NRX Pharmaceuticals, Inc.
NRXP Nasdaq Pharmaceutical Preparations Financials FY2018–FY2025
Revenue
Total sales reported in the income statement.
$1.2M
vs prior year
Operating margin
Operating income as a share of revenue.
−1,324.4%
Net income
Profit after all expenses, interest and tax.
−$28.6M
Free cash flow
Cash from operations minus capital spending.
—
Return on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
—
Market cap
Last close times the latest diluted share count, so it is approximate.
—
P/E
Last close divided by diluted earnings per share over the last four quarters.
—
What NRX Pharmaceuticals, Inc. does
No business description yet.
- Legal name
- NRX Pharmaceuticals, Inc.
- Fiscal year ends
- December 31, 2025
- Latest annual report
- 10-K · Mar 23, 2026
- Accession · CIK
- 0001437749-26-009418
0001719406
Revenue and margins
NRX Pharmaceuticals, Inc. had $1.2M of revenue in fiscal 2025.
FY18
Revenue $1.1M
FY19
Revenue $1.2M
FY20
Revenue $0.1M
FY21
Revenue —
FY22
Revenue —
FY23
Revenue $0.0M
FY24
Revenue $0.0M
FY25
Revenue $1.2M
Q3 '23
Revenue —
Q4 '23
Revenue —
Q1 '24
Revenue —
Q2 '24
Revenue —
Q3 '24
Revenue $0.0M
Q4 '24
Revenue $0.0M
Q1 '25
Revenue $0.0M
Q2 '25
Revenue $0.0M
Q3 '25
Revenue $0.2M
Q4 '25
Revenue $1.0M
Q1 '26
Revenue $1.1M
Q2 '26
Revenue $1.1M
FY18
Gross —
Operating −92.4%
Net 6.1%
FCF —
FY19
Gross —
Operating −59.1%
Net 33.9%
FCF —
FY20
Gross —
Operating −37,022.3%
Net −37,303.3%
FCF −1,633.3%
FY21
Gross —
Operating —
Net —
FCF —
FY22
Gross —
Operating —
Net —
FCF —
FY23
Gross —
Operating —
Net —
FCF —
FY24
Gross —
Operating —
Net —
FCF —
FY25
Gross 58.8%
Operating −1,324.4%
Net −2,336.5%
FCF —
Gross
Operating
Net
FCF
Q3 '23
Gross —
Operating —
Net —
FCF —
Q4 '23
Gross —
Operating —
Net —
FCF —
Q1 '24
Gross —
Operating —
Net —
FCF —
Q2 '24
Gross —
Operating —
Net —
FCF —
Q3 '24
Gross —
Operating —
Net —
FCF —
Q4 '24
Gross —
Operating —
Net —
FCF —
Q1 '25
Gross —
Operating —
Net —
FCF —
Q2 '25
Gross —
Operating —
Net —
FCF —
Q3 '25
Gross 59.9%
Operating −1,662.8%
Net −2,433.9%
FCF —
Q4 '25
Gross 58.5%
Operating −470.4%
Net 36.6%
FCF —
Q1 '26
Gross 40.9%
Operating −444.0%
Net −133.9%
FCF —
Q2 '26
Gross 38.7%
Operating −590.8%
Net −1,500.5%
FCF —
Gross
Operating
Net
FCF
Net income and earnings per share
Loss periods are shown in red.
FY18
Net income $0.1M
FY19
Net income $0.4M
FY20
Net income −$51.8M
FY21
Net income −$93.1M
FY22
Net income −$39.8M
FY23
Net income −$30.2M
FY24
Net income −$25.1M
FY25
Net income −$28.6M
Q3 '23
Net income −$6.1M
Q4 '23
Net income −$4.3M
Q1 '24
Net income −$6.5M
Q2 '24
Net income −$7.9M
Q3 '24
Net income −$1.6M
Q4 '24
Net income −$9.1M
Q1 '25
Net income −$5.5M
Q2 '25
Net income −$17.6M
Q3 '25
Net income −$5.9M
Q4 '25
Net income $0.4M
Q1 '26
Net income −$1.4M
Q2 '26
Net income −$16.5M
FY18
Diluted EPS −$0.29
FY19
Diluted EPS −$0.11
FY20
Diluted EPS −$1.51
FY21
Diluted EPS −$1.98
FY22
Diluted EPS −$0.60
FY23
Diluted EPS —
FY24
Diluted EPS —
FY25
Diluted EPS —
Q3 '23
Diluted EPS −$0.07
Q4 '23
Diluted EPS —
Q1 '24
Diluted EPS −$0.74
Q2 '24
Diluted EPS —
Q3 '24
Diluted EPS —
Q4 '24
Diluted EPS —
Q1 '25
Diluted EPS —
Q2 '25
Diluted EPS —
Q3 '25
Diluted EPS —
Q4 '25
Diluted EPS —
Q1 '26
Diluted EPS —
Q2 '26
Diluted EPS —
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
FY18
Return on capital —
Return on equity 1.3%
Return on assets 0.1%
FY19
Return on capital —
Return on equity 521.6%
Return on assets 0.8%
FY20
Return on capital —
Return on equity —
Return on assets −295.7%
FY21
Return on capital —
Return on equity —
Return on assets −521.8%
FY22
Return on capital —
Return on equity −281.8%
Return on assets −135.8%
FY23
Return on capital —
Return on equity —
Return on assets −182.0%
FY24
Return on capital —
Return on equity —
Return on assets −458.3%
FY25
Return on capital —
Return on equity —
Return on assets −344.7%
Return on capital
Return on equity
Return on assets
Cash flow
Free cash flow was — in fiscal 2025, — of revenue. Cash from operations minus capital spending.
FY18
Free cash flow —
FY19
Free cash flow —
FY20
Free cash flow −$2.3M
FY21
Free cash flow −$37.7M
FY22
Free cash flow −$39.8M
FY23
Free cash flow −$21.7M
FY24
Free cash flow −$10.6M
FY25
Free cash flow —
Q3 '23
Free cash flow −$4.6M
Q4 '23
Free cash flow −$3.2M
Q1 '24
Free cash flow −$3.7M
Q2 '24
Free cash flow −$2.6M
Q3 '24
Free cash flow −$2.3M
Q4 '24
Free cash flow −$2.1M
Q1 '25
Free cash flow −$3.5M
Q2 '25
Free cash flow −$4.0M
Q3 '25
Free cash flow —
Q4 '25
Free cash flow —
Q1 '26
Free cash flow —
Q2 '26
Free cash flow —
FY18
Cash from operations −$0.5M
Capital spending —
FY19
Cash from operations −$0.8M
Capital spending —
FY20
Cash from operations −$2.3M
Capital spending $0.0M
FY21
Cash from operations −$37.7M
Capital spending $0.0M
FY22
Cash from operations −$39.8M
Capital spending $0.0M
FY23
Cash from operations −$21.7M
Capital spending $0.0M
FY24
Cash from operations −$10.6M
Capital spending $0.0M
FY25
Cash from operations −$14.1M
Capital spending —
Cash from operations
Capital spending
Q3 '23
Cash from operations −$4.6M
Capital spending $0.0M
Q4 '23
Cash from operations −$3.2M
Capital spending −$0.0M
Q1 '24
Cash from operations −$3.7M
Capital spending $0.0M
Q2 '24
Cash from operations −$2.6M
Capital spending $0.0M
Q3 '24
Cash from operations −$2.3M
Capital spending $0.0M
Q4 '24
Cash from operations −$2.1M
Capital spending $0.0M
Q1 '25
Cash from operations −$3.5M
Capital spending $0.0M
Q2 '25
Cash from operations −$4.0M
Capital spending $0.0M
Q3 '25
Cash from operations −$2.9M
Capital spending —
Q4 '25
Cash from operations −$3.7M
Capital spending —
Q1 '26
Cash from operations −$4.3M
Capital spending —
Q2 '26
Cash from operations −$8.9M
Capital spending —
Cash from operations
Capital spending
Dividends, buybacks and share count
NRX Pharmaceuticals, Inc. returned — to shareholders in fiscal 2025. The diluted share count rose 0.0%.
FY18
Dividends —
Buybacks —
FY19
Dividends —
Buybacks —
FY20
Dividends —
Buybacks —
FY21
Dividends —
Buybacks —
FY22
Dividends —
Buybacks —
FY23
Dividends —
Buybacks —
FY24
Dividends —
Buybacks —
FY25
Dividends —
Buybacks —
Dividends
Buybacks
FY18
Diluted shares 0.00B
FY19
Diluted shares 0.00B
FY20
Diluted shares 0.03B
FY21
Diluted shares 0.05B
FY22
Diluted shares 0.07B
FY23
Diluted shares —
FY24
Diluted shares —
FY25
Diluted shares —
Balance sheet
Cash, debt and the ratios that show how comfortably NRX Pharmaceuticals, Inc. can carry it.
FY18
Cash $0.0M
Debt —
FY19
Cash $0.9M
Debt —
FY20
Cash $1.9M
Debt —
FY21
Cash $27.6M
Debt —
FY22
Cash $20.1M
Debt $10.5M
FY23
Cash $4.6M
Debt $9.2M
FY24
Cash $1.4M
Debt —
FY25
Cash $7.8M
Debt —
Cash
Debt
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $27.6M | $20.1M | $4.6M | $1.4M | $7.8M |
| Debt incl. finance leases | — | $10.5M | $9.2M | — | — |
| Debt / equity | — | 1.4x | — | — | — |
| Interest coverage | −6,433.1x | — | −232.0x | −80.4x | −24.2x |
| Current ratio | 2.7x | 1.7x | 0.4x | 0.2x | 0.3x |
| Quick ratio | 2.7x | 1.7x | 0.4x | 0.2x | 0.3x |
| Total assets | $32.7M | $25.8M | $7.3M | $3.7M | $13.0M |
| Total liabilities | $11.9M | $18.4M | $19.0M | $26.9M | $28.9M |
| Shareholders' equity | $20.8M | $7.4M | −$11.7M | −$23.2M | −$15.9M |
| Net debt (− = net cash) | — | −$9.5M | $4.6M | — | — |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$0.0M
0 insiders
Of sales under plans
—
$0.0M
No open-market insider trades in the last 12 months.
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
| Test | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|
| Net income is positive | ✓ | ✓ | ✕ | ✕ | ✕ | ✕ | ✕ | ✕ |
| Cash from operations is positive | ✕ | ✕ | ✕ | ✕ | ✕ | ✕ | ✕ | ✕ |
| Return on assets rose | — | ✓ | ✕ | ✓ | ✓ | ✕ | ✕ | ✓ |
| Cash from operations exceeds net income | ✕ | ✕ | ✓ | ✓ | ✕ | ✓ | ✓ | ✓ |
| Debt fell relative to assets | — | — | — | — | — | ✕ | — | — |
| Current ratio rose | — | ✓ | ✕ | ✓ | ✕ | ✕ | ✕ | ✓ |
| Share count didn't rise | — | ✕ | ✕ | ✕ | ✕ | — | — | — |
| Gross margin rose | — | — | — | — | — | — | — | — |
| Revenue rose relative to assets | — | ✓ | ✓ | — | — | — | ✕ | ✓ |
| F-score | — / 3 | 4 / 7 | 2 / 7 | — / 6 | — / 6 | — / 6 | — / 6 | — / 6 |
| Accruals ratio | 0.8% | 2.3% | −282.8% | −310.4% | 0.0% | −51.3% | −264.3% | −174.7% |
| Altman Z'' | 4.03 | −2.20 | −314.77 | −36.03 | −36.68 | −149.95 | −316.78 | −96.18 |
8 years of figures
US$ millions unless stated. Hover a ratio's name for its definition.
| Fiscal year | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||
| Revenue | $1.1M | $1.2M | $0.1M | — | — | $0.0M | $0.0M | $1.2M |
| Net interest income | $1.1M | $1.2M | $0.1M | — | — | — | — | — |
| Gross profit | — | — | — | — | — | — | $0.0M | $0.7M |
| Research and development | — | — | $10.6M | $20.3M | $17.0M | $13.4M | $6.2M | $3.8M |
| Operating income | −$1.0M | −$0.7M | −$51.4M | −$116M | −$44.3M | −$27.8M | −$18.5M | −$16.2M |
| Interest expense | — | — | $0.1M | $0.0M | — | $0.1M | $0.2M | $0.7M |
| Pretax income | $0.1M | $0.5M | −$51.8M | −$93.1M | −$39.8M | — | — | — |
| Income tax | $0.0M | $0.1M | $0.0M | — | — | $0.0M | $0.0M | $0.0M |
| Net income | $0.1M | $0.4M | −$51.8M | −$93.1M | −$39.8M | −$30.2M | −$25.1M | −$28.6M |
| Net income to common | −$0.7M | −$0.3M | −$51.8M | −$349M | −$39.8M | −$30.2M | −$25.1M | — |
| Diluted EPS | −$0.29 | −$0.11 | −$1.51 | −$1.98 | −$0.60 | — | — | — |
| Diluted shares | 0.00B | 0.00B | 0.03B | 0.05B | 0.07B | — | — | — |
| Cash flow | ||||||||
| Cash from operations | −$0.5M | −$0.8M | −$2.3M | −$37.7M | −$39.8M | −$21.7M | −$10.6M | −$14.1M |
| Capital expenditure | — | — | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | — |
| Free cash flow | — | — | −$2.3M | −$37.7M | −$39.8M | −$21.7M | −$10.6M | — |
| Depreciation and amortization | — | — | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.1M |
| Stock-based compensation | — | — | $0.7M | $7.8M | $3.6M | $0.4M | $0.5M | $0.2M |
| Acquisitions | — | — | — | — | — | — | $0.0M | $2.4M |
| Balance sheet | ||||||||
| Cash and short-term investments | $0.0M | $0.9M | $1.9M | $27.6M | $20.1M | $4.6M | $1.4M | $7.8M |
| Total debt | — | — | — | — | $10.5M | $9.2M | — | — |
| Current assets | $0.0M | $0.1M | $2.9M | $32.7M | $25.8M | $6.9M | $3.3M | $8.9M |
| Current liabilities | $0.6M | $0.6M | $46.2M | $11.9M | $15.6M | $19.0M | $21.9M | $28.6M |
| Property and equipment, net | — | — | — | — | — | — | $0.0M | $0.1M |
| Goodwill | — | — | — | — | — | — | $0.0M | $1.8M |
| Intangible assets | — | — | — | — | — | — | $0.0M | $0.9M |
| Total assets | $70.8M | $32.1M | $2.9M | $32.7M | $25.8M | $7.3M | $3.7M | $13.0M |
| Total liabilities | $1.3M | $2.6M | $46.7M | $11.9M | $18.4M | $19.0M | $26.9M | $28.9M |
| Preferred stock | $0.0M | $0.0M | $0.0M | — | — | — | — | — |
| Shareholders' equity | $5.0M | −$4.8M | −$43.8M | $20.8M | $7.4M | −$11.7M | −$23.2M | −$15.9M |
| Margins | ||||||||
| Gross margin | — | — | — | — | — | — | — | 58.8% |
| Operating margin | −92.4% | −59.1% | −37,022.3% | — | — | — | — | −1,324.4% |
| EBITDA margin | — | — | −37,020.9% | — | — | — | — | −1,318.7% |
| Net margin | 6.1% | 33.9% | −37,303.3% | — | — | — | — | −2,336.5% |
| FCF margin | — | — | −1,633.3% | — | — | — | — | — |
| Net interest share of revenue | 100.0% | 100.0% | 100.0% | — | — | — | — | — |
| Returns | ||||||||
| Return on capital employed | −1.4% | −2.3% | 118.9% | −556.6% | −433.3% | 237.3% | 101.6% | 103.9% |
| Return on equity | 1.3% | 521.6% | — | — | −281.8% | — | — | — |
| Return on assets | 0.1% | 0.8% | −295.7% | −521.8% | −135.8% | −182.0% | −458.3% | −344.7% |
| Return on tangible equity | −15.0% | — | — | −1,676.8% | −536.6% | — | — | — |
| Growth | ||||||||
| Revenue growth | — | 10.7% | −88.5% | — | — | — | — | — |
| Net income growth | — | 517.9% | −12,778.0% | — | — | — | — | — |
| Share count change | — | 6.4% | 1,131.4% | 36.9% | 40.2% | — | — | — |
| Financial health | ||||||||
| Debt / equity | — | — | — | — | 1.4x | — | — | — |
| Interest coverage | — | — | −917.6x | −6,433.1x | — | −232.0x | −80.4x | −24.2x |
| Current ratio | 0.1x | 0.1x | 0.1x | 2.7x | 1.7x | 0.4x | 0.2x | 0.3x |
| Quick ratio | 0.1x | 0.1x | 0.1x | 2.7x | 1.7x | 0.4x | 0.2x | 0.3x |
| Capital allocation | ||||||||
| Capex / revenue | — | — | 1.4% | — | — | — | — | — |
| Stock comp / revenue | — | — | 525.9% | — | — | — | — | 18.6% |
| Quality scores | ||||||||
| Piotroski F-score | — | 4.0 | 2.0 | — | — | — | — | — |
| Altman Z'' | 4.0 | −2.2 | −314.8 | −36.0 | −36.7 | −149.9 | −316.8 | −96.2 |
| Accruals ratio | 0.8% | 2.3% | −282.8% | −310.4% | 0.0% | −51.3% | −264.3% | −174.7% |
Source: SEC EDGAR XBRL filings (CIK 0001719406). Data updated October 24, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.