NRX Pharmaceuticals - CW22 | 10-Q: FY2025 Q2 EPS: USD -1.34

EPS: As of FY2025 Q2, the actual value is USD -1.34.

Research and Development Expense: $1.0 million for the three months ended June 30, 2025, compared to $2.8 million for the same period in 2024, a decrease of $1.8 million primarily due to the conclusion of the phase 2 study related to NRX-101 and cash conservation efforts.
General and Administrative Expense: $2.7 million for the three months ended June 30, 2025, compared to $4.2 million for the same period in 2024, a decrease of $1.5 million primarily due to a decrease in consultant and legal fees, insurance expense, and employee expenses.

Net Loss: $17.6 million for the three months ended June 30, 2025, compared to $7.9 million for the same period in 2024.
Change in Fair Value of Convertible Notes Payable: Loss of $5.6 million for the three months ended June 30, 2025, compared to a loss of less than $0.1 million for the same period in 2024.
Change in Fair Value of Warrant Liabilities: Loss of $6.4 million for the three months ended June 30, 2025, compared to a gain of less than $0.1 million for the same period in 2024.
Loss on Convertible Note Conversion: $1.9 million for the three months ended June 30, 2025, compared to $0 for the same period in 2024.

Net Cash Used in Operating Activities: $7.5 million for the six months ended June 30, 2025, compared to $6.2 million for the same period in 2024.
Net Cash Provided by Financing Activities: $9.0 million for the six months ended June 30, 2025, compared to $3.5 million for the same period in 2024.

Convertible Notes Payable and Accrued Interest: $9.9 million as of June 30, 2025, compared to $6.3 million as of December 31, 2024.
Total Liabilities: $40.5 million as of June 30, 2025, compared to $26.9 million as of December 31, 2024.
Total Stockholders’ Deficit: $35.6 million as of June 30, 2025, compared to $23.2 million as of December 31, 2024.

Core Business Focus: The company plans to pursue additional equity or debt financing or refinancing opportunities in 2025 to fund ongoing clinical activities, meet obligations under its current debt arrangements, and for general corporate purposes. The company anticipates that a preservative-free form of ketamine (NRX-100) will be welcomed by physicians and patients, potentially gaining a larger share of the existing ketamine market.
Non-Core Business: The company is in active discussions to close the acquisition of Kadima Neuropsychiatry Institute and Dura Medical, which are expected to enhance operational capabilities and contribute to long-term strategic growth. The company is also negotiating with several commercial lenders to provide additional financing to support the acquisition of additional clinics.
Priority: The company has secured operating capital that it anticipates as sufficient to fund its drug development operations through year-end and to finance submission of FDA New Drug Applications for NRX-100 and NRX-101. The company may pursue additional equity or debt financing or refinancing opportunities in 2025 and 2026 to fund ongoing clinical activities, meet obligations under its current debt arrangements, and for general corporate purposes.