$NRXP
NRX Pharmaceuticals, Inc.

2023 Q2 Form 10-Q Financial Statement

#000155837023009950 Filed on May 15, 2023

View on sec.gov

Income Statement

Concept 2023 Q2 2023 Q1
Revenue $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $4.065M $5.785M
YoY Change -38.8% -43.41%
% of Gross Profit
Research & Development $3.873M $3.650M
YoY Change 30.93% -33.43%
% of Gross Profit
Depreciation & Amortization $1.000K $1.000K
YoY Change 0.0% 0.0%
% of Gross Profit
Operating Expenses $8.188M $9.435M
YoY Change -14.71% -39.92%
Operating Profit -$8.188M -$9.435M
YoY Change -14.71% -39.92%
Interest Expense $145.0K $168.0K
YoY Change 4.32% 5500.0%
% of Operating Profit
Other Income/Expense, Net -$529.0K -$1.604M
YoY Change -120.21% -171.07%
Pretax Income -$8.717M -$11.04M
YoY Change 24.85% -17.91%
Income Tax $0.00
% Of Pretax Income
Net Earnings -$8.717M -$11.04M
YoY Change 24.85% -17.91%
Net Earnings / Revenue
Basic Earnings Per Share -$0.12 -$0.16
Diluted Earnings Per Share -$0.12 -$0.16
COMMON SHARES
Basic Shares Outstanding 70.31M 71.56M
Diluted Shares Outstanding 73.22M 67.45M

Balance Sheet

Concept 2023 Q2 2023 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $14.97M $16.51M
YoY Change -39.02% -58.94%
Cash & Equivalents $14.97M $16.51M
Short-Term Investments
Other Short-Term Assets $4.819M $5.250M
YoY Change -38.74% 55.23%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $19.79M $21.76M
YoY Change -38.95% -50.08%
LONG-TERM ASSETS
Property, Plant & Equipment
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $21.00K $24.00K
YoY Change 10.53% 41.18%
Total Long-Term Assets $21.00K $24.00K
YoY Change 10.53% 41.18%
TOTAL ASSETS
Total Short-Term Assets $19.79M $21.76M
Total Long-Term Assets $21.00K $24.00K
Total Assets $19.81M $21.78M
YoY Change -38.92% -50.05%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.205M $3.776M
YoY Change -28.36% -12.41%
Accrued Expenses $5.783M $5.054M
YoY Change 73.87% 26.32%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $12.69M $12.19M
YoY Change 2244.04%
Total Short-Term Liabilities $22.62M $22.06M
YoY Change 219.4% 85.22%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $0.00 $0.00
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $22.62M $22.06M
Total Long-Term Liabilities $0.00 $0.00
Total Liabilities $22.62M $22.06M
YoY Change 219.4% 85.22%
SHAREHOLDERS EQUITY
Retained Earnings -$242.8M -$234.0M
YoY Change 19.19% 18.99%
Common Stock $80.00K $70.00K
YoY Change 19.4% 4.48%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$2.808M -$284.0K
YoY Change
Total Liabilities & Shareholders Equity $19.81M $21.78M
YoY Change -38.92% -50.05%

Cashflow Statement

Concept 2023 Q2 2023 Q1
OPERATING ACTIVITIES
Net Income -$8.717M -$11.04M
YoY Change 24.85% -17.91%
Depreciation, Depletion And Amortization $1.000K $1.000K
YoY Change 0.0% 0.0%
Cash From Operating Activities -$7.812M -$6.089M
YoY Change -47.18% -41.34%
INVESTING ACTIVITIES
Capital Expenditures -$2.000K $4.000K
YoY Change -33.33% -233.33%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities $2.000K -$4.000K
YoY Change -166.67% 33.33%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 6.273M 2.545M
YoY Change -829.42% -88.93%
NET CHANGE
Cash From Operating Activities -7.812M -6.089M
Cash From Investing Activities 2.000K -4.000K
Cash From Financing Activities 6.273M 2.545M
Net Change In Cash -1.537M -3.548M
YoY Change -90.18% -128.17%
FREE CASH FLOW
Cash From Operating Activities -$7.812M -$6.089M
Capital Expenditures -$2.000K $4.000K
Free Cash Flow -$7.810M -$6.093M
YoY Change -47.19% -41.28%

Facts In Submission

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<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:italic;font-weight:bold;margin:0pt 0pt 12pt 0pt;">Use of Estimates</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities and expenses and the disclosure of contingent assets and liabilities in its financial statements and the reported amounts of expenses during the reporting period. The most significant estimates in the Company’s financial statements relate to the convertible note payable, Earnout Cash liability, stock options, warrants, and the valuation allowance of deferred tax assets resulting from net operating losses. These estimates and assumptions are based on current facts, historical experience and various other factors believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities and the recording of expenses that are not readily apparent from other sources. Actual results may differ materially and adversely from these estimates. To the extent there are material differences between the estimates and actual results, the Company’s future results of operations will be affected. </p>
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<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:italic;font-weight:bold;margin:0pt 0pt 12pt 0pt;">Concentration of Credit Risk and Off-Balance Sheet Risk</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">Financial instruments that potentially expose the Company to concentrations of credit risk consist primarily of cash and cash equivalents. Cash equivalents are occasionally invested in certificates of deposit. The Company maintains each of its cash balances with high-quality and accredited financial institutions and accordingly, such funds are not exposed to unusual credit risk beyond the normal credit risk associated with commercial banking relationships. Deposits in financial institutions may, from time to time, exceed federally insured limits. The Company has not experienced any losses on its deposits of cash. The Company maintains a portion of its cash and cash equivalent balances in the form of a money market account with a financial institution that management believes to be creditworthy.  </p>
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923000
CY2023Q1 us-gaap Accrued Employee Benefits Current
AccruedEmployeeBenefitsCurrent
928000
CY2022Q4 us-gaap Accrued Employee Benefits Current
AccruedEmployeeBenefitsCurrent
974000
CY2023Q1 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
257000
CY2022Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
342000
CY2023Q1 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
5054000
CY2022Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
4855000
CY2023Q1 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
11020000
CY2023Q1 us-gaap Debt Instrument Unamortized Discount
DebtInstrumentUnamortizedDiscount
497000
CY2023Q1 nrxp Long Term Debt Before Fair Value Adjustments
LongTermDebtBeforeFairValueAdjustments
10523000
CY2023Q1 nrxp Increase Decrease In Fair Value Of Convertible Debt
IncreaseDecreaseInFairValueOfConvertibleDebt
-1772000
CY2023Q1 us-gaap Long Term Debt
LongTermDebt
12189000
CY2023Q1 us-gaap Long Term Debt Current
LongTermDebtCurrent
12189000
CY2022 nrxp Share Based Compensation Arrangement Options Outstanding Weighted Average Remaining Contractual Term2
ShareBasedCompensationArrangementOptionsOutstandingWeightedAverageRemainingContractualTerm2
P8Y4M24D
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
618000
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
2548849
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
3.32
CY2023Q1 nrxp Share Based Compensation Arrangement Options Outstanding Weighted Average Remaining Contractual Term2
ShareBasedCompensationArrangementOptionsOutstandingWeightedAverageRemainingContractualTerm2
P8Y1M6D
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
124000
CY2023Q1 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
500000000
CY2023Q1 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.001
CY2023Q1 nrxp Net Proceeds From Payments For Issuance Of Common Stock And Warrants In Private Placement Net Of Issuance Costs
NetProceedsFromPaymentsForIssuanceOfCommonStockAndWarrantsInPrivatePlacementNetOfIssuanceCosts
100000
CY2023Q1 nrxp Common Stock And Warrants Issued In Private Placement Number Of Shares
CommonStockAndWarrantsIssuedInPrivatePlacementNumberOfShares
7824727
CY2022Q1 nrxp Net Proceeds From Payments For Issuance Of Common Stock And Warrants In Private Placement Net Of Issuance Costs
NetProceedsFromPaymentsForIssuanceOfCommonStockAndWarrantsInPrivatePlacementNetOfIssuanceCosts
23000000.0
CY2023Q1 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
50000000
CY2023Q1 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.001
CY2023Q1 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0
CY2023Q1 us-gaap Other Comprehensive Income Loss Financial Liability Fair Value Option Reclassification Adjustment From Aoci For Derecognition After Tax
OtherComprehensiveIncomeLossFinancialLiabilityFairValueOptionReclassificationAdjustmentFromAociForDerecognitionAfterTax
-100000
CY2023Q1 us-gaap Other Comprehensive Income Loss Financial Liability Fair Value Option Reclassification Adjustment From Aoci For Derecognition After Tax
OtherComprehensiveIncomeLossFinancialLiabilityFairValueOptionReclassificationAdjustmentFromAociForDerecognitionAfterTax
-100000
CY2022Q4 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
16484923
CY2022 nrxp Class Of Warrant Or Right Weighted Average Remaining Contractual Term2
ClassOfWarrantOrRightWeightedAverageRemainingContractualTerm2
P3Y7M2D
CY2022Q4 us-gaap Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
6.49
CY2023Q1 nrxp Class Of Warrant Or Right Issued
ClassOfWarrantOrRightIssued
3866666
CY2023Q1 nrxp Class Of Warrant Or Rights Grant In Period Weighted Average Remaining Contractual Term
ClassOfWarrantOrRightsGrantInPeriodWeightedAverageRemainingContractualTerm
P0Y11M8D
CY2023Q1 nrxp Class Of Warrant Or Right Exercise Price Of Warrants Or Rights Issued
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRightsIssued
0.14
CY2023Q1 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
20351589
CY2023Q1 nrxp Class Of Warrant Or Right Weighted Average Remaining Contractual Term2
ClassOfWarrantOrRightWeightedAverageRemainingContractualTerm2
P3Y7M24D
CY2023Q1 us-gaap Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
5.40
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
2548849
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
3.32
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableNumber
1023018
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableWeightedAverageExercisePrice
4.87
CY2023Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Expected To Vest Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestExercisableWeightedAverageRemainingContractualTerm1
P6Y6M
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable Aggregate Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableAggregateIntrinsicValue
75000
CY2023Q1 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized
1600000
CY2023Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
695000
CY2022 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1334000
CY2022Q4 us-gaap Accounts Payable Related Parties Current And Noncurrent
AccountsPayableRelatedPartiesCurrentAndNoncurrent
100000

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