Filing Flows › NRX Pharmaceuticals (NRXP) › Q4 2025
NRX Pharmaceuticals (NRXP) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Mar 23, 2026
NRX Pharmaceuticals (NRXP) reported revenue of $1.2M for the fourth quarter 2025 (Q4 2025) and +397% from the quarter before. Operating margin was -384.4%, net earnings $360K (29.9% of revenue).
NRX Pharmaceuticals, Q4 2025: revenue $1.2M, operating margin -384.4%, net earnings $360K, operating cash flow −$3.7M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $1.2M | +397% | — |
| Operating profit | −$4.6M | — | — |
| Net earnings | $360K | — | — |
| Operating cash flow | −$3.7M | — | — |
What changed
Revenue was $1.2M in Q4 2025, up 397% from the previous quarter. Therapy was the largest line at 58% of revenue.
Operating costs exceeded revenue by $4.6M, an operating margin of -384.4%. Net earnings were $360K. The effective tax rate was 0.0%. Non-operating items added $5.0M, 1384% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was −$3.7M. Non-cash charges added back $42K of depreciation and amortization and $81K of share-based compensation. Working capital and other items used $4.2M.
Questions
What was NRX Pharmaceuticals' revenue in the fourth quarter 2025?
NRX Pharmaceuticals (NRXP) reported revenue of $1.2M for the fourth quarter 2025 (Q4 2025) and +397% from the quarter before.
Was NRX Pharmaceuticals profitable in the fourth quarter 2025?
Operating loss was $4.6M (-384.4% of revenue) and net earnings $360K.