NRXP continues to experience severe liquidity pressure, evidenced by a negative free cash flow of $4.3 million in 2026Q1 and a persistent disconnect between net income and operating cash flow.
| Cash from Operations | -14.93M | -14.11M | -10.64M | -21.66M | -39.76M | -37.7M | -2.27M | -792.73K | -473.19K | -135.81K |
| Operating CF Margin % | - | -1152% | - | - | - | - | - | - | - | - |
| Operating CF Growth % | -217.33% | -32.67% | 50.88% | 45.52% | -5.44% | -1564.59% | -185.72% | -67.53% | -248.43% | - |
| Net Income | -24.54M | -28.62M | -25.13M | -30.15M | -39.75M | -93.06M | -51.78M | 408.43K | 66.1K | -105.03K |
| Depreciation & Amortization | 306K | 143K | 5K | 5K | 4K | 2K | 2K | 0 | 0 | 0 |
| Stock-Based Compensation | 299K | 228K | 486K | 387K | 3.63M | 7.79M | 730K | 0 | 0 | 0 |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 7.27M | 12.73M | 8.71M | 2.94M | -4.33M | 52.47M | 45.33M | -1.21M | -1.55M | -115.11K |
| Working Capital Changes | 1.74M | 1.41M | 5.29M | 5.16M | 699K | -4.9M | 3.45M | 4.66K | 549.63K | -1.33K |
| Change in Receivables | -12K | 48K | 0 | 0 | 0 | 831K | -831K | 0 | 0 | 0 |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | 51K | 113K | -5.22M | 2.65M | -1.61M | -19K | 1.18M | 0 | 465.43K | 85.67K |
| Cash from Investing | -3.02M | -2.81M | 0 | -3K | -10K | -7K | -2K | 40.25M | -647.61K | -69M |
| Capital Expenditures | 0 | 0 | 0 | -3K | -10K | -7K | -2K | 0 | 0 | 0 |
| CapEx % of Revenue | 0% | - | - | - | - | - | - | - | - | - |
| Acquisitions | -2.38M | -2.38M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -647.61K | -69M |
| Cash from Financing | 19.11M | 23.28M | 7.49M | 6.2M | 32.21M | 63.46M | 3.25M | -39.46M | 682.5K | 69.59M |
| Debt Issued (Net) | 3.09M | 7.42M | -1.5M | -3.09M | 9.5M | -1.28M | 620K | 1.26M | 690K | 0 |
| Equity Issued (Net) | 16.03M | 15.86M | 5.91M | 9.29M | 22.7M | 36.98M | 2.63M | -40.73M | -7.5K | 69.59M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -40.73M | 0 | 70.03M |
| Other Financing | 0 | 0 | 3.07M | 0 | 10K | 27.75M | 0 | 0 | 0 | 0 |
| Net Change in Cash | 1.17M | 6.35M | -3.15M | -15.46M | -7.55M | 25.75M | 982K | -11.07K | -438.3K | 449.37K |
| Free Cash Flow | -14.93M | -14.11M | -10.64M | -21.66M | -39.77M | -37.71M | -2.27M | -792.73K | -473.19K | -135.81K |
| FCF Margin % | -650.98% | -1152% | - | - | - | - | - | - | - | - |
| FCF Growth % | -38.79% | -32.67% | 50.89% | 45.53% | -5.45% | -1563.43% | -185.97% | -67.53% | -248.43% | - |
| FCF per Share | -0.46 | -0.66 | -1.01 | -2.86 | -0.60 | -0.80 | -4.15 | -1.56 | -0.53 | -0.15 |
| FCF Conversion (FCF/Net Income) | 0.61x | 0.49x | 0.42x | 0.72x | 1.00x | 0.41x | 0.04x | -1.94x | -7.16x | 1.29x |
| Interest Paid | 0 | 0 | 374K | 885K | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Imminent capital dilution risk
Based on reported financial statements, NRXP exhibits a chronic divergence between net income and operating cash flow, with the OCF/NI ratio fluctuating wildly, including a notable 3.00x multiple in 2026Q1, which suggests that accounting losses are not fully capturing the underlying cash burn of operations.
The lack of a stable relationship between net income and cash flow indicates that non-cash charges and working capital volatility are masking the true velocity of capital depletion. Investors should monitor this gap, as it implies that the company's reported earnings are poor proxies for the actual liquidity requirements of its clinical-stage development programs.
As reported in recent filings, NRXP has consistently generated negative free cash flow, with quarterly outflows reaching $4.3 million in 2026Q1, confirming that the company remains in a deep cash-burning phase without any meaningful offset from internal revenue generation or operational efficiency improvements.
The persistent negative FCF trajectory highlights the company's total dependence on external financing to fund its R&D pipeline. This trend suggests that until a commercial product is successfully launched, the firm will continue to erode its cash position at a rate that necessitates frequent and potentially dilutive capital market interventions.
According to historical data, working capital changes have frequently served as a temporary buffer for cash flow, such as the $1.4 million inflow in 2025Q4, yet these fluctuations appear to be transient accounting adjustments rather than evidence of sustainable improvements in operational cash management.
The reliance on working capital swings to mitigate cash outflows warrants further investigation, as it may suggest aggressive payables management or timing differences in clinical trial expenditures. Such volatility makes it difficult to forecast the exact timing of the company's next liquidity crisis, as these inflows are inherently non-recurring.
Data from recent SEC filings indicates that the cash flow statement obscures the true cost of development by failing to reflect significant capitalized R&D, while stock-based compensation, such as the $151.0K recorded in 2026Q1, continues to dilute shareholders without providing immediate cash relief to the balance sheet.
The reliance on stock-based compensation as a non-cash expense suggests management is attempting to preserve limited cash reserves, yet this practice creates a persistent overhang of potential dilution. Analysts should interpret these adjustments as a signal that the company's operational viability is increasingly tethered to equity-linked financing rather than product-driven cash flow.
Quick answers to the most common questions about buying NRXP stock.
NRx Pharmaceuticals, Inc. (NRXP) generated $-14.1M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
NRx Pharmaceuticals, Inc. (NRXP) reported negative free cash flow of $14.1M in 2025, indicating capital requirements exceeded cash from operations.
NRx Pharmaceuticals, Inc. (NRXP) spent $0.0M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.