2023 Q3 Form 10-Q Financial Statement

#000155837023014873 Filed on August 14, 2023

View on sec.gov

Income Statement

Concept 2023 Q3 2023 Q2
Revenue $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $2.494M $4.065M
YoY Change -50.24% -38.8%
% of Gross Profit
Research & Development $3.314M $3.873M
YoY Change -19.74% 30.93%
% of Gross Profit
Depreciation & Amortization $4.000K $1.000K
YoY Change 300.0% 0.0%
% of Gross Profit
Operating Expenses $5.808M $8.188M
YoY Change -36.46% -14.71%
Operating Profit -$5.808M -$8.188M
YoY Change -36.46% -14.71%
Interest Expense $40.00K $145.0K
YoY Change -31.03% 4.32%
% of Operating Profit
Other Income/Expense, Net -$254.0K -$529.0K
YoY Change -537.93% -120.21%
Pretax Income -$6.062M -$8.717M
YoY Change -33.26% 24.85%
Income Tax
% Of Pretax Income
Net Earnings -$6.062M -$8.717M
YoY Change -33.26% 24.85%
Net Earnings / Revenue
Basic Earnings Per Share -$0.07 -$0.12
Diluted Earnings Per Share -$0.07 -$0.12
COMMON SHARES
Basic Shares Outstanding 81.70M 70.31M
Diluted Shares Outstanding 81.95M 73.22M

Balance Sheet

Concept 2023 Q3 2023 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $8.902M $14.97M
YoY Change -51.22% -39.02%
Cash & Equivalents $8.902M $14.97M
Short-Term Investments
Other Short-Term Assets $4.187M $4.819M
YoY Change -36.1% -38.74%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $13.09M $19.79M
YoY Change -47.22% -38.95%
LONG-TERM ASSETS
Property, Plant & Equipment
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $21.00K $21.00K
YoY Change -8.7% 10.53%
Total Long-Term Assets $21.00K $21.00K
YoY Change -8.7% 10.53%
TOTAL ASSETS
Total Short-Term Assets $13.09M $19.79M
Total Long-Term Assets $21.00K $21.00K
Total Assets $13.11M $19.81M
YoY Change -47.19% -38.92%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.631M $2.205M
YoY Change 67.48% -28.36%
Accrued Expenses $4.728M $5.783M
YoY Change -6.69% 73.87%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $10.07M $12.69M
YoY Change
Total Short-Term Liabilities $19.33M $22.62M
YoY Change 140.33% 219.4%
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 $19.33M $22.62M
Total Long-Term Liabilities $0.00 $0.00
Total Liabilities $19.33M $22.62M
YoY Change 140.33% 219.4%
SHAREHOLDERS EQUITY
Retained Earnings -$248.8M -$242.8M
YoY Change 16.95% 19.19%
Common Stock $84.00K $80.00K
YoY Change 23.53% 19.4%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$6.217M -$2.808M
YoY Change
Total Liabilities & Shareholders Equity $13.11M $19.81M
YoY Change -47.19% -38.92%

Cashflow Statement

Concept 2023 Q3 2023 Q2
OPERATING ACTIVITIES
Net Income -$6.062M -$8.717M
YoY Change -33.26% 24.85%
Depreciation, Depletion And Amortization $4.000K $1.000K
YoY Change 300.0% 0.0%
Cash From Operating Activities -$4.565M -$7.812M
YoY Change -27.15% -47.18%
INVESTING ACTIVITIES
Capital Expenditures $4.000K -$2.000K
YoY Change -180.0% -33.33%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$4.000K $2.000K
YoY Change -20.0% -166.67%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -1.503M 6.273M
YoY Change 5267.86% -829.42%
NET CHANGE
Cash From Operating Activities -4.565M -7.812M
Cash From Investing Activities -4.000K 2.000K
Cash From Financing Activities -1.503M 6.273M
Net Change In Cash -6.072M -1.537M
YoY Change -3.6% -90.18%
FREE CASH FLOW
Cash From Operating Activities -$4.565M -$7.812M
Capital Expenditures $4.000K -$2.000K
Free Cash Flow -$4.569M -$7.810M
YoY Change -27.02% -47.19%

Facts In Submission

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CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
27605000
CY2023Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
14969000
CY2022Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
24548000
us-gaap Interest Paid Net
InterestPaidNet
205000
us-gaap Stock Issued During Period Value Conversion Of Convertible Securities
StockIssuedDuringPeriodValueConversionOfConvertibleSecurities
200000
nrxp Issuance Of Common Stock Warrants As Offering Costs
IssuanceOfCommonStockWarrantsAsOfferingCosts
75000
nrxp Issuance Of Common Stock Warrants As Offering Costs
IssuanceOfCommonStockWarrantsAsOfferingCosts
726000
us-gaap Stock Issued1
StockIssued1
17000
CY2023Q1 nrxp Number Of Patients Reviewed
NumberOfPatientsReviewed
50
CY2023Q1 nrxp Percentage Of Standard Set For Veteran Rating Team And Site Raters
PercentageOfStandardSetForVeteranRatingTeamAndSiteRaters
0.90
CY2023Q1 nrxp Percentage Of Threshold Congruence Achieved
PercentageOfThresholdCongruenceAchieved
0.94
CY2023Q2 nrxp Threshold Number Of States Covered Under Recruitment Campaign
ThresholdNumberOfStatesCoveredUnderRecruitmentCampaign
45
CY2023Q1 nrxp Minimum Shelf Life Of Supplies
MinimumShelfLifeOfSupplies
P2Y
nrxp Threshold Number Of Patients Data Enough To Demonstrate Preliminary Safety And Efficacy
ThresholdNumberOfPatientsDataEnoughToDemonstratePreliminarySafetyAndEfficacy
200
nrxp Number Of Patients In Randomized Prospective Trial
NumberOfPatientsInRandomizedProspectiveTrial
200
CY2023Q2 us-gaap Cash
Cash
15000000.0
CY2023Q2 us-gaap Long Term Debt Current
LongTermDebtCurrent
12692000
us-gaap Use Of Estimates
UseOfEstimates
<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>
us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<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>
CY2023Q2 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
50000000
CY2023Q2 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.001
CY2023Q2 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0
nrxp Share Based Compensation Arrangement Options Outstanding Weighted Average Remaining Contractual Term2
ShareBasedCompensationArrangementOptionsOutstandingWeightedAverageRemainingContractualTerm2
P7Y10M24D
CY2023Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
46000
CY2023Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableNumber
1956237
CY2023Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableWeightedAverageExercisePrice
3.71
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Expected To Vest Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestExercisableWeightedAverageRemainingContractualTerm1
P7Y7M6D
CY2023Q2 us-gaap Prepaid Insurance
PrepaidInsurance
2018000
CY2022Q4 us-gaap Prepaid Insurance
PrepaidInsurance
1966000
CY2023Q2 nrxp Prepaid Clinical Development Expenses
PrepaidClinicalDevelopmentExpenses
1901000
CY2022Q4 nrxp Prepaid Clinical Development Expenses
PrepaidClinicalDevelopmentExpenses
3167000
CY2023Q2 us-gaap Other Prepaid Expense Current
OtherPrepaidExpenseCurrent
735000
CY2022Q4 us-gaap Other Prepaid Expense Current
OtherPrepaidExpenseCurrent
331000
CY2023Q2 nrxp Prepaid Legal Expenses
PrepaidLegalExpenses
159000
CY2022Q4 nrxp Prepaid Legal Expenses
PrepaidLegalExpenses
270000
CY2023Q2 us-gaap Accounts And Other Receivables Net Current
AccountsAndOtherReceivablesNetCurrent
6000
CY2022Q4 us-gaap Accounts And Other Receivables Net Current
AccountsAndOtherReceivablesNetCurrent
7000
CY2023Q2 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
4819000
CY2022Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
5741000
CY2023Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
2548849
CY2023Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
3.32
CY2023Q2 nrxp Other Accrued Expenses Current
OtherAccruedExpensesCurrent
2856000
CY2022Q4 nrxp Other Accrued Expenses Current
OtherAccruedExpensesCurrent
2616000
CY2023Q2 nrxp Accrued Research And Development Expenses Current
AccruedResearchAndDevelopmentExpensesCurrent
1183000
CY2022Q4 nrxp Accrued Research And Development Expenses Current
AccruedResearchAndDevelopmentExpensesCurrent
923000
CY2023Q2 us-gaap Accrued Employee Benefits Current
AccruedEmployeeBenefitsCurrent
949000
CY2022Q4 us-gaap Accrued Employee Benefits Current
AccruedEmployeeBenefitsCurrent
974000
CY2023Q2 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
795000
CY2022Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
342000
CY2023Q2 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
5783000
CY2022Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
4855000
CY2023Q2 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
11020000
CY2023Q2 us-gaap Debt Instrument Unamortized Discount
DebtInstrumentUnamortizedDiscount
497000
CY2023Q2 nrxp Debt Instrument Repayments Of Principal
DebtInstrumentRepaymentsOfPrincipal
288000
CY2023Q2 nrxp Long Term Debt Before Fair Value Adjustments
LongTermDebtBeforeFairValueAdjustments
10235000
nrxp Increase Decrease In Fair Value Of Convertible Debt
IncreaseDecreaseInFairValueOfConvertibleDebt
-2435000
nrxp Increase Decrease In Fair Value Accumulated Other Comprehensive Income
IncreaseDecreaseInFairValueAccumulatedOtherComprehensiveIncome
22000
CY2023Q2 us-gaap Long Term Debt
LongTermDebt
12692000
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
P4Y8M8D
CY2023Q1 nrxp Class Of Warrant Or Right Exercise Price Of Warrants Or Rights Issued
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRightsIssued
0.75
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
CY2023Q2 nrxp Class Of Warrant Or Right Issued
ClassOfWarrantOrRightIssued
9670002
CY2023Q2 nrxp Class Of Warrant Or Rights Grant In Period Weighted Average Remaining Contractual Term
ClassOfWarrantOrRightsGrantInPeriodWeightedAverageRemainingContractualTerm
P4Y11M8D
CY2023Q2 nrxp Class Of Warrant Or Right Exercise Price Of Warrants Or Rights Issued
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRightsIssued
0.65
CY2023Q2 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
30021591
CY2023Q2 nrxp Class Of Warrant Or Right Weighted Average Remaining Contractual Term2
ClassOfWarrantOrRightWeightedAverageRemainingContractualTerm2
P4Y4M9D
CY2023Q2 us-gaap Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
2.51
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
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
CY2023Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable Aggregate Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableAggregateIntrinsicValue
46000
CY2023Q2 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized
1100000
us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P0Y10M24D
CY2023Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
544000
CY2022Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
987000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1239000
CY2022 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
2321000
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0
CY2022Q4 nrxp Minimum Equity Value Required For Transfer Of Assets
MinimumEquityValueRequiredForTransferOfAssets
50000000
CY2022Q4 nrxp Minimum Equity Required For Transfer Of Assets From Related Party Number Of Consecutive Trading Days
MinimumEquityRequiredForTransferOfAssetsFromRelatedPartyNumberOfConsecutiveTradingDays
20
CY2022Q4 nrxp Minimum Equity Required For Transfer Of Assets From Related Party Number Of Trading Days
MinimumEquityRequiredForTransferOfAssetsFromRelatedPartyNumberOfTradingDays
20
CY2023Q2 nrxp License Agreement Threshold Aggregate Liquidity
LicenseAgreementThresholdAggregateLiquidity
600000
CY2023Q2 nrxp Related Party Transaction Consulting Fee Payable Per Month
RelatedPartyTransactionConsultingFeePayablePerMonth
100000
CY2023Q2 nrxp Related Party Transactions Performance Based Annual Bonus Minimum Target
RelatedPartyTransactionsPerformanceBasedAnnualBonusMinimumTarget
300000

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