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NRX Pharmaceuticals cash flow, quarter by quarter

Latest: Q2 2026 · from the cash-flow statements filed with the SEC

Free cash flow−$8.9M in Q2 2026 · −$19.8M over twelve months

Operating cash flow−$8.9M
Free cash flow−$8.9M
Cash conversion cycle-493 days

Analysis

In Q2 2026, NRX Pharmaceuticals generated −$8.9M of operating cash flow. That is $4.8M less than in Q2 2025 (−$4.0M).

Over the twelve months to Jun 30, 2026, operating cash flow was −$19.8M; the largest uses were operating cash flow ($19.8M), other investing ($3.7M); besides operations, cash came from other financing ($47.3M); the cash balance rose by $23.8M.

Operating cash flow was −$8.9M against net income of −$16.5M. The largest differences: prepaid and other assets −$1.8M, payables −$1.3M, accrued liabilities −$232K.

Its cash conversion cycle was -493 days (receivables 16 + inventory 0 − payables 509): suppliers fund its working capital.

Free cash flow

NRX Pharmaceuticals: free cash flow by quarterNRX Pharmaceuticals: free cash flow by quarter−$2.3MQ3 2024−$2.1MQ4 2024−$3.5MQ1 2025−$4.0MQ2 2025−$2.9MQ3 2025−$3.7MQ4 2025−$4.3MQ1 2026−$8.9MQ2 2026
Operating cash flow less capital spending.
NRX Pharmaceuticals: operating cash flow against capital spendingNRX Pharmaceuticals: operating cash flow against capital spendingOperating cash flowCapital spending−$2.3M$0Q3 2024−$2.1M$0Q4 2024−$3.5M$0Q1 2025−$4.0M$0Q2 2025−$2.9M$0Q3 2025−$3.7M$0Q4 2025−$4.3M$0Q1 2026−$8.9M$0Q2 2026
Latest (Q2 2026): Operating cash flow −$8.9M, Capital spending $0.

Capital allocation, year by year

NRX Pharmaceuticals: where the cash came from (up) and went (down), by fiscal yearNRX Pharmaceuticals: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedCapital spendingAcquisitionsFY2021: Operating cash flow −$37.7MFY2021: Net borrowing −$176KFY2021: Capital spending −$7KFY2021FY2022: Operating cash flow −$39.8MFY2022: Net borrowing $10.0MFY2022: Shares issued $10KFY2022: Capital spending −$10K$10.0MFY2022FY2023: Operating cash flow −$21.7MFY2023: Net borrowing −$3.1MFY2023: Capital spending −$3KFY2023FY2024: Operating cash flow −$10.6MFY2024: Net borrowing −$1.8MFY2024FY2025: Operating cash flow −$14.1MFY2025: Net borrowing $5.0MFY2025: Shares issued $6.4MFY2025: Acquisitions −$2.4M$11.4MFY2025
Over these 5 years operating cash flow totalled −$124M; the largest uses were operating cash flow ($124M) and net borrowing ($5.1M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$26.7M
Debtnone
Net cash$26.7M
Cash runway16 months

NRX Pharmaceuticals is burning cash: its operations consume cash, a free cash flow of −$19.8M a year at the current rate against $26.7M of cash and investments: a runway of about 16 months before any new financing.

Where the cash came from and went

NRX Pharmaceuticals: sources (+) and uses (−) of cash, Q2 2026NRX Pharmaceuticals: sources (+) and uses (−) of cash, Q2 2026Other financing$29.5MCash drawn (+) / kept (−)−$20.0MOperating cash flow−$8.9MOther investing−$684K
NRX Pharmaceuticals: sources (+) and uses (−) of cash, TTM to Q2 2026NRX Pharmaceuticals: sources (+) and uses (−) of cash, TTM to Q2 2026Other financing$47.3MCash drawn (+) / kept (−)−$23.8MOperating cash flow−$19.8MOther investing−$3.7M

From profit to cash

NRX Pharmaceuticals: net income to operating cash flow, Q2 2026NRX Pharmaceuticals: net income to operating cash flow, Q2 2026Net income−$16.5MDepreciation & amortization$71KStock-based pay$139KReceivables−$50KPayables−$1.3MAccrued liabilities−$232KPrepaid and other assets−$1.8MOperating cash flow−$8.9M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q2 202616—509-493
Q1 202614—618-604
Q4 202515—961-946

Every quarter

QuarterOperating cash flowAcquisitionsNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q2 2026−$8.9M———−$20.0M−$8.9M
Q1 2026−$4.3M——$3.4M$1.1M−$4.3M
Q4 2025−$3.7M$183K—$1.6M−$613K−$3.7M
Q3 2025−$2.9M——$3.7M−$4.3M−$2.9M
Q2 2025−$4.0M——$1.0M$2.6M−$4.0M
Q1 2025−$3.5M—$5.0M—−$4.1M−$3.5M
Q4 2024−$2.1M—$43K—$203K−$2.1M
Q3 2024−$2.3M—$2.9M—$252K−$2.3M

NRX Pharmaceuticals: income statement and cash flow

NRX Pharmaceuticals, Q2 2026: revenue $1.1M, operating margin -590.8%. The chart follows the revenue to costs, profit and cash.

NRX Pharmaceuticals: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.