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NRX Pharmaceuticals, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The company reported a net loss of $1.6 million for the three months ended September 30, 2024, compared to a net loss of $6.1 million for the same period in 2023. The net loss for the nine months ended September 30, 2024, was $16.0 million, down from $25.8 million in the previous year.
Research and development expenses for the quarter were $0.6 million, a decrease from $3.3 million in the same quarter of the previous year. This decrease was primarily due to the conclusion of the phase 2 study related to NRX-101.
General and administrative expenses totaled $2.4 million for the quarter, slightly down from $2.5 million in the previous year. The decrease was attributed to reductions in insurance and employee expenses.
The company recorded a gain of $1.4 million related to the change in fair value of convertible notes payable, compared to a loss of $0.4 million in the previous year.
NRX Pharmaceuticals has secured financing agreements for up to $16.3 million to support ongoing operations and the submission of New Drug Applications for NRX-100 and NRX-101.
The company settled litigation with Streeterville Capital, LLC, clearing the path for the proposed partial spin-off of its subsidiary, HOPE Therapeutics, Inc.
NRX Pharmaceuticals plans to file a New Drug Application for NRX-101 in Q4 2024, with an anticipated FDA decision date by June 2025.
The company also plans to file an NDA for NRX-100, a preservative-free formulation of ketamine, with a similar anticipated timeline for FDA review.
NRX Pharmaceuticals continues to face uncertainty regarding its ability to continue as a going concern, as it relies on additional financing to meet its operational and financial obligations.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the NRX Pharmaceuticals Inc. quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.