• Subsidiary HOPE Therapeutics signed a $7.8 million debt financing term sheet with Universal Capital.
• Combined with a prior strategic investment, for which a financing term sheet has also been signed, the total financing investment, assuming both are closed, represents an expected $10.3 million for HOPE acquisition funding, supporting initial acquisitions of Dura Medical, Kadima, and NeuroSpa clinics.
• The expanding HOPE clinic network will deliver neuroplastic therapies for depression and PTSD, including ketamine and TMS.
• NRx continues regulatory progress for NRX-100 (IV ketamine) and NRX-101 (oral bipolar depression therapy).
• The FDA waived NRx’s $4.3 million drug application fee, and patents could protect NRX-100 through 2045.

NRx Pharmaceuticals (NASDAQ: NRXP), a clinical-stage biopharmaceutical company, is advancing its twin strategy of expanding a nationwide mental health clinic network while progressing toward FDA approval of its NMDA-based therapies for suicidal depression and bipolar disorder.

The company’s wholly owned subsidiary, HOPE Therapeutics, Inc., a medical and technology-driven company, has signed a term sheet for $7.8 million in debt financing with Universal Capital, LLC (https://ibn.fm/tZzIa). The funds will support HOPE’s clinic acquisition strategy, starting with the previously announced acquisitions of Dura Medical, Kadima Neuropsychiatry Institute, and NeuroSpa TMS Holdings. Together with a separate strategic investment, for which a financing term sheet was signed earlier, HOPE expects to deploy $10.3 million in acquisition capital in the near term, once both agreements are closed.

The clinics will provide interventional psychiatric care focused on neuroplastic therapies like transcranial magnetic stimulation (“TMS”) and intravenous ketamine. These approaches are increasingly used to treat conditions including major depressive disorder, PTSD, and suicidality, offering alternatives to traditional pharmacological treatments.

The acquired clinics are expected to represent roughly $15 million in pro forma revenue for 2025. NRx has also entered talks with four additional clinical entities that could add another $20 million in revenue potential. Management’s stated goal is to scale to $100 million in forward-looking pro forma revenue by year-end.

HOPE Therapeutics has already begun serving veterans through VA contracts, with potential for significant expansion as more clinics come online. U.S. health officials, including the Secretary of Health and Human Services and the VA Secretary, have publicly emphasized the importance of psychedelic and neuroplastic treatments in addressing the nation’s suicide crisis.

HOPE’s expansion takes place as NRx moves closer to FDA approval for its proprietary ketamine formulation, NRX-100. The drug, a preservative-free IV ketamine therapy for suicidal depression, completed the stability and sterility testing needed for its New Drug Application (“NDA”). The NDA is on track to be filed in Q2 2025. The FDA has granted a waiver for the $4.3 million submission fee for NRX-100, and has previously assigned Fast Track Designation to the drug, according to the company’s Q1 financial results and corporate update (https://ibn.fm/cN2Nh).

In May, NRx filed a U.S. patent application for NRX-100, which may offer protection through 2045. The drug is designed to exclude benzethonium chloride, a preservative with known neurotoxicity, making it potentially the only FDA-approved IV ketamine without this additive. The company also announced development of HTX-100, a pH-neutral subcutaneous ketamine formulation, targeting broader outpatient use by eliminating the current formulation’s acidity and associated side effects.

The broader market opportunity for NRX-100 is substantial. Suicidal depression affects millions in the U.S. and is estimated to represent a $3 billion addressable market. 

In parallel, the company is advancing NRX-101, an oral therapy for bipolar depression with suicidality or akathisia. The drug has shown efficacy in late-stage trials and has already received Breakthrough Therapy Designation. A filing for accelerated approval is expected later in 2025, with a PDUFA date anticipated by year-end.

NRx presented these updates at the recent Wall Street Conference in Palm Beach, Florida, where the company was one of six featured presenters. Over 1,000 attendees representing more than $1 trillion in capital were present for the presentation given by CEO, Founder, and Chairman Jonathan Javitt, MD, MPH, underscoring investor interest in the company’s progress (https://ibn.fm/QJwZ0).

Commenting on the recent updates, Javitt underlined that the company’s 2024 momentum continued into 2025, as it has advanced regulatory filings for NRX-100 and NRX-101 and advanced commercial opportunity with potential new IP protection for NRX-100, now added to the company’s already robust NMDA IP portfolio. “We also took meaningful steps toward realizing our vision for HOPE Therapeutics as a national network of interventional psychiatry clinics—beginning with the announcements on the planned acquisition of Kadima, Dura Medical, and Neurospa TMS,” said Javitt. “These accomplishments reflect our team’s dedication to advancing mental health innovation and delivering life-saving treatments to patients in urgent need.”

For more information, visit the company’s website at www.NRxPharma.com.

NOTE TO INVESTORS: The latest news and updates relating to NRXP are available in the company’s newsroom at https://ibn.fm/NRXP

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