NRX Pharmaceuticals Inc (NRXP)

Yep, you DID..

Good job...

Think I nailed this one LOL.

NRXP responds:

https://ir.nrxpharma.com/news-releases/news-release-details/nrx-pharmaceuticals-responds-recent-public-statements-regarding

The Kadima agreement was signed May 9, 2025, and contained extensive warranties and representations made by Kadima and Feifel. Extensive, and it took time to vet the accuracy. By August, NRX/Hope filed an arbitration claim which most certainly means the allegation was Kadima breached one or more warranties/representations.

The August quarterly report from NRX very clearly identified issues with Kadima in the Legal Procedings section. Either the parties needed to agree on new terms to seal the deal, or find some other mutually agreeable resolution. It's right there in the August filing, so the litigation spin from this lawyer who filed this lawsuit is complete BS!

Legal Proceedings

The Company is, from time to time, involved in various legal proceedings incidental to the conduct of our business. Historically, the outcome of nearly all such legal proceedings has not, in the aggregate, had a material adverse effect on our business, financial condition, results of operations or liquidity. Other than as set forth below, there are no material pending or threatened legal proceedings at this time.

On May 9, 2025, Hope entered into the Kadima Purchase Agreement (the “Agreement”), with HTX Management Company, LLC, Kadima Neuropsychiatry Institute, Medical Corp., Kadima Holdings, Inc., and David Feifel, M.D., PH.D. (collectively, “Kadima”), pursuant to which the Company agreed to purchase, and Kadima agreed to sell, on the Closing Date, as defined in the Agreement, certain assets of Kadima, subject to the satisfaction of certain closing conditions (the “Acquisition”). As of the date of this Report, the parties have not closed the Acquisition, and, while no assurances can be given, remain in active discussions to either i) close the Acquisition per the terms of the Agreement, or ii) pursue potential alternative outcomes mutually agreeable to all parties.

The only representation by NRX/Hope is so very basic and common:

[t]4.4. Sufficiency of Funds. Purchaser has sufficient cash on hand or other sources of immediately available funds to enable it to pay the Closing Payment and other amounts required to be paid by Purchaser hereunder and to consummate the transactions contemplated by this Agreement and by the Related Agreements.
[/t]

As we have all seen over the past year, NRX has zero problem accessing "immediate" funds by offering stock with its shelf registration offering, open for business whenever they need it. For those who read public filings, they increased the registration to $20 million in available stock offerings in April 2025, just a month before the May 2025 Kadima agreement was signed:

https://www.otcmarkets.com/filing/html?id=18378655&guid=QZF-kKnxA_V8Oth

I hope all of this gives folks peace of mind. Good riddance Kadima. They will never get specific performance when all of their own breaches come to light. I hope someone checks Kadima insider stock purchases of NRXP after this BS lawsuit and press release. The share price seems to have stabilized, which says more about NRX/Hope compared to Kadima/Feifel.

As I suspected, NRX likely won the arbitration dispute with an award of attorneys fees. It will be interesting if/when NRX files the arbitration award with its initial or subsequent response to this new civil lawsuit.....can't wait to see it!

Kadima is essentially throwing a desperate Hail Mary to try the "injunctive relief" provision in Section 8.14(b) of the contract. The same arguments that Kadima claims NRX did not have the funds to perform were likely already addressed in the binding arbitration and resolved in favor of NRX.

The circular argument by Kadima here is laughable. NRX likely initiated arbitration due to Kadma misrepresentations. Kadima countered with....well NRX couldn't pay. Now that Kadima lost arbitration and likely owes NRX significant money for its own breaches plus attorneys fees, the new "injunctive relief" argument is that Kadima is entitled to specific performance to compel NRX to close the transaction to pay Kadima....because NRX does not have the money or means to acquire money to close the deal?!?! I predict BK for Kadima after this failed gambit. Good job NRX for getting out of this deal!

I also find it laughable that other boards claim all of the $20+ million recently raised will now go to Kadima in this lawsuit. Yeah, this one clinic was worth over $20 million?!?! Cohen and Associates got $400k plus performance kickers over the next 3 years for multiple clinics. Can't make this stuff up! Here are the specific dispute resolution sections from the Kadima/Hope purchase agreement:

8.11. Specific Performance. Each of the Parties hereby acknowledges and agrees that the failure of any Party to perform its covenants and agreements hereunder would cause irreparable injury to the other Parties for which damages, even if available, would not be an adequate remedy. Accordingly, each of the Parties hereby consents to the issuance of injunctive relief by any court of competent jurisdiction to compel performance of such Party’s obligations hereunder and to the granting by any such court of the remedy of specific performance of such obligations. Each of the Parties hereby agrees that such Party will not oppose the granting of an injunction, specific performance and other equitable relief on the basis that any other Party has an adequate remedy at law or an award of specific performance is not an appropriate remedy for any reason at law or equity. Any Party seeking an injunction or injunctions to prevent breaches or threatened breaches of, or to enforce compliance with, this Agreement shall not be required to provide any bond or other security in connection with any such injunction.

8.14. Dispute Resolution.

(a) Except for the matters to be decided by the Referral Firm pursuant to Section 1.9 and subject to Section 8.14(b) below, any controversy, claim, dispute or disagreement arising out of or relating to this Agreement or the transactions contemplated hereby shall be settled, at the request of any Party to this Agreement through binding arbitration to be conducted by the American Health Law Association (“AHLA”) by selection of one single arbitrator selected pursuant to the AHLA’s Dispute Resolution Service Rules and Procedures (the “AHLA Rules”) utilizing a mutually agreeable arbitrator from AHLA’s panel of neutrals who is knowledgeable with transactions like those contemplated by this Agreement. The place of arbitration shall be San Diego, California, or such other place as mutually agreed by the Parties and, unless otherwise agreed to by the Parties, all proceedings and hearings shall be conducted remotely using videoconference, teleconference or other appropriate electronic/virtual technology and each Party hereby waives, and agrees not to assert, any objection or defense arising from or related to any basis that all or any portion of an arbitration proceeding was conducted remotely by such methods. Either Party may commence the arbitration process called for by this Agreement by filing a written demand for arbitration with AHLA and giving a copy of such demand to each other Party to the dispute in accordance with Section 8.3. The arbitration shall be conducted in accordance with the provisions of the AHLA Rules in effect at the time of filing of the demand for arbitration. The Parties shall cooperate with AHLA and with each other in promptly selecting an arbitrator from the AHLA’s panel of neutrals and in scheduling the arbitration proceedings in order to fulfill the provisions, purposes and intent of this Agreement. The Parties will participate in the arbitration in good faith and agree that they shall share in its costs in accordance with this Agreement. The provisions of this Section may be enforced by any court of competent jurisdiction, and the party seeking enforcement shall be entitled to an award of all costs, fees and expenses, including reasonable attorneys’ fees, to be paid by the party against whom enforcement is ordered. Judgment upon the award rendered by the arbitrator may be entered in any court having competent jurisdiction.

(b) Notwithstanding anything in this Agreement, including Section 8.11 or any Related Agreement to the contrary, in the event that a Party has breached a provision of this Agreement that entitles any other Party(ies) to injunctive or other equitable relief, the non-breaching party may commence an action for such relief in any federal or state court of competent jurisdiction.

8.15. Jury Trial Waiver. EACH PARTY HEREBY IRREVOCABLY WAIVES ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY ACTION ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY, WHETHER NOW EXISTING OR HEREAFTER ARISING, AND WHETHER SOUNDING IN CONTRACT, TORT OR OTHERWISE. THE PARTIES AGREE THAT ANY OF THEM MAY FILE A COPY OF THIS PARAGRAPH WITH ANY COURT AS WRITTEN EVIDENCE OF THE KNOWING, VOLUNTARY AND BARGAINED-FOR AGREEMENT AMONG THE PARTIES IRREVOCABLY TO WAIVE TRIAL BY JURY AND THAT ANY ACTION OR PROCEEDING WHATSOEVER AMONG THEM RELATING TO THIS AGREEMENT OR ANY OF THE TRANSACTIONS CONTEMPLATED HEREBY SHALL INSTEAD BE RESOLVED BY BINDING ARBITRATION, SUBJECT TO SECTION 8.14.

LJ nice digging....

Given what you pulled out of the SEC filings, its hard to believe
the legal filing by kadima says what it says isn't it.

As mentioned, be interesting to see what management says in
response.

But based on what you highlighted, almost have to wonder IF
there was mis-representation going on by kadima, hoping to get
themselves out of trouble, hoping that NRXP didn't find it out until
after the deal was done.

Like a lot of things in life now due to the breakdown in honesty, morals.
Gotten really hard to figure out what to trust thats being said in the initial
flurry of exchanges.

Remember, NRX closed the Dura acquisition in September 2025 after announcing both Dura and Kadima in May 2025:

https://www.newmediawire.com/news/nrx-pharmaceuticals-nrxp-subsidiary-hope-therapeutics-closes-acquisition-of-dura-medical-7082511

NRX just raised over $26m and has not been shy at all to raise capital with stock for years now. I am personally emboldened in my investment with NRX based on this Kadima lawsuit BS. Really? NRX couldn't find funding for Kadima?? That's what this lawsuit alleges. Anyone who has followed NRX knows that is pure BS!

Anyone can research Kadima and find out how the VA shift to nasal ketamine screwed Kadima's IV business model.

https://sandiegopsychiatricsociety.org/a-train-wreck-in-slow-motion-san-diego-va-takes-suicidal-vets-off-treatment/

In response, Kadima threatened to sue, but instead pivoted to offer its own patients the nasal alternative. There is a checkered history with Kadima, unfortunately, and NRX may have discovered more than they bargained for after the initial disclosures.

I would go one step further. Kadima offers nothing novel or proprietary. They have one clinic in San Diego, primarily treating veterans. They use TMS in conjunction with ketamine. However, NRX has already pivoted away from Kadima to purchase and open other clinics that do the exact same thing. This is probably as simple as Kadima overstating what they were bringing to the table, and got caught. NRX clearly pivoted and moved on with a different CMO in March 2026 (while the arbitration with Kadima was ongoing):

https://biotuesdays.com/2026/03/02/prof-joshua-c-brown-joins-nrx-as-cmo/

Remember, Feifel was supposed to get that job back in May 2025 with the Kadima acquisition. Jilted at the altar!

NRX promptly disclosed potential red flags with Kadima in the August 2025 quarterly report (first quarterly report after the deal was announced), and the concerns were based on questions about Kadima's representations and warranties:

As of the date of this Report, the transactions contemplated by each of the Dura Purchase Agreement and the Kadima Purchase Agreement have not yet been consummated, and, as disclosed below, with respect to Kadima the parties are working to close the transaction on terms contemplated by the Kadima Purchase Agreement or pursue an alternative outcome acceptable to the parties.

In the Legal Proceedings section, NRX disclosed:

On May 9, 2025, Hope entered into the Kadima Purchase Agreement (the “Agreement”), with HTX Management Company, LLC, Kadima Neuropsychiatry Institute, Medical Corp., Kadima Holdings, Inc., and David Feifel, M.D., PH.D. (collectively, “Kadima”), pursuant to which the Company agreed to purchase, and Kadima agreed to sell, on the Closing Date, as defined in the Agreement, certain assets of Kadima, subject to the satisfaction of certain closing conditions (the “Acquisition”). As of the date of this Report, the parties have not closed the Acquisition, and, while no assurances can be given, remain in active discussions to either i) close the Acquisition per the terms of the Agreement, or ii) pursue potential alternative outcomes mutually agreeable to all parties.

NRX has been disclosing arbitration with Kadima in quarterly reports since the November 2025 quarterly report:

The Kadima Purchase Agreement also contains customary indemnification provisions whereby Kadima will indemnify the Company for certain losses arising out of inaccuracies in, or breaches of, the representations, warranties and covenants of Kadima, pre-closing taxes of Kadima, and certain other matters, subject to certain caps and thresholds.

As of the date of this Report, the parties have not closed the Acquisition and the matter has entered arbitration. At this stage of the arbitration, it is too early to determine if the matter would reasonably be expected to have a material adverse effect on our financial condition.

The March 2026 annual report also disclosed the Kadima legal/arbitration proceedings based on Kadima representations, as did the most recent May 2026 quarterly report and the recent stock offering:

The Kadima Purchase Agreement also contains customary indemnification provisions whereby Kadima will indemnify the Company for certain losses arising out of inaccuracies in, or breaches of, the representations, warranties and covenants of Kadima, pre-closing taxes of Kadima, and certain other matters, subject to certain caps and thresholds.

As of the date of this Report, the parties have not closed the Acquisition and the matter has entered arbitration. At this stage of the arbitration, it is too early to determine if the matter would reasonably be expected to have a material adverse effect on our financial condition.

NRX did not air its Kadima arbitration strategy/grievances in public and instead proceeded with contractual arbitration with full disclosure to shareholders. It appears Kadima was either not satisfied with changed terms offered in arbitration, OR made a preemptive public strike to file a lawsuit accusing NRX of wrongdoing when the story will likely come out publicly soon that it was Kadima that made misrepresentations about its financial/tax condition which has caused NRX to either back out of the deal from May 2025, or seek better terms based on what was learned about Kadima after the initial agreement.

The lawsuit 100% says Kadima wants NRX to honor the original deal. This was likely 100% requested by Kadima and refused by NRX in the arbitration. In fact, I would wager Kadima LOST the private binding arbitration, and then fired this missile as NRX "fraud/misrepresentation" in some futile attempt to get around the arbitration result.

Stay tuned, because the NRX response to the lawsuit is going to be interesting. When the most basic reported Kadima claims from the public lawsuit and news release about alleged failures by NRX to make shareholder disclosures are so easily refuted by SEC public filings, as they say.....the truth shall prevail.

By the way, the endless senseless bashers on other boards (especially the Stocktwits idiots) are beyond suspicious. Those folks obviously don't know how to read public SEC reports. Why oh Why oh Why would Kadima want to still be purchased by such a deceitful, shitty company??? With the good Dr. Feifel and his stellar reputation following through and coming aboard as Cheif Medical Officer???

Seems to me this is a scorned lover, sour grapes scenario where Kadima got caught and now they want to "punish" NRX with a public lawsuit right before Ketafree approval. Wonder how many Kadima insiders and family members are "buying the dip" LOL.

Good Luck Everyone!

I really had high hopes for this company but something like this puts extreme doubt in my mind. I'll wait till the July 29 PDUFA date to see what the FDA decides on Ketafree.

Tend to agree with you, but going to wait to see
what management says in response first..

Already have fired off an email to their PR team saying,
essentially saying, you really didn't do what they alleged
you did, did you. Especially the part about hiding it from
disclosure..

Just saw it. This is not a good look for Javitt.

Anyone catching the news about a lawsuit just filed alleging
NRXP management failed to fulfill alleged contractual obligations?

And are also accused of hiding this from shareholders??

Damn...

$NRXP News: NRx Pharmaceuticals Announces FDA Grant of Expanded Access Protocol for Use of D-Cycloserine-based NRX-101 for Augmentation of Transcranial Magnetic Stimulation in the Treatment of Depression

D-Cycloserine (DCS) has been reported to augment the effect of Transcranial Magnetic Stimulation (TMS) in remission from depression and suicidality in several published clinical studies.

NRx Pharmaceuticals is developing NRX-101, a fixed dose combination of DCS+lurasidone for the augmentation of TMS and has initiated a pivotal clinical trial in both civilian and military treatment facilities.

The Expanded Access protocol is designed to make NRX-101 available under FDA-authorized compassionate care mechanisms for patients who cannot access the pivotal trial.

Physicians who wish to provide NRX-101 in association with accelerated TMS for patients with Treatment-Resistant Depression may register at http://www.nrxpharma.com/EAP

WILMINGTON, Del., June 22, 2026 (GLOBE NEWSWIRE) -- NRx Pharmaceuticals, Inc. (Nasdaq: NRXP), a biopharmaceutical company that focuses on neuroplastic therapies for depression, PTSD, and related conditions, today announces the approval by FDA of an Intermediate Population Expanded Access Protocol for the use of NRX-101, a fixed dose combination of D-cycloserine (DCS) and lurasidone for the augmentation of accelerated Transcranial Magnetic Stimulation (TMS). Expanded Access Protocols are part of FDA’s compassionate care approach to making investigational drugs available to patients with serious or life-threatening medical conditions1.

In recent years, there have been multiple scientific reports which suggest that DCS may enhance the effectiveness of TMS in treating Treatment Resistant Depression and Suicidality.2,3 DCS has been demonstrated to have potent neuroplastic effects in laboratory studies. Neuroplasticity is the scientific term for the creation of new connections or synapses between brain cells and is believed to be key to the reversal of depression and suicidality. The Company has announced initiation of a pivotal clinical trial (the Synaptic Plasticity Augmented Rapid Circuit Stimulation (SPARC-TMS) study) to assess the effect of NRX-101 in augmenting TMS to achieve remission from Depression and Suicidality in patients being treated with mechanism-guided augmentation of neuronavigated robotic TMS, a study that will be conducted in both civilian and military treatment facilities.

While the use of DCS is increasingly discussed and adopted within the professional community based on Real World Evidence, the doses required are below the dose of DCS that is currently marketed and sold for the treatment of tuberculosis (the currently approved indication), which has led to an increasing use of compounded versions of DCS. Compounded drugs are neither supervised nor approved by the US FDA. In the case of DCS, compounding is particularly challenging because the DCS pharmaceutical ingredient is highly susceptible to degradation without special formulation processes. When NRx first developed NRX-101, two years of research and development was required to properly control impurities and achieve long-term stability. Compounded drugs (except those eligible for 503b manufacture, which DCS is not) are not assessed for stability and impurities by compounding pharmacists, who lack the chromatography equipment required for FDA Good Manufacturing Practices (GMP) controls. Accordingly, NRx Pharmaceuticals has elected to make NRX-101 available to physicians and their patients under the Expanded Access Protocol while pivotal clinical trials are underway in an effort to assure that this potentially life-saving drug is immediately available for patients who qualify. Initially, the Company will be charging only for shipping and FDA-required data collection costs, but not for the investigational drug.

“We at NRx deeply appreciate the engagement of the FDA Division of Psychiatry Products and their support of expanded access to regulated and GMP-manufactured D-cycloserine to enhance TMS effectiveness,” said Prof. Joshua Brown, MD, PhD, the Company’s Chief Medical Innovation Officer. “We look forward to reporting the results of our upcoming pivotal trial, SPARC-TMS, which aims to determine the efficacy of the NRX-101–TMS combination in achieving remission from depression and suicidality in patients with Treatment-Resistant Depression.” Dr. Brown serves as Editor-in-Chief of the Transcranial Magnetic Stimulation journal, and as immediate past President of the Clinical TMS Society, and as an Assistant Professor at Harvard Medical School and McLean Hospital.

About NRx Pharmaceuticals, Inc.
NRx Pharmaceuticals, Inc. (www.nrxpharma.com), is a clinical-stage biopharmaceutical company developing therapeutics based on its NMDA receptor 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
brian.korb@astrpartners.com

1 https://www.fda.gov/news-events/public-health-focus/expanded-access
2 M Cole J, et.al. Efficacy of Adjunctive D-Cycloserine to Intermittent Theta-Burst Stimulation for Major Depressive Disorder: A Randomized Clinical Trial. JAMA Psychiatry. 2022;79(12):1153–1161. doi:10.1001/jamapsychiatry.2022.3255
3 Vaughn, Donald & Marino, Brooke & Engelbertson, Alex & Dojnov, Aleksandra & Weiss, Nick & Vila-Rodriguez, Fidel & Nanos, Georgine & Downar, Jonathan. (2024). Real-world effectiveness of a single-day regimen for transcranial magnetic stimulation using Optimized, Neuroplastogen-Enhanced techniques in Depression (ONE-D). Transcranial Magnetic Stimulation, 2025; 5. DOI: 10.1016/j.transm.2025.100200

https://www.globenewswire.com/newsroom/ti?nf=OTc1MDE1NyM3NjcxMDc0IzIwODQxMjI=
https://ml.globenewswire.com/media/NmNmYmU4YTMtOTgyNy00NjNjLTk3ZjUtYjk0NGJiYjIzZWIwLTEwOTU2OTMtMjAyNi0wNi0yMi1lbg==/tiny/NRx-Pharmaceuticals-Inc.png

Source: NRx Pharmaceuticals, Inc.

Got another one, TNXP, that when the trade volume is 'light', someone
has been playing with it on a very frequent basis.

Run it up in the morn, sell it down during the day..

Repeat the next day.

Looks like someone decided to hit NRXP today to drive it down not long after
the open. Then towards the end of the day, one could ponder whether those
that hit it (shorted for example) were quietly closing out their positions.

And note, TNXPs and NRXPs chart show a similar pattern. Hit not long after the
open, quietly close out the day.. Has had me wondering for some time whether or
not, someone(s) are running a flipping program that allows them short for gains, then
buy to run it up for another round of gains, then rinse/repeat the next day..

Why the drop today? Buy 1 million bucks worth of the offering @ $3.50... Sell at 4.36 and make a quarter million bucks in 4 market days.. And that is presuming that only one mill was purchased. With 4 mill worth you would have gained one million bucks. Directors/officers had a 60-day lock-up... limiting insider selling, but new offering shares had no broad resale restrictions. All proportional and there was probably many individuals and orgs who did just that.. Ride the waves when you see them coming! Smart investing. SP will go nuts in July so strap in!

$NRXP NRx Pharmaceuticals (Nasdaq:NRXP) notes presentation by Osmind, Inc. of IV Ketamine Efficacy vs. Nasal esketamine Efficacy at American Society of Clinical Psychopharmacology.

Read More - https://ir.nrxpharma.com/news-releases/news-release-details/nrx-pharmaceuticals-nasdaqnrxp-notes-presentation-osmind-inc-iv

#PharmaNews #mentalillness #NRXPharma #HopeTherapeutics
$NRXP

Well the share price sure found the moving average line in one hell
of a hurry didn't it. Yep, now at day 2 of being 'one' with each other
with the share price 'riding' the line so to speak.

Hopefully it will stay above the MA line vs falling below and having the MA line
trying to push it lower..

$NRXP NRx Partner Highlights Depression Assessment Innovation
@NRxPharma (Nasdaq: NRXP) announced that strategic partner Emobot presented late-breaking clinical validation data for the EMOCARE Depression Thermometer at ASCP 2026. @vincemedia1

The presentation highlights ongoing advancements in AI-powered mental health assessment tools designed to improve the detection and monitoring of depression.

READ HERE👇🏻
https://bit.ly/NRXpressrelease

👉🏻Learn more at https://bit.ly/NRXPharmaceuticals

Watch the @NewToTheStreet interview here👇🏻
https://bit.ly/NTTS-NRXPharmaAdvancesKetamineTherapy

#NRX #pharma #healthcare #biotechnews #innovation #businessupdate #businessnews #business #news #newtothestreet
📊NRx Partner Highlights Depression Assessment Innovation@NRxPharma (Nasdaq: NRXP) announced that strategic partner Emobot presented late-breaking clinical validation data for the EMOCARE Depression Thermometer at ASCP 2026. @vincemedia1

The presentation highlights ongoing… pic.twitter.com/w0DJysINcM— New to The Street (@NewToTheStreet) June 1, 2026

Yep, whats amazing is how many believe the company should be putting
the shareholders first.

I have one I help that can't believe a company would sell shares and hurt
the share price in the process. Have explained to him more than a few times,
the company owes us nothing. That we are hoping to benefit from the companies
efforts, while the company is doing what they think is best for their survival. One
other thing I tell him is, its why you have to be very careful when you decide to buy
into an idea. Too early and you could suffer multiple ATMs, even a reverse split.
Too late, and the bulk of the party may be over before you even got to it.
Yep a fine line when it comes to entering and any delays can be costly..

To close, a good message ya posted there..

and good luck to all..

$NRXP = NRx Pharmaceuticals announces pricing of public offering of common stock
https://www.msn.com/en-us/money/topstocks/nrx-pharmaceuticals-announces-pricing-of-public-offering-of-common-stock/ar-AA24IYsQ?ocid=finance-verthp-feeds

The past week is a great example of what I like to call the dysfunctional crew team. Picture a sleek boat gliding across the water with eight rowers and a ninth person up front calling out "instructions". There are 4 long oars moving the boat along from the left side and 4 more long oars moving the boat along from the right side. Unfortunately, the third and sixth rower are facing the front of the boat while the other 6 rowers are facing backwards. The person calling out instructions "seems" to be telling the crew of 8 how to row that boat to glide swiftly along the water, but anyone who is standing on shore watching that boat go by can quickly see that not all 8 rowers are rowing in the same direction.

That is how these message boards play out for stocks. Different people have different positions in the stock, with different goals. Some are long term, some are short term, some want the stock to go up, some want the stock to go down. And the loudest voice representing that 9th person calling out "instructions" cannot adequately account for those rowers moving in different directions.

A company like NRX is making business decisions and trying to grow the business. Although the pipeline has promise, and there are big potential "trigger points" on the horizon, it still needs to run its business. Having only $6m in cash for operations is woefully inadequate, so raising capital with stock is most certainly a wise business decision. That is the whole point of having publicly available stock. It is so very odd to read comments from folks (mostly on other boards) who incorrectly believe a company needs to make all decisions 100% in favor of shareholders at all times, no exceptions. That is not how the real business world works.

Since I am personally holding long term based on the fundamentals and promise of potential long term gains, these little blips up and down do not concern me. I do understand how they can cause enormous stress for people who are in bad short term positions, and that is a very fair point to take into account. However, a little bit of perspective for those folks could go a very long way......wish they would understand they are the two rowers in the boat who are facing the wrong direction from everyone else.

Good luck to all the traders and long term holders out there. Ketafree approval seems to be imminent, but that is not the only thing this company has going for it.

$NRXP News Today! = NRx Pharmaceuticals, Inc. Announces Pricing of Public Offering of Common Stock https://www.globenewswire.com/news-release/2026/06/03/3306024/0/en/nrx-pharmaceuticals-inc-announces-pricing-of-public-offering-of-common-stock.html

Well, with a market cap of $168 Million (give or take a little) at
36 Mil shares ($4.6x/sh)? I had a market cap target of $500 Million for the
Ketamine development, but knew it would take time for sales to
ramp up. So only had a target price of $9/10 /sh for starters.

Now with the additional 5 Mil shares (and WHY they didn't wait to do it until after
the pending FDA decision (maybe begs the question of, what is their confidence
level or is it high cause there were 'buyers' salivating at getting shares for $3.50/sh??)

Anyways, with a Market cap of $500 Mil, call it 42 Mil shares? That share price is still
higher than mine. So....

I am not too upset about the additional shares, again, knowing its going to take some
time for sales to ramp up. So better to be 'pro-active' in the cash raising vs reactive
because they have run short and are desperate to make a 'deal'.

Again, all hinges on end of the month decision and them getting off their backsides
with an NDA submission already..

Great analysis, and now they are not so quietly selling another 5M shares! Ugh! I realize that if all goes well that they will need capital to fund production, etc. I just wish they wouldn't claim they have enough working capital and income to fund the rest of this year and then turn around and announce they're selling shares to fund operations.

Well now, a last minute 'gift'/buying opportunity??

See if there are more details on this 'stock sale'.
Hopefully they are smart enough to do an ATM
AFTER the share price rises (assuming the ketamine
development is approved)

and it just wiped out a lot of the gains post the market
tonight.

Announcement of a share sale to fund operations, sh price
down in the 3.3-3.5 range due to the reaction after hours to the
news.. mercy..

wonder how many of the sellers in the after hours were from
the momentum chasing crowd and how bad some of them
just got hit...

looking at the chart and NRXP has clearly gotten too far ahead of its
Short Term moving average line (down at $4.04 but with a nice up-slope
to it which should help it catch up to the share price)

Yep, when the price and MA line get far apart, they tend to get 'lonesome' for
each other and a combination of things will happen to bring them back together.

So yep, hit $5 and bet that triggered a bit of the selling that just took place.
Momentum can be a bitch when its in your favor, but when it 'pauses', in todays
fast moving market where some are just trying to get 'something' out of the trade
(vs folks like some of us who are here for the longer POTENTIAL prize)..
They don't stick around long and can really put a dent in the share price in a hurry.

So the question is, at what price does the share price meet up with the MA line?
Hopefully the share price can hold on and let the fast rising MA line catch up.

Good luck. Disclaimer: expecting $8-9 if their Ketamine development is approved.
Had $9-10, but my notes indicate they have quietly been selling approx 5 Mil shares
since March 12 when I had the share count at 31 Mil, now around 36 MIl

BOOM. Just broke the $5 Mark !!

NRXP...........................https://stockcharts.com/sc3/ui/?s=NRXP&p=W&b=5&g=0&id=p86431144783

NXRP.............................https://stockcharts.com/sc3/ui/?s=NXRP&p=W&b=5&g=0&id=p86431144783

$NRXP $4.84 +9.50% FDA-Cleared AI Neuropsychiatry Platform, Million-Dose Ketamine Manufacturing and Presidential Psychedelic Initiative Drive Growing Momentum for NRXP -DailyDispatcher

Read More - https://markets.chroniclejournal.com/chroniclejournal/article/prlog-2026-5-28-fda-cleared-ai-neuropsychiatry-platform-million-dose-ketamine-manufacturing-and-presidential-psychedelic-initiative-drive-growing-momentum-for-nrxp

#PharmaNews #mentalillness #healthcare #clinic #NRXPharma
$NRXP
FDA-Cleared AI Neuropsychiatry Platform, Million-Dose Ketamine Manufacturing and Presidential Psychedelic Initiative Drive Growing Momentum for NRXP -DailyDispatcher

Read More - https://t.co/fjpjdEiqO5#PharmaNews #mentalillness #healthcare #clinic #NRXPharma $NRXP— NRx Pharmaceuticals (@NRxPharma) June 1, 2026

DA-Cleared AI Neuropsychiatry Platform, Million-Dose Ketamine Manufacturing and Presidential Psychedelic Initiative Drive Growing Momentum for NRXP -DailyDispatcher FDA-Cleared AI Neuropsychiatry Platform, Million-Dose Ketamine Manufacturing and Presidential Psychedelic Initiative Drive Growing Momentum for NRXP -DailyDispatcher

Read More - https://t.co/fjpjdEiqO5#PharmaNews #mentalillness #healthcare #clinic #NRXPharma $NRXP— NRx Pharmaceuticals (@NRxPharma) June 1, 2026

FDA-Cleared AI Neuropsychiatry Platform, Million-Dose Ketamine Manufacturing and Presidential Psychedelic Initiative Drive Growing Momentum for NRXP
-
@TheStreet


Read More - https://prconnect.thestreet.com/article/FDA-Cleared-AI-Neuropsychiatry-Platform-Million-Dose-Ketamine-Manufacturing-and-Presidential-Psychedelic-Initiative-Drive-Growing-Momentum-for-NRXP

#PharmaNews #NRXPharma #HopeTherapeutics
$NRXP

$NRXP NRx Pharmaceuticals (Nasdaq: NRXP) Strategic Partner Emobot Presents Late-Breaking Clinical Validation of the EMOCARE Depression Thermometer at ASCP 2026 https://finance.yahoo.com/sectors/healthcare/articles/nrx-pharmaceuticals-nasdaq-nrxp-strategic-110000266.html

$NRXP Breaking News: NRx Pharmaceuticals (Nasdaq: $NRXP ) Strategic Partner Emobot Presents Late-Breaking Clinical Validation of the EMOCARE Depression Thermometer at ASCP 2026.
Full story: https://wix.to/tMkDGuq

#DigitalHealth #MentalHealth #NRXP #ASCP2026 #Emobot
#PharmaNews #NRXPharma #EMOCARE #HopeTherapeutics @frontpagestocks

Breaking News : NRx Pharmaceuticals (Nasdaq: $NRXP ) Strategic Partner Emobot Presents Late-Breaking Clinical Validation of the EMOCARE Depression Thermometer at ASCP 2026 https://finance.yahoo.com/sectors/healthcare/articles/nrx-pharmaceuticals-nasdaq-nrxp-strategic-110000266.html

$NRXP NRx Pharmaceuticals (Nasdaq: $NRXP) Subsidiary HOPE Therapeutics Becomes First Commercial Site to Deploy Zeta Surgical's FDA-Cleared Zeta TMS Navigation System

Read More - https://ir.nrxpharma.com/news-releases/news-release-details/nrx-pharmaceuticals-nasdaq-nrxp-subsidiary-hope-therapeutics

#PharmaNews #NRXPharma #HopeTherapeutics #TMS

NRx Pharmaceuticals (Nasdaq: $NRXP) Subsidiary HOPE Therapeutics Becomes First Commercial Site to Deploy Zeta Surgical's FDA-Cleared Zeta TMS Navigation System

Read More - https://t.co/W7JL4yMcir#PharmaNews #NRXPharma #HopeTherapeutics #TMS— NRx Pharmaceuticals (@NRxPharma) May 27, 2026

$NRXP Breaking News: HOPE Therapeutics (NRx) is the first commercial clinic to deploy Zeta Surgical’s FDA-cleared Zeta TMS Navigation System — AI-powered, sub-millimetric guidance for TMS.
Full story: https://wix.to/jjyJDIe

$NRXP News Out - NRx Pharmaceuticals (Nasdaq: NRXP) Subsidiary HOPE Therapeutics Becomes First Commercial Site to Deploy Zeta Surgical's FDA-Cleared Zeta TMS Navigation System
https://finance.yahoo.com/sectors/healthcare/articles/nrx-pharmaceuticals-nasdaq-nrxp-subsidiary-110000472.html

$NRXP News: NRx Pharmaceuticals (Nasdaq: NRXP) Subsidiary HOPE Therapeutics Becomes First Commercial Site to Deploy Zeta Surgical's FDA-Cleared Zeta TMS Navigation System
NRx Pharmaceuticals, Inc.
Wed, May 27, 2026 at 7:00 AM EDT 5 min read

Deployment at HOPE's West Palm Beach clinic brings AI-powered, sub-millimetric image guidance to the delivery of Transcranial Magnetic Stimulation (TMS) for patients with Major Depressive Disorder and other neurological conditions

Installation complements HOPE's interventional psychiatry platform and aligns with NRx's previously announced clinical trial of NRX-101 in combination with robotic-enabled TMS

WEST PALM BEACH, Fla., May 27, 2026 (GLOBE NEWSWIRE) -- NRx Pharmaceuticals, Inc. (Nasdaq: NRXP) ("NRx Pharmaceuticals", "NRx" or the "Company"), a clinical-stage biopharmaceutical company, today announced that its wholly-owned subsidiary, HOPE Therapeutics, Inc. ("HOPE"), has become the first commercial site to deploy Zeta Surgical's FDA-cleared Zeta TMS Navigation System. The system has been installed at HOPE's West Palm Beach, Florida clinic, where it will be used to deliver high-precision, image-guided Transcranial Magnetic Stimulation (TMS) for patients with Major Depressive Disorder and other neurological conditions.

"Being selected as the first commercial site for Zeta's FDA-cleared TMS Navigation System validates the integrated treatment model we are building at HOPE," said Jonathan Javitt, MD, MPH, Chairman and CEO of NRx Pharmaceuticals and HOPE Therapeutics. "Zeta's AI-driven image guidance brings neurosurgical-grade targeting precision into our outpatient clinics, and it sets the stage for our planned trial of NRX-101 in combination with robotic-enabled TMS in patients with depression and suicidality."

TMS is a non-invasive therapy widely used for treatment-resistant depression, which affects approximately one-third of patients with major depression. The clinical efficacy of TMS depends heavily on the accurate targeting of specific neural circuits. The Zeta TMS Navigation System uses proprietary RealTrack™ computer vision and artificial intelligence to continuously align a patient's MRI or CT scan with their facial anatomy in real time, delivering sub-millimetric precision and reducing setup times to under two minutes per session without the need for conventional fiducial markers.

The deployment complements HOPE's broader interventional psychiatry platform, which includes ketamine and Spravato® delivery, TMS, Hyperbaric Oxygen Therapy, and other neuroplastic therapies offered across the HOPE network of clinics. It also aligns with NRx's previously announced clinical trial program of NRX-101 (oral D-cycloserine/lurasidone) in combination with robotic-enabled TMS for patients with depression and suicidality, which is planned to be conducted across a leading US academic teaching hospital, three HOPE Therapeutics clinics, and two military treatment facilities.

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.

About HOPE Therapeutics, Inc.
HOPE Therapeutics, Inc. (www.hopetherapeutics.com), a subsidiary of NRx Pharmaceuticals, is a healthcare delivery company that is building a best-in-class network of interventional psychiatry clinics to offer ketamine and other neuroplastic medications, transcranial magnetic stimulation (TMS), Hyperbaric Oxygen Therapy, and other lifesaving therapies to patients with suicidal depression and related disorders, together with a digital therapeutic-enabled platform designed to augment and preserve the clinical benefit of NMDA-targeted drug therapy. HOPE is the first network in Florida to offer the AMPA One Day (ONE-D) treatment that combines TMS, physician-prescribed D-cycloserine, and lisdexamfetamine to achieve remission from treatment-resistant 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
brian.korb@astrpartners.com

Old warrants were cancelled on Friday. Time to roll:

https://www.otcmarkets.com/filing/html?id=19474982&guid=quC-kFpuF-jmdth

This board sure is quiet today.

$NRXP Here is why NRx Pharmaceuticals, Inc. (NRXP) is among the Best Rated Penny Stocks to Buy According to Wall Street Analysts https://finance.yahoo.com/markets/stocks/articles/why-nrx-pharmaceuticals-inc-nrxp-114917487.html?soc_src=social-sh&soc_trk=tw&tsrc=twtr @NRxPharma @Nasdaq

$NRXP - " 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. "

$NRXP ~ May is Mental Health Awareness Month. NRx Pharmaceuticals is focused on the high unmet need for lifesaving treatments for people with severe bipolar depression and PTSD in the presence of suicidality.

Follow our journey - http://NRxPharma.com

#NRX100 #NRX101 #KETAFREE
$NRXP https://www.nrxpharma.com/

$NRXP #NRX100 #NRX101 #KETAFREE May is Mental Health Awareness Month. NRx Pharmaceuticals is focused on the high unmet need for lifesaving treatments for people with severe bipolar depression and PTSD in the presence of suicidality.

Follow our journey - https://t.co/dQEshQQSFJ#NRX100 #NRX101 #KETAFREE $NRXP— NRx Pharmaceuticals (@NRxPharma) May 20, 2026

$NRXP @NRxPharma (NASDAQ: NRXP) announced the initiation of commercial manufacturing for its preservative-free ketamine product.
The milestone marks an important step forward in the company’s commercialization strategy as it advances innovative therapies targeting critical unmet medical needs.
https://bit.ly/NRXpressrelease

🚨 $NRXP BREAKING NEWS 🚨

NRx Pharmaceuticals just dropped a major Q1 2026 update — and the catalyst stack is loaded. 🧠💊
Full update: https://www.stockonhighalert.com/post/nrxp-nrx-pharmaceuticals-reports-first-quarter-2026-financial-results-and-provides-corporate-update

✅ FDA decision for KETAFREE™ ANDA expected Q3 2026
✅ Commercial ketamine manufacturing initiated at 1M dose/month scale
✅ FDA accepted IND for NRX-101 + robotic TMS study
✅ First revenue generated from 5 interventional psychiatry clinics
✅ HOPE Therapeutics clinic footprint expanding
✅ Pending Geneuro asset acquisition adds Phase 2 neuro/immunology portfolio
✅ Q1 net loss improved to $1.4M vs. $5.5M YoY

[img][/img]
$NRXP is positioning itself at the intersection of ketamine, mental health, PTSD, depression, and FDA-driven biotech catalysts. 👀📈
[img]🚨 $NRXP BREAKING NEWS 🚨

NRx Pharmaceuticals just dropped a major Q1 2026 update — and the catalyst stack is loaded. 🧠💊
Full update: https://www.stockonhighalert.com/post/nrxp-nrx-pharmaceuticals-reports-first-quarter-2026-financial-results-and-provides-corporate-update

✅ FDA decision for KETAFREE™ ANDA expected Q3 2026
✅ Commercial ketamine manufacturing initiated at 1M dose/month scale
✅ FDA accepted IND for NRX-101 + robotic TMS study
✅ First revenue generated from 5 interventional psychiatry clinics
✅ HOPE Therapeutics clinic footprint expanding
✅ Pending Geneuro asset acquisition adds Phase 2 neuro/immunology portfolio
✅ Q1 net loss improved to $1.4M vs. $5.5M YoY

$NRXP is positioning itself at the intersection of ketamine, mental health, PTSD, depression, and FDA-driven biotech catalysts. 👀📈

$NRXP News: NRx Pharmaceuticals (Nasdaq:NRXP) Reports First Quarter 2026 Financial Results and Provides Corporate Update

NRx Pharmaceuticals, Inc.
Mon, May 18, 2026 at 7:00 AM EDT 10 min read

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 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
brian.korb@astrpartners.com