NRX Pharmaceuticals Reports $17.6 Million Net Loss in Q2 2025, Expands Drug Development Pipeline

NRX Pharmaceuticals, Inc. reported significant financial results for the second quarter of 2025, revealing a net loss of $17.6 million, compared to a loss of $7.9 million in the same period of 2024. For the six months ending June 30, 2025, the company recorded a net loss of $23.1 million, up from $14.4 million in the prior year. The increase in losses is attributed to higher expenses related to the company's ongoing clinical trials and operational costs, despite a reduction in research and development expenses from $4.6 million to $1.8 million year-over-year.

The company's total assets increased to $4.8 million as of June 30, 2025, up from $3.7 million at the end of 2024, primarily due to a rise in cash and cash equivalents, which reached $2.9 million compared to $1.4 million at the end of the previous year. However, total liabilities also surged to $40.5 million from $26.9 million, driven by an increase in convertible notes payable and accrued interest, which rose to $9.9 million from $6.3 million. The stockholders' deficit widened to $35.6 million, reflecting the ongoing financial challenges faced by the company.

Strategically, NRX Pharmaceuticals has made notable advancements in its drug development pipeline. The company has filed an Abbreviated New Drug Application (ANDA) for its lead candidate, NRX-100, a preservative-free formulation of ketamine, and has received Fast Track Designation from the FDA for its use in treating suicidal ideation in patients with depression. Additionally, the company is progressing with its New Drug Application (NDA) for NRX-101, an oral treatment for bipolar depression, with expectations for FDA decision dates in late 2025 and early 2026.

Operationally, NRX Pharmaceuticals is expanding its reach through its subsidiary, HOPE Therapeutics, which aims to establish a network of interventional psychiatry clinics. The company has executed several agreements to acquire clinics and is in discussions for additional financing to support these acquisitions. As of June 30, 2025, the company had 19.7 million shares of common stock outstanding, reflecting its ongoing efforts to raise capital through various equity offerings, including a recent registered direct offering that generated approximately $3.3 million in net proceeds.

Looking ahead, NRX Pharmaceuticals anticipates continued operating losses as it focuses on advancing its clinical programs and expanding its operational capabilities. The company has acknowledged substantial doubt regarding its ability to continue as a going concern for at least the next twelve months, emphasizing the need for additional financing to support its ongoing operations and strategic initiatives.