12.7% from the prior year.

Net Income

-$28.6M

YoY-13.9%

Nrx Pharmaceuticals Inc reported -$28.6M in net income in fiscal year 2025. This represents a decrease of 13.9% from the prior year.

EPS (Diluted)

N/A

Cash & Balance Sheet

Free Cash Flow

N/A

Cash & Debt

N/A

Dividends Per Share

N/A

Shares Outstanding

33M

YoY+126.6%

Nrx Pharmaceuticals Inc had 33M shares outstanding in fiscal year 2025. This represents an increase of 126.6% from the prior year.

Margins & Returns

Gross Margin

58.8%

Nrx Pharmaceuticals Inc's gross margin was 58.8% in fiscal year 2025, indicating the percentage of revenue retained after direct costs.

Operating Margin

-1324.4%

Nrx Pharmaceuticals Inc's operating margin was -1324.4% in fiscal year 2025, reflecting core business profitability.

Net Margin

-2336.5%

Nrx Pharmaceuticals Inc's net profit margin was -2336.5% in fiscal year 2025, showing the share of revenue converted to profit.

Return on Equity

N/A

Capital Allocation

R&D Spending

YoY-100.0%

Nrx Pharmaceuticals Inc invested $0 in research and development in fiscal year 2025. This represents a decrease of 100.0% from the prior year.

Share Buybacks

N/A

Capital Expenditures

N/A

NRXP Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	$1.2M	$0	$0	N/A	N/A	N/A
Cost of Revenue	$505K	N/A	N/A	N/A	N/A	N/A
Gross Profit	$720K	N/A	N/A	N/A	N/A	N/A
R&D Expenses	$0-100.0%	$6.2M-53.6%	$13.4M-21.5%	$17.0M-15.9%	$20.3M+90.7%	$10.6M
SG&A Expenses	$13.1M-3.3%	$13.5M-5.0%	$14.2M-47.9%	$27.3M-63.6%	$74.9M+555.3%	$11.4M
Operating Income	-$16.2M+12.3%	-$18.5M+33.5%	-$27.8M+37.2%	-$44.3M+61.7%	-$115.8M-125.3%	-$51.4M
Interest Expense	$671K+191.7%	$230K+91.7%	$120K	N/A	$18K-67.9%	$56K
Income Tax	$0	$0	$0	N/A	N/A	$18K
Net Income	-$28.6M-13.9%	-$25.1M+16.7%	-$30.1M+24.2%	-$39.8M+57.3%	-$93.1M-79.7%	-$51.8M
EPS (Diluted)	N/A	N/A	N/A	$-0.60+69.7%	$-1.98	$-1.51

Metric	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24
Revenue	$242K	N/A	$0	N/A	$0	N/A	N/A	N/A
Cost of Revenue	$97K	N/A	N/A	N/A	$0	N/A	N/A	N/A
Gross Profit	$145K	N/A	N/A	N/A	$0	N/A	N/A	N/A
R&D Expenses	$1.4M+44.8%	$987K	N/A	N/A	$611K-78.2%	$2.8M+60.4%	$1.7M	N/A
SG&A Expenses	$2.8M+2.4%	$2.7M	N/A	N/A	$2.4M-43.3%	$4.2M-0.1%	$4.3M	N/A
Operating Income	-$4.0M-7.9%	-$3.7M	N/A	N/A	-$3.0M+57.1%	-$7.0M-17.5%	-$6.0M	N/A
Interest Expense	$0	$0	N/A	N/A	$0	$0-100.0%	$230K	N/A
Income Tax	N/A	N/A	$0	N/A	N/A	N/A	$0	N/A
Net Income	-$5.9M+66.5%	-$17.6M-219.0%	-$5.5M	N/A	-$1.6M+79.4%	-$7.9M-21.0%	-$6.5M	N/A
EPS (Diluted)	N/A	N/A	N/A	N/A	N/A	N/A	$-0.74	N/A

NRXP Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	N/A	$3.7M-50.1%	$7.3M-71.7%	$25.8M-21.1%	$32.7M+1012.8%	$2.9M
Current Assets	N/A	$3.3M-52.0%	$6.9M-73.3%	$25.8M-21.1%	$32.7M+1016.4%	$2.9M
Cash & Equivalents	N/A	$1.4M-68.6%	$4.6M-77.1%	$20.1M-27.4%	$27.6M+1384.9%	$1.9M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	N/A	$0	N/A	N/A	N/A	$831K
Goodwill	N/A	$0	N/A	N/A	N/A	N/A
Total Liabilities	N/A	$26.9M+41.1%	$19.0M+3.5%	$18.4M+54.4%	$11.9M-74.5%	$46.7M
Current Liabilities	N/A	$21.9M+14.8%	$19.0M+22.2%	$15.6M+30.7%	$11.9M-74.2%	$46.2M
Long-Term Debt	N/A	N/A	$9.2M+224.6%	$2.8M	N/A	N/A
Total Equity	N/A	-$23.2M-97.9%	-$11.7M-258.4%	$7.4M-64.4%	$20.8M+147.5%	-$43.8M
Retained Earnings	N/A	-$278.3M-9.9%	-$253.1M-13.5%	-$223.0M-21.7%	-$183.2M-103.2%	-$90.2M

Metric	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24
Total Assets	$15.0M+210.0%	$4.8M-36.3%	$7.6M+107.9%	$3.7M-18.2%	$4.5M-15.2%	$5.3M+39.0%	$3.8M-48.2%	$7.3M
Current Assets	$11.9M+160.3%	$4.6M-36.7%	$7.3M+119.7%	$3.3M-19.6%	$4.1M-15.9%	$4.9M+45.8%	$3.3M-51.4%	$6.9M
Cash & Equivalents	$7.2M+146.9%	$2.9M-47.5%	$5.5M+284.5%	$1.4M-12.3%	$1.6M-13.3%	$1.9M+43.9%	$1.3M-71.3%	$4.6M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	$239K	N/A	N/A	$0	N/A	N/A	N/A	N/A
Goodwill	$610K	N/A	N/A	$0	N/A	N/A	N/A	N/A
Total Liabilities	$40.8M+0.7%	$40.5M+23.5%	$32.8M+21.9%	$26.9M+15.4%	$23.3M-1.6%	$23.7M+25.4%	$18.9M-1.0%	$19.0M
Current Liabilities	$40.6M+0.3%	$40.5M+23.5%	$32.8M+49.8%	$21.9M+7.7%	$20.3M	N/A	N/A	$19.0M
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A	N/A	$9.2M
Total Equity	-$25.8M+27.7%	-$35.6M-41.5%	-$25.2M-8.3%	-$23.2M-23.4%	-$18.8M-2.3%	-$18.4M-22.0%	-$15.1M-28.4%	-$11.7M
Retained Earnings	-$307.3M-2.0%	-$301.4M-6.2%	-$283.8M-2.0%	-$278.3M-3.4%	-$269.2M-0.6%	-$267.6M-3.0%	-$259.7M-2.6%	-$253.1M

NRXP Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	-$14.1M-32.7%	-$10.6M+50.9%	-$21.7M+45.5%	-$39.8M-5.4%	-$37.7M-1564.6%	-$2.3M
Capital Expenditures	N/A	$0-100.0%	$3K-70.0%	$10K+42.9%	$7K+250.0%	$2K
Free Cash Flow	N/A	-$10.6M+50.9%	-$21.7M+45.5%	-$39.8M-5.4%	-$37.7M-1563.4%	-$2.3M
Investing Cash Flow	-$2.8M	$0+100.0%	-$3K+70.0%	-$10K-42.9%	-$7K-250.0%	-$2K
Financing Cash Flow	$23.3M+211.0%	$7.5M+20.7%	$6.2M-80.8%	$32.2M-49.2%	$63.5M+1853.1%	$3.2M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24
Operating Cash Flow	-$2.9M+28.2%	-$4.0M-15.7%	-$3.5M-65.9%	-$2.1M+9.0%	-$2.3M+10.0%	-$2.6M+30.2%	-$3.7M-15.0%	-$3.2M
Capital Expenditures	N/A	N/A	$0	$0	$0	$0	$0+100.0%	-$1K
Free Cash Flow	N/A	N/A	-$3.5M-65.9%	-$2.1M+9.0%	-$2.3M+10.0%	-$2.6M+30.2%	-$3.7M-15.0%	-$3.2M
Investing Cash Flow	N/A	N/A	$0	$0	$0	$0	$0-100.0%	$1K
Financing Cash Flow	$9.7M+599.7%	$1.4M-81.7%	$7.6M+300.3%	$1.9M-7.7%	$2.1M-34.6%	$3.1M+695.2%	$395K+135.4%	-$1.1M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

NRXP Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Gross Margin	58.8%	N/A	N/A	N/A	N/A	N/A
Operating Margin	-1324.4%	N/A	N/A	N/A	N/A	N/A
Net Margin	-2336.5%	N/A	N/A	N/A	N/A	N/A
Return on Equity	N/A	N/A	N/A	-536.6%-89.3pp	-447.3%	N/A
Return on Assets	N/A	-688.2%-276.0pp	-412.2%-258.2pp	-154.0%+130.3pp	-284.3%+1476.1pp	-1760.4%
Current Ratio	N/A	0.15-0.2	0.36-1.3	1.66-1.1	2.74+2.7	0.06
Debt-to-Equity	N/A	-1.16-0.4	-0.78-1.2	0.38-0.2	0.57+1.6	-1.07
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24
Gross Margin	59.9%	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	-1662.8%	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	-2433.9%	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Return on Equity	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Return on Assets	-39.3%+324.1pp	-363.4%-290.8pp	-72.6%	N/A	-36.4%+113.6pp	-150.0%+22.3pp	-172.3%	N/A
Current Ratio	0.29+0.2	0.11-0.1	0.22+0.1	0.15-0.1	0.20	N/A	N/A	0.36
Debt-to-Equity	-1.58-0.4	-1.14+0.2	-1.30-0.1	-1.16+0.1	-1.24+0.0	-1.29-0.0	-1.25-0.5	-0.78
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

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Frequently Asked Questions

What is Nrx Pharmaceuticals Inc's annual revenue?

Nrx Pharmaceuticals Inc (NRXP) reported $1.2M in total revenue for fiscal year 2025. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

Is Nrx Pharmaceuticals Inc profitable?

No, Nrx Pharmaceuticals Inc (NRXP) reported a net income of -$28.6M in fiscal year 2025, with a net profit margin of -2336.5%.

What is Nrx Pharmaceuticals Inc's EBITDA?

Nrx Pharmaceuticals Inc (NRXP) had EBITDA of -$16.2M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

What is Nrx Pharmaceuticals Inc's gross margin?

Nrx Pharmaceuticals Inc (NRXP) had a gross margin of 58.8% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.

What is Nrx Pharmaceuticals Inc's operating margin?

Nrx Pharmaceuticals Inc (NRXP) had an operating margin of -1324.4% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.

What is Nrx Pharmaceuticals Inc's net profit margin?

Nrx Pharmaceuticals Inc (NRXP) had a net profit margin of -2336.5% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

What is Nrx Pharmaceuticals Inc's operating cash flow?

Nrx Pharmaceuticals Inc (NRXP) generated -$14.1M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

How many shares does Nrx Pharmaceuticals Inc have outstanding?

Nrx Pharmaceuticals Inc (NRXP) had 33M shares outstanding as of fiscal year 2025.

Are Nrx Pharmaceuticals Inc's earnings high quality?

Nrx Pharmaceuticals Inc (NRXP) has an earnings quality ratio of 0.49x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

Can Nrx Pharmaceuticals Inc cover its interest payments?

Nrx Pharmaceuticals Inc (NRXP) has an interest coverage ratio of -24.2x, meaning it can struggle to cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.