NRXPW

• NRx has made transformative progress in drug development, with drug approvals applications in process for KETAFREE, NRX-100, and NRX-101.
• HOPE Therapeutics closed acquisitions and started generating revenue, with anticipation of growing from 2 to 6+ clinics by year-end and revenue growth in coming quarters.
• Financial results for Q3 2025 showed a loss from operations of $4 million vs $3 million in 2024, due to increased R&D and G&A expenses. Cash position as of September 30, 2025, was approximately $7.1 million.
• The company has extensive patents related to DCS use in treating brain disorders and has filed a citizen petition to remove benzethonium chloride from ketamine products.

• Anticipate growing from 2 clinics to 6 or more by year-end, with revenues demonstrating strong growth in coming quarters.
• Current cash position expected to support operations at least through Q2 2026 and fund regulatory inflection points and potential acquisitions.
• NRX-100 NDA preparation nearly complete, with anticipation of transmitting the submission in coming weeks; NRX-101 has a planned Phase 3 trial for early 2026.

In the third quarter, NRx Pharmaceuticals reported its first revenue, driven by the acquisition of Dura Medical, which closed on September 8, generating approximately $240,000 in revenue from 22 days of operations in a single clinic group. The company has programs for NRX-100 (preservative-free IV ketamine) and NRX-101 (D-cycloserine and lurasidone combination). NRX-100 is in the process of an NDA submission for suicidal ideation in depression, with NDA preparation nearly complete, and NRX-101 has breakthrough therapy designation and a planned Phase 3 trial for early 2026. HOPE Therapeutics, which focuses on interventional psychiatric clinics, generated revenue from its first clinics, with anticipation of growing from 2 clinics to 6 or more by year-end.

• Regulatory uncertainties related to drug approvals, including the CNPV process and potential challenges with the citizen petition to remove benzethonium chloride.
• Dependence on successful integration and growth of HOPE Therapeutics clinics, as well as successful drug development and approval processes.

Q: Thomas Shrader asked about the DCS result with TMS, including if DCS is unique and how to use NRX-101 in the procedure.

A: Jonathan Javitt explained DCS's role as a neuroplastic drug, its non-NMDA antagonist dose, and that there's an expanded access protocol for NRX-101.

Q: Patrick Trucchio inquired about feedback on NRX-100's accelerated approval strategy, year-end PDUFA decision, and the Citizen Petition on benzethonium chloride.

A: Jonathan Javitt discussed real-world data augmenting the NRX-100 filing, the CNPV process, and how the Blow-Fill-Seal presentation of KETAFREE allows for increased manufacturing capacity.

Q: Edward Woo asked about the commercial strategy for NRX-100 and NRX-101.

A: Jonathan Javitt stated NRX-100 may use a medical science liaison approach, while NRX-101 may involve a sales force or potential partnerships, with about 50 salespeople potentially needed for NRX-101.