Income statement, balance sheet and cash flow statement for the last 8 fiscal years, taken from the XBRL data NRX Pharmaceuticals, Inc. files with the SEC in its annual reports.
In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.
Income statement
FY2018
FY2019
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Revenue
0
0
1.45
Cost of revenue
0
0.51
Gross profit
0
0.94
Research and development
10.6
20.3
17
13.4
6.2
3.78
Selling, general and administrative
13.5
13.1
General and administrative
11.4
74.9
27.3
14.2
13.5
Operating expenses
1.01
0.71
51.4
116
44.3
27.8
18.5
Operating income
-1.01
-0.71
-51.4
-116
-44.3
-27.8
-18.5
-16.2
Interest expense
0.06
0.02
0.12
0.23
0.67
Interest income
0.25
0.49
0.04
0.01
Other non-operating income
1.09
1.21
-0.39
22.7
4.58
-2.31
-6.62
-12.4
Pre-tax income
0.08
0.49
-51.8
-93.1
-39.8
Income tax
0.02
0.08
0.02
0
0
0
Net income
0.07
0.41
-51.8
-93.1
-39.8
-30.2
-25.1
-28.6
EBITDA
-51.4
-116
-44.3
-27.8
-18.5
-16.2
EPS, basic
-0.29
-0.11
-1.51
-1.98
-0.60
-3.98
-2.36
-1.34
EPS, diluted
-0.29
-0.11
-1.51
-1.98
-0.60
-3.98
-2.36
-1.34
Shares, basic (weighted)
2.61
2.78
34.3
46.9
65.8
7.58
10.6
21.4
Shares, diluted (weighted)
2.61
2.78
34.3
46.9
65.8
7.58
10.6
21.4
Balance sheet
FY2018
FY2019
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Cash and equivalents
0.01
0.88
1.86
27.6
20.1
4.6
1.44
7.8
Receivables
0.83
0
0.16
Other current assets
0.07
0.03
5.11
5.74
2.29
1.86
0.93
Total current assets
0.03
0.07
2.93
32.7
25.8
6.88
3.3
8.89
Property, plant and equipment
0.01
0.06
Goodwill
0
1.79
Intangible assets
0
0.93
Other non-current assets
0.01
0.02
0.02
0.43
0.34
0.25
Total assets
70.8
32.1
2.94
32.7
25.8
7.32
3.65
13
Accounts payable
0.55
0.62
3.15
3.69
2.08
4.63
4.13
4.27
Accrued liabilities
0
1.73
2.38
4.86
4.71
0.58
0.5
Deferred revenue
0.29
Short-term debt
7.7
9.16
Total current liabilities
0.57
0.62
46.2
11.9
15.6
19
21.9
28.6
Long-term debt
0.69
1.54
2.82
Total liabilities
1.26
2.57
46.7
11.9
18.4
19
26.9
28.9
Total debt
10.5
9.16
Paid-in capital
5.04
4.63
46.4
204
230
241
255
291
Retained earnings
-0.04
0.37
-90.2
-183
-223
-253
-278
-307
Other comprehensive income
-0
0
Shareholders' equity
5
-4.84
-43.8
20.8
7.41
-11.7
-23.2
-15.9
Total equity
5
-4.84
-43.8
20.8
7.41
-11.7
-23.2
-15.9
Total liabilities and equity
70.8
32.1
2.94
32.7
25.8
7.32
3.65
13
Shares outstanding
2.73
2.84
43
58.8
66.4
8.39
14.6
31.7
Cash flow statement
FY2018
FY2019
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Net income
0.07
0.41
-51.8
-93.1
-39.8
-30.2
-25.1
-28.6
Depreciation and amortization
0
0
0
0.01
0.01
0.07
Stock-based compensation
0.73
7.79
3.63
0.39
0.49
0.23
Deferred income tax
0
0
0
Change in receivables
-0.83
0.83
0
0.05
Change in payables
0.47
0.07
1.18
-0.02
-1.61
2.66
-5.22
0.11
Cash from operations
-0.47
-0.79
-2.27
-37.7
-39.8
-21.7
-10.6
-14.1
Capital expenditures
-0
-0.01
-0.01
-0
0
Acquisitions
0
-2.38
Purchases of investments
-0.69
-0.99
-0.28
0
-0.43
Cash from investing
-0.65
40.2
-0
-0.01
-0.01
-0
0
-2.81
Stock issued
0
-40.7
-26.3
0.01
0
6.39
Cash from financing
0.68
-39.5
3.25
63.5
32.2
6.2
7.49
23.3
Net change in cash
-0.44
-0.01
0.98
25.7
-7.55
-15.5
-3.15
6.35
Free cash flow
-2.27
-37.7
-39.8
-21.7
-10.6
Interest paid
0.89
0.37
0
Income taxes paid
0
0.17
0
0
0
0
Key metrics
Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $3.00 on September 25, 2026.
Profitability
Metric
Value
How it is calculated
Gross margin
49.9%
Gross profit / revenue.
Operating margin
-550.5%
Operating income / revenue.
EBITDA margin
-545.0%
EBITDA (operating income + depreciation and amortization) / revenue.
Net margin
-649.7%
Net income / revenue.
Operating cash flow margin
-547.2%
Cash from operations / revenue.
Return on assets (ROA)
-68.7%
Net income / average total assets.
R&D / revenue
149.8%
Research and development expense / revenue.
SG&A / revenue
440.9%
Selling, general and administrative expense / revenue.
Stock-based pay / revenue
12.1%
Stock-based compensation (from the cash flow statement) / revenue.
D&A / revenue
5.5%
Depreciation and amortization / revenue.
Growth
Metric
Value
How it is calculated
Total assets growth, 1y
254.9%
Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y
-20.5%
Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y
34.5%
Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y
101.1%
Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y
-31.2%
Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y
-9.0%
Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.
Balance sheet health
Metric
Value
How it is calculated
Current ratio
0.86x
Current assets / current liabilities.
Quick ratio
0.79x
(Cash + short-term investments + receivables) / current liabilities.
Cash ratio
0.79x
(Cash + short-term investments) / current liabilities.
Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share
$0.10
Revenue / diluted weighted shares.
Operating cash flow per share
-$0.53
Cash from operations / diluted weighted shares.
Book value per share
-$0.00
Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Market cap + total debt - cash - short-term investments.
P/S
35.9x
Market cap / revenue.
EV/Sales
28.5x
Enterprise value / revenue.
Earnings yield
-18.1%
Net income / market cap (the inverse of P/E).
What was NRX Pharmaceuticals, Inc.'s revenue in fiscal 2025?
NRX Pharmaceuticals, Inc. reported revenue of $1.4M for fiscal 2025.
Was NRX Pharmaceuticals, Inc. profitable in fiscal 2025?
No. It reported a net loss of $28.6M.
Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.