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NRx Pharmaceuticals, Inc. (Nasdaq: NRXP) is a clinical-stage biopharmaceutical company focused on developing and distributing novel therapeutics for central nervous system disorders, including suicidal depression, chronic pain, PTSD, schizophrenia, and other serious conditions. The company operates through two subsidiaries, NeuroRx, Inc. and HOPE Therapeutics, Inc., which address drug development and medical care delivery, respectively. Its product portfolio includes innovative drug candidates targeting NMDA receptors and therapies for psychiatric and neurological conditions.
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NeuroRx, Inc. - Develops novel therapeutics for central nervous system disorders, including suicidal depression, chronic pain, PTSD, schizophrenia, and complicated urinary tract infections. Key drug candidates include:
- NRX-101 - An oral fixed-dose combination of D-cycloserine and lurasidone for bipolar depression and other indications.
- NRX-100 - A preservative-free formulation of ketamine for intravenous infusion, targeting suicidal depression.
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HOPE Therapeutics, Inc. - Operates interventional psychiatric clinics offering therapies for suicidal depression and PTSD, including ketamine and NMDA-targeted drugs. Distributes ketamine under 503b pharmacy licensure to address national shortages and plans to expand into psychedelic treatments, neuromodulatory devices, and digital therapeutics.
| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Matthew Duffy Executive | Chief Business Officer | Co-Chief Executive Officer, HOPE Therapeutics, Inc. | Matthew Duffy is the Chief Business Officer at NRXP and also serves as Co-Chief Executive Officer at HOPE Therapeutics, Inc., with extensive experience in the pharmaceutical industry and capital markets. | |
Michael Abrams Executive | Chief Financial Officer | Michael Abrams is a seasoned finance professional and investment banker with nearly three decades of experience. He is currently serving as the Chief Financial Officer at NRx Pharmaceuticals since November 18, 2024 , and previously held CFO roles at Arch Therapeutics, Inc., RiseIT Solutions, Inc., and FitLife Brands, Inc.. | ||
Chaim Hurvitz Board | Member of the Board of Directors | CEO of CH Health ; Director at Galmed Pharmaceuticals Ltd. ; Head of Pharmaceutical Branch at Manufacturers Association of Israel | Chaim Hurvitz has served as a board member at NRXP since May 2021. He previously served as a board member of NeuroRx, Inc. starting in May 2015 , and brings extensive leadership experience in the pharmaceutical industry. | |
Dennis McBride Board | Member of the Board of Directors | Research Professor at Virginia Tech; Adjunct Professor at Georgetown University School of Medicine; President Emeritus at Potomac Institute for Policy Studies | Dennis McBride, Ph.D. has served as a member of the Board of Directors at NRXP since June 13, 2024. He has extensive expertise in neuroscience and digital therapeutics, and he also leads roles outside NRXP as a Research Professor at Virginia Tech and an Adjunct Professor at Georgetown University School of Medicine. | |
Jonathan Javitt Board | Chairman of the Board of Directors | Adjunct Professor of Ophthalmology at Johns Hopkins School of Medicine ; Senior Fellow at Potomac Institute for Policy Studies | Jonathan Javitt is currently Chairman of the Board and Chief Scientist at NRXP, having been re-elected as Chairman in December 2023, and he previously served as CEO from May 2021 until March 2022. | |
Michael Taylor Board | Class I member of the Board of Directors | Michael Taylor has over 25 years of experience in global credit markets, having served as Managing Director at Stone & Youngberg LLC and Oppenheimer & Co. Inc., and as Partner at Adi Dassler International Family Office. He currently serves as a Class I member of the Board of Directors at NRXP since January 15, 2025. | ||
Patrick J. Flynn Board | Board Member and Chair of the Audit Committee | Advisor to Good Measures ; Board Member at Common Sensing Inc. | Patrick J. Flynn has served as a board member and Chair of the Audit Committee at NRXP since May 2021. He brings over 30 years of audit compliance and business expertise to the company. |
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Regarding the $300 million potential milestone deal for NRX‑100 and its tiered royalty structure, what are the key risks and timeline uncertainties associated with finalizing this deal, and how might delays impact your commercialization plans?
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With simultaneous filings of an NDA for depression indications and an ANDA for preservative‑free ketamine, what specific regulatory hurdles and manufacturing challenges do you anticipate that could affect the approval timelines for both applications?
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Given your strategy to acquire multiple precision psychiatry clinics in Florida that currently generate around $5 million in revenue each, how do you plan to integrate these disparate operations while ensuring consistent EBITDA growth and operational efficiency?
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After reducing research and development expenses significantly to lower operating losses, what measures are in place to ensure that these cost reductions will not compromise ongoing innovation and the advancement of your clinical pipeline?
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As you explore the spinout of Hope Therapeutics to deliver non‑dilutive shareholder benefits, can you outline the anticipated timeline and structural safeguards to protect NRXP shareholders amid potential regulatory and financing challenges?
Competitors mentioned in the company's latest 10K filing.
| Company | Description |
|---|---|
The company is identified as one of the chief competitors in the psychiatry area, leveraging its substantial financial, technical, research, marketing, sales, and distribution resources to compete effectively in the market. | |
This competitor is noted for its greater development capabilities and experience in obtaining regulatory approvals, manufacturing, and marketing pharmaceutical products, posing significant competition in the psychiatry area. | |
The company is highlighted as a major competitor in the psychiatry area, benefiting from its extensive resources and established presence in the pharmaceutical industry. | |
This competitor is mentioned as part of the intense competition in the psychiatry area, focusing on innovative treatments and therapies. | |
The company is listed among the chief competitors in the psychiatry area, contributing to the competitive landscape with its specialized focus. | |
This competitor is identified as part of the competitive field in the psychiatry area, leveraging its expertise and resources to challenge market entrants. |
Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
Kadima Neuropsychiatry Institute | 2025 | Planned acquisition by HOPE Therapeutics to establish Kadima as the flagship clinic in HOPE's international network; the deal includes a $27M funding transaction (with $25M aimed at HOPE and $2M toward NRx common stock) and brings on board Dr. David Feifel as Chief Medical Innovation Officer. |
Dura Medical | 2025 | Completed acquisition under a definitive agreement that was signed on March 31, 2025, designed to anchor HOPE's expansion on Florida’s west coast with services like Ketamine Infusion Therapy, TMS, Spravato®, and Stellate Ganglion Blocks, while also appointing founder Stephen Durand as Director of Clinic Operations. |
Neurospa TMS Holdings, LLC | 2025 | Planned acquisition via a binding Letter of Intent to acquire a majority interest in Neurospa, which operates six revenue-generating clinics on Florida’s Gulf Coast offering key interventions such as Ketamine Infusion Therapy, TMS, and Spravato®, and is expected to be accretive to HOPE’s revenue. |
Interventional Psychiatry Clinics (Florida & West Coast) | 2024 | Planned acquisition involving two separate non-binding Letters of Intent—one for Florida clinics (signed October 30, 2024) and another for a premier West Coast clinic (signed October 3, 2024); these revenue- and EBITDA-positive clinics are set to form the growth foundation of HOPE’s network and include a commitment from a pioneering leader as CMIO. |
NeuroRx, Inc. | 2021 | Completed merger where NeuroRx merged with Big Rock Partners Acquisition Corp. (later renamed NRx Pharmaceuticals, Inc.) via a reverse recapitalization on May 24, 2021, including a $10M PIPE investment to accelerate product development. |
Recent press releases and 8-K filings for NRXP.
- Financial Results: Q1 2025 net loss improved to $5.5M from $6.5M YoY with a cash balance of $5.5M supporting operations through the end of 2025 .
- Clinical Milestones: The NDA for NRX-100 is expected to be filed in Q2 2025 and NRX-101 is on track for Accelerated Approval with a PDUFA date before year-end 2025; a patent filing for NRX-100 could extend protection until 2045 .
- Acquisition Strategy: HOPE Therapeutics, a subsidiary, is expanding its clinic network with completed and planned acquisitions (Kadima, Dura Medical, Neurospa TMS) targeting approximately $15M in forward revenues, with additional assets under negotiation .
- Financing Updates: In January 2025, the company raised $8.9M via convertible debt and equity, and later secured term sheets for $10.3M in acquisition capital along with a $7.8M debt facility, with the initial tranche expected to close by June 19, 2025 .
- Financial Performance Improved: In Q1 2025, the company reported a net loss of $5.5 million and loss from operations of $3.8 million, marking improvements over Q1 2024 losses of $6.5 million and $6.0 million respectively.
- Enhanced Liquidity: As of March 31, 2025, NRX Pharmaceuticals held approximately $5.5 million in cash, bolstered by convertible debt and equity offerings.
- Pipeline Progress: The company is advancing its product pipeline with NDA filings for NRX-100 (planned for Q2 2025) and accelerated efforts for NRX-101, backed by strong clinical efficacy data.
- HOPE Therapeutics Financing: A term sheet from Universal Capital secured $7.8 million in debt financing, contributing to a total of $10.3 million in acquisition capital for interventional psychiatry clinic expansion.
- Strategic Expansion: Initiatives include acquisitions of companies like Dura Medical, Kadima, and NeuroSpa to drive pro-forma revenues of about $15 million and support long-term growth.
- HOPE Therapeutics, a subsidiary of NRX Pharmaceuticals (NASDAQ: NRXP), signed a definitive agreement to purchase the Kadima Neuropsychiatry Institute, which will serve as the clinical model for its expanding network of interventional psychiatry clinics.
- The Kadima Institute is recognized as a leading investigative site for CNS and psychedelic research, with a profitable record and forecasted growth in clinical innovations.
- Dr. David Feifel will join HOPE as Chief Medical Innovation Officer, strengthening the company’s leadership in interventional psychiatry and clinical trial work.
- NRx Pharmaceuticals has filed a patent application for its preservative‐free IV ketamine formulation, NRX-100, aimed at treating suicidal depression; if granted, the patent provides exclusivity until 2045.
- The formulation avoids benzethonium chloride to mitigate toxicity risks, and the company is on track with its NDA submission supported by a recent FDA fee waiver.
- FDA awards a $4.3 million filing fee waiver to NRX Pharmaceuticals for its New Drug Application for NRX-100, a preservative-free ketamine product designed for treating suicidal depression.
- The company expects to complete the NDA filing in Q2 2025 using current corporate resources, reinforcing its commitment to addressing unmet public health needs.
- The filing, dated April 17, 2025, is an 8-K report updating investors on a market offering adjustment by NRX Pharmaceuticals, Inc..
- The company increased the maximum aggregate offering price of its common stock to $20,000,000, noting prior sales of approximately $1.8 million under its At the Market Offering Agreement with H.C. Wainwright & Co., LLC.
- The update includes a legal opinion (Exhibit 5.1) affirming the validity of issuing the shares under the revised offering terms.
- HOPE Therapeutics and NRX Pharmaceuticals announced a definitive purchase agreement to acquire Dura Medical as part of a strategic expansion into an international network of interventional psychiatry clinics.
- Dura Medical is revenue generating and EBITDA positive, providing precision psychiatry services including Ketamine Therapy and TMS to patients on Florida’s west coast.
- Stephen Durand, founder of Dura Medical, has been appointed Director of Clinic Operations for HOPE in Florida, underscoring the company’s regional growth and expanded service offerings.
- HOPE Therapeutics, wholly owned by NRx Pharmaceuticals (NASDAQ: NRXP), signed a binding letter of intent to acquire a majority interest in Neurospa TMS Holdings, LLC, which operates six interventional psychiatry clinics on Florida's Gulf Coast.
- The acquisition is expected to be accretive to HOPE revenue for 2025 and will integrate a full range of psychiatry services including Ketamine, Spravato®, and TMS.
- The transaction remains subject to financial audits, definitive agreements, and standard closing conditions, positioning it as a strategic move in expanding the network of interventional psychiatry clinics.
- Q4 2024 financials showed improved operating performance with a significant reduction in losses and lower research and development expense compared to Q4 2023.
- The company initiated the filing of an NDA for NRX-100 (IV ketamine for suicidal depression) and is advancing an NDA for NRX-101, with anticipated PDUFA dates before December 31, 2025.
- A non-binding licensing term for NRX-100, potentially exceeding $300 million in milestones, and strategic moves to acquire and expand HOPE Therapeutics’ national network were highlighted.
- New CEO leadership: CEO Jonathan Javitt, who assumed his role 5 months ago, is driving a strategic shift from pure R&D to revenue generation and profitability by the end of 2025.
- Pipeline advancements: Initiated NDA filing for NRX-100 (IV ketamine targeting suicidal depression with a potential $300M milestone deal ) and advancing NRX-101 for accelerated approval in bipolar depression with expected FDA PDUFA dates before December 31, 2025.
- Financial improvements: Q4 loss from operations reduced to $2.4M (down from $4.4M in Q4 2023) with an annual operational loss cut by $9.3M; augmented by new capital raising, retirement of toxic debt, and decreased operating expenses.
- Strategic investments and acquisitions: Building the HOPE Therapeutics network through plans to acquire profitable interventional psychiatry clinics, including Kadima, to secure non-dilutive funding and support future growth.