NRX Pharmaceuticals, Inc. Q1 FY2024 earnings call

• NRx had a productive start to 2024, with clinical trial results for NRX-101 showing potential superiority to current standard-of-care in bipolar depression. - Signed a $30 million non-binding term sheet to eliminate corporate debt and provide growth capital. - NRX-101 clinical data supports potential NDA filing for bipolar depression. - HTX-100 is a pH neutral form of ketamine for suicidal depression, with licensed data to support NDA. - Working on digital therapeutic for ketamine, manufacturing partnership for NRX-101, and early stage opportunity for schizophrenia. - Reduced net loss, R&D, and G&A expenses, improved working capital.

For the first quarter ended March 31, 2024, NRx Pharmaceuticals reduced net loss from operations by 41% compared to prior year, from $11 million to $6.5 million. Research and development expenses decreased from $3.7 million in 2023 to $1.7 million in 2024. General and administrative expenses reduced by 26% from $5.8 million in 2023 to $4.3 million in 2024. As of March 31, 2024, cash and cash equivalents were $1.3 million, but working capital improved by $8 million over the first three months with $2.9 million from equity sales and $5.1 million from Alvogen milestone advance, and corporate indebtedness to Streeterville LLC reduced by $2.2 million.

• Anticipate filing NDA for NRX-101 in bipolar depression. - Plan to distribute Hope Therapeutics shares to shareholders. - Aim to launch HTX-100 in early 2025. - Expect to report first commercial revenues soon. - Working towards generating revenue and value for shareholders.

• Corporate debt was accelerated by Streeterville. - Substantial unreported naked short interest, with potential for more short than reported. - Risks associated with clinical trial outcomes and regulatory approvals.

Q: For NRX-101, rough timing frame on 300 person registrational trial enrollment and sites?

A: Trial may be undertaken by Alvogen with their timeline, exploring accelerated approval for narrower patient segment.

Q: On UTI indication, market receptivity and timeline?

A: Enormous receptivity among medical professionals for safe antibiotics for complicated UTIs, actively seeking partners.

Q: Current estimate of actual short interest and progress with brokerages?

A: NASDAQ reports ~500,000 short, likely more than an order of magnitude, tracking intraday shorting and working with entities to address short interest.