NRX Pharmaceuticals Inc 2025年季度报告

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition periodfor complying with any new or revised financial accounting standards provided pursuant to Section13(a)of the Exchange Act.☐ PART I - FINANCIAL INFORMATIONITEM 1.Financial Statements (“NeuroRx”), novel therapeutics for the treatment of central nervous system disorders including suicidal depression, chronic pain, andpost-traumatic stress disorder (“PTSD”) and now schizophrenia. All of our current drug development activities are focused drugs that modulate on the N-methyl-D-aspartate (“NMDA”) receptor in the brain and nervous system, a neurochemical pathway that has beendisclosed in detail in our annual filings. The Company hastwolead drug candidates that are expected to be submitted during the HOPE Therapeutics, Inc. (“HOPE”), a medical care delivery organization focused on interventional psychiatric treatment of theabove conditions with NMDA-targeted and other psychedelic drugs, neuromodulatory devices, such as Transcranial Magnetic Stimulation (“TMS”), digital therapeutics, and medication management. NeuroRx is organized as a traditional research and development (“R&D”) company, whereas HOPE is organized as amedical care delivery company intended to own and/or operate clinics that serve patients with suicidal depression, PTSD, and otherserious Central Nervous System (“CNS”) disorders.Fiscal2024and thefirstquarter of2025marked a period of both expansion and change for NRx. Throughout this time, theCompany implemented a restructuring of its leadership to address challenges related to capital formation, clinical trial enrollment,and corporate development. These efforts led to measurable achievements throughout2024and thefirstquarter of2025,andpositioned the Company for growth and the achievement of our development objectives in2025.Management’s plan, through theestablishment of HOPE, is to transform NRx from a pre-revenue biotechnology company to a revenue-generating enterprise thatcontinues to develop life-saving drugs and technologies through NRx, while also treating patients through HOPE. The Company hasnorevenues and expects to continue to incur operating losses at least through theremainder of2025.Although theCompany projects operating revenueto be derived from the operation of clinical facilities through its HOPE subsidiary and sales ofits pharmaceutical products in2025,these projections are subject to completion of anticipated clinical acquisitions in thefirstcaseand regulatory approvals in the latter case. In the absence of these projected developments, the Company’s ability to support its ongoing capital needs is dependent on its ability to continue to raise equity and/or debt financing, whichmaynotbe available onfavorable terms, or at all, in order to continue operations.As ofMarch 31, 2025,the Company had $5.5million in cash and cash equivalents. OnAugust 12, 2024,the Companyentered into that certain Securities Purchase Agreement datedAugust 12, 2024 (the “Purchase Agreement”) with certain accredited principal amount of the Notes in the respective tranche divided by the volume weighted average price (“VWAP”) of the Company’sCommon Stock, as listed on the Nasdaq Capital Market, on the day prior to the closing of each respective tranche under the Purchase Agreement (the “AnsonWarrants”).The Company consummated the sale of thefirsttranche of $5.4million ($4.5million in netproceeds)in Notes and Warrants (the “First Closing”) onAugust 14, 2024 (the “First Closing Date”), thesecondtranche of$5.4million in Notes and Warrants (the “Second Closing”) onOctober 10, 2024 (the “Second Closing Date”), and thethirdtranche of$5.4million in Notes and Warrants (the “Third Closing”) onJanuary 28, 2025 (the “Third Closing Date”) for aggregate grossproceeds of approximately $15.0million, after deducting the original issue discount, but before deducting fees, costs, and otherexpenses including the use of proceeds to repay $5.6million owed to Streeterville Capital, LLC, a Utah limited liability company equity offerings, strategic agreements, licensing agreements, joint ventures or other agreements. The sale of equity could result inadditional dilution to the Company’s existing shareholders. The Company cannot make any assurances that additional financing willbe available to it and, if available, on acceptable terms, or that it will be able to refinance its existing debt obligations which could Company will continue to carefully monitor the impact of its continuing operations on the Company’s working capital needs and debtrepayment obligations. As such, the Company has concluded that substantial doubt exists regarding the Company’s ability to continueas a going concern for a period of at leasttwelvemonths from the date of issuance of these condensed consolidated financialstatements. The accompanying condensed consolidated financial statements have been prepared on a going concern basis, w