NRX Pharmaceuticals, Inc. Warrant (NRXPW) Financials

NRXPW

FY2025 annual

Revenue $1.2M YoY not available

Net Income -$28.6M YoY not available

Operating Cash Flow -$14.1M -32.7% YoY

Gross Profit $720K YoY not available

Source SEC Filings (10-K/10-Q) Latest period Q1 FY2026, ended Mar 31, 2026 Reported May 15, 2026 Currency USD FYE December

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 (10-K and 10-Q reports).

Rhea AI NRXPW FY2025 2026-08-30

External financing, not operating receipts, remains the dominant mechanic supporting a development-stage business with negative equity.

In FY2025, revenue of $1.2M was smaller than R&D spending of $3.8M, showing development investment still runs ahead of commercial scale. The reported gross margin of 58.8% produced only $720K of gross profit, leaving the operating structure with a -$16.2M operating loss despite positive unit-level economics.

FY2025 operating cash flow of -$14.1M was less negative than the -$28.6M net loss, so accounting charges or working-capital movements materially shaped cash conversion. Positive financing cash flow of $23.3M then supplied the cash needed to offset operating and investing outflows.

The balance sheet shows liabilities exceeding assets: $28.9M against $13.0M in FY2025. A 0.3x current ratio and negative equity of -$15.9M indicate both near-term obligations and accumulated losses constrain the financing structure.

Financial Health Signals

Financial health score not available

NRX Pharmaceuticals, Inc. Warrant 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.

Piotroski F-Score Partial

3/6

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, both operating efficiency signals pass.

Earnings Quality No Cash Backing

N/A

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.

Interest Coverage At Risk

N/A

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

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Earnings & Revenue

Revenue

$1.1M

NRX Pharmaceuticals, Inc. Warrant generated $1.1M in revenue in Q1 2026.

EBITDA

-$4.7M

YoY-21.7%

NRX Pharmaceuticals, Inc. Warrant's EBITDA was -$4.7M in Q1 2026, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 21.7% from the same quarter a year earlier.

Net Income

-$1.4M

YoY+74.1%

NRX Pharmaceuticals, Inc. Warrant reported -$1.4M in net income in Q1 2026. This represents an increase of 74.1% from the same quarter a year earlier.

EPS (Diluted)

Not reported for Q1 2026.

Cash & Balance Sheet

Cash & Debt

$6.7M

YoY+21.0%

QoQ-13.9%

NRX Pharmaceuticals, Inc. Warrant held $6.7M in cash as of Q1 2026; long-term debt is not reported for that period.

Shares Outstanding

33M

QoQ+4.2%

5Y CAGR+65.2%

NRX Pharmaceuticals, Inc. Warrant had 33M shares outstanding in Q1 2026. Against the prior quarter it is up 4.2%.

Free Cash Flow

Not reported for Q1 2026.

Dividends Per Share

Not reported for Q1 2026.

Margins & Returns

Gross Margin

40.9%

NRX Pharmaceuticals, Inc. Warrant's gross margin was 40.9% in Q1 2026, indicating the percentage of revenue retained after direct costs.

Operating Margin

Not shown for Q1 2026: the reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.

Net Margin

Not shown for Q1 2026: the reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.

Return on Equity

Not reported for Q1 2026.

Capital Allocation

R&D Spending

$1.3M

YoY+62.8%

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.

Share Buybacks

Not reported for Q1 2026.

Capital Expenditures

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.

NRXPW quarterly income statement

Metric	TTM	FY2510-K	FY2410-K	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
EBITDA	N/A	-$16.2M	N/A	-$27.8M+37.2%	-$44.3M+61.7%	-$115.8M	N/A	N/A	N/A
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 (Basic)	N/A	-$1.34+43.2%	-$2.36+40.7%	-$3.98-563.3%	-$0.60+69.7%	-$1.98-31.1%	-$1.51	N/A	N/A
EPS (Diluted)	—	N/A	N/A	N/A	-$0.60+69.7%	-$1.98	-$1.51	N/A	N/A
Diluted Shares (Avg)	N/A	N/A	N/A	N/A	66M+40.2%	47M	34M	N/A	N/A

Metric	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q	Q2'2410-Q
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+62.8%	N/A	$1.4M+133.9%	$987K-64.8%	$804K-54.0%	N/A	$611K-81.6%	$2.8M-27.6%
SG&A Expenses	$3.8M+29.6%	N/A	$2.8M+16.6%	$2.7M-35.4%	$2.9M-30.8%	N/A	$2.4M-3.4%	$4.2M+4.5%
Operating Income	-$4.7M-23.3%	N/A	-$4.0M-33.2%	-$3.7M+47.1%	-$3.8M+35.9%	N/A	-$3.0M+48.0%	-$7.0M+13.9%
EBITDA	-$4.7M-21.7%	N/A	-$4.0M-32.4%	N/A	-$3.8M+35.9%	N/A	-$3.0M	N/A
Interest Expense	$233K	N/A	$0	$0	$0-100.0%	N/A	$0-100.0%	$0
Income Tax	$0	N/A	N/A	N/A	$0	N/A	N/A	N/A
Net Income	-$1.4M+74.1%	N/A	-$5.9M-262.9%	-$17.6M-122.6%	-$5.5M+15.6%	N/A	-$1.6M+73.2%	-$7.9M+9.4%
EPS (Basic)	-$0.04+88.2%	N/A	-$0.27-80.0%	-$0.98-30.7%	-$0.34+54.1%	N/A	-$0.15+79.7%	-$0.75+38.0%

Not reported in any period shown, so not listed: EPS (Diluted), Diluted Shares (Avg).

NRXPW Balance Sheet

NRXPW quarterly balance sheet

Metric	FY2510-K	FY2410-K	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
Short-Term Investments	$0	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	$161K	$0	N/A	N/A	N/A	$831K	N/A	N/A
Long-Term Investments	$0	N/A	N/A	N/A	N/A	N/A	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
Non-Current Liabilities	$315K-93.7%	$5.0M	$0-100.0%	$2.8M	$0-100.0%	$548K-98.5%	$36.3M-44.4%	$65.2M
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

Metric	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q	Q2'2410-Q
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	$161K	$239K	N/A	N/A	$0	N/A	N/A
Goodwill	$1.8M	$1.8M	$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	$543K	$315K-93.7%	$158K-94.7%	$0	$0	$5.0M	$3.0M	N/A
Total Equity	-$13.8M+45.1%	-$15.9M+31.4%	-$25.8M-36.8%	-$35.6M-93.7%	-$25.2M-67.0%	-$23.2M-97.9%	-$18.8M-202.8%	-$18.4M-555.0%
Retained Earnings	-$308.3M-8.6%	-$306.9M-10.3%	-$307.3M-14.1%	-$301.4M-12.6%	-$283.8M-9.3%	-$278.3M-9.9%	-$269.2M-8.2%	-$267.6M-10.2%

Not reported in any period shown, so not listed: Short-Term Investments, Inventory, Long-Term Investments, Long-Term Debt.

NRXPW Cash Flow Statement

NRXPW quarterly cash flow statement

Metric	TTM	FY2510-K	FY2410-K	FY23	FY22	FY21	FY20	FY19	FY18
Operating Cash Flow	-$14.9M	-$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
Depreciation & Amortization	N/A	$70K+1300.0%	$5K0.0%	$5K+25.0%	$4K+100.0%	$2K0.0%	$2K	N/A	N/A
Stock-Based Compensation	N/A	$228K-53.1%	$486K+25.6%	$387K-89.3%	$3.6M-53.4%	$7.8M+966.4%	$730K	N/A	N/A
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	N/A	-$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	$19.1M	$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

Metric	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q	Q2'2410-Q
Operating Cash Flow	-$4.3M-23.4%	-$3.7M-77.0%	-$2.9M-25.4%	-$4.0M-57.2%	-$3.5M+5.2%	-$2.1M+34.3%	-$2.3M+49.5%	-$2.6M+67.2%
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	$0	$0-100.0%	$0-100.0%	$0-100.0%
Free Cash Flow	N/A	N/A	N/A	N/A	-$3.5M+5.2%	-$2.1M+34.3%	-$2.3M+49.5%	-$2.6M+67.2%
Investing Cash Flow	-$213K	-$249K	N/A	N/A	$0	$0-100.0%	$0+100.0%	$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%	$1.9M+269.8%	$2.1M+236.8%	$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.

NRXPW quarterly financial ratios

Metric	FY2510-K	FY2410-K	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
Asset Turnover	0.09+0.1x	0.000.0x	0.00	N/A	N/A	N/A	N/A	N/A

Metric	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q	Q2'2410-Q
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 Assets	-12.0%+60.6pp	N/A	-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	N/A	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, 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.

Where NRX Pharmaceuticals, Inc. Warrant Ranks

Frequently Asked Questions

What is NRX Pharmaceuticals, Inc. Warrant's annual revenue?

NRX Pharmaceuticals, Inc. Warrant (NRXPW) 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. Warrant profitable?

No, NRX Pharmaceuticals, Inc. Warrant (NRXPW) reported a net income of -$28.6M in fiscal year 2025.

What is NRX Pharmaceuticals, Inc. Warrant's EBITDA?

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

What is NRX Pharmaceuticals, Inc. Warrant's gross margin?

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.

What is NRX Pharmaceuticals, Inc. Warrant's operating cash flow?

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.

What are NRX Pharmaceuticals, Inc. Warrant's total assets?

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

How much does NRX Pharmaceuticals, Inc. Warrant spend on research and development?

NRX Pharmaceuticals, Inc. Warrant (NRXPW) invested $3.8M in research and development during fiscal year 2025.

How many shares does NRX Pharmaceuticals, Inc. Warrant have outstanding?

NRX Pharmaceuticals, Inc. Warrant (NRXPW) had 32M shares outstanding as of fiscal year 2025.

What is NRX Pharmaceuticals, Inc. Warrant's current ratio?

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.

What is NRX Pharmaceuticals, Inc. Warrant's return on assets (ROA)?

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.

How does NRX Pharmaceuticals, Inc. Warrant's liquidity compare with its operating cash outflow?

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.

Why is NRX Pharmaceuticals, Inc. Warrant's debt-to-equity ratio negative or not reported?

NRX Pharmaceuticals, Inc. Warrant (NRXPW) 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. Warrant's Piotroski F-Score?

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.

Are NRX Pharmaceuticals, Inc. Warrant's earnings high quality?

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.

Can NRX Pharmaceuticals, Inc. Warrant cover its interest payments?

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.