NRX Pharmaceuticals, Inc.
Financial highlights
| Metric | FY 12/31/25 | FY 12/31/24 | FY 12/31/23 | FY 12/31/22 | FY 12/31/21 |
|---|---|---|---|---|---|
| Income Statement | |||||
| Revenue | $1.2M | $0 | $0 | — | — |
| Cost of revenue | $505,000 | $0 | — | — | — |
| Selling, general & administrative | $13.1M | $13.5M | — | — | — |
| Research and development | $3.8M | $6.2M | $13.4M | $17.0M | $20.3M |
| Operating expenses | — | $18.5M | $27.8M | $44.3M | $115.8M |
| Operating income | -$16.2M | -$18.5M | -$27.8M | -$44.3M | -$115.8M |
| Interest expense | $671,000 | $230,000 | $120,000 | — | $18,000 |
| Pretax income | — | — | — | -$39.8M | -$93.1M |
| Income tax expense | $0 | $0 | $0 | — | — |
| Net income | -$28.6M | -$25.1M | -$30.1M | -$39.8M | -$93.1M |
| Balance Sheet | |||||
| Cash and equivalents | $7.8M | $1.4M | $4.6M | $20.1M | $27.6M |
| Current assets | $8.9M | $3.3M | $6.9M | $25.8M | $32.7M |
| Total assets | $13.0M | $3.7M | $7.3M | $25.8M | $32.7M |
| Current liabilities | $28.6M | $21.9M | $19.0M | $15.6M | $11.9M |
| Total liabilities | $28.9M | $26.9M | $19.0M | $18.4M | $11.9M |
| Total debt | — | — | $11.0M | $11.0M | — |
| Stockholders' equity | -$15.9M | -$23.2M | -$11.7M | $7.4M | $20.8M |
| Cash Flow Statement | |||||
| Cash from operations | -$14.1M | -$10.6M | -$21.7M | -$39.8M | -$37.7M |
| Depreciation and amortization | $10,000 | $10,000 | $5,000 | $4,000 | $2,000 |
| Stock-based compensation | $228,000 | $486,000 | $387,000 | $3.6M | $7.8M |
| Capital expenditure | — | $0 | $3,000 | $10,000 | $7,000 |
| Free cash flow | — | -$10.6M | -$21.7M | -$39.8M | -$37.7M |
| Impairments | $0 | $0 | — | — | — |
Shares outstanding 36.2M · Free float 11.1%
Annual filing data through FY ended December 31, 2025; float as of July 15, 2026.