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Side-by-side financial comparison of NRX Pharmaceuticals, Inc. (NRXP) and SmartKem, Inc. (SMTK). Click either name above to swap in a different company.
NRX Pharmaceuticals, Inc. is the larger business by last-quarter revenue ($983.0K vs $561.0K, roughly 1.8× SmartKem, Inc.). NRX Pharmaceuticals, Inc. runs the higher net margin — 36.7% vs -366.3%, a 403.0% gap on every dollar of revenue.
NRX Pharmaceuticals, Inc. is a clinical-stage biopharmaceutical company focused on developing innovative therapies for unmet medical needs in central nervous system disorders, including rare neuropsychiatric conditions. Its main target market is the U.S., with lead product candidates addressing severe mood and trauma-related disorders.
SmartKem, Inc. is an advanced materials developer focused on proprietary organic semiconductor formulations designed for flexible and foldable display panels, printed electronics, and next-generation optoelectronic devices. It serves global consumer electronics display manufacturers and semiconductor component producers across North America, East Asia and Europe.
NRXP vs SMTK — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $983.0K | $561.0K |
| Net Profit | $361.0K | $-2.1M |
| Gross Margin | — | 57.6% |
| Operating Margin | — | -380.7% |
| Net Margin | 36.7% | -366.3% |
| Revenue YoY | — | — |
| Net Profit YoY | 104.0% | 23.7% |
| EPS (diluted) | — | $-0.22 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $983.0K | $561.0K | ||
| Q3 25 | $242.0K | $81.0K | ||
| Q2 25 | $0 | — | ||
| Q1 25 | $0 | — | ||
| Q3 24 | $0 | $0 | ||
| Q4 23 | — | $0 | ||
| Q3 23 | — | $3.0K | ||
| Q2 23 | — | $8.0K |
| Q4 25 | $361.0K | $-2.1M | ||
| Q3 25 | $-5.9M | $-3.9M | ||
| Q2 25 | $-17.6M | — | ||
| Q1 25 | $-5.5M | — | ||
| Q3 24 | $-1.6M | $-2.8M | ||
| Q4 23 | — | $-1.4M | ||
| Q3 23 | — | $-3.0M | ||
| Q2 23 | — | $-2.0M |
| Q4 25 | — | 57.6% | ||
| Q3 25 | 59.9% | 93.8% | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q3 24 | — | — | ||
| Q4 23 | — | — | ||
| Q3 23 | — | 66.7% | ||
| Q2 23 | — | 25.0% |
| Q4 25 | — | -380.7% | ||
| Q3 25 | -1662.8% | -3937.0% | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q3 24 | — | — | ||
| Q4 23 | — | — | ||
| Q3 23 | — | -89833.3% | ||
| Q2 23 | — | -29587.5% |
| Q4 25 | 36.7% | -366.3% | ||
| Q3 25 | -2433.9% | -4839.5% | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q3 24 | — | — | ||
| Q4 23 | — | — | ||
| Q3 23 | — | -100733.3% | ||
| Q2 23 | — | -25337.5% |
| Q4 25 | — | $-0.22 | ||
| Q3 25 | — | $-0.45 | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q3 24 | — | $-0.86 | ||
| Q4 23 | — | $-0.27 | ||
| Q3 23 | — | $-1.78 | ||
| Q2 23 | — | $-1.82 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $7.8M | $374.0K |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $-15.9M | $-3.9M |
| Total Assets | $13.0M | $2.3M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $7.8M | $374.0K | ||
| Q3 25 | $7.2M | $881.0K | ||
| Q2 25 | $2.9M | — | ||
| Q1 25 | $5.5M | — | ||
| Q3 24 | $1.6M | $1.8M | ||
| Q4 23 | — | $8.8M | ||
| Q3 23 | — | $11.2M | ||
| Q2 23 | — | $13.8M |
| Q4 25 | $-15.9M | $-3.9M | ||
| Q3 25 | $-25.8M | $-3.0M | ||
| Q2 25 | $-35.6M | — | ||
| Q1 25 | $-25.2M | — | ||
| Q3 24 | $-18.8M | $2.3M | ||
| Q4 23 | — | $8.1M | ||
| Q3 23 | — | $10.3M | ||
| Q2 23 | — | $12.3M |
| Q4 25 | $13.0M | $2.3M | ||
| Q3 25 | $15.0M | $3.2M | ||
| Q2 25 | $4.8M | — | ||
| Q1 25 | $7.6M | — | ||
| Q3 24 | $4.5M | $4.3M | ||
| Q4 23 | — | $11.3M | ||
| Q3 23 | — | $13.6M | ||
| Q2 23 | — | $16.1M |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $-3.7M | $-1.4M |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | — | — |
| Cash ConversionOCF / Net Profit | -10.29× | — |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-3.7M | $-1.4M | ||
| Q3 25 | $-2.9M | $-200.0K | ||
| Q2 25 | $-4.0M | — | ||
| Q1 25 | $-3.5M | — | ||
| Q3 24 | $-2.3M | $-2.6M | ||
| Q4 23 | — | $-2.4M | ||
| Q3 23 | — | $-2.5M | ||
| Q2 23 | — | $-637.0K |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q3 24 | — | — | ||
| Q4 23 | — | — | ||
| Q3 23 | — | $-2.6M | ||
| Q2 23 | — | — |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q3 24 | — | — | ||
| Q4 23 | — | — | ||
| Q3 23 | — | -85200.0% | ||
| Q2 23 | — | — |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q3 24 | — | — | ||
| Q4 23 | — | — | ||
| Q3 23 | — | 200.0% | ||
| Q2 23 | — | — |
| Q4 25 | -10.29× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q3 24 | — | — | ||
| Q4 23 | — | — | ||
| Q3 23 | — | — | ||
| Q2 23 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
