NRX Pharmaceuticals, Inc.
For the period ended Dec 31, 2025. Filed Mar 23, 2026.
View on SEC.govAbout this filing
A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2025 · Filed Mar 23, 2026
NRXP$2.36-0.8%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
Item 8. Consolidated Statement of Cash Flows
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
| Years Ended December 31, | ||
|---|---|---|
| 2025 | 2024 | |
| CASH FLOWS FROM OPERATING ACTIVITIES | ||
| Net loss | $(28,622) | $(25,126) |
| Adjustments to reconcile net loss to net cash used in operating activities: | ||
| Depreciation and amortization expense | 70 | 5 |
| Amortization of operating right of use assets | 73 | — |
| Stock-based compensation | 228 | 486 |
| Provision for credit losses | 40 | — |
| Common Stock issued in exchange for services | 601 | 37 |
| Change in fair value of warrant liabilities | 4,926 | 1,657 |
| Change in fair value of convertible promissory notes | 3,939 | 2,654 |
| Loss on convertible note conversions | 6,201 | 1,278 |
| Gain on exercise of warrant liabilities | (5,369) | — |
| Loss on issuance of registered direct Common Stock | 730 | — |
| Loss on debt settlement | 1,277 | — |
| Loss on equity method investments | 35 | — |
| Expense for debt issuance costs due to fair value election on Anson Notes | 350 | 896 |
| Warrant issuance costs related to Alvogen termination | — | 1,336 |
| Convertible note default penalty | — | 849 |
| Changes in operating assets and liabilities: | ||
| Prepaid expense and other assets | 865 | 503 |
| Account receivable | 48 | — |
| Accounts payable | 113 | (5,217) |
| Operating lease liabilities | (118) | — |
| Accrued expense and other liabilities | 501 | 10,005 |
| Net cash used in operating activities | (14,112) | (10,637) |
| CASH FLOWS FROM INVESTING ACTIVITIES | ||
| Business acquisition, net of cash acquired | (2,378) | — |
| Cash used in investments | (432) | — |
| Net cash used in investing activities | (2,810) | — |
| CASH FLOWS FROM FINANCING ACTIVITIES | ||
| Repayment of convertible note | — | (7,850) |
| Repayment of insurance note | (548) | (725) |
| Expense for debt issuance costs due to fair value election on Anson Notes | (350) | (896) |
| Proceeds from issuance of insurance loan | 227 | 1,045 |
| Proceeds from Anson convertible note, net | 5,000 | 6,034 |
| Proceeds from liability classified warrants | 3,087 | 3,966 |
| ATM offering, net of offering costs | 6,392 | — |
| Proceeds from issuance of Common Stock and warrants issued in registered direct offering, net of issuance costs | 9,468 | — |
| Proceeds from issuance of Common Stock and warrants, net of issuance costs | — | 4,884 |
| Proceeds from issuance of Common Stock and warrants issued in private placement, net of issuance costs | — | 1,027 |
| Net cash provided by financing activities | 23,276 | 7,485 |
| Net increase (decrease) in cash and cash equivalents | 6,354 | (3,152) |
| Cash and cash equivalents at beginning of year | 1,443 | 4,595 |
| Cash and cash equivalents at end of year | $7,797 | $1,443 |
| Supplemental disclosure of cash flow information: | ||
| Cash paid for interest | $— | $374 |
| Cash paid for taxes | $— | — |
| Non-cash investing and financing activities: | ||
| Issuance of Common Stock as principal and interest repayment for convertible notes | $12,788 | $4,585 |
| Issuance of Common Stock warrants as offering costs | $— | $188 |
| Recognition of assets acquired as part of business combination (non-cash) | $1,241 | — |
| Recognition of liabilities assumed as part of business combination (non-cash) | $1,104 | — |
| Right-of-use assets obtained in exchange for operating lease liability | $339 | $— |
| Stock issued due to VWAP adjustments | $629 | $— |
| Warrants issued due to VWAP adjustments | $648 | $— |
| Amortization of deferred offering costs to additional paid-in capital | $161 | $— |
| Conversion of Series A preferred stock into Common Stock | $— | $3 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.