NRx Pharmaceuticals (NRXP) Financials

$4.24 -0.22 (-4.93%)

Closing price 07/16/2026 04:00 PM Eastern

Extended Trading

$4.28 +0.04 (+0.83%)

As of 07/16/2026 07:59 PM Eastern

Annual Income Statements for NRx Pharmaceuticals

This table shows NRx Pharmaceuticals' income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	0.07	0.41	-52	-349	-40	-30	-25	-29
Consolidated Net Income / (Loss)	0.07	0.41	-52	-93	-40	-30	-25	-29
Net Income / (Loss) Continuing Operations	0.07	0.41	-52	-93	-40	-30	-25	-29
Total Pre-Tax Income	0.08	0.49	-52	-93	-40	-30	-25	-29
Total Revenue	0.00	1.21	0.00	0.12	0.25	0.00	0.04	5.38
Net Interest Income / (Expense)	0.00	1.21	0.00	0.00	0.25	0.00	0.04	0.01
Total Interest Income	0.00	1.21	0.00	0.00	0.25	0.00	0.04	0.01
Investment Securities Interest Income	-	-	-	-	-	-	0.04	0.01
Total Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Non-Interest Income	0.00	0.00	0.00	0.12	0.00	0.00	0.00	5.37
Net Realized & Unrealized Capital Gains on Investments	-	-	0.00	0.12	-	-	0.00	5.37
Total Non-Interest Expense	-0.08	0.71	51	116	44	28	19	16
Marketing Expense	-	-	11	20	17	13	6.20	3.78
Other Operating Expenses	-0.08	0.71	41	96	27	14	12	14
Depreciation Expense	-	-	-	-	-	-	0.01	0.07
Other Special Charges	-	0.00	-	-	-	-	0.00	-1.23
Nonoperating Income / (Expense), net	-	0.00	-0.39	23	4.33	-2.31	-6.67	-18
Basic Earnings per Share	($0.29)	$0.04	($1.51)	($1.98)	($0.60)	($3.98)	($2.36)	($1.34)
Weighted Average Basic Shares Outstanding	2.61M	2.78M	34.27M	46.92M	65.77M	7.58M	10.64M	21.40M
Weighted Average Diluted Shares Outstanding	2.61M	2.78M	34.27M	46.92M	71.56M	95.70M	16.92M	33.07M
Weighted Average Basic & Diluted Shares Outstanding	2.61M	7.34M	546.59K	66.64M	71.56M	95.70M	16.92M	33.07M

This table shows NRx Pharmaceuticals' income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	3/31/2026
Net Income / (Loss) Attributable to Common Shareholders	-6.06	-9.87	-6.53	-7.90	-1.62	-4.81	-5.51	-18	-1.43
Consolidated Net Income / (Loss)	-6.06	-9.86	-6.53	-7.90	-1.62	-4.81	-5.51	-18	-1.43
Net Income / (Loss) Continuing Operations	-6.06	-9.86	-6.53	-7.90	-1.62	-4.81	-5.51	-18	-1.43
Total Pre-Tax Income	-6.06	-9.86	-6.53	-7.90	-1.62	-4.81	-5.51	-18	-1.43
Total Revenue	0.00	-	0.00	0.00	0.00	0.04	0.00	0.00	0.01
Net Interest Income / (Expense)	0.00	-	0.00	0.00	0.00	0.04	0.00	0.00	0.01
Total Interest Income	0.00	-	0.00	0.00	0.00	0.04	0.00	0.00	0.01
Investment Securities Interest Income	-	-	-	-	-	-	0.00	-	0.01
Total Interest Expense	0.00	-	0.00	0.00	0.00	-	0.00	0.00	0.00
Total Non-Interest Income	0.00	-	0.00	0.00	0.00	-	0.00	0.00	0.00
Total Non-Interest Expense	5.81	7.99	6.00	7.05	3.02	1.43	3.85	3.73	4.74
Marketing Expense	3.31	5.38	1.75	2.80	0.61	0.22	0.80	0.99	1.31
Other Operating Expenses	2.49	3.88	4.25	4.25	2.41	0.99	3.04	2.74	4.44
Depreciation Expense	-	-	-	-	0.00	-	0.00	-	0.06
Other Special Charges	-	-	0.00	0.00	0.00	0.24	0.00	0.00	-1.07
Nonoperating Income / (Expense), net	-0.25	-1.87	-0.53	-0.85	1.40	-3.43	-1.67	-14	3.31
Basic Earnings per Share	($0.74)	($1.30)	($0.74)	($0.75)	($0.15)	($0.45)	($0.34)	($0.98)	($0.04)
Weighted Average Basic Shares Outstanding	8.19M	7.58M	8.85M	10.52M	10.97M	10.64M	16.41M	17.93M	32.33M
Weighted Average Diluted Shares Outstanding	-	95.70M	10.70M	10.89M	28.10M	16.92M	17.29M	19.71M	36.23M
Weighted Average Basic & Diluted Shares Outstanding	-	95.70M	10.70M	10.89M	28.10M	16.92M	17.29M	19.71M	36.23M

This table details how cash moves in and out of NRx Pharmaceuticals' business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Change in Cash & Equivalents	-0.44	-0.01	0.98	26	-7.55	-15	-3.15	6.35
Net Cash From Operating Activities	-0.47	-0.79	-2.27	-38	-40	-22	-11	-14
Net Cash From Continuing Operating Activities	-0.47	-0.79	-2.27	-38	-40	-22	-11	-14
Net Income / (Loss) Continuing Operations	0.07	0.41	-52	-93	-40	-30	-25	-29
Consolidated Net Income / (Loss)	0.07	0.41	-52	-93	-40	-30	-25	-29
Provision For Loan Losses	-	-	-	-	-	-	0.00	0.04
Depreciation Expense	-	-	0.00	0.00	0.00	0.01	0.01	0.07
Amortization Expense	-	-	0.02	-	-	-	0.00	0.07
Non-Cash Adjustments to Reconcile Net Income	-1.09	-1.21	46	60	-0.70	3.32	9.19	13
Changes in Operating Assets and Liabilities, net	0.55	0.00	3.45	-4.90	0.70	5.16	5.29	1.41
Net Cash From Investing Activities	-0.65	40	-0.00	-0.01	-0.01	-0.00	0.00	-2.81
Net Cash From Continuing Investing Activities	-0.65	40	-0.00	-0.01	-0.01	-0.00	0.00	-2.81
Purchase of Investment Securities	-0.69	-0.99	-0.00	-0.01	-0.01	-0.00	0.00	-2.81
Net Cash From Financing Activities	0.68	-39	3.25	63	32	6.20	7.49	23
Net Cash From Continuing Financing Activities	0.68	-39	3.25	63	32	6.20	7.49	23
Issuance of Debt	0.69	1.39	0.62	0.00	10	0.94	7.08	5.23
Issuance of Common Equity	0.00	-	2.58	65	23	8.12	5.91	16
Repayment of Debt	0.00	-	0.00	-1.28	-0.52	-4.04	-9.47	-0.90
Other Financing Activities, Net	-0.01	-	0.00	0.00	0.01	0.00	3.97	3.09
Cash Interest Paid	-	-	-	-	0.00	0.89	0.37	0.00
Cash Income Taxes Paid	0.00	0.17	-	-	-	0.00	0.00	0.00

This table details how cash moves in and out of NRx Pharmaceuticals' business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	3/31/2026
Net Change in Cash & Equivalents	-6.07	-4.31	-3.28	0.58	-0.25	-0.20	4.11	-2.64	-1.08
Net Cash From Operating Activities	-4.56	-3.19	-3.67	-2.56	-2.31	-2.10	-3.48	-4.03	-4.30
Net Cash From Continuing Operating Activities	-4.56	-3.19	-3.67	-2.56	-2.31	-2.10	-3.48	-4.03	-4.30
Net Income / (Loss) Continuing Operations	-6.06	-4.33	-6.53	-7.90	-1.62	-9.08	-5.51	-18	-1.43
Consolidated Net Income / (Loss)	-6.06	-4.33	-6.53	-7.90	-1.62	-9.08	-5.51	-18	-1.43
Provision For Loan Losses	-	-	-	-	-	-	0.00	-	0.03
Depreciation Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	-	0.06
Amortization Expense	-	-	-	-	-	-	0.00	-	0.10
Non-Cash Adjustments to Reconcile Net Income	0.68	-1.28	0.57	2.29	-0.73	7.07	2.03	14	-3.39
Changes in Operating Assets and Liabilities, net	0.81	2.42	2.29	3.05	0.04	-0.09	0.00	-0.52	0.33
Net Cash From Investing Activities	-0.00	0.00	0.00	-	-	-	0.00	-	-0.21
Net Cash From Continuing Investing Activities	-0.00	0.00	0.00	-	-	-	0.00	-	-0.21
Purchase of Investment Securities	-0.00	0.00	0.00	-	-	-	0.00	-	-0.21
Net Cash From Financing Activities	-1.50	-1.12	0.40	3.14	2.05	1.90	7.59	1.39	3.42
Net Cash From Continuing Financing Activities	-1.50	-1.12	0.40	3.14	2.05	1.90	7.59	1.39	3.42
Issuance of Common Equity	-	-	2.55	3.14	0.22	-	8.26	1.01	3.42
Repayment of Debt	-2.67	-1.27	-2.16	-0.00	-3.17	-4.15	-0.67	-0.07	0.00
Cash Interest Paid	0.44	0.24	0.37	-	-	-	0.00	-	0.00
Cash Income Taxes Paid	-	-	0.00	-	-	-	0.00	-	0.00

This table presents NRx Pharmaceuticals' assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Total Assets	70	71	32	2.94	33	26	7.32	3.65	13
Cash and Due from Banks	0.45	0.01	0.00	1.86	28	20	4.60	1.44	7.80
Trading Account Securities	-	-	-	-	-	-	-	0.00	0.40
Loans and Leases, Net of Allowance	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Premises and Equipment, Net	-	-	-	-	-	-	-	0.01	0.06
Goodwill	-	-	-	-	-	-	-	0.00	1.79
Intangible Assets	-	-	-	-	-	-	-	0.00	0.93
Other Assets	69	71	32	1.08	5.12	5.76	2.72	2.20	1.98
Total Liabilities & Shareholders' Equity	70	71	32	2.94	33	26	7.32	3.65	13
Total Liabilities	0.09	1.26	2.57	47	6.06	18	19	27	29
Short-Term Debt	0.00	0.02	1.54	43	3.69	9.78	4.63	4.45	4.59
Accrued Interest Payable	0.01	-	-	4.07	2.38	5.77	9.16	11	12
Other Short-Term Payables	0.09	0.55	0.62	0.00	-	0.04	0.02	6.02	12
Other Long-Term Liabilities	-	-	-	-	-	-	5.24	0.00	0.32
Commitments & Contingencies	0.00	0.00	0.00	-	-	-	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	5.00	5.00	5.00	-44	-183	7.41	-12	-23	-16
Total Preferred & Common Equity	5.00	5.00	5.00	-44	21	7.41	-12	-23	-16
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	5.00	5.00	5.00	-44	-183	7.41	-12	-23	-16
Common Stock	5.11	5.04	4.63	46	0.06	230	241	255	291
Retained Earnings	-0.11	-0.04	0.37	-90	-183	-223	-253	-278	-307

This table presents NRx Pharmaceuticals' assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q1 2026
Period end date	3/31/2024	6/30/2024	9/30/2025	3/31/2025	6/30/2025	3/31/2026
Total Assets	3.79	5.26	15	7.59	4.84	12
Cash and Due from Banks	1.32	1.90	7.18	5.55	2.91	6.71
Trading Account Securities	-	-	-	-	-	0.40
Loans and Leases, Net of Allowance	0.00	0.00	0.00	0.00	0.00	0.00
Premises and Equipment, Net	-	-	0.07	-	-	0.26
Goodwill	-	-	0.61	-	-	1.79
Intangible Assets	-	-	1.78	-	-	0.88
Other Assets	2.47	3.37	5.36	2.04	1.93	1.86
Total Liabilities & Shareholders' Equity	3.79	5.26	15	7.59	4.84	12
Total Liabilities	19	24	41	33	40	26
Short-Term Debt	6.27	-	4.41	4.31	4.01	4.40
Accrued Interest Payable	13	-	20	8.40	9.85	11
Other Short-Term Payables	0.03	-	16	9.85	16	9.50
Other Long-Term Liabilities	-	16	0.16	10	10	0.54
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	-15	-18	-26	-25	-36	-14
Total Preferred & Common Equity	-15	-18	-26	-25	-36	-14
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	-15	-18	-26	-25	-36	-14
Common Stock	245	249	282	259	266	295
Retained Earnings	-260	-268	-307	-284	-301	-308

This table displays calculated financial ratios and metrics derived from NRx Pharmaceuticals' official financial filings.

Metric	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
DEI Shares Outstanding	9,035,500.00	2,716,028.00	2,688,242.00	117,620,676.00	67,641,314.00	81,700,918.00	12,094,094.00	28,097,627.00
DEI Adjusted Shares Outstanding	903,550.00	271,603.00	268,824.00	11,762,068.00	6,764,131.00	8,170,092.00	12,094,094.00	28,097,627.00
DEI Earnings Per Adjusted Shares Outstanding	0.07	1.50	-192.61	-7.91	-5.88	-3.69	-2.08	-1.02
Growth Metrics	-	-	-	-	-	-	-	-
Revenue Growth	0.00%	0.00%	-100.00%	0.00%	105.79%	-100.00%	0.00%	12,129.55%
EBITDA Growth	0.00%	497.77%	-10,527.23%	-125.18%	61.89%	36.86%	33.70%	42.01%
EBIT Growth	0.00%	497.77%	-10,531.09%	-125.11%	61.89%	36.86%	33.69%	41.26%
NOPAT Growth	0.00%	517.88%	-8,907.18%	-125.11%	61.89%	36.86%	33.69%	41.26%
Net Income Growth	0.00%	517.88%	-12,777.17%	-79.74%	57.28%	24.16%	16.66%	-13.91%
EPS Growth	0.00%	100.00%	0.00%	-31.13%	0.00%	0.00%	0.00%	0.00%
Operating Cash Flow Growth	0.00%	-67.53%	-185.72%	-1,564.59%	-5.44%	45.52%	50.88%	-32.67%
Free Cash Flow Firm Growth	0.00%	0.00%	-108.64%	-3,220.07%	81.76%	137.17%	-182.09%	-59.77%
Invested Capital Growth	0.00%	-55.23%	-103.60%	2,782.79%	-34.08%	-135.49%	-93.80%	17.52%
Revenue Q/Q Growth	0.00%	55.53%	-100.00%	0.00%	4.18%	-100.00%	0.00%	0.00%
EBITDA Q/Q Growth	0.00%	-51.70%	-1,023.52%	-5.74%	49.44%	5.98%	26.35%	0.00%
EBIT Q/Q Growth	0.00%	-51.70%	-1,023.94%	-5.74%	49.43%	5.98%	26.34%	0.00%
NOPAT Q/Q Growth	0.00%	-9.70%	-985.89%	-5.74%	49.43%	5.98%	26.34%	0.00%
Net Income Q/Q Growth	0.00%	-9.70%	-978.47%	15.12%	33.65%	1.25%	16.73%	0.00%
EPS Q/Q Growth	0.00%	100.00%	-3,120.00%	71.95%	0.00%	0.00%	0.00%	0.00%
Operating Cash Flow Q/Q Growth	0.00%	-31.78%	-6.82%	-40.53%	6.93%	19.14%	9.33%	0.00%
Free Cash Flow Firm Q/Q Growth	0.00%	0.00%	-110.53%	-32.36%	68.89%	529.44%	-264.52%	0.00%
Invested Capital Q/Q Growth	0.00%	-23.56%	-120.02%	116.19%	5.59%	0.00%	35.53%	0.00%
Profitability Metrics	-	-	-	-	-	-	-	-
EBITDA Margin	0.00%	40.85%	0.00%	-95,597.52%	-17,703.61%	0.00%	-41,938.64%	-198.85%
EBIT Margin	0.00%	40.85%	0.00%	-95,599.17%	-17,705.22%	0.00%	-41,950.00%	-201.51%
Profit (Net Income) Margin	0.00%	33.87%	0.00%	-76,911.57%	-15,965.46%	0.00%	-57,104.55%	-531.91%
Tax Burden Percent	80.21%	82.91%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%
Interest Burden Percent	100.00%	100.00%	100.76%	80.45%	90.17%	108.31%	136.13%	263.97%
Effective Tax Rate	19.79%	17.09%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Invested Capital (ROIC)	0.00%	0.80%	0.00%	-554.18%	-122.55%	0.00%	0.00%	0.00%
ROIC Less NNEP Spread (ROIC-NNEP)	0.00%	0.80%	0.00%	-563.62%	-130.41%	0.00%	0.00%	0.00%
Return on Net Nonoperating Assets (RNNOA)	0.00%	0.02%	0.00%	636.19%	167.78%	0.00%	0.00%	0.00%
Return on Equity (ROE)	0.10%	0.82%	725.66%	82.01%	45.23%	1,394.54%	143.76%	146.18%
Cash Return on Invested Capital (CROIC)	0.00%	77.09%	0.00%	-370.49%	-81.47%	0.00%	0.00%	0.00%
Operating Return on Assets (OROA)	0.00%	0.96%	0.00%	-648.58%	-150.61%	0.00%	-336.64%	-130.58%
Return on Assets (ROA)	0.00%	0.79%	0.00%	-521.80%	-135.81%	0.00%	-458.25%	-344.70%
Return on Common Equity (ROCE)	0.01%	0.08%	1,971.52%	82.01%	45.23%	1,395.51%	143.77%	146.18%
Return on Equity Simple (ROE_SIMPLE)	1.32%	8.17%	118.29%	-447.29%	-536.56%	256.97%	108.19%	179.59%
Net Operating Profit after Tax (NOPAT)	0.07	0.41	-36	-81	-31	-19	-13	-7.59
NOPAT Margin	0.00%	33.87%	0.00%	-66,919.42%	-12,393.65%	0.00%	-29,365.00%	-141.05%
Net Nonoperating Expense Percent (NNEP)	0.00%	0.00%	70.89%	9.44%	7.87%	123.76%	173.21%	299.45%
SG&A Expenses to Revenue	0.00%	0.00%	0.00%	16,741.32%	6,838.15%	0.00%	14,088.64%	70.19%
Operating Expenses to Revenue	0.00%	59.15%	0.00%	95,699.17%	17,805.22%	0.00%	42,050.00%	301.51%
Earnings before Interest and Taxes (EBIT)	0.08	0.49	-51	-116	-44	-28	-18	-11
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	0.08	0.49	-51	-116	-44	-28	-18	-11
Valuation Ratios	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.84	1.29	0.00	0.00	1.01	0.00	0.00	0.00
Price to Tangible Book Value (P/TBV)	1.84	1.29	0.00	0.00	1.01	0.00	0.00	0.00
Price to Revenue (P/Rev)	0.00	5.33	0.00	232.33	30.15	0.00	604.70	14.15
Price to Earnings (P/E)	139.43	15.75	0.00	0.00	0.00	0.00	0.00	0.00
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.72%	6.35%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	1.06	1.05	0.00	0.14	0.00	0.00	0.00	0.00
Enterprise Value to Revenue (EV/Rev)	0.00	27.27	0.00	34.66	0.22	0.00	786.93	13.55
Enterprise Value to EBITDA (EV/EBITDA)	903.39	66.75	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to EBIT (EV/EBIT)	903.39	66.75	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	1,126.31	80.52	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.84	0.00	0.00	0.00	0.50	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-
Debt to Equity	0.01	0.07	-0.97	-0.02	1.70	-0.39	-0.41	-0.29
Long-Term Debt to Equity	0.01	0.01	0.00	0.00	0.38	0.00	-0.22	0.00
Financial Leverage	0.01	0.03	-3.12	-1.13	-1.29	-3.99	-0.40	-0.36
Leverage Ratio	1.01	1.04	-2.45	-0.16	-0.33	-7.66	-0.31	-0.42
Compound Leverage Factor	1.01	1.04	-2.47	-0.13	-0.30	-8.30	-0.43	-1.12
Debt to Total Capital	1.01%	6.21%	-3,768.62%	-2.05%	62.97%	-65.23%	-68.75%	-40.40%
Short-Term Debt to Total Capital	0.02%	4.88%	-3,768.62%	-2.05%	48.87%	-65.23%	-32.34%	-40.40%
Long-Term Debt to Total Capital	0.98%	1.32%	0.00%	0.00%	14.10%	0.00%	-36.41%	0.00%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	91.88%	77.90%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	7.12%	15.90%	3,868.62%	102.05%	37.03%	165.27%	168.75%	140.40%
Debt to EBITDA	8.57	3.96	-0.83	-0.03	-0.29	-0.17	-0.51	-0.43
Net Debt to EBITDA	8.44	3.96	-0.79	0.21	0.17	0.00	-0.43	0.30
Long-Term Debt to EBITDA	8.37	0.84	0.00	0.00	-0.06	0.00	-0.27	0.00
Debt to NOPAT	10.69	4.78	-1.19	-0.05	-0.41	-0.24	-0.73	-0.60
Net Debt to NOPAT	10.52	4.78	-1.13	0.30	0.24	0.00	-0.62	0.42
Long-Term Debt to NOPAT	10.44	1.02	0.00	0.00	-0.09	0.00	-0.39	0.00
Noncontrolling Interest Sharing Ratio	92.81%	89.90%	-171.69%	0.00%	0.00%	-0.07%	-0.01%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-
Cash Flow Metrics	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	0.00	39	-3.39	-112	-21	7.63	-6.26	-10
Operating Cash Flow to CapEx	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-
Asset Turnover	0.00	0.02	0.00	0.01	0.01	0.00	0.01	0.65
Fixed Asset Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	147.42
Capital & Investment Metrics	-	-	-	-	-	-	-	-
Invested Capital	70	31	-1.13	30	20	-7.10	-14	-11
Invested Capital Turnover	0.00	0.02	0.00	0.01	0.01	0.00	0.00	-0.43
Increase / (Decrease) in Invested Capital	0.00	-39	-33	31	-10	-27	-6.66	2.41
Enterprise Value (EV)	74	33	47	4.19	0.06	3.80	35	73
Market Capitalization	9.22	6.43	6.56	28	7.51	3.76	27	76
Book Value per Share	$0.55	$0.82	($16.28)	($3.11)	$0.11	($0.14)	($1.92)	($0.57)
Tangible Book Value per Share	$0.55	$0.82	($16.28)	($3.11)	$0.11	($0.14)	($1.92)	($0.66)
Total Capital	70	31	-1.13	-179	20	-7.10	-14	-11
Total Debt	0.71	1.95	43	3.69	13	4.63	9.46	4.59
Total Long-Term Debt	0.69	0.42	0.00	0.00	2.82	0.00	5.01	0.00
Net Debt	0.70	1.95	41	-24	-7.45	0.04	8.02	-3.21
Capital Expenditures (CapEx)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Nonoperating Expense (NNE)	0.00	0.00	16	12	8.89	11	12	21
Net Nonoperating Obligations (NNO)	0.71	1.95	43	214	13	4.63	9.46	4.59
Total Depreciation and Amortization (D&A)	0.00	0.00	0.02	0.00	0.00	0.01	0.01	0.14
Earnings Adjustments	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($29.00)	($11.00)	$0.00	($198.00)	($60.00)	($40.00)	($2.36)	($1.34)
Adjusted Weighted Average Basic Shares Outstanding	90.36K	27.16K	0.00	469.18K	657.67K	757.62K	10.64M	21.40M
Adjusted Diluted Earnings per Share	($29.00)	($11.00)	$0.00	($198.00)	($60.00)	$0.00	$0.00	$0.00
Adjusted Weighted Average Diluted Shares Outstanding	90.36K	27.16K	0.00	469.18K	657.67K	957.00K	16.92M	33.07M
Adjusted Basic & Diluted Earnings per Share	($29.00)	($11.00)	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	26.15K	27.83K	0.00	666.41K	715.58K	957.00K	16.92M	33.07M
Normalized Net Operating Profit after Tax (NOPAT)	0.07	0.41	-36	-81	-31	-19	-13	-8.45
Normalized NOPAT Margin	0.00%	33.87%	0.00%	-66,919.42%	-12,393.65%	0.00%	-29,365.00%	-156.99%
Pre Tax Income Margin	0.00%	40.85%	0.00%	-76,911.57%	-15,965.46%	0.00%	-57,104.55%	-531.91%
Debt Service Ratios	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Payout Ratios	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	0.00%	9,971.60%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

This table displays calculated financial ratios and metrics derived from NRx Pharmaceuticals' official financial filings.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	3/31/2026
DEI Shares Outstanding	81,700,918.00	81,700,918.00	95,699,780.00	10,700,609.00	10,894,693.00	12,094,094.00	16,915,647.00	17,289,192.00	33,067,630.00
DEI Adjusted Shares Outstanding	8,170,092.00	8,170,092.00	9,569,978.00	10,700,609.00	10,894,693.00	12,094,094.00	16,915,647.00	17,289,192.00	33,067,630.00
DEI Earnings Per Adjusted Shares Outstanding	-0.74	-1.21	-0.68	-0.74	-0.15	-0.40	-0.33	-1.02	-0.04
Growth Metrics	-	-	-	-	-	-	-	-	-
Revenue Growth	-100.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	25.00%
EBITDA Growth	35.81%	18.15%	-2.46%	13.90%	47.98%	82.66%	135.93%	-11.66%	-19.00%
EBIT Growth	35.79%	18.15%	-2.46%	13.90%	47.97%	82.65%	35.93%	94.18%	-23.26%
NOPAT Growth	35.79%	18.15%	-2.46%	13.90%	47.97%	82.65%	135.93%	47.09%	-23.26%
Net Income Growth	33.26%	3.73%	-18.43%	9.41%	73.23%	51.20%	15.56%	-245.26%	74.06%
EPS Growth	0.00%	3.73%	0.00%	0.00%	0.00%	65.38%	0.00%	0.00%	0.00%
Operating Cash Flow Growth	27.16%	61.63%	39.71%	67.20%	49.47%	34.27%	10.41%	-114.44%	-23.42%
Free Cash Flow Firm Growth	232.40%	512.51%	40.56%	90.16%	29.20%	-73.56%	41.60%	-2.27%	-217.85%
Invested Capital Growth	0.00%	-135.49%	-152.64%	-183.42%	0.00%	-93.80%	-273.65%	-194.29%	77.42%
Revenue Q/Q Growth	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-90.91%	0.00%	0.00%
EBITDA Q/Q Growth	29.08%	-37.55%	24.91%	-17.54%	57.16%	54.14%	-77.40%	0.00%	0.00%
EBIT Q/Q Growth	29.07%	-37.52%	24.90%	-17.54%	57.13%	54.14%	-77.27%	0.00%	0.00%
NOPAT Q/Q Growth	29.07%	-37.52%	24.90%	-17.54%	57.13%	54.14%	-77.27%	0.00%	0.00%
Net Income Q/Q Growth	30.46%	-62.64%	33.79%	-20.97%	79.45%	-196.43%	85.43%	0.00%	0.00%
EPS Q/Q Growth	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Cash Flow Q/Q Growth	41.58%	30.06%	-15.01%	30.21%	9.99%	9.02%	-131.74%	-31.49%	0.00%
Free Cash Flow Firm Q/Q Growth	51.52%	44.58%	-0.88%	-12.43%	2.95%	-70.41%	996.74%	-89.01%	0.00%
Invested Capital Q/Q Growth	-100.00%	0.00%	-23.98%	-21.99%	-98.75%	35.53%	-406.02%	48.41%	0.00%
Profitability Metrics	-	-	-	-	-	-	-	-	-
EBITDA Margin	0.00%	0.00%	0.00%	0.00%	0.00%	-3,147.73%	-96,050.00%	0.00%	-91,440.00%
EBIT Margin	0.00%	0.00%	0.00%	0.00%	0.00%	-3,150.00%	-96,075.00%	0.00%	-94,740.00%
Profit (Net Income) Margin	0.00%	0.00%	0.00%	0.00%	0.00%	-10,934.09%	-137,800.00%	0.00%	-28,600.00%
Tax Burden Percent	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	0.00%	200.00%	100.00%
Interest Burden Percent	104.37%	123.44%	108.84%	112.01%	53.71%	347.11%	0.00%	471.34%	30.19%
Effective Tax Rate	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Invested Capital (ROIC)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
ROIC Less NNEP Spread (ROIC-NNEP)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Net Nonoperating Assets (RNNOA)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Equity (ROE)	0.00%	1,394.54%	25.04%	286.30%	117.16%	143.76%	212.32%	209.47%	125.92%
Cash Return on Invested Capital (CROIC)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Return on Assets (OROA)	0.00%	0.00%	0.00%	0.00%	0.00%	-25.28%	-810.62%	0.00%	-52,315.26%
Return on Assets (ROA)	0.00%	0.00%	0.00%	0.00%	0.00%	-87.74%	-1,162.66%	0.00%	-15,792.87%
Return on Common Equity (ROCE)	0.00%	1,395.51%	25.04%	286.30%	117.16%	143.77%	212.32%	104.74%	125.92%
Return on Equity Simple (ROE_SIMPLE)	0.00%	0.00%	206.82%	165.00%	117.16%	0.00%	169.74%	158.82%	177.62%
Net Operating Profit after Tax (NOPAT)	-4.07	-5.59	-4.20	-4.94	-2.12	-0.97	-2.69	-2.61	-3.32
NOPAT Margin	0.00%	0.00%	0.00%	0.00%	0.00%	-2,205.00%	-67,252.50%	0.00%	-66,318.00%
Net Nonoperating Expense Percent (NNEP)	0.00%	49.53%	1.81%	25.39%	-22.34%	54.51%	53.36%	256.80%	-43.30%
SG&A Expenses to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	495.45%	20,100.00%	0.00%	26,180.00%
Operating Expenses to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	3,250.00%	96,175.00%	0.00%	94,840.00%
Earnings before Interest and Taxes (EBIT)	-5.81	-7.99	-6.00	-7.05	-3.02	-1.39	-3.84	-3.73	-4.74
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-5.81	-7.99	-6.00	-7.05	-3.02	-1.39	-3.84	-7.46	-4.57
Valuation Ratios	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	16.22	0.00	0.00	0.00	0.00	604.70	722.44	0.00	13.09
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Revenue (EV/Rev)	0.00	0.00	0.00	0.00	0.00	786.93	696.67	0.00	12.66
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.50	8.43	6.60	4.11	0.00	52.75	53.72	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-
Debt to Equity	0.00	-0.39	-0.42	-0.42	-0.17	-0.41	-0.34	-0.23	-0.32
Long-Term Debt to Equity	0.00	0.00	0.00	-0.42	0.00	-0.22	0.00	0.00	0.00
Financial Leverage	0.00	-3.99	-1.03	-1.10	-0.17	-0.40	-0.53	-0.22	-0.22
Leverage Ratio	0.00	-7.66	-0.10	-1.18	-0.58	-0.31	-0.57	-0.37	-0.50
Compound Leverage Factor	0.00	-9.46	-0.11	-1.32	-0.31	-1.09	0.00	-1.76	-0.15
Debt to Total Capital	0.00%	-65.23%	-71.16%	-71.24%	-20.65%	-68.75%	-41.35%	-25.36%	-46.71%
Short-Term Debt to Total Capital	0.00%	-65.23%	-71.16%	0.00%	-20.65%	-32.34%	-20.68%	-12.68%	-46.71%
Long-Term Debt to Total Capital	0.00%	0.00%	0.00%	-71.24%	0.00%	-36.41%	0.00%	0.00%	0.00%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	0.00%	165.27%	171.16%	171.24%	120.65%	168.75%	120.68%	225.36%	146.71%
Debt to EBITDA	0.00	-0.17	-0.22	-0.29	-0.18	-0.51	-0.61	-0.44	-0.38
Net Debt to EBITDA	0.00	0.00	-0.18	-0.21	0.11	-0.43	0.08	-0.12	0.20
Long-Term Debt to EBITDA	0.00	0.00	0.00	-0.29	0.00	-0.27	0.00	0.00	0.00
Debt to NOPAT	0.00	-0.24	-0.32	-0.41	-0.25	-0.73	-0.38	-0.41	-0.54
Net Debt to NOPAT	0.00	0.00	-0.25	-0.31	0.16	-0.62	0.20	-0.11	0.28
Long-Term Debt to NOPAT	0.00	0.00	0.00	-0.41	0.00	-0.39	0.00	0.00	0.00
Noncontrolling Interest Sharing Ratio	0.00%	-0.07%	0.00%	0.00%	0.00%	-0.01%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-
Cash Flow Metrics	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	15	22	21	19	19	5.69	30	18	-36
Operating Cash Flow to CapEx	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-
Asset Turnover	0.00	0.00	0.00	0.00	0.00	0.01	0.01	0.00	0.55
Fixed Asset Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-
Invested Capital	0.00	-7.10	-8.80	-11	-21	-14	-42	-32	-9.42
Invested Capital Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	-0.21
Increase / (Decrease) in Invested Capital	-19	-27	-26	-24	-21	-6.66	-66	-42	32
Enterprise Value (EV)	0.00	3.80	50	32	16	35	33	57	68
Market Capitalization	2.12	3.76	45	26	18	27	35	56	70
Book Value per Share	$0.00	($0.14)	($0.16)	($1.72)	($2.36)	($1.92)	($2.97)	($4.12)	($0.42)
Tangible Book Value per Share	$0.00	($0.14)	($0.16)	($1.72)	($2.58)	($1.92)	($2.97)	($2.06)	($0.50)
Total Capital	0.00	-7.10	-8.80	-11	-21	-14	-42	-32	-9.42
Total Debt	0.00	4.63	6.27	7.65	4.41	9.46	8.62	4.01	4.40
Total Long-Term Debt	0.00	0.00	0.00	7.65	0.00	5.01	0.00	0.00	0.00
Net Debt	0.00	0.04	4.95	5.75	-2.78	8.02	-2.47	2.20	-2.31
Capital Expenditures (CapEx)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Nonoperating Expense (NNE)	2.00	4.27	2.33	2.96	-0.49	3.84	2.82	30	-1.89
Net Nonoperating Obligations (NNO)	0.00	4.63	6.27	7.65	4.41	9.46	4.31	8.02	4.40
Total Depreciation and Amortization (D&A)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.17
Earnings Adjustments	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.00	($130.00)	($0.74)	($0.75)	($0.15)	($0.45)	$0.00	($0.98)	($0.04)
Adjusted Weighted Average Basic Shares Outstanding	0.00	75.76K	8.85M	10.52M	10.97M	10.64M	0.00	17.93M	32.33M
Adjusted Diluted Earnings per Share	$0.00	($130.00)	($0.74)	$0.00	$0.00	($0.45)	$0.00	$0.00	$0.00
Adjusted Weighted Average Diluted Shares Outstanding	0.00	957.00K	8.85M	10.89M	28.10M	16.92M	17.29M	19.71M	36.23M
Adjusted Basic & Diluted Earnings per Share	$0.00	($130.00)	$0.00	$0.00	$0.00	($0.45)	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	0.00	957.00K	10.70M	10.89M	28.10M	16.92M	17.29M	19.71M	36.23M
Normalized Net Operating Profit after Tax (NOPAT)	-4.07	-5.59	-4.20	-4.94	-2.12	-0.80	-2.69	-2.61	-4.06
Normalized NOPAT Margin	0.00%	0.00%	0.00%	0.00%	0.00%	-1,820.00%	-67,252.50%	0.00%	-81,270.00%
Pre Tax Income Margin	0.00%	0.00%	0.00%	0.00%	0.00%	-10,934.09%	-137,800.00%	0.00%	-28,600.00%
Debt Service Ratios	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Financials Breakdown Chart

Key Financial Trends

NRX Pharmaceuticals continues to operate with very limited revenue and significant losses. Over the last four years, the company has remained heavily dependent on outside financing to fund operations, while cash burn has stayed elevated. The most recent quarter, Q1 2026, shows a somewhat improved operating loss versus prior periods, but the balance sheet remains highly leveraged and shareholder equity is still negative.

Q1 2026 operating cash burn improved meaningfully versus prior periods, with net cash used in operating activities of $4.3 million compared with $4.0 million in Q2 2025 and $3.5 million in Q1 2025, but still a significant outflow.
The company raised $3.4 million from common equity in Q1 2026, helping offset losses and keep cash on the balance sheet.
Q1 2026 cash and equivalents increased to $6.7 million from $2.9 million at Q2 2025 and $5.5 million at Q1 2025, giving the company more short-term liquidity than it had mid-2025.
Net loss narrowed sharply in Q1 2026 to $1.43 million from $17.6 million in Q2 2025 and $5.5 million in Q1 2025, though the quarter benefited from non-operating items.
Basic EPS improved to $(0.04) in Q1 2026 from $(0.98) in Q2 2025 and $(0.34) in Q1 2025, reflecting the smaller quarterly loss.

Revenue remains extremely small: Q1 2026 total revenue was only $5,000, compared with $0 in Q2 2025 and Q1 2025. The company is still not generating meaningful product or service sales.
Operating expenses remain material relative to revenue, with Q1 2026 non-interest expense of $4.74 million, led by $4.44 million in other operating expenses and $1.31 million in marketing.
The company’s equity base is supported by repeated financing activity, and share count has been rising, which can dilute existing shareholders.
Non-operating income helped reduce the pretax loss in Q1 2026, with $3.31 million of nonoperating income versus the underlying operating loss, making the quarter’s bottom line look better than core operations alone would suggest.

The balance sheet remains highly strained, with negative total equity of $13.8 million in Q1 2026.
Total liabilities were $25.7 million versus total assets of only $11.9 million, indicating a weak capital structure.
Accrued interest payable was very large at $11.3 million in Q1 2026, signaling ongoing debt burden and potential pressure on future cash flow.
Short-term debt stood at $4.4 million in Q1 2026, while the company had just $6.7 million in cash, leaving limited cushion if financing is delayed.
Over the four-year period, NRXP has consistently reported losses and negative operating cash flow, suggesting the business has not yet reached sustainable profitability.

Bottom line: NRX Pharmaceuticals has improved its quarter-to-quarter loss profile, but the broader trend still points to a pre-commercial or early-stage company that relies on financing to survive. Investors should focus on whether the company can grow revenue, reduce operating losses, and improve its debt situation before the balance sheet becomes more stretched.

07/17/26 03:10 AM ETAI Generated. May Contain Errors.

NRx Pharmaceuticals Financials - Frequently Asked Questions

According to the most recent income statement we have on file, NRx Pharmaceuticals' financial year ends in December. Their financial year 2025 ended on December 31, 2025.

NRx Pharmaceuticals' net income appears to be on an upward trend, with a most recent value of -$28.62 million in 2025, falling from $66.10 thousand in 2018. The previous period was -$25.13 million in 2024. View NRx Pharmaceuticals' forecast to see where analysts expect NRx Pharmaceuticals to go next.

Over the last 7 years, NRx Pharmaceuticals' total revenue changed from $0.00 in 2018 to $5.38 million in 2025, a change of 538,100,000.0%.

NRx Pharmaceuticals' total liabilities were at $28.89 million at the end of 2025, a 7.5% increase from 2024, and a 30,910.7% increase since 2017.

In the past 8 years, NRx Pharmaceuticals' cash and equivalents has ranged from $6.00 in 2019 to $27.61 million in 2021, and is currently $7.80 million as of their latest financial filing in 2025.

Over the last 7 years, NRx Pharmaceuticals' book value per share changed from 0.55 in 2018 to -0.57 in 2025, a change of -202.5%.

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Financial statements for NASDAQ:NRXP last updated on 7/9/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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NRx Pharmaceuticals (NRXP) Financials

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NRx Pharmaceuticals (NRXP) Financials

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