NRXP
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Earnings documents stored for NRXP.
Investor releaseQuarter not tagged2026-08-18NRx Pharmaceuticals, Inc. Q2 2026 Earnings Call Summary
Moby
NRx Pharmaceuticals, Inc. Q2 2026 Earnings Call Summary
Our analysts just identified a stock with the potential to be the next Nvidia. Tell us how you invest and we'll show you why it's our #1 pick. Tap here. Achieved a regulatory inflection point with the FDA identifying only a single, non-drug-related deficiency regarding a vial component for the preservative-free ketamine ANDA. Advanced the NRX-100 NDA for depression by leveraging new federal guidance and executive orders that encourage the use of real-world evidence for psychedelic-based treatments. Pivoted the NRX-101 strategy to include a military-partnered Phase II/III trial (SPARC-TMS) combining the drug with robotic transcranial magnetic stimulation to address force readiness. Expanded the addressable market for NRX-101 from suicidal bipolar depression to the broader treatment-resistant depression market, representing over 15 million potential patients. Acquired the GeNeuro asset portfolio, establishing a long-term research pipeline focused on human endogenous retroviruses as potential drivers of ALS and schizophrenia. Scaled the HOPE Therapeutics clinical footprint to five locations in Florida, focusing on a high-standard care model utilizing neuronavigation and neuroplastic-assisted treatments. Strengthened the balance sheet through a $22 million public offering, providing a stable platform for the anticipated near-term commercial launch of the ketamine family of products. Targeting 2026 approval for preservative-free ketamine, with 5 million units of launch stock already ordered to ensure immediate market availability upon clearance. Aiming for 2027 approval of the NRX-100 NDA, contingent on finalizing the application with aligned drug vial specifications used in the ANDA product. Anticipating the first-in-human trial for GNK-301 in ALS by July 2027, supported by anticipated federal funding and partnerships with the NIH. Executing contract negotiations for the SPARC-TMS trial to be funded by the military, which will include 400 total patients across civilian and military treatment facilities. Projecting that current cash resources and anticipated clinic revenue growth will be sufficient to support operations for at least one year. The GeNeuro acquisition includes two clinical-stage monoclonal antibodies, GNK-301 for ALS and temelimab for MS and schizophrenia, acquired via Swiss court proceedings. Management identified a single 'major deficiency' in th…Read full documentShow less
Our analysts just identified a stock with the potential to be the next Nvidia. Tell us how you invest and we'll show you why it's our #1 pick. Tap here. Achieved a regulatory inflection point with the FDA identifying only a single, non-drug-related deficiency regarding a vial component for the preservative-free ketamine ANDA. Advanced the NRX-100 NDA for depression by leveraging new federal guidance and executive orders that encourage the use of real-world evidence for psychedelic-based treatments. Pivoted the NRX-101 strategy to include a military-partnered Phase II/III trial (SPARC-TMS) combining the drug with robotic transcranial magnetic stimulation to address force readiness. Expanded the addressable market for NRX-101 from suicidal bipolar depression to the broader treatment-resistant depression market, representing over 15 million potential patients. Acquired the GeNeuro asset portfolio, establishing a long-term research pipeline focused on human endogenous retroviruses as potential drivers of ALS and schizophrenia. Scaled the HOPE Therapeutics clinical footprint to five locations in Florida, focusing on a high-standard care model utilizing neuronavigation and neuroplastic-assisted treatments. Strengthened the balance sheet through a $22 million public offering, providing a stable platform for the anticipated near-term commercial launch of the ketamine family of products. Targeting 2026 approval for preservative-free ketamine, with 5 million units of launch stock already ordered to ensure immediate market availability upon clearance. Aiming for 2027 approval of the NRX-100 NDA, contingent on finalizing the application with aligned drug vial specifications used in the ANDA product. Anticipating the first-in-human trial for GNK-301 in ALS by July 2027, supported by anticipated federal funding and partnerships with the NIH. Executing contract negotiations for the SPARC-TMS trial to be funded by the military, which will include 400 total patients across civilian and military treatment facilities. Projecting that current cash resources and anticipated clinic revenue growth will be sufficient to support operations for at least one year. The GeNeuro acquisition includes two clinical-stage monoclonal antibodies, GNK-301 for ALS and temelimab for MS and schizophrenia, acquired via Swiss court proceedings. Management identified a single 'major deficiency' in the ANDA related to the Luer lock vial component, which has been addressed via a manufacturer's attestation. Operating losses increased to $11.3 million primarily due to ramped-up R&D and SG&A spending in preparation for the near-term commercial launch of ketamine. The company is utilizing non-dilutive funding strategies for high-risk programs, specifically targeting the $80 million added to the 2027 defense appropriation for ALS research. One stock. Nvidia-level potential. 30M+ investors trust Moby to find it first. Get the pick. Tap here. Management explained that KETAFREE is legally distinct due to a specific hypotonic salt concentration (6.4 mg/mL) required to match the legacy reference drug. NRX-100 will have a different NDC number and a label specifically for depression, preventing insurance substitution with the generic anesthetic product. This dual-track strategy allows the company to target the $750 million existing ketamine market while protecting the proprietary reimbursement path for depression. The DARPA-funded SPARC-TMS trial focuses on military readiness and does not replace the need for FDA indication filings. Management intends to pursue both the breakthrough therapy indication for suicidal bipolar depression and the broader treatment-resistant depression market simultaneously. The military trial provides 'massively transformative' non-dilutive funding that expands the drug's strategic utility beyond inpatient psychiatric settings. NRx intends to fund the ALS program primarily through non-dilutive sources, including NIH partnerships and congressional medical research programs. The company has already been invited to submit final bids for initial federal funding rounds and is targeting the 2027 defense appropriation for clinical trials. Management emphasized that core capital from recent raises is strictly reserved for the commercial launch of the ketamine product family.
Investor releaseQuarter not tagged2026-08-18NRX Pharmaceuticals Inc (NRXP) (Q2 2026) Earnings Call Highlights: Advancing Ketamine Pipeline ...
GuruFocus.com
NRX Pharmaceuticals Inc (NRXP) (Q2 2026) Earnings Call Highlights: Advancing Ketamine Pipeline ...
This article first appeared on GuruFocus. Net Loss (Six Months Ended June 30, 2026): Reported a net loss of $18 million, compared to a net loss of $23.1 million in the same period of 2025. Net Operating Loss (Six Months Ended June 30, 2026): Reported a net operating loss of $11.3 million, versus a net operating loss of $7.6 million in the comparable period of 2025. Cash and Cash Equivalents: Approximately $26.7 million as of June 30, 2026, versus $7.8 million as of December 31, 2025. Public Offering Proceeds: Gross proceeds of more than $22 million from a completed public offering of common stock. Warning! GuruFocus has detected 3 Warning Signs with NRXP. Is NRXP fairly valued? Test your thesis with our free DCF calculator. Release Date: August 17, 2026 For the complete transcript of the earnings call, please refer to the full earnings call transcript. NRX Pharmaceuticals Inc (NASDAQ:NRXP) completed the first cycle of FDA review for its preservative-free ketamine ANDA with only one remaining major deficiency, which has been addressed, positioning the company for a potential 2026 approval and commercial launch. The company received White House and congressional guidance directing the FDA to use real-world evidence for ketamine and psychedelic drug approvals, supported by data from 65,000 patients showing IV ketamine's comparable or superior efficacy, strengthening the NRX-100 NDA path. NRX Pharmaceuticals Inc (NASDAQ:NRXP) was selected as the prime contractor for the DARPA-funded SPARC-TMS trial, a Phase 2/3 study combining NRX-101 with robotic TMS, potentially expanding the drug's market to over 15 million Americans with treatment-resistant depression. The acquisition of GeNeuro's assets, including GNK-301 for ALS and temelimab for multiple sclerosis and schizophrenia, adds a potentially transformative pipeline with NIH partnership and nondilutive funding opportunities. The company's cash position improved significantly to $26.7 million as of June 30, 2026, up from $7.8 million at year-end 2025, providing a runway of at least one year to support operations and near-term launches. NRX Pharmaceuticals Inc (NASDAQ:NRXP) reported an increased net operating loss of $11.3 million for the first half of 2026, up from $7.6 million in the prior year, driven by higher R&D and SG&A costs related to the ketamine launch preparation. The FDA identified a major deficiency i…Read full documentShow less
This article first appeared on GuruFocus. Net Loss (Six Months Ended June 30, 2026): Reported a net loss of $18 million, compared to a net loss of $23.1 million in the same period of 2025. Net Operating Loss (Six Months Ended June 30, 2026): Reported a net operating loss of $11.3 million, versus a net operating loss of $7.6 million in the comparable period of 2025. Cash and Cash Equivalents: Approximately $26.7 million as of June 30, 2026, versus $7.8 million as of December 31, 2025. Public Offering Proceeds: Gross proceeds of more than $22 million from a completed public offering of common stock. Warning! GuruFocus has detected 3 Warning Signs with NRXP. Is NRXP fairly valued? Test your thesis with our free DCF calculator. Release Date: August 17, 2026 For the complete transcript of the earnings call, please refer to the full earnings call transcript. NRX Pharmaceuticals Inc (NASDAQ:NRXP) completed the first cycle of FDA review for its preservative-free ketamine ANDA with only one remaining major deficiency, which has been addressed, positioning the company for a potential 2026 approval and commercial launch. The company received White House and congressional guidance directing the FDA to use real-world evidence for ketamine and psychedelic drug approvals, supported by data from 65,000 patients showing IV ketamine's comparable or superior efficacy, strengthening the NRX-100 NDA path. NRX Pharmaceuticals Inc (NASDAQ:NRXP) was selected as the prime contractor for the DARPA-funded SPARC-TMS trial, a Phase 2/3 study combining NRX-101 with robotic TMS, potentially expanding the drug's market to over 15 million Americans with treatment-resistant depression. The acquisition of GeNeuro's assets, including GNK-301 for ALS and temelimab for multiple sclerosis and schizophrenia, adds a potentially transformative pipeline with NIH partnership and nondilutive funding opportunities. The company's cash position improved significantly to $26.7 million as of June 30, 2026, up from $7.8 million at year-end 2025, providing a runway of at least one year to support operations and near-term launches. NRX Pharmaceuticals Inc (NASDAQ:NRXP) reported an increased net operating loss of $11.3 million for the first half of 2026, up from $7.6 million in the prior year, driven by higher R&D and SG&A costs related to the ketamine launch preparation. The FDA identified a major deficiency in the ANDA for preservative-free ketamine related to the Luer lock component, which required additional manufacturer attestation and could delay approval if not resolved promptly. The company's reliance on real-world evidence for NRX-100 approval is subject to regulatory and political uncertainties, as FDA guidance may not guarantee a smooth or timely approval process. The SPARC-TMS trial is still in the contracting process with DARPA, and the company has not yet secured final funding, creating execution risk for this potentially pivotal study. The GeNeuro acquisition involves complex intellectual property and regulatory challenges, including the need to secure funding for GNK-301's first-in-human trial, which is not yet fully committed and may face delays. Q: How should we think about launching KETAFREE when the NDA ketamine (NRX-100) is coming on its tail, given they are the same drug but likely have different reimbursement potential?A: Jonathan Javitt, Chairman and CEO, clarified that KETAFREE targets the $750 million current market for ketamine used in hospitals and clinics, primarily as an anesthetic and for pain control. By law, KETAFREE must have a comparable inert ingredient composition to the reference drug, Ketalar. Because of this, the ANDA product is legally a different drug from NRX-100, with different NDC numbers and commercial pathways. The label for NRX-100 will hopefully include the treatment of depression, while the label for KETAFREE will not, meaning they are not substitutable and will have distinct reimbursement paths. Q: Does DARPA's support for the SPARC-TMS trial mean a separate indication filing for NRX-101 in broader treatment-resistant depression, and does this change the timing or priority for the NRX-101 NDA for suicidal bipolar depression?A: Jonathan Javitt explained that DARPA is focused on research to empower the military, not on drug approvals, which is the FDA's role. Since submitting an NDA is incredibly expensive (the PDUFA fee alone is close to $5 million), the company will likely take guidance from shareholders on whether to pursue both indications at once. However, the bipolar depression indication remains a priority as it is a breakthrough therapy designation with nothing else shown to reduce suicidality and akathisia. The SPARC-TMS trial, if successful, represents a massively transformative opportunity for NRX-101. Q: What will be NRx's role in the GeNeuro GNK-301 program to reach the IND for ALS, and will it commit funding or use nondilutive sources?A: Jonathan Javitt stated that the company's key objective with current funds is the commercial launch of the ketamine family of products. For ALS, there is a massive stream of available funding. The drug was coinvented with the Head of ALS at the NIH, and the company has already been selected in the first round of the Congressional-directed medical research program, invited to submit a best and final bid by September 30. An additional $80 million has been added to the 2027 Defense appropriation for ALS. The company expects to develop this program with nondilutive sources, including philanthropic and government money, especially given the strong association between combat veterans and ALS. Q: Is it too early to think about international opportunities for any of the company's initiatives, either in Canada or Europe?A: Jonathan Javitt noted that on the ketamine front, there are international opportunities and suppliers. NRX-101 has worldwide or mostly worldwide patent coverage, and the robotic TMS opportunity has massive international implications if the SPARC-TMS trial succeeds. The GeNeuro assets began internationally, and while some coverage was lost during a Swiss bankruptcy, there is still extensive patent coverage worldwide, which is disclosed on the geneuro.us website. If these drugs show promise, they are expected to become global drugs. Q: Can you provide an update on the ANDA for preservative-free ketamine and the timeline for approval?A: Jonathan Javitt reported that the FDA identified no major deficiencies related to the drug or manufacturer. A single major deficiency was identified regarding the Luer lock component of the vial, which has been resolved by providing the manufacturer's attestation that the vials are made in the same manner as for three other approved drugs shipping over 12 million units a year. The company aims for 2026 approval and has ordered 5 million units of launch stock. Q: What is the significance of the White House and Congress guidance for NRX-100, and what evidence supports its approval?A: Jonathan Javitt explained that a presidential executive order and congressional budget language now guide the FDA to use real-world evidence for approval of ketamine and other psychedelic products to treat depression. Evidence from 65,000 Americans was presented at the American Society of Clinical Psychopharmacology meeting, demonstrating that intravenous ketamine has greater or comparable efficacy to intranasal S-ketamine with more rapid onset. The company is now poised to finalize its NDA, aiming for 2027 approval. Q: Can you elaborate on the SPARC-TMS trial and its potential to expand the market for NRX-101?A: Jonathan Javitt detailed that the SPARC-TMS trial is an FDA-approved Phase 2/3 trial combining NRX-101 with robotic TMS, funded by DARPA. The trial will include 240 patients in HOPE clinics and at Harvard/McLean, plus 160 patients at military treatment facilities. The technology uses functional MRI to locate the depression focus and treats it with sub-millimeter precision, while NRX-101 creates a neuroplastic environment that has doubled or tripled the effect of TMS in small studies. This potentially expands the market for NRX-101 to all patients with treatment-resistant depression, an addressable market of more than 15 million Americans. Q: What are the financial highlights for the second quarter of 2026?A: Michael Abrams, CFO, reported a net loss of $18 million for the six months ended June 30, 2026, versus a net loss of $23.1 million in the comparable 2025 period. The net operating loss was $11.3 million versus $7.6 million in 2025, driven by increased R&D and SG&A costs related to the anticipated commercial launch of preservative-free ketamine. The company had approximately $26.7 million in cash as of June 30, 2026, up from $7.8 million at the end of 2025, primarily due to a public offering with gross proceeds of over $22 million. Management believes current resources will support operations for at least a year. Q: What is the significance of the GeNeuro acquisition and the potential for GNK-301 in treating ALS?A: Jonathan Javitt explained that GeNeuro owns two clinical-stage monoclonal antibody drugs. GNK-301 targets the HERV-K envelope protein found in the vast majority of patients with sporadic ALS. The drug was coinvented at the NIH and is potentially the first disease-modifying drug for ALS. The first-in-human trial is targeted for July 2027. The acquisition was finalized in June by Swiss courts, and the company has already been selected for the first round of congressionally-directed medical research program funding. Q: How is the For the complete transcript of the earnings call, please refer to the full earnings call transcript.
Investor releaseQuarter not tagged2026-08-17NRx Pharmaceuticals (Nasdaq:NRXP) Reports Second Quarter 2026 Financial Results and Provides Corporate Update; Conference Call to be Held on Monday, August 17th at 4:30pm ET
GlobeNewswire
NRx Pharmaceuticals (Nasdaq:NRXP) Reports Second Quarter 2026 Financial Results and Provides Corporate Update; Conference Call to be Held on Monday, August 17th at 4:30pm ET
Key recent and second quarter highlights include: Completed first-cycle FDA review of the Company’s ANDA for preservative-free ketamine with no drug-related major deficiencies. The sole remaining item, a manufacturer's attestation on the vial, has been submitted to FDA. Initiation of commercial scale manufacturing of preservative-free ketamine building to launch stock of 5 million doses to be ready for commercialization in 2026. Selected by the Defense Advanced Research Projects Agency (DARPA) as prime contractor for SPARC-TMS, an FDA-approved Phase 2/3 trial of NRX-101 with robotic TMS. Anticipated non-dilutive funding exceeds $11.5 million, subject to completion of contracting The Company is advancing its NRX-100 NDA on Real World Evidence from more than 65,000 patients, leveraging a Presidential Executive Order and Congressional budget language that encourage FDA use of such evidence in approving treatments for depression. Closed an institutionally-supported, underwritten public offering of common stock for gross proceeds of $22.3 million, including full exercise of the underwriters’ option. The Company expects existing cash to fund operations for at least one year. HOPE Therapeutics expanded its clinical footprint with new sites in Sarasota and Boca Raton, Florida, and became the first commercial site in the US to treat patients using Zeta Surgical’s FDA-cleared TMS navigation system. Appointed Glenn Tyson as the Company’s first Chief Commercial Officer and retained a commercial launch team for preservative-free ketamine. WILMINGTON, Del., Aug. 17, 2026 (GLOBE NEWSWIRE) -- NRx Pharmaceuticals, Inc. (Nasdaq: NRXP) (“NRx”, the “Company”, “we”, “us” or “our”) a clinical-stage biopharmaceutical company, today announced financial results for the quarter ended June 30, 2026, and provided a corporate update. The quarter was marked by significant progress on multiple fronts and strengthening of the Company’s balance sheet to provide adequate funds for at least one year of operations and commercial launch. The quarter’s key development was advancement of the ANDA for preservative-free ketamine toward FDA approval and commercialization, which would represent a transformational milestone . The FDA identified no major deficiencies related to the drug or its manufacture. A single major deficiency was identified related to the luer lock component of the vial (i.e. the…Read full documentShow less
Key recent and second quarter highlights include: Completed first-cycle FDA review of the Company’s ANDA for preservative-free ketamine with no drug-related major deficiencies. The sole remaining item, a manufacturer's attestation on the vial, has been submitted to FDA. Initiation of commercial scale manufacturing of preservative-free ketamine building to launch stock of 5 million doses to be ready for commercialization in 2026. Selected by the Defense Advanced Research Projects Agency (DARPA) as prime contractor for SPARC-TMS, an FDA-approved Phase 2/3 trial of NRX-101 with robotic TMS. Anticipated non-dilutive funding exceeds $11.5 million, subject to completion of contracting The Company is advancing its NRX-100 NDA on Real World Evidence from more than 65,000 patients, leveraging a Presidential Executive Order and Congressional budget language that encourage FDA use of such evidence in approving treatments for depression. Closed an institutionally-supported, underwritten public offering of common stock for gross proceeds of $22.3 million, including full exercise of the underwriters’ option. The Company expects existing cash to fund operations for at least one year. HOPE Therapeutics expanded its clinical footprint with new sites in Sarasota and Boca Raton, Florida, and became the first commercial site in the US to treat patients using Zeta Surgical’s FDA-cleared TMS navigation system. Appointed Glenn Tyson as the Company’s first Chief Commercial Officer and retained a commercial launch team for preservative-free ketamine. WILMINGTON, Del., Aug. 17, 2026 (GLOBE NEWSWIRE) -- NRx Pharmaceuticals, Inc. (Nasdaq: NRXP) (“NRx”, the “Company”, “we”, “us” or “our”) a clinical-stage biopharmaceutical company, today announced financial results for the quarter ended June 30, 2026, and provided a corporate update. The quarter was marked by significant progress on multiple fronts and strengthening of the Company’s balance sheet to provide adequate funds for at least one year of operations and commercial launch. The quarter’s key development was advancement of the ANDA for preservative-free ketamine toward FDA approval and commercialization, which would represent a transformational milestone . The FDA identified no major deficiencies related to the drug or its manufacture. A single major deficiency was identified related to the luer lock component of the vial (i.e. the element of the drug container that connects to a syringe) wherein FDA requested that the Company provide a manufacturer’s attestation that the vial is manufactured in the same manner as it is for 3 other currently approved drugs that ship more than 11.9 million units per year. This attestation has been provided to the FDA and the Company aims for 2026 approval and commercialization. Accordingly, five million units of launch stock is currently in the manufacturing process with anticipated post launch manufacture of 1 million units per month. NRx has continued to advance its New Drug Application for NRX-100 (Preservative-free ketamine) to treat depression. During Q2, a Presidential Executive Order was signed and Congressional Budget Language was approved guiding the FDA to use Real World Evidence for approval of ketamine to treat depression. Evidence gathered from 65,000 Americans was presented at the American Society of Clinical Psychopharmacology meeting in Miami demonstrating that intravenous ketamine has greater or comparable efficacy to intranasal S-ketamine with more rapid onset in treating depression. With alignment on the drug packaging matter, the Company is now poised to finalize its NDA, aiming for 2027 approval. In a potentially federally-funded expansion of the Company’s business plan for NRX-101, (D-cycloserine/lurasidone) NRx was selected as Prime Contractor by the Defense Advanced Research Projects Agency for the SPARC-TMS trial led by Prof. Josh Brown, the Company’s Chief Medical Innovation Officer in partnership with Harvard McClean Hospital and multiple US Military Treatment Facilities. SPARC-TMS measures the efficacy of the Company’s neuroplastic drug (NRX-101) in combination with robotic assisted TMS (www.clinicaltrials.gov NCT 07227103). Successful clinical results could lead to widespread adoption of NRX-101+Robotic TMS for treatment of depression in the military, first responder organizations, and the general population, with initial published results rivaling or exceeding psychedelic drugs. Until now, NRX-101 was positioned only for the treatment of suicidal bipolar depression, a sub million patient market. This military partnered and FDA-approved phase 3 trial potentially expands the market for NRX-101 to all patients with treatment-resistant depression, with an addressable market of more than 15 million Americans (see www.nrxdefense.com). NRx invested in the formation of Geneuro, Inc., with two clinical-stage monoclonal antibody drugs to treat ALS (GNK-301), Schizophrenia (Temelimab®), Multiple Sclerosis, and Type 1 Diabetes (see www.geneuro.us). These patented biologics target Human Endogenous RetroVirus (HERV) envelope proteins that are shown to be neurotoxic and etiologic in neurodegenerative disorders. Temelimab has shown promising, validating clinical results in now-completed European trials for treatment of multiple sclerosis and Type-1 Diabetes. In partnership with the Fondation FondaMental (Paris, FR) and French government funding, GeNeuro aims to launch a clinical trial of Temelimab to treat Schizophrenia. GNK-301 was co-invented at the US National Institute for Neurologic Diseases and Stroke and GeNeuro is partnered with the US National Institutes of Health. GeNeuro, Inc. has already been selected in the first round of the Congressionally-Directed Medical Research Program for drug development and biomarker funding. GNK-301’s first-in-human trial is targeted for July 2027. Should initial clinical activities succeed, substantial funds have been added to the 2027 Defense appropriation to support ongoing activities. “The second quarter of 2026 was a major inflection point for NRx as we advance our mission to bring hope to the most vulnerable patients battling depression and suicidal ideation,” said Dr. Jonathan Javitt, the Company’s CEO and Chairman. “We have continued to drive towards our key objective of first commercial ketamine sales in 2026 with corresponding manufacturing operations and build-out of our first commercial team. Our path to approval of NRX-100 has been advanced by support from the White House and Congress for the use of Real World Evidence that our drug has comparable or superior efficacy to that of current market leaders. Our partnership with the Department of War and its Defense Advanced Research Projects Agency led by Prof. Brown and Dr. Dennis McBride is the culmination of a multi-year endeavor. Similarly, our acquisition of the GeNeuro assets and the resulting partnership with NIH offers a clinical stage and potentially humanity-changing opportunity for the Company – including potentially the first disease-modifying drug to treat ALS – in ALS and other serious disorders, with strong governmental partnership and support from non-dilutive sources of capital. Combat veterans face a two-fold increased risk of ALS, and advancing a cure remains a high priority with strong Congressional support.” Financial Results for the Quarter Ended June 30, 2026 For the six months ended June 30, 2026, NRx reported a net loss of $18.0 million, versus a net loss of $23.1 million during the comparable period in 2025. The change was primarily related to the impact of certain fair value accounting measurements and other non-recurring charges related to the conversion and restructuring of previously issued convertible notes incurred during the six months ended June 30, 2025. For the six months ended June 30, 2026, NRx reported a net operating loss of $11.3 million versus a net operating loss of $7.6 million for the comparable period in 2025. The change was primarily driven by certain research and development costs related to the acquisition of certain assets which management believes will drive significant long-term value for shareholders, as well as increased selling, general and administrative costs including, but not limited to, the addition of key personnel and other expenses related to the Company’s anticipated commercial launch of its ANDA for preservative-free ketamine. As of June 30, 2026, the Company had approximately $26.7 million in cash and cash equivalents versus $7.8 million as of December 31, 2025. The increase was primarily related to the Company’s completion of a public offering of common stock with gross proceeds of more than $22 million. Management believes current cash resources, anticipated growth in clinic revenue, and opportunistic utilization of the Company's active at-the-market offering facility will be sufficient to support operations for at least one year. Conference Call Details The Company will host a conference call at 4:30pm ET on Monday, August 17, 2026. In addition to reviewing the Company's financial results for the fiscal year ended December 31, 2025, the Company will provide an update on the significant progress achieved across its drug development programs and the HOPE Therapeutics clinical network, milestones that bring the Company closer to its founding mission of preventing suicide and transforming the treatment of depression and PTSD to improve the lives of patients and bring hope to life. A live webcast of the conference call will be available on the Company’s website at https://ir.nrxpharma.com/events. Participants that are unable to join the webcast can access the conference call via telephone by dialing domestically 1-800-717-1738 or internationally +1-646-307-1865. About NRx Pharmaceuticals, Inc.NRx Pharmaceuticals, Inc. (www.nrxpharma.com), is a clinical-stage biopharmaceutical company developing therapeutics based on its NMDA platform for the treatment of central nervous system disorders, specifically suicidal depression, chronic pain, and PTSD. The Company is developing NRX-100 (preservative-free intravenous ketamine) and NRX-101, (oral D-cycloserine/lurasidone). NRX-100 has been awarded Fast Track Designation for the treatment of Suicidal ideation in Depression, including Bipolar Depression. NRX-101 has been awarded Breakthrough Therapy Designation for the treatment of suicidal bipolar depression. NRx has filed an Abbreviated New Drug Application (ANDA), and initiated a New Drug Application filing for NRX-100 with an application for the Commissioner’s National Priority Voucher Program for the treatment of suicidal ideation in patients with depression, including bipolar depression. Notice Regarding Forward-Looking StatementsThe information contained herein includes forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and Section 27A of the Securities Act of 1933, as amended. Forward-looking statements generally include statements that are predictive in nature and depend upon or refer to future events or conditions, and include words such as "may," "will," "should," "would," "expect," "plan," "believe," "intend," "look forward," and other similar expressions among others. These statements relate to future events or to the Company's future financial performance, and involve known and unknown risks, uncertainties and other factors that may cause the Company's actual results to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements. The Company has reported regulatory milestones as they have been achieved but has not predicted the outcome of any future regulatory determination. You should not place undue reliance on forward-looking statements since they involve known and unknown risks, uncertainties and other factors which are, in some cases, beyond the Company's control and which could, and likely will, materially affect actual results, levels of activity, performance or achievements. Any forward-looking statement reflects the Company's current views with respect to future events and is subject to these and other risks, including uncertainties and assumptions relating to the Company's operations, results of operations, growth strategy, and, among other things, liquidity. More detailed information about the Company and the risk factors that may affect the realization of forward-looking statements is set forth in the Company's most recent Annual Report on Form 10-K and other filings with the Securities and Exchange Commission. Investors and security holders are urged to read these documents free of charge on the SEC's website at http://www.sec.gov. Except as may be required by applicable law, the Company assumes no obligation to publicly update or revise these forward-looking statements for any reason, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, whether as a result of new information, future events or otherwise. For further information:Brian KorbManaging Partner, astr partners(917) [email protected]
Investor releaseQuarter not tagged2026-06-17NRX Pharmaceuticals Inc (NRXP) Q1 2026 Earnings Call Highlights: Strategic Advances Amid ...
GuruFocus.com
NRX Pharmaceuticals Inc (NRXP) Q1 2026 Earnings Call Highlights: Strategic Advances Amid ...
This article first appeared on GuruFocus. Net Loss: $1.4 million or $0.04 per share for Q1 2026, a 74% reduction from $5.5 million or $0.34 per share in Q1 2025. Loss from Operations: $4.7 million for Q1 2026, compared to $3.8 million in Q1 2025. Research and Development Expense: $1.3 million for Q1 2026, up from $0.8 million in Q1 2025. General and Administrative Expense: $3.8 million for Q1 2026, compared to $2.9 million in Q1 2025. Cash and Cash Equivalents: $6.7 million as of March 31, 2026. Additional Funding: $7 million raised post-quarter through sale of common stock. Warning! GuruFocus has detected 3 Warning Signs with NRXP. Is NRXP fairly valued? Test your thesis with our free DCF calculator. Release Date: May 18, 2026 For the complete transcript of the earnings call, please refer to the full earnings call transcript. NRX Pharmaceuticals Inc (NASDAQ:NRXP) has made significant progress on regulatory pathways for preservative-free ketamine and initiated commercial manufacturing. The company is debt-free and has raised $7 million since the end of the quarter, ensuring sufficient cash for immediate operating needs. FDA has issued positive feedback on KETAFREE, with only minor administrative changes requested, positioning the company well for market entry. NRX-101 has advanced into a registrational trial with FDA clearance, and the company anticipates non-dilutive federal funding for the MIND1 trial. The acquisition of GeNeuro assets expands NRX Pharmaceuticals Inc (NASDAQ:NRXP)'s pipeline into serious neurological and autoimmune diseases. NRX Pharmaceuticals Inc (NASDAQ:NRXP) reported a loss from operations of $4.7 million for the quarter, an increase from the previous year. Research and development expenses increased to $1.3 million, reflecting higher costs associated with strategic initiatives. General and administrative expenses rose to $3.8 million, driven by costs related to strategic initiatives. The company faces challenges in addressing the ketamine shortage, although it has plans to mitigate this with high-volume manufacturing. There is uncertainty regarding the FDA's response to the preservative-free ketamine and the potential impact on the broader industry. Q: For KETAFREE, what does the distribution channel look like? Are the centers your customers, or will this go through larger distributors? A: Michael Abrams, CFO, explained that there are…Read full documentShow less
This article first appeared on GuruFocus. Net Loss: $1.4 million or $0.04 per share for Q1 2026, a 74% reduction from $5.5 million or $0.34 per share in Q1 2025. Loss from Operations: $4.7 million for Q1 2026, compared to $3.8 million in Q1 2025. Research and Development Expense: $1.3 million for Q1 2026, up from $0.8 million in Q1 2025. General and Administrative Expense: $3.8 million for Q1 2026, compared to $2.9 million in Q1 2025. Cash and Cash Equivalents: $6.7 million as of March 31, 2026. Additional Funding: $7 million raised post-quarter through sale of common stock. Warning! GuruFocus has detected 3 Warning Signs with NRXP. Is NRXP fairly valued? Test your thesis with our free DCF calculator. Release Date: May 18, 2026 For the complete transcript of the earnings call, please refer to the full earnings call transcript. NRX Pharmaceuticals Inc (NASDAQ:NRXP) has made significant progress on regulatory pathways for preservative-free ketamine and initiated commercial manufacturing. The company is debt-free and has raised $7 million since the end of the quarter, ensuring sufficient cash for immediate operating needs. FDA has issued positive feedback on KETAFREE, with only minor administrative changes requested, positioning the company well for market entry. NRX-101 has advanced into a registrational trial with FDA clearance, and the company anticipates non-dilutive federal funding for the MIND1 trial. The acquisition of GeNeuro assets expands NRX Pharmaceuticals Inc (NASDAQ:NRXP)'s pipeline into serious neurological and autoimmune diseases. NRX Pharmaceuticals Inc (NASDAQ:NRXP) reported a loss from operations of $4.7 million for the quarter, an increase from the previous year. Research and development expenses increased to $1.3 million, reflecting higher costs associated with strategic initiatives. General and administrative expenses rose to $3.8 million, driven by costs related to strategic initiatives. The company faces challenges in addressing the ketamine shortage, although it has plans to mitigate this with high-volume manufacturing. There is uncertainty regarding the FDA's response to the preservative-free ketamine and the potential impact on the broader industry. Q: For KETAFREE, what does the distribution channel look like? Are the centers your customers, or will this go through larger distributors? A: Michael Abrams, CFO, explained that there are two channels: the existing hospital channel for ketamine and the rapidly growing clinic market. The hospital channel will rely on traditional distribution, while the clinic market, which struggles to access wholesalers, will be targeted directly to replace compounded products with FDA-approved ones. Q: Regarding the real-world ketamine data, what is the level of understanding with the FDA about what they want to see in those records? A: Jonathan Javitt, CEO, stated that they have agreed with the FDA to submit a statistical analysis plan before analyzing the data. This ensures that the analysis meets FDA's expectations and avoids multiple data crunching. Q: Can you help us understand the ketamine shortage and how you plan to overcome it? A: Jonathan Javitt, CEO, mentioned that while they can't pinpoint the exact reasons for the shortage, they are prepared to address it with sufficient raw materials and high-volume manufacturing capabilities. Q: If KETAFREE is approved, what do you anticipate the FDA's action would be towards a Preservative-Free Ketamine as the solution across the industry? A: Jonathan Javitt, CEO, noted that while it's hard to predict regulatory actions, there is a general regulatory trend towards safety and removing toxic preservatives, which could favor their preservative-free formulation. Q: Once you file the NRX-100 NDA, how soon do you anticipate learning whether you got the priority review voucher? A: Jonathan Javitt, CEO, indicated that the process generally takes about six months. They already have fast track approval, which entitles them to priority review. Q: What inventory level do you expect to have available at the time of KETAFREE's launch? A: Jonathan Javitt, CEO, stated they plan to have at least 1 million units in the warehouse, potentially increasing to 1.5 million or 2 million units depending on demand. Q: Could you talk more about the MIND1 trial for NRX-101 plus TMS, and whether it could be registration-enabling if positive? A: Jonathan Javitt, CEO, explained that if the trial shows dramatically positive results, it could potentially lead to approval based on one trial. However, the focus is on conducting the trial in partnership with military and academic colleagues. For the complete transcript of the earnings call, please refer to the full earnings call transcript.
Investor releaseQuarter not tagged2026-05-18NRx Pharmaceuticals Q1 Earnings Call Highlights
MarketBeat
NRx Pharmaceuticals Q1 Earnings Call Highlights
Interested in NRx Pharmaceuticals, Inc.? Here are five stocks we like better. KETAFREE moved closer to a potential summer 2026 approval after the FDA issued mostly minor review comments, and NRx said it has already begun commercial manufacturing at scale. Management believes the product could serve both hospital and ketamine clinic markets, where supply shortages persist. NRx said it plans to file an NDA for NRX-100 in Q2, supported by trial data from more than 1,000 patients and real-world evidence from over 65,000 patients. The FDA also indicated it may consider approval based on existing data and broader depression indications, with priority review pathways available. The company reported a smaller Q1 net loss of about $1.4 million versus $5.5 million a year earlier, and said it ended the quarter with $6.7 million in cash. NRx also said it raised about $7 million after quarter-end and expects current resources to support operations through at least 2026. 5 Biotech stocks tapping into unmet mental health treatment needs NRx Pharmaceuticals (NASDAQ:NRXP) said it advanced several regulatory, manufacturing and clinical initiatives during the first quarter of 2026, including progress toward potential approval of its preservative-free ketamine product, KETAFREE, and preparations for an NDA filing for NRX-100. Founder, Chairman and Chief Executive Officer Dr. Jonathan Javitt said the quarter was “productive” and contrasted the company’s current position with a year earlier, when he said NRx had not yet filed for its first drug approval and had $8.7 million in debt. Javitt said the company is now debt free, has sufficient cash for immediate operating needs and raised $7 million after the end of the quarter. → 3 Crucial Aerospace Component Makers That Analysts Love Doing Your Holiday Shopping? These Stocks Might Make Great Gifts Javitt said NRx continued to make progress with the FDA review of KETAFREE, its preservative-free ketamine formulation. In March, the company said the FDA notified it of a preliminary determination of bioequivalence to the reference branded drug KETALAR. Since then, Javitt said the company has continued clearing remaining review disciplines. According to Javitt, the FDA issued a labeling letter in April requesting only minor formatting changes and a positive discipline review letter on quality that requested administrative chang…Read full documentShow less
Interested in NRx Pharmaceuticals, Inc.? Here are five stocks we like better. KETAFREE moved closer to a potential summer 2026 approval after the FDA issued mostly minor review comments, and NRx said it has already begun commercial manufacturing at scale. Management believes the product could serve both hospital and ketamine clinic markets, where supply shortages persist. NRx said it plans to file an NDA for NRX-100 in Q2, supported by trial data from more than 1,000 patients and real-world evidence from over 65,000 patients. The FDA also indicated it may consider approval based on existing data and broader depression indications, with priority review pathways available. The company reported a smaller Q1 net loss of about $1.4 million versus $5.5 million a year earlier, and said it ended the quarter with $6.7 million in cash. NRx also said it raised about $7 million after quarter-end and expects current resources to support operations through at least 2026. 5 Biotech stocks tapping into unmet mental health treatment needs NRx Pharmaceuticals (NASDAQ:NRXP) said it advanced several regulatory, manufacturing and clinical initiatives during the first quarter of 2026, including progress toward potential approval of its preservative-free ketamine product, KETAFREE, and preparations for an NDA filing for NRX-100. Founder, Chairman and Chief Executive Officer Dr. Jonathan Javitt said the quarter was “productive” and contrasted the company’s current position with a year earlier, when he said NRx had not yet filed for its first drug approval and had $8.7 million in debt. Javitt said the company is now debt free, has sufficient cash for immediate operating needs and raised $7 million after the end of the quarter. → 3 Crucial Aerospace Component Makers That Analysts Love Doing Your Holiday Shopping? These Stocks Might Make Great Gifts Javitt said NRx continued to make progress with the FDA review of KETAFREE, its preservative-free ketamine formulation. In March, the company said the FDA notified it of a preliminary determination of bioequivalence to the reference branded drug KETALAR. Since then, Javitt said the company has continued clearing remaining review disciplines. According to Javitt, the FDA issued a labeling letter in April requesting only minor formatting changes and a positive discipline review letter on quality that requested administrative changes the agency identified as minor. He said leadership of the FDA Office of Generic Drugs expressed support for addressing remaining items within the current review cycle, consistent with the company’s goal of summer 2026. → McDonald's Is the Cheapest It’s Been in Years—Does That Make It a Buy? Javitt said NRx transmitted its first commercial manufacturing order on May 5 at the 1 million unit per batch scale. The company is using a blow-fill-seal process, which Javitt said provides more than tenfold throughput compared with traditional glass vial techniques and is scalable at lower manufacturing cost. He said NRx calculates it can manufacture 1 million units per week. Javitt said sterile ketamine remains in shortage and that the market shortage is larger than hospital data may indicate because ketamine clinics often cannot obtain product through commercial supply chains and rely on compounding pharmacies. In a question-and-answer exchange with BTIG analyst Thomas Shrader, Javitt said NRx sees two channels for KETAFREE: the traditional hospital channel and the clinic market, which he said has limited access to wholesalers. → 3 Stocks to Own If Gas Prices Keep Rising “We intend to displace that compounded product with reliably manufactured, FDA-approved GMP product,” Javitt said. NRx appointed Glenn Tyson as Chief Commercial Officer in April to support the anticipated launch. Javitt said Tyson has 25 years of commercial leadership experience at GSK and Indivior, including work on the launch of SUBLOCADE. Javitt said NRx expects to file an NDA for NRX-100 in the second quarter. He said a Type C meeting with FDA psychiatry leadership confirmed the agency’s willingness to review existing clinical trial data alongside real-world evidence as a potential basis for approval without requiring additional trials. The planned NDA will be supported by clinical trial data from more than 1,000 patients and real-world evidence from more than 65,000 patients through a partnership with Osmind, Javitt said. He added that the FDA guided NRx to seek a broader indication of depression in patients who may have suicidality, rather than only patients who have suicidality. During the Q&A, Shrader asked about the real-world ketamine data. Javitt said NRx agreed with the FDA that it would submit a statistical analysis plan before analyzing the data, including which tests would be used and how patients would be included, excluded and categorized. He said the company was waiting for the FDA’s response and expected it approximately by the end of the month. Javitt also discussed an April 18 executive order signed by President Trump titled “Accelerating Medical Treatments for Serious Mental Illness,” which he said directs acceleration of approval pathways for psychedelic medicines to treat depression, PTSD and suicidality and encourages the use of real-world evidence. Javitt said NRx has applied for a Commissioner’s National Priority Voucher in support of the NDA. He also said NRX-100 already has fast track status, making it entitled to priority review. NRx is also advancing NRX-101 on multiple tracks. Javitt said the company has initiated an NDA filing for suicidal bipolar depression by submitting module 3 manufacturing files and is requesting rolling review under its breakthrough therapy designation. Separately, Javitt said the FDA cleared the MIND1 trial on May 7. The phase II-B/III study will evaluate NRX-101 versus placebo as an adjunct to robotic-assisted transcranial magnetic stimulation, or TMS, using an accelerated one-day protocol. The trial is designed to enroll 400 participants across an academic teaching hospital, HOPE Therapeutics clinics and U.S. military treatment facilities, with non-dilutive federal funding anticipated, he said. Javitt said recent data showed a doubling of clinical response and an eightfold increase in remission from depression when D-cycloserine is added to standard TMS therapy. He said the market opportunity for this indication exceeds $1 billion. In response to a question from H.C. Wainwright analyst Patrick Trucchio, Javitt said the trial could potentially support approval if it produced a dramatic result, though he cautioned that the data would determine the path forward. Javitt said HOPE Therapeutics operated five Florida clinics during the quarter and expects eight or more locations by the end of the second quarter. In February, the company appointed Professor Joshua Brown of Harvard/McLean as Chief Medical Innovation Officer, joining Medical Director Dr. Rebecca Cohen. HOPE also announced a partnership with Emobot Health in March to deploy an AI-driven “depression thermometer,” a smartphone application that Javitt said can measure depression levels with high correlation to standard depression measures. He said the application passively analyzes facial expressions, vocal tones and actigraphy and is intended to help detect relapse between visits. NRx also formed Geneuro, Inc., a Florida-based subsidiary built around assets acquired from the Swiss court-supervised liquidation sale of Geneuro SA. Javitt said the portfolio targets Human Endogenous Retroviruses, or HERVs, which he said are implicated in schizophrenia, multiple sclerosis, ALS, autism and optic neuritis. The acquired assets include patents, cell lines, antibodies, regulatory files and data from three completed human clinical trials. Dr. Hervé Perron, formerly Chief Scientist at Geneuro SA, joined as Chief Scientist, while Professor Marion Leboyer will lead the anti-HERV-W antibody program in schizophrenia, Javitt said. Chief Financial Officer Michael Abrams said NRx reported a first-quarter net loss of approximately $1.4 million, or $0.04 per share, compared with a net loss of approximately $5.5 million, or $0.34 per share, in the prior-year period. He said the 74% year-over-year reduction was primarily related to fair value accounting measures and other non-recurring charges. Loss from operations was $4.7 million, compared with $3.8 million in the same quarter of 2025. Abrams said the increase was driven by costs tied to strategic initiatives, including progress toward drug approvals, resources for an anticipated commercial launch, clinic expansion, intellectual property development and pipeline growth. Research and development expense was approximately $1.3 million, compared with $0.8 million a year earlier. General and administrative expense, including selling costs, was approximately $3.8 million, compared with $2.9 million in the prior-year period. NRx had approximately $6.7 million in cash and cash equivalents as of March 31, 2026. Abrams said management believes current cash resources, anticipated clinic revenue growth, cost reduction initiatives and access to the company’s active at-the-market offering will support operations through at least 2026. Subsequent to quarter end, the company generated approximately $7 million in gross proceeds from common stock sales under the ATM facility. NRx Pharmaceuticals, Inc is a clinical-stage specialty biopharmaceutical company focused on the development and repurposing of small-molecule therapeutics for central nervous system and rare disease indications. The company's research strategy centers on advancing compounds with established safety profiles into new neurological and inflammatory conditions, leveraging translational science and biomarker-driven trial design to accelerate clinical development. NRx's pipeline includes Ifenprodil, an NMDA receptor antagonist in investigation for acute respiratory distress syndrome and inflammatory muscle disorders, as well as investigational formulations targeting depressive and cognitive disorders. Since securing global rights to its lead assets, NRx has initiated multiple proof-of-concept studies in the United States and Europe, collaborating with academic institutions and clinical research organizations to evaluate safety and efficacy across a range of indications. This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected]. The article "NRx Pharmaceuticals Q1 Earnings Call Highlights" was originally published by MarketBeat. View MarketBeat's top stocks for May 2026.
Investor releaseQuarter not tagged2026-05-18NRx Pharmaceuticals (Nasdaq:NRXP) Reports First Quarter 2026 Financial Results and Provides Corporate Update
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NRx Pharmaceuticals (Nasdaq:NRXP) Reports First Quarter 2026 Financial Results and Provides Corporate Update
Key highlights from the first quarter of operations under the expanded management team include the following: Anticipated FDA decision on the Company's ANDA for Preservative-Free Ketamine in Q3 2026, with favorable preliminary determinations already received from the FDA Office of Generic Drugs on bioequivalence, labeling, drug product, drug substance, and safety. Initiation of commercial manufacturing of Ketamine at the 1 million dose per month level with recent FDA inspection of the manufacturing facility and granting of inspection status consistent with launch of an ANDA drug. Completed a Type C meeting with the FDA Division of Psychiatry Products and CDER leadership, in which the Agency expressed openness to existing clinical trial data and Real World Evidence supporting approval without additional trials. Presidential Executive Order signed and Congressional Appropriations Language filed encouraging the use of Real World Evidence in the approval of drugs for suicidal depression and PTSD. Appointment of Prof. Joshua Brown, MD, PhD (Harvard/McLean) as Chief Medical Innovation Officer, bringing NIH- and DARPA-funded expertise in D-cycloserine and TMS for depression, PTSD, and suicidality. FDA acceptance of an Investigational New Drug (IND) application for NRX-101 as an adjunct to robotic-enabled Transcranial Magnetic Stimulation (TMS), with anticipated non-dilutive federal funding supporting study at military and civilian sites. Development of a patentable, sustained-release formulation of D-cycloserine designed to enhance TMS efficacy, building on prior trial data showing a doubling of clinical response and 8-fold increase in remission versus standard TMS. First revenue generated from five interventional psychiatry clinics treating severe depression and PTSD, with funding from the VA, Department of War, private insurers, and self-pay; footprint expected to expand meaningfully in 2026. Pending acquisition of Geneuro, SA assets through a now complete Swiss court-supervised liquidation process, including a patent portfolio, antibodies, cell lines, and Phase 2 data targeting HERVs implicated in Schizophrenia, ALS, MS, Autism, and Type 1 Diabetes. WILMINGTON, Del., May 18, 2026 (GLOBE NEWSWIRE) -- NRx Pharmaceuticals, Inc. (Nasdaq: NRXP) (“NRx”, the “Company”, “we”, “us” or “our”) a clinical-stage biopharmaceutical company, today announced fi…Read full documentShow less
Key highlights from the first quarter of operations under the expanded management team include the following: Anticipated FDA decision on the Company's ANDA for Preservative-Free Ketamine in Q3 2026, with favorable preliminary determinations already received from the FDA Office of Generic Drugs on bioequivalence, labeling, drug product, drug substance, and safety. Initiation of commercial manufacturing of Ketamine at the 1 million dose per month level with recent FDA inspection of the manufacturing facility and granting of inspection status consistent with launch of an ANDA drug. Completed a Type C meeting with the FDA Division of Psychiatry Products and CDER leadership, in which the Agency expressed openness to existing clinical trial data and Real World Evidence supporting approval without additional trials. Presidential Executive Order signed and Congressional Appropriations Language filed encouraging the use of Real World Evidence in the approval of drugs for suicidal depression and PTSD. Appointment of Prof. Joshua Brown, MD, PhD (Harvard/McLean) as Chief Medical Innovation Officer, bringing NIH- and DARPA-funded expertise in D-cycloserine and TMS for depression, PTSD, and suicidality. FDA acceptance of an Investigational New Drug (IND) application for NRX-101 as an adjunct to robotic-enabled Transcranial Magnetic Stimulation (TMS), with anticipated non-dilutive federal funding supporting study at military and civilian sites. Development of a patentable, sustained-release formulation of D-cycloserine designed to enhance TMS efficacy, building on prior trial data showing a doubling of clinical response and 8-fold increase in remission versus standard TMS. First revenue generated from five interventional psychiatry clinics treating severe depression and PTSD, with funding from the VA, Department of War, private insurers, and self-pay; footprint expected to expand meaningfully in 2026. Pending acquisition of Geneuro, SA assets through a now complete Swiss court-supervised liquidation process, including a patent portfolio, antibodies, cell lines, and Phase 2 data targeting HERVs implicated in Schizophrenia, ALS, MS, Autism, and Type 1 Diabetes. WILMINGTON, Del., May 18, 2026 (GLOBE NEWSWIRE) -- NRx Pharmaceuticals, Inc. (Nasdaq: NRXP) (“NRx”, the “Company”, “we”, “us” or “our”) a clinical-stage biopharmaceutical company, today announced financial results for the quarter ended March 31, 2026, and provided a corporate update. The quarter was marked by continued progress advancing NRx’s drug candidates toward commercialization, further development of the HOPE Therapeutics subsidiary, FDA acceptance of an IND for a federally-supported trial of NRX-101 as an adjunct to robotic Transcranial Magnetic Stimulation (TMS), and the pending acquisition of a Phase 2 monoclonal antibody portfolio targeting Human Endogenous Retroviruses (HERVs) implicated in Schizophrenia, Amyotrophic Lateral Sclerosis (ALS), Multiple Sclerosis (MS), Autism, and Type 1 Diabetes. “The first quarter of 2026 was a pivotal one for NRx, as we advanced two lifesaving drugs towards FDA approval with the aim of initiating commercial pharmaceutical operations by the end of this year. We started the year debt-free, and made targeted investments in several critical strategic operating initiatives that drove 1) substantial progress toward the approval of our first drug product, 2) initiated commercial manufacture in anticipation of drug launch, 3) advanced profitable clinic operations with an expanded footprint, 4) burgeoned our overall intellectual property portfolio, 5) augmented our development pipeline and 6) attracted fundamental long-term investors who believe in our mission,” said Dr. Jonathan Javitt, the Company’s CEO and Chairman. “We are deeply grateful for the trust that has been afforded to us by our patients, their families, and our shareholders.” Key Research and Development and Corporate Activities NRX-100 and KETAFREE™ (Preservative-Free Ketamine) NRx advanced both regulatory pathways for its preservative-free ketamine programs during the quarter. The KETAFREE™ ANDA progressed through FDA Office of Generic Drugs review with no major deficiencies, and the FDA reclassified the manufacturing site to "VAI" status, enabling the Company to initiate commercial manufacturing at a one-million-unit-per-batch scale. FDA is endeavoring to complete the product review by Summer 2026. As of April 7, 2026, sterile intravenous ketamine remained listed on the American Society of Health-System Pharmacists (ASHP) national drug shortage database, with ongoing supply constraints reported across multiple manufacturers, underscoring the need for additional reliable, domestically manufactured ketamine supply. The NRX-100 NDA, expected to be filed in Q2 2026, will be supported by clinical trial evidence in more than 1,000 patients and Real World Evidence on more than 65,000 U.S. patients through a partnership with Osmind, Inc. Following a Type C meeting, the FDA agreed to consider both data sources in its review. Management believes that the current generic ketamine market exceeds $750 million per year, while SPRAVATO® generates approximately $2 billion annually. NRX-101 (D-cycloserine/lurasidone) NRX-101 advanced on two tracks during the quarter. In its original indication of suicidal bipolar depression, the Company initiated an NDA filing with submission of the Module 3 manufacturing file and is requesting rolling review, building on Breakthrough Therapy Designation previously awarded by the FDA. Separately, the Company received FDA clearance to proceed with the MIND1 trial, a Phase 2b/3 study of NRX-101 versus placebo as an adjunct to robotic-assisted Transcranial Magnetic Stimulation in conjunction with an accelerated one-day TMS protocol (ONE-D). The trial is designed to enroll 400 participants across Military Treatment Facilities, HOPE Therapeutics clinics, and a prominent university teaching hospital, with non-dilutive U.S. Government funding anticipated. The Company also achieved non-clinical validation of a proprietary extended-release form of D-cycloserine designed to support TMS augmentation. NRx Defense Systems, Inc. To advance its military-focused neuroplastic therapy initiatives, the Company incorporated NRx Defense Systems, Inc. in April 2026 to support the MIND1 trial and broader development of military-grade TMS technology. The subsidiary is led by Dr. Dennis K. McBride, PhD (CAPT US Navy, Ret.), a former Program Manager at DARPA and senior executive at the National Defense University and Office of the Secretary of Defense, with development conducted in partnership with Zeta Surgical (Cambridge, MA). HOPE Therapeutics, Inc. HOPE Therapeutics, a majority-owned subsidiary, continued to scale its interventional psychiatry network during the quarter, operating five Florida clinics with eight or more locations anticipated by the end of Q2 2026. In February 2026, HOPE appointed Prof. Joshua Brown, MD, PhD, of Harvard/McLean as Chief Medical Innovation Officer, joining Rebecca Cohen, MD, as Medical Director. The subsidiary further expanded its footprint through partnerships with neurocare AG, focused on NRX-101 as a TMS-enhancing therapy, and EMOBOT, Inc., to deploy continuous patient monitoring across HOPE's clinical network. Geneuro, Inc. NRx broadened its therapeutic platform through the formation of Geneuro, Inc., a Florida-based subsidiary focused on the anticipated acquisition of a portfolio of assets targeting Human Endogenous Retroviruses (HERVs) implicated in Schizophrenia, Multiple Sclerosis, ALS, Autism, and Optic Neuritis. The portfolio was offered through a Swiss court-supervised liquidation sale process of Geneuro, SA, and the Company was recently notified that it had submitted the winning bid. The acquisition is expected to close during the second quarter of 2026 with cash in an existing, prefunded escrow account, and includes a broad patent portfolio, cell lines, antibodies, regulatory files, and data from three completed human clinical trials. Dr. Hervé Perron, PhD, formerly Chief Scientist of Geneuro, SA, has joined as Chief Scientist alongside Prof. Marion Leboyer, MD, PhD, who will lead the anti-HERV-W antibody program. The Company anticipates supporting Geneuro through non-dilutive investment channels. Financial Results for the Quarter Ended March 31, 2026 For the three months ended March 31, 2026, NRx reported a net loss of $1.4 million, versus a net loss of $5.5 million during the comparable quarter in 2025. The change was primarily related to the impact of certain fair value accounting measurements and other non-recurring charges incurred during the three months ended March 31, 2025. For the three months ended March 31, 2026, NRx reported a net operating loss of $4.7 million versus a net operating loss of $3.8 million for the comparable quarter in 2025. The change was primarily driven by certain costs related to several targeted strategic initiatives advanced during the quarter ended March 31, 2026, which management believes will drive significant short and long-term value for shareholders including, but not limited to, progress toward the approval of our first drug product, aligning resources for an anticipated near-term commercial launch, augmenting and expanding profitable clinic operations, enhancing our overall intellectual property portfolio, and growing our development pipeline with new assets. As of March 31, 2026, the Company had approximately $6.7 million in cash and cash equivalents. Management believes current cash resources, anticipated growth in clinic revenue, ongoing cost reduction initiatives, and continued availability under the Company's active at-the-market offering will be sufficient to support operations through 2026. Subsequent to quarter-end, the Company generated approximately $7 million in gross proceeds from its at-the-market (ATM) facility through the sale of common stock. Detailed financials are available in the Company's Form 10-Q. About NRx Pharmaceuticals, Inc.NRx Pharmaceuticals, Inc. (www.nrxpharma.com), is a clinical-stage biopharmaceutical company developing therapeutics based on its NMDA platform for the treatment of central nervous system disorders, specifically suicidal depression, chronic pain, and PTSD. The Company is developing NRX-100 (preservative-free intravenous ketamine) and NRX-101, (oral D-cycloserine/lurasidone). NRX-100 has been awarded Fast Track Designation for the treatment of Suicidal ideation in Depression, including Bipolar Depression. NRX-101 has been awarded Breakthrough Therapy Designation for the treatment of suicidal bipolar depression. NRx has filed an Abbreviated New Drug Application (ANDA), and initiated a New Drug Application filing for NRX-100 with an application for the Commissioner’s National Priority Voucher Program for the treatment of suicidal ideation in patients with depression, including bipolar depression. Notice Regarding Forward-Looking StatementsThe information contained herein includes forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and Section 27A of the Securities Act of 1933, as amended. Forward-looking statements generally include statements that are predictive in nature and depend upon or refer to future events or conditions, and include words such as "may," "will," "should," "would," "expect," "plan," "believe," "intend," "look forward," and other similar expressions among others. These statements relate to future events or to the Company's future financial performance, and involve known and unknown risks, uncertainties and other factors that may cause the Company's actual results to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements. The Company has reported regulatory milestones as they have been achieved but has not predicted the outcome of any future regulatory determination. You should not place undue reliance on forward-looking statements since they involve known and unknown risks, uncertainties and other factors which are, in some cases, beyond the Company's control and which could, and likely will, materially affect actual results, levels of activity, performance or achievements. Any forward-looking statement reflects the Company's current views with respect to future events and is subject to these and other risks, including uncertainties and assumptions relating to the Company's operations, results of operations, growth strategy, and, among other things, liquidity. More detailed information about the Company and the risk factors that may affect the realization of forward-looking statements is set forth in the Company's most recent Annual Report on Form 10-K and other filings with the Securities and Exchange Commission. Investors and security holders are urged to read these documents free of charge on the SEC's website at http://www.sec.gov. Except as may be required by applicable law, the Company assumes no obligation to publicly update or revise these forward-looking statements for any reason, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, whether as a result of new information, future events or otherwise. For further information:Brian KorbManaging Partner, astr partners(917) [email protected]
TranscriptFY2026 Q12026-05-18FY2026 Q1 earnings call transcript
Earnings source - 68 paragraphs
FY2026 Q1 earnings call transcript
Good morning, ladies and gentlemen, and welcome to the NRx Pharmaceuticals first quarter 2026 earnings conference call. At this time, all lines are in listen-only mode. If at any time during this call you require immediate assistance, please press star zero for the operator. I would now like to turn the conference call over to Brian Korb from Astr Partners. Please go ahead.
Thank you, operator, and welcome, everyone. Before we proceed with the call, I would like to remind everyone that certain statements made during this call are forward-looking statement under U.S. Federal Securities law. These statements are subject to risks and uncertainties that could cause actual results to differ materially from historical experience or present expectations. Additional information concerning factors that could cause actual results to differ from statements made on this call is contained in our periodic reports filed with the SEC. The forward-looking statements made during this call speak only as of the date hereof. The company undertakes no obligation to update or revise the forward-looking statements. Information presented on this call is contained in the press release issued today and in the company's Form 10-Q, which may be accessed from the investor page of the NRx Pharmaceuticals website.
Joining me on today's call is Dr. Jonathan Javitt, our Founder, Chairman, and CEO, and Michael Abrams, our Chief Financial Officer. Dr. Javitt will provide an overview of the company's progress during the first quarter, following which Mike will review our financial results. Following our prepared remarks, we will address investor questions. I will now turn the call over to Jonathan. Jonathan, please go ahead.
Thank you, Brian. Good morning, everyone. Thank you for joining us. The first quarter of 2026 was a productive one for NRx. We made progress on both regulatory pathways for preservative-free ketamine, initiated commercial manufacturing, advanced NRX-101 into a registrational trial, continued to grow the HOPE Therapeutics network, acquired the GeNeuro assets. A year ago, we had not yet filed for our first drug approval, and we were $8.7 million in debt. Now we are debt free. We have sufficient cash for our immediate operating needs, and we've raised $7 million since the end of the quarter. We've reduced our financial statement loss by 74% year-over-year. Let me start with KETAFREE. As we reported in March, FDA notified us of a preliminary determination of bioequivalence to the reference branded drug, Ketalar.
Since then, we've continued to clear the remaining review disciplines. In April, FDA issued a labeling letter requesting only minor formatting changes and a positive discipline review letter on quality, requesting only administrative changes that FDA itself identified as minor. Leadership of the FDA Office of Generic Drugs expressed support for addressing the remaining items within the current review cycle, consistent with our summer 2026 goal. We are at the verge of entering a robust market where ketamine is in drug shortage at the exact moment when reliability matters most, and we're positioned to deliver it. From our perspective, the market shortage of ketamine is larger than is apparent from hospital data because the rapidly growing ketamine clinic market segment is frequently unable to obtain ketamine through the commercial supply chain and must rely on compounding pharmacies.
FDA has now reclassified our manufacturing site to VAI status consistent with the launch of an ANDA drug. On May 5, we transmitted our first commercial manufacturing order at the one million unit per batch scale. The blow-fill-seal process we're using delivers more than tenfold throughput compared to traditional glass vial techniques and is readily scalable at substantially lower manufacturing cost. Simply put, the most expensive component in traditional manufactured ketamine is the glass vial. With blow-fill-seal or BFS, there is no glass vial, no rubber stopper, and we calculate that we are capable of manufacturing one million units per week. Timing matters here. As of April, Sterlin's Revenna ketamine remains on the ASHP National Drug Shortage database.
KETAFREE will be the first U.S. manufactured preservative-free ketamine, free of benzethonium chloride, a preservative that is not generally recognized as safe and is no longer permitted even in hand cleansers and topical antiseptics. To prepare for launch, in April, we appointed Glenn Tyson as our first Chief Commercial Officer. Glenn brings 25 years of commercial leadership at GSK and Indivior, where he led the successful launch of SUBLOCADE. Glenn is in the process of bringing on his launch team of accomplished pharmaceutical executives, and we look forward to introducing them to you in the near future. As we prepare for anticipated approval of our preservative-free ketamine, we're entering a market that is already well established but structurally undersupplied. Sterile ketamine has remained on national drug shortage listings, as we mentioned, with intermittent back orders, product discontinuations, and inconsistent availability across hospital and outpatient settings.
At the same time, clinical demand continues to expand across both anesthesia and psychiatric use, supported by widespread off-label adoption and established infusion infrastructure. It's important to recognize that ketamine is rapidly becoming a substitute for opioids in many pain control protocols. Federal law is increasingly discouraging the use of opioids as a state law. We believe this creates a highly attractive initial commercial opportunity where reliability of supply and quality of manufacturing are as important as price. With U.S.-based production, scalable manufacturing capability, and a preservative-free profile, our goal is to provide a consistent and trusted source of ketamine at a time when clinicians are actively seeking alternatives to constrained supply on one hand and alternatives to using opioids on the other.
We believe our product represents the first domestically manufactured source of preservative-free ketamine, and we further reinforce this position through our previously filed citizen petition supporting standards for preservative-free formulations. Turning to NRX-100, as we shared in March, our Type C meeting with the leadership of the FDA Division of Psychiatry Products and the Center for Drug Evaluation and Research confirmed FDA's willingness to review existing clinical trial data together with real-world evidence as potential basis for approval without a requirement for additional trials. The NDA, which we expect to file in the second quarter, will be supported by clinical trial data on more than 1,000 patients and real-world evidence on more than 65,000 patients through our partnership with Osmind.
FDA also guided us to seek the broader indication of depression in patients who may have suicidality rather than simply seeking an approval for patients who have suicidality, which applies to more than 10 million Americans. In April, the regulatory environment evolved further. On April 18th, President Trump signed an executive order titled Accelerating Medical Treatments for Serious Mental Illness, directing acceleration of approval pathways for psychedelic medicines to treat depression, PTSD, and suicidality, and directing FDA to award Commissioner's National Priority Vouchers to qualifying drugs. The presidential order specifically directs the use of real-world evidence in the approval process for this class of drugs. Congressional appropriations language has similarly been filed, encouraging the use of real-world evidence in approval of drugs for suicidal depression and PTSD. We've applied for Commissioner's National Priority Voucher in support of our NDA.
For context, the current generic ketamine market exceeds $750 million per year, not counting the shadow market of ketamine that's being bought through compounding pharmacies, while SPRAVATO generates approximately $2 billion annually, despite labeling that does not include reduction of suicidality. Moving to NRX-101. When we advanced two parallel tracks. In our original indication of suicidal bipolar depression, we've initiated an NDA filing with submission of module three manufacturing files, and we're requesting rolling review under our breakthrough therapy designation. Separately, however, on May 7, we received FDA clearance to proceed with the MIND1 trial, a phase II-B/III study of NRX-101 versus placebo as an adjunct to robotic-assisted TMS using an accelerated one-day protocol.
The trial is designed to enroll 400 participants across a leading academic teaching hospital, HOPE Therapeutics clinics, and U.S. military treatment facilities with non-dilutive federal funding anticipated. This use of NRX-101 was not anticipated until recent data have shown a doubling of clinical response and an eight-fold increase in remission from depression when D-cycloserine is added to standard transcranial magnetic stimulation therapy. The market opportunity for this indication is in excess of $1 billion. We've also achieved non-clinical validation of a proprietary extended-release form of D-cycloserine designed to support TMS augmentation. The MIND1 trial will be conducted by NRx Defense Systems, a Florida-based R&D subsidiary we incorporated in April. NRx Defense Systems is led by Dr. Dennis McBride, a retired Navy captain, a former DARPA program manager.
He served two terms as the DARPA program manager and former senior executive, both in the National Defense University and in the Office of the Secretary of Defense. The robotic-enabled TMS prototype is being developed in combination with Zeta Surgical, whose AI-powered neuronavigation platform has already received FDA 510(k) clearance for TMS navigation. We plan to unveil the prototype with Zeta at the Clinical TMS Society Annual Meeting in Boston in early June. Depression, if you want to see it, touch it, feel it firsthand, please join us. Depression and PTSD carry a five-fold increased risk in frontline troops and first responders, and personnel who are on standard antidepressants are not combat deployable. A short-term, non-disqualifying treatment is both a healthcare imperative and a force readiness priority, not only in the military setting, but in the setting of firefighters, police officers, and other first responders.
Turning to HOPE Therapeutics, we operated five Florida clinics during the quarter and expect eight or more locations by the end of the 2Q. In February, we appointed Professor Joshua Brown of Harvard/McLean as Chief Medical Innovation Officer. Joining Dr. Rebecca Cohen, our Medical Director. In March, HOPE announced a partnership with Emobot Health to deploy its AI-driven depression thermometer. That's a cell phone app that can actually measure your level of depression at a very high correlation with standard depression measures. Emobot passively analyzes facial expressions, vocal tones, and actigraphy through a background smartphone application with clinical validation showing strong concordance against both MADRS and PHQ-9. This addresses a critical blind spot in the care of patients with depression and suicidality. Approximately 50% of patients with treatment-resistant depression relapse within 6-12 months, and that relapse is often undetected between visits.
As I've said, we expect every patient in our network to be on Emobot. We continue to integrate our partnership with neurocare Group AG, which brings together the combined clinic base together with an install base of more than 400 Apollo TMS machines across the U.S. Finally, an important pipeline expansion occurred just in the past few weeks. We've just last week formed GeNeuro, Inc., a Florida-based subsidiary built around a newly acquired portfolio targeting Human Endogenous Retroviruses, or HERVs, which are implicated in schizophrenia, multiple sclerosis, ALS, autism, and optic neuritis. The portfolio was acquired through a Swiss court-supervised liquidation sale of GeNeuro, SA, a Swiss company funded with existing cash, and includes a broad patent portfolio, cell lines, antibodies, regulatory files, and data from from completed human clinical trials.
Dr. Hervé Perron, formerly Chief Scientist at GeNeuro, SA, has joined as our Chief Scientist and Professor Marion Leboyer, who joined our advisory board several years ago and whose intellectual property, whose patents led us to this portfolio, will lead the anti-HERV-W antibody program in schizophrenia. We anticipate supporting GeNeuro through non-dilutive investment channels. With that, I'll turn it over to Mike to review our financial results. Mr. Abrams.
Thank you, John. For the three months ended March 31, 2026, NRx Pharmaceuticals reported a net loss of approximately $1.4 million or $0.04 per share as compared to a net loss of approximately $5.5 million or $0.34 per share for the three months ended March 31, 2025, representing a 74% year-over-year reduction. This change is primarily related to the impact of certain fair value accounting measures and other non-recurring charges. For the three months ended March 31, 2026, NRx reported a loss from operations of $4.7 million versus a loss from operations of $3.8 million for the comparable quarter in 2025.
The change is primarily driven by certain costs related to certain, several targeted strategic initiatives advanced during the quarter ended March 31, 2026, which management believes will drive significant short and long-term value for shareholders, including but not limited to, progress toward the approval of our first drug products, allowing resources for an anticipated near-term commercial launch, augmenting and expanding profitable clinic operations, enhancing our overall intellectual property portfolio, and growing our development pipeline with new assets. For the three months ended March 31, 2026, research and development expense was approximately $1.3 million as compared to approximately $0.8 million for the three months ended March 31, 2025.
General administrative expense, which includes selling costs for the three months ended March 31, 2026, was approximately $3.8 million as compared to approximately $2.9 million for the three months ended March 31, 2025. The drivers of the changes of both research and development and G&A expense were primarily driven, as mentioned above, certain costs related to our execution towards several targeted strategic initiatives advanced during the quarter ended March 31, 2026. As of March 31, 2026, the company had approximately $6.7 million in cash and cash equivalents. Management believes current cash resources, anticipated growth in clinic revenue, ongoing cost reduction initiatives, and continued availability of the company's active at-the-market offering will be sufficient to support operations through at least 2026.
Subsequent to quarter end, the company generated approximately $7 million in gross proceeds from its at-the-market facility through the sale of common stock. With that, I turn the call back over to Jonathan.
Thank you, Mike. We made meaningful progress on each of our programs in the first quarter. KETAFREE continues to advance through final FDA review. The NRX-100 NDA is on track for submission this quarter. The MIND1 trial has FDA clearance to proceed, and we expect non-dilutive funding to support it in partnership with the military sites that plan to deploy the trial. HOPE Therapeutics continues to add clinical sites and generate revenue. GeNeuro adds a new platform for serious neurological and autoimmune disease supported through non-dilutive channels. Just to give you one example, the patent for treatment of endogenous retrovirus infection that is shown to be implicated in ALS, is co-owned with the U.S. National Institutes of Health, and the prior company had a cooperative research and development agreement with the NIH.
We're deeply grateful to our team, to our patients and their families, to our shareholders for the trust they've placed in us. Our goal of bringing hope to life is closer than ever. Operator, we're now ready to take questions.
Thank you. Ladies and gentlemen, we will now begin the question and answer session. Should you have a question, please press the star followed by the one on your touchtone phone. Should you wish to cancel your request, you may press star two. Once again, that is star one should you wish to ask a question. Your first question is from Tom Shrader from BTIG. Your line is now open.
Good morning. Congratulations on another busy quarter. Couple of operational ones for me. For KETAFREE, I understand there's need. What does the channel look like for distribution? How much do you have to build? Are the centers your customers, or will this go through larger distributors? I'm just curious how much on-the-ground work is involved here, and then I have a real-world follow-up.
Well, Thank you, Tom. You know, as always, you get right to the heart of the matter. You're describing two different channels. There's the existing hospital channel for ketamine. The reference drug is Ketalar.
Yeah.
Given the drug shortages, and what we believe will be a perception not only of quality, but U.S. manufacturing reliability, we believe that with standard locking and tackling, for lack of a better word, and as you see, the team that Glenn is bringing on to support that process in terms of payer outreach, in terms of major accounts outreach. Part of our preservative-free ketamine strategy is that traditional market. The other part is the clinic market that right now really doesn't have access to the wholesalers. We've tested this. You know, we've had our clinics call and try to buy from the wholesalers. So far, not a single one of our clinics has succeeded in obtaining a single vial of ketamine from any of the traditional wholesalers.
The wholesalers really are uninterested in the most rapidly growing area of the clinic space. Those clinics are required to rely on a web of compounding pharmacies. We intend to displace that compounded product with reliably manufactured, FDA-approved GMP product. It's a two-pronged strategy at a time when not only is the psychiatry clinic market for ketamine rapidly growing, but as opioids are increasingly restricted in their availability and their prescribability, there's an increasing reliance on ketamine to treat pain syndromes as well.
Got it. Got it. Okay. On the real-world ketamine data, I understand you have 65,000 records. What is the level of understanding with the FDA as to what they really wanna see in those records? Is that all negotiated? We have 65,000 records that show the boxes you wanna see filled, or is that a negotiation that's going? I mean, 65,000 is a lot. It's probably 60,000 more than you need if they like the records. I'm just kinda curious where that process is in agreeing on what these records need to show. Thank you.
When we say records, we say record. We mean records on 65,000 unique patients. At the risk of sounding, you know, humorous, everything with the FDA is a negotiation. You know, it's a negotiation that occurs through well-established channels. What we agreed to in our meeting with FDA was we would, you know, that they acknowledge that the preliminary cuts of the data look promising. Osmind had previously published data on about 20,000 patients, and that was part of our meeting package.
What we agreed is that we would submit a statistical analysis plan, just in the same way that one submits a statistical analysis plan for a proposed clinical trial, that before we spin the data, before we do the first analysis, we will have agreed with FDA on what statistical tests will be used, which patients will be included and excluded, how they'll be categorized, so that when we do the analysis, we're not gonna be in a position where we keep, you know, crunching the data over and over again, but, you know, sort of measure twice, cut once. Right now we're waiting for FDA's response to our statistical analysis plan. As soon as we've agreed on exactly what tests will be used, we'll apply that and submit the data.
Any time marks for any of that that you can share?
Well, there are some regulatory costs involved. We're expecting, FDA to come back to us approximately by the end of the month.
That's very useful. Thank you for all the details.
I don't wanna give you an exact date. I don't have it at my fingertips. That's about the timeframe.
Okay. Thanks.
Thank you. Your next question is from Elemer Piros Lucid Capital Markets. Your line is now open.
Yes, good morning. Jonathan, I was wondering if you could help us understand the shortage, the ketamine shortage. What are the bottlenecks there, whether it's raw material or the scale of manufacturing, and how do you plan to overcome that shortage?
Well, you know, we're not in a very good position to understand other people's products. We know there is a shortage, whether it's, you know, a lack of glass files, a lack of manufacturing capability, for whatever reason that shortage exists, all we can really do is worry about our business and make sure we can address the shortage. Do that by having a couple of years of ketamine drug ingredients in the warehouse. By having high volume assembly lines using blow-fill-seal that are capable of making a million units in a single week if you run the line around the clock. You know, by having a manufacturing partner that literally has the loading dock capacity to get the raw materials in and the finished goods out the door.
We know how to address the shortage, but I'm not sure I can tell you exactly why the supply chain is undersupplied.
Yeah. raw material doesn't seem to be an issue.
It's not an issue for us. Availability of raw material is not a problem. I can't tell you the exact situation with pharmaceutical grade glass today. I can tell you that during COVID, people were backed up a year. Pharmaceutical glass is kind of a problem worldwide.
Yeah. Somewhat related, if KETAFREE is approved, what do you anticipate the FDA's action would be towards preservative-free ketamine as the solution across the industry?
Well, I would never wanna predict what a regulatory agency will do. You know, I can say that the current secretary of health has been quite vocal in his view of the need to remove toxic preservatives from, certainly from foods, and vaccines. He's certainly not been quiet about that throughout his career. The new acting commissioner of the FDA has been quite vocal about his view of safety, and removal of toxic preservatives in various contexts. The law says that, you know, all ingredients in a drug should be safe. This particular preservative was put into ketamine back in the 1970s, and in general, you know, nobody's really looked at the formulation till we got involved.
You know, quite frankly, when we got involved, I asked, "Well, why is it there?" The answer was, "Oh, it's a necessary excipient. The ketamine will come out of solution without it." I said, "Really?" Part of the reason that happened was I was involved back in the mid-1990s. We tried to figure out why does everybody with glaucoma have dry eye syndrome. It turned out that it was the benzalkonium chloride in the eye drops that was killing the essential lipid component of human tears.
You know, that's how I first learned about this class of preservatives. You know, that's why you see preservative-free eye drops on all the drugstore shelves.
Yeah.
It'll be interesting to see how the regulatory world ultimately reacts to this. I think in general, the regulatory environment, is, you know, pro-safety and anti-preservative.
Maybe one last question. Thank you. Once you file the NRX-100 NDA, how soon do you anticipate to learn whether you got the priority review the voucher?
Yeah. Generally, that's a six-month process.
Okay.
Remember.
Thanks.
We already have fast track approved for NRX-100, so we're already entitled to priority review.
Okay. Well, thank you so much.
Thank you once again. Please press star one should you wish to ask a question. Your next question is from Patrick Trucchio from H.C. Wainwright. Your line is now open.
Thanks. Good morning and congrats on all the progress. Just first on KETAFREE, I thought you mentioned that the commercial manufacturing is now initiated at a million per dose month level. I'm wondering, you know, what inventory level do you expect to have available at the time of the launch?
Yeah, at the time of the launch, we'll have at least a million units in the warehouse, and depending on what we see between now and then, you know, we may take that up by half a million or a million units.
Got it. For NRX-100, mentioned that, you know, have fast track review, and that, you know, maybe hearing back on the CMPV could take six months. Does this imply that, you know, you might be able to get a quicker review just with the standard fast track?
I don't know if anybody knows exactly how much a CMPV speeds up the process, you know, priority review is a pretty well-established pathway, we know it does speed up the process. Could CMPV further speed the process? Could CMPV further increase the likelihood of an approval? I think those are all questions that remain to be seen. I think that the most important thing is to come to agreement with FDA on the real-world evidence, get that submitted. You know, in that regard, the president's executive order from April is enormously supportive.
You know, completely apart from the executive order from the White House, if you know, look at the appropriations language in the FDA budget appropriation for this year, you know, Congress has focused on the use of real-world evidence in the approval of drugs for depression and suicidality. I think there's an increasing recognition that this is just something that's needed for the health of the American people, and it ought to get the most serious possible and expeditious possible review.
Yeah, that makes sense. Just lastly, on the MIND1 trial for NRX-101 plus TMS, I'm wondering if you could talk a little bit more about this trial and including whether you would expect it to be registration enabling if positive.
Well, it's certainly a large enough sample that, you know, if one had a dramatically positive result and, you know, that wouldn't be p of 0.05 and, you know, p 0.01 or better. Given the priority that currently exists around treating depression and suicidality, again, back to the president's executive order, back to many things the secretary said, back to things Congress is saying, a dramatic effect in this trial on par with previous results that have been seen where D-cycloserine, you know, doubled the effect of transcranial magnetic stimulation on depression, but increased that effect more than eight-fold with respect to reducing suicidality. I think if we saw something that was as dramatic as that, the possibility of seeking an approval based on one trial would be a very real possibility.
Until the data's in hand, I'm not sure that our speculation matters. What matters is are getting this trial fielded in partnership with our military colleagues, with our academic colleagues. If you take a look at the, you know, success that Professor Brown has had in this area over the last couple of years, we're extraordinarily excited to have him as the principal investigator for this work.
Well, terrific. Thank you so much.
Thank you. There are no further questions at this time. I will now hand the call back over to Jonathan Javitt for the closing remarks.
Well, thank you. As I hope you can tell, this has been a quarter of, you know, heads down work. Our team has grown. Our proximity to market, we believe, has substantially increased or got shorter, to be precise. We're incredibly grateful to the investors who've come on board, who've lent their support, and given us their confidence. Thank you very much, and we look forward to seeing you soon.
Thank you. Ladies and gentlemen, the conference has now ended. Thank you all for joining. You may now disconnect your lines.
Investor releaseQuarter not tagged2026-05-14NRx Pharmaceuticals, Inc. (NASDAQ:NRXP) to Report First Quarter 2026 Financial Results and Provide Corporate Update
GlobeNewswire
NRx Pharmaceuticals, Inc. (NASDAQ:NRXP) to Report First Quarter 2026 Financial Results and Provide Corporate Update
WILMINGTON, Del., May 14, 2026 (GLOBE NEWSWIRE) -- NRx Pharmaceuticals, Inc. (Nasdaq: NRXP) (“NRx Pharmaceuticals”, the “Company”), a clinical-stage biopharmaceutical company, today announced that it will release its first quarter 2026 financial results before the market opens on Monday, May 18, 2026 via press release, which will be available on the Company’s website at https://ir.nrxpharma.com/. The Company will host a conference call at 8:00am ET the same day. A live webcast of the conference call will be available on the Company’s website at https://ir.nrxpharma.com/events. Participants that are unable to join the webcast can access the conference call via telephone by dialing domestically 1-800-717-1738 or internationally +1-646-307-1865. About NRx Pharmaceuticals, Inc. NRx Pharmaceuticals, Inc. (www.nrxpharma.com), is a clinical-stage biopharmaceutical company developing therapeutics based on its NMDA platform for the treatment of central nervous system disorders, specifically suicidal depression, chronic pain, and PTSD. The Company is developing NRX-100 (preservative-free intravenous ketamine) and NRX-101, (oral D-cycloserine/lurasidone). NRX-100 has been awarded Fast Track Designation for the treatment of Suicidal ideation in Depression, including Bipolar Depression. NRX-101 has been awarded Breakthrough Therapy Designation for the treatment of suicidal bipolar depression. NRx has filed an Abbreviated New Drug Application (ANDA), and initiated a New Drug Application filing for NRX-100 for the treatment of suicidal ideation in patients with depression, including bipolar depression. Notice Regarding Forward-Looking Statements The information contained herein includes forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and Section 27A of the Securities Act of 1933, as amended. Forward-looking statements generally include statements that are predictive in nature and depend upon or refer to future events or conditions, and include words such as "may," "will," "should," "would," "expect," "plan," "believe," "intend," "look forward," and other similar expressions among others. These statements relate to future events or to the Company's future financial performance, and involve known and unknown risks, uncertainties and other factors that may cause the Company's actual results to be materially diff…Read full documentShow less
WILMINGTON, Del., May 14, 2026 (GLOBE NEWSWIRE) -- NRx Pharmaceuticals, Inc. (Nasdaq: NRXP) (“NRx Pharmaceuticals”, the “Company”), a clinical-stage biopharmaceutical company, today announced that it will release its first quarter 2026 financial results before the market opens on Monday, May 18, 2026 via press release, which will be available on the Company’s website at https://ir.nrxpharma.com/. The Company will host a conference call at 8:00am ET the same day. A live webcast of the conference call will be available on the Company’s website at https://ir.nrxpharma.com/events. Participants that are unable to join the webcast can access the conference call via telephone by dialing domestically 1-800-717-1738 or internationally +1-646-307-1865. About NRx Pharmaceuticals, Inc. NRx Pharmaceuticals, Inc. (www.nrxpharma.com), is a clinical-stage biopharmaceutical company developing therapeutics based on its NMDA platform for the treatment of central nervous system disorders, specifically suicidal depression, chronic pain, and PTSD. The Company is developing NRX-100 (preservative-free intravenous ketamine) and NRX-101, (oral D-cycloserine/lurasidone). NRX-100 has been awarded Fast Track Designation for the treatment of Suicidal ideation in Depression, including Bipolar Depression. NRX-101 has been awarded Breakthrough Therapy Designation for the treatment of suicidal bipolar depression. NRx has filed an Abbreviated New Drug Application (ANDA), and initiated a New Drug Application filing for NRX-100 for the treatment of suicidal ideation in patients with depression, including bipolar depression. Notice Regarding Forward-Looking Statements The information contained herein includes forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and Section 27A of the Securities Act of 1933, as amended. Forward-looking statements generally include statements that are predictive in nature and depend upon or refer to future events or conditions, and include words such as "may," "will," "should," "would," "expect," "plan," "believe," "intend," "look forward," and other similar expressions among others. These statements relate to future events or to the Company's future financial performance, and involve known and unknown risks, uncertainties and other factors that may cause the Company's actual results to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements. The Company has reported regulatory milestones as they have been achieved but has not predicted the outcome of any future regulatory determination. You should not place undue reliance on forward-looking statements since they involve known and unknown risks, uncertainties and other factors which are, in some cases, beyond the Company's control and which could, and likely will, materially affect actual results, levels of activity, performance or achievements. Any forward-looking statement reflects the Company's current views with respect to future events and is subject to these and other risks, including uncertainties and assumptions relating to the Company's operations, results of operations, growth strategy, and, among other things, liquidity. More detailed information about the Company and the risk factors that may affect the realization of forward-looking statements is set forth in the Company's most recent Annual Report on Form 10-K and other filings with the Securities and Exchange Commission. Investors and security holders are urged to read these documents free of charge on the SEC's website at http://www.sec.gov. Except as may be required by applicable law, the Company assumes no obligation to publicly update or revise these forward-looking statements for any reason, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, whether as a result of new information, future events or otherwise. For further information: Brian Korb Managing Partner, astr partners (917) 653-5122 [email protected]
Investor releaseQuarter not tagged2026-03-25NRX Pharmaceuticals Inc (NRXP) Q4 2025 Earnings Call Highlights: Strategic Advances and ...
GuruFocus.com
NRX Pharmaceuticals Inc (NRXP) Q4 2025 Earnings Call Highlights: Strategic Advances and ...
This article first appeared on GuruFocus. Loss from Operations: Reduced by approximately $2.3 million to $16.2 million from $18.5 million year-over-year. Research and Development Expense: Decreased by approximately $2.4 million to $3.8 million from $6.2 million year-over-year. General and Administrative Expense: Decreased by approximately $0.4 million to $13.1 million from $13.5 million year-over-year. Cash and Cash Equivalents: Approximately $7.8 million as of December 31, 2025. Warning! GuruFocus has detected 4 Warning Signs with NRXP. Is NRXP fairly valued? Test your thesis with our free DCF calculator. Release Date: March 24, 2026 For the complete transcript of the earnings call, please refer to the full earnings call transcript. NRX Pharmaceuticals Inc (NASDAQ:NRXP) anticipates drug approval for KETAFREE over the summer and potential approval for NRX-100 within the year. The company has demonstrated EBITDA positive revenue growth through its HOPE Therapeutics clinics. NRX Pharmaceuticals Inc (NASDAQ:NRXP) has eliminated all convertible debt from its balance sheet and ended the year with $7.8 million in cash. The FDA has shown willingness to review real-world evidence for NRX-100, potentially broadening its indication to a larger patient population. The company has launched a nationwide expanded access program for NRX-101, with a market estimate for its new indication exceeding $1 billion. NRX Pharmaceuticals Inc (NASDAQ:NRXP) still faces risks and uncertainties that could affect its forward-looking statements. The company is reliant on FDA approval processes, which can be unpredictable and may delay product launches. Despite progress, NRX Pharmaceuticals Inc (NASDAQ:NRXP) reported a loss from operations of $16.2 million for the year ended December 31, 2025. The companys commercial strategy for KETAFREE is still in development, with reliance on external organizations for hospital sales. NRX Pharmaceuticals Inc (NASDAQ:NRXP) must continue to manage its cash resources carefully to support operations through 2026. Q: Can you provide an update on the KETAFREE inventory and its potential market impact? A: Jonathan Javitt, Chairman and CEO, explained that NRX Pharmaceuticals has already manufactured three registration batches of KETAFREE, which are in the warehouse. The company plans to have a couple of hundred thousand units ready at the time of generic appro…Read full documentShow less
This article first appeared on GuruFocus. Loss from Operations: Reduced by approximately $2.3 million to $16.2 million from $18.5 million year-over-year. Research and Development Expense: Decreased by approximately $2.4 million to $3.8 million from $6.2 million year-over-year. General and Administrative Expense: Decreased by approximately $0.4 million to $13.1 million from $13.5 million year-over-year. Cash and Cash Equivalents: Approximately $7.8 million as of December 31, 2025. Warning! GuruFocus has detected 4 Warning Signs with NRXP. Is NRXP fairly valued? Test your thesis with our free DCF calculator. Release Date: March 24, 2026 For the complete transcript of the earnings call, please refer to the full earnings call transcript. NRX Pharmaceuticals Inc (NASDAQ:NRXP) anticipates drug approval for KETAFREE over the summer and potential approval for NRX-100 within the year. The company has demonstrated EBITDA positive revenue growth through its HOPE Therapeutics clinics. NRX Pharmaceuticals Inc (NASDAQ:NRXP) has eliminated all convertible debt from its balance sheet and ended the year with $7.8 million in cash. The FDA has shown willingness to review real-world evidence for NRX-100, potentially broadening its indication to a larger patient population. The company has launched a nationwide expanded access program for NRX-101, with a market estimate for its new indication exceeding $1 billion. NRX Pharmaceuticals Inc (NASDAQ:NRXP) still faces risks and uncertainties that could affect its forward-looking statements. The company is reliant on FDA approval processes, which can be unpredictable and may delay product launches. Despite progress, NRX Pharmaceuticals Inc (NASDAQ:NRXP) reported a loss from operations of $16.2 million for the year ended December 31, 2025. The companys commercial strategy for KETAFREE is still in development, with reliance on external organizations for hospital sales. NRX Pharmaceuticals Inc (NASDAQ:NRXP) must continue to manage its cash resources carefully to support operations through 2026. Q: Can you provide an update on the KETAFREE inventory and its potential market impact? A: Jonathan Javitt, Chairman and CEO, explained that NRX Pharmaceuticals has already manufactured three registration batches of KETAFREE, which are in the warehouse. The company plans to have a couple of hundred thousand units ready at the time of generic approval. The potential market impact, if KETAFREE becomes the only preservative-free ketamine available, could lead to a significant pricing model shift, though exact projections would be better assessed by analysts. Q: Regarding the extended-release D-cycloserine, is there clinical data supporting its efficacy, or is further research needed? A: Jonathan Javitt noted that while there is a lot of reason to believe that continued exposure to D-cycloserine is beneficial, further in vitro work is needed to confirm its neuroplastic effects. The aim is to maintain a steady state of the drug to create a biological response. Q: How does the recent Type C meeting with the FDA impact the NDA filing for NRX-100, and what role does real-world data play? A: The FDA has indicated that they will review existing clinical trials data and real-world evidence without requiring additional clinical trials. The real-world data set of 65,000 to 70,000 patients is crucial in demonstrating the efficacy of NRX-100, potentially leading to a broader treatment-resistant depression label. Q: What is the commercial strategy for KETAFREE if approved in Q3 2026? A: Jonathan Javitt stated that the commercial strategy involves targeting two main segments: hospital surgery centers and clinics using ketamine for psychiatric and pain control. The company plans to collaborate with existing organizations for hospital sales and establish a medical liaison service for clinics, ensuring a compact and financeable commercial footprint. Q: What remains before the final approval of KETAFREE in the third quarter of this year? A: The approval process involves continued examination of stability data, a pre-approval plant inspection, and final checks associated with any drug approval. Clearing the bioequivalence hurdle is considered a major turning point in this process. For the complete transcript of the earnings call, please refer to the full earnings call transcript.
Investor releaseQuarter not tagged2026-03-24NRx Pharmaceuticals, Inc. (NRXP) Surpasses Q4 Earnings Estimates
Zacks
NRx Pharmaceuticals, Inc. (NRXP) Surpasses Q4 Earnings Estimates
NRx Pharmaceuticals, Inc. (NRXP) came out with quarterly earnings of $0.19 per share, beating the Zacks Consensus Estimate of a loss of $0.09 per share. This compares to a loss of $0.3 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of +323.53%. A quarter ago, it was expected that this company would post a loss of $0.11 per share when it actually produced a loss of $0.18, delivering a surprise of -63.64%. Over the last four quarters, the company has surpassed consensus EPS estimates just once. NRx Pharmaceuticals, which belongs to the Zacks Medical - Drugs industry, posted revenues of $0.98 million for the quarter ended December 2025, missing the Zacks Consensus Estimate by 84.4%. This compares to zero revenues a year ago. The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call. NRx Pharmaceuticals shares have lost about 31.7% since the beginning of the year versus the S&P 500's decline of 5%. While NRx Pharmaceuticals has underperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock? There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately. Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions. Ahead of this earnings release, the estimate revisions trend for NRx Pharmaceuticals was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here. It will be interesting to see how estimates f…Read full documentShow less
NRx Pharmaceuticals, Inc. (NRXP) came out with quarterly earnings of $0.19 per share, beating the Zacks Consensus Estimate of a loss of $0.09 per share. This compares to a loss of $0.3 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of +323.53%. A quarter ago, it was expected that this company would post a loss of $0.11 per share when it actually produced a loss of $0.18, delivering a surprise of -63.64%. Over the last four quarters, the company has surpassed consensus EPS estimates just once. NRx Pharmaceuticals, which belongs to the Zacks Medical - Drugs industry, posted revenues of $0.98 million for the quarter ended December 2025, missing the Zacks Consensus Estimate by 84.4%. This compares to zero revenues a year ago. The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call. NRx Pharmaceuticals shares have lost about 31.7% since the beginning of the year versus the S&P 500's decline of 5%. While NRx Pharmaceuticals has underperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock? There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately. Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions. Ahead of this earnings release, the estimate revisions trend for NRx Pharmaceuticals was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here. It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is -$0.01 on $14.25 million in revenues for the coming quarter and $0.13 on $83.6 million in revenues for the current fiscal year. Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Medical - Drugs is currently in the top 36% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1. Vivos Therapeutics, Inc. (VVOS), another stock in the same industry, has yet to report results for the quarter ended December 2025. This company is expected to post quarterly loss of $0.53 per share in its upcoming report, which represents a year-over-year change of -89.3%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days. Vivos Therapeutics, Inc.'s revenues are expected to be $7.2 million, up 94.6% from the year-ago quarter. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report NRx Pharmaceuticals, Inc. (NRXP) : Free Stock Analysis Report Vivos Therapeutics, Inc. (VVOS) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research
Investor releaseQuarter not tagged2026-03-24NRx Pharmaceuticals (Nasdaq:NRXP) Reports Full-Year 2025 Results and Highlights Key Regulatory and Commercial Progress
GlobeNewswire
NRx Pharmaceuticals (Nasdaq:NRXP) Reports Full-Year 2025 Results and Highlights Key Regulatory and Commercial Progress
Key highlights for the first full year of operation under the new management team include: A year-over-year reduction in operating expenses with $7.8 Million cash on hand at year end. With ongoing revenue from operations and current ATM trends, the Company anticipates adequate resources to support operations through 2026, with anticipation of continued revenue growth. As of December 31, 2025, all previously issued convertible debt had been converted into common stock. Anticipated FDA approval of at least one new drug – Preservative Free Ketamine under an ANDA—during Q3 2026. A favorable preliminary bioequivalence determination was received from the FDA last week. A Type C in-person meeting with the FDA Division of Psychiatry Products together with leadership of the FDA Center for Drug Evaluation and Research (CDER) to identify a path to approval of NRX-100 (preservative-free ketamine) under a New Drug Application with an indication for treatment of Severe Depression in Patients who may have suicidality. In meeting minutes, FDA expressed willingness to review existing randomized clinical trial data and Real World Evidence as a potential basis for approval without a requirement for conduct of additional clinical trials. Appointment of Prof. Joshua Brown, MD, PhD, of Harvard/Mclean as Chief Medical Innovation Officer. Dr. Brown is Principal Investigator on NIH- and DARPA-funded projects that highlight the future of neuroplastic care, including use of D-cycloserine and TMS for treating depression, PTSD, and suicidality. Filing of an Investigational New Drug application with the FDA to study the use of NRx’s Breakthrough-designated candidate, NRX-101, for the enhancement of Transcranial Magnetic Stimulation (TMS) supported by non-dilutive governmental funding sources. Development of a patentable, sustained-release presentation of D-cycloserine to provide an extended release profile suitable for enhancement of TMS efficacy. Prior clinical trials have shown a doubling of clinical response in patients with depression and an 8-fold increase in remission from depression versus standard TMS therapy. Implementation of a business plan for HOPE Therapeutics, Inc. with the aim of developing interventional psychiatry centers focused on neuroplastic therapy – including ketamine, D-cycloserine, Transcranial Magnetic Stimulation, and Hyperbaric Oxygen Therapy – for patients wi…Read full documentShow less
Key highlights for the first full year of operation under the new management team include: A year-over-year reduction in operating expenses with $7.8 Million cash on hand at year end. With ongoing revenue from operations and current ATM trends, the Company anticipates adequate resources to support operations through 2026, with anticipation of continued revenue growth. As of December 31, 2025, all previously issued convertible debt had been converted into common stock. Anticipated FDA approval of at least one new drug – Preservative Free Ketamine under an ANDA—during Q3 2026. A favorable preliminary bioequivalence determination was received from the FDA last week. A Type C in-person meeting with the FDA Division of Psychiatry Products together with leadership of the FDA Center for Drug Evaluation and Research (CDER) to identify a path to approval of NRX-100 (preservative-free ketamine) under a New Drug Application with an indication for treatment of Severe Depression in Patients who may have suicidality. In meeting minutes, FDA expressed willingness to review existing randomized clinical trial data and Real World Evidence as a potential basis for approval without a requirement for conduct of additional clinical trials. Appointment of Prof. Joshua Brown, MD, PhD, of Harvard/Mclean as Chief Medical Innovation Officer. Dr. Brown is Principal Investigator on NIH- and DARPA-funded projects that highlight the future of neuroplastic care, including use of D-cycloserine and TMS for treating depression, PTSD, and suicidality. Filing of an Investigational New Drug application with the FDA to study the use of NRx’s Breakthrough-designated candidate, NRX-101, for the enhancement of Transcranial Magnetic Stimulation (TMS) supported by non-dilutive governmental funding sources. Development of a patentable, sustained-release presentation of D-cycloserine to provide an extended release profile suitable for enhancement of TMS efficacy. Prior clinical trials have shown a doubling of clinical response in patients with depression and an 8-fold increase in remission from depression versus standard TMS therapy. Implementation of a business plan for HOPE Therapeutics, Inc. with the aim of developing interventional psychiatry centers focused on neuroplastic therapy – including ketamine, D-cycloserine, Transcranial Magnetic Stimulation, and Hyperbaric Oxygen Therapy – for patients with severe and suicidal depression and PTSD, with future applications for Traumatic Brain Injury, Autism, and Alzheimer’s. First revenue from acquired and partnered interventional psychiatry clinics at five sites of care that provide neuroplastic therapy to treat severe and suicidal depression and PTSD, with funding from the Department of Veterans Affairs, the Department of War, private insurers, and self-pay. Company expects to substantially increase this revenue-generating footprint in 2026. Announcement of a nationwide partnership with neurocare AG, a leading manufacturer of TMS technology to develop their growing combined clinic base, currently at 20 sites of care in the US together with an installed base of more than 400 TMS machines into a nationwide accountable care network providing psychiatrist-led neuroplastic therapy. WILMINGTON, Del., March 24, 2026 (GLOBE NEWSWIRE) -- NRx Pharmaceuticals, Inc. (Nasdaq: NRXP) (“NRx”, the “Company”, “we”, “us” or “our”) announces the filing of its Form 10-K for the year ended December 31, 2025. “2025 was a pivotal year for NRx and HOPE Therapeutics as we have advanced two lifesaving drugs towards FDA approval with the aim of initiating commercial pharmaceutical operations by the end of this year. We ended the year debt-free and attracted fundamental long-term investors who believe in our mission,” said Dr. Jonathan Javitt, the Company’s CEO and Chairman. We have opened our first HOPE Therapeutics Clinics and are witnessing firsthand the impact that properly coordinated neuroplastic care can have on patients and their families who suffer from depression, PTSD, and suicidality. Clinical response rates approaching 90% have been reported in the medical literature for the combination of neuroplastic drugs, Transcranial Magnetic Stimulation, and Hyperbaric Oxygen Therapy. We look forward to a world in which physician-led neuroplastic care replaces a world of older antidepressants and electroshock therapy. We are deeply grateful to the trust that has been afforded us by our patients, their families, and our shareholders.” As noted in the 10K filing, NRx is a clinical-stage bio-pharmaceutical company which develops and will distribute, through its wholly-owned operating subsidiary, NeuroRx, Inc., (NeuroRx), novel therapeutics for the treatment of central nervous system disorders including suicidal depression, chronic pain, post-traumatic stress disorder (PTSD) and schizophrenia. NRx is additionally the founder and majority owner of HOPE Therapeutics, Inc. (HOPE), a medical services company that offers interventional psychiatry care to patients with treatment-resistant depression and PTSD with a combination of neuroplastic drugs, transcranial magnetic stimulation (TMS), digital therapeutics, and hyperbaric therapy. All of our current drug development activities are focused on drugs that enhance neuroplasticity by modulating the N-methyl-D-aspartate (NMDA) receptor in the brain and nervous system, a neurochemical pathway that has been disclosed in detail in our annual filings. The Company has three lead drug candidates – NRX-100, a preservative-free formulation of ketamine for intravenous infusion, a generic preservative-free formulation of ketamine (KETAFREE™) and NRX-101, an oral fixed dose combination of D-cycloserine (DCS) and lurasidone, all of which are in the process of submission for Food and Drug Administration (FDA) approval. Financial Results for the Year Ended December 31, 2025 For the year ended December 31, 2025, NRx Pharmaceuticals reduced its loss from operations by approximately $2.3 million to $16.2 million from $18.5 million for the year ended December 31, 2024, which was primarily driven by a decrease in research and development expense. For the year ended December 31, 2025, research and development expense decreased by approximately $2.4 million to $3.8 million as compared to $6.2 million for the year ended December 31, 2024 primarily driven by a decrease in clinical trial and development expense. Finally, general and administrative expense for the year ended December 31, 2025 decreased by approximately $0.4 million to $13.1 million as compared to $13.5 million for the year ended December 31, 2024 primarily driven by certain ongoing cost reduction initiatives. As of December 31, 2025, we had approximately $7.8 million in cash and cash equivalents. Management believes that current available cash resources in concert with anticipated growth in total clinic revenue, ongoing cost reduction initiatives, and current availability and trends in connection with the Company’s active at-the-market offering will be sufficient to support ongoing operations through the end of 2026. Detailed financials are available in our Form 10-K, filed with the SEC and on our website. The Company looks forward to meeting investors on today’s conference call and further reviewing a year of strong operational achievements, solidified financial foundation, revenue growth, and important near term opportunities for to bring value to patients and shareholders alike. Conference Call Information NRx Pharmaceuticals will host a conference call today at 8:00 a.m. ET to review full-year 2025 financial results and provide a corporate update. A live webcast will be available on the Company’s website at: https://ir.nrxpharma.com/events Participants may also join by telephone by dialing 1-800-717-1738 (U.S.) or +1-646-307-1865 (international). About NRx Pharmaceuticals, Inc. NRx Pharmaceuticals, Inc. (www.nrxpharma.com), is a clinical-stage biopharmaceutical company developing therapeutics based on its NMDA platform for the treatment of central nervous system disorders, specifically suicidal depression, chronic pain, and PTSD. The Company is developing NRX-100 (preservative-free intravenous ketamine) and NRX-101, (oral D-cycloserine/lurasidone). NRX-100 has been awarded Fast Track Designation for the treatment of Suicidal ideation in Depression, including Bipolar Depression. NRX-101 has been awarded Breakthrough Therapy Designation for the treatment of suicidal bipolar depression. NRx has filed an Abbreviated New Drug Application (ANDA), and initiated a New Drug Application filing for NRX-100 with an application for the Commissioner’s National Priority Voucher Program for the treatment of suicidal ideation in patients with depression, including bipolar depression. Notice Regarding Forward-Looking Statements The information contained herein includes forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and Section 27A of the Securities Act of 1933, as amended. Forward-looking statements generally include statements that are predictive in nature and depend upon or refer to future events or conditions, and include words such as "may," "will," "should," "would," "expect," "plan," "believe," "intend," "look forward," and other similar expressions among others. These statements relate to future events or to the Company's future financial performance, and involve known and unknown risks, uncertainties and other factors that may cause the Company's actual results to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements. The Company has reported regulatory milestones as they have been achieved but has not predicted the outcome of any future regulatory determination. You should not place undue reliance on forward-looking statements since they involve known and unknown risks, uncertainties and other factors which are, in some cases, beyond the Company's control and which could, and likely will, materially affect actual results, levels of activity, performance or achievements. Any forward-looking statement reflects the Company's current views with respect to future events and is subject to these and other risks, including uncertainties and assumptions relating to the Company's operations, results of operations, growth strategy, and, among other things, liquidity. More detailed information about the Company and the risk factors that may affect the realization of forward-looking statements is set forth in the Company's most recent Annual Report on Form 10-K and other filings with the Securities and Exchange Commission. Investors and security holders are urged to read these documents free of charge on the SEC's website at http://www.sec.gov. Except as may be required by applicable law, the Company assumes no obligation to publicly update or revise these forward-looking statements for any reason, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, whether as a result of new information, future events or otherwise. For further information: Brian Korb Managing Partner, astr partners (917) 653-5122 [email protected]
TranscriptFY2025 Q42026-03-24FY2025 Q4 earnings call transcript
Earnings source - 23 paragraphs
FY2025 Q4 earnings call transcript
Good morning, ladies and gentlemen, and welcome to the NRx Pharmaceuticals Q4 2025 Results Conference Call. [Operator Instructions] This call is being recorded on Tuesday, March 24, 2026. I would now like to turn the conference over to Michael Abrams, CFO. Please go ahead.
Thank you, Joelle, and welcome, everyone. Before we proceed with the call, I would like to remind everyone that certain statements made during this call are forward-looking statements under the United States federal securities laws. These statements are subject to risks and uncertainties that could cause actual results to differ materially from historical experience or present expectations. Additional information concerning factors that could cause results to differ from statements made on this call is contained in our periodic reports filed with the SEC. The forward-looking statements made during this call speak only as of the date hereof, and the company undertakes no obligation to update or revise the forward-looking statements. Information presented on this call is contained in the press release issued today and in the company's Form 10-K, which may be accessed from the Investors page on the NRx Pharmaceuticals website. Joining me on the call today is Dr. Jonathan Javitt, our Founder, Chairman and CEO. Dr. Javitt will provide an overview of our company's progress as reported yesterday on Form 10-K, following which, I will review our financial results. Following their prepared remarks -- these prepared remarks, we will address investor questions. I will now turn the call over to Jonathan. Jonathan?
Thank you, Mike. Good morning, everyone. Thank you for joining us. 2025 was a pivotal and transformative year for NRx and for its HOPE Therapeutics subsidiary. We've advanced each of our programs with a drug approval anticipated for KETAFREE over the summer potential for drug approval this year for NRX-100 and a dramatically expanded opportunity for NRX-101. Our HOPE therapeutics clinics are demonstrating EBITDA positive revenue growth. Most importantly, given our low cash burn, we only need to be successful on one of those fronts to reach pro forma profitability by the end of the year. Of course, the 10-K only demonstrates the impact of first quarter of clinical operations, i.e., the fourth quarter was our first quarter of operations so you can interpolate that over a full year. We've ended 2025 a far stronger company than when the year began. Our 10-K documents a year-over-year reduction in expenses from operations even as we move far closer to potential FDA approval. We eliminated all convertible debt from our balance sheet and ended the year with a $7.8 million of cash on hand. More importantly, with the growing revenues from operations and ongoing ATM activities, we anticipate adequate cash resources to support operations at least through 2026 by which time we aim to be a fully commercial pharmaceutical company and to own a substantially larger clinical network. Let's start with an overview for each of our development programs beginning with our Abbreviated New Drug Application or ANDA for preservative free ketamine, which we call KETAFREE while we're waiting for a final trade name from FDA. In August 2025, FDA approved our suitability petition for our proposed strength of preservative-free ketamine. We filed the ANDA in September 2025. And in November, received notification that FDA noted no significant deficiencies and agreed to review the file. Last week, we were notified by FDA of a preliminary determination of bioequivalence to the reference branded drug, which is Ketalar. This is a key determination in any generic application. Our room temperature stability data has continued to support at least 3 years of room temperature stability. And we've manufactured 3 registration batches of KETAFREE in anticipation of summer 2025 approval -- 2026 approval. The company has additionally submitted a citizen petition seeking to have benzethonium chloride, a toxic preservative included in all currently approved ketamine products and it's really in there for antiquated reason, we've petitioned to have it removed from all presentations of ketamine. The FDA has just notified us that their review of expectation is ongoing. This preservative is the subject of a detailed toxicology report that we posted on the public record, which casts a considerable doubt on the assumed safety of this chemical including potential cytotoxicity and neurotoxicity. Notably, benzethonium chloride is not categorized by FDA as GRAS or generally recognized as safe. And the law requires that all ingredients of drugs must be safe. This report has been submitted to FDA in support of our citizen petition. As a preservative-free version of ketamine is an important invention, we filed a patent application with USPTO to protect our intellectual properties surrounding this product. The existing market for Ketamine has been projected at approximately $750 million a year, and we believe KETAFREE made in the United States and offered without any toxic preservatives offers patients and clinicians a superior option. As you know, we're also pursuing an innovative new drug application under FDA Fast Track Designation for Ketamine, which we've designated NRX-100. When we met with you in Q4, our intent was to submit this NDA based only on data from existing clinical trials which we've summarized for you in the 10-K and various other presentations. However, in Q4, FDA announced a significant policy change for the first time inviting companies to submit real-world evidence and supportive effectiveness without a requirement that the evidence submitted be personally identifiable. In our estimate, this provided an important opportunity to strengthen our case for approval and to substantially broaden the indication we were seeking, whereas we originally anticipated seeking only accelerated approval as we shared with you at the time, the FDA policy change to open the path to seek full approval. Accordingly, we partnered with Osmind Inc. to leverage their database on more than 65,000 patients treated with intravenous ketamine, and approximately 6,000 patients treated with intranasal ketamine. Summary data are presented in the 10-K and demonstrate the benefits that thousands of Americans have already received in reducing depression and suicidality with intravenous ketamine. As we shared with you, we were granted an in-person meeting at FDA headquarters with the leadership of the FDA Division of Psychiatry Products, the Office of Neurosciences and the leadership of the FDA Center for Drug Evaluation research. The minutes of that meeting demonstrate FDA's willingness to review not only the clinical trials data, but also the real-world evidence. More importantly, FDA guided us to seek full approval rather than accelerated approval and to seek a substantially larger indication for depression in patients who may have suicidality rather than only those who already have suicidality, an indication that we believe applies to more than 10 million Americans. Our aim is to package the data FDA have requested by the end of Q2 with the potential for decision date otherwise known as a PDUFA date by the end of the year or in the opening months of 2027. We're confident that seeking FDA's alignment on this expanded pathway was the right thing to do for our patients and our shareholders. As we shared last year, the product is already manufactured. The manufacturing modules are complete and already in the hands of the FDA and 3 registration batches are manufactured and in the warehouse in anticipation of approval. Again, we have stability data to support at least 3 years of room temperature shelf stability. In August 2025, FDA granted us an expanded Fast Track designation for NRX-100. This expanded designation goes beyond the prior grant simply for suicidal bipolar depression to now include all patients with suicidal ideation in depression including bipolar depression. Suicidal depression is a massive problem in the United States. In fact, the Center for Disease Control estimates that nearly 13 million Americans seriously consider suicide each year and this leads to an American dying from suicide every 11 minutes. In June, the FDA created the Commission's National Priority Voucher program that affords substantially faster review times of once 2 months versus the standard 10- to 12-month review, enhances communication throughout the review process and creates potential for accelerated approval, and full approval of NRX-100. The first 2 tranches of vouchers have been granted. We remain optimistic for NRX-100's chance to receive a voucher, given that CMS targeted drugs other than bulk ketamine, have been underrepresented to this point. Further, we're confident that NRX-100 meets the program's criteria and is a prime candidate to receive a voucher. Moving on from ketamine. We've experienced what we believe to be transformative change in our NRX-101 program. As you know, we originally developed NRX-101, a fixed-dose combination of D-cycloserine and lurasidone to address the needs of patients with suicidal bipolar depression. While we hope to get back into the clinic with a pivotal trial to prove the value of NRX-101 at high doses to treat patients with that condition. A near-term opportunity appeared that offers a far broader potential application for D-cycloserine the active ingredient of NRX-101. As we illustrated in the 10-K, there's a rapidly emerging body of evidence suggesting that D-cycloserine or DCS at low doses has the potential to drive neuroplasticity which is the process by which brain cells form connections to other brain cells and especially to augment the clinical effect of transcranial magnetic stimulation or TMS. Accordingly, we appointed Professor Joshua Brown, MD PhD of Harvard McLean as our Chief Medical Innovation Officer. Dr. Brown is a principal investigator on NIH funded and DARPA-funded projects that highlight the future of neuroplastic care including the use of D-cycloserine and transcranial magnetic stimulation or TMS, for treating depression, PTSD and suicidality. Today, we're announcing that we're on the path to developing a patentable sustained release presentation of D-cycloserine to provide an extended release profile suitable for enhancement of TMS efficacy. Prior clinical trials have shown a doubling of clinical response in patients with depression and an eightfold increase in remission from depression versus standard TMS therapy. However, DCS, D-cycloserine, which is a tuberculosis drug has always been a somewhat unstable and problematic molecule that degrades rapidly, if not carefully formulated and it is stable in our current formulation. Moreover, its absorption profile in the human body more closely resembles a sharp spike rather than a steady state. We're excited that after a long period of research and development, we found a path to an innovative modern version of DCS that is better suited to maintaining a steady state in the blood during TMS treatment. NRx has more than 25,000 manufactured doses of NRX-101 at the appropriate strength and has launched a nationwide expanded access program to enable physicians who are performing TMS and want to add the benefit of D-cycloserine to access this medication at no charge to the patient under expanded access and federal right to try laws while we await a confirmatory Phase III trial of NRX-101 to augment the effects of TMS. That trial is planned to start this summer, and we expect non-dilutive federal sources to support that trial. The market estimate for this newly validated indication for NRX-101 is in excess of $1 billion. We're collaborating with Dr. Brown and his DARPA-funded initiatives related to D-cycloserine and TMS that have attractive support because of the clear implications for supporting the needs of military personnel, veterans and first responders in addition to the tens of millions of civilians who need this treatment. In recent months, we've had the opportunity to brief on these activities at senior-most levels within the Department of War, the Department of Veterans Affairs and both House and Senate leadership who are concerned about the welfare of our troops and veterans. That's why some of you noticed my attendance in the gallery at this year's State of the Union address. Our clinics have contracts to treat military personnel through TRICARE and to treat veterans through direct contracts with the VA. We first established a cooperative research and development agreement with the VA in 2018. In September 2025, HOPE Therapeutics initiated revenue generation upon closing its first acquisition of Dura Medical located in Naples and Fort Myers, Florida. HOPE subsequently added Cohen & Associates in Sarasota, another revenue-generating site, an EBITDA-positive clinic that's now part of our HOPE network. Dr. Rebecca Cohen, Founder of Cohen Associates has been appointed as HOPE Medical Director. In December, HOPE was the first organization in Florida to launch 1-day TMS treatment for severe depression combining D-cycloserine and TMS. The 1D protocol has been reported in the peer-reviewed literature to achieve 87% response and 72% remission from severe depression in 6 weeks following a single day of TMS treatment combined with D-cycloserine. By way of comparison, if you look at the SPECT-D trial, antidepressants have been reported only to demonstrate about half that response. We're currently opening additional clinics in West Palm Beach, Sarasota, Boston, Denver, with the expectation that we'll have a far more robust network by the end of the year with revenue to match. Although there are many more milestones described in our 10-K, I'll end with our newly declared partnership with Neurocare AG of Munich and Atlanta, Georgia. Neurocare manufactures the top-selling TMS device in the U.S. today, the Apollo machine, which has installed at more than 400 clinical locations in the U.S. with many more internationally. Our aim is to leverage our mutual strengths to achieve the benefits of integrated care in neuroplastic integrated psychiatry that were achieved in renal dialysis through integration. Those results were achieved several decades ago by DaVita and Fresenius Medical. Those 2 organizations demonstrated that combining integrated pharmaceutical and medical device development with a quality-driven approach to patient care could transform clinical outcomes for patients with end-stage kidney disease, and they created organizations that are currently valued at $15 billion and $30 billion, respectively. We aim to take that same model into the future of interventional psychiatry for the treatment of PTSD, depression, autism, traumatic brain injury and Alzheimer's. Working together with our academic partners, our government partners and now with the leading medical device partner we'll do everything in our power to bring hope to life. I'll now turn it over to Michael Abrams, our CFO, to review our 2025 financial results. Mike?
Thank you, Jonathan. For the year ended December 31, 2025, NRx Pharmaceuticals reduced its loss from operations by approximately $2.3 million to $16.2 million from $18.5 million for the year ended December 31, 2024, which was primarily driven by a decrease in research and development expense. For the year ended December 31, 2025, research and development expense decreased by approximately $2.4 million to $3.8 million as compared to $6.2 million for the year ended December 31, 2024, primarily driven by a decrease in clinical trial and development expense. Finally, general and administrative expense for the year ended December 31, 2025, decreased by approximately $0.4 million to $13.1 million as compared to $13.5 million for the year ended December 31, 2024, primarily driven by certain ongoing cost reduction initiatives. As of December 31, 2025, we had approximately $7.8 million in cash and cash equivalents. Management believes that the current available cash resources in concert with anticipated growth in total clinic revenue, ongoing cost reduction initiatives and current availability and trends in connection with the company's active at-the-market offering, will be sufficient to support ongoing operations through the end of 2026. Our singular focus remains advancing our primary drug development initiatives and planned clinic acquisitions to build long-term value for our shareholders. With that, I will turn the call back over to Jonathan. Jonathan?
Thank you, operator. We're now ready to take questions.
[Operator Instructions] Your first question comes from Tom Shrader with BTIG.
Congratulations on all the progress. Just an update on how you see building KETAFREE inventory? Is that something you will wait to do? You will do externally? Or do you have a lot already? And then you're quoting the generic value of ketamine. Do you think if you have -- I mean, I guess, how confident are you that if you had the only available ketamine that maybe the current generic price isn't so relevant. And how much increase in price do you think the market would bear. And then I have a DCS follow-up.
Thank you, Dr. Shrader. You always ask wonderful questions. As far as inventory goes, as I said earlier, we've already manufactured 3 registration batches. Those batches are in the warehouse. KETAFREE is up on what's called a blow-fill seal assembly line. So for those of you who don't deal with pharma manufacturing every day, most injectable drugs are sold in glass bottles. To do that, you have to actually buy glass bottles somewhere. You have to clean them, sterilize them, fill them, put a stopper and put a crimp on. Both those seal works very differently. You take a hopper full of polyethylene pellets, you melt them down into molten polyethylene. You blow them with air into the shape of a vial, the machine fills that vial automatically seals that vial with a little more polyethylene, puts a wrapper on it, puts it in a box, puts it on the pallet all without any human being touching it. You can make 1 million units of drug in the same time and at about half the cost as you can make 10,000 vials of traditional glass-filled injectable product. So we've just asked our manufacturer to do a first production run, we anticipate having a couple of hundred thousand units in the warehouse at the time of generic approval. With regard to the effect of having the only preservative-free ketamine on the market, should the citizen petition be granted, probably Wall Street analysts will do a much better job of projecting what that might do to pricing models than we can. But I agree with you that if it's a product the market wants, the market will probably pay for it.
Great. And then a quick question on the extended release D-cycloserine. Is there -- is it known that, that would have the same effect? Is there a clinical data that you don't need the spike? Or do you think you have a little clinical work to do?
I think that, that's work that can be done in vitro. Really, what we're looking for is a neuroplastic effect from D-cycloserine and there's a lot of reason to believe that continued exposure of the neurons to the drug is what matters. But we have the ability in brain slices to look at the dendritic sprouting and to look at the effects. In general, you do want a steady state of drug to create a biological response. But I agree with you, it's certainly something worth continuing to look at. And as you know, from Dr. Brown's resume, he's probably done more of this than anybody in academia.
Your next question comes from Patrick Trucchio with H.C. Wainwright.
Congrats on the progress. Just a couple of questions on each program. Just first on NRX-100. I was just wondering if you can talk a little bit more about the Type C meeting with the FDA and how that now enables an NDA filing for NRX-100 without additional clinical trials? And specifically, how is the FDA viewing the role of the 65,000 to 70,000 patient real-world data set in this submission? And then separately from that, as we think about the broader treatment-resistant depression label, how should we think about the expansion of the addressable patient population impact on payer coverage and prescriber adoption if approved?
So to start with the Type C meeting, the most important way it enables FDA review of existing clinical trials data and real-world data without the need for additional clinical trials is that that's what the FDA told us. They did not demand additional clinical trials as a precondition to reviewing an NDA filing. And when you look at the data available, there are now multiple clinical trials that have demonstrated that intravenous ketamine is far superior to placebo, far superior to active placebo and noninferior on efficacy to electroshock therapy. But of course, there's a huge safety difference between NRX-100 between ketamine and electroshock in that the electroshock group had 30% memory loss, whereas memory loss was not seen in the ketamine group. So while technically, you would say it's not inferior because the design was noninferiority based on the MADRS scale. From a patient's perspective, it's a far superior treatment. Do me in favor and restate your second question?
Yes. Just on the broader treatment-resistant depression label, how should we think about the expansion of the addressable population and the impact on payer coverage and prescriber adoption if the drug is approved?
Well, if you look at the narrower indication, we were originally forecasting which would have been people with active suicidality. That would have been about 3 million, 3.5 million patients a year reporting to CDC numbers. But if you look at the much broader population of people with depression who may from time to time have suicidal ideation, the CDC numbers would suggest that you're talking about an addressable population of 12 million or so people. In terms of payer coverage. Payers have told us in the past that as long as our course of treatment is less than about $10,000 a year, it's unlikely to have substantial formulary restrictions. Mental health is one of the most rapidly growing challenges that payers face in insurance coverage and a treatment that has the potential to rapidly stabilize people, keep them out of the hospital, keep them at work, keep them productive is highly attractive to payers. And you've seen that with SPRAVATO, you've seen SPRAVATO rapidly grow to what's estimated at a $2 billion market today. And that's the market that we would seek to share if NRX-100 is approved as we've expected.
Right. And with the ANDA showing favorable preliminary bioequivalent determination, I'm wondering what remains before final approval in the third quarter of this year?
Well, the Office of Generic Drugs has to do its process. They're going to continue to examine our stability data. They'll have to do a pre-approval plant inspection. They'll have to go through the whole litany of final checks associated with any drug approval. But we think clearing the bioequivalence hurdle is a major turning point.
[Operator Instructions] Your next question comes from Edward Woo with Ascendiant Capital.
Congratulations on all the progress as well. Assuming that you get the approval for the ANDA in Q3 2026, can you talk a little bit about your commercial strategy and how you expect to commercialize it?
Well, there are 2 large segments of buyers for ketamine under the existing label. One is hospital surgery centers, et cetera, that already buy ketamine and then there are the clinics who are using it for psychiatry for pain control, et cetera. On the former side, we've been approached by a number of organizations that already sell to those hospitals. Their names are well known and anybody who's currently selling into that marketplace is interested in a modern preservative-free presentation. So we'd be unlikely to build our own sales force to go into hospitals because the average person selling injectable drugs into a hospital is representing a number of drugs, not just one. On the other hand, the clinics that use ketamine are much smaller number. They're well known, they tend to belong to the same associations, and we do expect to set up a medical liaison service relatively small number of representatives can cover a large swath of the clinics. So we believe that it's a very compact commercial footprint, one that's easily financeable within our available resources.
There are no further questions at this time. I will now turn the call over to Jonathan for closing remarks.
Thank you. So thank you for joining our call today. As you can see, we've made progress towards 3 potential drug approvals in the near term. And we have this new pipeline target that could be a much larger use for NRX-101 than we ever anticipated. With the continuing development of the HOPE Therapeutics network for care delivery, we believe that we've really taken transformative steps to turn NRx Pharmaceuticals into a commercial stage company that has the potential to save lives on a daily basis and to bring a return to our investors. We finally reached that long-awaited inflection point where we're generating revenue, we expect to increase revenue and we really appreciate the extraordinary dedication and hard work of our team to support that long-term initiative and the patience of our investors and the support of our investors while we've made that turn. Our goal of bringing hope to life is closer than ever. Thank you so much for participating.
Ladies and gentlemen, this concludes your conference call for today. We thank you for participating and ask that you please disconnect your lines.

