Note 1 - Business and Organization |
6 Months Ended |
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Jun. 30, 2026 | |
| Notes to Financial Statements | |
| Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] |
Note 1. Business and Organization
The Business
NRx Pharmaceuticals, Inc. (Nasdaq: NRXP) (“NRx”, the “Company”, “we”, “us” or “our”) is a clinical-stage bio-pharmaceutical company which develops and expects to distribute, through its wholly-owned operating subsidiary, NeuroRx, Inc. (NeuroRx), novel therapeutics for the treatment of central nervous system disorders including suicidal depression, chronic pain, post-traumatic stress disorder (PTSD) and schizophrenia. NeuroRx drug development activities have focused on drugs that enhance neuroplasticity by modulating the N-methyl-D-aspartate (NMDA) receptor in the brain and nervous system, a neurochemical pathway that has been disclosed in detail in our annual filings. NRx is additionally the founder and majority owner of HOPE Therapeutics, Inc. (HOPE), a medical services company that offers interventional psychiatry care to patients with treatment-resistant depression and PTSD with a combination of neuroplastic drugs, transcranial magnetic stimulation (TMS), digital therapeutics, and hyperbaric therapy.
During the three months ended June 30, 2026, NRx founded two additional Florida-based subsidiaries: NRx Defense Systems, Inc. (NRXD) and GeNeuro, Inc. (GeNeuro). NRXD focuses on military and first-responder uses of NRx/HOPE technology in partnership with the Department of War, the Defense Advanced, Research Projects Agency, the Walter Reed National Military Medical Center/Henry Jackson Foundation, and first responder organizations. GeNeuro has developed patented monoclonal antibodies to treat Amyotrophic Lateral Sclerosis (ALS), Multiple Sclerosis (MS), Psychosis, and Type I Diabetes (T1D) that may be caused by Human Endogenous Retroviruses (HERVs). GeNeuro is partnered with the US National Institutes of Health (NIH) through a Cooperative Research and Development Agreement (CRADA) and shared patents and has been selected in the first round of the 2026 Congressionally Directed Medical Research Program (CDMRP). GeNeuro is additionally partnered through shared patents related to treatment of Schizophrenia with the Fondation FundaMental of France. The GeNeuro assets were originally developed by GeNeuro SA (EPN:GNRO) and awarded to GeNeuro Inc. by the Courts of Switzerland in June 2026. NRXD and GeNeuro are intended to be funded by sources that are nondilutive to NRXP.
As of June 30, 2026, NRx has three lead drug candidates – NRX-100, a preservative-free formulation of ketamine for intravenous infusion, a generic preservative-free formulation of ketamine (KETAFREE™) and NRX-101, an oral fixed dose combination of D-cycloserine (DCS) and lurasidone, together with a preclinical drug NRX-200, pH neutral form of ketamine suitable for subcutaneous administration. GeNeuro has one clinical stage drug candidate (Temelimab), a monoclonal antibody against HERV-W envelope protein that has shown clinical benefit in clinical trials conducted in MS, Type I Diabetes, and Long Covid. Temelimab has additionally shown preclinical benefit in schizophrenia. GeNeuro has a preclinical asset, GNK-301, developed in partnership with the NIH, that has shown reduction of ALS-like neurodegeneration in non-clinical subjects and human brain cell culture.
In February 2024, NRx incorporated HOPE Therapeutics with the intent of developing a medical care delivery organization focused on providing cutting-edge, comprehensive interventional psychiatric treatment with the most effective treatments available, including NMDA-targeted and other neuroplastic drugs, such as ketamine, Spravato and NRX-101, neuromodulatory devices, such as Transcranial Magnetic Stimulation (TMS), hyperbaric therapy, digital therapeutics, and medication management. During 2025, the Company developed the operating model for HOPE and made initial clinic acquisitions with funding from the B-Group. HOPE generated its first clinical revenue in Q4 2025 and as of June 30, 2026, operates in six locations in Florida.
HOPE is supported by HTX Management Company, LLC (HTX), subsidiary organized as a Delaware limited liability company, for the purpose of supporting future back-end operations associated with the growing network of HOPE clinics. On September 8, 2025, HOPE became a revenue-generating clinical enterprise through its completion of the previously announced acquisition of Dura Medical, LLC (Dura), a Florida limited liability company, and a revenue-generating clinical organization with locations in Naples and Ft. Myers, Florida. Founded in 2018, Dura offers precision-based interventional psychiatry services, including ketamine infusion therapy, TMS, Spravato®, stellate ganglion blocks, and psychotherapy (See Note 16).
On October 17, 2025, the Company completed the addition of Cohen and Associates, based in Sarasota, Florida, to the HOPE Network with a strategic minority investment, which expanded HOPE’s footprint on the West Coast of Florida, and related appointment of Dr. Rebecca Cohen as HOPE’s Medical Director.
On May 6, 2026, the Company completed the acquisition of clinic assets and leases formerly owned by KMD Wellness of Boca Raton, FL and has incorporated its leadership into HOPE.
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