NRX Pharmaceuticals（納斯達克：NRXP）提交截至2026年3月31日的第一季度10-Q報告

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Table of Contents

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

FORM 10-Q

 

(Mark One)

 

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the Quarterly Period Ended: March 31, 2026

 

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the transition period from to

 

Commission File Number: 001-38302

 

NRX PHARMACEUTICALS, INC.

(Exact name of registrant as specified in its charter)

 

 Delaware
 82-2844431
 

 (State or other jurisdiction of
 (I.R.S. Employer
 

 incorporation or organization)
 Identification No.)
 

 

1201 Orange Street, Suite 600

Wilmington, DE 19801

(Address of principal executive offices) (Zip Code)

 

(484) 254-6134

(Registrant’s telephone number, including area code)

 

Securities registered pursuant to Section 12(b) of the Act:

 

 Title of each class:
   Trading 
 Symbol(s)
   Name of each exchange on which registered:
 

 Common Stock, par value $0.001 per share
   NRXP
   The Nasdaq Stock Market LLC
 

 Warrants to purchase one share of Common Stock
   NRXPW
   The Nasdaq Stock Market LLC
 

 

Securities registered pursuant to Section 12(g) of the Act: None

 

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

 

Indicate by check mark whether the Registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the Registrant was required to submit such files). Yes ☒ No ☐

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

 Large accelerated filer ☐
 Accelerated filer ☐
 

 Non-accelerated filer ☒
 Smaller reporting company ☒
 

  Emerging growth company ☐
 

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

 

As of May 15, 2026, the registrant had 36,228,992 shares of common stock, par value $0.001 per share (the “Common Stock”), outstanding.

  

 

 
 
 
 1
 

 

 

 
 
 
 
 Table of Contents
 

 

 

  

 
  
 

 
 TABLE OF CONTENTS

  

 
 
 
  
  
 Page
 
 

 
 PART I – FINANCIAL INFORMATION 
 
 3
 

 
 ITEM 1.
 
 Financial Statements
 
 3
 

 
  
 Unaudited Condensed Consolidated Balance Sheets as of March 31, 2026 and December 31, 2025
 
 3
 

 
  
 Unaudited Condensed Consolidated Statements of Operations for the three months ended March 31, 2026 and 2025
 
 4
 

 
  
 Unaudited Condensed Consolidated Statements of Changes in Stockholders’ Deficit for the three months ended March 31, 2026 and 2025
 
 5
 

 
  
 Unaudited Condensed Consolidated Statements of Cash Flows for the three months ended March 31, 2026 and 2025
 
 6
 

 
  
 Notes to Unaudited Condensed Consolidated Financial Statements
 
 7
 

 
 ITEM 2.
 
 Management’s Discussion and Analysis of Financial Condition and Results of Operations
 
 37
 

 
 ITEM 3.
 
 Quantitative and Qualitative Disclosures about Market Risk
 
 48
 

 
 ITEM 4.
 
 Controls and Procedures
 
 48
 

 
  
  
  
 

 
 PART II – OTHER INFORMATION
 
 49
 

 
 ITEM 1.
 
 Legal Proceedings
 
 49
 

 
 ITEM 1A.
 
 Risk Factors
 
 49
 

 
 ITEM 2.
 
 Unregistered Sales of Equity Securities and Use of Proceeds
 
 49
 

 
 ITEM 3.
 
 Defaults Upon Senior Securities
 
 49
 

 
 ITEM 4.
 
 Mine Safety Disclosures
 
 49
 

 
 ITEM 5.
 
 Other Information
 
 49
 

 
 ITEM 6.
 
 Exhibits
 
 50
 

 
  
  
  
 

 
 SIGNATURES
 
 51
 

 
 
  

 
 
 
 
 2
 

 

 

 
 
 
 
 Table of Contents
 

 

 

 

   

 

 
  
 

 PART I FINANCIAL INFORMATION

  

 Item 1. Financial Statements

 NRX PHARMACEUTICALS, INC.

 CONDENSED CONSOLIDATED BALANCE SHEETS

 (in thousands, except share and per share data)

  

 
    March 31,
    December 31,
  

   2026
    2025
  

   (unaudited)
      

 ASSETS
         

 Current assets:
         

 Cash and cash equivalents
  $6,713  $7,797 

 Accounts receivable, net
   181   161 

 Prepaid expense and other current assets
   467   934 

 Total current assets
   7,361   8,892 

 Investments
   399   397 

 Furniture and equipment, net
   259   63 

 Right-of-use assets, net
   743   414 

 Right-of-use asset - related party, net
   193   219 

 Intangible assets, net (provisional)
   879   925 

 Goodwill (provisional)
   1,793   1,793 

 Other assets
   276   253 

 Total assets
  $11,903  $12,956 

 LIABILITIES AND STOCKHOLDERS’ DEFICIT
         

 Current liabilities:
         

 Accounts payable
  $4,399  $4,270 

 Accrued and other current liabilities
   11,280   11,337 

 Accrued clinical site costs
   340   351 

 Warrant liabilities
   8,766   12,304 

 Lease liability, short term
   283   211 

 Lease liability, short term - related party
   108   105 

 Total current liabilities
   25,176   28,578 

 Lease liability, noncurrent
   455   199 

 Lease liability, noncurrent - related party
   88   116 

 Total liabilities
   25,719   28,893 

         

 Commitments and Contingencies (Note 10)
           

         

 Stockholders’ deficit:
         

 Preferred stock, $0.001 par value, 50,000,000 shares authorized.
  $—  $— 

 Series A convertible preferred stock, $0.001 par value, 12,000,000 shares authorized; 0 shares issued and outstanding as of March 31, 2026 and December 31, 2025
   —   — 

 Common Stock, $0.001 par value, 500,000,000 shares authorized; 33,471,315 and 31,734,333 shares issued and outstanding as of March 31, 2026 and December 31, 2025, respectively
   33   32 

 Additional paid-in capital
   294,476   290,926 

 Accumulated deficit
   (308,325)  (306,895)

 Total stockholders’ deficit
   (13,816)  (15,937)

 Total liabilities and stockholders' deficit
  $11,903  $12,956 

 

  

 The accompanying notes are an integral part of these condensed consolidated financial statements.

  

 
 
 
 
 3
 

 

 

 
 
 
 
 Table of Contents
 

 

 

 

 
  
 

  

 NRX PHARMACEUTICALS, INC.

 CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

 (in thousands, except share and per share data)

 (Unaudited)

  

 
 
 
 
  
  
 Three Months Ended March 31,
 
  
 

 
  
  
 2026
 
  
  
 2025
 
  
 

 
 Net patient service revenue
 
  
 $
 1,068
  
  
 $
 —
  
 

 
  
  
  
  
  
  
  
  
  
 

 
 Operating expenses:
 
  
  
  
  
  
  
  
  
 

 
 Cost of patient services
 
  
  
 631
  
  
  
 —
  
 

 
 Research and development
 
  
  
 1,309
  
  
  
 804
  
 

 
 Selling, general and administrative
 
  
  
 3,813
  
  
  
 2,943
  
 

 
 Depreciation and amortization
 
  
  
 63
  
  
  
 —
  
 

 
 Settlement expense (income)
 
  
  
 (6
 )
  
  
 100
  
 

 
 Total operating expenses
 
  
  
 5,810
  
  
  
 3,847
  
 

 
 Loss from operations
 
  
  
 (4,742
 )
  
  
 (3,847
 )
 

 
 Other expenses (income):
 
  
  
  
  
  
  
  
  
 

 
 Interest income
 
  
  
 (5
 )
  
  
 (4
 )
 

 
 Interest expense
 
  
  
 233
  
  
  
 —
  
 

 
 Change in fair value of convertible notes payable
 
  
  
 —
  
  
  
 965
  
 

 
 Change in fair value of warrant liabilities
 
  
  
 (3,538
 )
  
  
 (2,896
 )
 

 
 Loss on issuance of Registered Direct Offering
 
  
  
 —
  
  
  
 730
  
 

 
 Loss on Consideration Shares and Warrants
 
  
  
 —
  
  
  
 1,277
  
 

 
 Loss on convertible note conversions
 
  
  
 —
  
  
  
 1,593
  
 

 
 Income from equity method investment
 
  
  
 (2
 )
  
  
 —
  
 

 
 Total other expense (income), net
  
  
 (3,312
 )
  
  
 1,665
  
 

 
 Net loss
 
  
 $
 (1,430
 )
  
 $
 (5,512
 )
 

 
 Net loss per share:
 
  
  
  
  
  
  
  
  
 

 
 Basic and diluted
 
  
 $
 
 (0.04
 )
  
 $
 (0.34
 )
 

 
 Weighted average Common Stock outstanding:
 
  
  
  
  
  
  
  
  
 

 
 Basic and diluted
 
  
  
 32,325,323
  
  
  
 16,410,062
  
 

 
 
 

  

 The accompanying notes are an integral part of these condensed consolidated financial statements. 

  

  

 
 
 
 
 4
 

 

 

 
 
 
 
 Table of Contents
 

 

 

 

 
  
 

  

 NRX PHARMACEUTICALS, INC.

 CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ DEFICIT

 (in thousands, except share data)

 (Unaudited)

  

 
            Series A Preferred 
            Additional
        Accumulated 
 Other
    Total 
  

   Preferred Stock
    Stock
    Common Stock
    Paid-in-
    Accumulated
    Comprehensive
    Stockholders’
  

   Shares
    Amount
    Shares
    Amount
    Shares
    Amount
    Capital
    Deficit
    Income (Loss)
    Deficit
  

 Balance – December 31, 2025
   —  $—   —  $—   31,734,333  $32  $290,926  $(306,895) $—  $(15,937)

 At-the-market “ATM” offering, net of offering costs of $81
   —   —   —   —   1,736,982   1   3,423   —   —   3,424 

 Amortization of prepaid offering costs
   —   —   —   —   —   —   (24)  —   —   (24)

 Stock-based compensation
   —   —   —   —   —   —   151   —   —   151 

 Net loss
   —   —   —   —   —   —   —   (1,430)  —   (1,430)

 Balance – March 31, 2026
   —  $—   —  $—   33,471,315  $33  $294,476  $(308,325) $—  $(13,816)

 

  

 
            Series A Preferred
            Additional
        Total
  

   Preferred Stock
    Stock
    Common Stock
    Paid-in
    Accumulated
    Stockholders’
  

   Shares
    Amount
    Shares
    Amount
    Shares
    Amount
    Capital
    Deficit
    Deficit
  

 Balance - December 31, 2024
   —  $—   —  $—   14,591,505  $15  $255,035  $(278,273) $(23,223)

 Shares issued as repayment of principal and interest for convertible note
   —   —   —   —   1,009,518   1   2,939   —   2,940 

 Shares issued with register direct offering, net of offering cost
   —   —   —   —   1,215,278   1   3,254   —   3,255 

 Fair Value of warrants issued with register direct offering
   —   —   —   —   —   —   (3,255)  —   (3,255)

 Amortization of prepaid offering costs
   —   —   —   —   —   —   (7)  —   (7)

 Shares issued as a result of repricing under VWAP
   —   —   —   —   303,819   —   629   —   629 

 Stock-based compensation
   —   —   —   —   —   —   12   —   12 

 Net loss
   —   —   —   —   —   —   —   (5,512)  (5,512)

 Balance - March 31, 2025
   —  $—   —  $—   17,120,120  $17  $258,607  $(283,785) $(25,161)

 

  

 The accompanying notes are an integral part of these condensed consolidated financial statements.

  

 
 
 
 
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 NRX PHARMACEUTICALS, INC.

 CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

 (in thousands)

 (Unaudited)

  

 
    Three Months Ended March 31,
  

   2026
    2025
  

 CASH FLOWS FROM OPERATING ACTIVITIES
         

 Net loss
  $(1,430) $(5,512)

 Adjustments to reconcile net loss to net cash used in operating activities:
         

 Depreciation and amortization expense
   63   1 

 Amortization of operating right of use assets
   102   — 

 Stock-based compensation
   151   12 

 Provision for credit losses
   28   — 

 Change in fair value of warrant liabilities
   (3,538)  (2,896)

 Change in fair value of convertible promissory notes
   —   965 

 Loss on convertible note conversions
   —   1,593 

 Loss on issuance of registered direct Common Stock
   —   730 

 Loss on Consideration Shares and Warrants
   —   1,277 

 Loss on equity method investments
   (2)  — 

 Expense for debt issuance costs due to fair value election on Anson Notes
   —   350 

 Changes in operating assets and liabilities:
         

 Prepaid expense and other assets
   420   159 

 Account receivable
   (48)  — 

 Accounts payable
   129   178 

 Operating lease liabilities
   (102)  — 

 Accrued expense and other liabilities
   (68)  (337)

 Net cash used in operating activities
   (4,295)  (3,480)

 CASH FLOWS FROM INVESTING ACTIVITIES
         

 Cash used in investments
   (213)  — 

 Net cash used in investing activities
   (213)  — 

 CASH FLOWS FROM FINANCING ACTIVITIES
         

 Repayment of insurance note
   —   (320)

 Expense for debt issuance costs due to fair value election on Anson Notes
   —   (350)

 ATM offering, net of offering costs
   3,424   — 

 Proceeds from issuance of Common Stock and warrants issued in registered direct offering, net of issuance costs
   —   5,000 

 Proceeds from issuance of Common Stock and warrants, net of issuance costs
   —   3,255 

 Net cash provided by financing activities
   3,424   7,585 

         

 Net increase (decrease) in cash and cash equivalents
   (1,084)  4,105 

 Cash and cash equivalents at beginning of year
   7,797   1,443 

 Cash and cash equivalents at end of year
  $6,713  $5,548 

 Supplemental disclosure of cash flow information:
         

 Cash paid for interest
  $—  $— 

 Cash paid for taxes
  $—  $— 

 Non-cash investing and financing activities:
         

 Issuance of Common Stock as principal and interest repayment for convertible notes
  $—  $1,347 

New right of use asset and lease liability $405  $— 

 Amortization of deferred offering costs to additional paid-in capital
  $24  $7 

 

  

 The accompanying notes are an integral part of these condensed consolidated financial statements.

  

  

 
 
 
 
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 NRX PHARMACEUTICALS, INC.

 NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

 MARCH 31, 2026

 (Unaudited)

 
  
 

 
  
 

 
 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. 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. After March 31, 2026, NRx founded two additional Florida-based subsidiaries: NRx Defense Systems, Inc. (NDS) and GeNeuro, Inc. (GeNeuro). Historically, our 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. 

  

 As of March 31, 2026, NRx currently 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.

  

 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 currently, as of March 31, 2026, operates in five locations in Florida.

  

 On December 2, 2024, HOPE formed HTX Management Company, LLC (HTX), a wholly owned 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.

  

 
 
 
 
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 NRX PHARMACEUTICALS, INC.
 

 

 
 
 NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
 

 

 
 
 MARCH 31, 2026
 

 

 
 
 (Unaudited)
 

 

 

 
   
 
 
  
 

 
 Note 2. Significant Accounting Policies

  

 
Basis of Presentation and Principles of Consolidation

  

 The accompanying unaudited interim condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) as determined by the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) and the rules and regulations of the Securities and Exchange Commission (“SEC”) for interim financial information. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, the unaudited interim condensed cons