NRx Pharmaceuticals Q1 Earnings Call Highlights

Key Points

• KETAFREE moved closer to a potential summer 2026 approval after the FDA issued mostly minor review comments, and NRx said it has already begun commercial manufacturing at scale. Management believes the product could serve both hospital and ketamine clinic markets, where supply shortages persist.
• NRx said it plans to file an NDA for NRX-100 in Q2, supported by trial data from more than 1,000 patients and real-world evidence from over 65,000 patients. The FDA also indicated it may consider approval based on existing data and broader depression indications, with priority review pathways available.
• The company reported a smaller Q1 net loss of about $1.4 million versus $5.5 million a year earlier, and said it ended the quarter with $6.7 million in cash. NRx also said it raised about $7 million after quarter-end and expects current resources to support operations through at least 2026.

NRx Pharmaceuticals NASDAQ: NRXP said it advanced several regulatory, manufacturing and clinical initiatives during the first quarter of 2026, including progress toward potential approval of its preservative-free ketamine product, KETAFREE, and preparations for an NDA filing for NRX-100.

Founder, Chairman and Chief Executive Officer Dr. Jonathan Javitt said the quarter was “productive” and contrasted the company’s current position with a year earlier, when he said NRx had not yet filed for its first drug approval and had $8.7 million in debt. Javitt said the company is now debt free, has sufficient cash for immediate operating needs and raised $7 million after the end of the quarter.

KETAFREE Advances Toward Potential Summer 2026 Approval

Javitt said NRx continued to make progress with the FDA review of KETAFREE, its preservative-free ketamine formulation. In March, the company said the FDA notified it of a preliminary determination of bioequivalence to the reference branded drug KETALAR. Since then, Javitt said the company has continued clearing remaining review disciplines.

According to Javitt, the FDA issued a labeling letter in April requesting only minor formatting changes and a positive discipline review letter on quality that requested administrative changes the agency identified as minor. He said leadership of the FDA Office of Generic Drugs expressed support for addressing remaining items within the current review cycle, consistent with the company’s goal of summer 2026.

Javitt said NRx transmitted its first commercial manufacturing order on May 5 at the 1 million unit per batch scale. The company is using a blow-fill-seal process, which Javitt said provides more than tenfold throughput compared with traditional glass vial techniques and is scalable at lower manufacturing cost. He said NRx calculates it can manufacture 1 million units per week.

Javitt said sterile ketamine remains in shortage and that the market shortage is larger than hospital data may indicate because ketamine clinics often cannot obtain product through commercial supply chains and rely on compounding pharmacies. In a question-and-answer exchange with BTIG analyst Thomas Shrader, Javitt said NRx sees two channels for KETAFREE: the traditional hospital channel and the clinic market, which he said has limited access to wholesalers.

“We intend to displace that compounded product with reliably manufactured, FDA-approved GMP product,” Javitt said.

NRx appointed Glenn Tyson as Chief Commercial Officer in April to support the anticipated launch. Javitt said Tyson has 25 years of commercial leadership experience at GSK and Indivior, including work on the launch of SUBLOCADE.

NRX-100 NDA Expected in Second Quarter

Javitt said NRx expects to file an NDA for NRX-100 in the second quarter. He said a Type C meeting with FDA psychiatry leadership confirmed the agency’s willingness to review existing clinical trial data alongside real-world evidence as a potential basis for approval without requiring additional trials.

The planned NDA will be supported by clinical trial data from more than 1,000 patients and real-world evidence from more than 65,000 patients through a partnership with Osmind, Javitt said. He added that the FDA guided NRx to seek a broader indication of depression in patients who may have suicidality, rather than only patients who have suicidality.

During the Q&A, Shrader asked about the real-world ketamine data. Javitt said NRx agreed with the FDA that it would submit a statistical analysis plan before analyzing the data, including which tests would be used and how patients would be included, excluded and categorized. He said the company was waiting for the FDA’s response and expected it approximately by the end of the month.

Javitt also discussed an April 18 executive order signed by President Trump titled “Accelerating Medical Treatments for Serious Mental Illness,” which he said directs acceleration of approval pathways for psychedelic medicines to treat depression, PTSD and suicidality and encourages the use of real-world evidence. Javitt said NRx has applied for a Commissioner’s National Priority Voucher in support of the NDA. He also said NRX-100 already has fast track status, making it entitled to priority review.

NRX-101 Trial Cleared by FDA

NRx is also advancing NRX-101 on multiple tracks. Javitt said the company has initiated an NDA filing for suicidal bipolar depression by submitting module 3 manufacturing files and is requesting rolling review under its breakthrough therapy designation.

Separately, Javitt said the FDA cleared the MIND1 trial on May 7. The phase II-B/III study will evaluate NRX-101 versus placebo as an adjunct to robotic-assisted transcranial magnetic stimulation, or TMS, using an accelerated one-day protocol. The trial is designed to enroll 400 participants across an academic teaching hospital, HOPE Therapeutics clinics and U.S. military treatment facilities, with non-dilutive federal funding anticipated, he said.

Javitt said recent data showed a doubling of clinical response and an eightfold increase in remission from depression when D-cycloserine is added to standard TMS therapy. He said the market opportunity for this indication exceeds $1 billion. In response to a question from H.C. Wainwright analyst Patrick Trucchio, Javitt said the trial could potentially support approval if it produced a dramatic result, though he cautioned that the data would determine the path forward.

HOPE Therapeutics and Geneuro Expansion

Javitt said HOPE Therapeutics operated five Florida clinics during the quarter and expects eight or more locations by the end of the second quarter. In February, the company appointed Professor Joshua Brown of Harvard/McLean as Chief Medical Innovation Officer, joining Medical Director Dr. Rebecca Cohen.

HOPE also announced a partnership with Emobot Health in March to deploy an AI-driven “depression thermometer,” a smartphone application that Javitt said can measure depression levels with high correlation to standard depression measures. He said the application passively analyzes facial expressions, vocal tones and actigraphy and is intended to help detect relapse between visits.

NRx also formed Geneuro, Inc., a Florida-based subsidiary built around assets acquired from the Swiss court-supervised liquidation sale of Geneuro SA. Javitt said the portfolio targets Human Endogenous Retroviruses, or HERVs, which he said are implicated in schizophrenia, multiple sclerosis, ALS, autism and optic neuritis. The acquired assets include patents, cell lines, antibodies, regulatory files and data from three completed human clinical trials. Dr. Hervé Perron, formerly Chief Scientist at Geneuro SA, joined as Chief Scientist, while Professor Marion Leboyer will lead the anti-HERV-W antibody program in schizophrenia, Javitt said.

Financial Results

Chief Financial Officer Michael Abrams said NRx reported a first-quarter net loss of approximately $1.4 million, or $0.04 per share, compared with a net loss of approximately $5.5 million, or $0.34 per share, in the prior-year period. He said the 74% year-over-year reduction was primarily related to fair value accounting measures and other non-recurring charges.

Loss from operations was $4.7 million, compared with $3.8 million in the same quarter of 2025. Abrams said the increase was driven by costs tied to strategic initiatives, including progress toward drug approvals, resources for an anticipated commercial launch, clinic expansion, intellectual property development and pipeline growth.

Research and development expense was approximately $1.3 million, compared with $0.8 million a year earlier. General and administrative expense, including selling costs, was approximately $3.8 million, compared with $2.9 million in the prior-year period.

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.

About NRx Pharmaceuticals NASDAQ: NRXP

NRx Pharmaceuticals, Inc is a clinical-stage specialty biopharmaceutical company focused on the development and repurposing of small-molecule therapeutics for central nervous system and rare disease indications. The company's research strategy centers on advancing compounds with established safety profiles into new neurological and inflammatory conditions, leveraging translational science and biomarker-driven trial design to accelerate clinical development. NRx's pipeline includes Ifenprodil, an NMDA receptor antagonist in investigation for acute respiratory distress syndrome and inflammatory muscle disorders, as well as investigational formulations targeting depressive and cognitive disorders.

Since securing global rights to its lead assets, NRx has initiated multiple proof-of-concept studies in the United States and Europe, collaborating with academic institutions and clinical research organizations to evaluate safety and efficacy across a range of indications.

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