The company reported a 2026Q1 operating loss of $4.7 million, highlighting that revenue of $1.1 million remains insufficient to cover the $3.7 million in quarterly SG&A expenses.
NRx Pharmaceuticals, Inc. (NRXP) annual income statement — 9-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 |
|---|
| Sales/Revenue | 3.39M | 1.23M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Revenue Growth % | - | - | - | - | - | - | - | - | - | - |
| Cost of Goods Sold | 2.29M | 505K | 5K | 5K | 4K | 2K | 2K | 0 | 1.01M | 0 |
| COGS % of Revenue | - | 41.22% | - | - | - | - | - | - | - | - |
| Gross Profit | 1.11M | 720K | -5K | -5K | -4K | -2K | -2K | 0 | -1.01M | 0 |
| Gross Margin % | 32.68% | 58.78% | - | - | - | - | - | - | - | - |
| Gross Profit Growth % | - | 14500% | 0% | -25% | -100% | 0% | - | 100% | - | - |
| Operating Expenses | 21.07M | 16.94M | 19.7M | 27.58M | 44.33M | 95.2M | 22.06M | 713.19K | 0 | 0 |
| OpEx % of Revenue | - | 1383.18% | - | - | - | - | - | - | - | - |
| Selling, General & Admin | 15.76M | 13.06M | 13.5M | 14.21M | 27.3M | 74.94M | 11.43M | 713.19K | 1.01M | 0 |
| SG&A % of Revenue | - | 1066.2% | - | - | - | - | - | - | - | - |
| Research & Development | 5.41M | 3.78M | 6.2M | 13.37M | 17.03M | 20.26M | 10.63M | 0 | 0 | 0 |
| R&D % of Revenue | - | 308.33% | - | - | - | - | - | - | - | - |
| Other Operating Expenses | -98K | 106K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Income | -19.96M | -16.22M | -19.7M | -27.59M | -44.34M | -95.2M | -22.06M | -713.19K | -1.01M | 0 |
| Operating Margin % | -588.24% | -1324.41% | - | - | - | - | - | - | - | - |
| Operating Income Growth % | - | 17.66% | 28.58% | 37.78% | 53.43% | -331.54% | -2993.3% | 29.14% | - | - |
| EBITDA | -19.59M | -16.08M | -19.7M | -27.58M | -44.33M | -95.2M | -22.06M | 492.63K | 82.41K | -105K |
| EBITDA Margin % | -577.28% | -1312.73% | - | - | - | - | - | - | - | - |
| EBITDA Growth % | 30.22% | 18.37% | 28.58% | 37.78% | 53.43% | -331.57% | -4577.78% | 497.77% | 178.49% | - |
| D&A (Non-Cash Add-back) | 372K | 143K | 5K | 5K | 4K | 2K | 2K | 0 | 0 | 52.52K |
| EBIT | -22.34M | -27.95M | -24.05M | -30.03M | -39.75M | -93.05M | -51.72M | 492.63K | 82.41K | -105K |
| Net Interest Income | -1.13M | -659K | -1.03M | 374K | 249K | -17.98K | -55.94K | 1.21M | 0 | 0 |
| Interest Income | 17K | 12K | 44K | 494K | 249K | 18 | 56 | 1.21M | 1.09M | 0 |
| Interest Expense | 1.14M | 671K | 1.08M | 120K | 0 | 18K | 56K | 0 | 0 | 0 |
| Other Income/Expense | -3.52M | -12.4M | -5.42M | -2.56M | 4.58M | 2.14M | -29.72M | 1.21M | 1.09M | -105K |
| Pretax Income | -23.48M | -28.62M | -25.13M | -30.15M | -39.75M | -93.06M | -51.78M | 492.63K | 82.41K | -105K |
| Pretax Margin % | -691.81% | -2336.49% | - | - | - | - | - | - | - | - |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 84.21K | 16.31K | 0 |
| Effective Tax Rate % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 17.09% | 19.79% | 0% |
| Net Income | -23.48M | -28.62M | -25.13M | -30.15M | -39.75M | -93.06M | -51.78M | 408.43K | 66.1K | -105K |
| Net Margin % | -691.81% | -2336.49% | - | - | - | - | - | - | - | - |
| Net Income Growth % | 30.52% | -13.91% | 16.66% | 24.16% | 57.28% | -79.74% | -12777.17% | 517.88% | 162.95% | - |
| Net Income (Continuing) | -23.48M | -28.62M | -25.13M | -30.15M | -39.75M | -93.06M | -51.78M | 408.43K | 66.1K | -105K |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.62 | -1.34 | -2.39 | -3.98 | -0.60 | -7.44 | -1.51 | 0.80 | 0.07 | -0.12 |
| EPS Growth % | 68.12% | 43.93% | 39.95% | -563.33% | 91.94% | -392.72% | -288.75% | 979.62% | 161.75% | - |
| EPS (Basic) | - | -1.34 | -2.39 | -3.98 | -0.60 | -7.44 | -1.51 | 0.80 | 0.07 | -0.12 |
| Diluted Shares Outstanding | 37.65M | 21.4M | 10.52M | 7.58M | 65.77M | 46.92M | 546.59K | 508.83K | 892.5K | 903.55K |
| Basic Shares Outstanding | 37.65M | 21.4M | 10.52M | 7.58M | 65.77M | 46.92M | 546.59K | 508.83K | 892.5K | 903.55K |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - |
Quick answers to the most common questions about buying NRXP stock.
For fiscal year 2025, NRx Pharmaceuticals, Inc. (NRXP) reported total revenue of $1.2M.
NRx Pharmaceuticals, Inc. (NRXP) reported a net loss of $28.6M for the fiscal year ending 2025.
NRx Pharmaceuticals, Inc. (NRXP) reported an operating income of $-16.2M, resulting in an operating profit margin of -1324.4%. This margin reflects the operational efficiency of the business before interest and taxes.
NRx Pharmaceuticals, Inc. (NRXP) generated $0.7M in gross profit for the year, representing a gross profit margin of 58.8%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Imminent capital dilution risk
Metrics are mathematically derived from official filings.
Revenue Lacks Consistent Commercial Scale
According to recent financial disclosures, NRXP reported quarterly revenue of $1.1 million in 2026Q1, yet the lack of consistent historical revenue suggests that these figures represent sporadic early-access or milestone-driven inflows rather than a sustainable, recurring commercial growth trajectory for the company's core pharmaceutical pipeline.
The intermittent nature of revenue generation highlights the company's pre-commercial status, where top-line performance remains disconnected from broader market adoption. Investors should monitor whether future revenue streams can transition from project-based milestones to predictable prescription volume, as current figures do not indicate a scalable business model.
Operating Expenses Outpace Revenue Generation
As reported in financial statements, NRXP maintains a high fixed-cost structure, with SG&A expenses reaching $3.7 million in 2026Q1, significantly exceeding the $1.1 million in revenue and underscoring the heavy reliance on external financing to sustain ongoing clinical development and regulatory compliance efforts.
The persistent gap between operating expenses and revenue suggests that management's expense discipline is secondary to the non-discretionary requirements of clinical trial execution. This cost structure implies that the company remains highly sensitive to capital market conditions, as internal operations are currently unable to self-fund the necessary R&D pipeline.
Operating Leverage Remains Deeply Negative
Based on NRx Pharmaceuticals' reported figures, the company continues to exhibit significant negative operating leverage, with operating income of -$4.7 million in 2026Q1, indicating that the firm has yet to achieve the operational scale required to cover its substantial overhead and research-related expenditures.
The inability to scale operating income relative to gross profit suggests that the company's current infrastructure is optimized for development rather than commercial efficiency. Until the firm achieves a successful regulatory outcome, operating leverage will likely remain constrained by the high fixed costs inherent in the biotechnology sector.
Capital Exhaustion Risks Cloud Outlook
Data from recent filings indicates that with only $7.79 million in cash reserves against substantial quarterly operating losses, the company faces a precarious financial position that may necessitate dilutive financing, potentially undermining shareholder value if clinical milestones are not met within the immediate fiscal horizon.
Short-term liquidity constraints represent the most significant threat to the company's long-term viability, as the current cash runway appears insufficient to support sustained operations. Investors should be wary of the potential for significant equity dilution, which may be required to bridge the gap between current cash levels and the achievement of commercial-stage revenue.