NRX Pharmaceuticals Warrant (NRXPW) Financials
Newest figures come from the 10-Q for Q1 FY2026, filed May 15, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the NRXPW SEC filings page.
NRX Pharmaceuticals, Inc. Warrant (NRXPW) 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.
NRXPW has begun recording revenue, but its cost base and financing structure still overwhelm operating sales.
Operating cash flow of-$14.1M was accompanied by financing cash flow of$23.3M in FY2025, while investing used$2.8M ; the business therefore funded its cash needs primarily through financing rather than internally generated funds.
FY2025 gross profit was
Liquidity is structurally tight: current assets of
Financial Health Signals
We do not publish a peer-relative financial health score for NRX Pharmaceuticals, Inc. Warrant, because the score only covers companies whose filings and listing give us what it needs to compare them with their peers. The signals and metrics below are current.
NRX Pharmaceuticals, Inc. Warrant 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, the one computable operating efficiency signal (asset turnover improving) passes.
NRX Pharmaceuticals, Inc. Warrant 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. Warrant 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. Warrant generated $1.1M in revenue in Q1 2026. The change from the same quarter a year earlier is not meaningful, because that figure was zero or negative. Against the prior quarter it is up 8.6%.
NRX Pharmaceuticals, Inc. Warrant's EBITDA was -$4.7M in Q1 2026, measuring earnings before interest, taxes, depreciation, and amortization. The change from the same quarter a year earlier is not meaningful, because that figure was zero or negative.
NRX Pharmaceuticals, Inc. Warrant reported a net loss of $1.4M in Q1 2026. The change from the same quarter a year earlier is not meaningful, because that figure was zero or negative. Against the prior quarter it is down 496.1%.
Not reported for Q1 2026.
Cash & Balance Sheet
NRX Pharmaceuticals, Inc. Warrant held $6.7M in cash as of Q1 2026; no long-term debt figure is on record for that period.
Not reported for Q1 2026.
Not reported for Q1 2026.
Margins & Returns
NRX Pharmaceuticals, Inc. Warrant's gross margin was 40.9% in Q1 2026, indicating the percentage of revenue retained after direct costs.
Not shown for Q1 2026: the reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.
Not shown for Q1 2026: the reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.
Not reported for Q1 2026.
Capital Allocation
NRX Pharmaceuticals, Inc. Warrant invested $1.3M in research and development in Q1 2026. This represents an increase of 62.8% from the same quarter a year earlier. Against the prior quarter it is up 135.0%.
Not reported for Q1 2026.
Not reported for Q1 2026.
NRXPW Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q1'2610-Q | Q4'2510-Q | Q3'25Filing | Q2'25Filing | Q1'2510-Q | Q4'24Filing | Q3'24Filing | Q2'24Filing |
|---|---|---|---|---|---|---|---|---|
| Revenue | $1.1Mn/m | $983K | $242Kn/m | N/A | $0 | N/A | $0 | N/A |
| Cost of Revenue | $631Kn/m | N/A | $97Kn/m | N/A | $0 | N/A | $0 | N/A |
| Gross Profit | $437Kn/m | N/A | $145Kn/m | N/A | $0 | N/A | $0 | N/A |
| R&D Expenses | $1.3M+62.8% | $557K-46.2% | $1.4M+133.9% | $987K-64.8% | $804K-54.0% | $1.0M | $611K-81.6% | $2.8M-27.6% |
| SG&A Expenses | $3.8M+29.6% | $4.6M+76.0% | $2.8M+16.6% | $2.7M-35.4% | $2.9M-30.8% | $2.6M | $2.4M-3.4% | $4.2M+4.5% |
| Operating Income | -$4.7Mn/m | -$4.6M | -$4.0Mn/m | -$3.7Mn/m | -$3.8Mn/m | N/A | -$3.0Mn/m | -$7.0Mn/m |
| EBITDA | -$4.7Mn/m | N/A | -$4.0Mn/m | N/A | -$3.8Mn/m | N/A | -$3.0M | N/A |
| Interest Expense | $233Kn/m | N/A | $0n/m | $0n/m | $0-100.0% | N/A | $0-100.0% | $0n/m |
| Income Tax | $0n/m | N/A | N/A | N/A | $0n/m | N/A | N/A | N/A |
| Net Income | -$1.4Mn/m | $361K | -$5.9Mn/m | -$17.6Mn/m | -$5.5Mn/m | N/A | -$1.6Mn/m | -$7.9Mn/m |
| EPS (Basic) | -$0.04 | N/A | -$0.27 | -$0.98 | -$0.34 | N/A | -$0.15 | -$0.75 |
Not reported in any period shown, so not listed: EPS (Diluted), Diluted Shares (Avg).
NRXPW Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q1'2610-Q | Q4'2510-Q | Q3'25Filing | Q2'25Filing | Q1'2510-Q | Q4'24Filing | Q3'24Filing | Q2'24Filing |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $11.9M+56.8% | $13.0M+254.9% | $15.0M+236.1% | $4.8M-8.1% | $7.6M+100.4% | $3.7M-50.1% | $4.5M-66.0% | $5.3M-73.4% |
| Current Assets | $7.4M+1.4% | $8.9M+169.3% | $11.9M+191.0% | $4.6M-5.9% | $7.3M+116.8% | $3.3M-52.0% | $4.1M-68.6% | $4.9M-75.3% |
| Cash & Equivalents | $6.7M+21.0% | $7.8M+440.3% | $7.2M+336.5% | $2.9M+53.3% | $5.5M+320.6% | $1.4M-68.6% | $1.6M-81.5% | $1.9M-87.3% |
| Accounts Receivable | $181K | $161Kn/m | $239K | N/A | N/A | $0 | N/A | N/A |
| Goodwill | $1.8M | $1.8Mn/m | $610K | N/A | N/A | $0 | N/A | N/A |
| Total Liabilities | $25.7M-21.5% | $28.9M+7.5% | $40.8M+75.0% | $40.5M+71.0% | $32.8M+73.7% | $26.9M+41.1% | $23.3M+20.5% | $23.7M+4.6% |
| Current Liabilities | $25.2M-23.1% | $28.6M+30.7% | $40.6M+100.0% | $40.5M | $32.8M | $21.9M+14.8% | $20.3M+5.0% | N/A |
| Non-Current Liabilities | $543Kn/m | $315K-93.7% | $158K-94.7% | $0 | $0 | $5.0Mn/m | $3.0Mn/m | N/A |
| Total Equity | -$13.8Mn/m | -$15.9Mn/m | -$25.8Mn/m | -$35.6Mn/m | -$25.2Mn/m | -$23.2Mn/m | -$18.8Mn/m | -$18.4Mn/m |
| Retained Earnings | -$308.3Mn/m | -$306.9Mn/m | -$307.3Mn/m | -$301.4Mn/m | -$283.8Mn/m | -$278.3Mn/m | -$269.2Mn/m | -$267.6Mn/m |
Not reported in any period shown, so not listed: Short-Term Investments, Inventory, Long-Term Investments, Long-Term Debt.
NRXPW Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q1'2610-Q | Q4'2510-Q | Q3'25Filing | Q2'25Filing | Q1'2510-Q | Q4'24Filing | Q3'24Filing | Q2'24Filing |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$4.3Mn/m | -$3.7Mn/m | -$2.9Mn/m | -$4.0Mn/m | -$3.5Mn/m | -$2.1Mn/m | -$2.3Mn/m | -$2.6Mn/m |
| Depreciation & Amortization | $63K+6200.0% | N/A | $26K+1200.0% | N/A | $1K0.0% | N/A | $2K | N/A |
| Stock-Based Compensation | $151K+1158.3% | N/A | $68K-29.9% | $67K-30.9% | $12K-95.0% | N/A | $97K-72.4% | $97K-82.2% |
| Capital Expenditures | N/A | N/A | N/A | N/A | $0n/m | $0 | $0-100.0% | $0 |
| Free Cash Flow | N/A | N/A | N/A | N/A | -$3.5Mn/m | -$2.1Mn/m | -$2.3Mn/m | -$2.6Mn/m |
| Investing Cash Flow | -$213Kn/m | -$249Kn/m | N/A | N/A | $0n/m | $0-100.0% | $0n/m | $0-100.0% |
| Financing Cash Flow | $3.4M-54.9% | $4.6M+141.4% | $9.7M+373.5% | $1.4M-55.7% | $7.6M+1820.3% | $1.9Mn/m | $2.1Mn/m | $3.1M-49.9% |
Not reported in any period shown, so not listed: Dividends Paid, Share Buybacks.
NRXPW Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q1'2610-Q | Q4'2510-Q | Q3'25Filing | Q2'25Filing | Q1'2510-Q | Q4'24Filing | Q3'24Filing | Q2'24Filing |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 40.9% | N/A | 59.9% | N/A | N/A | N/A | N/A | N/A |
| Operating Margin | -444.0% | -470.3% | -1662.8% | N/A | N/A | N/A | N/A | N/A |
| Net Margin | -133.9% | 36.7% | -2433.9% | N/A | N/A | N/A | N/A | N/A |
| Return on Assets | -12.0%+60.6pp | 2.8% | -39.3%-2.9pp | -363.4%-213.4pp | -72.6%+99.7pp | N/A | -36.4%+9.9pp | -150.0%-106.0pp |
| Current Ratio | 0.29+0.1x | 0.31+0.2x | 0.29+0.1x | 0.11 | 0.22 | 0.15-0.2x | 0.20-0.5x | N/A |
| Asset Turnover | 0.09+0.1x | 0.08 | 0.020.0x | N/A | 0.00 | N/A | 0.00 | N/A |
Not reported in any period shown, so not listed: Return on Equity, Debt-to-Equity, Liabilities-to-Equity, 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 the debt-to-equity, liabilities-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.
Where NRX Pharmaceuticals, Inc. Warrant Ranks
Frequently Asked Questions
NRX Pharmaceuticals, Inc. Warrant (NRXPW) reported $1.2M in total revenue for fiscal year 2025. The change from the previous fiscal year is not meaningful, because that year’s figure was zero or negative. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
No, NRX Pharmaceuticals, Inc. Warrant (NRXPW) reported a net loss of $28.6M in fiscal year 2025.
NRX Pharmaceuticals, Inc. Warrant (NRXPW) had EBITDA of -$16.2M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
NRX Pharmaceuticals, Inc. Warrant (NRXPW) had a gross margin of 58.8% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
NRX Pharmaceuticals, Inc. Warrant (NRXPW) recorded an outflow of $14.1M in operating cash flow during fiscal year 2025, representing cash used by core business activities.
NRX Pharmaceuticals, Inc. Warrant (NRXPW) had $13.0M in total assets as of fiscal year 2025, including both current and long-term assets.
NRX Pharmaceuticals, Inc. Warrant (NRXPW) invested $3.8M in research and development during fiscal year 2025.
NRX Pharmaceuticals, Inc. Warrant (NRXPW) had a current ratio of 0.31 as of fiscal year 2025, which is below 1.0, which may suggest potential liquidity concerns.
NRX Pharmaceuticals, Inc. Warrant (NRXPW) had a return on assets of -220.9% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
At the end of fiscal year 2025, NRX Pharmaceuticals, Inc. Warrant (NRXPW) held $7.8M in cash, cash equivalents and investments, and reported an operating cash outflow of $14.1M over that year. Dividing the one by the other, the reported balance equals about 7 months of the outflow reported that year. This is arithmetic over figures already filed, not a projection: it assumes nothing about future spending, financing or operations.
NRX Pharmaceuticals, Inc. Warrant (NRXPW) has negative shareholder equity of -$15.9M as of fiscal year 2025, so no debt-to-equity or liabilities-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.
NRX Pharmaceuticals, Inc. Warrant (NRXPW) 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.
NRX Pharmaceuticals, Inc. Warrant (NRXPW) 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.
NRX Pharmaceuticals, Inc. Warrant (NRXPW) 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.