NRX Pharmaceuticals(US:NRXP)2025-08-18 10:07PART I - FINANCIAL INFORMATION Financial Statements NRx Pharmaceuticals' Q2 2025 unaudited financial statements reveal a net loss of $23.1 million, a worsening stockholders' deficit, and a 'going concern' warning Condensed Consolidated Balance Sheet Highlights (in thousands) | Metric | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Cash and cash equivalents | $2,910 | $1,443 | | Total Assets | $4,838 | $3,651 | | Total Liabilities | $40,453 | $26,874 | | Total stockholders' deficit | $(35,615) | $(23,223) | Condensed Consolidated Statements of Operations Highlights (in thousands) | Metric | Six months ended June 30, 2025 | Six months ended June 30, 2024 | | :--- | :--- | :--- | | Research and development | $1,791 | $4,552 | | General and administrative | $5,686 | $8,496 | | Loss from operations | $(7,577) | $(13,048) | | Net loss | $(23,092) | $(14,425) | | Net loss per share (Basic and diluted) | $(1.34) | $(1.49) | Condensed Consolidated Statements of Cash Flows Highlights (in thousands) | Metric | Six months ended June 30, 2025 | Six months ended June 30, 2024 | | :--- | :--- | :--- | | Net cash used in operating activities | $(7,508) | $(6,233) | | Net cash provided by financing activities | $8,975 | $3,536 | | Net increase (decrease) in cash | $1,467 | $(2,697) | | Cash and cash equivalents at end of period | $2,910 | $1,898 | - The company's history of net losses and negative cash flows results in a working capital deficit, raising substantial doubt about its ability to continue as a going concern for the next twelve months2530 Management's Discussion and Analysis of Financial Condition and Results of Operations Management discusses strategic shifts, drug milestones, increased net loss from non-cash adjustments, and ongoing going concern doubts - The company pursues a dual strategy: developing novel CNS therapeutics (NRX-100, NRX-101) via NeuroRx and establishing revenue through HOPE Therapeutics' interventional psychiatry clinics184 - Key regulatory milestones achieved for lead drug candidates include ANDA filing for NRX-100 in Q2 2025, initiation of NDA filing for NRX-101, and expanded Fast Track Designation for NRX-100 for suicidal ideation in depression185213 Results of Operations Comparison - Three Months Ended June 30 (in thousands) | Line Item | 2025 | 2024 | Change ($) | | :--- | :--- | :--- | :--- | | Research and development | $987 | $2,804 | $(1,817) | | General and administrative | $2,743 | $4,246 | $(1,503) | | Loss from operations | $(3,730) | $(7,050) | $3,320 | | Total other expense | $13,851 | $847 | $13,004 | | Net loss | $(17,581) | $(7,897) | $(9,684) | Results of Operations Comparison - Six Months Ended June 30 (in thousands) | Line Item | 2025 | 2024 | Change ($) | | :--- | :--- | :--- | :--- | | Research and development | $1,791 | $4,552 | $(2,761) | | General and administrative | $5,686 | $8,496 | $(2,810) | | Loss from operations | $(7,577) | $(13,048) | $5,471 | | Total other (income) expense | $15,515 | $1,377 | $14,139 | | Net loss | $(23,092) | $(14,425) | $(8,667) | - The company concludes substantial doubt exists about its ability to continue as a going concern, relying on additional equity or debt financing for operations228255 Quantitative and Qualitative Disclosures About Market Risk NRx Pharmaceuticals is exempt from providing market risk disclosures as it qualifies as a smaller reporting company - The company is exempt from this disclosure requirement as it qualifies as a smaller reporting company278 Controls and Procedures The CEO and CFO concluded disclosure controls and procedures were effective as of June 30, 2025, with no material changes to internal control over financial reporting - Management, including the CEO and CFO, concluded the company's disclosure controls and procedures were effective as of June 30, 2025281 - No material changes to the company's internal control over financial reporting occurred during the quarter ended June 30, 2025282 PART II - OTHER INFORMATION Legal Proceedings Incidental legal proceedings are not material; Kadima acquisition remains unclosed due to ongoing discussions - The company is involved in routine legal proceedings not expected to be material284 - The acquisition of Kadima Neuropsychiatry Institute assets, agreed on May 9, 2025, has not closed due to ongoing discussions285 Risk Factors No material changes to risk factors; uncertainty surrounds Kadima and Dura Medical acquisitions' closing and benefits - No material changes from risk factors previously disclosed in the 2024 Annual Report on Form 10-K287 - Key risk involves uncertainty of Kadima and Dura Medical acquisitions, with unfinalized financing and no assurance of closing or accretive stockholder value288289290 Unregistered Sales of Equity Securities and Use of Proceeds No previously unreported unregistered equity sales occurred during Q2 2025 - No previously unreported unregistered sales of equity securities occurred during Q2 2025291 Defaults Upon Senior Securities No previously unreported defaults on senior securities occurred during Q2 2025 - No previously unreported defaults upon senior securities occurred during Q2 2025292 Other Information No directors or executive officers adopted or terminated Rule 10b5-1 or non-Rule 10b5-1 trading plans in Q2 2025 - No directors or executive officers adopted or terminated a Rule 10b5-1 trading plan during the quarter294 Exhibits This section lists filed exhibits, including Hope Therapeutics purchase agreements, CEO/CFO certifications, and XBRL data - The report includes exhibits such as the Asset Purchase Agreement for Kadima, Membership Interest Purchase Agreement for Dura Medical, and required CEO/CFO certifications295