Nrx Pharmaceuticals Inc Financials
Nrx Pharmaceuticals Inc (NRXP) reported $1.2M in revenue for fiscal year 2025. This page shows its 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).
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
R&D fell from
Financial Health Signals
Nrx Pharmaceuticals Inc does not currently provide enough eligible data for a peer-relative financial health score, so none is published. The signals and metrics below are current.
Nrx Pharmaceuticals Inc scores -35.72, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($158.9M) relative to total liabilities ($28.9M). This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
Nrx Pharmaceuticals Inc passes 3 of 6 computable financial strength tests (3 of the nine could not be computed from available data). 1 of 3 profitability signals pass, 1 of 2 leverage/liquidity signals pass, both operating efficiency signals pass.
Nrx Pharmaceuticals Inc reported a net loss of $28.6M while operations used $14.1M of cash. With neither figure positive, the ratio between the two carries no quality signal.
Nrx Pharmaceuticals Inc reported an operating loss of $16.2M against $671K in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations.
Key Financial Metrics
Earnings & Revenue
Nrx Pharmaceuticals Inc generated $1.2M in revenue in fiscal year 2025.
Nrx Pharmaceuticals Inc's EBITDA was -$16.2M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
Nrx Pharmaceuticals Inc reported -$28.6M in net income in fiscal year 2025.
Not reported for fiscal year 2025.
Cash & Balance Sheet
Nrx Pharmaceuticals Inc held $7.8M in cash as of fiscal year 2025; long-term debt is not reported for that period.
Not reported for fiscal year 2025.
Not reported for fiscal year 2025.
Margins & Returns
Nrx Pharmaceuticals Inc's gross margin was 58.8% in fiscal year 2025, indicating the percentage of revenue retained after direct costs.
Not shown for fiscal year 2025: the reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.
Not shown for fiscal year 2025: the reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.
Not reported for fiscal year 2025.
Capital Allocation
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.
Not reported for fiscal year 2025.
Not reported for fiscal year 2025.
NRXP Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | TTM | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | N/A | $1.2M | $0 | $0 | N/A | N/A | N/A | N/A | N/A |
| Cost of Revenue | N/A | $505K | $0 | N/A | N/A | N/A | N/A | N/A | N/A |
| Gross Profit | N/A | $720K | $0 | N/A | N/A | N/A | N/A | N/A | N/A |
| R&D Expenses | N/A | $3.8M-39.1% | $6.2M-53.6% | $13.4M-21.5% | $17.0M-15.9% | $20.3M+90.7% | $10.6M | N/A | N/A |
| SG&A Expenses | N/A | $13.1M-3.3% | $13.5M-5.0% | $14.2M-47.9% | $27.3M-63.6% | $74.9M+555.3% | $11.4M | N/A | N/A |
| Operating Income | N/A | -$16.2M | N/A | -$27.8M+37.2% | -$44.3M+61.7% | -$115.8M | N/A | -$713K+29.1% | -$1.0M |
| Interest Expense | N/A | $671K+191.7% | $230K+91.7% | $120K | N/A | $18K-67.9% | $56K-95.4% | $1.2M+10.7% | $1.1M |
| Income Tax | N/A | $0 | $0 | $0 | N/A | N/A | $18K-78.8% | $84K+416.3% | $16K |
| Net Income | N/A | -$28.6M | N/A | -$30.1M+24.2% | -$39.8M+57.3% | -$93.1M | N/A | $408K+517.9% | $66K |
| EPS (Diluted) | — | N/A | N/A | N/A | -$0.60+69.7% | -$1.98 | -$1.51 | N/A | N/A |
TTM is the trailing twelve months, Q3 FY2025 through Q2 FY2026, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.
NRXP Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $13.0M+254.9% | $3.7M-50.1% | $7.3M-71.7% | $25.8M-21.1% | $32.7M+1012.8% | $2.9M-90.8% | $32.1M-54.7% | $70.8M |
| Current Assets | $8.9M+169.3% | $3.3M-52.0% | $6.9M-73.3% | $25.8M-21.1% | $32.7M+1016.4% | $2.9M+4116.9% | $69K+130.1% | $30K |
| Cash & Equivalents | $7.8M+440.3% | $1.4M-68.6% | $4.6M-77.1% | $20.1M-27.4% | $27.6M+1384.9% | $1.9M+111.9% | $877K+7819.7% | $11K |
| Accounts Receivable | $161K | $0 | N/A | N/A | N/A | $831K | N/A | N/A |
| Goodwill | $1.8M | $0 | N/A | N/A | 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+26.5% | $36.9M-43.9% | $65.8M |
| Current Liabilities | $28.6M+30.7% | $21.9M+14.8% | $19.0M+22.2% | $15.6M+30.7% | $11.9M-74.2% | $46.2M+7316.6% | $622K+9.7% | $567K |
| Long-Term Debt | N/A | N/A | $9.2M+224.6% | $2.8M | N/A | N/A | 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-803.7% | -$4.8M-196.9% | $5.0M |
| Retained Earnings | -$306.9M-10.3% | -$278.3M-9.9% | -$253.1M-13.5% | -$223.0M-21.7% | -$183.2M-103.2% | -$90.2M-24506.2% | $369K+1049.1% | -$39K |
Not reported in any period shown, so not listed: Inventory.
NRXP Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | TTM | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 |
|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$19.8M | -$14.1M-32.7% | -$10.6M+50.9% | -$21.7M+45.5% | -$39.8M-5.4% | -$37.7M-1564.6% | -$2.3M-185.7% | -$793K-67.5% | -$473K |
| Capital Expenditures | N/A | N/A | $0-100.0% | $3K-70.0% | $10K+42.9% | $7K+250.0% | $2K | N/A | N/A |
| Free Cash Flow | N/A | N/A | -$10.6M+50.9% | -$21.7M+45.5% | -$39.8M-5.4% | -$37.7M-1563.4% | -$2.3M | N/A | N/A |
| Investing Cash Flow | -$3.7M | -$2.8M | $0+100.0% | -$3K+70.0% | -$10K-42.9% | -$7K-250.0% | -$2K-100.0% | $40.2M+6316.7% | -$647K |
| Financing Cash Flow | $47.3M | $23.3M+211.0% | $7.5M+20.7% | $6.2M-80.8% | $32.2M-49.2% | $63.5M+1853.1% | $3.2M+108.2% | -$39.5M-5882.4% | $683K |
Not reported in any period shown, so not listed: Dividends Paid, Share Buybacks.
TTM is the trailing twelve months, Q3 FY2025 through Q2 FY2026, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.
NRXP Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 58.8% | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Operating Margin | -1324.4% | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Net Margin | -2336.5% | N/A | N/A | 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 | N/A | 1.3% |
| Return on Assets | -220.9% | N/A | -412.2%-258.2pp | -154.0%+130.3pp | -284.3% | N/A | 1.3%+1.2pp | 0.1% |
| Current Ratio | 0.31+0.2x | 0.15-0.2x | 0.36-1.3x | 1.66-1.1x | 2.74+2.7x | 0.060.0x | 0.11+0.1x | 0.05 |
| Debt-to-Equity | N/A | N/A | N/A | 0.38-0.2x | 0.57 | N/A | N/A | 13.16 |
Not reported in any period shown, so not listed: FCF Margin.
Reported as filed but not readable as a share of revenue in the periods where the ratio runs further from zero than a revenue base allows; no change figure is given where either compared period is one of those: Operating Margin, Net Margin.
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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Where Nrx Pharmaceuticals Inc Ranks
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.
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 cash flow?
Nrx Pharmaceuticals Inc (NRXP) recorded an outflow of $14.1M in operating cash flow during fiscal year 2025, representing cash used by 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.
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 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.
Why is Nrx Pharmaceuticals Inc's debt-to-equity ratio negative or not reported?
Nrx Pharmaceuticals Inc (NRXP) has negative shareholder equity of -$15.9M as of fiscal year 2025, so no debt-to-equity ratio is reported: dividing debt by equity that is not positive produces a number that cannot be read as leverage. 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 Altman Z-Score?
Nrx Pharmaceuticals Inc (NRXP) has an Altman Z-Score of -35.72, placing it in the Distress Zone (elevated bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is Nrx Pharmaceuticals Inc's Piotroski F-Score?
Nrx Pharmaceuticals Inc (NRXP) has a Piotroski F-Score of 3 out of 6 computable signals; 3 of the nine could not be computed from available data, so the full-scale strength rating is not shown. 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) reported a net loss of $28.6M while operations used $14.1M of cash. With neither figure positive, the ratio between the two carries no quality signal. 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) reported an operating loss of $16.2M against $671K in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations. 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.