Nrx Pharmaceuticals Inc Financials

NRXP

Source SEC Filings (10-K/10-Q) Updated Mar 31, 2026 Currency USD FYE December

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).

Rhea AI NRXP FY2025 2026-05-15

NRx is still operating as a financing-dependent development-stage business, with new revenue still far too small to support the cost base.

Across the last two reported periods, operating cash burn improved from $21.7M to $14.1M, showing real expense compression. But liquidity did not heal: year-end cash was only $7.8M against $28.6M of current liabilities, so the company is being sustained more by refinancing the balance sheet than by converting operations into cash.

The new revenue stream still does little to carry the business: gross profit was $720K while the operating loss remained $16.2M. Even with a 58.8% gross margin, the issue is scale rather than product-level economics, because overhead is many times larger than the contribution from sales.

R&D fell from $13.4M to $3.8M over the period shown, a much sharper retreat than the change in headline losses suggests. Meanwhile SG&A stayed near $13M, which means the cost base has shifted away from discovery and toward corporate support and commercialization efforts, while financing inflows of $23.3M remained essential.

Financial Health Signals

Financial Profile 16/100

Based on FY2025 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →

Health score ≠ stock price. This rates the quality of Nrx Pharmaceuticals Inc's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.

Profitability

Nrx Pharmaceuticals Inc has an operating margin of -1324.4%, meaning the company retains $-1324 of operating profit per $100 of revenue. This below-average margin results in a low score of 0/100, suggesting thin profitability after operating expenses.

Leverage

Nrx Pharmaceuticals Inc carries a low D/E ratio of -1.81, meaning only $-1.81 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 94/100, indicating a strong balance sheet with room for future borrowing.

Liquidity

Nrx Pharmaceuticals Inc's current ratio of 0.31 is below the typical benchmark, resulting in a score of 0/100. This tight liquidity could limit financial flexibility if cash inflows slow.

Piotroski F-Score Weak

3/9

Nrx Pharmaceuticals Inc passes 3 of 9 financial strength tests. 1 of 3 profitability signals pass, 1 of 3 leverage/liquidity signals pass, both operating efficiency signals pass.

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

Nrx Pharmaceuticals Inc's EBITDA was -$16.2M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

Net Income

-$28.6M

Nrx Pharmaceuticals Inc reported -$28.6M in net income in fiscal year 2025.

EPS (Diluted)

N/A

Cash & Balance Sheet

Free Cash Flow

N/A

Cash & Debt

$7.8M

YoY+440.3%

5Y CAGR+33.2%

Nrx Pharmaceuticals Inc held $7.8M in cash against $0 in long-term debt as of fiscal year 2025.

Dividends Per Share

N/A

Shares Outstanding

32M

YoY+117.5%

Nrx Pharmaceuticals Inc had 32M shares outstanding in fiscal year 2025. This represents an increase of 117.5% 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

$3.8M

YoY-39.1%

5Y CAGR-18.7%

Nrx Pharmaceuticals Inc invested $3.8M in research and development in fiscal year 2025. This represents a decrease of 39.1% 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	$0	N/A	N/A	N/A	N/A
Gross Profit	$720K	$0	N/A	N/A	N/A	N/A
R&D Expenses	$3.8M-39.1%	$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	N/A	-$27.8M+37.2%	-$44.3M+61.7%	-$115.8M	N/A
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	N/A	-$30.1M+24.2%	-$39.8M+57.3%	-$93.1M	N/A
EPS (Diluted)	N/A	N/A	N/A	$-0.60+69.7%	$-1.98	$-1.51

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Revenue	$1.1M	N/A	$242K	N/A	$0	N/A	$0	N/A
Cost of Revenue	$631K	N/A	$97K	N/A	$0	N/A	$0	N/A
Gross Profit	$437K	N/A	$145K	N/A	$0	N/A	$0	N/A
R&D Expenses	$1.3M	N/A	$1.4M+44.8%	$987K+22.8%	$804K	N/A	$611K-78.2%	$2.8M
SG&A Expenses	$3.8M	N/A	$2.8M+2.4%	$2.7M-6.8%	$2.9M	N/A	$2.4M-43.3%	$4.2M
Operating Income	-$4.7M	N/A	-$4.0M-7.9%	-$3.7M+3.0%	-$3.8M	N/A	-$3.0M+57.1%	-$7.0M
Interest Expense	$233K	N/A	$0	$0	$0	N/A	$0	$0
Income Tax	$0	N/A	N/A	N/A	$0	N/A	N/A	N/A
Net Income	-$1.4M	N/A	-$5.9M+66.5%	-$17.6M-219.0%	-$5.5M	N/A	-$1.6M+79.4%	-$7.9M
EPS (Diluted)	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

NRXP Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$13.0M+254.9%	$3.7M-50.1%	$7.3M-71.7%	$25.8M-21.1%	$32.7M+1012.8%	$2.9M
Current Assets	$8.9M+169.3%	$3.3M-52.0%	$6.9M-73.3%	$25.8M-21.1%	$32.7M+1016.4%	$2.9M
Cash & Equivalents	$7.8M+440.3%	$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	$161K	$0	N/A	N/A	N/A	$831K
Goodwill	$1.8M	$0	N/A	N/A	N/A	N/A
Total Liabilities	$28.9M+7.5%	$26.9M+41.1%	$19.0M+3.5%	$18.4M+54.4%	$11.9M-74.5%	$46.7M
Current Liabilities	$28.6M+30.7%	$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	-$15.9M+31.4%	-$23.2M-97.9%	-$11.7M-258.4%	$7.4M-64.4%	$20.8M+147.5%	-$43.8M
Retained Earnings	-$306.9M-10.3%	-$278.3M-9.9%	-$253.1M-13.5%	-$223.0M-21.7%	-$183.2M-103.2%	-$90.2M

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Total Assets	$11.9M-8.1%	$13.0M-13.6%	$15.0M+210.0%	$4.8M-36.3%	$7.6M+107.9%	$3.7M-18.2%	$4.5M-15.2%	$5.3M
Current Assets	$7.4M-17.2%	$8.9M-25.6%	$11.9M+160.3%	$4.6M-36.7%	$7.3M+119.7%	$3.3M-19.6%	$4.1M-15.9%	$4.9M
Cash & Equivalents	$6.7M-13.9%	$7.8M+8.5%	$7.2M+146.9%	$2.9M-47.5%	$5.5M+284.5%	$1.4M-12.3%	$1.6M-13.3%	$1.9M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	$181K+12.4%	$161K-32.6%	$239K	N/A	N/A	$0	N/A	N/A
Goodwill	$1.8M0.0%	$1.8M+193.9%	$610K	N/A	N/A	$0	N/A	N/A
Total Liabilities	$25.7M-11.0%	$28.9M-29.1%	$40.8M+0.7%	$40.5M+23.5%	$32.8M+21.9%	$26.9M+15.4%	$23.3M-1.6%	$23.7M
Current Liabilities	$25.2M-11.9%	$28.6M-29.6%	$40.6M+0.3%	$40.5M+23.5%	$32.8M+49.8%	$21.9M+7.7%	$20.3M	N/A
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	-$13.8M+13.3%	-$15.9M+38.1%	-$25.8M+27.7%	-$35.6M-41.5%	-$25.2M-8.3%	-$23.2M-23.4%	-$18.8M-2.3%	-$18.4M
Retained Earnings	-$308.3M-0.5%	-$306.9M+0.1%	-$307.3M-2.0%	-$301.4M-6.2%	-$283.8M-2.0%	-$278.3M-3.4%	-$269.2M-0.6%	-$267.6M

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	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Operating Cash Flow	-$4.3M-15.7%	-$3.7M-28.4%	-$2.9M+28.2%	-$4.0M-15.7%	-$3.5M-65.9%	-$2.1M+9.0%	-$2.3M+10.0%	-$2.6M
Capital Expenditures	N/A	N/A	N/A	N/A	$0	$0	$0	$0
Free Cash Flow	N/A	N/A	N/A	N/A	-$3.5M-65.9%	-$2.1M+9.0%	-$2.3M+10.0%	-$2.6M
Investing Cash Flow	-$213K+14.5%	-$249K	N/A	N/A	$0	$0	$0	$0
Financing Cash Flow	$3.4M-25.2%	$4.6M-53.0%	$9.7M+599.7%	$1.4M-81.7%	$7.6M+300.3%	$1.9M-7.7%	$2.1M-34.6%	$3.1M
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	-220.9%	N/A	-412.2%-258.2pp	-154.0%+130.3pp	-284.3%	N/A
Current Ratio	0.31+0.2	0.15-0.2	0.36-1.3	1.66-1.1	2.74+2.7	0.06
Debt-to-Equity	-1.81-0.7	-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	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Gross Margin	40.9%	N/A	59.9%	N/A	N/A	N/A	N/A	N/A
Operating Margin	-444.0%	N/A	-1662.8%	N/A	N/A	N/A	N/A	N/A
Net Margin	-133.9%	N/A	-2433.9%	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	-12.0%	N/A	-39.3%+324.1pp	-363.4%-290.8pp	-72.6%	N/A	-36.4%+113.6pp	-150.0%
Current Ratio	0.29-0.0	0.31+0.0	0.29+0.2	0.11-0.1	0.22+0.1	0.15-0.1	0.20	N/A
Debt-to-Equity	-1.86-0.0	-1.81-0.2	-1.58-0.4	-1.14+0.2	-1.30-0.1	-1.16+0.1	-1.24+0.0	-1.29
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

Note: Shareholder equity is negative (-$15.9M), which causes debt-to-equity and return on equity ratios to appear negative or not meaningful. This can occur from accumulated losses or large share buyback programs.

Note: The current ratio is below 1.0 (0.31), indicating current liabilities exceed current assets, which may suggest potential short-term liquidity concerns.

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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.

What are Nrx Pharmaceuticals Inc's total assets?

Nrx Pharmaceuticals Inc (NRXP) had $13.0M in total assets as of fiscal year 2025, including both current and long-term assets.

How much does Nrx Pharmaceuticals Inc spend on research and development?

Nrx Pharmaceuticals Inc (NRXP) invested $3.8M in research and development during fiscal year 2025.

How many shares does Nrx Pharmaceuticals Inc have outstanding?

Nrx Pharmaceuticals Inc (NRXP) had 32M shares outstanding as of fiscal year 2025.

What is Nrx Pharmaceuticals Inc's current ratio?

Nrx Pharmaceuticals Inc (NRXP) had a current ratio of 0.31 as of fiscal year 2025, which is below 1.0, which may suggest potential liquidity concerns.

What is Nrx Pharmaceuticals Inc's debt-to-equity ratio?

Nrx Pharmaceuticals Inc (NRXP) had a debt-to-equity ratio of -1.81 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Nrx Pharmaceuticals Inc's return on assets (ROA)?

Nrx Pharmaceuticals Inc (NRXP) had a return on assets of -220.9% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is Nrx Pharmaceuticals Inc's cash runway?

Based on fiscal year 2025 data, Nrx Pharmaceuticals Inc (NRXP) had $7.8M in cash against an annual operating cash burn of $14.1M. This gives an estimated cash runway of approximately 7 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.

Why is Nrx Pharmaceuticals Inc's debt-to-equity ratio negative or unusual?

Nrx Pharmaceuticals Inc (NRXP) has negative shareholder equity of -$15.9M as of fiscal year 2025, which causes the debt-to-equity ratio to appear negative or not meaningful. This can occur when accumulated losses exceed invested capital, or after large share buyback programs. Other solvency metrics like the current ratio or interest coverage may be more informative.

What is Nrx Pharmaceuticals Inc's Piotroski F-Score?

Nrx Pharmaceuticals Inc (NRXP) has a Piotroski F-Score of 3 out of 9, indicating weak financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

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.

How financially healthy is Nrx Pharmaceuticals Inc?

Nrx Pharmaceuticals Inc (NRXP) scores 16 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.